Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - shares | Total |
Document Information [Line Items] | |
Entity Registrant Name | CREDIT SUISSE GROUP AG |
Entity Central Index Key | 1,159,510 |
Trading Symbol | CS |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2015 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,632,428,438 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Consolidated statements of oper
Consolidated statements of operations - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest and dividend income | SFr 5,903 | SFr 4,490 | SFr 5,690 | SFr 10,393 | SFr 10,135 |
Interest expense | (3,034) | (2,338) | (3,104) | (5,372) | (5,371) |
Net interest income | 2,869 | 2,152 | 2,586 | 5,021 | 4,764 |
Commissions and fees | 3,259 | 2,979 | 3,309 | 6,238 | 6,584 |
Trading revenues | 498 | 1,390 | 197 | 1,888 | 835 |
Other revenues | 329 | 126 | 371 | 455 | 1,109 |
Net revenues | 6,955 | 6,647 | 6,463 | 13,602 | 13,292 |
Provision for credit losses | 51 | 30 | 18 | 81 | 52 |
Compensation and benefits | 2,914 | 2,976 | 2,973 | 5,890 | 5,966 |
General and administrative expenses | 1,928 | 1,738 | 3,441 | 3,666 | 5,131 |
Commission expenses | 406 | 392 | 377 | 798 | 746 |
Total other operating expenses | 2,334 | 2,130 | 3,818 | 4,464 | 5,877 |
Total operating expenses | 5,248 | 5,106 | 6,791 | 10,354 | 11,843 |
Income/(loss) from continuing operations before taxes | 1,656 | 1,511 | (346) | 3,167 | 1,397 |
Income tax expense | 590 | 477 | 307 | 1,067 | 850 |
Income/(loss) from continuing operations | 1,066 | 1,034 | (653) | 2,100 | 547 |
Income/(loss) from discontinued operations, net of tax | 0 | 0 | (9) | 0 | 6 |
Net income/(loss) | 1,066 | 1,034 | (662) | 2,100 | 553 |
Net income/(loss) attributable to noncontrolling interests | 15 | (20) | 38 | (5) | 394 |
Net income/(loss) attributable to shareholders | 1,051 | 1,054 | (700) | 2,105 | 159 |
of which from continuing operations | 1,051 | 1,054 | (691) | 2,105 | 153 |
of which from discontinued operations | SFr 0 | SFr 0 | SFr (9) | SFr 0 | SFr 6 |
Basic earnings per share (CHF) | |||||
Basic earnings/(loss) per share from continuing operations (in CHF per share) | SFr 0.63 | SFr 0.63 | SFr (0.45) | SFr 1.26 | SFr 0.05 |
Basic earnings/(loss) per share from discontinued operations (in CHF per share) | 0 | 0 | (0.01) | 0 | 0 |
Basic earnings/(loss) per share (in CHF per share) | 0.63 | 0.63 | (0.46) | 1.26 | 0.05 |
Diluted earnings per share (CHF) | |||||
Diluted earnings/(loss) per share from continuing operations (in CHF per share) | 0.61 | 0.62 | (0.45) | 1.23 | 0.05 |
Diluted earnings/(loss) per share from discontinued operations (in CHF per share) | 0 | 0 | (0.01) | 0 | 0 |
Diluted earnings/(loss) per share (in CHF per share) | SFr 0.61 | SFr 0.62 | SFr (0.46) | SFr 1.23 | SFr 0.05 |
Bank | |||||
Interest and dividend income | SFr 5,783 | SFr 5,564 | SFr 10,146 | SFr 9,880 | |
Interest expense | (3,015) | (3,073) | (5,327) | (5,310) | |
Net interest income | 2,768 | 2,491 | 4,819 | 4,570 | |
Commissions and fees | 3,207 | 3,296 | 6,132 | 6,523 | |
Trading revenues | 492 | 78 | 1,898 | 747 | |
Other revenues | 339 | 408 | 496 | 1,177 | |
Net revenues | 6,806 | 6,273 | 13,345 | 13,017 | |
Provision for credit losses | 38 | 4 | 58 | 23 | |
Compensation and benefits | 2,910 | 2,993 | 5,865 | 5,997 | |
General and administrative expenses | 1,946 | 3,457 | 3,700 | 5,163 | |
Commission expenses | 404 | 374 | 793 | 740 | |
Total other operating expenses | 2,350 | 3,831 | 4,493 | 5,903 | |
Total operating expenses | 5,260 | 6,824 | 10,358 | 11,900 | |
Income/(loss) from continuing operations before taxes | 1,508 | (555) | 2,929 | 1,094 | |
Income tax expense | 563 | 274 | 1,012 | 795 | |
Income/(loss) from continuing operations | (829) | 299 | |||
Income/(loss) from discontinued operations, net of tax | (9) | 6 | |||
Net income/(loss) | 945 | (838) | 1,917 | 305 | |
Net income/(loss) attributable to noncontrolling interests | 15 | 30 | (1) | 393 | |
Net income/(loss) attributable to shareholders | SFr 930 | (868) | SFr 1,918 | (88) | |
of which from continuing operations | (859) | (94) | |||
of which from discontinued operations | SFr (9) | SFr 6 |
Consolidated statements of comp
Consolidated statements of comprehensive income - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Comprehensive income | |||||
Net income/(loss) | SFr 1,066 | SFr 1,034 | SFr (662) | SFr 2,100 | SFr 553 |
Gains/(losses) on cash flow hedges | 31 | 8 | 12 | 39 | 29 |
Foreign currency translation | (1,053) | (1,493) | 65 | (2,546) | (208) |
Unrealized gains/(losses) on securities | (12) | 10 | 12 | (2) | 20 |
Actuarial gains/(losses) | 92 | 89 | 42 | 181 | 77 |
Net prior service cost | (22) | (21) | (22) | (43) | (42) |
Other comprehensive income/(loss), net of tax | (964) | (1,407) | 109 | (2,371) | (124) |
Comprehensive income/(loss) | 102 | (373) | (553) | (271) | 429 |
Comprehensive income/(loss) attributable to noncontrolling interests | (15) | (44) | 41 | (59) | 372 |
Comprehensive income/(loss) attributable to shareholders | 117 | SFr (329) | (594) | (212) | 57 |
Bank | |||||
Comprehensive income | |||||
Net income/(loss) | 945 | (838) | 1,917 | 305 | |
Gains/(losses) on cash flow hedges | 30 | 6 | 52 | 15 | |
Foreign currency translation | (1,053) | 68 | (2,542) | (210) | |
Unrealized gains/(losses) on securities | (12) | 10 | (5) | 15 | |
Actuarial gains/(losses) | 17 | 11 | 34 | 19 | |
Net prior service cost | (4) | (1) | (7) | (1) | |
Other comprehensive income/(loss), net of tax | (1,022) | 94 | (2,468) | (162) | |
Comprehensive income/(loss) | (77) | (744) | (551) | 143 | |
Comprehensive income/(loss) attributable to noncontrolling interests | (40) | 38 | (94) | 369 | |
Comprehensive income/(loss) attributable to shareholders | SFr (37) | SFr (782) | SFr (457) | SFr (226) |
Consolidated balance sheets
Consolidated balance sheets - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | ||||
Assets | ||||||||
Cash and due from banks | SFr 104,054 | SFr 87,913 | SFr 79,349 | SFr 66,469 | ||||
of which reported at fair value | 240 | 406 | 304 | 724 | ||||
Interest-bearing deposits with banks | 928 | 1,117 | 1,244 | 1,749 | ||||
of which reported at fair value | 2 | 0 | 0 | 309 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 137,834 | 144,859 | 163,208 | 165,744 | ||||
of which reported at fair value | 80,636 | 88,876 | 104,283 | 86,586 | ||||
Securities received as collateral, at fair value | 28,851 | 28,106 | 26,854 | 21,611 | ||||
of which encumbered | 27,990 | 26,658 | 25,220 | 16,737 | ||||
Trading assets, at fair value | 205,688 | 235,564 | 241,131 | 235,427 | ||||
of which encumbered | 65,847 | 75,157 | 77,583 | 75,778 | ||||
Investment securities | 3,370 | 3,052 | 2,791 | 3,323 | ||||
of which reported at fair value | 3,370 | 2,808 | 2,791 | 3,323 | ||||
Other investments | 7,391 | 7,881 | 8,613 | 7,709 | ||||
of which reported at fair value | 4,621 | 5,055 | 5,654 | 5,252 | ||||
Net loans | 270,171 | 270,774 | 272,551 | 254,532 | ||||
of which reported at fair value | 19,778 | 21,914 | 22,913 | 19,897 | ||||
of which encumbered | 128 | 138 | 192 | 92 | ||||
allowance for loan losses | (722) | (767) | (758) | (821) | ||||
Premises and equipment | 4,429 | 4,520 | 4,641 | 4,811 | ||||
Goodwill | 8,238 | 8,504 | 8,644 | 7,983 | ||||
Other intangible assets | 205 | 220 | 249 | 245 | ||||
of which reported at fair value | 81 | 67 | 70 | 66 | ||||
Brokerage receivables | 48,414 | 45,383 | 41,629 | 56,309 | ||||
Other assets | 59,749 | 66,497 | 70,558 | 64,689 | ||||
of which reported at fair value | 28,144 | 30,785 | 32,320 | 31,273 | ||||
of which encumbered | 272 | 278 | 250 | 439 | ||||
Assets of discontinued operations held-for-sale | 0 | 0 | 0 | 979 | ||||
Total assets | 879,322 | 904,390 | 921,462 | 891,580 | ||||
Liabilities and equity | ||||||||
Due to banks | 30,205 | 27,262 | 26,009 | 26,701 | ||||
of which reported at fair value | 635 | 575 | 823 | 998 | ||||
Customer deposits | 356,453 | 365,007 | 369,058 | 346,296 | ||||
of which reported at fair value | 3,975 | 3,605 | 3,261 | 3,229 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 58,567 | 66,140 | 70,119 | 88,066 | ||||
of which reported at fair value | 41,920 | 48,087 | 54,732 | 60,529 | ||||
Obligation to return securities received as collateral, at fair value | 28,851 | 28,106 | 26,854 | 21,611 | ||||
Trading liabilities, at fair value | 59,390 | 69,757 | 72,655 | 75,129 | ||||
Short-term borrowings | 26,401 | 27,577 | 25,921 | 29,426 | ||||
of which reported at fair value | 4,256 | 4,818 | 3,861 | 7,132 | ||||
Long-term debt | 182,655 | 175,678 | 177,898 | 143,827 | ||||
of which reported at fair value | 76,517 | 78,390 | 81,166 | 70,217 | ||||
Brokerage payables | 48,039 | 55,229 | 56,977 | 68,842 | ||||
Other liabilities | 45,301 | 45,349 | 50,970 | 48,913 | ||||
of which reported at fair value | 14,176 | 15,335 | 16,938 | 20,009 | ||||
Liabilities of discontinued operations held-for-sale | 0 | 0 | 0 | 742 | ||||
Total liabilities | 835,862 | 860,105 | 876,461 | 849,553 | ||||
Common shares | 65 | 64 | 64 | 64 | ||||
Additional paid-in capital | 25,860 | 27,589 | 27,007 | 26,655 | ||||
Retained earnings | 34,188 | 33,137 | 32,083 | 30,392 | ||||
Treasury shares, at cost | (151) | (1,008) | (192) | (190) | ||||
Accumulated other comprehensive income/(loss) | (17,320) | (16,386) | (15,003) | (15,977) | ||||
Total shareholders' equity | 42,642 | 43,396 | 43,959 | 40,944 | ||||
Noncontrolling interests | 818 | 889 | 1,042 | 1,083 | ||||
Total equity | 43,460 | 44,285 | 45,001 | 42,027 | ||||
Total liabilities and equity | SFr 879,322 | SFr 904,390 | SFr 921,462 | SFr 891,580 | ||||
Additional share information | ||||||||
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | SFr 0.04 | SFr 0.04 | ||||
Authorized shares (in shares) | [1] | 2,347,168,947 | 2,299,616,660 | 2,299,616,660 | 2,299,616,660 | |||
Issued shares (in shares) | 1,638,395,346 | 1,607,168,947 | 1,607,168,947 | 1,607,168,947 | ||||
Treasury shares (in shares) | 5,966,908 | 43,695,094 | 7,666,658 | 7,196,146 | ||||
Common shares outstanding (in shares) | 1,632,428,438 | [2] | 1,563,473,853 | [2] | 1,599,502,289 | 1,599,972,801 | [2] | |
Consolidated VIEs | ||||||||
Assets | ||||||||
Cash and due from banks | SFr 1,470 | SFr 1,231 | SFr 1,493 | SFr 916 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 197 | 664 | 660 | 1,224 | ||||
Trading assets, at fair value | 3,394 | 3,930 | 4,261 | 3,439 | ||||
Investment securities | 925 | 306 | 0 | 59 | ||||
Other investments | 1,904 | 2,081 | 2,105 | 1,928 | ||||
Net loans | 666 | 242 | 245 | 2,008 | ||||
Premises and equipment | 414 | 435 | 452 | 495 | ||||
Other assets | 14,172 | 15,648 | 16,134 | 13,815 | ||||
Liabilities and equity | ||||||||
Customer deposits | 0 | 2 | 3 | 269 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 3 | 0 | 0 | 0 | ||||
Trading liabilities, at fair value | 28 | 40 | 35 | 16 | ||||
Short-term borrowings | 9,470 | 9,212 | 9,384 | 8,733 | ||||
Long-term debt | 11,972 | 12,975 | 13,452 | 11,857 | ||||
Other liabilities | 1,655 | SFr 1,604 | 1,728 | SFr 859 | ||||
Bank | ||||||||
Assets | ||||||||
Cash and due from banks | 102,358 | 78,000 | ||||||
Interest-bearing deposits with banks | 4,159 | 4,104 | ||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 138,231 | 163,208 | ||||||
Securities received as collateral, at fair value | 28,851 | 26,854 | ||||||
Trading assets, at fair value | 205,898 | 241,313 | ||||||
Investment securities | 2,965 | 2,379 | ||||||
Other investments | 7,261 | 8,467 | ||||||
Net loans | 253,094 | 255,928 | ||||||
Premises and equipment | 4,230 | 4,441 | ||||||
Goodwill | 7,359 | 7,766 | ||||||
Other intangible assets | 205 | 249 | ||||||
Brokerage receivables | 48,413 | 41,629 | ||||||
Other assets | 59,475 | 70,511 | ||||||
Total assets | 862,499 | 904,849 | ||||||
Liabilities and equity | ||||||||
Due to banks | 30,539 | 26,506 | ||||||
Customer deposits | 345,069 | 357,569 | ||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 58,567 | 70,119 | ||||||
Obligation to return securities received as collateral, at fair value | 28,851 | 26,854 | ||||||
Trading liabilities, at fair value | 59,457 | 72,667 | ||||||
Short-term borrowings | 26,401 | 25,921 | ||||||
Long-term debt | 177,429 | 172,947 | ||||||
Brokerage payables | 48,039 | 56,977 | ||||||
Other liabilities | 45,306 | 50,648 | ||||||
Total liabilities | 819,658 | 860,208 | ||||||
Total shareholders' equity | 41,379 | 42,895 | ||||||
Noncontrolling interests | 1,462 | 1,746 | ||||||
Total equity | 42,841 | 44,641 | ||||||
Total liabilities and equity | SFr 862,499 | SFr 904,849 | ||||||
[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. |
Consolidated statements of chan
Consolidated statements of changes in equity - CHF (SFr) SFr in Millions | Total | Total shareholders' equity | Common shares | Additional paid-in capital | Retained earnings | Treasury shares, at cost | Accumulated other comprehensive income | Noncontrolling interests | Bank | ||
Balance at Dec. 31, 2013 | SFr 47,166 | SFr 42,164 | SFr 64 | SFr 27,853 | SFr 30,261 | SFr (139) | SFr (15,875) | SFr 5,002 | |||
Increase (decrease) in shareholders' equity | |||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (1,700) | 238 | 238 | (1,938) | |||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 35 | 35 | |||||||||
Net income/(loss) | 553 | 159 | 159 | 394 | |||||||
Total other comprehensive income/(loss), net of tax | (124) | (102) | (102) | (22) | SFr (162) | ||||||
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) | 705 | |||||||
Financial instruments indexed to own shares | 193 | 193 | 193 | ||||||||
Dividends paid | (1,227) | (1,205) | (28) | ||||||||
Dividends paid out of reserves from capital contributions | (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 | (126) | (126) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 14 | 14 | |||||||||
Net income/(loss) | (662) | (700) | (700) | 38 | |||||||
Total other comprehensive income/(loss), net of tax | 109 | 106 | 106 | 3 | 94 | ||||||
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) | 686 | |||||||
Financial instruments indexed to own shares | 193 | 193 | 193 | ||||||||
Dividends paid | (1,182) | (1,177) | |||||||||
Dividends paid out of reserves from capital contributions | (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 | |||
Balance at Dec. 31, 2014 | 45,001 | 43,959 | 64 | 27,007 | 32,083 | (192) | (15,003) | 1,042 | 44,641 | ||
Increase (decrease) in shareholders' equity | |||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (122) | (122) | |||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 15 | 15 | |||||||||
Net income/(loss) | 1,034 | 1,054 | 1,054 | (20) | |||||||
Total other comprehensive income/(loss), net of tax | (1,407) | (1,383) | (1,383) | (24) | |||||||
Sale of treasury shares | 1,823 | 1,823 | (10) | 1,833 | |||||||
Repurchase of treasury shares | (2,666) | (2,666) | (2,666) | ||||||||
Share-based compensation, net of tax | 393 | 393 | 376 | 17 | |||||||
Financial instruments indexed to own shares | 216 | 216 | 216 | ||||||||
Other | (2) | (2) | |||||||||
Balance at Mar. 31, 2015 | 44,285 | 43,396 | 64 | 27,589 | 33,137 | (1,008) | (16,386) | 889 | |||
Balance at Dec. 31, 2014 | 45,001 | 43,959 | 64 | 27,007 | 32,083 | (192) | (15,003) | 1,042 | 44,641 | ||
Increase (decrease) in shareholders' equity | |||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | [1],[2] | (214) | (214) | ||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | [2] | 45 | 45 | ||||||||
Net income/(loss) | 2,100 | 2,105 | 2,105 | (5) | |||||||
Total other comprehensive income/(loss), net of tax | (2,371) | (2,317) | (2,317) | (54) | (2,468) | ||||||
Issuance of common shares | 711 | 711 | 1 | 710 | |||||||
Sale of treasury shares | 7,435 | 7,435 | (3) | 7,438 | |||||||
Repurchase of treasury shares | (8,385) | (8,385) | (8,385) | ||||||||
Share-based compensation, net of tax | 131 | 131 | (857) | [3] | 988 | ||||||
Financial instruments indexed to own shares | [4] | 140 | 140 | 140 | |||||||
Dividends paid | (1,137) | (1,137) | |||||||||
Dividends paid out of reserves from capital contributions | [5] | (1,137) | |||||||||
Change in scope of consolidation, net | 6 | 6 | |||||||||
Other | (2) | (2) | |||||||||
Balance at Jun. 30, 2015 | 43,460 | 42,642 | 65 | 25,860 | 34,188 | (151) | (17,320) | 818 | 42,841 | ||
Balance at Mar. 31, 2015 | 44,285 | 43,396 | 64 | 27,589 | 33,137 | (1,008) | (16,386) | 889 | |||
Increase (decrease) in shareholders' equity | |||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | [6],[7] | (92) | (92) | ||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | [7] | 30 | 30 | ||||||||
Net income/(loss) | 1,066 | 1,051 | 1,051 | 15 | |||||||
Total other comprehensive income/(loss), net of tax | (964) | (934) | (934) | (30) | (1,022) | ||||||
Issuance of common shares | 711 | 711 | 1 | 710 | |||||||
Sale of treasury shares | 5,612 | 5,612 | 7 | 5,605 | |||||||
Repurchase of treasury shares | (5,719) | (5,719) | (5,719) | ||||||||
Share-based compensation, net of tax | (262) | (262) | (1,233) | [8] | 971 | ||||||
Financial instruments indexed to own shares | [9] | (76) | (76) | (76) | |||||||
Dividends paid | (1,137) | (1,137) | |||||||||
Dividends paid out of reserves from capital contributions | [10] | (1,137) | |||||||||
Change in scope of consolidation, net | 6 | 6 | |||||||||
Balance at Jun. 30, 2015 | SFr 43,460 | SFr 42,642 | SFr 65 | SFr 25,860 | SFr 34,188 | SFr (151) | SFr (17,320) | SFr 818 | SFr 42,841 | ||
[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 (12) 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] | Distributions to owners in funds include the return of original capital invested and any related dividends. | ||||||||||
[7] | Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership". | ||||||||||
[8] | Includes a net tax charge of CHF (14) million from the excess recognized compensation expense over fair value of shares delivered. | ||||||||||
[9] | 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. | ||||||||||
[10] | Paid out of reserves from capital contributions. |
Consolidated statements of cha6
Consolidated statements of changes in equity (Parenthetical) - Jun. 30, 2015 - CHF (SFr) SFr in Millions | Total | Total |
Tax benefit (charge) from the excess fair value of compensation expense | SFr (14) | SFr (12) |
Consolidated statements of cash
Consolidated statements of cash flows - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities of continuing operations | ||
Net income/(loss) | SFr 2,100 | SFr 553 |
(Income)/loss from discontinued operations, net of tax | 0 | (6) |
Income/(loss) from continuing operations | 2,100 | 547 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | ||
Impairment, depreciation and amortization | 520 | 621 |
Provision for credit losses | 81 | 52 |
Deferred tax provision/(benefit) | 708 | 562 |
Share of net income/(loss) from equity method investments | (33) | 251 |
Trading assets and liabilities, net | 12,857 | (5,986) |
(Increase)/decrease in other assets | (8,431) | (10,291) |
Increase/(decrease) in other liabilities | (5,216) | (4,124) |
Other, net | 193 | 750 |
Total adjustments | 679 | (18,165) |
Net cash provided by/(used in) operating activities of continuing operations | 2,779 | (17,618) |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | 305 | (243) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 16,054 | (5,756) |
Purchase of investment securities | (272) | (459) |
Proceeds from sale of investment securities | 14 | 48 |
Maturities of investment securities | 342 | 92 |
Investments in subsidiaries and other investments | (335) | (483) |
Proceeds from sale of other investments | 951 | 850 |
(Increase)/decrease in loans | (3,677) | (9,057) |
Proceeds from sale of loans | 1,018 | 943 |
Capital expenditures for premises and equipment and other intangible assets | (474) | (411) |
Proceeds from sale of premises and equipment and other intangible assets | 11 | 0 |
Other, net | 195 | 150 |
Net cash provided by/(used in) investing activities of continuing operations | 14,132 | (14,326) |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 1,065 | 16,644 |
Increase/(decrease) in short-term borrowings | 1,110 | 9,095 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (7,873) | (5,659) |
Issuances of long-term debt | 47,503 | 32,023 |
Repayments of long-term debt | (29,565) | (19,616) |
Issuances of common shares | 1 | 297 |
Sale of treasury shares | 7,435 | 4,033 |
Repurchase of treasury shares | (8,385) | (4,792) |
Dividends paid/capital repayments | (427) | (1,227) |
Other, net | 384 | (1,468) |
Net cash provided by/(used in) financing activities of continuing operations | 11,248 | 29,330 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (3,454) | 574 |
Net cash provided by/(used in) discontinued operations | ||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | (183) |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 24,705 | (2,223) |
Cash and due from banks at beginning of period | 79,349 | 68,692 |
Cash and due from banks at end of period | 104,054 | 66,469 |
Cash paid for income taxes and interest | ||
Cash paid for income taxes | 683 | 812 |
Cash paid for interest | 5,601 | 5,468 |
Assets and liabilities sold in business divestitures | ||
Assets sold | 34 | 8 |
Liabilities sold | 7 | 1 |
Assets acquired and liabilities assumed in business acquisitions | ||
Fair value of assets acquired | 2 | 32 |
Bank | ||
Operating activities of continuing operations | ||
Net income/(loss) | 1,917 | 305 |
(Income)/loss from discontinued operations, net of tax | (6) | |
Income/(loss) from continuing operations | 299 | |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | ||
Provision for credit losses | 58 | 23 |
Net cash provided by/(used in) operating activities of continuing operations | 3,074 | (17,814) |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | (91) | (532) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 15,657 | (5,762) |
Purchase of investment securities | (272) | (459) |
Proceeds from sale of investment securities | 14 | 48 |
Maturities of investment securities | 332 | 10 |
Investments in subsidiaries and other investments | (308) | (451) |
Proceeds from sale of other investments | 920 | 823 |
(Increase)/decrease in loans | (3,199) | (8,430) |
Proceeds from sale of loans | 1,018 | 943 |
Capital expenditures for premises and equipment and other intangible assets | (468) | (407) |
Proceeds from sale of premises and equipment and other intangible assets | 11 | |
Other, net | 192 | 149 |
Net cash provided by/(used in) investing activities of continuing operations | 13,806 | (14,068) |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 1,027 | 16,679 |
Increase/(decrease) in short-term borrowings | 1,110 | 9,095 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (7,873) | (5,659) |
Issuances of long-term debt | 46,955 | 32,030 |
Repayments of long-term debt | (29,320) | (21,684) |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 0 | 0 |
Repurchase of treasury shares | 0 | 0 |
Dividends paid/capital repayments | (10) | (59) |
Other, net | (1,008) | (1,110) |
Net cash provided by/(used in) financing activities of continuing operations | 10,881 | 29,292 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (3,403) | 575 |
Net cash provided by/(used in) discontinued operations | ||
Net cash provided by/(used in) operating activities of discontinued operations | (183) | |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 24,358 | (2,198) |
Cash and due from banks at beginning of period | 78,000 | 68,081 |
Cash and due from banks at end of period | SFr 102,358 | SFr 65,883 |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014 included in the Credit Suisse Annual Report 2014. > Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2014 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 1Q15 consolidated statements of operations and comprehensive income, the 1Q15 and 2Q14 consolidated balance sheets and the 2Q15, 1Q15 and 2Q14 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 stan
Recently issued accounting standards | 6 Months Ended |
Jun. 30, 2015 | |
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 2014 for a description of accounting standards adopted in 2014. ASC Topic 310 – Receivables In January 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure” (ASU 2014-04), an update to Accounting Standards Codification (ASC) Topic 310 – Receivables. The amendments require interim and annual disclosure of both (i) the amount of foreclosed residential real estate property held by the creditor and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The adoption of ASU 2014-04 on January 1, 2015 did not have a material impact 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 ASC 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. The adoption of ASU 2014-11 on January 1, 2015 did not have a material impact on the Group’s financial position, results of operations and cash flows. Standards to be adopted in future periods ASC Topic 205 – Presentation of Financial Statements In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (ASU 2014-15), an update to ASC Topic 205 – Presentation of Financial Statements. The amendments in ASU 2014-15 provide guidance in US GAAP about management’s responsibility to evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern and to provide related disclosures in the notes to the financial statements. The amendments are expected to reduce diversity in the timing and content of such disclosures. ASU 2014-15 is effective for the annual reporting period ending after December 15, 2016, and for the interim and annual reporting periods thereafter. Early adoption is permitted. As these amendments relate only to disclosures, there will be no impact of the adoption of ASU 2014-15 on the Group’s financial position, results of operations and cash flows. ASC Topic 606 – Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), an update to ASC 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. In July 2015, the FASB voted to defer the effective date of ASU 2014-09 from interim and annual periods beginning after December 15, 2016 to December 15, 2017. 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 in ASU 2014-12 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 810 – Consolidation In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis” (ASU 2015-02), an update to ASC Topic 810 – Consolidation. The amendments in ASU 2015-02 rescind the indefinite deferral for certain investment funds, which is included in ASU 2010-10, Consolidation (ASC Topic 810), “Amendments for Certain Investment Funds”. The amendments in ASU 2015-02 also require a re-evaluation as to whether certain legal entities require consolidation under the revised consolidation model, specifically as it relates to whether limited partnerships and similar legal entities are VIEs or voting interest entities, the elimination of the presumption that a general partner controls a partnership, and the consolidation analysis of VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015 with early adoption permitted. The Group is currently evaluating the impact of the adoption of ASU 2015-02 on the Group’s financial position, results of operations and cash flows. In August 2014, the FASB issued ASU 2014-13, “Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (ASU 2014-13), an update to ASC Topic 810 – Consolidation. ASU 2014-13 applies to reporting entities that are required to consolidate a collateralized financing entity (CFE) under the VIEs guidance. These entities may elect to measure the financial assets and the financial liabilities of the CFE at fair value using either ASC Topic 820 – Fair Value Measurements or an alternative provided in ASU 2014-13. When using the measurement alternative provided in this update, the reporting entity should measure both the financial assets and the financial liabilities of the CFE, using the most observable of (i) the fair value of the financial assets and (ii) the fair value of the financial liabilities. ASU 2014-13 is effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted as of the beginning of an annual period. The Group is currently evaluating the impact of the adoption of ASU 2014-13 on the Group’s financial position, results of operations and cash flows. ASC Topic 815 – Derivatives and Hedging In November 2014, the FASB issued ASU 2014-16, “Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity” (ASU 2014-16), an update to ASC Topic 815 – Derivatives and Hedging. The amendments in ASU 2014-16 clarify that for hybrid financial instruments issued in the form of a share, an entity (an issuer or an investor) should determine the nature of the host contract by considering all stated and implied substantive terms and features of the hybrid financial instrument, weighing each term and feature on the basis of relevant facts and circumstances. ASU 2014-16 is effective for interim and annual periods beginning after December 15, 2015 with early adoption permitted as of the beginning of an annual or interim period. The Group is currently evaluating the impact of the adoption of ASU 2014-16 on the Group’s financial position, results of operations and cash flows. ASC Topic 820 – Fair Value Management In May 2015, the FASB issued ASU 2015-07, “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” (ASU 2015-07), an update to ASC Topic 820 – Fair Value Measurement. The amendments in ASU 2015-07 remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and change the scope of certain disclosure requirements to those investments for which an entity has elected using that practical expedient. ASU 2015-07 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 2015-07 on the Group’s financial position, results of operations and cash flows. ASC Topic 835 – Interest In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest” (ASU 2015-03), an update to ASC Topic 835 – Interest. Under ASU 2015-03, an entity presents debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than an asset. ASU 2015-03 is effective for interim and annual periods beginning after December 15, 2015. The Group is currently evaluating the impact of the adoption of ASU 2015-03 on the Group’s financial position, results of operations and cash flows. |
Business developments
Business developments | 6 Months Ended |
Jun. 30, 2015 | |
Business developments | 3 Business developments In August 2014, the Group announced the sale of Prime Fund Services (PFS), including the existing PFS team, to BNP Paribas. The transaction closed in the second quarter of 2015. Revenues, expenses and the pre-tax gain on the disposal from this sale were immaterial. |
Discontinued operations
Discontinued operations | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued operations | 4 Discontinued operations There were no operations that were discontinued in 6M15. > Refer to “Note 4 – Discontinued operations” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2014 for further information. Assets held-for-sale end of 2Q14 German private banking business (CHF million) Cash 277 Loans 686 Other assets 16 Total assets held-for-sale 979 Group (CHF million) Total assets held-for-sale 979 Liabilities held-for-sale end of 2Q14 German private banking business (CHF million) Deposits 696 Other liabilities 46 Total liabilities held-for-sale 742 Group (CHF million) Total liabilities held-for-sale 742 For the operations discontinued in 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 6M14 Operations-related (CHF million) Net revenues 12 24 of which German private banking business 12 20 of which CFIG – 0 Operating expenses 12 28 of which German private banking business 12 26 of which CFIG – 0 Income tax expense/(benefit) 0 1 of which German private banking business 0 0 of which CFIG – 0 Income/(loss), net of tax 0 (5) of which German private banking business 0 (6) of which CFIG – 0 Transaction-related (CHF million) Gain on disposal – 91 of which CFIG – 91 Operating expenses 9 41 of which German private banking business 9 35 of which CFIG – 0 Income tax expense/(benefit) 0 39 of which CFIG – 42 Income/(loss), net of tax (9) 11 of which German private banking business (9) (35) of which CFIG – 49 Discontinued operations – total (CHF million) Income/(loss) from discontinued operations, net of tax (9) 6 of which German private banking business (9) (41) of which CFIG – 49 |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2015 | |
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 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. > Refer to “Note 5 – Segment information” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2014 for further information on segment information, revenue sharing and cost allocation, funding and taxes. Net revenues and income before taxes in 2Q15 1Q15 2Q14 6M15 6M14 Net revenues (CHF million) Private Banking & Wealth Management 3,152 2,972 3,046 6,124 6,286 Investment Banking 3,381 3,583 3,342 6,964 6,758 Corporate Center 408 118 45 526 (142) Noncontrolling interests without SEI 14 (26) 30 (12) 390 Net revenues 6,955 6,647 6,463 13,602 13,292 Income/(loss) from continuing operations before taxes (CHF million) Private Banking & Wealth Management 937 834 (749) 1,771 263 Investment Banking 615 945 752 1,560 1,579 Corporate Center 94 (241) (373) (147) (812) Noncontrolling interests without SEI 10 (27) 24 (17) 367 Income/(loss) from continuing operations before taxes 1,656 1,511 (346) 3,167 1,397 Total assets end of 2Q15 1Q15 4Q14 2Q14 Total assets (CHF million) Private Banking & Wealth Management 356,057 366,391 345,949 322,669 Investment Banking 459,977 489,202 529,044 525,101 Corporate Center 62,425 47,797 45,248 42,509 Noncontrolling interests without SEI 863 1,000 1,221 1,301 Total assets 879,322 904,390 921,462 891,580 |
Net interest income
Net interest income | 6 Months Ended |
Jun. 30, 2015 | |
Net interest income | 6 Net interest income in 2Q15 1Q15 2Q14 6M15 6M14 Net interest income (CHF million) Loans 1,315 1,317 1,216 2,632 2,442 Investment securities 18 13 11 31 22 Trading assets 3,330 1,953 3,394 5,283 5,562 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 679 650 542 1,329 1,103 Other 561 557 527 1,118 1,006 Interest and dividend income 5,903 4,490 5,690 10,393 10,135 Deposits (221) (255) (248) (476) (484) Short-term borrowings (28) (34) (30) (62) (52) Trading liabilities (1,511) (795) (1,626) (2,306) (2,387) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (325) (315) (262) (640) (523) Long-term debt (895) (886) (854) (1,781) (1,781) Other (54) (53) (84) (107) (144) Interest expense (3,034) (2,338) (3,104) (5,372) (5,371) Net interest income 2,869 2,152 2,586 5,021 4,764 |
Commissions and fees
Commissions and fees | 6 Months Ended |
Jun. 30, 2015 | |
Commissions and fees | 7 Commissions and fees in 2Q15 1Q15 2Q14 6M15 6M14 Commissions and fees (CHF million) Lending business 426 300 454 726 888 Investment and portfolio management 864 833 891 1,697 1,825 Other securities business 21 22 25 43 48 Fiduciary business 885 855 916 1,740 1,873 Underwriting 487 445 603 932 1,063 Brokerage 978 1,008 890 1,986 1,863 Underwriting and brokerage 1,465 1,453 1,493 2,918 2,926 Other services 483 371 446 854 897 Commissions and fees 3,259 2,979 3,309 6,238 6,584 |
Trading revenues
Trading revenues | 6 Months Ended |
Jun. 30, 2015 | |
Trading revenues | 8 Trading revenues in 2Q15 1Q15 2Q14 6M15 6M14 Trading revenues (CHF million) Interest rate products 1,569 2,594 2,969 4,163 4,219 Foreign exchange products 340 (853) (1,337) (513) (2,351) Equity/index-related products (1,126) (159) (680) (1,285) (504) Credit products (111) (349) (850) (460) (810) Commodity, emission and energy products 28 (10) (17) 18 46 Other products (202) 167 112 (35) 235 Trading revenues 498 1,390 197 1,888 835 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 2014 for further information on trading revenues and managing trading risks. |
Other revenues
Other revenues | 6 Months Ended |
Jun. 30, 2015 | |
Other revenues | 9 Other revenues in 2Q15 1Q15 2Q14 6M15 6M14 Other revenues (CHF million) Noncontrolling interests without SEI 14 (28) 25 (14) 383 Loans held-for-sale (19) (8) (1) (27) 0 Long-lived assets held-for-sale 1 2 (2) 3 26 Equity method investments 51 46 55 97 116 Other investments 93 (72) 97 21 207 Other 189 186 197 375 377 Other revenues 329 126 371 455 1,109 |
Provision for credit losses
Provision for credit losses | 6 Months Ended |
Jun. 30, 2015 | |
Provision for credit losses | 10 Provision for credit losses in 2Q15 1Q15 2Q14 6M15 6M14 Provision for credit losses (CHF million) Provision for loan losses 36 31 22 67 52 Provision for lending-related and other exposures 15 (1) (4) 14 0 Provision for credit losses 51 30 18 81 52 |
Compensation and benefits
Compensation and benefits | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and benefits | 11 Compensation and benefits in 2Q15 1Q15 2Q14 6M15 6M14 Compensation and benefits (CHF million) Salaries and variable compensation 2,474 2,617 2,536 5,091 5,189 Social security 274 191 283 465 471 Other 1 166 168 154 334 306 Compensation and benefits 2 2,914 2,976 2,973 5,890 5,966 1 Includes pension and other post-retirement expense of CHF 82 million, CHF 90 million, CHF 85 million, CHF 172 million and CHF 169 million in 2Q15, 1Q15, 2Q14, 6M15 and 6M14, respectively. 2 Includes severance and other compensation expense relating to headcount reductions of CHF 48 million, CHF 49 million, CHF 63 million, CHF 97 million and CHF 87 million in 2Q15, 1Q15, 2Q14, 6M15 and 6M14, respectively. |
General and administrative expe
General and administrative expenses | 6 Months Ended |
Jun. 30, 2015 | |
General and administrative expenses | 12 General and administrative expenses in 2Q15 1Q15 2Q14 6M15 6M14 General and administrative expenses (CHF million) Occupancy expenses 250 243 305 493 578 IT, machinery, etc. 296 316 347 612 688 Provisions and losses 131 73 1,810 204 1,921 Travel and entertainment 95 89 90 184 171 Professional services 744 632 545 1,376 1,071 Amortization and impairment of other intangible assets 5 6 5 11 10 Other 407 379 339 786 692 General and administrative expenses 1,928 1,738 3,441 3,666 5,131 |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings per share | 13 Earnings per share in 2Q15 1Q15 2Q14 6M15 6M14 Basic net income/(loss) attributable to shareholders (CHF million) Income/(loss) from continuing operations 1,051 1,054 (691) 2,105 153 Income/(loss) from discontinued operations, net of tax 0 0 (9) 0 6 Net income/(loss) attributable to shareholders 1,051 1,054 (700) 2,105 159 Preferred securities dividends – – – – (28) Net income/(loss) attributable to shareholders for basic earnings per share 1,051 1,054 (700) 2,105 131 Available for common shares 1,029 1,028 (752) 2,059 79 Available for unvested share-based payment awards 22 26 52 46 52 Diluted net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for diluted earnings per share 1,051 1,054 (700) 2,105 131 Available for common shares 1,029 1,028 (752) 2,060 79 Available for unvested share-based payment awards 22 26 52 45 52 Weighted-average shares outstanding (million) Weighted-average shares outstanding for basic earnings per share available for common shares 1,641.0 1,621.5 1,625.0 1,631.3 1,623.1 Dilutive share options and warrants 0.9 1.0 0.0 0.9 0.7 Dilutive share awards 44.6 30.8 0.0 37.7 2.6 Weighted-average shares outstanding for diluted earnings per share available for common shares 1 1,686.5 1,653.3 1,625.0 2 1,669.9 1,626.4 Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards 21.8 41.3 68.3 31.6 81.9 Basic earnings/(loss) per share available for common shares (CHF) Basic earnings/(loss) per share from continuing operations 0.63 0.63 (0.45) 1.26 0.05 Basic earnings/(loss) per share from discontinued operations 0.00 0.00 (0.01) 0.00 0.00 Basic earnings/(loss) per share available for common shares 0.63 0.63 (0.46) 1.26 0.05 Diluted earnings/(loss) per share available for common shares (CHF) Diluted earnings/(loss) per share from continuing operations 0.61 0.62 (0.45) 1.23 0.05 Diluted earnings/(loss) per share from discontinued operations 0.00 0.00 (0.01) 0.00 0.00 Diluted earnings/(loss) per share available for common shares 0.61 0.62 (0.46) 1.23 0.05 1 Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 7.2 million, 9.2 million, 8.8 million, 8.2 million and 8.9 million for 2Q15, 1Q15, 2Q14, 6M15 and 6M14, respectively. 2 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, 2015 | |
Trading assets and liabilities | 14 Trading assets and liabilities end of 2Q15 1Q15 4Q14 2Q14 Trading assets (CHF million) Debt securities 83,371 91,263 94,391 105,038 Equity securities 80,326 93,383 94,294 88,159 Derivative instruments 1 29,995 36,833 38,012 30,957 Other 11,996 14,085 14,434 11,273 Trading assets 205,688 235,564 241,131 235,427 Trading liabilities (CHF million) Short positions 32,846 33,133 35,784 40,617 Derivative instruments 1 26,544 36,624 36,871 34,512 Trading liabilities 59,390 69,757 72,655 75,129 1 Amounts shown net of cash collateral receivables and payables. Cash collateral on derivative instruments end of 2Q15 1Q15 4Q14 2Q14 Cash collateral – netted (CHF million) 1 Cash collateral paid 31,472 41,223 33,404 25,122 Cash collateral received 22,991 32,292 28,147 20,058 Cash collateral – not netted (CHF million) 2 Cash collateral paid 7,514 11,399 10,905 8,097 Cash collateral received 15,387 15,887 17,043 12,844 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, 2015 | |
Investment securities | 15 Investment securities end of 2Q15 1Q15 4Q14 2Q14 Investment securities (CHF million) Securities held-to-maturity 0 244 0 0 Securities available-for-sale 3,370 2,808 2,791 3,323 Total investment securities 3,370 3,052 2,791 3,323 Investment securities by type end of 2Q15 4Q14 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by Swiss federal, cantonal or local governmental entities 274 22 0 296 286 18 0 304 Debt securities issued by foreign governments 1,766 30 0 1,796 2,020 47 1 2,066 Corporate debt securities 254 0 0 254 313 0 0 313 Residential mortgage-backed securities 687 0 0 687 0 0 0 0 Commercial mortgage-backed securities 246 0 0 246 0 0 0 0 Debt securities available-for-sale 3,227 52 0 3,279 2,619 65 1 2,683 Banks, trust and insurance companies 64 23 0 87 73 25 0 98 Industry and all other 4 0 0 4 10 0 0 10 Equity securities available-for-sale 68 23 0 91 83 25 0 108 Securities available-for-sale 3,295 75 0 3,370 2,702 90 1 2,791 Gross unrealized losses on investment securities and the related fair value Less than 12 months 12 months or more Total Gross Gross Gross 4Q14 (CHF million) Debt securities issued by foreign governments 49 1 0 0 49 1 Debt securities available-for-sale 49 1 0 0 49 1 There were no unrealized losses on investment securities as of the end of 2Q15. 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 in 6M15 6M14 Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 0 14 41 7 Realized gains 0 1 0 0 Amortized cost, fair value and average yield of debt securities Debt securities Average 2Q15 (CHF million) Due within 1 year 748 749 2.30 Due from 1 to 5 years 1,362 1,398 0.95 Due from 5 to 10 years 177 190 1.19 Due after 10 years 940 942 3.21 Total debt securities 3,227 3,279 1.93 |
Loans, allowance for loan losse
Loans, allowance for loan losses and credit quality | 6 Months Ended |
Jun. 30, 2015 | |
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 2014 for further information on loans, allowance for loan losses, credit quality and impaired loans. Loans end of 2Q15 1Q15 4Q14 2Q14 Loans (CHF million) Mortgages 100,307 98,901 98,802 96,915 Loans collateralized by securities 39,300 39,120 39,818 35,882 Consumer finance 4,119 4,480 4,323 5,438 Consumer 143,726 142,501 142,943 138,235 Real estate 28,446 29,254 29,198 27,268 Commercial and industrial loans 75,750 75,082 75,046 65,734 Financial institutions 19,705 20,929 22,343 21,058 Governments and public institutions 3,393 3,895 3,891 3,177 Corporate & institutional 127,294 129,160 130,478 117,237 Gross loans 271,020 271,661 273,421 255,472 of which held at amortized cost 251,242 249,747 250,508 235,575 of which held at fair value 19,778 21,914 22,913 19,897 Net (unearned income)/deferred expenses (127) (120) (112) (119) Allowance for loan losses (722) (767) (758) (821) Net loans 270,171 270,774 272,551 254,532 Gross loans by location (CHF million) Switzerland 156,024 156,720 155,767 156,377 Foreign 114,996 114,941 117,654 99,095 Gross loans 271,020 271,661 273,421 255,472 Impaired loan portfolio (CHF million) Non-performing loans 717 701 753 851 Non-interest-earning loans 224 275 279 286 Total non-performing and non-interest-earning loans 941 976 1,032 1,137 Restructured loans 253 243 171 83 Potential problem loans 376 204 187 252 Total other impaired loans 629 447 358 335 Gross impaired loans 1,570 1,423 1,390 1,472 Allowance for loan losses by loan portfolio 2Q15 1Q15 2Q14 Corporate & Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 245 522 767 251 507 758 263 603 866 Net movements recognized in statements of operations 16 20 36 15 16 31 20 2 22 Gross write-offs (57) (25) (82) (21) (4) (25) (28) (64) (92) Recoveries 4 2 6 2 7 9 4 15 19 Net write-offs (53) (23) (76) (19) 3 (16) (24) (49) (73) Provisions for interest 1 2 3 1 8 9 0 3 3 Foreign currency translation impact and other adjustments, net (2) (6) (8) (3) (12) (15) 1 2 3 Balance at end of period 207 515 722 245 522 767 260 561 821 of which individually evaluated for impairment 162 348 510 198 352 550 210 403 613 of which collectively evaluated for impairment 45 167 212 47 170 217 50 158 208 Gross loans held at amortized cost (CHF million) Balance at end of period 143,711 107,531 251,242 142,483 107,264 249,747 138,223 97,352 235,575 of which individually evaluated for impairment 1 650 920 1,570 562 861 1,423 613 859 1,472 of which collectively evaluated for impairment 143,061 106,611 249,672 141,921 106,403 248,324 137,610 96,493 234,103 6M15 6M14 Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 251 507 758 267 602 869 Net movements recognized in statements of operations 31 36 67 37 15 52 Gross write-offs (78) (29) (107) (54) (84) (138) Recoveries 6 9 15 9 20 29 Net write-offs (72) (20) (92) (45) (64) (109) Provisions for interest 2 10 12 1 7 8 Foreign currency translation impact and other adjustments, net (5) (18) (23) 0 1 1 Balance at end of period 207 515 722 260 561 821 1 Represents gross impaired loans both with and without a specific allowance. Purchases, reclassifications and sales in 2Q15 1Q15 2Q14 Corporate & Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 115 1,357 1,472 116 991 1,107 18 982 1,000 Reclassifications from loans held-for-sale 2 0 35 35 0 123 123 0 165 165 Reclassifications to loans held-for-sale 3 0 167 167 0 206 206 0 334 334 Sales 3 0 134 134 0 80 80 0 11 11 in 6M15 6M14 Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 231 2,348 2,579 29 1,405 1,434 Reclassifications from loans held-for-sale 2 0 158 158 0 188 188 Reclassifications to loans held-for-sale 3 0 373 373 0 410 410 Sales 3 0 214 214 0 64 64 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. Credit quality of loans held at amortized cost Management monitors the credit quality of loans through its credit risk management processes, which are structured to assess, measure, monitor and manage risk on a consistent basis. This process requires careful consideration of proposed extensions of credit, the setting of specific limits, monitoring during the life of the exposure, active use of credit mitigation tools and a disciplined approach to recognizing credit impairment. Management evaluates many factors when assessing the credit quality of loans. These factors include the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. For the purpose of credit quality disclosures, the Group uses detailed internal risk ratings which are aggregated to the credit quality indicators investment grade and non-investment grade. The Group employs a set of credit ratings for the purpose of internally rating counterparties. Credit ratings are intended to reflect the risk of default of each 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 2014 for further information on internal ratings and the scope of the credit quality disclosures. Gross loans held at amortized cost by internal counterparty rating Investment Non-investment Ratings Ratings 2Q15 (CHF million) Mortgages 84,882 15,215 210 100,307 Loans collateralized by securities 36,700 2,446 154 39,300 Consumer finance 1,439 2,435 230 4,104 Consumer 123,021 20,096 594 143,711 Real estate 20,862 6,734 62 27,658 Commercial and industrial loans 32,535 31,508 616 64,659 Financial institutions 10,490 3,375 113 13,978 Governments and public institutions 882 354 0 1,236 Corporate & institutional 64,769 41,971 791 107,531 Gross loans held at amortized cost 187,790 62,067 1,385 251,242 Value of collateral 1 175,201 51,120 867 227,188 4Q14 (CHF million) Mortgages 82,360 16,249 193 98,802 Loans collateralized by securities 37,426 2,306 86 39,818 Consumer finance 1,717 2,348 241 4,306 Consumer 121,503 20,903 520 142,926 Real estate 20,883 7,224 68 28,175 Commercial and industrial loans 31,362 31,473 541 63,376 Financial institutions 11,893 2,624 106 14,623 Governments and public institutions 992 416 0 1,408 Corporate & institutional 65,130 41,737 715 107,582 Gross loans held at amortized cost 186,633 62,640 1,235 250,508 Value of collateral 1 174,338 50,631 650 225,619 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 More 2Q15 (CHF million) Mortgages 99,980 138 14 10 165 327 100,307 Loans collateralized by securities 39,004 245 1 1 49 296 39,300 Consumer finance 3,348 460 64 49 183 756 4,104 Consumer 142,332 843 79 60 397 1,379 143,711 Real estate 27,545 42 10 3 58 113 27,658 Commercial and industrial loans 63,527 737 16 87 292 1,132 64,659 Financial institutions 13,748 127 4 1 98 230 13,978 Governments and public institutions 1,225 11 0 0 0 11 1,236 Corporate & institutional 106,045 917 30 91 448 1,486 107,531 Gross loans held at amortized cost 248,377 1,760 109 151 845 2,865 251,242 4Q14 (CHF million) Mortgages 98,519 99 14 9 161 283 98,802 Loans collateralized by securities 39,648 81 1 1 87 170 39,818 Consumer finance 3,784 231 60 46 185 522 4,306 Consumer 141,951 411 75 56 433 975 142,926 Real estate 28,084 24 1 4 62 91 28,175 Commercial and industrial loans 62,305 719 20 39 293 1,071 63,376 Financial institutions 14,459 41 0 0 123 164 14,623 Governments and public institutions 1,383 25 0 0 0 25 1,408 Corporate & institutional 106,231 809 21 43 478 1,351 107,582 Gross loans held at amortized cost 248,182 1,220 96 99 911 2,326 250,508 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 2014 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 Non- 2Q15 (CHF million) Mortgages 168 27 195 4 48 52 247 1 Loans collateralized by securities 23 27 50 0 121 121 171 Consumer finance 209 22 231 0 1 1 232 Consumer 400 76 476 4 170 174 650 Real estate 43 19 62 0 4 4 66 Commercial and industrial loans 216 89 305 221 197 418 723 Financial institutions 58 40 98 28 5 33 131 Corporate & institutional 317 148 465 249 206 455 920 Gross impaired loans 717 224 941 253 376 629 1,570 4Q14 (CHF million) Mortgages 189 19 208 4 39 43 251 1 Loans collateralized by securities 11 75 86 0 2 2 88 Consumer finance 225 17 242 0 1 1 243 Consumer 425 111 536 4 42 46 582 Real estate 50 16 66 0 9 9 75 Commercial and industrial loans 190 116 306 167 133 300 606 Financial institutions 88 36 124 0 3 3 127 Corporate & institutional 328 168 496 167 145 312 808 Gross impaired loans 753 279 1,032 171 187 358 1,390 1 As of the end of 2Q15 and 4Q14, CHF 96 million and CHF 80 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. Gross impaired loan detail end of 2Q15 4Q14 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 194 182 27 205 194 27 Loans collateralized by securities 27 24 4 63 60 53 Consumer finance 225 206 131 236 217 122 Consumer 446 412 162 504 471 202 Real estate 66 62 7 68 64 7 Commercial and industrial loans 598 581 271 599 570 259 Financial institutions 131 126 70 126 120 72 Corporate & institutional 795 769 348 793 754 338 Gross impaired loans with a specific allowance 1,241 1,181 510 1,297 1,225 540 Mortgages 53 53 – 46 46 – Loans collateralized by securities 144 144 – 25 25 – Consumer finance 7 7 – 7 7 – Consumer 204 204 – 78 78 – Real estate 0 0 – 7 7 – Commercial and industrial loans 125 125 – 7 7 – Financial institutions 0 0 – 1 1 – Corporate & institutional 125 125 – 15 15 – Gross impaired loans without specific allowance 329 329 – 93 93 – Gross impaired loans 1,570 1,510 510 1,390 1,318 540 of which consumer 650 616 162 582 549 202 of which corporate & institutional 920 894 348 808 769 338 Gross impaired loan detail (continued) in 2Q15 1Q15 2Q14 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 177 1 1 180 0 0 197 1 1 Loans collateralized by securities 39 0 0 59 0 0 65 0 0 Consumer finance 225 1 1 230 0 0 223 0 0 Consumer 441 2 2 469 0 0 485 1 1 Real estate 65 0 0 65 0 0 81 0 0 Commercial and industrial loans 597 2 2 552 1 1 676 0 0 Financial institutions 147 0 0 137 1 1 119 0 0 Corporate & institutional 809 2 2 754 2 2 876 0 0 Gross impaired loans with a specific allowance 1,250 4 4 1,223 2 2 1,361 1 1 Mortgages 64 0 0 50 0 0 30 0 0 Loans collateralized by securities 42 0 0 22 0 0 40 0 0 Consumer finance 7 0 0 7 0 0 22 0 0 Consumer 113 0 0 79 0 0 92 0 0 Real estate 13 0 0 8 0 0 19 0 0 Commercial and industrial loans 35 0 0 13 0 0 12 0 0 Financial institutions 1 0 0 1 0 0 0 0 0 Corporate & institutional 49 0 0 22 0 0 31 0 0 Gross impaired loans without specific allowance 162 0 0 101 0 0 123 0 0 Gross impaired loans 1,412 4 4 1,324 2 2 1,484 1 1 of which consumer 554 2 2 548 0 0 577 1 1 of which corporate & institutional 858 2 2 776 2 2 907 0 0 Gross impaired loan detail (continued) in 6M15 6M14 Interest Interest Gross impaired loan detail (CHF million) Mortgages 179 1 1 198 1 1 Loans collateralized by securities 49 0 0 65 0 0 Consumer finance 226 1 1 226 0 0 Consumer 454 2 2 489 1 1 Real estate 65 0 0 80 0 0 Commercial and industrial loans 573 3 3 688 0 0 Financial institutions 141 1 1 124 0 0 Corporate & institutional 779 4 4 892 0 0 Gross impaired loans with a specific allowance 1,233 6 6 1,381 1 1 Mortgages 57 0 0 25 0 0 Loans collateralized by securities 32 0 0 34 0 0 Consumer finance 7 0 0 20 0 0 Consumer 96 0 0 79 0 0 Real estate 10 0 0 13 0 0 Commercial and industrial loans 24 0 0 12 0 0 Financial institutions 1 0 0 0 0 0 Corporate & institutional 35 0 0 25 0 0 Gross impaired loans without specific allowance 131 0 0 104 0 0 Gross impaired loans 1,364 6 6 1,485 1 1 of which consumer 550 2 2 568 1 1 of which corporate & institutional 814 4 4 917 0 0 Restructured loans held at amortized cost in 2Q15 1Q15 2Q14 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million) Commercial and industrial loans 2 21 21 2 71 78 2 78 56 Total 2 21 21 2 71 78 2 78 56 in 6M15 6M14 Recorded Recorded Recorded Recorded Restructured loans (CHF million) Commercial and industrial loans 4 92 99 3 107 85 Total 4 92 99 3 107 85 In 2Q15 and 6M15, respectively, the Group reported the default of one loan within commercial and industrial loans with a recorded investment amount of CHF 65 million, which had been restructured within the previous 12 months. In 2Q14 and 6M14, respectively, the Group did not experience a default of such loans. In 6M15, the loan modifications of the Group included interest rate reductions to rates lower than the current market rate for new loans with similar risk, extended repayment terms and added penalty interest. |
Other assets and other liabilit
Other assets and other liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Other assets and other liabilities | 17 Other assets and other liabilities end of 2Q15 1Q15 4Q14 2Q14 Other assets (CHF million) Cash collateral on derivative instruments 7,514 11,399 10,905 8,097 Cash collateral on non-derivative transactions 1,268 1,636 3,238 2,445 Derivative instruments used for hedging 1,370 1,589 1,539 2,100 Assets held-for-sale 24,584 25,491 26,544 20,102 of which loans 1 24,101 24,963 25,911 19,755 of which real estate 2 375 431 535 347 of which long-lived assets 108 97 98 0 Assets held for separate accounts 4,036 4,578 5,650 9,046 Interest and fees receivable 5,900 5,992 6,237 6,041 Deferred tax assets 5,154 5,768 6,077 5,557 Prepaid expenses 614 571 517 649 Failed purchases 2,409 2,870 3,138 2,996 Other 6,900 6,603 6,713 7,656 Other assets 59,749 66,497 70,558 64,689 Other liabilities (CHF million) Cash collateral on derivative instruments 15,387 15,887 17,043 12,844 Cash collateral on non-derivative transactions 1,417 839 797 740 Derivative instruments used for hedging 246 381 469 202 Provisions 1,214 1,202 1,358 2,653 of which off-balance sheet risk 70 98 103 59 Liabilities held for separate accounts 4,036 4,578 5,650 9,046 Interest and fees payable 6,004 5,352 6,531 6,055 Current tax liabilities 758 723 821 788 Deferred tax liabilities 120 74 47 423 Failed sales 1,345 1,578 1,313 1,267 Other 14,774 14,735 16,941 14,895 Other liabilities 45,301 45,349 50,970 48,913 1 Included as of the end of 2Q15, 1Q15, 4Q14 and 2Q14 were CHF 1,022 million, CHF 1,325 million, CHF 1,103 million and CHF 1,233 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 62 million, CHF 62 million, CHF 226 million and CHF 232 million, respectively, in loans held in trusts, which were consolidated as a result of failed sales under US GAAP. 2 As of the end of 2Q15, 1Q15, 4Q14 and 2Q14, real estate held-for-sale included foreclosed or repossessed real estate of CHF 58 million, CHF 62 million, CHF 169 million and CHF 196 million, respectively, of which CHF 1 million, CHF 1 million, CHF 2 million and CHF 7 million, respectively were related to residential real estate. |
Long-term debt
Long-term debt | 6 Months Ended |
Jun. 30, 2015 | |
Long-term debt | 18 Long-term debt Long-term debt end of 2Q15 1Q15 4Q14 2Q14 Long-term debt (CHF million) Senior 146,846 137,867 139,267 108,419 Subordinated 23,837 24,836 25,179 23,551 Non-recourse liabilities from consolidated VIEs 11,972 12,975 13,452 11,857 Long-term debt 182,655 175,678 177,898 143,827 of which reported at fair value 76,517 78,390 81,166 70,217 of which structured notes 50,602 50,929 50,469 41,739 Structured notes by product end of 2Q15 1Q15 4Q14 2Q14 Structured notes (CHF million) Equity 34,150 35,041 35,309 29,855 Fixed income 8,958 8,605 8,321 6,080 Credit 4,965 4,897 5,244 4,778 Other 2,529 2,386 1,595 1,026 Total structured notes 50,602 50,929 50,469 41,739 |
Accumulated other comprehensive
Accumulated other comprehensive income | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated other comprehensive income | 19 Accumulated other comprehensive income and additional share information Accumulated other comprehensive income/(loss) Accumu- 2Q15 (CHF million) Balance at beginning of period (23) (12,947) 74 (3,921) 431 (16,386) Increase/(decrease) 25 (1,027) (11) 6 0 (1,007) Increase/(decrease) due to equity method investments (1) 0 0 0 0 (1) Reclassification adjustments, included in net income 7 4 (1) 86 (22) 74 Total increase/(decrease) 31 (1,023) (12) 92 (22) (934) Balance at end of period 8 (13,970) 62 (3,829) 409 (17,320) 1Q15 (CHF million) Balance at beginning of period (31) (11,478) 64 (4,010) 452 (15,003) Increase/(decrease) 18 (1,471) 10 1 0 (1,442) Increase/(decrease) due to equity method investments (16) 0 0 0 0 (16) Reclassification adjustments, included in net income 6 2 0 88 (21) 75 Total increase/(decrease) 8 (1,469) 10 89 (21) (1,383) Balance at end of period (23) (12,947) 74 (3,921) 431 (16,386) 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) 6M15 (CHF million) Balance at beginning of period (31) (11,478) 64 (4,010) 452 (15,003) Increase/(decrease) 43 (2,498) (1) 7 0 (2,449) Increase/(decrease) due to equity method investments (17) 0 0 0 0 (17) Reclassification adjustments, included in net income 13 6 (1) 174 (43) 149 Total increase/(decrease) 39 (2,492) (2) 181 (43) (2,317) Balance at end of period 8 (13,970) 62 (3,829) 409 (17,320) 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) Details on significant reclassification adjustments in 2Q15 1Q15 2Q14 6M15 6M14 Reclassification adjustments, included in net income (CHF million) Actuarial gains/(losses) Amortization of recognized actuarial losses 1 110 112 50 222 100 Tax expense/(benefit) (24) (24) (12) (48) (24) Net of tax 86 88 38 174 76 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 1 (29) (28) (28) (57) (53) Tax expense 7 7 6 14 11 Net of tax (22) (21) (22) (43) (42) 1 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 2Q15 1Q15 2Q14 6M15 6M14 Common shares issued Balance at beginning of period 1,607,168,947 1,607,168,947 1,596,119,349 1,607,168,947 1,596,119,349 Issuance of common shares 31,226,399 0 11,049,598 31,226,399 11,049,598 of which share-based compensation 0 0 11,049,598 0 11,049,598 Balance at end of period 1,638,395,346 1,607,168,947 1,607,168,947 1,638,395,346 1,607,168,947 Treasury shares Balance at beginning of period (43,695,094) (7,666,658) (8,866,124) (7,666,658) (5,183,154) Sale of treasury shares 220,985,925 80,525,427 78,696,088 301,511,352 146,666,213 Repurchase of treasury shares (224,833,683) (117,313,038) (101,311,442) (342,146,721) (173,617,947) Share-based compensation 41,575,944 759,175 24,285,332 42,335,119 24,938,742 Balance at end of period (5,966,908) (43,695,094) (7,196,146) (5,966,908) (7,196,146) Common shares outstanding Balance at end of period 1,632,428,438 1 1,563,473,853 1 1,599,972,801 1 1,632,428,438 1 1,599,972,801 1 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. |
Offsetting of financial assets
Offsetting of financial assets and financial liabilities | 6 Months Ended |
Jun. 30, 2015 | |
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: – – 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 (NRV) and related cash collateral may be offset if the terms of the rules and regulations governing these exchanges and central clearing counterparties permit such netting and offset. Where no such agreements exist, fair values are recorded on a gross basis. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. There is an exception for certain bifurcatable hybrid debt instruments which the Group did not elect to account for at fair value. However, these bifurcated embedded derivatives are generally not subject to enforceable master netting agreements and are not recorded as derivative instruments under trading assets and liabilities or other assets and other liabilities. Information on bifurcated embedded derivatives has therefore not been included in the offsetting disclosures. The following table presents the gross amount of derivatives subject to enforceable master netting agreements by contract and transaction type, the amount of offsetting, the amount of derivatives not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. Offsetting of derivatives end of 2Q15 4Q14 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 115.2 110.2 257.7 250.0 OTC 153.3 147.8 213.6 210.4 Exchange-traded 0.1 0.1 0.1 0.0 Interest rate products 268.6 258.1 471.4 460.4 OTC 61.2 73.8 86.9 99.0 Exchange-traded 0.1 0.2 0.1 0.2 Foreign exchange products 61.3 74.0 87.0 99.2 OTC 13.9 15.4 14.8 15.0 Exchange-traded 12.4 13.5 12.4 14.0 Equity/index-related products 26.3 28.9 27.2 29.0 OTC-cleared 5.5 5.5 6.3 6.1 OTC 15.2 14.3 20.0 19.5 Credit derivatives 20.7 19.8 26.3 25.6 OTC 3.3 2.6 8.6 8.8 Exchange-traded 0.1 0.1 0.4 0.3 Other products 3.4 2.7 9.0 9.1 OTC-cleared 120.7 115.7 264.0 256.1 OTC 246.9 253.9 343.9 352.7 Exchange-traded 12.7 13.9 13.0 14.5 Total gross derivatives subject to enforceable master netting agreements 380.3 383.5 620.9 623.3 Offsetting (CHF billion) OTC-cleared (118.9) (115.4) (261.7) (255.8) OTC (225.4) (236.4) (316.4) (326.1) Exchange-traded (11.9) (13.0) (11.9) (13.1) Offsetting (356.2) (364.8) (590.0) (595.0) of which counterparty netting (333.2) (333.2) (561.6) (561.6) of which cash collateral netting (23.0) (31.6) (28.4) (33.4) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 1.8 0.3 2.3 0.3 OTC 21.5 17.5 27.5 26.6 Exchange-traded 0.8 0.9 1.1 1.4 Total net derivatives subject to enforceable master netting agreements 24.1 18.7 30.9 28.3 Total derivatives not subject to enforceable master netting agreements 1 7.3 8.0 8.6 9.1 Total net derivatives presented in the consolidated balance sheets 31.4 26.7 39.5 37.4 of which recorded in trading assets and trading liabilities 30.0 26.5 38.0 36.9 of which recorded in other assets and other liabilities 1.4 0.2 1.5 0.5 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, 2015 and December 31, 2014. In certain circumstances, financial collateral received may be restricted during the term of the agreement (e.g., in tri-party arrangements). The following table presents the gross amount of securities purchased under resale agreements and securities borrowing transactions subject to enforceable master netting agreements, the amount of offsetting, the amount of securities purchased under resale agreements and securities borrowing transactions not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. Offsetting of securities purchased under resale agreements and securities borrowing transactions end of 2Q15 4Q14 Gross Offsetting Net Gross Offsetting Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 100.8 (23.9) 76.9 119.3 (28.0) 91.3 Securities borrowing transactions 24.4 (6.0) 18.4 27.8 (6.9) 20.9 Total subject to enforceable master netting agreements 125.2 (29.9) 95.3 147.1 (34.9) 112.2 Total not subject to enforceable master netting agreements 1 42.5 – 42.5 51.0 – 51.0 Total 167.7 (29.9) 137.8 2 198.1 (34.9) 163.2 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 80,636 million and CHF 104,283 million of the total net amount as of the end of 2Q15 and 4Q14, respectively, are reported at fair value. The following table presents the gross amount of securities sold under repurchase agreements and securities lending transactions subject to enforceable master netting agreements, the amount of offsetting, the amount of securities sold under repurchase agreements and securities lending transactions not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. Offsetting of securities sold under repurchase agreements and securities lending transactions end of 2Q15 4Q14 Gross Offsetting Net Gross Offsetting Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 58.6 (27.5) 31.1 69.9 (31.9) 38.0 Securities lending transactions 9.2 (2.4) 6.8 10.8 (3.0) 7.8 Obligation to return securities received as collateral, at fair value 21.2 0.0 21.2 18.8 0.0 18.8 Total subject to enforceable master netting agreements 89.0 (29.9) 59.1 99.5 (34.9) 64.6 Total not subject to enforceable master netting agreements 1 28.4 – 28.4 32.4 – 32.4 Total 117.4 (29.9) 87.5 131.9 (34.9) 97.0 of which securities sold under repurchase agreements and securities lending transactions 88.5 (29.9) 58.6 2 105.0 (34.9) 70.1 2 of which obligation to return securities received as collateral, at fair value 28.9 0.0 28.9 26.9 0.0 26.9 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 41,920 million and CHF 54,732 million of the total net amount as of the end of 2Q15 and 4Q14, respectively, are reported at fair value. The following table presents the net amount presented in the consolidated balance sheets of financial assets and liabilities subject to enforceable master netting agreements and the gross amount of financial instruments and cash collateral not offset in the consolidated balance sheets. The table excludes derivatives, reverse repurchase and repurchase agreements and securities lending and borrowing transactions not subject to enforceable master netting agreements where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. Net exposure reflects risk mitigation in the form of collateral. Amounts not offset in the consolidated balance sheets end of 2Q15 4Q14 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 24.1 5.8 0.2 18.1 30.9 6.5 0.1 24.3 Securities purchased under resale agreements 76.9 76.9 0.0 0.0 91.3 91.3 0.0 0.0 Securities borrowing transactions 18.4 18.0 0.0 0.4 20.9 20.3 0.0 0.6 Total financial assets subject to enforceable master netting agreements 119.4 100.7 0.2 18.5 143.1 118.1 0.1 24.9 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 18.7 3.4 0.0 15.3 28.3 8.5 0.0 19.8 Securities sold under repurchase agreements 31.1 31.1 0.0 0.0 38.0 38.0 0.0 0.0 Securities lending transactions 6.8 6.5 0.0 0.3 7.8 7.6 0.0 0.2 Obligation to return securities received as collateral, at fair value 21.2 20.3 0.0 0.9 18.8 18.1 0.0 0.7 Total financial liabilities subject to enforceable master netting agreements 77.8 61.3 0.0 16.5 92.9 72.2 0.0 20.7 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. Net exposure is subject to further credit mitigation through the transfer of the exposure to other market counterparties by the use of credit default swaps (CDS) and credit insurance contracts. Therefore the net exposure presented in the table above is not representative of the Group’s counterparty exposure. |
Tax
Tax | 6 Months Ended |
Jun. 30, 2015 | |
Tax | 21 Tax The income tax expense of CHF 590 million recorded in 2Q15 mainly reflected the impact of the geographical mix of results and the effect of a New York City tax law change. This change in tax law required a remeasurement and decrease of existing deferred tax assets arising from timing differences and resulted in an additional tax charge of CHF 189 million. The presentation of income tax expense and deferred tax assets and liabilities is in accordance with ASC Topic 740 – Income Taxes – Interim Reporting. The quarterly income tax expense includes the impact of the continuous reassessment 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, 2015, the Group had accumulated undistributed earnings from foreign subsidiaries of CHF 5.4 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 38 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: Japan – 2012; Switzerland – 2010; Brazil – 2010; the UK – 2009; the US – 2006; and the Netherlands – 2005. Effective tax rate in 2Q15 1Q15 2Q14 6M15 6M14 Effective tax rate (%) 35.6 31.6 (88.7) 33.7 60.8 Tax expense reconciliation in 2Q15 CHF million Income tax expense computed at the Swiss statutory tax rate of 22% 364 Increase/(decrease) in income taxes resulting from Foreign tax rate differential 55 Changes in tax law and rates 189 Other non-deductible expenses 87 Changes in deferred tax valuation allowance (55) Lower taxed income (71) Income taxable to noncontrolling interests (4) Change in recognition of outside basis difference (19) Other 44 Income tax expense 590 Foreign tax rate differential 2Q15 included a foreign tax charge of CHF 55 million in respect of earnings in higher tax jurisdictions, such as the US, as well as earnings in lower tax jurisdictions, such as Singapore. Changes in tax law and rates 2Q15 included a tax expense of CHF 189 million related to the change in New York City tax laws. Other non-deductible expenses 2Q15 included the impact of non-deductible interest expenses of CHF 56 million, non-deductible bank levy costs and other non-deductible expenses of CHF 31 million. Changes in deferred tax valuation allowance 2Q15 included the impact of the decrease of valuation allowances of CHF 84 million mainly in respect of three of the Group’s operating entities, two in the UK and one in Switzerland, and an increase of valuation allowances of CHF 29 million mainly in respect of one of the Group’s operating entities in the UK, related to estimated current year earnings. Lower taxed income 2Q15 included the impact of a beneficial earnings mix in one of the Group’s operating entities in Switzerland of CHF 20 million, a CHF 19 million income tax benefit related to non-taxable life insurance income, CHF 12 million relating to non-taxable foreign exchange gains and CHF 20 million related to exempt offshore income. Change in recognition of outside basis difference 2Q15 included a CHF 19 million income tax benefit related to an increase of the outside basis difference relating to Swiss subsidiary investments. Other 2Q15 included a tax charge of CHF 54 million relating to the increase of tax contingency accruals partially offset by a tax benefit of CHF 11 million relating to the reassessment of deferred tax balances in one of the Group’s operating entities in Switzerland and a tax benefit from prior year adjustments of CHF 8 million. The remaining balance included various smaller items. Net deferred tax assets end of 2Q15 1Q15 Net deferred tax assets (CHF million) Deferred tax assets 5,154 5,768 of which net operating losses 1,119 1,384 of which deductible temporary differences 4,035 4,384 Deferred tax liabilities (120) (74) Net deferred tax assets 5,034 5,694 |
Employee deferred compensation
Employee deferred compensation | 6 Months Ended |
Jun. 30, 2015 | |
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 (CCA), Capital Opportunity Facility awards, Plus Bond awards, Partner Asset Facilities awards, Adjustable Performance Plan awards, Restricted Cash Awards, Scaled Incentive Share Unit awards, Incentive Share Unit (ISU) awards 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 2014 for further information. The following tables show the compensation expense for deferred compensation awards recognized in the consolidated statements of operations, the estimated unrecognized expense for deferred compensation awards granted in 2Q15 and prior periods and the remaining requisite service period over which the unrecognized expense will be recognized. The estimated unrecognized compensation expense was based on the fair value of each award on the grant date and included the current estimated outcome of relevant performance criteria and estimated future forfeitures but no estimate for future mark-to-market adjustments. Deferred compensation expense in 2Q15 1Q15 2Q14 6M15 6M14 Deferred compensation expense (CHF million) Share awards 209 237 227 446 477 Performance share awards 137 167 156 304 328 Contingent Capital Awards 75 121 79 196 175 Capital Opportunity Facility awards 3 4 4 7 5 Plus Bond awards 1 5 6 7 11 17 2011 Partner Asset Facility awards 2 0 1 (1) 1 10 Adjustable Performance Plan share awards 3 0 0 (3) 0 (2) Adjustable Performance Plan cash awards 3 0 0 (11) 0 (13) Restricted Cash Awards 11 10 24 21 47 Scaled Incentive Share Units 3 0 0 (3) 0 (3) 2008 Partner Asset Facility awards 4 10 12 61 22 83 Other cash awards 90 128 98 218 226 Discontinued operations 0 0 (6) 0 (9) Total deferred compensation expense 540 686 632 1,226 1,341 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 prior to the CCA conversion. 3 Includes forfeitures and downward adjustments according to the plan terms and conditions. 4 Compensation expense mainly includes the change in underlying fair value of the indexed assets during the period. Estimated unrecognized deferred compensation end of 2Q15 Estimated unrecognized compensation expense (CHF million) Share awards 972 Performance share awards 427 Contingent Capital Awards 384 Capital Opportunity Facility awards 2 Plus Bond awards 2 Restricted Cash Awards 17 Other cash awards 190 Total 1,994 Weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.2 Share-based award activity 2Q15 6M15 Adjustable Adjustable Share-based award activities Balance at beginning of period 118.0 79.1 7.6 0.6 77.1 48.2 7.3 0.6 Granted 0.5 0.0 0.0 0.0 42.6 30.9 0.3 1 0.0 Settled (36.1) (23.0) (7.6) 0.0 (37.2) (23.0) (7.6) 0.0 Forfeited (0.4) (0.2) 0.0 0.0 (0.5) (0.2) 0.0 0.0 Balance at end of period 82.0 55.9 0.0 0.6 82.0 55.9 0.0 0.6 of which vested 4.0 2.1 0.0 0.1 4.0 2.1 0.0 0.1 of which unvested 78.0 53.8 0.0 0.5 78.0 53.8 0.0 0.5 1 Represents additional units earned in 1Q15 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. |
Pension and other post-retireme
Pension and other post-retirement benefits | 6 Months Ended |
Jun. 30, 2015 | |
Pension and other post-retirement benefits | 23 Pension and other post-retirement benefits The Group previously disclosed that it expected to contribute CHF 408 million to the Swiss and international defined benefit plans and other post-retirement defined benefit plans in 2015. As of the end of 2Q15, CHF 233 million of contributions had been made. Components of total benefit costs in 2Q15 1Q15 2Q14 6M15 6M14 Total benefit costs (CHF million) Service costs on benefit obligation 80 79 69 159 138 Interest costs on benefit obligation 81 80 120 161 240 Expected return on plan assets (196) (195) (181) (391) (362) Amortization of recognized prior service cost/(credit) (28) (27) (22) (55) (44) Amortization of recognized actuarial losses 110 111 50 221 100 Net periodic benefit costs 47 48 36 95 72 Settlement losses/(gains) 0 1 0 1 0 Curtailment losses/(gains) (1) (1) (7) (2) (10) Special termination benefits 3 1 4 4 7 Total benefit costs 49 49 33 98 69 |
Derivatives and hedging activit
Derivatives and hedging activities | 6 Months Ended |
Jun. 30, 2015 | |
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 2014 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 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 11,472.2 4.5 4.5 0.0 0.0 0.0 Swaps 17,335.4 216.1 208.3 53.7 2.5 1.4 Options bought and sold (OTC) 3,069.5 47.3 45.9 0.0 0.0 0.0 Futures 1,854.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 366.1 0.1 0.1 0.0 0.0 0.0 Interest rate products 34,097.8 268.0 258.8 53.7 2.5 1.4 Forwards 1,771.6 17.1 18.2 12.4 0.0 0.1 Swaps 1,188.0 32.2 43.8 0.0 0.0 0.0 Options bought and sold (OTC) 791.2 14.0 14.6 9.7 0.1 0.0 Futures 21.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 10.1 0.1 0.2 0.0 0.0 0.0 Foreign exchange products 3,782.8 63.4 76.8 22.1 0.1 0.1 Forwards 2.5 0.2 0.0 0.0 0.0 0.0 Swaps 221.7 5.9 7.6 0.0 0.0 0.0 Options bought and sold (OTC) 231.4 9.9 8.9 0.0 0.0 0.0 Futures 48.4 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 295.7 12.7 13.9 0.0 0.0 0.0 Equity/index-related products 799.7 28.7 30.4 0.0 0.0 0.0 Credit derivatives 2 1,115.0 21.2 20.8 0.0 0.0 0.0 Forwards 8.2 0.2 0.3 0.0 0.0 0.0 Swaps 23.6 2.8 2.3 0.0 0.0 0.0 Options bought and sold (OTC) 18.8 0.6 0.5 0.0 0.0 0.0 Futures 12.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.6 0.1 0.1 0.0 0.0 0.0 Other products 3 64.7 3.7 3.2 0.0 0.0 0.0 Total derivative instruments 39,860.0 385.0 390.0 75.8 2.6 1.5 The notional amount, PRV and NRV (trading and hedging) was CHF 39,935.8 billion, CHF 387.6 billion and CHF 391.5 billion, respectively, as of June 30, 2015. 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 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 11,940.2 5.3 5.6 0.0 0.0 0.0 Swaps 26,379.0 398.6 391.9 51.1 2.6 1.3 Options bought and sold (OTC) 3,582.9 66.2 63.9 0.0 0.0 0.0 Futures 1,528.4 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 589.1 0.2 0.1 0.0 0.0 0.0 Interest rate products 44,019.6 470.3 461.5 51.1 2.6 1.3 Forwards 2,132.9 32.2 33.4 14.2 0.0 0.3 Swaps 1,430.9 40.0 51.0 0.0 0.0 0.0 Options bought and sold (OTC) 1,008.4 17.2 17.7 9.5 0.0 0.1 Futures 23.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 7.9 0.1 0.2 0.0 0.0 0.0 Foreign exchange products 4,603.4 89.5 102.3 23.7 0.0 0.4 Forwards 4.2 0.7 0.1 0.0 0.0 0.0 Swaps 289.3 6.2 6.7 0.0 0.0 0.0 Options bought and sold (OTC) 236.8 10.8 9.9 0.0 0.0 0.0 Futures 46.4 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 370.9 12.7 14.3 0.0 0.0 0.0 Equity/index-related products 947.6 30.4 31.0 0.0 0.0 0.0 Credit derivatives 2 1,287.5 27.0 26.2 0.0 0.0 0.0 Forwards 17.8 0.9 0.9 0.0 0.0 0.0 Swaps 44.4 6.7 6.6 0.0 0.0 0.0 Options bought and sold (OTC) 44.6 1.7 1.8 0.0 0.0 0.0 Futures 13.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.1 0.4 0.4 0.0 0.0 0.0 Other products 3 122.2 9.7 9.7 0.0 0.0 0.0 Total derivative instruments 50,980.3 626.9 630.7 74.8 2.6 1.7 The notional amount, PRV and NRV (trading and hedging) was CHF 51,055.1 billion, CHF 629.5 billion and CHF 632.4 billion, respectively, as of December 31, 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. 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 2Q15 1Q15 2Q14 6M15 6M14 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (606) 47 (26) (559) (316) Foreign exchange products 0 2 2 2 2 Total (606) 49 (24) (557) (314) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 619 (42) 16 577 316 Foreign exchange products 0 (2) (2) (2) (2) Total 619 (44) 14 575 314 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion 13 5 (10) 18 0 Represents gains/(losses) recognized in trading revenues. Cash flow hedges in 2Q15 1Q15 2Q14 6M15 6M14 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products (5) 59 13 54 27 Foreign exchange products 29 (50) 5 (21) 14 Total 24 9 18 33 41 Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 9 1,2 9 1 5 2 18 1,2 9 2 Foreign exchange products (16) 2,3,4 (15) 2,3,4 0 (31) 2,3,4 (1) 3 Total (7) (6) 5 (13) 8 Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portion 2 (6) 4 (1) (2) (1) 1 Included in interest and dividend income. 2 Included in trading revenues. 3 Included in other revenues. 4 Included in total other operating expenses. As of the end of 2Q15, 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 six years. The net loss associated with cash flow hedges expected to be reclassified from accumulated other comprehensive income/loss (AOCI) within the next 12 months is CHF 5 million. Net investment hedges in 2Q15 1Q15 2Q14 6M15 6M14 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products 321 487 (279) 808 (220) Total 321 487 (279) 808 (220) Represents gains/(losses) on effective portion. The Group includes all derivative instruments not included in hedge accounting relationships in its trading activities. > Refer to “Note 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 end of 2Q15 4Q14 Special Special Contingent credit risk (CHF billion) Current net exposure 13.5 0.6 0.3 14.4 14.0 0.8 0.3 15.1 Collateral posted 12.8 0.6 – 13.4 12.2 0.9 – 13.1 Additional collateral required in a one-notch downgrade event 0.7 0.5 0.0 1.2 0.7 0.5 0.1 1.3 Additional collateral required in a two-notch downgrade event 1.9 0.7 0.0 2.6 2.2 0.8 0.2 3.2 Credit derivatives > Refer to “Note 31 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2014 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. Total return swaps (TRS) of CHF 10.4 billion and CHF 12.6 billion as of the end of 2Q15 and 4Q14, 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 end of 2Q15 4Q14 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (219.1) 210.2 (8.9) 29.4 2.8 (266.5) 254.0 (12.5) 32.7 4.5 Non-investment grade (86.4) 83.5 (2.9) 12.4 1.1 (103.9) 99.9 (4.0) 13.5 0.1 Total single-name instruments (305.5) 293.7 (11.8) 41.8 3.9 (370.4) 353.9 (16.5) 46.2 4.6 of which sovereign (58.6) 55.7 (2.9) 6.0 (1.4) (76.2) 73.0 (3.2) 8.6 (1.1) of which non-sovereign (246.9) 238.0 (8.9) 35.8 5.3 (294.2) 280.9 (13.3) 37.6 5.7 Multi-name instruments (CHF billion) Investment grade 2 (148.3) 146.3 (2.0) 42.8 1.6 (162.2) 159.9 (2.3) 56.2 2.2 Non-investment grade (60.1) 52.8 3 (7.3) 10.3 1.2 (53.4) 51.1 3 (2.3) 12.1 1.0 Total multi-name instruments (208.4) 199.1 (9.3) 53.1 2.8 (215.6) 211.0 (4.6) 68.3 3.2 of which sovereign (3.5) 3.5 0.0 0.9 0.0 (7.3) 7.2 (0.1) 1.1 0.0 of which non-sovereign (204.9) 195.6 (9.3) 52.2 2.8 (208.3) 203.8 (4.5) 67.2 3.2 Total instruments (CHF billion) Investment grade 2 (367.4) 356.5 (10.9) 72.2 4.4 (428.7) 413.9 (14.8) 88.9 6.7 Non-investment grade (146.5) 136.3 (10.2) 22.7 2.3 (157.3) 151.0 (6.3) 25.6 1.1 Total instruments (513.9) 492.8 (21.1) 94.9 6.7 (586.0) 564.9 (21.1) 114.5 7.8 of which sovereign (62.1) 59.2 (2.9) 6.9 (1.4) (83.5) 80.2 (3.3) 9.7 (1.1) of which non-sovereign (451.8) 433.6 (18.2) 88.0 8.1 (502.5) 484.7 (17.8) 104.8 8.9 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 2Q15 4Q14 Credit derivatives (CHF billion) Credit protection sold 513.9 586.0 Credit protection purchased 492.8 564.9 Other protection purchased 94.9 114.5 Other instruments 1 13.4 22.1 Total credit derivatives 1,115.0 1,287.5 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 Maturity Maturity Maturity 2Q15 (CHF billion) Single-name instruments 62.8 210.7 32.0 305.5 Multi-name instruments 17.0 125.5 65.9 208.4 Total instruments 79.8 336.2 97.9 513.9 4Q14 (CHF billion) Single-name instruments 78.0 253.9 38.5 370.4 Multi-name instruments 31.2 134.3 50.1 215.6 Total instruments 109.2 388.2 88.6 586.0 |
Guarantees and commitments
Guarantees and commitments | 6 Months Ended |
Jun. 30, 2015 | |
Guarantees and commitments | 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 2014 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 2014 for a description of these commitments. Other commitments end of 2Q15 4Q14 Maturity Maturity Total Total 1 Maturity Maturity Total Total 1 Other commitments (CHF million) Irrevocable commitments under documentary credits 3,855 13 3,868 3,761 2,339 4,722 12 4,734 4,575 2,769 Irrevocable loan commitments 2 34,601 89,893 124,494 120,284 64,762 30,023 90,267 120,290 115,502 56,959 Forward reverse repurchase agreements 936 0 936 936 936 8,292 0 8,292 8,292 8,292 Other commitments 756 854 1,610 1,610 0 736 1,034 1,770 1,770 0 Total other commitments 40,148 90,760 130,908 126,591 68,037 43,773 91,313 135,086 130,139 68,020 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 103,093 million and CHF 100,905 million of unused credit limits as of the end of 2Q15 and 4Q14, respectively, which were revocable at the Group's sole discretion upon notice to the client. " id="sjs-B3" xml:space="preserve"> 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 2014 for a detailed description of guarantees. Guarantees Maturity Maturity Total Total 1 2Q15 (CHF million) Credit guarantees and similar instruments 2,696 1,291 3,987 3,801 11 1,562 Performance guarantees and similar instruments 4,380 2,332 6,712 5,899 50 2,997 Securities lending indemnifications 5,965 0 5,965 5,965 0 5,965 Derivatives 2 24,683 7,884 32,567 32,567 890 – 3 Other guarantees 3,820 1,627 5,447 5,442 44 3,090 Total guarantees 41,544 13,134 54,678 53,674 995 13,614 4Q14 (CHF million) Credit guarantees and similar instruments 2,495 1,591 4,086 3,846 30 1,657 Performance guarantees and similar instruments 4,899 2,593 7,492 6,625 43 3,188 Securities lending indemnifications 12,257 0 12,257 12,257 0 12,257 Derivatives 2 24,599 8,959 33,558 33,558 954 – 3 Other guarantees 3,592 1,421 5,013 5,007 44 2,805 Total guarantees 47,842 14,564 62,406 61,293 1,071 19,907 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, 2014 to June 30, 2015 is CHF 0.6 billion. These deposit insurance guarantees were reflected in other guarantees. For the period July 1, 2015 to June 30, 2016, 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, 2015 by counterparty type and the development of outstanding repurchase claims and provisions for outstanding repurchase claims in 2Q15, 1Q15 and 2Q14, including realized losses from the repurchase of residential mortgage loans sold. Residential mortgage loans sold January 1, 2004 to June 30, 2015 (USD billion) Government-sponsored enterprises 8.2 Private investors 1 27.4 Non-agency securitizations 140.6 2 Total residential mortgage loans sold 176.2 1 Primarily banks. 2 Of the total residential mortgage loans sold to non-agency securitizations USD 27.7 billion were outstanding as of the end of 2Q15. The difference of the total balance of mortgage loans sold and the outstanding balance as of the end of 2Q15 is attributable to borrower payments of USD 93.1 billion and losses of USD 19.8 billion due to loan defaults. Residential mortgage loans sold – outstanding repurchase claims 2Q15 1Q15 Government- Non-agency Government- Non-agency Outstanding repurchase claims (USD million) Balance at beginning of period 13 5 83 101 13 4 83 100 New claims 0 1 0 1 0 1 0 1 Claims settled through repurchases 0 (1) 0 (1) 1 0 0 0 0 1 Other settlements 0 0 0 0 2 0 0 0 0 2 Total claims settled 0 (1) 0 (1) 0 0 0 0 Claims rescinded 0 0 0 0 0 0 0 0 Transfers to/from arbitration and litigation, net 3 0 0 0 0 0 0 0 0 Balance at end of period 13 5 83 101 13 5 83 101 2Q14 Government- Non-agency Outstanding repurchase claims (USD million) Balance at beginning of period 69 418 83 570 New claims 3 0 314 317 Claims settled through repurchases 0 0 0 0 1 Other settlements (1) (415) 0 (416) 2 Total claims settled (1) (415) 0 (416) Claims rescinded (4) 0 0 (4) Transfers to/from arbitration and litigation, net 3 0 0 (314) (314) Balance at end of period 67 3 83 153 1 Settled at a repurchase price of USD 2 million, USD 0 million and USD 0 million in 2Q15, 1Q15 and 2Q14, respectively. 2 Settled at USD 0 million, USD 0 million and USD 59 million in 2Q15, 1Q15 and 2Q14, respectively. 3 Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation. Residential mortgage loans sold – outstanding repurchase claims (continued) 6M15 6M14 Government- Non-agency Government- Non-agency Outstanding repurchase claims (USD million) Balance at beginning of period 13 4 83 100 77 420 83 580 New claims 0 2 0 2 9 1 320 330 Claims settled through repurchases 0 (1) 0 (1) 1 0 0 0 0 1 Other settlements 0 0 0 0 2 (4) (416) (5) (425) 2 Total claims settled 0 (1) 0 (1) (4) (416) (5) (425) Claims rescinded 0 0 0 0 (15) 0 0 (15) Transfers to/from arbitration and litigation, net 3 0 0 0 0 0 (2) (315) (317) Balance at end of period 13 5 83 101 67 3 83 153 1 Settled at a repurchase price of USD 2 million and USD 0 million in 6M15 and 6M14, respectively. 2 Settled at USD 0 million and USD 66 million in 6M15 and 6M14, respectively. 3 Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation. Provisions for outstanding repurchase claims 2Q15 1Q15 2Q14 6M15 6M14 Provisions for outstanding repurchase claims (USD million) 1 Balance at beginning of period 1 6 136 6 146 Increase/(decrease) in provisions, net 2 (5) (17) (3) (20) Realized losses 2, 3 (2) 0 (59) (2) (66) Balance at end of period 4 1 1 60 1 60 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 government-sponsored enterprises. 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 2014 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 2014 for a description of these commitments. Other commitments end of 2Q15 4Q14 Maturity Maturity Total Total 1 Maturity Maturity Total Total 1 Other commitments (CHF million) Irrevocable commitments under documentary credits 3,855 13 3,868 3,761 2,339 4,722 12 4,734 4,575 2,769 Irrevocable loan commitments 2 34,601 89,893 124,494 120,284 64,762 30,023 90,267 120,290 115,502 56,959 Forward reverse repurchase agreements 936 0 936 936 936 8,292 0 8,292 8,292 8,292 Other commitments 756 854 1,610 1,610 0 736 1,034 1,770 1,770 0 Total other commitments 40,148 90,760 130,908 126,591 68,037 43,773 91,313 135,086 130,139 68,020 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 103,093 million and CHF 100,905 million of unused credit limits as of the end of 2Q15 and 4Q14, respectively, which were revocable at the Group's sole discretion upon notice to the client. |
Transfers of financial assets a
Transfers of financial assets and variable interest entities | 6 Months Ended |
Jun. 30, 2015 | |
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 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 6M15 and 6M14 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 6M15 6M14 Gains and cash flows (CHF million) CMBS Net gain/(loss) 1 (2) 3 Proceeds from transfer of assets 5,252 1,581 Cash received on interests that continue to be held 74 53 RMBS Net gain 1 4 14 Proceeds from transfer of assets 8,416 10,842 Purchases of previously transferred financial assets or its underlying collateral 0 (4) Servicing fees 1 1 Cash received on interests that continue to be held 204 206 Other asset-backed financings Net gain 1 11 15 Proceeds from transfer of assets 636 964 Cash received on interests that continue to be held 3 4 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. 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 2014 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 2Q15 and 4Q14, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2Q15 4Q14 CHF million CMBS Principal amount outstanding 37,016 41,216 Total assets of SPE 50,384 53,354 RMBS Principal amount outstanding 44,641 49,884 Total assets of SPE 44,963 50,017 Other asset-backed financings Principal amount outstanding 22,734 26,176 Total assets of SPE 22,760 26,176 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 at time of transfer, in 6M15 6M14 CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 997 1,018 566 1,865 of which level 2 975 826 501 1,720 of which level 3 22 192 65 145 Weighted-average life, in years 8.9 8.6 3.6 4.6 Prepayment speed assumption (rate per annum), in % 1 – 2 4.5 – 27.7 – 2 1.5 – 23.0 Cash flow discount rate (rate per annum), in % 3 2.0 – 5.7 1.7 – 13.6 1.0 – 11.0 2.0 – 17.0 Expected credit losses (rate per annum), in % 0.7 – 3.4 0.5 – 12.5 1.0 – 2.0 2.6 – 14.0 Transfers of assets in which the Group does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. Key economic assumptions as of the reporting date The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of the end of 2Q15 and 4Q14. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs end of 2Q15 4Q14 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 1,297 2,167 92 1,168 2,394 212 of which non-investment grade 51 284 63 79 246 146 Weighted-average life, in years 7.2 9.4 2.1 5.6 7.8 3.6 Prepayment speed assumption (rate per annum), in % 3 – 1.0 – 38.8 – – 1.0 – 36.6 – Impact on fair value from 10% adverse change – (30.5) – – (29.2) – Impact on fair value from 20% adverse change – (58.5) – – (56.4) – Cash flow discount rate (rate per annum), in % 4 1.2 – 22.8 0.6 – 27.2 5.3 – 21.2 1.6 – 22.3 1.7 – 44.0 0.3 – 21.2 Impact on fair value from 10% adverse change (24.3) (55.6) (0.9) (14.0) (43.8) (1.2) Impact on fair value from 20% adverse change (48.0) (108.0) (1.9) (27.4) (85.3) (2.4) Expected credit losses (rate per annum), in % 0.7 – 22.3 0.1 – 24.5 0.1 – 12.4 1.0 – 22.2 0.0 – 41.7 1.4 – 13.1 Impact on fair value from 10% adverse change (7.7) (26.7) (0.9) (7.1) (25.3) (0.4) Impact on fair value from 20% adverse change (15.5) (52.1) (1.8) (14.0) (49.4) (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 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . 4 The rate was based on the weighted-average yield on the beneficial interests. These sensitivities are hypothetical and do not reflect economic hedging activities. Changes in fair value based on a 10% or 20% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the beneficial interests is calculated without changing any other assumption. In practice, changes in one assumption may result in changes in other assumptions (for example, increases in market interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities. Transfers of financial assets where sale treatment was not achieved The following table provides the carrying amounts of transferred financial assets and the related liabilities where sale treatment was not achieved as of the end of 2Q15 and 4Q14. > 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 2Q15 4Q14 CHF million CMBS Other assets 22 26 Liability to SPE, included in Other liabilities (22) (26) Other asset-backed financings Trading assets 400 138 Other assets 229 252 Liability to SPE, included in Other liabilities (629) (390) Transfers of financial assets accounted for as a sale US GAAP requires the disclosure of a transaction accounted for as a sale that comprises both of the following: a transfer of financial assets to a transferee and an agreement entered into in contemplation of the initial transfer with the transferee that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In the ordinary course of business, the Group transfers a financial asset accounted for as a sale and, in some instances, enters into an agreement in contemplation of that initial transfer with the same counterparty to retain substantially all of the economics of that transferred financial asset. As of the end of 2Q15, the Group had agreements in the form of TRS on equity securities and longevity swaps on life insurance policies. The following table presents information about the transfers of financial assets accounted for as sales with agreements that result in the Group retaining substantially all of the exposure to the economic return on the transferred assets at the date of sale and remain outstanding as of the end of 2Q15, gross cash proceeds received for assets derecognized at the date of sale and the fair values of transferred assets and the aforementioned agreements as of the end of 2Q15. Transfer of financial assets accounted for as sales – by transaction type at date of Gross cash 1 1 2Q15 (CHF million) Sales with total return swaps 101 100 92 – 7 Sales with longevity swaps 308 378 367 508 – Total transactions outstanding 409 478 459 508 2 7 3 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 Gross derivative assets of CHF 508 million in other products, as disclosed in Note 24 – Derivatives and hedging activities. 3 Gross derivative liabilities of CHF 7 million in equity/index-related products, as disclosed in Note 24 – Derivatives and hedging activities. Securities sold under repurchase agreements and securities lending transactions accounted for as secured borrowings For securities sold under repurchase agreements and securities lending transactions accounted for as secured borrowings, US GAAP requires the disclosure of the collateral pledged and the associated risks to which a transferor continues to be exposed after the transfer. This provides an understanding of the nature and risks of short-term collateralized financing obtained through these types of transactions. Securities sold under repurchase agreements and securities lending transactions represent collateralized financing transactions used to earn net interest income, increase liquidity or facilitate trading activities. These transactions are collateralized principally by government debt securities, corporate debt securities, asset-backed securities, equity securities and other collateral and have terms ranging from on demand to a longer period of time. In the event of the Group’s default or a decline in fair value of collateral pledged, the repurchase agreement or security lending transaction provides the counterparty with the right to liquidate the collateral held or request additional collateral. The following tables provide the gross obligation relating to securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral by the class of collateral pledged and by remaining contractual maturity as of the end of 2Q15. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2Q15 CHF billion Government debt securities 29.1 Corporate debt securities 19.6 Asset-backed securities 21.9 Equity securities 6.3 Other 0.3 Securities sold under repurchase agreements 77.2 Government debt securities 2.9 Corporate debt securities 0.3 Equity securities 7.9 Other 0.2 Securities lending transactions 11.3 Government debt securities 0.2 Corporate debt securities 0.3 Equity securities 28.4 Obligation to return securities received as collateral, at fair value 28.9 Total 117.4 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 30 days More than 2Q15 (CHF billion) Securities sold under repurchase agreements 11.7 31.4 13.6 20.5 77.2 Securities lending transactions 4.8 4.7 0.4 1.4 11.3 Obligation to return securities received as collateral, at fair value 26.6 2.3 0.0 0.0 28.9 Total 43.1 38.4 14.0 21.9 117.4 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. > Refer to “Note 20 – Offsetting of financial assets and financial liabilities” for further information on the gross amount of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral and the net amounts disclosed in the consolidated balance sheets. Variable interest entities As a normal part of its business, the Group engages in various transactions that include entities that are considered VIEs and are grouped into three primary categories: 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 2014 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 45 days and 49 days as of the end of 2Q15 and 4Q14, respectively. As of the end of 2Q15, Alpine had the highest short-term rating from Moody’s and was rated A-1 by Standard & Poor’s, F-1 by Fitch and R-1 (middle) (sf) by Dominion Bond Rating Service. The majority of Alpine’s purchased assets were highly rated reverse repurchase agreements as well as advance financing receivables, equipment loans and leases and credit card receivables. As of the end of 2Q15 and 4Q14, those assets had a weighted average rating of AA, based on the lowest of each asset’s internal rating and, where available, external rating, and an average maturity of 1.8 years as of the end of 2Q15 and 4Q14, 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 2Q15 and 4Q14. Consolidated VIEs in which the Group was the primary beneficiary Financial intermediation CP Securi- 2Q15 (CHF million) Cash and due from banks 1,149 0 80 134 86 21 1,470 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 197 0 0 0 0 197 Trading assets 685 48 0 1,196 975 490 3,394 Investment securities 0 0 925 0 0 0 925 Other investments 0 0 0 0 1,496 408 1,904 Net loans 0 444 0 0 22 200 666 Premises and equipment 0 0 0 0 414 0 414 Other assets 9,312 126 2,473 1 100 2,160 14,172 of which loans held-for-sale 9,269 0 1,349 0 16 258 10,892 Total assets of consolidated VIEs 11,146 815 3,478 1,331 3,093 3,279 23,142 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 0 0 3 0 0 3 Trading liabilities 6 0 0 0 19 3 28 Short-term borrowings 0 8,722 748 0 0 0 9,470 Long-term debt 10,894 0 745 224 100 9 11,972 Other liabilities 40 14 600 1 130 870 1,655 Total liabilities of consolidated VIEs 10,940 8,736 2,093 228 249 882 23,128 4Q14 (CHF million) Cash and due from banks 1,122 0 16 187 109 59 1,493 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 660 0 0 0 0 660 Trading assets 615 57 250 1,715 867 757 4,261 Other investments 0 0 0 30 1,651 424 2,105 Net loans 0 12 0 0 24 209 245 Premises and equipment 0 0 0 0 452 0 452 Other assets 8,726 262 4,741 3 197 2,205 16,134 of which loans held-for-sale 8,689 0 3,500 0 24 356 12,569 Total assets of consolidated VIEs 10,463 991 5,007 1,935 3,300 3,654 25,350 Customer deposits 0 0 0 0 0 3 3 Trading liabilities 6 0 0 0 23 6 35 Short-term borrowings 0 9,384 0 0 0 0 9,384 Long-term debt 10,318 18 2,418 216 99 383 13,452 Other liabilities 27 29 573 124 146 829 1,728 Total liabilities of consolidated VIEs 10,351 9,431 2,991 340 268 1,221 24,602 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 2014 for further information on non-consolidated VIEs. Non-consolidated VIEs Financial intermediation Securi- 2Q15 (CHF million) Trading assets 147 5,454 923 467 273 7,264 Net loans 33 1,987 2,854 2,346 1,511 8,731 Other assets 0 4 23 0 165 192 Total variable interest assets 180 7,445 3,800 2,813 1,949 16,187 Maximum exposure to loss 180 13,317 3,866 8,753 2,917 29,033 Non-consolidated VIE assets 6,145 98,029 59,645 37,387 31,866 233,072 4Q14 (CHF million) Trading assets 179 5,009 1,201 494 625 7,508 Net loans 211 2,252 3,213 1,651 1,544 8,871 Other assets 0 4 20 0 189 213 Total variable interest assets 390 7,265 4,434 2,145 2,358 16,592 Maximum exposure to loss 752 12,775 4,589 7,326 2,358 27,800 Non-consolidated VIE assets 8,604 120,157 56,413 38,818 23,360 247,352 |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2015 | |
Financial instruments | 27 Financial instruments The disclosure of the Group’s financial instruments below includes the following sections: – – – – Concentrations of credit risk Credit risk concentrations arise when a number of counterparties are engaged in similar business activities, are located in the same geographic region or when there are similar economic features that would cause their ability to meet contractual obligations to be similarly impacted by changes in economic conditions. > Refer to “Note 34 – Financial instruments” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2014 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. 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: – – – Assets and liabilities measured at fair value on a recurring basis Netting 1 Assets (CHF million) Cash and due from banks 0 240 0 – 240 Interest-bearing deposits with banks 0 2 0 – 2 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 80,490 146 – 80,636 Debt 112 471 0 – 583 of which corporates 0 297 0 – 297 Equity 28,208 60 0 – 28,268 Securities received as collateral 28,320 531 0 – 28,851 Debt 27,505 52,170 3,696 – 83,371 of which foreign governments 27,334 4,218 314 – 31,866 of which corporates 16 18,241 1,243 – 19,500 of which RMBS 0 22,358 585 – 22,943 of which CMBS 0 4,467 158 – 4,625 of which CDO 0 2,849 1,195 – 4,044 Equity 73,447 5,191 1,688 – 80,326 Derivatives 6,755 373,381 4,856 (354,997) 29,995 of which interest rate products 1,486 265,363 1,141 – – of which foreign exchange products 185 62,869 372 – – of which equity/index-related products 5,081 22,685 938 – – of which credit derivatives 0 19,874 1,292 – – Other 2,513 5,586 3,897 – 11,996 Trading assets 110,220 436,328 14,137 (354,997) 205,688 Debt 2,090 1,044 145 – 3,279 of which foreign governments 1,796 0 0 – 1,796 of which corporates 0 254 0 – 254 of which RMBS 0 542 145 – 687 of which CMBS 0 246 0 – 246 Equity 2 86 3 – 91 Investment securities 2,092 1,130 148 – 3,370 Private equity 0 0 1,094 – 1,094 of which equity funds 0 0 459 – 459 Hedge funds 0 104 237 – 341 of which debt funds 0 69 232 – 301 Other equity investments 5 83 1,471 – 1,559 of which private 0 83 1,469 – 1,552 Life finance instruments 0 2 1,625 – 1,627 Other investments 5 189 4,427 – 4,621 Loans 0 11,509 8,269 – 19,778 of which commercial and industrial loans 0 5,784 5,306 – 11,090 of which financial institutions 0 3,906 1,820 – 5,726 Other intangible assets (mortgage servicing rights) 0 0 81 – 81 Other assets 1,958 21,702 5,653 (1,169) 28,144 of which loans held-for-sale 0 15,565 5,291 – 20,856 Total assets at fair value 142,595 552,121 32,861 (356,166) 371,411 Less other investments - equity at fair value attributable to noncontrolling interests (4) (38) (661) – (703) Less assets consolidated under ASU 2009-17 2 0 (8,254) (2,929) – (11,183) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 142,591 543,829 29,271 (356,166) 359,525 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) Netting 1 Liabilities (CHF million) Due to banks 0 635 0 – 635 Customer deposits 0 3,917 58 – 3,975 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 41,920 0 – 41,920 Debt 112 471 0 – 583 of which corporates 0 297 0 – 297 Equity 28,208 60 0 – 28,268 Obligation to return securities received as collateral 28,320 531 0 – 28,851 Debt 10,486 4,257 21 – 14,764 of which foreign governments 10,421 832 0 – 11,253 of which corporates 15 3,211 21 – 3,247 Equity 17,974 98 5 – 18,077 Derivatives 6,730 378,879 4,387 (363,447) 26,549 of which interest rate products 1,476 256,415 897 – – of which foreign exchange products 174 76,307 285 – – of which equity/index-related products 5,072 24,218 1,151 – – of which credit derivatives 0 19,349 1,457 – – Trading liabilities 35,190 383,234 4,413 (363,447) 59,390 Short-term borrowings 0 4,038 218 – 4,256 Long-term debt 0 62,670 13,847 – 76,517 of which treasury debt over two years 0 6,064 0 – 6,064 of which structured notes over two years 0 32,913 9,563 – 42,476 of which non-recourse liabilities 0 9,185 2,785 – 11,970 Other liabilities 0 13,368 2,070 (1,262) 14,176 of which failed sales 0 801 514 – 1,315 Total liabilities at fair value 63,510 510,313 20,606 (364,709) 229,720 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) Netting 1 Assets (CHF million) Cash and due from banks 0 304 0 – 304 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 104,206 77 – 104,283 Debt 121 781 0 – 902 of which corporates 0 745 0 – 745 Equity 25,908 44 0 – 25,952 Securities received as collateral 26,029 825 0 – 26,854 Debt 31,937 57,989 4,465 – 94,391 of which foreign governments 31,708 4,869 454 – 37,031 of which corporates 28 22,493 1,435 – 23,956 of which RMBS 0 22,150 612 – 22,762 of which CMBS 0 5,293 257 – 5,550 of which CDO 0 3,185 1,421 – 4,606 Equity 86,333 6,395 1,566 – 94,294 Derivatives 4,467 615,639 6,823 (588,917) 38,012 of which interest rate products 1,616 466,890 1,803 – – of which foreign exchange products 118 89,101 301 – – of which equity/index-related products 2,711 26,644 1,063 – – of which credit derivatives 0 24,451 2,569 – – Other 2,986 7,122 4,326 – 14,434 Trading assets 125,723 687,145 17,180 (588,917) 241,131 Debt 2,368 315 0 – 2,683 of which foreign governments 2,066 0 0 – 2,066 of which corporates 0 313 0 – 313 Equity 2 103 3 – 108 Investment securities 2,370 418 3 – 2,791 Private equity 0 0 1,286 – 1,286 of which equity funds 0 0 585 – 585 Hedge funds 0 219 314 – 533 of which debt funds 0 181 302 – 483 Other equity investments 77 75 1,849 – 2,001 of which private 0 70 1,850 – 1,920 Life finance instruments 0 0 1,834 – 1,834 Other investments 77 294 5,283 – 5,654 Loans 0 13,560 9,353 – 22,913 of which commercial and industrial loans 0 5,816 5,853 – 11,669 of which financial institutions 0 6,227 1,494 – 7,721 Other intangible assets (mortgage servicing rights) 0 0 70 – 70 Other assets 2,457 23,489 7,468 (1,094) 32,320 of which loans held-for-sale 0 16,107 6,851 – 22,958 Total assets at fair value 156,656 830,241 39,434 (590,011) 436,320 Less other investments - equity at fair value attributable to noncontrolling interests (75) (133) (821) – (1,029) Less assets consolidated under ASU 2009-17 2 0 (9,123) (3,155) – (12,278) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 156,581 820,985 35,458 (590,011) 423,013 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) Netting 1 Liabilities (CHF million) Due to banks 0 823 0 – 823 Customer deposits 0 3,161 100 – 3,261 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 54,732 0 – 54,732 Debt 121 781 0 – 902 of which corporates 0 745 0 – 745 Equity 25,908 44 0 – 25,952 Obligation to return securities received as collateral 26,029 825 0 – 26,854 Debt 11,678 4,914 1 – 16,593 of which foreign governments 11,530 757 0 – 12,287 of which corporates 21 3,917 1 – 3,939 Equity 19,060 122 2 – 19,184 Derivatives 4,594 619,787 6,414 (593,917) 36,878 of which interest rate products 1,585 458,894 1,202 – – of which foreign exchange products 234 101,461 560 – – of which equity/index-related products 2,744 26,746 1,466 – – of which credit derivatives 0 23,479 2,760 – – Trading liabilities 35,332 624,823 6,417 (593,917) 72,655 Short-term borrowings 0 3,766 95 – 3,861 Long-term debt 0 66,558 14,608 – 81,166 of which treasury debt over two years 0 8,616 0 – 8,616 of which structured notes over two years 0 31,083 10,267 – 41,350 of which non-recourse liabilities 0 10,126 2,952 – 13,078 Other liabilities 0 14,795 3,363 (1,220) 16,938 of which failed sales 0 652 616 – 1,268 Total liabilities at fair value 61,361 769,483 24,583 (595,137) 260,290 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 6M15, transfers to level 1 out of level 2 were from trading assets and trading liabilities. The transfers from trading assets were primarily in exchange traded derivatives and equity as prices became observable. The transfers from trading liabilities were primarily in exchange traded derivatives as prices became observable. In 6M15, transfers out of level 1 to level 2 were from trading assets and from trading liabilities. The transfers were primarily in equity for which suitable closing prices were unobtainable as of the end of 6M15. Transfers between level 1 and level 2 in 6M15 6M14 Transfers Transfers Transfers Transfers Assets (CHF million) Debt 54 46 400 11 Equity 380 491 409 78 Derivatives 3,290 23 4,693 1 Trading assets 3,724 560 5,502 90 Liabilities (CHF million) Debt 88 21 312 0 Equity 53 82 129 81 Derivatives 3,310 80 4,746 19 Trading liabilities 3,451 183 5,187 100 Assets and liabilities measured at fair value on a recurring basis for level 3 Trading revenues Other revenues 1 1 Foreign Assets (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 77 0 0 0 0 74 0 0 0 0 0 (5) 146 Debt 4,465 434 (681) 1,288 (1,665) 0 0 (5) 208 0 0 (348) 3,696 of which corporates 1,435 114 (131) 495 (677) 0 0 (4) 157 0 0 (146) 1,243 of which RMBS 612 259 (300) 476 (483) 0 0 (2) 58 0 0 (35) 585 of which CMBS 257 20 (47) 139 (169) 0 0 2 (31) 0 0 (13) 158 of which CDO 1,421 17 (161) 158 (203) 0 0 (1) 42 0 0 (78) 1,195 Equity 1,566 114 (273) 603 (296) 0 0 13 53 0 0 (92) 1,688 Derivatives 6,823 1,130 (593) 0 0 848 (2,786) (27) (172) 0 2 (369) 4,856 of which interest rate products 1,803 23 (198) 0 0 281 (364) (6) (301) 0 0 (97) 1,141 of which equity/index-related products 1,063 306 (91) 0 0 191 (503) 2 26 0 2 (58) 938 of which credit derivatives 2,569 656 (304) 0 0 170 (1,472) (24) (181) 0 0 (122) 1,292 Other 4,326 707 (540) 2,464 (2,871) 0 (116) 6 155 0 0 (234) 3,897 Trading assets 17,180 2,385 (2,087) 4,355 (4,832) 848 (2,902) (13) 244 0 2 (1,043) 14,137 Investment securities 3 0 (65) 215 (2) 0 (8) 7 1 0 0 (3) 148 Equity 3,449 0 (5) 116 (503) 0 0 0 3 0 (36) (222) 2,802 Life finance instruments 1,834 0 0 100 (163) 0 0 0 (45) 0 0 (101) 1,625 Other investments 5,283 0 (5) 216 (666) 0 0 0 (42) 0 (36) (323) 4,427 Loans 9,353 631 (750) 334 (665) 1,295 (1,391) 0 (5) 0 13 (546) 8,269 of which commercial and industrial loans 5,853 360 (154) 12 (502) 825 (763) 0 23 0 5 (353) 5,306 of which financial institutions 1,494 240 (132) 26 (21) 452 (132) 0 (28) 0 8 (87) 1,820 Other intangible assets (mortgage servicing rights) 70 0 0 10 0 0 0 0 6 0 0 (5) 81 Other assets 7,468 1,260 (2,460) 2,880 (2,359) 478 (960) (2) (131) 0 (13) (508) 5,653 of which loans held-for-sale 2 6,851 1,259 (2,415) 2,832 (2,242) 478 (960) 1 (21) 0 (13) (479) 5,291 Total assets at fair value 39,434 4,276 (5,367) 8,010 (8,524) 2,695 (5,261) (8) 73 0 (34) (2,433) 32,861 Liabilities (CHF million) Customer deposits 100 15 (20) 0 0 0 (28) 0 0 0 0 (9) 58 Trading liabilities 6,417 971 (1,039) 37 (18) 588 (2,054) 27 (175) (2) 1 (340) 4,413 of which interest rate derivatives 1,202 27 (233) 0 0 95 (142) (3) 17 0 1 (67) 897 of which foreign exchange derivatives 560 2 0 0 0 3 (43) 0 (210) 0 0 (27) 285 of which equity/index-related derivatives 1,466 44 (468) 0 0 129 (190) 43 214 0 0 (87) 1,151 of which credit derivatives 2,760 766 (332) 0 0 164 (1,567) (13) (188) (2) 0 (131) 1,457 Short-term borrowings 95 49 (10) 0 0 175 (90) 0 7 0 0 (8) 218 Long-term debt 14,608 1,189 (2,724) 0 0 4,926 (3,108) 6 (185) 0 0 (865) 13,847 of which structured notes over two years 10,267 454 (1,901) 0 0 3,688 (2,209) 8 (125) 0 0 (619) 9,563 of which non-recourse liabilities 2,952 626 (655) 0 0 552 (470) (2) (52) 0 0 (166) 2,785 Other liabilities 3,363 45 (1,129) 104 (72) 0 (178) 0 (83) 7 214 (201) 2,070 of which failed sales 616 4 (4) 91 (46) 0 0 2 (115) 0 0 (34) 514 Total liabilities at fair value 24,583 2,269 (4,922) 141 (90) 5,689 (5,458) 33 (436) 5 215 (1,423) 20,606 Net assets/(liabilities) at fair value 14,851 2,007 (445) 7,869 (8,434) (2,994) 197 (41) 509 (5) (249) (1,010) 12,255 1 For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. 2 Includes unrealized losses recorded in trading revenues of CHF (129) 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 1 1 Foreign 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 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. Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) in 6M15 6M14 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues 468 (254) 214 1 500 167 667 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (464) (62) (526) (528) 74 (454) 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 6M15 were CHF 4,276 million, primarily from trading assets and loans held-for-sale. The transfers were primarily in the corporate credit, non-strategic and equity derivatives businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 6M15 were CHF 5,367 million, primarily in loans held-for-sale and trading assets. The transfers out of level 3 assets were primarily in the corporate credit, securitized products, alternative investment and emerging markets businesses due to improved observability of pricing data and increased availability of pricing information from external providers. Transfers into level 3 assets during 2Q15 were CHF 1,676 million, primarily from trading assets, loans 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 2Q15 were CHF 2,024 million, primarily in loans held-for-sale and trading assets. The transfers out of level 3 assets were primarily in the corporate credit and alternative investment 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. The significant unobservable input is funding spread. Securities purchased under resale agreements are usually fully collateralized or over collateralized by government securities, money market instruments, corporate bonds, or other debt instruments. In the event of counterparty default, the collateral service agreement provides the 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 |
Assets pledged and collateral
Assets pledged and collateral | 6 Months Ended |
Jun. 30, 2015 | |
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 2Q15 4Q14 Assets pledged (CHF million) Total assets pledged or assigned as collateral 144,861 153,982 of which encumbered 94,237 103,245 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 2Q15 4Q14 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 428,941 444,852 of which sold or repledged 331,421 336,228 |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2015 | |
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 2014 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 1.8 billion. In 2Q15, the Group recorded net litigation provisions of CHF 124 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. 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 27, 2015, the US District Court for the District of Kansas issued an order vacating its prior partial dismissal of the action brought against Credit Suisse Securities (USA) LLC (CSS LLC) and its affiliates by the National Credit Union Administration Board, as liquidating agent of the US Central Federal Credit Union, Western Corporate Federal Credit Union and Southwest Corporate Federal Credit Union, increasing the RMBS at issue for CSS LLC and its affiliates from approximately USD 311 million to USD 715 million. On June 22, 2015, Tennessee Consolidated Retirement System filed an amended complaint against CSS LLC and other financial institutions in Tennessee state court relating to approximately USD 24 million of RMBS at issue against CSS LLC (approximately 4% of the USD 644 million at issue against all defendants in the operative pleading). Monoline insurer disputes On May 28, 2015, the Supreme Court of New York, Appellate Division, First Department, issued an order affirming the dismissal of the complaint against CSS LLC filed by CIFG Assurance North American, Inc. Bank Loan Litigation In the Texas state court case brought by an entity related to Highland Capital Management LP, the judge held a bench trial on the remaining claims in May and June 2015. A verdict has not yet been issued. Rates-related matters In one of the two US dollar LIBOR matters not consolidated in the multi-district litigation, on June 1, 2015, plaintiff filed a motion for leave to file a second amended complaint in the US District Court for the Southern District of New York (SDNY); defendants’ opposition brief was filed on July 15, 2015. On June 19, 2015, plaintiffs in the Swiss franc LIBOR litigation filed an amended complaint. Regarding the civil class action lawsuits in the SDNY relating to the alleged manipulation of foreign exchange rates, the foreign-based investor who appealed the dismissal of its case has withdrawn that appeal. Besides the civil class action complaints alleging that Credit Suisse Group AG and certain of its affiliates, as well as other financial institutions, manipulated prices for foreign exchange futures and options on foreign exchange futures filed in 1Q15, additional plaintiffs have recently filed similar civil class action complaints and other plaintiffs have filed an action alleging violations of the US Employee Retirement Income Security Act of 1974 based on the same alleged conduct. ATA litigation On May 29, 2015, Credit Suisse AG and all other defendants filed motions to dismiss plaintiffs’ amended complaint alleging claims under the United States Anti-Terrorism Act in the US District Court for the Eastern District of New York. |
Subsidiary guarantee informatio
Subsidiary guarantee information | 6 Months Ended |
Jun. 30, 2015 | |
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 4Q14, 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 Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 1,752 4,031 5,783 67 53 5,903 Interest expense (1,032) (1,983) (3,015) (80) 61 (3,034) Net interest income 720 2,048 2,768 (13) 114 2,869 Commissions and fees 1,071 2,136 3,207 5 47 3,259 Trading revenues (570) 1,062 492 5 1 498 Other revenues 457 (118) 339 1,029 2 (1,039) 329 Net revenues 1,678 5,128 6,806 1,026 (877) 6,955 Provision for credit losses 5 33 38 0 13 51 Compensation and benefits 927 1,983 2,910 16 (12) 2,914 General and administrative expenses 483 1,463 1,946 (41) 23 1,928 Commission expenses 65 339 404 1 1 406 Total other operating expenses 548 1,802 2,350 (40) 24 2,334 Total operating expenses 1,475 3,785 5,260 (24) 12 5,248 Income/(loss) from continuing operations before taxes 198 1,310 1,508 1,050 (902) 1,656 Income tax expense/(benefit) (5) 568 563 (1) 28 590 Net income/(loss) 203 742 945 1,051 (930) 1,066 Net income attributable to noncontrolling interests 10 5 15 0 0 15 Net income/(loss) attributable to shareholders 193 737 930 1,051 (930) 1,051 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 203 742 945 1,051 (930) 1,066 Gains/(losses) on cash flow hedges 0 30 30 1 0 31 Foreign currency translation (783) (270) (1,053) 2 (2) (1,053) Unrealized gains/(losses) on securities 0 (12) (12) 0 0 (12) Actuarial gains/(losses) 9 8 17 0 75 92 Net prior service credit/(cost) (3) (1) (4) 0 (18) (22) Other comprehensive income/(loss), net of tax (777) (245) (1,022) 3 55 (964) Comprehensive income/(loss) (574) 497 (77) 1,054 (875) 102 Comprehensive income/(loss) attributable to noncontrolling interests (27) (13) (40) 0 25 (15) Comprehensive income/(loss) attributable to shareholders (547) 510 (37) 1,054 (900) 117 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 1,464 4,100 5,564 40 86 5,690 Interest expense (905) (2,168) (3,073) (57) 26 (3,104) Net interest income 559 1,932 2,491 (17) 112 2,586 Commissions and fees 1,061 2,235 3,296 3 10 3,309 Trading revenues 222 (144) 78 47 72 197 Other revenues 239 169 408 (742) 2 705 371 Net revenues 2,081 4,192 6,273 (709) 899 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 504 2,953 3,457 (25) 9 3,441 Commission expenses 61 313 374 0 3 377 Total other operating expenses 565 3,266 3,831 (25) 12 3,818 Total operating expenses 1,489 5,335 6,824 (9) (24) 6,791 Income/(loss) from continuing operations before taxes 592 (1,147) (555) (700) 909 (346) Income tax expense 207 67 274 0 33 307 Income/(loss) from continuing operations 385 (1,214) (829) (700) 876 (653) Loss from discontinued operations, net of tax 0 (9) (9) 0 0 (9) Net income/(loss) 385 (1,223) (838) (700) 876 (662) Net income attributable to noncontrolling interests 25 5 30 0 8 38 Net income/(loss) attributable to shareholders 360 (1,228) (868) (700) 868 (700) of which from continuing operations 360 (1,219) (859) (700) 868 (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 (continued) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 385 (1,223) (838) (700) 876 (662) Gains/(losses) on cash flow hedges 0 6 6 5 1 12 Foreign currency translation 80 (12) 68 1 (4) 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 86 8 94 6 9 109 Comprehensive income/(loss) 471 (1,215) (744) (694) 885 (553) Comprehensive income attributable to noncontrolling interests 29 9 38 0 3 41 Comprehensive income/(loss) attributable to shareholders 442 (1,224) (782) (694) 882 (594) 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 3,440 6,706 10,146 136 111 10,393 Interest expense (2,098) (3,229) (5,327) (161) 116 (5,372) Net interest income 1,342 3,477 4,819 (25) 227 5,021 Commissions and fees 2,019 4,113 6,132 7 99 6,238 Trading revenues (567) 2,465 1,898 (3) (7) 1,888 Other revenues 620 (124) 496 2,105 2 (2,146) 455 Net revenues 3,414 9,931 13,345 2,084 (1,827) 13,602 Provision for credit losses 5 53 58 0 23 81 Compensation and benefits 1,928 3,937 5,865 45 (20) 5,890 General and administrative expenses 920 2,780 3,700 (67) 33 3,666 Commission expenses 126 667 793 1 4 798 Total other operating expenses 1,046 3,447 4,493 (66) 37 4,464 Total operating expenses 2,974 7,384 10,358 (21) 17 10,354 Income/(loss) from continuing operations before taxes 435 2,494 2,929 2,105 (1,867) 3,167 Income tax expense 59 953 1,012 0 55 1,067 Net income/(loss) 376 1,541 1,917 2,105 (1,922) 2,100 Net income/(loss) attributable to noncontrolling interests (5) 4 (1) 0 (4) (5) Net income/(loss) attributable to shareholders 381 1,537 1,918 2,105 (1,918) 2,105 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 376 1,541 1,917 2,105 (1,922) 2,100 Gains/(losses) on cash flow hedges 0 52 52 (13) 0 39 Foreign currency translation (1,161) (1,381) (2,542) (1) (3) (2,546) Unrealized gains/(losses) on securities 0 (5) (5) 0 3 (2) Actuarial gains/(losses) 18 16 34 0 147 181 Net prior service credit/(cost) (7) 0 (7) 0 (36) (43) Other comprehensive income/(loss), net of tax (1,150) (1,318) (2,468) (14) 111 (2,371) Comprehensive income/(loss) (774) 223 (551) 2,091 (1,811) (271) Comprehensive income/(loss) attributable to noncontrolling interests (64) (30) (94) 0 35 (59) Comprehensive income/(loss) attributable to shareholders (710) 253 (457) 2,091 (1,846) (212) 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 2,951 6,929 9,880 78 177 10,135 Interest expense (1,786) (3,524) (5,310) (109) 48 (5,371) Net interest income 1,165 3,405 4,570 (31) 225 4,764 Commissions and fees 2,115 4,408 6,523 2 59 6,584 Trading revenues 725 22 747 36 52 835 Other revenues 744 433 1,177 134 2 (202) 1,109 Net revenues 4,749 8,268 13,017 141 134 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 4,192 5,163 (52) 20 5,131 Commission expenses 117 623 740 0 6 746 Total other operating expenses 1,088 4,815 5,903 (52) 26 5,877 Total operating expenses 2,937 8,963 11,900 (18) (39) 11,843 Income/(loss) from continuing operations before taxes 1,812 (718) 1,094 159 144 1,397 Income tax expense 683 112 795 0 55 850 Income/(loss) from continuing operations 1,129 (830) 299 159 89 547 Income from discontinued operations, net of tax 0 6 6 0 0 6 Net income/(loss) 1,129 (824) 305 159 89 553 Net income attributable to noncontrolling interests 373 20 393 0 1 394 Net income/(loss) attributable to shareholders 756 (844) (88) 159 88 159 of which from continuing operations 756 (850) (94) 159 88 153 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) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 1,129 (824) 305 159 89 553 Gains/(losses) on cash flow hedges 0 15 15 13 1 29 Foreign currency translation (82) (128) (210) 1 1 (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 (74) (88) (162) 14 24 (124) Comprehensive income/(loss) 1,055 (912) 143 173 113 429 Comprehensive income attributable to noncontrolling interests 352 17 369 0 3 372 Comprehensive income/(loss) attributable to shareholders 703 (929) (226) 173 110 57 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets Bank 1 1 Assets (CHF million) Cash and due from banks 5,657 96,701 102,358 611 1,085 104,054 Interest-bearing deposits with banks 65 4,094 4,159 5 (3,236) 928 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 130,683 7,548 138,231 0 (397) 137,834 Securities received as collateral 27,262 1,589 28,851 0 0 28,851 Trading assets 66,657 139,241 205,898 0 (210) 205,688 Investment securities 937 2,028 2,965 3,754 (3,349) 3,370 Other investments 2,496 4,765 7,261 45,047 (44,917) 7,391 Net loans 16,545 236,549 253,094 137 16,940 270,171 Premises and equipment 805 3,425 4,230 0 199 4,429 Goodwill 690 6,669 7,359 0 879 8,238 Other intangible assets 121 84 205 0 0 205 Brokerage receivables 24,462 23,951 48,413 0 1 48,414 Other assets 21,365 38,110 59,475 337 (63) 59,749 Total assets 297,745 564,754 862,499 49,891 (33,068) 879,322 Liabilities and equity (CHF million) Due to banks 133 30,406 30,539 2,467 (2,801) 30,205 Customer deposits 1 345,068 345,069 0 11,384 356,453 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 98,581 (40,014) 58,567 0 0 58,567 Obligation to return securities received as collateral 27,262 1,589 28,851 0 0 28,851 Trading liabilities 17,130 42,327 59,457 0 (67) 59,390 Short-term borrowings 27,679 (1,278) 26,401 0 0 26,401 Long-term debt 60,000 117,429 177,429 4,624 602 182,655 Brokerage payables 34,534 13,505 48,039 0 0 48,039 Other liabilities 12,957 32,349 45,306 158 (163) 45,301 Total liabilities 278,277 541,381 819,658 7,249 8,955 835,862 Total shareholders' equity 18,591 22,788 41,379 42,642 (41,379) 42,642 Noncontrolling interests 877 585 1,462 0 (644) 818 Total equity 19,468 23,373 42,841 42,642 (42,023) 43,460 Total liabilities and equity 297,745 564,754 862,499 49,891 (33,068) 879,322 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 1 Assets (CHF million) Cash and due from banks 4,572 73,428 78,000 917 432 79,349 Interest-bearing deposits with banks 69 4,035 4,104 0 (2,860) 1,244 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 152,647 10,561 163,208 0 0 163,208 Securities received as collateral 26,754 100 26,854 0 0 26,854 Trading assets 74,980 166,333 241,313 0 (182) 241,131 Investment securities 3 2,376 2,379 3,981 (3,569) 2,791 Other investments 2,826 5,641 8,467 46,392 (46,246) 8,613 Net loans 20,664 235,264 255,928 350 16,273 272,551 Premises and equipment 892 3,549 4,441 0 200 4,641 Goodwill 731 7,035 7,766 0 878 8,644 Other intangible assets 115 134 249 0 0 249 Brokerage receivables 25,009 16,620 41,629 0 0 41,629 Other assets 24,738 45,773 70,511 221 (174) 70,558 Total assets 334,000 570,849 904,849 51,861 (35,248) 921,462 Liabilities and equity (CHF million) Due to banks 97 26,409 26,506 2,627 (3,124) 26,009 Customer deposits 1 357,568 357,569 0 11,489 369,058 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 120,817 (50,698) 70,119 0 0 70,119 Obligation to return securities received as collateral 26,754 100 26,854 0 0 26,854 Trading liabilities 13,133 59,534 72,667 0 (12) 72,655 Short-term borrowings 27,440 (1,519) 25,921 0 0 25,921 Long-term debt 67,776 105,171 172,947 4,930 21 177,898 Brokerage payables 44,029 12,948 56,977 0 0 56,977 Other liabilities 13,103 37,545 50,648 345 (23) 50,970 Total liabilities 313,150 547,058 860,208 7,902 8,351 876,461 Total shareholders' equity 19,693 23,202 42,895 43,959 (42,895) 43,959 Noncontrolling interests 1,157 589 1,746 0 (704) 1,042 Total equity 20,850 23,791 44,641 43,959 (43,599) 45,001 Total liabilities and equity 334,000 570,849 904,849 51,861 (35,248) 921,462 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of cash flows Bank 1 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 3,876 (802) 3,074 (80) 2 (215) 2,779 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks 0 (91) (91) (5) 401 305 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 13,657 2,000 15,657 0 397 16,054 Purchase of investment securities 0 (272) (272) 0 0 (272) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 10 322 332 0 10 342 Investments in subsidiaries and other investments (223) (85) (308) 0 (27) (335) Proceeds from sale of other investments 778 142 920 0 31 951 (Increase)/decrease in loans 3,006 (6,205) (3,199) 210 (688) (3,677) Proceeds from sales of loans 0 1,018 1,018 0 0 1,018 Capital expenditures for premises and equipment and other intangible assets (120) (348) (468) 0 (6) (474) Proceeds from sale of premises and equipment and other intangible assets 2 9 11 0 0 11 Other, net 13 179 192 6 (3) 195 Net cash provided by/(used in) investing activities of continuing operations 17,123 (3,317) 13,806 211 115 14,132 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 42 985 1,027 (161) 199 1,065 Increase/(decrease) in short-term borrowings 2,737 (1,627) 1,110 0 0 1,110 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (15,728) 7,855 (7,873) 0 0 (7,873) Issuances of long-term debt 2,199 44,756 46,955 0 548 47,503 Repayments of long-term debt (8,301) (21,019) (29,320) (30) (215) (29,565) Issuances of common shares 0 0 0 1 0 1 Sale of treasury shares 0 0 0 3 7,432 7,435 Repurchase of treasury shares 0 0 0 (1,004) (7,381) (8,385) Dividends paid 0 (10) (10) (415) (2) (427) Other, net (588) (420) (1,008) 1,217 175 384 Net cash provided by/(used in) financing activities of continuing operations (19,639) 30,520 10,881 (389) 756 11,248 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (275) (3,128) (3,403) (48) (3) (3,454) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 1,085 23,273 24,358 (306) 653 24,705 Cash and due from banks at beginning of period 4,572 73,428 78,000 917 432 79,349 Cash and due from banks at end of period 5,657 96,701 102,358 611 1,085 104,054 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 220 million and CHF 31 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. Condensed consolidating statements of cash flows (continued) Bank 1 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations (1,897) (15,917) (17,814) 250 2 (54) (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 (16,896) (8,430) 2,476 (3,103) (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) Other, net 7 142 149 0 1 150 Net cash provided by/(used in) investing activities of continuing operations (16,390) 2,322 (14,068) (1,090) 832 (14,326) Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 783 15,896 16,679 (433) 398 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) (20,244) (21,684) 0 2,068 (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) Other, net (753) (357) (1,110) 861 (1,219) (1,468) Net cash provided by/(used in) financing activities of continuing operations 18,358 10,934 29,292 1,112 (1,074) 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 (18) 593 575 (2) 1 574 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 45 (2,243) (2,198) 270 (295) (2,223) Cash and due from banks at beginning of period 4,965 63,116 68,081 795 (184) 68,692 Cash and due from banks at end of period 5,010 60,873 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. |
Summary of significant accoun38
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014 included in the Credit Suisse Annual Report 2014. > Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2014 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 1Q15 consolidated statements of operations and comprehensive income, the 1Q15 and 2Q14 consolidated balance sheets and the 2Q15, 1Q15 and 2Q14 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, 2015 | |
Discontinued Operations, Held-for-sale [Member] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Assets held-for-sale end of 2Q14 German private banking business (CHF million) Cash 277 Loans 686 Other assets 16 Total assets held-for-sale 979 Group (CHF million) Total assets held-for-sale 979 Liabilities held-for-sale end of 2Q14 German private banking business (CHF million) Deposits 696 Other liabilities 46 Total liabilities held-for-sale 742 Group (CHF million) Total liabilities held-for-sale 742 |
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 6M14 Operations-related (CHF million) Net revenues 12 24 of which German private banking business 12 20 of which CFIG – 0 Operating expenses 12 28 of which German private banking business 12 26 of which CFIG – 0 Income tax expense/(benefit) 0 1 of which German private banking business 0 0 of which CFIG – 0 Income/(loss), net of tax 0 (5) of which German private banking business 0 (6) of which CFIG – 0 Transaction-related (CHF million) Gain on disposal – 91 of which CFIG – 91 Operating expenses 9 41 of which German private banking business 9 35 of which CFIG – 0 Income tax expense/(benefit) 0 39 of which CFIG – 42 Income/(loss), net of tax (9) 11 of which German private banking business (9) (35) of which CFIG – 49 Discontinued operations – total (CHF million) Income/(loss) from discontinued operations, net of tax (9) 6 of which German private banking business (9) (41) of which CFIG – 49 |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income before taxes in 2Q15 1Q15 2Q14 6M15 6M14 Net revenues (CHF million) Private Banking & Wealth Management 3,152 2,972 3,046 6,124 6,286 Investment Banking 3,381 3,583 3,342 6,964 6,758 Corporate Center 408 118 45 526 (142) Noncontrolling interests without SEI 14 (26) 30 (12) 390 Net revenues 6,955 6,647 6,463 13,602 13,292 Income/(loss) from continuing operations before taxes (CHF million) Private Banking & Wealth Management 937 834 (749) 1,771 263 Investment Banking 615 945 752 1,560 1,579 Corporate Center 94 (241) (373) (147) (812) Noncontrolling interests without SEI 10 (27) 24 (17) 367 Income/(loss) from continuing operations before taxes 1,656 1,511 (346) 3,167 1,397 Total assets end of 2Q15 1Q15 4Q14 2Q14 Total assets (CHF million) Private Banking & Wealth Management 356,057 366,391 345,949 322,669 Investment Banking 459,977 489,202 529,044 525,101 Corporate Center 62,425 47,797 45,248 42,509 Noncontrolling interests without SEI 863 1,000 1,221 1,301 Total assets 879,322 904,390 921,462 891,580 |
Net interest income (Tables)
Net interest income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Net interest income | in 2Q15 1Q15 2Q14 6M15 6M14 Net interest income (CHF million) Loans 1,315 1,317 1,216 2,632 2,442 Investment securities 18 13 11 31 22 Trading assets 3,330 1,953 3,394 5,283 5,562 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 679 650 542 1,329 1,103 Other 561 557 527 1,118 1,006 Interest and dividend income 5,903 4,490 5,690 10,393 10,135 Deposits (221) (255) (248) (476) (484) Short-term borrowings (28) (34) (30) (62) (52) Trading liabilities (1,511) (795) (1,626) (2,306) (2,387) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (325) (315) (262) (640) (523) Long-term debt (895) (886) (854) (1,781) (1,781) Other (54) (53) (84) (107) (144) Interest expense (3,034) (2,338) (3,104) (5,372) (5,371) Net interest income 2,869 2,152 2,586 5,021 4,764 |
Commissions and fees (Tables)
Commissions and fees (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commissions and fees | in 2Q15 1Q15 2Q14 6M15 6M14 Commissions and fees (CHF million) Lending business 426 300 454 726 888 Investment and portfolio management 864 833 891 1,697 1,825 Other securities business 21 22 25 43 48 Fiduciary business 885 855 916 1,740 1,873 Underwriting 487 445 603 932 1,063 Brokerage 978 1,008 890 1,986 1,863 Underwriting and brokerage 1,465 1,453 1,493 2,918 2,926 Other services 483 371 446 854 897 Commissions and fees 3,259 2,979 3,309 6,238 6,584 |
Trading revenues (Tables)
Trading revenues (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Trading revenues | in 2Q15 1Q15 2Q14 6M15 6M14 Trading revenues (CHF million) Interest rate products 1,569 2,594 2,969 4,163 4,219 Foreign exchange products 340 (853) (1,337) (513) (2,351) Equity/index-related products (1,126) (159) (680) (1,285) (504) Credit products (111) (349) (850) (460) (810) Commodity, emission and energy products 28 (10) (17) 18 46 Other products (202) 167 112 (35) 235 Trading revenues 498 1,390 197 1,888 835 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, 2015 | |
Other revenues | in 2Q15 1Q15 2Q14 6M15 6M14 Other revenues (CHF million) Noncontrolling interests without SEI 14 (28) 25 (14) 383 Loans held-for-sale (19) (8) (1) (27) 0 Long-lived assets held-for-sale 1 2 (2) 3 26 Equity method investments 51 46 55 97 116 Other investments 93 (72) 97 21 207 Other 189 186 197 375 377 Other revenues 329 126 371 455 1,109 |
Provision for credit losses (Ta
Provision for credit losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Provision for credit losses | in 2Q15 1Q15 2Q14 6M15 6M14 Provision for credit losses (CHF million) Provision for loan losses 36 31 22 67 52 Provision for lending-related and other exposures 15 (1) (4) 14 0 Provision for credit losses 51 30 18 81 52 |
Compensation and benefits (Tabl
Compensation and benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and benefits | in 2Q15 1Q15 2Q14 6M15 6M14 Compensation and benefits (CHF million) Salaries and variable compensation 2,474 2,617 2,536 5,091 5,189 Social security 274 191 283 465 471 Other 1 166 168 154 334 306 Compensation and benefits 2 2,914 2,976 2,973 5,890 5,966 1 Includes pension and other post-retirement expense of CHF 82 million, CHF 90 million, CHF 85 million, CHF 172 million and CHF 169 million in 2Q15, 1Q15, 2Q14, 6M15 and 6M14, respectively. 2 Includes severance and other compensation expense relating to headcount reductions of CHF 48 million, CHF 49 million, CHF 63 million, CHF 97 million and CHF 87 million in 2Q15, 1Q15, 2Q14, 6M15 and 6M14, respectively. |
General and administrative ex47
General and administrative expenses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
General and administrative expenses | in 2Q15 1Q15 2Q14 6M15 6M14 General and administrative expenses (CHF million) Occupancy expenses 250 243 305 493 578 IT, machinery, etc. 296 316 347 612 688 Provisions and losses 131 73 1,810 204 1,921 Travel and entertainment 95 89 90 184 171 Professional services 744 632 545 1,376 1,071 Amortization and impairment of other intangible assets 5 6 5 11 10 Other 407 379 339 786 692 General and administrative expenses 1,928 1,738 3,441 3,666 5,131 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings per share | in 2Q15 1Q15 2Q14 6M15 6M14 Basic net income/(loss) attributable to shareholders (CHF million) Income/(loss) from continuing operations 1,051 1,054 (691) 2,105 153 Income/(loss) from discontinued operations, net of tax 0 0 (9) 0 6 Net income/(loss) attributable to shareholders 1,051 1,054 (700) 2,105 159 Preferred securities dividends – – – – (28) Net income/(loss) attributable to shareholders for basic earnings per share 1,051 1,054 (700) 2,105 131 Available for common shares 1,029 1,028 (752) 2,059 79 Available for unvested share-based payment awards 22 26 52 46 52 Diluted net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for diluted earnings per share 1,051 1,054 (700) 2,105 131 Available for common shares 1,029 1,028 (752) 2,060 79 Available for unvested share-based payment awards 22 26 52 45 52 Weighted-average shares outstanding (million) Weighted-average shares outstanding for basic earnings per share available for common shares 1,641.0 1,621.5 1,625.0 1,631.3 1,623.1 Dilutive share options and warrants 0.9 1.0 0.0 0.9 0.7 Dilutive share awards 44.6 30.8 0.0 37.7 2.6 Weighted-average shares outstanding for diluted earnings per share available for common shares 1 1,686.5 1,653.3 1,625.0 2 1,669.9 1,626.4 Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards 21.8 41.3 68.3 31.6 81.9 Basic earnings/(loss) per share available for common shares (CHF) Basic earnings/(loss) per share from continuing operations 0.63 0.63 (0.45) 1.26 0.05 Basic earnings/(loss) per share from discontinued operations 0.00 0.00 (0.01) 0.00 0.00 Basic earnings/(loss) per share available for common shares 0.63 0.63 (0.46) 1.26 0.05 Diluted earnings/(loss) per share available for common shares (CHF) Diluted earnings/(loss) per share from continuing operations 0.61 0.62 (0.45) 1.23 0.05 Diluted earnings/(loss) per share from discontinued operations 0.00 0.00 (0.01) 0.00 0.00 Diluted earnings/(loss) per share available for common shares 0.61 0.62 (0.46) 1.23 0.05 1 Weighted-average potential common shares relating to instruments that were not dilutive for the respective periods (and therefore not included in the diluted earnings per share calculation above) but could potentially dilute earnings per share in the future were 7.2 million, 9.2 million, 8.8 million, 8.2 million and 8.9 million for 2Q15, 1Q15, 2Q14, 6M15 and 6M14, respectively. 2 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 (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Trading assets and liabilities | end of 2Q15 1Q15 4Q14 2Q14 Trading assets (CHF million) Debt securities 83,371 91,263 94,391 105,038 Equity securities 80,326 93,383 94,294 88,159 Derivative instruments 1 29,995 36,833 38,012 30,957 Other 11,996 14,085 14,434 11,273 Trading assets 205,688 235,564 241,131 235,427 Trading liabilities (CHF million) Short positions 32,846 33,133 35,784 40,617 Derivative instruments 1 26,544 36,624 36,871 34,512 Trading liabilities 59,390 69,757 72,655 75,129 1 Amounts shown net of cash collateral receivables and payables. |
Cash collateral receivables and payables | Cash collateral on derivative instruments end of 2Q15 1Q15 4Q14 2Q14 Cash collateral – netted (CHF million) 1 Cash collateral paid 31,472 41,223 33,404 25,122 Cash collateral received 22,991 32,292 28,147 20,058 Cash collateral – not netted (CHF million) 2 Cash collateral paid 7,514 11,399 10,905 8,097 Cash collateral received 15,387 15,887 17,043 12,844 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, 2015 | |
Investment securities | end of 2Q15 1Q15 4Q14 2Q14 Investment securities (CHF million) Securities held-to-maturity 0 244 0 0 Securities available-for-sale 3,370 2,808 2,791 3,323 Total investment securities 3,370 3,052 2,791 3,323 |
Investment securities by type | Investment securities by type end of 2Q15 4Q14 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by Swiss federal, cantonal or local governmental entities 274 22 0 296 286 18 0 304 Debt securities issued by foreign governments 1,766 30 0 1,796 2,020 47 1 2,066 Corporate debt securities 254 0 0 254 313 0 0 313 Residential mortgage-backed securities 687 0 0 687 0 0 0 0 Commercial mortgage-backed securities 246 0 0 246 0 0 0 0 Debt securities available-for-sale 3,227 52 0 3,279 2,619 65 1 2,683 Banks, trust and insurance companies 64 23 0 87 73 25 0 98 Industry and all other 4 0 0 4 10 0 0 10 Equity securities available-for-sale 68 23 0 91 83 25 0 108 Securities available-for-sale 3,295 75 0 3,370 2,702 90 1 2,791 |
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 Gross Gross Gross 4Q14 (CHF million) Debt securities issued by foreign governments 49 1 0 0 49 1 Debt securities available-for-sale 49 1 0 0 49 1 |
Proceeds from sales, realized gains and realized losses from available-for-sale securities | Proceeds from sales, realized gains and realized losses from available-for-sale securities in 6M15 6M14 Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 0 14 41 7 Realized gains 0 1 0 0 |
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities Debt securities Average 2Q15 (CHF million) Due within 1 year 748 749 2.30 Due from 1 to 5 years 1,362 1,398 0.95 Due from 5 to 10 years 177 190 1.19 Due after 10 years 940 942 3.21 Total debt securities 3,227 3,279 1.93 |
Loans, allowance for loan los51
Loans, allowance for loan losses and credit quality (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans | Loans end of 2Q15 1Q15 4Q14 2Q14 Loans (CHF million) Mortgages 100,307 98,901 98,802 96,915 Loans collateralized by securities 39,300 39,120 39,818 35,882 Consumer finance 4,119 4,480 4,323 5,438 Consumer 143,726 142,501 142,943 138,235 Real estate 28,446 29,254 29,198 27,268 Commercial and industrial loans 75,750 75,082 75,046 65,734 Financial institutions 19,705 20,929 22,343 21,058 Governments and public institutions 3,393 3,895 3,891 3,177 Corporate & institutional 127,294 129,160 130,478 117,237 Gross loans 271,020 271,661 273,421 255,472 of which held at amortized cost 251,242 249,747 250,508 235,575 of which held at fair value 19,778 21,914 22,913 19,897 Net (unearned income)/deferred expenses (127) (120) (112) (119) Allowance for loan losses (722) (767) (758) (821) Net loans 270,171 270,774 272,551 254,532 Gross loans by location (CHF million) Switzerland 156,024 156,720 155,767 156,377 Foreign 114,996 114,941 117,654 99,095 Gross loans 271,020 271,661 273,421 255,472 Impaired loan portfolio (CHF million) Non-performing loans 717 701 753 851 Non-interest-earning loans 224 275 279 286 Total non-performing and non-interest-earning loans 941 976 1,032 1,137 Restructured loans 253 243 171 83 Potential problem loans 376 204 187 252 Total other impaired loans 629 447 358 335 Gross impaired loans 1,570 1,423 1,390 1,472 |
Allowance for loan losses | Allowance for loan losses by loan portfolio 2Q15 1Q15 2Q14 Corporate & Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 245 522 767 251 507 758 263 603 866 Net movements recognized in statements of operations 16 20 36 15 16 31 20 2 22 Gross write-offs (57) (25) (82) (21) (4) (25) (28) (64) (92) Recoveries 4 2 6 2 7 9 4 15 19 Net write-offs (53) (23) (76) (19) 3 (16) (24) (49) (73) Provisions for interest 1 2 3 1 8 9 0 3 3 Foreign currency translation impact and other adjustments, net (2) (6) (8) (3) (12) (15) 1 2 3 Balance at end of period 207 515 722 245 522 767 260 561 821 of which individually evaluated for impairment 162 348 510 198 352 550 210 403 613 of which collectively evaluated for impairment 45 167 212 47 170 217 50 158 208 Gross loans held at amortized cost (CHF million) Balance at end of period 143,711 107,531 251,242 142,483 107,264 249,747 138,223 97,352 235,575 of which individually evaluated for impairment 1 650 920 1,570 562 861 1,423 613 859 1,472 of which collectively evaluated for impairment 143,061 106,611 249,672 141,921 106,403 248,324 137,610 96,493 234,103 6M15 6M14 Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 251 507 758 267 602 869 Net movements recognized in statements of operations 31 36 67 37 15 52 Gross write-offs (78) (29) (107) (54) (84) (138) Recoveries 6 9 15 9 20 29 Net write-offs (72) (20) (92) (45) (64) (109) Provisions for interest 2 10 12 1 7 8 Foreign currency translation impact and other adjustments, net (5) (18) (23) 0 1 1 Balance at end of period 207 515 722 260 561 821 1 Represents gross impaired loans both with and without a specific allowance. |
Purchases, reclassifications and sales | Purchases, reclassifications and sales in 2Q15 1Q15 2Q14 Corporate & Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 115 1,357 1,472 116 991 1,107 18 982 1,000 Reclassifications from loans held-for-sale 2 0 35 35 0 123 123 0 165 165 Reclassifications to loans held-for-sale 3 0 167 167 0 206 206 0 334 334 Sales 3 0 134 134 0 80 80 0 11 11 in 6M15 6M14 Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 231 2,348 2,579 29 1,405 1,434 Reclassifications from loans held-for-sale 2 0 158 158 0 188 188 Reclassifications to loans held-for-sale 3 0 373 373 0 410 410 Sales 3 0 214 214 0 64 64 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. |
Gross loans held at amortized cost by internal counterparty rating | Gross loans held at amortized cost by internal counterparty rating Investment Non-investment Ratings Ratings 2Q15 (CHF million) Mortgages 84,882 15,215 210 100,307 Loans collateralized by securities 36,700 2,446 154 39,300 Consumer finance 1,439 2,435 230 4,104 Consumer 123,021 20,096 594 143,711 Real estate 20,862 6,734 62 27,658 Commercial and industrial loans 32,535 31,508 616 64,659 Financial institutions 10,490 3,375 113 13,978 Governments and public institutions 882 354 0 1,236 Corporate & institutional 64,769 41,971 791 107,531 Gross loans held at amortized cost 187,790 62,067 1,385 251,242 Value of collateral 1 175,201 51,120 867 227,188 4Q14 (CHF million) Mortgages 82,360 16,249 193 98,802 Loans collateralized by securities 37,426 2,306 86 39,818 Consumer finance 1,717 2,348 241 4,306 Consumer 121,503 20,903 520 142,926 Real estate 20,883 7,224 68 28,175 Commercial and industrial loans 31,362 31,473 541 63,376 Financial institutions 11,893 2,624 106 14,623 Governments and public institutions 992 416 0 1,408 Corporate & institutional 65,130 41,737 715 107,582 Gross loans held at amortized cost 186,633 62,640 1,235 250,508 Value of collateral 1 174,338 50,631 650 225,619 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 More 2Q15 (CHF million) Mortgages 99,980 138 14 10 165 327 100,307 Loans collateralized by securities 39,004 245 1 1 49 296 39,300 Consumer finance 3,348 460 64 49 183 756 4,104 Consumer 142,332 843 79 60 397 1,379 143,711 Real estate 27,545 42 10 3 58 113 27,658 Commercial and industrial loans 63,527 737 16 87 292 1,132 64,659 Financial institutions 13,748 127 4 1 98 230 13,978 Governments and public institutions 1,225 11 0 0 0 11 1,236 Corporate & institutional 106,045 917 30 91 448 1,486 107,531 Gross loans held at amortized cost 248,377 1,760 109 151 845 2,865 251,242 4Q14 (CHF million) Mortgages 98,519 99 14 9 161 283 98,802 Loans collateralized by securities 39,648 81 1 1 87 170 39,818 Consumer finance 3,784 231 60 46 185 522 4,306 Consumer 141,951 411 75 56 433 975 142,926 Real estate 28,084 24 1 4 62 91 28,175 Commercial and industrial loans 62,305 719 20 39 293 1,071 63,376 Financial institutions 14,459 41 0 0 123 164 14,623 Governments and public institutions 1,383 25 0 0 0 25 1,408 Corporate & institutional 106,231 809 21 43 478 1,351 107,582 Gross loans held at amortized cost 248,182 1,220 96 99 911 2,326 250,508 |
Gross impaired loans by category | Gross impaired loans by category Non-performing and Non- 2Q15 (CHF million) Mortgages 168 27 195 4 48 52 247 1 Loans collateralized by securities 23 27 50 0 121 121 171 Consumer finance 209 22 231 0 1 1 232 Consumer 400 76 476 4 170 174 650 Real estate 43 19 62 0 4 4 66 Commercial and industrial loans 216 89 305 221 197 418 723 Financial institutions 58 40 98 28 5 33 131 Corporate & institutional 317 148 465 249 206 455 920 Gross impaired loans 717 224 941 253 376 629 1,570 4Q14 (CHF million) Mortgages 189 19 208 4 39 43 251 1 Loans collateralized by securities 11 75 86 0 2 2 88 Consumer finance 225 17 242 0 1 1 243 Consumer 425 111 536 4 42 46 582 Real estate 50 16 66 0 9 9 75 Commercial and industrial loans 190 116 306 167 133 300 606 Financial institutions 88 36 124 0 3 3 127 Corporate & institutional 328 168 496 167 145 312 808 Gross impaired loans 753 279 1,032 171 187 358 1,390 1 As of the end of 2Q15 and 4Q14, CHF 96 million and CHF 80 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. |
Gross impaired loan detail | Gross impaired loan detail end of 2Q15 4Q14 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 194 182 27 205 194 27 Loans collateralized by securities 27 24 4 63 60 53 Consumer finance 225 206 131 236 217 122 Consumer 446 412 162 504 471 202 Real estate 66 62 7 68 64 7 Commercial and industrial loans 598 581 271 599 570 259 Financial institutions 131 126 70 126 120 72 Corporate & institutional 795 769 348 793 754 338 Gross impaired loans with a specific allowance 1,241 1,181 510 1,297 1,225 540 Mortgages 53 53 – 46 46 – Loans collateralized by securities 144 144 – 25 25 – Consumer finance 7 7 – 7 7 – Consumer 204 204 – 78 78 – Real estate 0 0 – 7 7 – Commercial and industrial loans 125 125 – 7 7 – Financial institutions 0 0 – 1 1 – Corporate & institutional 125 125 – 15 15 – Gross impaired loans without specific allowance 329 329 – 93 93 – Gross impaired loans 1,570 1,510 510 1,390 1,318 540 of which consumer 650 616 162 582 549 202 of which corporate & institutional 920 894 348 808 769 338 Gross impaired loan detail (continued) in 2Q15 1Q15 2Q14 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 177 1 1 180 0 0 197 1 1 Loans collateralized by securities 39 0 0 59 0 0 65 0 0 Consumer finance 225 1 1 230 0 0 223 0 0 Consumer 441 2 2 469 0 0 485 1 1 Real estate 65 0 0 65 0 0 81 0 0 Commercial and industrial loans 597 2 2 552 1 1 676 0 0 Financial institutions 147 0 0 137 1 1 119 0 0 Corporate & institutional 809 2 2 754 2 2 876 0 0 Gross impaired loans with a specific allowance 1,250 4 4 1,223 2 2 1,361 1 1 Mortgages 64 0 0 50 0 0 30 0 0 Loans collateralized by securities 42 0 0 22 0 0 40 0 0 Consumer finance 7 0 0 7 0 0 22 0 0 Consumer 113 0 0 79 0 0 92 0 0 Real estate 13 0 0 8 0 0 19 0 0 Commercial and industrial loans 35 0 0 13 0 0 12 0 0 Financial institutions 1 0 0 1 0 0 0 0 0 Corporate & institutional 49 0 0 22 0 0 31 0 0 Gross impaired loans without specific allowance 162 0 0 101 0 0 123 0 0 Gross impaired loans 1,412 4 4 1,324 2 2 1,484 1 1 of which consumer 554 2 2 548 0 0 577 1 1 of which corporate & institutional 858 2 2 776 2 2 907 0 0 Gross impaired loan detail (continued) in 6M15 6M14 Interest Interest Gross impaired loan detail (CHF million) Mortgages 179 1 1 198 1 1 Loans collateralized by securities 49 0 0 65 0 0 Consumer finance 226 1 1 226 0 0 Consumer 454 2 2 489 1 1 Real estate 65 0 0 80 0 0 Commercial and industrial loans 573 3 3 688 0 0 Financial institutions 141 1 1 124 0 0 Corporate & institutional 779 4 4 892 0 0 Gross impaired loans with a specific allowance 1,233 6 6 1,381 1 1 Mortgages 57 0 0 25 0 0 Loans collateralized by securities 32 0 0 34 0 0 Consumer finance 7 0 0 20 0 0 Consumer 96 0 0 79 0 0 Real estate 10 0 0 13 0 0 Commercial and industrial loans 24 0 0 12 0 0 Financial institutions 1 0 0 0 0 0 Corporate & institutional 35 0 0 25 0 0 Gross impaired loans without specific allowance 131 0 0 104 0 0 Gross impaired loans 1,364 6 6 1,485 1 1 of which consumer 550 2 2 568 1 1 of which corporate & institutional 814 4 4 917 0 0 |
Restructured loans held at amortized cost | Restructured loans held at amortized cost in 2Q15 1Q15 2Q14 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million) Commercial and industrial loans 2 21 21 2 71 78 2 78 56 Total 2 21 21 2 71 78 2 78 56 in 6M15 6M14 Recorded Recorded Recorded Recorded Restructured loans (CHF million) Commercial and industrial loans 4 92 99 3 107 85 Total 4 92 99 3 107 85 |
Other assets and other liabil52
Other assets and other liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other assets and other liabilities | end of 2Q15 1Q15 4Q14 2Q14 Other assets (CHF million) Cash collateral on derivative instruments 7,514 11,399 10,905 8,097 Cash collateral on non-derivative transactions 1,268 1,636 3,238 2,445 Derivative instruments used for hedging 1,370 1,589 1,539 2,100 Assets held-for-sale 24,584 25,491 26,544 20,102 of which loans 1 24,101 24,963 25,911 19,755 of which real estate 2 375 431 535 347 of which long-lived assets 108 97 98 0 Assets held for separate accounts 4,036 4,578 5,650 9,046 Interest and fees receivable 5,900 5,992 6,237 6,041 Deferred tax assets 5,154 5,768 6,077 5,557 Prepaid expenses 614 571 517 649 Failed purchases 2,409 2,870 3,138 2,996 Other 6,900 6,603 6,713 7,656 Other assets 59,749 66,497 70,558 64,689 Other liabilities (CHF million) Cash collateral on derivative instruments 15,387 15,887 17,043 12,844 Cash collateral on non-derivative transactions 1,417 839 797 740 Derivative instruments used for hedging 246 381 469 202 Provisions 1,214 1,202 1,358 2,653 of which off-balance sheet risk 70 98 103 59 Liabilities held for separate accounts 4,036 4,578 5,650 9,046 Interest and fees payable 6,004 5,352 6,531 6,055 Current tax liabilities 758 723 821 788 Deferred tax liabilities 120 74 47 423 Failed sales 1,345 1,578 1,313 1,267 Other 14,774 14,735 16,941 14,895 Other liabilities 45,301 45,349 50,970 48,913 1 Included as of the end of 2Q15, 1Q15, 4Q14 and 2Q14 were CHF 1,022 million, CHF 1,325 million, CHF 1,103 million and CHF 1,233 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 62 million, CHF 62 million, CHF 226 million and CHF 232 million, respectively, in loans held in trusts, which were consolidated as a result of failed sales under US GAAP. 2 As of the end of 2Q15, 1Q15, 4Q14 and 2Q14, real estate held-for-sale included foreclosed or repossessed real estate of CHF 58 million, CHF 62 million, CHF 169 million and CHF 196 million, respectively, of which CHF 1 million, CHF 1 million, CHF 2 million and CHF 7 million, respectively were related to residential real estate. |
Long-term debt (Tables)
Long-term debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Long-term debt | end of 2Q15 1Q15 4Q14 2Q14 Long-term debt (CHF million) Senior 146,846 137,867 139,267 108,419 Subordinated 23,837 24,836 25,179 23,551 Non-recourse liabilities from consolidated VIEs 11,972 12,975 13,452 11,857 Long-term debt 182,655 175,678 177,898 143,827 of which reported at fair value 76,517 78,390 81,166 70,217 of which structured notes 50,602 50,929 50,469 41,739 |
Schedule of Structured notes | Structured notes by product end of 2Q15 1Q15 4Q14 2Q14 Structured notes (CHF million) Equity 34,150 35,041 35,309 29,855 Fixed income 8,958 8,605 8,321 6,080 Credit 4,965 4,897 5,244 4,778 Other 2,529 2,386 1,595 1,026 Total structured notes 50,602 50,929 50,469 41,739 |
Accumulated other comprehensi54
Accumulated other comprehensive income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated other comprehensive income | Accumulated other comprehensive income/(loss) Accumu- 2Q15 (CHF million) Balance at beginning of period (23) (12,947) 74 (3,921) 431 (16,386) Increase/(decrease) 25 (1,027) (11) 6 0 (1,007) Increase/(decrease) due to equity method investments (1) 0 0 0 0 (1) Reclassification adjustments, included in net income 7 4 (1) 86 (22) 74 Total increase/(decrease) 31 (1,023) (12) 92 (22) (934) Balance at end of period 8 (13,970) 62 (3,829) 409 (17,320) 1Q15 (CHF million) Balance at beginning of period (31) (11,478) 64 (4,010) 452 (15,003) Increase/(decrease) 18 (1,471) 10 1 0 (1,442) Increase/(decrease) due to equity method investments (16) 0 0 0 0 (16) Reclassification adjustments, included in net income 6 2 0 88 (21) 75 Total increase/(decrease) 8 (1,469) 10 89 (21) (1,383) Balance at end of period (23) (12,947) 74 (3,921) 431 (16,386) 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) 6M15 (CHF million) Balance at beginning of period (31) (11,478) 64 (4,010) 452 (15,003) Increase/(decrease) 43 (2,498) (1) 7 0 (2,449) Increase/(decrease) due to equity method investments (17) 0 0 0 0 (17) Reclassification adjustments, included in net income 13 6 (1) 174 (43) 149 Total increase/(decrease) 39 (2,492) (2) 181 (43) (2,317) Balance at end of period 8 (13,970) 62 (3,829) 409 (17,320) 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) |
Details on significant reclassification adjustments | Details on significant reclassification adjustments in 2Q15 1Q15 2Q14 6M15 6M14 Reclassification adjustments, included in net income (CHF million) Actuarial gains/(losses) Amortization of recognized actuarial losses 1 110 112 50 222 100 Tax expense/(benefit) (24) (24) (12) (48) (24) Net of tax 86 88 38 174 76 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 1 (29) (28) (28) (57) (53) Tax expense 7 7 6 14 11 Net of tax (22) (21) (22) (43) (42) 1 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 2Q15 1Q15 2Q14 6M15 6M14 Common shares issued Balance at beginning of period 1,607,168,947 1,607,168,947 1,596,119,349 1,607,168,947 1,596,119,349 Issuance of common shares 31,226,399 0 11,049,598 31,226,399 11,049,598 of which share-based compensation 0 0 11,049,598 0 11,049,598 Balance at end of period 1,638,395,346 1,607,168,947 1,607,168,947 1,638,395,346 1,607,168,947 Treasury shares Balance at beginning of period (43,695,094) (7,666,658) (8,866,124) (7,666,658) (5,183,154) Sale of treasury shares 220,985,925 80,525,427 78,696,088 301,511,352 146,666,213 Repurchase of treasury shares (224,833,683) (117,313,038) (101,311,442) (342,146,721) (173,617,947) Share-based compensation 41,575,944 759,175 24,285,332 42,335,119 24,938,742 Balance at end of period (5,966,908) (43,695,094) (7,196,146) (5,966,908) (7,196,146) Common shares outstanding Balance at end of period 1,632,428,438 1 1,563,473,853 1 1,599,972,801 1 1,632,428,438 1 1,599,972,801 1 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. |
Offsetting of financial asset55
Offsetting of financial assets and financial liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Offsetting of derivatives | Offsetting of derivatives end of 2Q15 4Q14 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 115.2 110.2 257.7 250.0 OTC 153.3 147.8 213.6 210.4 Exchange-traded 0.1 0.1 0.1 0.0 Interest rate products 268.6 258.1 471.4 460.4 OTC 61.2 73.8 86.9 99.0 Exchange-traded 0.1 0.2 0.1 0.2 Foreign exchange products 61.3 74.0 87.0 99.2 OTC 13.9 15.4 14.8 15.0 Exchange-traded 12.4 13.5 12.4 14.0 Equity/index-related products 26.3 28.9 27.2 29.0 OTC-cleared 5.5 5.5 6.3 6.1 OTC 15.2 14.3 20.0 19.5 Credit derivatives 20.7 19.8 26.3 25.6 OTC 3.3 2.6 8.6 8.8 Exchange-traded 0.1 0.1 0.4 0.3 Other products 3.4 2.7 9.0 9.1 OTC-cleared 120.7 115.7 264.0 256.1 OTC 246.9 253.9 343.9 352.7 Exchange-traded 12.7 13.9 13.0 14.5 Total gross derivatives subject to enforceable master netting agreements 380.3 383.5 620.9 623.3 Offsetting (CHF billion) OTC-cleared (118.9) (115.4) (261.7) (255.8) OTC (225.4) (236.4) (316.4) (326.1) Exchange-traded (11.9) (13.0) (11.9) (13.1) Offsetting (356.2) (364.8) (590.0) (595.0) of which counterparty netting (333.2) (333.2) (561.6) (561.6) of which cash collateral netting (23.0) (31.6) (28.4) (33.4) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 1.8 0.3 2.3 0.3 OTC 21.5 17.5 27.5 26.6 Exchange-traded 0.8 0.9 1.1 1.4 Total net derivatives subject to enforceable master netting agreements 24.1 18.7 30.9 28.3 Total derivatives not subject to enforceable master netting agreements 1 7.3 8.0 8.6 9.1 Total net derivatives presented in the consolidated balance sheets 31.4 26.7 39.5 37.4 of which recorded in trading assets and trading liabilities 30.0 26.5 38.0 36.9 of which recorded in other assets and other liabilities 1.4 0.2 1.5 0.5 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 end of 2Q15 4Q14 Gross Offsetting Net Gross Offsetting Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 100.8 (23.9) 76.9 119.3 (28.0) 91.3 Securities borrowing transactions 24.4 (6.0) 18.4 27.8 (6.9) 20.9 Total subject to enforceable master netting agreements 125.2 (29.9) 95.3 147.1 (34.9) 112.2 Total not subject to enforceable master netting agreements 1 42.5 – 42.5 51.0 – 51.0 Total 167.7 (29.9) 137.8 2 198.1 (34.9) 163.2 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 80,636 million and CHF 104,283 million of the total net amount as of the end of 2Q15 and 4Q14, respectively, are reported at fair value. |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | Offsetting of securities sold under repurchase agreements and securities lending transactions end of 2Q15 4Q14 Gross Offsetting Net Gross Offsetting Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 58.6 (27.5) 31.1 69.9 (31.9) 38.0 Securities lending transactions 9.2 (2.4) 6.8 10.8 (3.0) 7.8 Obligation to return securities received as collateral, at fair value 21.2 0.0 21.2 18.8 0.0 18.8 Total subject to enforceable master netting agreements 89.0 (29.9) 59.1 99.5 (34.9) 64.6 Total not subject to enforceable master netting agreements 1 28.4 – 28.4 32.4 – 32.4 Total 117.4 (29.9) 87.5 131.9 (34.9) 97.0 of which securities sold under repurchase agreements and securities lending transactions 88.5 (29.9) 58.6 2 105.0 (34.9) 70.1 2 of which obligation to return securities received as collateral, at fair value 28.9 0.0 28.9 26.9 0.0 26.9 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 41,920 million and CHF 54,732 million of the total net amount as of the end of 2Q15 and 4Q14, respectively, are reported at fair value. |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets end of 2Q15 4Q14 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 24.1 5.8 0.2 18.1 30.9 6.5 0.1 24.3 Securities purchased under resale agreements 76.9 76.9 0.0 0.0 91.3 91.3 0.0 0.0 Securities borrowing transactions 18.4 18.0 0.0 0.4 20.9 20.3 0.0 0.6 Total financial assets subject to enforceable master netting agreements 119.4 100.7 0.2 18.5 143.1 118.1 0.1 24.9 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 18.7 3.4 0.0 15.3 28.3 8.5 0.0 19.8 Securities sold under repurchase agreements 31.1 31.1 0.0 0.0 38.0 38.0 0.0 0.0 Securities lending transactions 6.8 6.5 0.0 0.3 7.8 7.6 0.0 0.2 Obligation to return securities received as collateral, at fair value 21.2 20.3 0.0 0.9 18.8 18.1 0.0 0.7 Total financial liabilities subject to enforceable master netting agreements 77.8 61.3 0.0 16.5 92.9 72.2 0.0 20.7 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, 2015 | |
Reconciliation of taxes computed at the Swiss statutory rate | Tax expense reconciliation in 2Q15 CHF million Income tax expense computed at the Swiss statutory tax rate of 22% 364 Increase/(decrease) in income taxes resulting from Foreign tax rate differential 55 Changes in tax law and rates 189 Other non-deductible expenses 87 Changes in deferred tax valuation allowance (55) Lower taxed income (71) Income taxable to noncontrolling interests (4) Change in recognition of outside basis difference (19) Other 44 Income tax expense 590 |
Effective tax rate | Effective tax rate in 2Q15 1Q15 2Q14 6M15 6M14 Effective tax rate (%) 35.6 31.6 (88.7) 33.7 60.8 |
Net deferred tax assets | Net deferred tax assets end of 2Q15 1Q15 Net deferred tax assets (CHF million) Deferred tax assets 5,154 5,768 of which net operating losses 1,119 1,384 of which deductible temporary differences 4,035 4,384 Deferred tax liabilities (120) (74) Net deferred tax assets 5,034 5,694 |
Employee deferred compensation
Employee deferred compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2Q15 1Q15 2Q14 6M15 6M14 Deferred compensation expense (CHF million) Share awards 209 237 227 446 477 Performance share awards 137 167 156 304 328 Contingent Capital Awards 75 121 79 196 175 Capital Opportunity Facility awards 3 4 4 7 5 Plus Bond awards 1 5 6 7 11 17 2011 Partner Asset Facility awards 2 0 1 (1) 1 10 Adjustable Performance Plan share awards 3 0 0 (3) 0 (2) Adjustable Performance Plan cash awards 3 0 0 (11) 0 (13) Restricted Cash Awards 11 10 24 21 47 Scaled Incentive Share Units 3 0 0 (3) 0 (3) 2008 Partner Asset Facility awards 4 10 12 61 22 83 Other cash awards 90 128 98 218 226 Discontinued operations 0 0 (6) 0 (9) Total deferred compensation expense 540 686 632 1,226 1,341 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 prior to the CCA conversion. 3 Includes forfeitures and downward adjustments according to the plan terms and conditions. 4 Compensation expense mainly includes the change in underlying fair value of the indexed assets during the period. |
Additional information | Estimated unrecognized deferred compensation end of 2Q15 Estimated unrecognized compensation expense (CHF million) Share awards 972 Performance share awards 427 Contingent Capital Awards 384 Capital Opportunity Facility awards 2 Plus Bond awards 2 Restricted Cash Awards 17 Other cash awards 190 Total 1,994 Weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.2 |
Share-based award activities | Share-based award activity 2Q15 6M15 Adjustable Adjustable Share-based award activities Balance at beginning of period 118.0 79.1 7.6 0.6 77.1 48.2 7.3 0.6 Granted 0.5 0.0 0.0 0.0 42.6 30.9 0.3 1 0.0 Settled (36.1) (23.0) (7.6) 0.0 (37.2) (23.0) (7.6) 0.0 Forfeited (0.4) (0.2) 0.0 0.0 (0.5) (0.2) 0.0 0.0 Balance at end of period 82.0 55.9 0.0 0.6 82.0 55.9 0.0 0.6 of which vested 4.0 2.1 0.0 0.1 4.0 2.1 0.0 0.1 of which unvested 78.0 53.8 0.0 0.5 78.0 53.8 0.0 0.5 1 Represents additional units earned in 1Q15 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. |
Pension and other post-retire58
Pension and other post-retirement benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Components of total pension costs | Components of total benefit costs in 2Q15 1Q15 2Q14 6M15 6M14 Total benefit costs (CHF million) Service costs on benefit obligation 80 79 69 159 138 Interest costs on benefit obligation 81 80 120 161 240 Expected return on plan assets (196) (195) (181) (391) (362) Amortization of recognized prior service cost/(credit) (28) (27) (22) (55) (44) Amortization of recognized actuarial losses 110 111 50 221 100 Net periodic benefit costs 47 48 36 95 72 Settlement losses/(gains) 0 1 0 1 0 Curtailment losses/(gains) (1) (1) (7) (2) (10) Special termination benefits 3 1 4 4 7 Total benefit costs 49 49 33 98 69 |
Derivatives and hedging activ59
Derivatives and hedging activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair value of derivative instruments | Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 11,472.2 4.5 4.5 0.0 0.0 0.0 Swaps 17,335.4 216.1 208.3 53.7 2.5 1.4 Options bought and sold (OTC) 3,069.5 47.3 45.9 0.0 0.0 0.0 Futures 1,854.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 366.1 0.1 0.1 0.0 0.0 0.0 Interest rate products 34,097.8 268.0 258.8 53.7 2.5 1.4 Forwards 1,771.6 17.1 18.2 12.4 0.0 0.1 Swaps 1,188.0 32.2 43.8 0.0 0.0 0.0 Options bought and sold (OTC) 791.2 14.0 14.6 9.7 0.1 0.0 Futures 21.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 10.1 0.1 0.2 0.0 0.0 0.0 Foreign exchange products 3,782.8 63.4 76.8 22.1 0.1 0.1 Forwards 2.5 0.2 0.0 0.0 0.0 0.0 Swaps 221.7 5.9 7.6 0.0 0.0 0.0 Options bought and sold (OTC) 231.4 9.9 8.9 0.0 0.0 0.0 Futures 48.4 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 295.7 12.7 13.9 0.0 0.0 0.0 Equity/index-related products 799.7 28.7 30.4 0.0 0.0 0.0 Credit derivatives 2 1,115.0 21.2 20.8 0.0 0.0 0.0 Forwards 8.2 0.2 0.3 0.0 0.0 0.0 Swaps 23.6 2.8 2.3 0.0 0.0 0.0 Options bought and sold (OTC) 18.8 0.6 0.5 0.0 0.0 0.0 Futures 12.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.6 0.1 0.1 0.0 0.0 0.0 Other products 3 64.7 3.7 3.2 0.0 0.0 0.0 Total derivative instruments 39,860.0 385.0 390.0 75.8 2.6 1.5 The notional amount, PRV and NRV (trading and hedging) was CHF 39,935.8 billion, CHF 387.6 billion and CHF 391.5 billion, respectively, as of June 30, 2015. 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 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 11,940.2 5.3 5.6 0.0 0.0 0.0 Swaps 26,379.0 398.6 391.9 51.1 2.6 1.3 Options bought and sold (OTC) 3,582.9 66.2 63.9 0.0 0.0 0.0 Futures 1,528.4 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 589.1 0.2 0.1 0.0 0.0 0.0 Interest rate products 44,019.6 470.3 461.5 51.1 2.6 1.3 Forwards 2,132.9 32.2 33.4 14.2 0.0 0.3 Swaps 1,430.9 40.0 51.0 0.0 0.0 0.0 Options bought and sold (OTC) 1,008.4 17.2 17.7 9.5 0.0 0.1 Futures 23.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 7.9 0.1 0.2 0.0 0.0 0.0 Foreign exchange products 4,603.4 89.5 102.3 23.7 0.0 0.4 Forwards 4.2 0.7 0.1 0.0 0.0 0.0 Swaps 289.3 6.2 6.7 0.0 0.0 0.0 Options bought and sold (OTC) 236.8 10.8 9.9 0.0 0.0 0.0 Futures 46.4 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 370.9 12.7 14.3 0.0 0.0 0.0 Equity/index-related products 947.6 30.4 31.0 0.0 0.0 0.0 Credit derivatives 2 1,287.5 27.0 26.2 0.0 0.0 0.0 Forwards 17.8 0.9 0.9 0.0 0.0 0.0 Swaps 44.4 6.7 6.6 0.0 0.0 0.0 Options bought and sold (OTC) 44.6 1.7 1.8 0.0 0.0 0.0 Futures 13.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.1 0.4 0.4 0.0 0.0 0.0 Other products 3 122.2 9.7 9.7 0.0 0.0 0.0 Total derivative instruments 50,980.3 626.9 630.7 74.8 2.6 1.7 The notional amount, PRV and NRV (trading and hedging) was CHF 51,055.1 billion, CHF 629.5 billion and CHF 632.4 billion, respectively, as of December 31, 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 hedges | Fair value hedges in 2Q15 1Q15 2Q14 6M15 6M14 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (606) 47 (26) (559) (316) Foreign exchange products 0 2 2 2 2 Total (606) 49 (24) (557) (314) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 619 (42) 16 577 316 Foreign exchange products 0 (2) (2) (2) (2) Total 619 (44) 14 575 314 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion 13 5 (10) 18 0 Represents gains/(losses) recognized in trading revenues. |
Cash flow hedges | Cash flow hedges in 2Q15 1Q15 2Q14 6M15 6M14 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products (5) 59 13 54 27 Foreign exchange products 29 (50) 5 (21) 14 Total 24 9 18 33 41 Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 9 1,2 9 1 5 2 18 1,2 9 2 Foreign exchange products (16) 2,3,4 (15) 2,3,4 0 (31) 2,3,4 (1) 3 Total (7) (6) 5 (13) 8 Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portion 2 (6) 4 (1) (2) (1) 1 Included in interest and dividend income. 2 Included in trading revenues. 3 Included in other revenues. 4 Included in total other operating expenses. |
Net investment hedges | Net investment hedges in 2Q15 1Q15 2Q14 6M15 6M14 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products 321 487 (279) 808 (220) Total 321 487 (279) 808 (220) Represents gains/(losses) on effective portion. |
Credit protection sold/purchased | Credit protection sold/purchased end of 2Q15 4Q14 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (219.1) 210.2 (8.9) 29.4 2.8 (266.5) 254.0 (12.5) 32.7 4.5 Non-investment grade (86.4) 83.5 (2.9) 12.4 1.1 (103.9) 99.9 (4.0) 13.5 0.1 Total single-name instruments (305.5) 293.7 (11.8) 41.8 3.9 (370.4) 353.9 (16.5) 46.2 4.6 of which sovereign (58.6) 55.7 (2.9) 6.0 (1.4) (76.2) 73.0 (3.2) 8.6 (1.1) of which non-sovereign (246.9) 238.0 (8.9) 35.8 5.3 (294.2) 280.9 (13.3) 37.6 5.7 Multi-name instruments (CHF billion) Investment grade 2 (148.3) 146.3 (2.0) 42.8 1.6 (162.2) 159.9 (2.3) 56.2 2.2 Non-investment grade (60.1) 52.8 3 (7.3) 10.3 1.2 (53.4) 51.1 3 (2.3) 12.1 1.0 Total multi-name instruments (208.4) 199.1 (9.3) 53.1 2.8 (215.6) 211.0 (4.6) 68.3 3.2 of which sovereign (3.5) 3.5 0.0 0.9 0.0 (7.3) 7.2 (0.1) 1.1 0.0 of which non-sovereign (204.9) 195.6 (9.3) 52.2 2.8 (208.3) 203.8 (4.5) 67.2 3.2 Total instruments (CHF billion) Investment grade 2 (367.4) 356.5 (10.9) 72.2 4.4 (428.7) 413.9 (14.8) 88.9 6.7 Non-investment grade (146.5) 136.3 (10.2) 22.7 2.3 (157.3) 151.0 (6.3) 25.6 1.1 Total instruments (513.9) 492.8 (21.1) 94.9 6.7 (586.0) 564.9 (21.1) 114.5 7.8 of which sovereign (62.1) 59.2 (2.9) 6.9 (1.4) (83.5) 80.2 (3.3) 9.7 (1.1) of which non-sovereign (451.8) 433.6 (18.2) 88.0 8.1 (502.5) 484.7 (17.8) 104.8 8.9 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 end of 2Q15 4Q14 Special Special Contingent credit risk (CHF billion) Current net exposure 13.5 0.6 0.3 14.4 14.0 0.8 0.3 15.1 Collateral posted 12.8 0.6 – 13.4 12.2 0.9 – 13.1 Additional collateral required in a one-notch downgrade event 0.7 0.5 0.0 1.2 0.7 0.5 0.1 1.3 Additional collateral required in a two-notch downgrade event 1.9 0.7 0.0 2.6 2.2 0.8 0.2 3.2 |
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | Credit derivatives end of 2Q15 4Q14 Credit derivatives (CHF billion) Credit protection sold 513.9 586.0 Credit protection purchased 492.8 564.9 Other protection purchased 94.9 114.5 Other instruments 1 13.4 22.1 Total credit derivatives 1,115.0 1,287.5 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 Maturity Maturity Maturity 2Q15 (CHF billion) Single-name instruments 62.8 210.7 32.0 305.5 Multi-name instruments 17.0 125.5 65.9 208.4 Total instruments 79.8 336.2 97.9 513.9 4Q14 (CHF billion) Single-name instruments 78.0 253.9 38.5 370.4 Multi-name instruments 31.2 134.3 50.1 215.6 Total instruments 109.2 388.2 88.6 586.0 |
Guarantees and commitments (Tab
Guarantees and commitments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Guarantees | Guarantees Maturity Maturity Total Total 1 2Q15 (CHF million) Credit guarantees and similar instruments 2,696 1,291 3,987 3,801 11 1,562 Performance guarantees and similar instruments 4,380 2,332 6,712 5,899 50 2,997 Securities lending indemnifications 5,965 0 5,965 5,965 0 5,965 Derivatives 2 24,683 7,884 32,567 32,567 890 – 3 Other guarantees 3,820 1,627 5,447 5,442 44 3,090 Total guarantees 41,544 13,134 54,678 53,674 995 13,614 4Q14 (CHF million) Credit guarantees and similar instruments 2,495 1,591 4,086 3,846 30 1,657 Performance guarantees and similar instruments 4,899 2,593 7,492 6,625 43 3,188 Securities lending indemnifications 12,257 0 12,257 12,257 0 12,257 Derivatives 2 24,599 8,959 33,558 33,558 954 – 3 Other guarantees 3,592 1,421 5,013 5,007 44 2,805 Total guarantees 47,842 14,564 62,406 61,293 1,071 19,907 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, 2015 (USD billion) Government-sponsored enterprises 8.2 Private investors 1 27.4 Non-agency securitizations 140.6 2 Total residential mortgage loans sold 176.2 1 Primarily banks. 2 Of the total residential mortgage loans sold to non-agency securitizations USD 27.7 billion were outstanding as of the end of 2Q15. The difference of the total balance of mortgage loans sold and the outstanding balance as of the end of 2Q15 is attributable to borrower payments of USD 93.1 billion and losses of USD 19.8 billion due to loan defaults. |
Residential mortgage loans sold - outstanding repurchase claims | Residential mortgage loans sold – outstanding repurchase claims 2Q15 1Q15 Government- Non-agency Government- Non-agency Outstanding repurchase claims (USD million) Balance at beginning of period 13 5 83 101 13 4 83 100 New claims 0 1 0 1 0 1 0 1 Claims settled through repurchases 0 (1) 0 (1) 1 0 0 0 0 1 Other settlements 0 0 0 0 2 0 0 0 0 2 Total claims settled 0 (1) 0 (1) 0 0 0 0 Claims rescinded 0 0 0 0 0 0 0 0 Transfers to/from arbitration and litigation, net 3 0 0 0 0 0 0 0 0 Balance at end of period 13 5 83 101 13 5 83 101 2Q14 Government- Non-agency Outstanding repurchase claims (USD million) Balance at beginning of period 69 418 83 570 New claims 3 0 314 317 Claims settled through repurchases 0 0 0 0 1 Other settlements (1) (415) 0 (416) 2 Total claims settled (1) (415) 0 (416) Claims rescinded (4) 0 0 (4) Transfers to/from arbitration and litigation, net 3 0 0 (314) (314) Balance at end of period 67 3 83 153 1 Settled at a repurchase price of USD 2 million, USD 0 million and USD 0 million in 2Q15, 1Q15 and 2Q14, respectively. 2 Settled at USD 0 million, USD 0 million and USD 59 million in 2Q15, 1Q15 and 2Q14, respectively. 3 Refer to "Note 29 – Litigation" for repurchase claims that are in arbitration or litigation. Residential mortgage loans sold – outstanding repurchase claims (continued) 6M15 6M14 Government- Non-agency Government- Non-agency Outstanding repurchase claims (USD million) Balance at beginning of period 13 4 83 100 77 420 83 580 New claims 0 2 0 2 9 1 320 330 Claims settled through repurchases 0 (1) 0 (1) 1 0 0 0 0 1 Other settlements 0 0 0 0 2 (4) (416) (5) (425) 2 Total claims settled 0 (1) 0 (1) (4) (416) (5) (425) Claims rescinded 0 0 0 0 (15) 0 0 (15) Transfers to/from arbitration and litigation, net 3 0 0 0 0 0 (2) (315) (317) Balance at end of period 13 5 83 101 67 3 83 153 1 Settled at a repurchase price of USD 2 million and USD 0 million in 6M15 and 6M14, respectively. 2 Settled at USD 0 million and USD 66 million in 6M15 and 6M14, 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 2Q15 1Q15 2Q14 6M15 6M14 Provisions for outstanding repurchase claims (USD million) 1 Balance at beginning of period 1 6 136 6 146 Increase/(decrease) in provisions, net 2 (5) (17) (3) (20) Realized losses 2, 3 (2) 0 (59) (2) (66) Balance at end of period 4 1 1 60 1 60 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 government-sponsored enterprises. |
Other commitments | Other commitments end of 2Q15 4Q14 Maturity Maturity Total Total 1 Maturity Maturity Total Total 1 Other commitments (CHF million) Irrevocable commitments under documentary credits 3,855 13 3,868 3,761 2,339 4,722 12 4,734 4,575 2,769 Irrevocable loan commitments 2 34,601 89,893 124,494 120,284 64,762 30,023 90,267 120,290 115,502 56,959 Forward reverse repurchase agreements 936 0 936 936 936 8,292 0 8,292 8,292 8,292 Other commitments 756 854 1,610 1,610 0 736 1,034 1,770 1,770 0 Total other commitments 40,148 90,760 130,908 126,591 68,037 43,773 91,313 135,086 130,139 68,020 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 103,093 million and CHF 100,905 million of unused credit limits as of the end of 2Q15 and 4Q14, respectively, which were revocable at the Group's sole discretion upon notice to the client. |
Transfers of financial assets61
Transfers of financial assets and variable interest entities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Securitizations | Securitizations in 6M15 6M14 Gains and cash flows (CHF million) CMBS Net gain/(loss) 1 (2) 3 Proceeds from transfer of assets 5,252 1,581 Cash received on interests that continue to be held 74 53 RMBS Net gain 1 4 14 Proceeds from transfer of assets 8,416 10,842 Purchases of previously transferred financial assets or its underlying collateral 0 (4) Servicing fees 1 1 Cash received on interests that continue to be held 204 206 Other asset-backed financings Net gain 1 11 15 Proceeds from transfer of assets 636 964 Cash received on interests that continue to be held 3 4 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. |
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 2Q15 4Q14 CHF million CMBS Principal amount outstanding 37,016 41,216 Total assets of SPE 50,384 53,354 RMBS Principal amount outstanding 44,641 49,884 Total assets of SPE 44,963 50,017 Other asset-backed financings Principal amount outstanding 22,734 26,176 Total assets of SPE 22,760 26,176 Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties. |
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | Key economic assumptions used in measuring fair value of beneficial interests at time of transfer at time of transfer, in 6M15 6M14 CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 997 1,018 566 1,865 of which level 2 975 826 501 1,720 of which level 3 22 192 65 145 Weighted-average life, in years 8.9 8.6 3.6 4.6 Prepayment speed assumption (rate per annum), in % 1 – 2 4.5 – 27.7 – 2 1.5 – 23.0 Cash flow discount rate (rate per annum), in % 3 2.0 – 5.7 1.7 – 13.6 1.0 – 11.0 2.0 – 17.0 Expected credit losses (rate per annum), in % 0.7 – 3.4 0.5 – 12.5 1.0 – 2.0 2.6 – 14.0 Transfers of assets in which the Group does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100 % prepayment assumption assumes a prepayment rate of 0.2 % per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. |
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | Key economic assumptions used in measuring fair value of beneficial interests held in SPEs end of 2Q15 4Q14 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 1,297 2,167 92 1,168 2,394 212 of which non-investment grade 51 284 63 79 246 146 Weighted-average life, in years 7.2 9.4 2.1 5.6 7.8 3.6 Prepayment speed assumption (rate per annum), in % 3 – 1.0 – 38.8 – – 1.0 – 36.6 – Impact on fair value from 10% adverse change – (30.5) – – (29.2) – Impact on fair value from 20% adverse change – (58.5) – – (56.4) – Cash flow discount rate (rate per annum), in % 4 1.2 – 22.8 0.6 – 27.2 5.3 – 21.2 1.6 – 22.3 1.7 – 44.0 0.3 – 21.2 Impact on fair value from 10% adverse change (24.3) (55.6) (0.9) (14.0) (43.8) (1.2) Impact on fair value from 20% adverse change (48.0) (108.0) (1.9) (27.4) (85.3) (2.4) Expected credit losses (rate per annum), in % 0.7 – 22.3 0.1 – 24.5 0.1 – 12.4 1.0 – 22.2 0.0 – 41.7 1.4 – 13.1 Impact on fair value from 10% adverse change (7.7) (26.7) (0.9) (7.1) (25.3) (0.4) Impact on fair value from 20% adverse change (15.5) (52.1) (1.8) (14.0) (49.4) (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 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6 % per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR . 4 The rate was based on the weighted-average yield on the beneficial interests. |
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2Q15 4Q14 CHF million CMBS Other assets 22 26 Liability to SPE, included in Other liabilities (22) (26) Other asset-backed financings Trading assets 400 138 Other assets 229 252 Liability to SPE, included in Other liabilities (629) (390) |
Transfer of financial assets accounted for as sales | Transfer of financial assets accounted for as sales – by transaction type at date of Gross cash 1 1 2Q15 (CHF million) Sales with total return swaps 101 100 92 – 7 Sales with longevity swaps 308 378 367 508 – Total transactions outstanding 409 478 459 508 2 7 3 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 Gross derivative assets of CHF 508 million in other products, as disclosed in Note 24 – Derivatives and hedging activities. 3 Gross derivative liabilities of CHF 7 million in equity/index-related products, as disclosed in Note 24 – Derivatives and hedging activities. |
Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2Q15 CHF billion Government debt securities 29.1 Corporate debt securities 19.6 Asset-backed securities 21.9 Equity securities 6.3 Other 0.3 Securities sold under repurchase agreements 77.2 Government debt securities 2.9 Corporate debt securities 0.3 Equity securities 7.9 Other 0.2 Securities lending transactions 11.3 Government debt securities 0.2 Corporate debt securities 0.3 Equity securities 28.4 Obligation to return securities received as collateral, at fair value 28.9 Total 117.4 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 30 days More than 2Q15 (CHF billion) Securities sold under repurchase agreements 11.7 31.4 13.6 20.5 77.2 Securities lending transactions 4.8 4.7 0.4 1.4 11.3 Obligation to return securities received as collateral, at fair value 26.6 2.3 0.0 0.0 28.9 Total 43.1 38.4 14.0 21.9 117.4 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. |
Consolidated VIEs in which the Group was primary beneficiary | Consolidated VIEs in which the Group was the primary beneficiary Financial intermediation CP Securi- 2Q15 (CHF million) Cash and due from banks 1,149 0 80 134 86 21 1,470 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 197 0 0 0 0 197 Trading assets 685 48 0 1,196 975 490 3,394 Investment securities 0 0 925 0 0 0 925 Other investments 0 0 0 0 1,496 408 1,904 Net loans 0 444 0 0 22 200 666 Premises and equipment 0 0 0 0 414 0 414 Other assets 9,312 126 2,473 1 100 2,160 14,172 of which loans held-for-sale 9,269 0 1,349 0 16 258 10,892 Total assets of consolidated VIEs 11,146 815 3,478 1,331 3,093 3,279 23,142 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 0 0 3 0 0 3 Trading liabilities 6 0 0 0 19 3 28 Short-term borrowings 0 8,722 748 0 0 0 9,470 Long-term debt 10,894 0 745 224 100 9 11,972 Other liabilities 40 14 600 1 130 870 1,655 Total liabilities of consolidated VIEs 10,940 8,736 2,093 228 249 882 23,128 4Q14 (CHF million) Cash and due from banks 1,122 0 16 187 109 59 1,493 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 660 0 0 0 0 660 Trading assets 615 57 250 1,715 867 757 4,261 Other investments 0 0 0 30 1,651 424 2,105 Net loans 0 12 0 0 24 209 245 Premises and equipment 0 0 0 0 452 0 452 Other assets 8,726 262 4,741 3 197 2,205 16,134 of which loans held-for-sale 8,689 0 3,500 0 24 356 12,569 Total assets of consolidated VIEs 10,463 991 5,007 1,935 3,300 3,654 25,350 Customer deposits 0 0 0 0 0 3 3 Trading liabilities 6 0 0 0 23 6 35 Short-term borrowings 0 9,384 0 0 0 0 9,384 Long-term debt 10,318 18 2,418 216 99 383 13,452 Other liabilities 27 29 573 124 146 829 1,728 Total liabilities of consolidated VIEs 10,351 9,431 2,991 340 268 1,221 24,602 |
Non-consolidated VIEs | Non-consolidated VIEs Financial intermediation Securi- 2Q15 (CHF million) Trading assets 147 5,454 923 467 273 7,264 Net loans 33 1,987 2,854 2,346 1,511 8,731 Other assets 0 4 23 0 165 192 Total variable interest assets 180 7,445 3,800 2,813 1,949 16,187 Maximum exposure to loss 180 13,317 3,866 8,753 2,917 29,033 Non-consolidated VIE assets 6,145 98,029 59,645 37,387 31,866 233,072 4Q14 (CHF million) Trading assets 179 5,009 1,201 494 625 7,508 Net loans 211 2,252 3,213 1,651 1,544 8,871 Other assets 0 4 20 0 189 213 Total variable interest assets 390 7,265 4,434 2,145 2,358 16,592 Maximum exposure to loss 752 12,775 4,589 7,326 2,358 27,800 Non-consolidated VIE assets 8,604 120,157 56,413 38,818 23,360 247,352 |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis Netting 1 Assets (CHF million) Cash and due from banks 0 240 0 – 240 Interest-bearing deposits with banks 0 2 0 – 2 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 80,490 146 – 80,636 Debt 112 471 0 – 583 of which corporates 0 297 0 – 297 Equity 28,208 60 0 – 28,268 Securities received as collateral 28,320 531 0 – 28,851 Debt 27,505 52,170 3,696 – 83,371 of which foreign governments 27,334 4,218 314 – 31,866 of which corporates 16 18,241 1,243 – 19,500 of which RMBS 0 22,358 585 – 22,943 of which CMBS 0 4,467 158 – 4,625 of which CDO 0 2,849 1,195 – 4,044 Equity 73,447 5,191 1,688 – 80,326 Derivatives 6,755 373,381 4,856 (354,997) 29,995 of which interest rate products 1,486 265,363 1,141 – – of which foreign exchange products 185 62,869 372 – – of which equity/index-related products 5,081 22,685 938 – – of which credit derivatives 0 19,874 1,292 – – Other 2,513 5,586 3,897 – 11,996 Trading assets 110,220 436,328 14,137 (354,997) 205,688 Debt 2,090 1,044 145 – 3,279 of which foreign governments 1,796 0 0 – 1,796 of which corporates 0 254 0 – 254 of which RMBS 0 542 145 – 687 of which CMBS 0 246 0 – 246 Equity 2 86 3 – 91 Investment securities 2,092 1,130 148 – 3,370 Private equity 0 0 1,094 – 1,094 of which equity funds 0 0 459 – 459 Hedge funds 0 104 237 – 341 of which debt funds 0 69 232 – 301 Other equity investments 5 83 1,471 – 1,559 of which private 0 83 1,469 – 1,552 Life finance instruments 0 2 1,625 – 1,627 Other investments 5 189 4,427 – 4,621 Loans 0 11,509 8,269 – 19,778 of which commercial and industrial loans 0 5,784 5,306 – 11,090 of which financial institutions 0 3,906 1,820 – 5,726 Other intangible assets (mortgage servicing rights) 0 0 81 – 81 Other assets 1,958 21,702 5,653 (1,169) 28,144 of which loans held-for-sale 0 15,565 5,291 – 20,856 Total assets at fair value 142,595 552,121 32,861 (356,166) 371,411 Less other investments - equity at fair value attributable to noncontrolling interests (4) (38) (661) – (703) Less assets consolidated under ASU 2009-17 2 0 (8,254) (2,929) – (11,183) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 142,591 543,829 29,271 (356,166) 359,525 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) Netting 1 Liabilities (CHF million) Due to banks 0 635 0 – 635 Customer deposits 0 3,917 58 – 3,975 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 41,920 0 – 41,920 Debt 112 471 0 – 583 of which corporates 0 297 0 – 297 Equity 28,208 60 0 – 28,268 Obligation to return securities received as collateral 28,320 531 0 – 28,851 Debt 10,486 4,257 21 – 14,764 of which foreign governments 10,421 832 0 – 11,253 of which corporates 15 3,211 21 – 3,247 Equity 17,974 98 5 – 18,077 Derivatives 6,730 378,879 4,387 (363,447) 26,549 of which interest rate products 1,476 256,415 897 – – of which foreign exchange products 174 76,307 285 – – of which equity/index-related products 5,072 24,218 1,151 – – of which credit derivatives 0 19,349 1,457 – – Trading liabilities 35,190 383,234 4,413 (363,447) 59,390 Short-term borrowings 0 4,038 218 – 4,256 Long-term debt 0 62,670 13,847 – 76,517 of which treasury debt over two years 0 6,064 0 – 6,064 of which structured notes over two years 0 32,913 9,563 – 42,476 of which non-recourse liabilities 0 9,185 2,785 – 11,970 Other liabilities 0 13,368 2,070 (1,262) 14,176 of which failed sales 0 801 514 – 1,315 Total liabilities at fair value 63,510 510,313 20,606 (364,709) 229,720 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) Netting 1 Assets (CHF million) Cash and due from banks 0 304 0 – 304 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 104,206 77 – 104,283 Debt 121 781 0 – 902 of which corporates 0 745 0 – 745 Equity 25,908 44 0 – 25,952 Securities received as collateral 26,029 825 0 – 26,854 Debt 31,937 57,989 4,465 – 94,391 of which foreign governments 31,708 4,869 454 – 37,031 of which corporates 28 22,493 1,435 – 23,956 of which RMBS 0 22,150 612 – 22,762 of which CMBS 0 5,293 257 – 5,550 of which CDO 0 3,185 1,421 – 4,606 Equity 86,333 6,395 1,566 – 94,294 Derivatives 4,467 615,639 6,823 (588,917) 38,012 of which interest rate products 1,616 466,890 1,803 – – of which foreign exchange products 118 89,101 301 – – of which equity/index-related products 2,711 26,644 1,063 – – of which credit derivatives 0 24,451 2,569 – – Other 2,986 7,122 4,326 – 14,434 Trading assets 125,723 687,145 17,180 (588,917) 241,131 Debt 2,368 315 0 – 2,683 of which foreign governments 2,066 0 0 – 2,066 of which corporates 0 313 0 – 313 Equity 2 103 3 – 108 Investment securities 2,370 418 3 – 2,791 Private equity 0 0 1,286 – 1,286 of which equity funds 0 0 585 – 585 Hedge funds 0 219 314 – 533 of which debt funds 0 181 302 – 483 Other equity investments 77 75 1,849 – 2,001 of which private 0 70 1,850 – 1,920 Life finance instruments 0 0 1,834 – 1,834 Other investments 77 294 5,283 – 5,654 Loans 0 13,560 9,353 – 22,913 of which commercial and industrial loans 0 5,816 5,853 – 11,669 of which financial institutions 0 6,227 1,494 – 7,721 Other intangible assets (mortgage servicing rights) 0 0 70 – 70 Other assets 2,457 23,489 7,468 (1,094) 32,320 of which loans held-for-sale 0 16,107 6,851 – 22,958 Total assets at fair value 156,656 830,241 39,434 (590,011) 436,320 Less other investments - equity at fair value attributable to noncontrolling interests (75) (133) (821) – (1,029) Less assets consolidated under ASU 2009-17 2 0 (9,123) (3,155) – (12,278) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 156,581 820,985 35,458 (590,011) 423,013 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) Netting 1 Liabilities (CHF million) Due to banks 0 823 0 – 823 Customer deposits 0 3,161 100 – 3,261 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 54,732 0 – 54,732 Debt 121 781 0 – 902 of which corporates 0 745 0 – 745 Equity 25,908 44 0 – 25,952 Obligation to return securities received as collateral 26,029 825 0 – 26,854 Debt 11,678 4,914 1 – 16,593 of which foreign governments 11,530 757 0 – 12,287 of which corporates 21 3,917 1 – 3,939 Equity 19,060 122 2 – 19,184 Derivatives 4,594 619,787 6,414 (593,917) 36,878 of which interest rate products 1,585 458,894 1,202 – – of which foreign exchange products 234 101,461 560 – – of which equity/index-related products 2,744 26,746 1,466 – – of which credit derivatives 0 23,479 2,760 – – Trading liabilities 35,332 624,823 6,417 (593,917) 72,655 Short-term borrowings 0 3,766 95 – 3,861 Long-term debt 0 66,558 14,608 – 81,166 of which treasury debt over two years 0 8,616 0 – 8,616 of which structured notes over two years 0 31,083 10,267 – 41,350 of which non-recourse liabilities 0 10,126 2,952 – 13,078 Other liabilities 0 14,795 3,363 (1,220) 16,938 of which failed sales 0 652 616 – 1,268 Total liabilities at fair value 61,361 769,483 24,583 (595,137) 260,290 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 in 6M15 6M14 Transfers Transfers Transfers Transfers Assets (CHF million) Debt 54 46 400 11 Equity 380 491 409 78 Derivatives 3,290 23 4,693 1 Trading assets 3,724 560 5,502 90 Liabilities (CHF million) Debt 88 21 312 0 Equity 53 82 129 81 Derivatives 3,310 80 4,746 19 Trading liabilities 3,451 183 5,187 100 |
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 1 1 Foreign Assets (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 77 0 0 0 0 74 0 0 0 0 0 (5) 146 Debt 4,465 434 (681) 1,288 (1,665) 0 0 (5) 208 0 0 (348) 3,696 of which corporates 1,435 114 (131) 495 (677) 0 0 (4) 157 0 0 (146) 1,243 of which RMBS 612 259 (300) 476 (483) 0 0 (2) 58 0 0 (35) 585 of which CMBS 257 20 (47) 139 (169) 0 0 2 (31) 0 0 (13) 158 of which CDO 1,421 17 (161) 158 (203) 0 0 (1) 42 0 0 (78) 1,195 Equity 1,566 114 (273) 603 (296) 0 0 13 53 0 0 (92) 1,688 Derivatives 6,823 1,130 (593) 0 0 848 (2,786) (27) (172) 0 2 (369) 4,856 of which interest rate products 1,803 23 (198) 0 0 281 (364) (6) (301) 0 0 (97) 1,141 of which equity/index-related products 1,063 306 (91) 0 0 191 (503) 2 26 0 2 (58) 938 of which credit derivatives 2,569 656 (304) 0 0 170 (1,472) (24) (181) 0 0 (122) 1,292 Other 4,326 707 (540) 2,464 (2,871) 0 (116) 6 155 0 0 (234) 3,897 Trading assets 17,180 2,385 (2,087) 4,355 (4,832) 848 (2,902) (13) 244 0 2 (1,043) 14,137 Investment securities 3 0 (65) 215 (2) 0 (8) 7 1 0 0 (3) 148 Equity 3,449 0 (5) 116 (503) 0 0 0 3 0 (36) (222) 2,802 Life finance instruments 1,834 0 0 100 (163) 0 0 0 (45) 0 0 (101) 1,625 Other investments 5,283 0 (5) 216 (666) 0 0 0 (42) 0 (36) (323) 4,427 Loans 9,353 631 (750) 334 (665) 1,295 (1,391) 0 (5) 0 13 (546) 8,269 of which commercial and industrial loans 5,853 360 (154) 12 (502) 825 (763) 0 23 0 5 (353) 5,306 of which financial institutions 1,494 240 (132) 26 (21) 452 (132) 0 (28) 0 8 (87) 1,820 Other intangible assets (mortgage servicing rights) 70 0 0 10 0 0 0 0 6 0 0 (5) 81 Other assets 7,468 1,260 (2,460) 2,880 (2,359) 478 (960) (2) (131) 0 (13) (508) 5,653 of which loans held-for-sale 2 6,851 1,259 (2,415) 2,832 (2,242) 478 (960) 1 (21) 0 (13) (479) 5,291 Total assets at fair value 39,434 4,276 (5,367) 8,010 (8,524) 2,695 (5,261) (8) 73 0 (34) (2,433) 32,861 Liabilities (CHF million) Customer deposits 100 15 (20) 0 0 0 (28) 0 0 0 0 (9) 58 Trading liabilities 6,417 971 (1,039) 37 (18) 588 (2,054) 27 (175) (2) 1 (340) 4,413 of which interest rate derivatives 1,202 27 (233) 0 0 95 (142) (3) 17 0 1 (67) 897 of which foreign exchange derivatives 560 2 0 0 0 3 (43) 0 (210) 0 0 (27) 285 of which equity/index-related derivatives 1,466 44 (468) 0 0 129 (190) 43 214 0 0 (87) 1,151 of which credit derivatives 2,760 766 (332) 0 0 164 (1,567) (13) (188) (2) 0 (131) 1,457 Short-term borrowings 95 49 (10) 0 0 175 (90) 0 7 0 0 (8) 218 Long-term debt 14,608 1,189 (2,724) 0 0 4,926 (3,108) 6 (185) 0 0 (865) 13,847 of which structured notes over two years 10,267 454 (1,901) 0 0 3,688 (2,209) 8 (125) 0 0 (619) 9,563 of which non-recourse liabilities 2,952 626 (655) 0 0 552 (470) (2) (52) 0 0 (166) 2,785 Other liabilities 3,363 45 (1,129) 104 (72) 0 (178) 0 (83) 7 214 (201) 2,070 of which failed sales 616 4 (4) 91 (46) 0 0 2 (115) 0 0 (34) 514 Total liabilities at fair value 24,583 2,269 (4,922) 141 (90) 5,689 (5,458) 33 (436) 5 215 (1,423) 20,606 Net assets/(liabilities) at fair value 14,851 2,007 (445) 7,869 (8,434) (2,994) 197 (41) 509 (5) (249) (1,010) 12,255 1 For all transfers to level 3 or out of level 3, the Group determines and discloses as level 3 events only gains or losses through the last day of the reporting period. 2 Includes unrealized losses recorded in trading revenues of CHF (129) 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 1 1 Foreign 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 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. |
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) in 6M15 6M14 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues 468 (254) 214 1 500 167 667 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (464) (62) (526) (528) 74 (454) 1 Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. |
Quantitative information about level 3 assets and liabilities at fair value | Quantitative information about level 3 assets at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 146 Discounted cash flow Funding spread, in bp 350 475 361 Debt 3,696 of which corporates 1,243 of which 227 Option model Correlation, in % (88) 97 16 Buyback probability, in % 2 50 100 59 of which 377 Market comparable Price, in % 0 120 58 of which 446 Discounted cash flow Credit spread, in bp 16 700 370 of which RMBS 585 Discounted cash flow Discount rate, in % 0 39 9 Prepayment rate, in % 0 28 6 Default rate, in % 0 21 4 Loss severity, in % 0 100 58 of which CMBS 158 Discounted cash flow Capitalization rate, in % 7 8 7 Discount rate, in % 3 38 13 Prepayment rate, in % 0 15 8 Default rate, in % 0 30 2 Loss severity, in % 0 35 8 of which CDO 1,195 of which 18 Vendor price Price, in % 0 100 97 of which 288 Discounted cash flow Discount rate, in % 0 33 10 Prepayment rate, in % 0 20 14 Credit spread, in bp 142 173 152 Default rate, in % 0 8 3 Loss severity, in % 0 100 39 of which 761 Market comparable Price, in % 214 214 214 Equity 1,688 of which 252 Option model Volatility, in % 2 237 28 of which 697 Market comparable EBITDA multiple 3 13 9 Price, in % 0 166 9 of which 7 Discounted cash flow Capitalization rate, in % 7 7 7 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) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 4,856 of which interest rate products 1,141 Option model Correlation, in % 14 100 74 Prepayment rate, in % 1 30 15 Volatility skew, in % (9) 1 (4) Mean reversion, in % 2 5 10 10 Credit spread, in bp 158 2,063 350 of which equity/index-related products 938 of which 824 Option model Correlation, in % (88) 97 16 Volatility, in % 0 237 26 of which 84 Market comparable EBITDA multiple 4 10 7 Price, in % 111 114 111 of which credit derivatives 1,292 Discounted cash flow Credit spread, in bp 1 22,911 8,042 Recovery rate, in % 0 70 22 Discount rate, in % 1 47 20 Default rate, in % 0 45 6 Loss severity, in % 10 100 64 Correlation, in % 43 97 80 Prepayment rate, in % 0 12 4 Funding spread, in bp 51 125 68 Other 3,897 of which 2,928 Market comparable Price, in % 0 103 47 of which 875 Discounted cash flow Market implied life expectancy, in years 3 19 8 Trading assets 14,137 Investment securities 148 – – – – – Private equity 1,094 – 3 – 3 – 3 – 3 – 3 Hedge funds 237 – 3 – 3 – 3 – 3 – 3 Other equity investments 1,471 of which private 1,469 of which 296 Discounted cash flow Contingent probability, in % 69 69 69 of which 954 – 3 – 3 – 3 – 3 – 3 Life finance instruments 1,625 Discounted cash flow Market implied life expectancy, in years 2 20 8 Other investments 4,427 Loans 8,269 of which commercial and industrial loans 5,306 of which 4,185 Discounted cash flow Credit spread, in bp 20 2,684 517 of which 856 Market comparable Price, in % 0 106 63 of which financial institutions 1,820 of which 1,553 Discounted cash flow Credit spread, in bp 44 813 305 of which 61 Market comparable Price, in % 100 101 100 Other intangible assets (mortgage servicing rights) 81 – – – – – Other assets 5,653 of which loans held-for-sale 5,291 of which 2,727 Vendor price Price, in % 0 170 99 of which 728 Discounted cash flow Credit spread, in bp 77 2,063 488 Recovery rate, in % 1 38 34 of which 1,386 Market comparable Price, in % 0 104 68 Total level 3 assets at fair value 32,861 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 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) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 77 Discounted cash flow Funding spread, in bp 350 350 350 Debt 4,465 of which corporates 1,435 of which 201 Option model Correlation, in % (88) 97 17 Buyback probability, in % 2 50 100 68 of which 180 Market comparable Price, in % 0 124 67 of which 1,051 Discounted cash flow Credit spread, in bp 9 1,644 361 of which RMBS 612 Discounted cash flow Discount rate, in % 1 31 9 Prepayment rate, in % 0 29 8 Default rate, in % 1 19 3 Loss severity, in % 0 100 50 of which CMBS 257 Discounted cash flow Capitalization rate, in % 7 10 8 Discount rate, in % 0 28 9 Prepayment rate, in % 0 20 12 Default rate, in % 0 21 1 Loss severity, in % 0 35 3 of which CDO 1,421 of which 89 Vendor price Price, in % 0 100 95 of which 286 Discounted cash flow Discount rate, in % 3 23 7 Prepayment rate, in % 0 20 17 Default rate, in % 0 7 2 Loss severity, in % 3 100 35 of which 837 Market comparable Price, in % 93 196 191 Equity 1,566 of which 765 Market comparable EBITDA multiple 3 13 9 Price, in % 1 163 51 of which 26 Discounted cash flow Capitalization rate, in % 7 7 7 Discount rate, in % 15 15 15 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) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 6,823 of which interest rate products 1,803 Option model Correlation, in % 9 100 76 Prepayment rate, in % 0 33 24 Volatility skew, in % (9) 3 (1) Mean reversion, in % 2 5 10 10 Credit spread, in bp 229 1,218 1,046 of which equity/index-related products 1,063 Option model Correlation, in % (88) 97 8 Volatility, in % 0 276 27 of which credit derivatives 2,569 Discounted cash flow Credit spread, in bp 1 6,087 614 Recovery rate, in % 0 75 20 Discount rate, in % 1 38 18 Default rate, in % 1 43 7 Loss severity, in % 10 100 65 Correlation, in % 46 97 83 Prepayment rate, in % 0 9 4 Funding spread, in bp 51 106 80 Other 4,326 of which 3,493 Market comparable Price, in % 0 104 50 of which 770 Discounted cash flow Market implied life expectancy, in years 3 20 9 Trading assets 17,180 Investment securities 3 – – – – – Private equity 1,286 – 3 – 3 – 3 – 3 – 3 Hedge funds 314 – 3 – 3 – 3 – 3 – 3 Other equity investments 1,849 of which private 1,850 of which 337 Discounted cash flow Contingent probability, in % 69 69 69 of which 1,051 – 3 – 3 – 3 – 3 – 3 Life finance instruments 1,834 Discounted cash flow Market implied life expectancy, in years 2 21 8 Other investments 5,283 Loans 9,353 of which commercial and industrial loans 5,853 of which 5,011 Discounted cash flow Credit spread, in bp 34 2,528 462 Recovery rate, in % 0 100 68 of which 650 Market comparable Price, in % 0 100 82 of which financial institutions 1,494 Discounted cash flow Credit spread, in bp 60 813 304 Other intangible assets (mortgage servicing rights) 70 – – – – – Other assets 7,468 of which loans held-for-sale 6,851 of which 2,654 Vendor price Price, in % 0 109 99 of which 1,321 Discounted cash flow Credit spread, in bp 146 2,047 334 Recovery rate, in % 1 39 30 of which 2,430 Market comparable Price, in % 0 100 67 Total level 3 assets at fair value 39,434 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 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 Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 58 – – – – – Trading liabilities 4,413 of which interest rate derivatives 897 Option model Basis spread, in bp (9) 84 48 Correlation, in % 14 100 81 Mean reversion, in % 2 5 10 9 Prepayment rate, in % 1 30 9 Gap risk, in % 3 20 20 20 of which foreign exchange derivatives 285 Option model Correlation, in % (10) 70 54 Prepayment rate, in % 23 30 26 of which equity/index-related derivatives 1,151 of which 1,054 Option model Correlation, in % (88) 97 16 Skew, in % 42 208 116 Volatility, in % 1 237 24 Buyback probability, in % 4 50 100 59 of which 23 Market comparable Price, in % 111 111 111 of which credit derivatives 1,457 Discounted cash flow Credit spread, in bp 1 22,911 5,669 Discount rate, in % 1 47 19 Default rate, in % 0 45 6 Recovery rate, in % 15 75 38 Loss severity, in % 10 100 64 Correlation, in % 14 95 52 Funding spread, in bp 51 125 68 Prepayment rate, in % 0 12 4 Short-term borrowings 218 – – – – – Long-term debt 13,847 of which structured notes over two years 9,563 of which 8,094 Option model Correlation, in % (88) 99 16 Volatility, in % 2 237 27 Buyback probability, in % 4 50 100 59 Gap risk, in % 3 0 4 1 of which 388 Discounted cash flow Credit spread, in bp 143 173 168 of which non-recourse liabilities 2,785 of which 2,747 Vendor price Price, in % 0 170 99 of which 38 Market comparable Price, in % 0 100 10 Other liabilities 2,070 of which failed sales 514 of which 292 Market comparable Price, in % 0 100 88 of which 215 Discounted cash flow Credit spread, in bp 345 2,063 1,372 Discount rate, in % 6 17 11 Recovery rate, in % 38 38 38 Total level 3 liabilities at fair value 20,606 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) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 100 – – – – – Trading liabilities 6,417 of which interest rate derivatives 1,202 Option model Basis spread, in bp (11) 85 44 Correlation, in % 9 100 78 Mean reversion, in % 2 5 10 9 Prepayment rate, in % 0 33 21 Gap risk, in % 3 20 20 20 of which foreign exchange derivatives 560 Option model Correlation, in % (10) 70 50 Prepayment rate, in % 22 33 28 of which equity/index-related derivatives 1,466 Option model Correlation, in % (88) 97 17 Skew, in % 44 260 110 Volatility, in % 1 276 27 Buyback probability, in % 4 50 100 68 of which credit derivatives 2,760 Discounted cash flow Credit spread, in bp 1 6,087 508 Discount rate, in % 2 34 17 Default rate, in % 1 43 7 Recovery rate, in % 0 75 28 Loss severity, in % 10 100 65 Correlation, in % 9 94 57 Funding spread, in bp 51 82 64 Prepayment rate, in % 0 12 4 Short-term borrowings 95 – – – – – Long-term debt 14,608 of which structured notes over two years 10,267 of which 8,002 Option model Correlation, in % (88) 99 18 Volatility, in % 4 276 30 Buyback probability, in % 4 50 100 68 Gap risk, in % 3 0 3 0 of which 515 Discounted cash flow Credit spread, in bp 228 597 455 of which non-recourse liabilities 2,952 of which 2,766 Vendor price Price, in % 0 109 99 of which 90 Market comparable Price, in % 0 100 7 Other liabilities 3,363 of which failed sales 616 of which 450 Market comparable Price, in % 0 103 63 of which 124 Discounted cash flow Credit spread, in bp 852 1,286 912 Recovery rate, in % 39 39 39 Total level 3 liabilities at fair value 24,583 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. |
Fair value, unfunded commitments and term of redemption conditions | Fair value, unfunded commitments and term of redemption conditions end of 2Q15 4Q14 Unfunded Unfunded Fair value and unfunded commitments (CHF million) Debt funds 8 25 33 0 7 106 113 0 Equity funds 88 1,546 1 1,634 0 102 1,842 2 1,944 0 Equity funds sold short 0 (32) (32) 0 0 (42) (42) 0 Total funds held in trading assets and liabilities 96 1,539 1,635 0 109 1,906 2,015 0 Debt funds 227 74 301 1 296 187 483 1 Equity funds 1 0 1 0 0 0 0 0 Others 0 39 39 0 0 50 50 0 Hedge funds 228 113 3 341 1 296 237 4 533 1 Debt funds 17 0 17 18 17 0 17 15 Equity funds 459 0 459 120 585 0 585 123 Real estate funds 289 0 289 90 302 0 302 98 Others 329 0 329 138 382 0 382 158 Private equities 1,094 0 1,094 366 1,286 0 1,286 394 Equity method investments 328 45 373 0 378 43 421 0 Total funds held in other investments 1,650 158 1,808 367 1,960 280 2,240 395 Total fair value 1,746 5 1,697 6 3,443 367 7 2,069 5 2,186 6 4,255 395 7 1 43 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days , 31 % is redeemable on an annual basis with a notice period of more than 60 days , 21 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 5 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . 2 42 % of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days , 28 % is redeemable on an annual basis with a notice period of more than 60 days , 16 % is redeemable on a monthly basis with a notice period primarily of less than 30 days , and 14 % is redeemable on a quarterly basis with a notice period primarily of more than 45 days . 3 88 % 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 , 4 % is redeemable on demand with a notice period primarily of more than 60 days , 4 % is redeemable on a monthly basis with a notice period of more than 30 days , and 4 % is redeemable on an annual basis with a notice period of more than 60 days . 4 87 % 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 11 % is redeemable on an annual basis with a notice period of more than 60 days . 5 Includes CHF 497 million and CHF 612 million attributable to noncontrolling interests in 2Q15 and 4Q14, respectively. 6 Includes CHF 37 million and CHF 138 million attributable to noncontrolling interests in 2Q15 and 4Q14, respectively. 7 Includes CHF 159 million and CHF 185 million attributable to noncontrolling interests in 2Q15 and 4Q14, respectively. |
Nonrecurring fair value changes | Nonrecurring fair value changes end of 2Q15 4Q14 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 0.0 1.4 of which level 2 0.0 1.2 of which level 3 0.0 0.2 |
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 of loans and financial instruments end of 2Q15 4Q14 Aggregate Aggregate Aggregate Aggregate Loans (CHF million) Non-interest-earning loans 1,239 4,130 (2,891) 1,147 3,816 (2,669) Financial instruments (CHF million) Interest-bearing deposits with banks 2 2 0 0 0 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 80,636 80,426 210 104,283 104,027 256 Loans 19,778 20,646 (868) 22,913 23,782 (869) Other assets 1 23,256 28,802 (5,546) 26,088 33,091 (7,003) Due to banks and customer deposits (777) (742) (35) (914) (873) (41) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (41,920) (41,940) 20 (54,732) (54,661) (71) Short-term borrowings (4,256) (4,343) 87 (3,861) (3,918) 57 Long-term debt (76,517) (78,343) 1,826 (81,166) (81,322) 156 Other liabilities (1,315) (2,842) 1,527 (1,268) (2,767) 1,499 1 Primarily loans held-for-sale. |
Gains and losses on financial instruments | Gains and losses on financial instruments in 6M15 6M14 Net Net Financial instruments (CHF million) Interest-bearing deposits with banks 1 1 0 1 of which related to credit risk (1) (1) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 640 1 472 1 Other investments (37) 2 202 3 of which related to credit risk (2) 3 Loans 442 1 531 1 of which related to credit risk 45 70 Other assets 355 1 952 1 of which related to credit risk (64) 351 Due to banks and customer deposits 36 2 (26) 2 of which related to credit risk 27 (8) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 47 2 (38) 1 Short-term borrowings (18) 2 (46) 2 Long-term debt 660 2 (2,162) 2 of which related to credit risk 4 288 (47) Other liabilities 189 2 45 3 of which related to credit risk 11 (39) 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 (8) million and CHF 301 million in 6M15, respectively, and CHF (121) million and zero in 6M14, respectively. |
Carrying value and estimated fair values of financial instruments | Carrying value and fair value of financial instruments not carried at fair value Carrying end of Level 1 Level 2 Level 3 Total 2Q15 (CHF million) Financial assets Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions 57,198 0 57,198 0 57,198 Loans 246,577 0 250,181 4,732 254,913 Other financial assets 1 173,797 104,830 67,841 1,478 174,149 Financial liabilities Due to banks and deposits 382,047 208,092 173,940 0 382,032 Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions 16,647 0 16,647 0 16,647 Short-term borrowings 22,144 0 22,146 0 22,146 Long-term debt 106,138 0 106,105 1,170 107,275 Other financial liabilities 2 73,585 1 72,876 566 73,443 4Q14 (CHF million) Financial assets Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions 58,925 0 58,925 0 58,925 Loans 245,866 0 248,969 3,678 252,647 Other financial assets 1 148,473 80,520 66,714 1,579 148,813 Financial liabilities Due to banks and deposits 390,984 217,482 173,501 0 390,983 Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions 15,387 0 15,387 0 15,387 Short-term borrowings 22,061 0 22,064 0 22,064 Long-term debt 96,732 0 97,105 1,201 98,306 Other financial liabilities 2 85,066 15 84,336 586 84,937 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, 2015 | |
Assets pledged and collateral | Assets pledged end of 2Q15 4Q14 Assets pledged (CHF million) Total assets pledged or assigned as collateral 144,861 153,982 of which encumbered 94,237 103,245 |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2Q15 4Q14 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 428,941 444,852 of which sold or repledged 331,421 336,228 |
Subsidiary guarantee informat64
Subsidiary guarantee information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Subsidiary guarantee information | |
Condensed consolidating statements of operations and condensed consolidating statements of comprehensive income | Condensed consolidating statements of operations Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 1,752 4,031 5,783 67 53 5,903 Interest expense (1,032) (1,983) (3,015) (80) 61 (3,034) Net interest income 720 2,048 2,768 (13) 114 2,869 Commissions and fees 1,071 2,136 3,207 5 47 3,259 Trading revenues (570) 1,062 492 5 1 498 Other revenues 457 (118) 339 1,029 2 (1,039) 329 Net revenues 1,678 5,128 6,806 1,026 (877) 6,955 Provision for credit losses 5 33 38 0 13 51 Compensation and benefits 927 1,983 2,910 16 (12) 2,914 General and administrative expenses 483 1,463 1,946 (41) 23 1,928 Commission expenses 65 339 404 1 1 406 Total other operating expenses 548 1,802 2,350 (40) 24 2,334 Total operating expenses 1,475 3,785 5,260 (24) 12 5,248 Income/(loss) from continuing operations before taxes 198 1,310 1,508 1,050 (902) 1,656 Income tax expense/(benefit) (5) 568 563 (1) 28 590 Net income/(loss) 203 742 945 1,051 (930) 1,066 Net income attributable to noncontrolling interests 10 5 15 0 0 15 Net income/(loss) attributable to shareholders 193 737 930 1,051 (930) 1,051 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 203 742 945 1,051 (930) 1,066 Gains/(losses) on cash flow hedges 0 30 30 1 0 31 Foreign currency translation (783) (270) (1,053) 2 (2) (1,053) Unrealized gains/(losses) on securities 0 (12) (12) 0 0 (12) Actuarial gains/(losses) 9 8 17 0 75 92 Net prior service credit/(cost) (3) (1) (4) 0 (18) (22) Other comprehensive income/(loss), net of tax (777) (245) (1,022) 3 55 (964) Comprehensive income/(loss) (574) 497 (77) 1,054 (875) 102 Comprehensive income/(loss) attributable to noncontrolling interests (27) (13) (40) 0 25 (15) Comprehensive income/(loss) attributable to shareholders (547) 510 (37) 1,054 (900) 117 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 1,464 4,100 5,564 40 86 5,690 Interest expense (905) (2,168) (3,073) (57) 26 (3,104) Net interest income 559 1,932 2,491 (17) 112 2,586 Commissions and fees 1,061 2,235 3,296 3 10 3,309 Trading revenues 222 (144) 78 47 72 197 Other revenues 239 169 408 (742) 2 705 371 Net revenues 2,081 4,192 6,273 (709) 899 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 504 2,953 3,457 (25) 9 3,441 Commission expenses 61 313 374 0 3 377 Total other operating expenses 565 3,266 3,831 (25) 12 3,818 Total operating expenses 1,489 5,335 6,824 (9) (24) 6,791 Income/(loss) from continuing operations before taxes 592 (1,147) (555) (700) 909 (346) Income tax expense 207 67 274 0 33 307 Income/(loss) from continuing operations 385 (1,214) (829) (700) 876 (653) Loss from discontinued operations, net of tax 0 (9) (9) 0 0 (9) Net income/(loss) 385 (1,223) (838) (700) 876 (662) Net income attributable to noncontrolling interests 25 5 30 0 8 38 Net income/(loss) attributable to shareholders 360 (1,228) (868) (700) 868 (700) of which from continuing operations 360 (1,219) (859) (700) 868 (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 (continued) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 385 (1,223) (838) (700) 876 (662) Gains/(losses) on cash flow hedges 0 6 6 5 1 12 Foreign currency translation 80 (12) 68 1 (4) 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 86 8 94 6 9 109 Comprehensive income/(loss) 471 (1,215) (744) (694) 885 (553) Comprehensive income attributable to noncontrolling interests 29 9 38 0 3 41 Comprehensive income/(loss) attributable to shareholders 442 (1,224) (782) (694) 882 (594) 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 3,440 6,706 10,146 136 111 10,393 Interest expense (2,098) (3,229) (5,327) (161) 116 (5,372) Net interest income 1,342 3,477 4,819 (25) 227 5,021 Commissions and fees 2,019 4,113 6,132 7 99 6,238 Trading revenues (567) 2,465 1,898 (3) (7) 1,888 Other revenues 620 (124) 496 2,105 2 (2,146) 455 Net revenues 3,414 9,931 13,345 2,084 (1,827) 13,602 Provision for credit losses 5 53 58 0 23 81 Compensation and benefits 1,928 3,937 5,865 45 (20) 5,890 General and administrative expenses 920 2,780 3,700 (67) 33 3,666 Commission expenses 126 667 793 1 4 798 Total other operating expenses 1,046 3,447 4,493 (66) 37 4,464 Total operating expenses 2,974 7,384 10,358 (21) 17 10,354 Income/(loss) from continuing operations before taxes 435 2,494 2,929 2,105 (1,867) 3,167 Income tax expense 59 953 1,012 0 55 1,067 Net income/(loss) 376 1,541 1,917 2,105 (1,922) 2,100 Net income/(loss) attributable to noncontrolling interests (5) 4 (1) 0 (4) (5) Net income/(loss) attributable to shareholders 381 1,537 1,918 2,105 (1,918) 2,105 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 376 1,541 1,917 2,105 (1,922) 2,100 Gains/(losses) on cash flow hedges 0 52 52 (13) 0 39 Foreign currency translation (1,161) (1,381) (2,542) (1) (3) (2,546) Unrealized gains/(losses) on securities 0 (5) (5) 0 3 (2) Actuarial gains/(losses) 18 16 34 0 147 181 Net prior service credit/(cost) (7) 0 (7) 0 (36) (43) Other comprehensive income/(loss), net of tax (1,150) (1,318) (2,468) (14) 111 (2,371) Comprehensive income/(loss) (774) 223 (551) 2,091 (1,811) (271) Comprehensive income/(loss) attributable to noncontrolling interests (64) (30) (94) 0 35 (59) Comprehensive income/(loss) attributable to shareholders (710) 253 (457) 2,091 (1,846) (212) 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 2,951 6,929 9,880 78 177 10,135 Interest expense (1,786) (3,524) (5,310) (109) 48 (5,371) Net interest income 1,165 3,405 4,570 (31) 225 4,764 Commissions and fees 2,115 4,408 6,523 2 59 6,584 Trading revenues 725 22 747 36 52 835 Other revenues 744 433 1,177 134 2 (202) 1,109 Net revenues 4,749 8,268 13,017 141 134 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 4,192 5,163 (52) 20 5,131 Commission expenses 117 623 740 0 6 746 Total other operating expenses 1,088 4,815 5,903 (52) 26 5,877 Total operating expenses 2,937 8,963 11,900 (18) (39) 11,843 Income/(loss) from continuing operations before taxes 1,812 (718) 1,094 159 144 1,397 Income tax expense 683 112 795 0 55 850 Income/(loss) from continuing operations 1,129 (830) 299 159 89 547 Income from discontinued operations, net of tax 0 6 6 0 0 6 Net income/(loss) 1,129 (824) 305 159 89 553 Net income attributable to noncontrolling interests 373 20 393 0 1 394 Net income/(loss) attributable to shareholders 756 (844) (88) 159 88 159 of which from continuing operations 756 (850) (94) 159 88 153 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) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 1,129 (824) 305 159 89 553 Gains/(losses) on cash flow hedges 0 15 15 13 1 29 Foreign currency translation (82) (128) (210) 1 1 (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 (74) (88) (162) 14 24 (124) Comprehensive income/(loss) 1,055 (912) 143 173 113 429 Comprehensive income attributable to noncontrolling interests 352 17 369 0 3 372 Comprehensive income/(loss) attributable to shareholders 703 (929) (226) 173 110 57 1 Includes eliminations and consolidation adjustments. |
Condensed consolidating balance sheets | Condensed consolidating balance sheets Bank 1 1 Assets (CHF million) Cash and due from banks 5,657 96,701 102,358 611 1,085 104,054 Interest-bearing deposits with banks 65 4,094 4,159 5 (3,236) 928 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 130,683 7,548 138,231 0 (397) 137,834 Securities received as collateral 27,262 1,589 28,851 0 0 28,851 Trading assets 66,657 139,241 205,898 0 (210) 205,688 Investment securities 937 2,028 2,965 3,754 (3,349) 3,370 Other investments 2,496 4,765 7,261 45,047 (44,917) 7,391 Net loans 16,545 236,549 253,094 137 16,940 270,171 Premises and equipment 805 3,425 4,230 0 199 4,429 Goodwill 690 6,669 7,359 0 879 8,238 Other intangible assets 121 84 205 0 0 205 Brokerage receivables 24,462 23,951 48,413 0 1 48,414 Other assets 21,365 38,110 59,475 337 (63) 59,749 Total assets 297,745 564,754 862,499 49,891 (33,068) 879,322 Liabilities and equity (CHF million) Due to banks 133 30,406 30,539 2,467 (2,801) 30,205 Customer deposits 1 345,068 345,069 0 11,384 356,453 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 98,581 (40,014) 58,567 0 0 58,567 Obligation to return securities received as collateral 27,262 1,589 28,851 0 0 28,851 Trading liabilities 17,130 42,327 59,457 0 (67) 59,390 Short-term borrowings 27,679 (1,278) 26,401 0 0 26,401 Long-term debt 60,000 117,429 177,429 4,624 602 182,655 Brokerage payables 34,534 13,505 48,039 0 0 48,039 Other liabilities 12,957 32,349 45,306 158 (163) 45,301 Total liabilities 278,277 541,381 819,658 7,249 8,955 835,862 Total shareholders' equity 18,591 22,788 41,379 42,642 (41,379) 42,642 Noncontrolling interests 877 585 1,462 0 (644) 818 Total equity 19,468 23,373 42,841 42,642 (42,023) 43,460 Total liabilities and equity 297,745 564,754 862,499 49,891 (33,068) 879,322 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 1 Assets (CHF million) Cash and due from banks 4,572 73,428 78,000 917 432 79,349 Interest-bearing deposits with banks 69 4,035 4,104 0 (2,860) 1,244 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 152,647 10,561 163,208 0 0 163,208 Securities received as collateral 26,754 100 26,854 0 0 26,854 Trading assets 74,980 166,333 241,313 0 (182) 241,131 Investment securities 3 2,376 2,379 3,981 (3,569) 2,791 Other investments 2,826 5,641 8,467 46,392 (46,246) 8,613 Net loans 20,664 235,264 255,928 350 16,273 272,551 Premises and equipment 892 3,549 4,441 0 200 4,641 Goodwill 731 7,035 7,766 0 878 8,644 Other intangible assets 115 134 249 0 0 249 Brokerage receivables 25,009 16,620 41,629 0 0 41,629 Other assets 24,738 45,773 70,511 221 (174) 70,558 Total assets 334,000 570,849 904,849 51,861 (35,248) 921,462 Liabilities and equity (CHF million) Due to banks 97 26,409 26,506 2,627 (3,124) 26,009 Customer deposits 1 357,568 357,569 0 11,489 369,058 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 120,817 (50,698) 70,119 0 0 70,119 Obligation to return securities received as collateral 26,754 100 26,854 0 0 26,854 Trading liabilities 13,133 59,534 72,667 0 (12) 72,655 Short-term borrowings 27,440 (1,519) 25,921 0 0 25,921 Long-term debt 67,776 105,171 172,947 4,930 21 177,898 Brokerage payables 44,029 12,948 56,977 0 0 56,977 Other liabilities 13,103 37,545 50,648 345 (23) 50,970 Total liabilities 313,150 547,058 860,208 7,902 8,351 876,461 Total shareholders' equity 19,693 23,202 42,895 43,959 (42,895) 43,959 Noncontrolling interests 1,157 589 1,746 0 (704) 1,042 Total equity 20,850 23,791 44,641 43,959 (43,599) 45,001 Total liabilities and equity 334,000 570,849 904,849 51,861 (35,248) 921,462 1 Includes eliminations and consolidation adjustments. |
Condensed consolidating statements of cash flows | Condensed consolidating statements of cash flows Bank 1 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 3,876 (802) 3,074 (80) 2 (215) 2,779 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks 0 (91) (91) (5) 401 305 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 13,657 2,000 15,657 0 397 16,054 Purchase of investment securities 0 (272) (272) 0 0 (272) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 10 322 332 0 10 342 Investments in subsidiaries and other investments (223) (85) (308) 0 (27) (335) Proceeds from sale of other investments 778 142 920 0 31 951 (Increase)/decrease in loans 3,006 (6,205) (3,199) 210 (688) (3,677) Proceeds from sales of loans 0 1,018 1,018 0 0 1,018 Capital expenditures for premises and equipment and other intangible assets (120) (348) (468) 0 (6) (474) Proceeds from sale of premises and equipment and other intangible assets 2 9 11 0 0 11 Other, net 13 179 192 6 (3) 195 Net cash provided by/(used in) investing activities of continuing operations 17,123 (3,317) 13,806 211 115 14,132 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 42 985 1,027 (161) 199 1,065 Increase/(decrease) in short-term borrowings 2,737 (1,627) 1,110 0 0 1,110 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (15,728) 7,855 (7,873) 0 0 (7,873) Issuances of long-term debt 2,199 44,756 46,955 0 548 47,503 Repayments of long-term debt (8,301) (21,019) (29,320) (30) (215) (29,565) Issuances of common shares 0 0 0 1 0 1 Sale of treasury shares 0 0 0 3 7,432 7,435 Repurchase of treasury shares 0 0 0 (1,004) (7,381) (8,385) Dividends paid 0 (10) (10) (415) (2) (427) Other, net (588) (420) (1,008) 1,217 175 384 Net cash provided by/(used in) financing activities of continuing operations (19,639) 30,520 10,881 (389) 756 11,248 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (275) (3,128) (3,403) (48) (3) (3,454) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 1,085 23,273 24,358 (306) 653 24,705 Cash and due from banks at beginning of period 4,572 73,428 78,000 917 432 79,349 Cash and due from banks at end of period 5,657 96,701 102,358 611 1,085 104,054 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 220 million and CHF 31 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. Condensed consolidating statements of cash flows (continued) Bank 1 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations (1,897) (15,917) (17,814) 250 2 (54) (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 (16,896) (8,430) 2,476 (3,103) (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) Other, net 7 142 149 0 1 150 Net cash provided by/(used in) investing activities of continuing operations (16,390) 2,322 (14,068) (1,090) 832 (14,326) Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 783 15,896 16,679 (433) 398 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) (20,244) (21,684) 0 2,068 (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) Other, net (753) (357) (1,110) 861 (1,219) (1,468) Net cash provided by/(used in) financing activities of continuing operations 18,358 10,934 29,292 1,112 (1,074) 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 (18) 593 575 (2) 1 574 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 45 (2,243) (2,198) 270 (295) (2,223) Cash and due from banks at beginning of period 4,965 63,116 68,081 795 (184) 68,692 Cash and due from banks at end of period 5,010 60,873 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. |
Business developments (Details
Business developments (Details 2) - Disposal Groups, Including Discontinued Operations, Name [Domain] - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income/(loss) from discontinued operations | SFr 0 | SFr 0 | SFr (9) | SFr 0 | SFr 6 |
Bank | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income/(loss) from discontinued operations | SFr (9) | SFr 6 |
Discontinued operations (Detail
Discontinued operations (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income/(loss) from discontinued operations | |||||
Income/(loss) from discontinued operations, net of tax | SFr 0 | SFr 0 | SFr (9) | SFr 0 | SFr 6 |
Operations-related | |||||
Income/(loss) from discontinued operations | |||||
Net revenues | 12 | 24 | |||
Operating expenses | 12 | 28 | |||
Income tax expense/(benefit) | 0 | 1 | |||
Income/(loss) from discontinued operations, net of tax | 0 | (5) | |||
Transaction-related [Member] | |||||
Income/(loss) from discontinued operations | |||||
Operating expenses | 9 | 41 | |||
Gain/(loss) on disposal | 91 | ||||
Income tax expense/(benefit) | 0 | 39 | |||
Income/(loss) from discontinued operations, net of tax | (9) | 11 | |||
PBWM Germany | |||||
Income/(loss) from discontinued operations | |||||
Income/(loss) from discontinued operations, net of tax | (9) | (41) | |||
PBWM Germany | Operations-related | |||||
Income/(loss) from discontinued operations | |||||
Net revenues | 12 | 20 | |||
Operating expenses | 12 | 26 | |||
Income tax expense/(benefit) | 0 | 0 | |||
Income/(loss) from discontinued operations, net of tax | 0 | (6) | |||
PBWM Germany | Transaction-related [Member] | |||||
Income/(loss) from discontinued operations | |||||
Operating expenses | 9 | 35 | |||
Income/(loss) from discontinued operations, net of tax | (9) | (35) | |||
CFIG | |||||
Income/(loss) from discontinued operations | |||||
Income/(loss) from discontinued operations, net of tax | 49 | ||||
CFIG | Operations-related | |||||
Income/(loss) from discontinued operations | |||||
Net revenues | 0 | ||||
Operating expenses | 0 | ||||
Income tax expense/(benefit) | 0 | ||||
Income/(loss) from discontinued operations, net of tax | 0 | ||||
CFIG | Transaction-related [Member] | |||||
Income/(loss) from discontinued operations | |||||
Operating expenses | 0 | ||||
Gain/(loss) on disposal | 91 | ||||
Income tax expense/(benefit) | 42 | ||||
Income/(loss) from discontinued operations, net of tax | 49 | ||||
Bank | |||||
Income/(loss) from discontinued operations | |||||
Income/(loss) from discontinued operations, net of tax | SFr (9) | SFr 6 |
Discontinued operations (Deta67
Discontinued operations (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total assets held-for-sale | SFr 0 | SFr 0 | SFr 0 | SFr 979 |
Total liabilities held-for-sale | SFr 0 | SFr 0 | SFr 0 | 742 |
PBWM Germany | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash | 277 | |||
Loans | 686 | |||
Other assets | 16 | |||
Total assets held-for-sale | 979 | |||
Deposits | 696 | |||
Other liabilities | 46 | |||
Total liabilities held-for-sale | SFr 742 |
Segment information (Details)
Segment information (Details) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015CHF (SFr)BusinessDivision | Mar. 31, 2015CHF (SFr) | Jun. 30, 2014CHF (SFr) | Jun. 30, 2015CHF (SFr) | Jun. 30, 2014CHF (SFr) | |
Segment Reporting Information | |||||
Net revenues | SFr 6,955 | SFr 6,647 | SFr 6,463 | SFr 13,602 | SFr 13,292 |
Number of segments | BusinessDivision | 2 | ||||
Income/(loss) from continuing operations before taxes | SFr 1,656 | 1,511 | (346) | 3,167 | 1,397 |
Private Banking & Wealth Management | |||||
Segment Reporting Information | |||||
Net revenues | 3,152 | 2,972 | 3,046 | 6,124 | 6,286 |
Income/(loss) from continuing operations before taxes | 937 | 834 | (749) | 1,771 | 263 |
Investment Banking | |||||
Segment Reporting Information | |||||
Net revenues | 3,381 | 3,583 | 3,342 | 6,964 | 6,758 |
Income/(loss) from continuing operations before taxes | 615 | 945 | 752 | 1,560 | 1,579 |
Corporate Center | |||||
Segment Reporting Information | |||||
Net revenues | 408 | 118 | 45 | 526 | (142) |
Income/(loss) from continuing operations before taxes | 94 | (241) | (373) | (147) | (812) |
Noncontrolling interests without SEI | |||||
Segment Reporting Information | |||||
Net revenues | 14 | (26) | 30 | (12) | 390 |
Income/(loss) from continuing operations before taxes | 10 | SFr (27) | 24 | (17) | 367 |
Bank | |||||
Segment Reporting Information | |||||
Net revenues | 6,806 | 6,273 | 13,345 | 13,017 | |
Income/(loss) from continuing operations before taxes | SFr 1,508 | SFr (555) | SFr 2,929 | SFr 1,094 |
Segment information (Details 2)
Segment information (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Segment Reporting Information | ||||
Total assets | SFr 879,322 | SFr 904,390 | SFr 921,462 | SFr 891,580 |
Private Banking & Wealth Management | ||||
Segment Reporting Information | ||||
Total assets | 356,057 | 366,391 | 345,949 | 322,669 |
Investment Banking | ||||
Segment Reporting Information | ||||
Total assets | 459,977 | 489,202 | 529,044 | 525,101 |
Corporate Center | ||||
Segment Reporting Information | ||||
Total assets | 62,425 | 47,797 | 45,248 | 42,509 |
Noncontrolling interests without SEI | ||||
Segment Reporting Information | ||||
Total assets | 863 | SFr 1,000 | 1,221 | SFr 1,301 |
Bank | ||||
Segment Reporting Information | ||||
Total assets | SFr 862,499 | SFr 904,849 |
Net interest income (Details)
Net interest income (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net interest income | |||||
Loans | SFr 1,315 | SFr 1,317 | SFr 1,216 | SFr 2,632 | SFr 2,442 |
Investment securities | 18 | 13 | 11 | 31 | 22 |
Trading assets | 3,330 | 1,953 | 3,394 | 5,283 | 5,562 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 679 | 650 | 542 | 1,329 | 1,103 |
Other | 561 | 557 | 527 | 1,118 | 1,006 |
Interest and dividend income | 5,903 | 4,490 | 5,690 | 10,393 | 10,135 |
Deposits | (221) | (255) | (248) | (476) | (484) |
Short-term borrowings | (28) | (34) | (30) | (62) | (52) |
Trading liabilities | (1,511) | (795) | (1,626) | (2,306) | (2,387) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (325) | (315) | (262) | (640) | (523) |
Long-term debt | (895) | (886) | (854) | (1,781) | (1,781) |
Other | (54) | (53) | (84) | (107) | (144) |
Interest expense | (3,034) | (2,338) | (3,104) | (5,372) | (5,371) |
Net interest income | 2,869 | SFr 2,152 | 2,586 | 5,021 | 4,764 |
Bank | |||||
Net interest income | |||||
Interest and dividend income | 5,783 | 5,564 | 10,146 | 9,880 | |
Interest expense | (3,015) | (3,073) | (5,327) | (5,310) | |
Net interest income | SFr 2,768 | SFr 2,491 | SFr 4,819 | SFr 4,570 |
Commissions and fees (Details)
Commissions and fees (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Commissions and fees | |||||
Lending business | SFr 426 | SFr 300 | SFr 454 | SFr 726 | SFr 888 |
Investment and portfolio management | 864 | 833 | 891 | 1,697 | 1,825 |
Other securities business | 21 | 22 | 25 | 43 | 48 |
Fiduciary business | 885 | 855 | 916 | 1,740 | 1,873 |
Underwriting | 487 | 445 | 603 | 932 | 1,063 |
Brokerage | 978 | 1,008 | 890 | 1,986 | 1,863 |
Underwriting and brokerage | 1,465 | 1,453 | 1,493 | 2,918 | 2,926 |
Other services | 483 | 371 | 446 | 854 | 897 |
Commissions and fees | 3,259 | SFr 2,979 | 3,309 | 6,238 | 6,584 |
Bank | |||||
Commissions and fees | |||||
Commissions and fees | SFr 3,207 | SFr 3,296 | SFr 6,132 | SFr 6,523 |
Trading revenues (Details)
Trading revenues (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Trading revenues | |||||
Trading revenues | SFr 498 | SFr 1,390 | SFr 197 | SFr 1,888 | SFr 835 |
Interest rate products | |||||
Trading revenues | |||||
Trading revenues | 1,569 | 2,594 | 2,969 | 4,163 | 4,219 |
Foreign exchange products | |||||
Trading revenues | |||||
Trading revenues | 340 | (853) | (1,337) | (513) | (2,351) |
Equity/index-related products | |||||
Trading revenues | |||||
Trading revenues | (1,126) | (159) | (680) | (1,285) | (504) |
Credit products | |||||
Trading revenues | |||||
Trading revenues | (111) | (349) | (850) | (460) | (810) |
Commodity, emission and energy products | |||||
Trading revenues | |||||
Trading revenues | 28 | (10) | (17) | 18 | 46 |
Other products | |||||
Trading revenues | |||||
Trading revenues | (202) | SFr 167 | 112 | (35) | 235 |
Bank | |||||
Trading revenues | |||||
Trading revenues | SFr 492 | SFr 78 | SFr 1,898 | SFr 747 |
Other revenues (Details)
Other revenues (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Revenues | |||||
Noncontrolling interests without SEI | SFr 14 | SFr (28) | SFr 25 | SFr (14) | SFr 383 |
Loans held-for-sale | (19) | (8) | (1) | (27) | 0 |
Long-lived assets held-for-sale | 1 | 2 | (2) | 3 | 26 |
Equity method investments | 51 | 46 | 55 | 97 | 116 |
Other investments | 93 | (72) | 97 | 21 | 207 |
Other | 189 | 186 | 197 | 375 | 377 |
Other revenues | 329 | SFr 126 | 371 | 455 | 1,109 |
Bank | |||||
Other Revenues | |||||
Other revenues | SFr 339 | SFr 408 | SFr 496 | SFr 1,177 |
Provision for credit losses (De
Provision for credit losses (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Provision for credit losses | |||||
Provision for loan losses | SFr 36 | SFr 31 | SFr 22 | SFr 67 | SFr 52 |
Provision for lending-related and other exposures | 15 | (1) | (4) | 14 | 0 |
Provision for credit losses | 51 | SFr 30 | 18 | 81 | 52 |
Bank | |||||
Provision for credit losses | |||||
Provision for credit losses | SFr 38 | SFr 4 | SFr 58 | SFr 23 |
Compensation and benefits (Deta
Compensation and benefits (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Compensation and benefits | |||||
Salaries and variable compensation | SFr 2,474 | SFr 2,617 | SFr 2,536 | SFr 5,091 | SFr 5,189 |
Social security | 274 | 191 | 283 | 465 | 471 |
Other | 166 | 168 | 154 | 334 | 306 |
Compensation and benefits | 2,914 | 2,976 | 2,973 | 5,890 | 5,966 |
Pension and other post-retirement expense | 82 | 90 | 85 | 172 | 169 |
Severance and other compensation expense related to headcount reductions | 48 | SFr 49 | 63 | 97 | 87 |
Bank | |||||
Compensation and benefits | |||||
Compensation and benefits | SFr 2,910 | SFr 2,993 | SFr 5,865 | SFr 5,997 |
General and administrative ex76
General and administrative expenses (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
General and Administrative Expenses | |||||
Occupancy expenses | SFr 250 | SFr 243 | SFr 305 | SFr 493 | SFr 578 |
IT, machinery, etc. | 296 | 316 | 347 | 612 | 688 |
Provisions and losses | 131 | 73 | 1,810 | 204 | 1,921 |
Travel and entertainment | 95 | 89 | 90 | 184 | 171 |
Professional services | 744 | 632 | 545 | 1,376 | 1,071 |
Amortization and impairment of other intangible assets | 5 | 6 | 5 | 11 | 10 |
Other | 407 | 379 | 339 | 786 | 692 |
General and administrative expenses | 1,928 | SFr 1,738 | 3,441 | 3,666 | 5,131 |
Bank | |||||
General and Administrative Expenses | |||||
General and administrative expenses | SFr 1,946 | SFr 3,457 | SFr 3,700 | SFr 5,163 |
Earnings per share (Details)
Earnings per share (Details) - Entity [Domain] - CHF (SFr) SFr / shares in Units, shares in Millions, SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income/(loss) attributable to shareholders | |||||
Income/(loss) from continuing operations | SFr 1,051 | SFr 1,054 | SFr (691) | SFr 2,105 | SFr 153 |
Income/(loss) from discontinued operations, net of tax | 0 | 0 | (9) | 0 | 6 |
Net income/(loss) attributable to shareholders | 1,051 | 1,054 | (700) | 2,105 | 159 |
Preferred securities dividends | (28) | ||||
Net income attributable to shareholders for basic earnings per share | 1,051 | 1,054 | (700) | 2,105 | 131 |
Available for common shares | 1,029 | 1,028 | (752) | 2,059 | 79 |
Available for unvested share-based payment awards | 22 | 26 | 52 | 46 | 52 |
Net income/(loss) attributable to shareholders for diluted earnings per share | 1,051 | 1,054 | (700) | 2,105 | 131 |
Available for common shares | 1,029 | 1,028 | (752) | 2,060 | 79 |
Available for unvested share-based payment awards | SFr 22 | SFr 26 | SFr 52 | SFr 45 | SFr 52 |
Weighted-average shares outstanding | |||||
Weighted-average shares outstanding for basic earnings per share available for common shares (in shares) | 1,641 | 1,621.5 | 1,625 | 1,631.3 | 1,623.1 |
Dilutive share options and warrants (in shares) | 0.9 | 1 | 0 | 0.9 | 0.7 |
Dilutive share awards (in shares) | 44.6 | 30.8 | 0 | 37.7 | 2.6 |
Weighted-average shares outstanding for diluted earnings per share available for common shares (in shares) | 1,686.5 | 1,653.3 | 1,625 | 1,669.9 | 1,626.4 |
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards (in shares) | 21.8 | 41.3 | 68.3 | 31.6 | 81.9 |
Basic earnings per share available for common shares (CHF) | |||||
Basic earnings/(loss) per share from continuing operations (in CHF per share) | SFr 0.63 | SFr 0.63 | SFr (0.45) | SFr 1.26 | SFr 0.05 |
Basic earnings/(loss) per share from discontinued operations (in CHF per share) | 0 | 0 | (0.01) | 0 | 0 |
Basic earnings/(loss) per share (in CHF per share) | 0.63 | 0.63 | (0.46) | 1.26 | 0.05 |
Diluted earnings per share available for common shares (CHF) | |||||
Diluted earnings/(loss) per share from continuing operations (in CHF per share) | 0.61 | 0.62 | (0.45) | 1.23 | 0.05 |
Diluted earnings/(loss) per share from discontinued operations (in CHF per share) | 0 | 0 | (0.01) | 0 | 0 |
Diluted earnings/(loss) per share (in CHF per share) | SFr 0.61 | SFr 0.62 | SFr (0.46) | SFr 1.23 | SFr 0.05 |
Weighted-average potential dilutive common shares | 7.2 | 9.2 | 8.8 | 8.2 | 8.9 |
Weighted-average share options and warrants (antidilutive) | 1.3 | ||||
Weighted-average share awards (antidilutive) | 12.2 |
Trading assets and liabilitie78
Trading assets and liabilities (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Schedule of Trading Assets and Liabilities | ||||
Trading assets | SFr 205,688 | SFr 235,564 | SFr 241,131 | SFr 235,427 |
Trading liabilities | 59,390 | 69,757 | 72,655 | 75,129 |
Debt securities | ||||
Schedule of Trading Assets and Liabilities | ||||
Trading assets | 83,371 | 91,263 | 94,391 | 105,038 |
Equity securities | ||||
Schedule of Trading Assets and Liabilities | ||||
Trading assets | 80,326 | 93,383 | 94,294 | 88,159 |
Derivative instruments | ||||
Schedule of Trading Assets and Liabilities | ||||
Trading assets | 29,995 | 36,833 | 38,012 | 30,957 |
Trading liabilities | 26,544 | 36,624 | 36,871 | 34,512 |
Other trading securities | ||||
Schedule of Trading Assets and Liabilities | ||||
Trading assets | 11,996 | 14,085 | 14,434 | 11,273 |
Short positions | ||||
Schedule of Trading Assets and Liabilities | ||||
Trading liabilities | 32,846 | SFr 33,133 | 35,784 | SFr 40,617 |
Bank | ||||
Schedule of Trading Assets and Liabilities | ||||
Trading assets | 205,898 | 241,313 | ||
Trading liabilities | SFr 59,457 | SFr 72,667 |
Trading assets and liabilitie79
Trading assets and liabilities (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Cash collateral - netted | ||||
Cash collateral paid | SFr 31,472 | SFr 41,223 | SFr 33,404 | SFr 25,122 |
Cash collateral received | 22,991 | 32,292 | 28,147 | 20,058 |
Cash collateral - not netted | ||||
Cash collateral paid | 7,514 | 11,399 | 10,905 | 8,097 |
Cash collateral received | SFr 15,387 | SFr 15,887 | SFr 17,043 | SFr 12,844 |
Investment securities (Details)
Investment securities (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Investment securities disclosures | ||||
Debt securities held-to-maturity | SFr 0 | SFr 244 | SFr 0 | SFr 0 |
Securities available-for-sale | 3,370 | 2,808 | 2,791 | 3,323 |
Total investment securities | 3,370 | SFr 3,052 | 2,791 | SFr 3,323 |
Bank | ||||
Investment securities disclosures | ||||
Total investment securities | SFr 2,965 | SFr 2,379 |
Investment securities (Details
Investment securities (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Held-to-maturity securities | ||||
Amortized cost | SFr 0 | SFr 244 | SFr 0 | SFr 0 |
Available-for-sale securities | ||||
Amortized cost | 3,295 | 2,702 | ||
Gross unrealized gains, Securities | 75 | 90 | ||
Gross unrealized losses, Securities | 0 | 1 | ||
Fair value | 3,370 | SFr 2,808 | 2,791 | SFr 3,323 |
Debt securities | ||||
Available-for-sale securities | ||||
Amortized cost, Debt Securities | 3,227 | 2,619 | ||
Gross unrealized gains, Debt securities | 52 | 65 | ||
Gross unrealized losses, Debt securities | 0 | 1 | ||
Fair value, Debt securities | 3,279 | 2,683 | ||
Debt securities issued by the Swiss federal, cantonal or local government entities | ||||
Available-for-sale securities | ||||
Amortized cost, Debt Securities | 274 | 286 | ||
Gross unrealized gains, Debt securities | 22 | 18 | ||
Gross unrealized losses, Debt securities | 0 | 0 | ||
Fair value, Debt securities | 296 | 304 | ||
Debt securities issued by foreign governments | ||||
Available-for-sale securities | ||||
Amortized cost, Debt Securities | 1,766 | 2,020 | ||
Gross unrealized gains, Debt securities | 30 | 47 | ||
Gross unrealized losses, Debt securities | 0 | 1 | ||
Fair value, Debt securities | 1,796 | 2,066 | ||
Corporate debt securities | ||||
Available-for-sale securities | ||||
Amortized cost, Debt Securities | 254 | 313 | ||
Gross unrealized gains, Debt securities | 0 | 0 | ||
Gross unrealized losses, Debt securities | 0 | 0 | ||
Fair value, Debt securities | 254 | 313 | ||
Residential mortgage-backed securities | ||||
Available-for-sale securities | ||||
Amortized cost, Debt Securities | 687 | 0 | ||
Gross unrealized gains, Debt securities | 0 | 0 | ||
Gross unrealized losses, Debt securities | 0 | 0 | ||
Fair value, Debt securities | 687 | 0 | ||
Commercial mortgage-backed securities | ||||
Available-for-sale securities | ||||
Amortized cost, Debt Securities | 246 | 0 | ||
Gross unrealized gains, Debt securities | 0 | 0 | ||
Gross unrealized losses, Debt securities | 0 | 0 | ||
Fair value, Debt securities | 246 | 0 | ||
Equity securities | ||||
Available-for-sale securities | ||||
Amortized cost, Equity securities | 68 | 83 | ||
Gross unrealized gains, Equity securities | 23 | 25 | ||
Gross unrealized losses, Equity securities | 0 | 0 | ||
Fair value, Equity securities | 91 | 108 | ||
Banks, trust and insurance companies | ||||
Available-for-sale securities | ||||
Amortized cost, Equity securities | 64 | 73 | ||
Gross unrealized gains, Equity securities | 23 | 25 | ||
Gross unrealized losses, Equity securities | 0 | 0 | ||
Fair value, Equity securities | 87 | 98 | ||
Industry and all other | ||||
Available-for-sale securities | ||||
Amortized cost, Equity securities | 4 | 10 | ||
Gross unrealized gains, Equity securities | 0 | 0 | ||
Gross unrealized losses, Equity securities | 0 | 0 | ||
Fair value, Equity securities | SFr 4 | SFr 10 |
Investment securities (Detail82
Investment securities (Details 3) SFr in Millions | Dec. 31, 2014CHF (SFr) |
Debt securities | |
Gross unrealized losses on investment securities available for sale and the related fair value | |
Fair value, less than 12 months | SFr 49 |
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 | 49 |
Gross unrealized losses, total | 1 |
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 | 49 |
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 | 49 |
Gross unrealized losses, total | SFr 1 |
Investment securities (Detail83
Investment securities (Details 4) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Debt securities | ||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ||
Proceeds from sales | SFr 0 | SFr 41 |
Realized gains | 0 | 0 |
Equity securities | ||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ||
Proceeds from sales | 14 | 7 |
Realized gains | SFr 1 | SFr 0 |
Investment securities (Detail84
Investment securities (Details 5) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Held-to-maturity debt securities amortized cost disclosures | ||||
Total, amortized cost | SFr 0 | SFr 244 | SFr 0 | SFr 0 |
Debt securities | ||||
Available-for-sale debt securities amortized cost disclosures | ||||
Due within 1 year, amortized cost | 748 | |||
Due from 1 to 5 years, amortized cost | 1,362 | |||
Due from 5 to 10 years, amortized cost | 177 | |||
Due after 10 years, amortized cost | 940 | |||
Total, amortized cost | 3,227 | 2,619 | ||
Available-for-sale debt securities fair value disclosures | ||||
Due within 1 year, fair value | 749 | |||
Due from 1 to 5 years, fair value | 1,398 | |||
Due from 5 to 10 years, fair value | 190 | |||
Due after 10 years, fair value | 942 | |||
Total, fair value | SFr 3,279 | SFr 2,683 | ||
Available-for-sale debt securities average yield disclosures | ||||
Due within 1 year, average yield (as a percent) | 2.30% | |||
Due from 1 to 5 years, average yield (as a percent) | 0.95% | |||
Due from 5 to 10 years, average yield (as a percent) | 1.19% | |||
Due after 10 years, average yield (as a percent) | 3.21% | |||
Total, average yield (as a percent) | 1.93% |
Loans, allowance for loan los85
Loans, allowance for loan losses and credit quality (Details) SFr in Millions | 3 Months Ended | |||||
Jun. 30, 2015CHF (SFr)BusinessDivisionportfolio | Mar. 31, 2015CHF (SFr) | Dec. 31, 2014CHF (SFr) | Jun. 30, 2014CHF (SFr) | Mar. 31, 2014CHF (SFr) | Dec. 31, 2013CHF (SFr) | |
Loans | ||||||
Number of portfolio segments | portfolio | 2 | |||||
Number of Business Divisions | BusinessDivision | 2 | |||||
Gross loans | SFr 271,020 | SFr 271,661 | SFr 273,421 | SFr 255,472 | ||
of which held at amortized cost | 251,242 | 249,747 | 250,508 | 235,575 | ||
of which held at fair value | 19,778 | 21,914 | 22,913 | 19,897 | ||
Net (unearned income)/deferred expenses | (127) | (120) | (112) | (119) | ||
allowance for loan losses | (722) | (767) | (758) | (821) | SFr (866) | SFr (869) |
Net loans | 270,171 | 270,774 | 272,551 | 254,532 | ||
Impaired loan portfolio | ||||||
Non-performing loans | 717 | 701 | 753 | 851 | ||
Non-interest-earning loans | 224 | 275 | 279 | 286 | ||
Total non-performing and non-interest-earning loans | 941 | 976 | 1,032 | 1,137 | ||
Restructured loans | 253 | 243 | 171 | 83 | ||
Potential problem loans | 376 | 204 | 187 | 252 | ||
Total other impaired loans | 629 | 447 | 358 | 335 | ||
Gross impaired loans | 1,570 | 1,423 | 1,390 | 1,472 | ||
Foreign | ||||||
Loans | ||||||
Gross loans | 114,996 | 114,941 | 117,654 | 99,095 | ||
Switzerland | ||||||
Loans | ||||||
Gross loans | 156,024 | 156,720 | 155,767 | 156,377 | ||
Corporate and institutional | ||||||
Loans | ||||||
Gross loans | 127,294 | 129,160 | 130,478 | 117,237 | ||
of which held at amortized cost | 107,531 | 107,264 | 107,582 | 97,352 | ||
allowance for loan losses | (515) | (522) | (507) | (561) | (603) | (602) |
Impaired loan portfolio | ||||||
Non-performing loans | 317 | 328 | ||||
Non-interest-earning loans | 148 | 168 | ||||
Total non-performing and non-interest-earning loans | 465 | 496 | ||||
Restructured loans | 249 | 167 | ||||
Potential problem loans | 206 | 145 | ||||
Total other impaired loans | 455 | 312 | ||||
Gross impaired loans | 920 | 808 | ||||
Real estate | ||||||
Loans | ||||||
Gross loans | 28,446 | 29,254 | 29,198 | 27,268 | ||
of which held at amortized cost | 27,658 | 28,175 | ||||
Impaired loan portfolio | ||||||
Non-performing loans | 43 | 50 | ||||
Non-interest-earning loans | 19 | 16 | ||||
Total non-performing and non-interest-earning loans | 62 | 66 | ||||
Restructured loans | 0 | 0 | ||||
Potential problem loans | 4 | 9 | ||||
Total other impaired loans | 4 | 9 | ||||
Gross impaired loans | 66 | 75 | ||||
Commercial and industrial loans | ||||||
Loans | ||||||
Gross loans | 75,750 | 75,082 | 75,046 | 65,734 | ||
of which held at amortized cost | 64,659 | 63,376 | ||||
Impaired loan portfolio | ||||||
Non-performing loans | 216 | 190 | ||||
Non-interest-earning loans | 89 | 116 | ||||
Total non-performing and non-interest-earning loans | 305 | 306 | ||||
Restructured loans | 221 | 167 | ||||
Potential problem loans | 197 | 133 | ||||
Total other impaired loans | 418 | 300 | ||||
Gross impaired loans | 723 | 606 | ||||
Financial institutions | ||||||
Loans | ||||||
Gross loans | 19,705 | 20,929 | 22,343 | 21,058 | ||
of which held at amortized cost | 13,978 | 14,623 | ||||
Impaired loan portfolio | ||||||
Non-performing loans | 58 | 88 | ||||
Non-interest-earning loans | 40 | 36 | ||||
Total non-performing and non-interest-earning loans | 98 | 124 | ||||
Restructured loans | 28 | 0 | ||||
Potential problem loans | 5 | 3 | ||||
Total other impaired loans | 33 | 3 | ||||
Gross impaired loans | 131 | 127 | ||||
Governments and public institutions | ||||||
Loans | ||||||
Gross loans | 3,393 | 3,895 | 3,891 | 3,177 | ||
of which held at amortized cost | 1,236 | 1,408 | ||||
Consumer | ||||||
Loans | ||||||
Gross loans | 143,726 | 142,501 | 142,943 | 138,235 | ||
of which held at amortized cost | 143,711 | 142,483 | 142,926 | 138,223 | ||
allowance for loan losses | (207) | (245) | (251) | (260) | SFr (263) | SFr (267) |
Impaired loan portfolio | ||||||
Non-performing loans | 400 | 425 | ||||
Non-interest-earning loans | 76 | 111 | ||||
Total non-performing and non-interest-earning loans | 476 | 536 | ||||
Restructured loans | 4 | 4 | ||||
Potential problem loans | 170 | 42 | ||||
Total other impaired loans | 174 | 46 | ||||
Gross impaired loans | 650 | 582 | ||||
Mortgages | ||||||
Loans | ||||||
Gross loans | 100,307 | 98,901 | 98,802 | 96,915 | ||
of which held at amortized cost | 100,307 | 98,802 | ||||
Impaired loan portfolio | ||||||
Non-performing loans | 168 | 189 | ||||
Non-interest-earning loans | 27 | 19 | ||||
Total non-performing and non-interest-earning loans | 195 | 208 | ||||
Restructured loans | 4 | 4 | ||||
Potential problem loans | 48 | 39 | ||||
Total other impaired loans | 52 | 43 | ||||
Gross impaired loans | 247 | 251 | ||||
Loans collateralized by securities | ||||||
Loans | ||||||
Gross loans | 39,300 | 39,120 | 39,818 | 35,882 | ||
of which held at amortized cost | 39,300 | 39,818 | ||||
Impaired loan portfolio | ||||||
Non-performing loans | 23 | 11 | ||||
Non-interest-earning loans | 27 | 75 | ||||
Total non-performing and non-interest-earning loans | 50 | 86 | ||||
Restructured loans | 0 | 0 | ||||
Potential problem loans | 121 | 2 | ||||
Total other impaired loans | 121 | 2 | ||||
Gross impaired loans | 171 | 88 | ||||
Consumer finance | ||||||
Loans | ||||||
Gross loans | 4,119 | SFr 4,480 | 4,323 | SFr 5,438 | ||
of which held at amortized cost | 4,104 | 4,306 | ||||
Impaired loan portfolio | ||||||
Non-performing loans | 209 | 225 | ||||
Non-interest-earning loans | 22 | 17 | ||||
Total non-performing and non-interest-earning loans | 231 | 242 | ||||
Restructured loans | 0 | 0 | ||||
Potential problem loans | 1 | 1 | ||||
Total other impaired loans | 1 | 1 | ||||
Gross impaired loans | 232 | 243 | ||||
Bank | ||||||
Loans | ||||||
Net loans | SFr 253,094 | SFr 255,928 |
Loans, allowance for loan los86
Loans, allowance for loan losses and credit quality (Details 2) SFr in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015CHF (SFr)dayyear | Mar. 31, 2015CHF (SFr) | Jun. 30, 2014CHF (SFr) | Jun. 30, 2015CHF (SFr) | Jun. 30, 2014CHF (SFr) | Mar. 31, 2015CHF (SFr) | Dec. 31, 2014CHF (SFr) | |
Allowance for loan losses | |||||||
Balance at beginning of period | SFr 767 | SFr 758 | SFr 866 | SFr 758 | SFr 869 | ||
Net movements recognized in statements of operations | 36 | 31 | 22 | 67 | 52 | ||
Gross write-offs | (82) | (25) | (92) | (107) | (138) | ||
Recoveries | 6 | 9 | 19 | 15 | 29 | ||
Net write-offs | (76) | (16) | (73) | (92) | (109) | ||
Provisions for interest | 3 | 9 | 3 | 12 | 8 | ||
Foreign currency translation impact and other adjustments, net | (8) | (15) | 3 | (23) | 1 | ||
Balance at end of period | 722 | 767 | 821 | 722 | 821 | ||
Allowance for loan losses | |||||||
Balance at end of period | 722 | 767 | 821 | 722 | 821 | SFr 767 | SFr 758 |
of which individually evaluated for impairment | 510 | 613 | 550 | ||||
of which collectively evaluated for impairment | 212 | 208 | 217 | ||||
Gross loans held at amortized cost | |||||||
Gross loans held at amortized cost | 251,242 | 235,575 | 249,747 | 250,508 | |||
of which individually evaluated for impairment | 1,570 | 1,472 | 1,423 | ||||
of which collectively evaluated for impairment | 249,672 | 234,103 | 248,324 | ||||
Loans held at amortized cost | |||||||
Purchases | 1,472 | 1,107 | 1,000 | 2,579 | 1,434 | ||
Reclassifications from loans held-for-sale | 35 | 123 | 165 | 158 | 188 | ||
Reclassifications to loans held-for-sale | 167 | 206 | 334 | 373 | 410 | ||
Sales | SFr 134 | 80 | 11 | 214 | 64 | ||
Value of collateral | |||||||
Maximum period for fair value determination of collateral on impaired loans (in days) | day | 90 | ||||||
Period for appraisal of Property values, Minimum (in years) | year | 1 | ||||||
Corporate and institutional | |||||||
Allowance for loan losses | |||||||
Balance at beginning of period | SFr 522 | 507 | 603 | 507 | 602 | ||
Net movements recognized in statements of operations | 20 | 16 | 2 | 36 | 15 | ||
Gross write-offs | (25) | (4) | (64) | (29) | (84) | ||
Recoveries | 2 | 7 | 15 | 9 | 20 | ||
Net write-offs | (23) | 3 | (49) | (20) | (64) | ||
Provisions for interest | 2 | 8 | 3 | 10 | 7 | ||
Foreign currency translation impact and other adjustments, net | (6) | (12) | 2 | (18) | 1 | ||
Balance at end of period | 515 | 522 | 561 | 515 | 561 | ||
Allowance for loan losses | |||||||
Balance at end of period | 515 | 507 | 603 | 507 | 561 | 522 | 507 |
of which individually evaluated for impairment | 348 | 403 | 352 | ||||
of which collectively evaluated for impairment | 167 | 158 | 170 | ||||
Gross loans held at amortized cost | |||||||
Gross loans held at amortized cost | 107,531 | 97,352 | 107,264 | 107,582 | |||
of which individually evaluated for impairment | 920 | 859 | 861 | ||||
of which collectively evaluated for impairment | 106,611 | 96,493 | 106,403 | ||||
Loans held at amortized cost | |||||||
Purchases | 1,357 | 991 | 982 | 2,348 | 1,405 | ||
Reclassifications from loans held-for-sale | 35 | 123 | 165 | 158 | 188 | ||
Reclassifications to loans held-for-sale | 167 | 206 | 334 | 373 | 410 | ||
Sales | 134 | 80 | 11 | 214 | 64 | ||
Consumer | |||||||
Allowance for loan losses | |||||||
Balance at beginning of period | 245 | 251 | 263 | 251 | 267 | ||
Net movements recognized in statements of operations | 16 | 15 | 20 | 31 | 37 | ||
Gross write-offs | (57) | (21) | (28) | (78) | (54) | ||
Recoveries | 4 | 2 | 4 | 6 | 9 | ||
Net write-offs | (53) | (19) | (24) | (72) | (45) | ||
Provisions for interest | 1 | 1 | 0 | 2 | 1 | ||
Foreign currency translation impact and other adjustments, net | (2) | (3) | 1 | (5) | 0 | ||
Balance at end of period | 207 | 245 | 260 | 207 | 260 | ||
Allowance for loan losses | |||||||
Balance at end of period | 207 | 251 | 263 | 251 | 260 | 245 | 251 |
of which individually evaluated for impairment | 162 | 210 | 198 | ||||
of which collectively evaluated for impairment | 45 | 50 | 47 | ||||
Gross loans held at amortized cost | |||||||
Gross loans held at amortized cost | 143,711 | 138,223 | 142,483 | SFr 142,926 | |||
of which individually evaluated for impairment | 650 | 613 | 562 | ||||
of which collectively evaluated for impairment | 143,061 | 137,610 | SFr 141,921 | ||||
Loans held at amortized cost | |||||||
Purchases | 115 | 116 | 18 | 231 | 29 | ||
Reclassifications from loans held-for-sale | 0 | 0 | 0 | 0 | 0 | ||
Reclassifications to loans held-for-sale | 0 | 0 | 0 | 0 | 0 | ||
Sales | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 |
Loans, allowance for loan los87
Loans, allowance for loan losses and credit quality (Details 3) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | SFr 251,242 | SFr 249,747 | SFr 250,508 | SFr 235,575 |
Value of collateral | 227,188 | 225,619 | ||
Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 248,377 | 248,182 | ||
Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 2,865 | 2,326 | ||
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 | 1,760 | 1,220 | ||
Past due 31 - 60 days | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 109 | 96 | ||
Past due 61 - 90 days | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 151 | 99 | ||
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 | 845 | 911 | ||
Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 187,790 | 186,633 | ||
Value of collateral | 175,201 | 174,338 | ||
Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 62,067 | 62,640 | ||
Value of collateral | 51,120 | 50,631 | ||
Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,385 | 1,235 | ||
Value of collateral | 867 | 650 | ||
Corporate and institutional | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 107,531 | 107,264 | 107,582 | 97,352 |
Corporate and institutional | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 106,045 | 106,231 | ||
Corporate and institutional | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,486 | 1,351 | ||
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 | 917 | 809 | ||
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 | 30 | 21 | ||
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 | 91 | 43 | ||
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 | 448 | 478 | ||
Corporate and institutional | Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 64,769 | 65,130 | ||
Corporate and institutional | Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 41,971 | 41,737 | ||
Corporate and institutional | Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 791 | 715 | ||
Real estate | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 27,658 | 28,175 | ||
Real estate | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 27,545 | 28,084 | ||
Real estate | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 113 | 91 | ||
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 | 42 | 24 | ||
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 | 10 | 1 | ||
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 | 3 | 4 | ||
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 | 58 | 62 | ||
Real estate | Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 20,862 | 20,883 | ||
Real estate | Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 6,734 | 7,224 | ||
Real estate | Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 62 | 68 | ||
Commercial and industrial loans | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 64,659 | 63,376 | ||
Commercial and industrial loans | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 63,527 | 62,305 | ||
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 | 1,132 | 1,071 | ||
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 | 737 | 719 | ||
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 | 16 | 20 | ||
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 | 87 | 39 | ||
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 | 292 | 293 | ||
Commercial and industrial loans | Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 32,535 | 31,362 | ||
Commercial and industrial loans | Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 31,508 | 31,473 | ||
Commercial and industrial loans | Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 616 | 541 | ||
Financial institutions | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 13,978 | 14,623 | ||
Financial institutions | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 13,748 | 14,459 | ||
Financial institutions | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 230 | 164 | ||
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 | 127 | 41 | ||
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 | 4 | 0 | ||
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 | 1 | 0 | ||
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 | 98 | 123 | ||
Financial institutions | Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 10,490 | 11,893 | ||
Financial institutions | Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 3,375 | 2,624 | ||
Financial institutions | Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 113 | 106 | ||
Governments and public institutions | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,236 | 1,408 | ||
Governments and public institutions | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,225 | 1,383 | ||
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 | 11 | 25 | ||
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 | 11 | 25 | ||
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 | Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 882 | 992 | ||
Governments and public institutions | Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 354 | 416 | ||
Governments and public institutions | Non-investment grade | 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 | 143,711 | SFr 142,483 | 142,926 | SFr 138,223 |
Consumer | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 142,332 | 141,951 | ||
Consumer | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,379 | 975 | ||
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 | 843 | 411 | ||
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 | 79 | 75 | ||
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 | 60 | 56 | ||
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 | 397 | 433 | ||
Consumer | Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 123,021 | 121,503 | ||
Consumer | Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 20,096 | 20,903 | ||
Consumer | Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 594 | 520 | ||
Mortgages | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 100,307 | 98,802 | ||
Mortgages | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 99,980 | 98,519 | ||
Mortgages | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 327 | 283 | ||
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 | 138 | 99 | ||
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 | 14 | 14 | ||
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 | 10 | 9 | ||
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 | 165 | 161 | ||
Mortgages | Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 84,882 | 82,360 | ||
Mortgages | Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 15,215 | 16,249 | ||
Mortgages | Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 210 | 193 | ||
Loans collateralized by securities | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 39,300 | 39,818 | ||
Loans collateralized by securities | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 39,004 | 39,648 | ||
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 | 296 | 170 | ||
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 | 245 | 81 | ||
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 | 1 | 1 | ||
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 | 1 | 1 | ||
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 | 49 | 87 | ||
Loans collateralized by securities | Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 36,700 | 37,426 | ||
Loans collateralized by securities | Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 2,446 | 2,306 | ||
Loans collateralized by securities | Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 154 | 86 | ||
Consumer finance | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 4,104 | 4,306 | ||
Consumer finance | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 3,348 | 3,784 | ||
Consumer finance | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 756 | 522 | ||
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 | 460 | 231 | ||
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 | 64 | 60 | ||
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 | 49 | 46 | ||
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 | 183 | 185 | ||
Consumer finance | Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,439 | 1,717 | ||
Consumer finance | Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 2,435 | 2,348 | ||
Consumer finance | Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | SFr 230 | SFr 241 |
Loans, allowance for loan los88
Loans, allowance for loan losses and credit quality (Details 4) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Gross impaired loans by category | ||||
Total non-performing and non-interest-earning loans | SFr 941 | SFr 976 | SFr 1,032 | SFr 1,137 |
Restructured loans | 253 | 243 | 171 | 83 |
Potential problem loans | 376 | 204 | 187 | 252 |
Total other impaired loans | 629 | 447 | 358 | 335 |
Gross impaired loans | 1,570 | 1,423 | 1,390 | 1,472 |
Non-interest-earning loans | 224 | 275 | 279 | 286 |
Non-performing loans | 717 | SFr 701 | 753 | SFr 851 |
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | 96 | 80 | ||
Corporate and institutional | ||||
Gross impaired loans by category | ||||
Total non-performing and non-interest-earning loans | 465 | 496 | ||
Restructured loans | 249 | 167 | ||
Potential problem loans | 206 | 145 | ||
Total other impaired loans | 455 | 312 | ||
Gross impaired loans | 920 | 808 | ||
Non-interest-earning loans | 148 | 168 | ||
Non-performing loans | 317 | 328 | ||
Real estate | ||||
Gross impaired loans by category | ||||
Total non-performing and non-interest-earning loans | 62 | 66 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 4 | 9 | ||
Total other impaired loans | 4 | 9 | ||
Gross impaired loans | 66 | 75 | ||
Non-interest-earning loans | 19 | 16 | ||
Non-performing loans | 43 | 50 | ||
Commercial and industrial loans | ||||
Gross impaired loans by category | ||||
Total non-performing and non-interest-earning loans | 305 | 306 | ||
Restructured loans | 221 | 167 | ||
Potential problem loans | 197 | 133 | ||
Total other impaired loans | 418 | 300 | ||
Gross impaired loans | 723 | 606 | ||
Non-interest-earning loans | 89 | 116 | ||
Non-performing loans | 216 | 190 | ||
Financial institutions | ||||
Gross impaired loans by category | ||||
Total non-performing and non-interest-earning loans | 98 | 124 | ||
Restructured loans | 28 | 0 | ||
Potential problem loans | 5 | 3 | ||
Total other impaired loans | 33 | 3 | ||
Gross impaired loans | 131 | 127 | ||
Non-interest-earning loans | 40 | 36 | ||
Non-performing loans | 58 | 88 | ||
Consumer | ||||
Gross impaired loans by category | ||||
Total non-performing and non-interest-earning loans | 476 | 536 | ||
Restructured loans | 4 | 4 | ||
Potential problem loans | 170 | 42 | ||
Total other impaired loans | 174 | 46 | ||
Gross impaired loans | 650 | 582 | ||
Non-interest-earning loans | 76 | 111 | ||
Non-performing loans | 400 | 425 | ||
Mortgages | ||||
Gross impaired loans by category | ||||
Total non-performing and non-interest-earning loans | 195 | 208 | ||
Restructured loans | 4 | 4 | ||
Potential problem loans | 48 | 39 | ||
Total other impaired loans | 52 | 43 | ||
Gross impaired loans | 247 | 251 | ||
Non-interest-earning loans | 27 | 19 | ||
Non-performing loans | 168 | 189 | ||
Loans collateralized by securities | ||||
Gross impaired loans by category | ||||
Total non-performing and non-interest-earning loans | 50 | 86 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 121 | 2 | ||
Total other impaired loans | 121 | 2 | ||
Gross impaired loans | 171 | 88 | ||
Non-interest-earning loans | 27 | 75 | ||
Non-performing loans | 23 | 11 | ||
Consumer finance | ||||
Gross impaired loans by category | ||||
Total non-performing and non-interest-earning loans | 231 | 242 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 1 | 1 | ||
Total other impaired loans | 1 | 1 | ||
Gross impaired loans | 232 | 243 | ||
Non-interest-earning loans | 22 | 17 | ||
Non-performing loans | SFr 209 | SFr 225 |
Loans, allowance for loan los89
Loans, allowance for loan losses and credit quality (Details 5) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Recorded investment | ||||||
Recorded investment, with a specific allowance | SFr 1,241 | SFr 1,241 | SFr 1,297 | |||
Recorded investment, without specific allowance | 329 | 329 | 93 | |||
Gross impaired loans | 1,570 | SFr 1,423 | SFr 1,472 | 1,570 | SFr 1,472 | 1,390 |
Unpaid principal balance | ||||||
Unpaid principal balance, with a specific allowance | 1,181 | 1,181 | 1,225 | |||
Unpaid principal balance, without specific allowance | 329 | 329 | 93 | |||
Unpaid principal balance | 1,510 | 1,510 | 1,318 | |||
Associated specific allowance | 510 | 510 | 540 | |||
Average recorded investment | ||||||
Average recorded investment, with a specific allowance | 1,250 | 1,223 | 1,361 | 1,233 | 1,381 | |
Average recorded investment, without specific allowance | 162 | 101 | 123 | 131 | 104 | |
Average recorded investment | 1,412 | 1,324 | 1,484 | 1,364 | 1,485 | |
Interest income recognized | ||||||
Interest income recognized, with a specific allowance | 4 | 2 | 1 | 6 | 1 | |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | |
Interest income recognized | 4 | 2 | 1 | 6 | 1 | |
Interest income recognized on a cash basis | ||||||
Interest income recognized on a cash basis, with a specific allowance | 4 | 2 | 1 | 6 | 1 | |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | |
Interest income recognized on a cash basis | 4 | 2 | 1 | 6 | 1 | |
Corporate and institutional | ||||||
Recorded investment | ||||||
Recorded investment, with a specific allowance | 795 | 795 | 793 | |||
Recorded investment, without specific allowance | 125 | 125 | 15 | |||
Gross impaired loans | 920 | 920 | 808 | |||
Unpaid principal balance | ||||||
Unpaid principal balance, with a specific allowance | 769 | 769 | 754 | |||
Unpaid principal balance, without specific allowance | 125 | 125 | 15 | |||
Unpaid principal balance | 894 | 894 | 769 | |||
Associated specific allowance | 348 | 348 | 338 | |||
Average recorded investment | ||||||
Average recorded investment, with a specific allowance | 809 | 754 | 876 | 779 | 892 | |
Average recorded investment, without specific allowance | 49 | 22 | 31 | 35 | 25 | |
Average recorded investment | 858 | 776 | 907 | 814 | 917 | |
Interest income recognized | ||||||
Interest income recognized, with a specific allowance | 2 | 2 | 0 | 4 | 0 | |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | |
Interest income recognized | 2 | 2 | 0 | 4 | 0 | |
Interest income recognized on a cash basis | ||||||
Interest income recognized on a cash basis, with a specific allowance | 2 | 2 | 0 | 4 | 0 | |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | |
Interest income recognized on a cash basis | 2 | 2 | 0 | 4 | 0 | |
Real estate | ||||||
Recorded investment | ||||||
Recorded investment, with a specific allowance | 66 | 66 | 68 | |||
Recorded investment, without specific allowance | 0 | 0 | 7 | |||
Gross impaired loans | 66 | 66 | 75 | |||
Unpaid principal balance | ||||||
Unpaid principal balance, with a specific allowance | 62 | 62 | 64 | |||
Unpaid principal balance, without specific allowance | 0 | 0 | 7 | |||
Associated specific allowance | 7 | 7 | 7 | |||
Average recorded investment | ||||||
Average recorded investment, with a specific allowance | 65 | 65 | 81 | 65 | 80 | |
Average recorded investment, without specific allowance | 13 | 8 | 19 | 10 | 13 | |
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 | 598 | 598 | 599 | |||
Recorded investment, without specific allowance | 125 | 125 | 7 | |||
Gross impaired loans | 723 | 723 | 606 | |||
Unpaid principal balance | ||||||
Unpaid principal balance, with a specific allowance | 581 | 581 | 570 | |||
Unpaid principal balance, without specific allowance | 125 | 125 | 7 | |||
Associated specific allowance | 271 | 271 | 259 | |||
Average recorded investment | ||||||
Average recorded investment, with a specific allowance | 597 | 552 | 676 | 573 | 688 | |
Average recorded investment, without specific allowance | 35 | 13 | 12 | 24 | 12 | |
Interest income recognized | ||||||
Interest income recognized, with a specific allowance | 2 | 1 | 0 | 3 | 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 | 2 | 1 | 0 | 3 | 0 | |
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 | 131 | 131 | 126 | |||
Recorded investment, without specific allowance | 0 | 0 | 1 | |||
Gross impaired loans | 131 | 131 | 127 | |||
Unpaid principal balance | ||||||
Unpaid principal balance, with a specific allowance | 126 | 126 | 120 | |||
Unpaid principal balance, without specific allowance | 0 | 0 | 1 | |||
Associated specific allowance | 70 | 70 | 72 | |||
Average recorded investment | ||||||
Average recorded investment, with a specific allowance | 147 | 137 | 119 | 141 | 124 | |
Average recorded investment, without specific allowance | 1 | 1 | 0 | 1 | 0 | |
Interest income recognized | ||||||
Interest income recognized, with a specific allowance | 0 | 1 | 0 | 1 | 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 | 1 | 0 | 1 | 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 | 446 | 446 | 504 | |||
Recorded investment, without specific allowance | 204 | 204 | 78 | |||
Gross impaired loans | 650 | 650 | 582 | |||
Unpaid principal balance | ||||||
Unpaid principal balance, with a specific allowance | 412 | 412 | 471 | |||
Unpaid principal balance, without specific allowance | 204 | 204 | 78 | |||
Unpaid principal balance | 616 | 616 | 549 | |||
Associated specific allowance | 162 | 162 | 202 | |||
Average recorded investment | ||||||
Average recorded investment, with a specific allowance | 441 | 469 | 485 | 454 | 489 | |
Average recorded investment, without specific allowance | 113 | 79 | 92 | 96 | 79 | |
Average recorded investment | 554 | 548 | 577 | 550 | 568 | |
Interest income recognized | ||||||
Interest income recognized, with a specific allowance | 2 | 0 | 1 | 2 | 1 | |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 | |
Interest income recognized | 2 | 0 | 1 | 2 | 1 | |
Interest income recognized on a cash basis | ||||||
Interest income recognized on a cash basis, with a specific allowance | 2 | 0 | 1 | 2 | 1 | |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 | |
Interest income recognized on a cash basis | 2 | 0 | 1 | 2 | 1 | |
Mortgages | ||||||
Recorded investment | ||||||
Recorded investment, with a specific allowance | 194 | 194 | 205 | |||
Recorded investment, without specific allowance | 53 | 53 | 46 | |||
Gross impaired loans | 247 | 247 | 251 | |||
Unpaid principal balance | ||||||
Unpaid principal balance, with a specific allowance | 182 | 182 | 194 | |||
Unpaid principal balance, without specific allowance | 53 | 53 | 46 | |||
Associated specific allowance | 27 | 27 | 27 | |||
Average recorded investment | ||||||
Average recorded investment, with a specific allowance | 177 | 180 | 197 | 179 | 198 | |
Average recorded investment, without specific allowance | 64 | 50 | 30 | 57 | 25 | |
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 | 27 | 27 | 63 | |||
Recorded investment, without specific allowance | 144 | 144 | 25 | |||
Gross impaired loans | 171 | 171 | 88 | |||
Unpaid principal balance | ||||||
Unpaid principal balance, with a specific allowance | 24 | 24 | 60 | |||
Unpaid principal balance, without specific allowance | 144 | 144 | 25 | |||
Associated specific allowance | 4 | 4 | 53 | |||
Average recorded investment | ||||||
Average recorded investment, with a specific allowance | 39 | 59 | 65 | 49 | 65 | |
Average recorded investment, without specific allowance | 42 | 22 | 40 | 32 | 34 | |
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 | 225 | 225 | 236 | |||
Recorded investment, without specific allowance | 7 | 7 | 7 | |||
Gross impaired loans | 232 | 232 | 243 | |||
Unpaid principal balance | ||||||
Unpaid principal balance, with a specific allowance | 206 | 206 | 217 | |||
Unpaid principal balance, without specific allowance | 7 | 7 | 7 | |||
Associated specific allowance | 131 | 131 | SFr 122 | |||
Average recorded investment | ||||||
Average recorded investment, with a specific allowance | 225 | 230 | 223 | 226 | 226 | |
Average recorded investment, without specific allowance | 7 | 7 | 22 | 7 | 20 | |
Interest income recognized | ||||||
Interest income recognized, with a specific allowance | 1 | 0 | 0 | 1 | 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 | 1 | 0 | 0 | 1 | 0 | |
Interest income recognized on a cash basis, without specific allowance | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 |
Loans, allowance for loan los90
Loans, allowance for loan losses and credit quality (Details 6) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015CHF (SFr)contract | Mar. 31, 2015CHF (SFr)contract | Jun. 30, 2014CHF (SFr)contract | Jun. 30, 2015CHF (SFr)contract | Jun. 30, 2014CHF (SFr)contract | |
Restructured loans | |||||
Restructured loans, Modifications, Number of contracts | contract | 2 | 2 | 2 | 4 | 3 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 21 | SFr 71 | SFr 78 | SFr 92 | SFr 107 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 21 | SFr 78 | SFr 56 | SFr 99 | SFr 85 |
Commercial and industrial loans | |||||
Restructured loans | |||||
Restructured loans, Modifications, Number of contracts | contract | 2 | 2 | 2 | 4 | 3 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 21 | SFr 71 | SFr 78 | SFr 92 | SFr 107 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 21 | SFr 78 | SFr 56 | SFr 99 | SFr 85 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 1 | 1 | |||
Restructured loans, subsequently defaulted, Recorded Investment | SFr 65 | SFr 65 |
Other assets and other liabil91
Other assets and other liabilities (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Other assets | ||||
Cash collateral on derivative instruments | SFr 7,514 | SFr 11,399 | SFr 10,905 | SFr 8,097 |
Cash collateral on non-derivative transactions | 1,268 | 1,636 | 3,238 | 2,445 |
Derivative instruments used for hedging | 1,370 | 1,589 | 1,539 | 2,100 |
Assets held-for-sale | 24,584 | 25,491 | 26,544 | 20,102 |
of which loans | 24,101 | 24,963 | 25,911 | 19,755 |
of which real estate | 375 | 431 | 535 | 347 |
of which long-lived assets | 108 | 97 | 98 | 0 |
Assets held for separate accounts | 4,036 | 4,578 | 5,650 | 9,046 |
Interest and fees receivable | 5,900 | 5,992 | 6,237 | 6,041 |
Deferred tax assets | 5,154 | 5,768 | 6,077 | 5,557 |
Prepaid expenses | 614 | 571 | 517 | 649 |
Failed purchases | 2,409 | 2,870 | 3,138 | 2,996 |
Other | 6,900 | 6,603 | 6,713 | 7,656 |
Other assets | 59,749 | 66,497 | 70,558 | 64,689 |
Other liabilities | ||||
Cash collateral on derivative instruments | 15,387 | 15,887 | 17,043 | 12,844 |
Cash collateral on non-derivative transactions | 1,417 | 839 | 797 | 740 |
Derivative instruments used for hedging | 246 | 381 | 469 | 202 |
Provisions | 1,214 | 1,202 | 1,358 | 2,653 |
of which off-balance sheet risk | 70 | 98 | 103 | 59 |
Liabilities held for separate accounts | 4,036 | 4,578 | 5,650 | 9,046 |
Interest and fees payable | 6,004 | 5,352 | 6,531 | 6,055 |
Current tax liabilities | 758 | 723 | 821 | 788 |
Deferred tax liabilities | 120 | 74 | 47 | 423 |
Failed sales | 1,345 | 1,578 | 1,313 | 1,267 |
Other | 14,774 | 14,735 | 16,941 | 14,895 |
Other liabilities | 45,301 | 45,349 | 50,970 | 48,913 |
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 1,022 | 1,325 | 1,103 | 1,233 |
Loans held in trusts, consolidated as a result of failed sales, included in loans held-for-sale | 62 | 62 | 226 | 232 |
Foreclosed or repossessed real estate | 58 | 62 | 169 | 196 |
Foreclosed or repossessed residential real estate | 1 | SFr 1 | 2 | SFr 7 |
Bank | ||||
Other assets | ||||
Other assets | 59,475 | 70,511 | ||
Other liabilities | ||||
Other liabilities | SFr 45,306 | SFr 50,648 |
Long-term debt (Details)
Long-term debt (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Long-term debt | ||||
Senior | SFr 146,846 | SFr 137,867 | SFr 139,267 | SFr 108,419 |
Subordinated | 23,837 | 24,836 | 25,179 | 23,551 |
Non-recourse liabilities from consolidated VIEs | 11,972 | 12,975 | 13,452 | 11,857 |
Long-term debt | 182,655 | 175,678 | 177,898 | 143,827 |
of which reported at fair value | 76,517 | 78,390 | 81,166 | 70,217 |
Structured notes | ||||
Long-term debt | ||||
Long-term debt | 50,602 | SFr 50,929 | 50,469 | SFr 41,739 |
Bank | ||||
Long-term debt | ||||
Long-term debt | SFr 177,429 | SFr 172,947 |
Long-term debt (Details 2)
Long-term debt (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Long-term debt by maturities | ||||
Long-term debt | SFr 182,655 | SFr 175,678 | SFr 177,898 | SFr 143,827 |
Structured notes | ||||
Long-term debt by maturities | ||||
Long-term debt | 50,602 | 50,929 | 50,469 | 41,739 |
Structured notes | Equity | ||||
Long-term debt by maturities | ||||
Long-term debt | 34,150 | 35,041 | 35,309 | 29,855 |
Structured notes | Fixed income | ||||
Long-term debt by maturities | ||||
Long-term debt | 8,958 | 8,605 | 8,321 | 6,080 |
Structured notes | Credit | ||||
Long-term debt by maturities | ||||
Long-term debt | 4,965 | 4,897 | 5,244 | 4,778 |
Structured notes | Other | ||||
Long-term debt by maturities | ||||
Long-term debt | 2,529 | SFr 2,386 | 1,595 | SFr 1,026 |
Group parent company | ||||
Long-term debt by maturities | ||||
Long-term debt | 4,624 | 4,930 | ||
Bank | ||||
Long-term debt by maturities | ||||
Long-term debt | SFr 177,429 | SFr 172,947 |
Accumulated other comprehensi94
Accumulated other comprehensive income (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance | SFr (16,386) | SFr (15,003) | SFr (15,003) | ||
Balance | (17,320) | (16,386) | SFr (15,977) | (17,320) | SFr (15,977) |
Gains/(losses) on cash flow hedges | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance | (23) | (31) | 6 | (31) | (11) |
Increase/(decrease) | 25 | 18 | 12 | 43 | 24 |
Increase/(decrease) due to equity method investments | (1) | (16) | 5 | (17) | 13 |
Reclassification adjustments, included in net income | 7 | 6 | (5) | 13 | (8) |
Total increase/(decrease) | 31 | 8 | 12 | 39 | 29 |
Balance | 8 | (23) | 18 | 8 | 18 |
Cumulative translation adjustments | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance | (12,947) | (11,478) | (13,922) | (11,478) | (13,674) |
Increase/(decrease) | (1,027) | (1,471) | 62 | (2,498) | (186) |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 4 | 2 | 0 | 6 | 0 |
Total increase/(decrease) | (1,023) | (1,469) | 62 | (2,492) | (186) |
Balance | (13,970) | (12,947) | (13,860) | (13,970) | (13,860) |
Unrealized gains/(losses) on securities | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance | 74 | 64 | 60 | 64 | 52 |
Increase/(decrease) | (11) | 10 | 12 | (1) | 20 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 | 0 | 0 |
Reclassification adjustments, included in net income | (1) | 0 | 0 | (1) | 0 |
Total increase/(decrease) | (12) | 10 | 12 | (2) | 20 |
Balance | 62 | 74 | 72 | 62 | 72 |
Actuarial gains/(losses) | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance | (3,921) | (4,010) | (2,722) | (4,010) | (2,757) |
Increase/(decrease) | 6 | 1 | 4 | 7 | 1 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 86 | 88 | 38 | 174 | 76 |
Total increase/(decrease) | 92 | 89 | 42 | 181 | 77 |
Balance | (3,829) | (3,921) | (2,680) | (3,829) | (2,680) |
Net prior service credit/ (cost) | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance | 431 | 452 | 495 | 452 | 515 |
Increase/(decrease) | 0 | 0 | 0 | 0 | 0 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 | 0 | 0 |
Reclassification adjustments, included in net income | (22) | (21) | (22) | (43) | (42) |
Total increase/(decrease) | (22) | (21) | (22) | (43) | (42) |
Balance | 409 | 431 | 473 | 409 | 473 |
Accumulated other comprehensive income | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance | (16,386) | (15,003) | (16,083) | (15,003) | (15,875) |
Increase/(decrease) | (1,007) | (1,442) | 90 | (2,449) | (141) |
Increase/(decrease) due to equity method investments | (1) | (16) | 5 | (17) | 13 |
Reclassification adjustments, included in net income | 74 | 75 | 11 | 149 | 26 |
Total increase/(decrease) | (934) | (1,383) | 106 | (2,317) | (102) |
Balance | SFr (17,320) | SFr (16,386) | SFr (15,977) | SFr (17,320) | SFr (15,977) |
Accumulated other comprehensi95
Accumulated other comprehensive income (Details 2) - SFr / shares | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |||||||
Common shares issued | ||||||||||||
Common Stock, Shares, Issued, Beginning Balance | 1,607,168,947 | 1,607,168,947 | 1,596,119,349 | 1,607,168,947 | 1,596,119,349 | |||||||
Issuance of common shares | 31,226,399 | 0 | 11,049,598 | 31,226,399 | 11,049,598 | |||||||
of which reserved for share-based compensation | 0 | 0 | 11,049,598 | 0 | 11,049,598 | |||||||
Common Stock, Shares, Issued, Ending Balance | 1,638,395,346 | 1,607,168,947 | 1,607,168,947 | 1,638,395,346 | 1,607,168,947 | |||||||
Treasury shares | ||||||||||||
Treasury Stock, Shares, Beginning Balance | 43,695,094 | 7,666,658 | 8,866,124 | 7,666,658 | 5,183,154 | |||||||
Sale of treasury shares | 220,985,925 | 80,525,427 | 78,696,088 | 301,511,352 | 146,666,213 | |||||||
Repurchase of treasury shares | 224,833,683 | 117,313,038 | 101,311,442 | 342,146,721 | 173,617,947 | |||||||
Share-based compensation, net of tax | 41,575,944 | 759,175 | 24,285,332 | 42,335,119 | 24,938,742 | |||||||
Treasury Stock, Shares, Ending Balance | 5,966,908 | 43,695,094 | 7,196,146 | 5,966,908 | 7,196,146 | |||||||
Common shares outstanding | 1,632,428,438 | [1] | 1,563,473,853 | [1] | 1,599,972,801 | [1] | 1,632,428,438 | [1] | 1,599,972,801 | [1] | 1,599,502,289 | |
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | SFr 0.04 | SFr 0.04 | SFr 0.04 | SFr 0.04 | ||||||
Authorized shares (in shares) | [2] | 2,347,168,947 | 2,299,616,660 | 2,299,616,660 | 2,347,168,947 | 2,299,616,660 | 2,299,616,660 | |||||
Unissued shares (in shares) | 680,000,000 | 680,000,000 | 680,000,000 | 680,000,000 | 680,000,000 | |||||||
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 | |||||||
[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] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). |
Accumulated other comprehensi96
Accumulated other comprehensive income (Details 3) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification adjustments, included in net income | |||||
Income tax expense | SFr 590 | SFr 477 | SFr 307 | SFr 1,067 | SFr 850 |
Gains/(losses) on cash flow hedges | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | 7 | 6 | (5) | 13 | (8) |
Cumulative translation adjustments | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | 4 | 2 | 0 | 6 | 0 |
Unrealized gains/(losses) on securities | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | (1) | 0 | 0 | (1) | 0 |
Actuarial gains/(losses) | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | 86 | 88 | 38 | 174 | 76 |
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 | 110 | 112 | 50 | 222 | 100 |
Income tax expense | (24) | (24) | (12) | (48) | (24) |
Net prior service credit/ (cost) | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | (22) | (21) | (22) | (43) | (42) |
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 | (29) | (28) | (28) | (57) | (53) |
Income tax expense | 7 | 7 | 6 | 14 | 11 |
Accumulated other comprehensive income | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | 74 | SFr 75 | 11 | 149 | 26 |
Bank | |||||
Reclassification adjustments, included in net income | |||||
Income tax expense | SFr 563 | SFr 274 | SFr 1,012 | SFr 795 |
Offsetting of financial asset97
Offsetting of financial assets and financial liabilities (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 380,300 | SFr 620,900 | ||
Offsetting | (356,200) | (590,000) | ||
of which counterparty netting | (333,200) | (561,600) | ||
of which cash collateral netting | (23,000) | (28,400) | ||
Total net derivatives subject to enforceable master netting agreements | 24,100 | 30,900 | ||
Total derivatives not subject to enforceable master netting agreements | 7,300 | 8,600 | ||
Total net derivatives presented in the consolidated balance sheets | 31,400 | 39,500 | ||
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||||
Securities purchased under resale agreements, gross | 100,800 | 119,300 | ||
Securities purchased under resale agreements, offsetting | (23,900) | (28,000) | ||
Securities purchased under resale agreements, net | 76,900 | 91,300 | ||
Securities borrowing transactions, gross | 24,400 | 27,800 | ||
Securities borrowing transactions, offsetting | (6,000) | (6,900) | ||
Securities borrowing transactions, net | 18,400 | 20,900 | ||
Total subject to enforceable master netting agreements, gross | 125,200 | 147,100 | ||
Total subject to enforceable master netting agreements, offsetting | (29,900) | (34,900) | ||
Total subject to enforceable master netting agreements, net | 95,300 | 112,200 | ||
Total not subject to enforceable master netting agreements | 42,500 | 51,000 | ||
Total, gross | 167,700 | 198,100 | ||
Total, net | 137,800 | 163,200 | ||
of which reported at fair value | 80,636 | SFr 88,876 | 104,283 | SFr 86,586 |
Amounts not offset in the consolidated balance sheets | ||||
Derivatives, net | 24,100 | 30,900 | ||
Derivatives, financial instruments | 5,800 | 6,500 | ||
Derivatives, cash collateral received/pledged | 200 | 100 | ||
Derivatives, net exposure | 18,100 | 24,300 | ||
Securities purchased under resale agreements, net | 76,900 | 91,300 | ||
Securities purchased under resale agreements, financial instruments | 76,900 | 91,300 | ||
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 0 | ||
Securities purchased under resale agreements, net exposure | 0 | 0 | ||
Securities borrowing transactions, net | 18,400 | 20,900 | ||
Securities borrowing transactions, financial instruments | 18,000 | 20,300 | ||
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 | ||
Securities borrowing transactions, net exposure | 400 | 600 | ||
Total financial assets subject to enforceable, net | 119,400 | 143,100 | ||
Total financial assets subject to enforceable, financial instruments | 100,700 | 118,100 | ||
Total financial assets subject to enforceable, cash collateral received/pledged | 200 | 100 | ||
Total financial assets subject to enforceable, net exposure | 18,500 | 24,900 | ||
Trading assets | ||||
Offsetting of derivatives | ||||
Total net derivatives presented in the consolidated balance sheets | 30,000 | 38,000 | ||
Other assets | ||||
Offsetting of derivatives | ||||
Total net derivatives presented in the consolidated balance sheets | 1,400 | 1,500 | ||
OTC-cleared | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 120,700 | 264,000 | ||
Offsetting | (118,900) | (261,700) | ||
Total net derivatives subject to enforceable master netting agreements | 1,800 | 2,300 | ||
Amounts not offset in the consolidated balance sheets | ||||
Derivatives, net | 1,800 | 2,300 | ||
OTC | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 246,900 | 343,900 | ||
Offsetting | (225,400) | (316,400) | ||
Total net derivatives subject to enforceable master netting agreements | 21,500 | 27,500 | ||
Amounts not offset in the consolidated balance sheets | ||||
Derivatives, net | 21,500 | 27,500 | ||
Exchange-traded | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 12,700 | 13,000 | ||
Offsetting | (11,900) | (11,900) | ||
Total net derivatives subject to enforceable master netting agreements | 800 | 1,100 | ||
Amounts not offset in the consolidated balance sheets | ||||
Derivatives, net | 800 | 1,100 | ||
Interest rate derivatives | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 268,600 | 471,400 | ||
Interest rate derivatives | OTC-cleared | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 115,200 | 257,700 | ||
Interest rate derivatives | OTC | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 153,300 | 213,600 | ||
Interest rate derivatives | Exchange-traded | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 100 | ||
Foreign exchange derivatives | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 61,300 | 87,000 | ||
Foreign exchange derivatives | OTC | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 61,200 | 86,900 | ||
Foreign exchange derivatives | Exchange-traded | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 100 | ||
Equity/index-related derivatives | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 26,300 | 27,200 | ||
Equity/index-related derivatives | OTC | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 13,900 | 14,800 | ||
Equity/index-related derivatives | Exchange-traded | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 12,400 | 12,400 | ||
Credit derivatives | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 20,700 | 26,300 | ||
Credit derivatives | OTC-cleared | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 5,500 | 6,300 | ||
Credit derivatives | OTC | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 15,200 | 20,000 | ||
Other products | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 3,400 | 9,000 | ||
Other products | OTC | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | 3,300 | 8,600 | ||
Other products | Exchange-traded | ||||
Offsetting of derivatives | ||||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 100 | SFr 400 |
Offsetting of financial asset98
Offsetting of financial assets and financial liabilities (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 383,500 | SFr 623,300 | ||
Offsetting | (364,800) | (595,000) | ||
of which counterparty netting | (333,200) | (561,600) | ||
of which cash collateral netting | (31,600) | (33,400) | ||
Total net derivatives subject to enforceable master netting agreements | 18,700 | 28,300 | ||
Total derivatives not subject to enforceable master netting agreements | 8,000 | 9,100 | ||
Total net derivatives presented in the consolidated balance sheets | 26,700 | 37,400 | ||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||||
Securities sold under repurchase agreements, gross | 58,600 | 69,900 | ||
Securities sold under repurchase agreements, offsetting | (27,500) | (31,900) | ||
Securities sold under repurchase agreements, net | 31,100 | 38,000 | ||
Securities lending transactions, gross | 9,200 | 10,800 | ||
Securities lending transactions, offsetting | (2,400) | (3,000) | ||
Securities lending transactions, net | 6,800 | 7,800 | ||
Obligation to return securities received as collateral, at fair value, gross | 21,200 | 18,800 | ||
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 | ||
Obligation to return securities received as collateral, at fair value, net | 21,200 | 18,800 | ||
Total subject to enforceable master netting agreements, gross | 89,000 | 99,500 | ||
Total subject to enforceable master netting agreements, offsetting | (29,900) | (34,900) | ||
Total subject to enforceable master netting agreements, net | 59,100 | 64,600 | ||
Total not subject to enforceable master netting agreements | 28,400 | 32,400 | ||
Total, gross | 117,400 | 131,900 | ||
Total, net | 87,500 | 97,000 | ||
of which reported at fair value | 41,920 | SFr 48,087 | 54,732 | SFr 60,529 |
Amounts not offset in the consolidated balance sheets | ||||
Derivatives, net | 18,700 | 28,300 | ||
Derivatives, financial instruments | 3,400 | 8,500 | ||
Derivatives, cash collateral received/pledged | 0 | 0 | ||
Derivatives, net exposure | 15,300 | 19,800 | ||
Securities sold under repurchase agreements, net | 31,100 | 38,000 | ||
Securities sold under repurchase agreements, financial instruments | 31,100 | 38,000 | ||
Securities sold under repurchase agreements, cash collateral received/pledged | 0 | 0 | ||
Securities sold under repurchase agreements, net exposure | 0 | 0 | ||
Securities lending transactions, net | 6,800 | 7,800 | ||
Securities lending transactions, financial instruments | 6,500 | 7,600 | ||
Securities lending transactions, cash collateral received/pledged | 0 | 0 | ||
Securities lending transactions, net exposure | 300 | 200 | ||
Obligation to return securities received as collateral, at fair value, net | 21,200 | 18,800 | ||
Obligation to return securities received as collateral, financial instruments | 20,300 | 18,100 | ||
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 | 900 | 700 | ||
Total financial liabilities subject to enforceable, net | 77,800 | 92,900 | ||
Total financial liabilities subject to enforceable, financial instruments | 61,300 | 72,200 | ||
Total financial liabilities subject to enforceable, cash collateral received/pledged | 0 | 0 | ||
Total financial liabilities subject to enforceable, net exposure | 16,500 | 20,700 | ||
Trading Liabilities | ||||
Offsetting of derivatives | ||||
Total net derivatives presented in the consolidated balance sheets | 26,500 | 36,900 | ||
Other liabilities | ||||
Offsetting of derivatives | ||||
Total net derivatives presented in the consolidated balance sheets | 200 | 500 | ||
Securities sold under repurchase agreements and securities | ||||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||||
Total subject to enforceable master netting agreements, offsetting | (29,900) | (34,900) | ||
Total, gross | 88,500 | 105,000 | ||
Total, net | 58,600 | 70,100 | ||
Obligation to return securities received as collateral | ||||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||||
Total subject to enforceable master netting agreements, offsetting | 0 | 0 | ||
Total, gross | 28,900 | 26,900 | ||
Total, net | 28,900 | 26,900 | ||
OTC-cleared | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 115,700 | 256,100 | ||
Offsetting | (115,400) | (255,800) | ||
Total net derivatives subject to enforceable master netting agreements | 300 | 300 | ||
Amounts not offset in the consolidated balance sheets | ||||
Derivatives, net | 300 | 300 | ||
OTC | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 253,900 | 352,700 | ||
Offsetting | (236,400) | (326,100) | ||
Total net derivatives subject to enforceable master netting agreements | 17,500 | 26,600 | ||
Amounts not offset in the consolidated balance sheets | ||||
Derivatives, net | 17,500 | 26,600 | ||
Exchange-traded | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 13,900 | 14,500 | ||
Offsetting | (13,000) | (13,100) | ||
Total net derivatives subject to enforceable master netting agreements | 900 | 1,400 | ||
Amounts not offset in the consolidated balance sheets | ||||
Derivatives, net | 900 | 1,400 | ||
Interest rate derivatives | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 258,100 | 460,400 | ||
Interest rate derivatives | OTC-cleared | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 110,200 | 250,000 | ||
Interest rate derivatives | OTC | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 147,800 | 210,400 | ||
Interest rate derivatives | Exchange-traded | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 100 | 0 | ||
Foreign exchange derivatives | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 74,000 | 99,200 | ||
Foreign exchange derivatives | OTC | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 73,800 | 99,000 | ||
Foreign exchange derivatives | Exchange-traded | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200 | 200 | ||
Equity/index-related derivatives | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 28,900 | 29,000 | ||
Equity/index-related derivatives | OTC | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 15,400 | 15,000 | ||
Equity/index-related derivatives | Exchange-traded | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 13,500 | 14,000 | ||
Credit derivatives | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 19,800 | 25,600 | ||
Credit derivatives | OTC-cleared | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 5,500 | 6,100 | ||
Credit derivatives | OTC | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,300 | 19,500 | ||
Other products | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 2,700 | 9,100 | ||
Other products | OTC | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | 2,600 | 8,800 | ||
Other products | Exchange-traded | ||||
Offsetting of derivatives | ||||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 100 | SFr 300 |
Tax (Details)
Tax (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income from continuing operations before taxes (CHF) | |||||
Income/(loss) from continuing operations before taxes | SFr 1,656 | SFr 1,511 | SFr (346) | SFr 3,167 | SFr 1,397 |
Current and deferred taxes (CHF) | |||||
Deferred income tax expense | 708 | 562 | |||
Income tax expense | 590 | 477 | 307 | 1,067 | 850 |
Reconciliation of taxes computed at the Swiss statutory rate (CHF) | |||||
Income tax expense computed at the statutory tax rate of 22% | SFr 364 | ||||
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 | SFr 55 | ||||
of which foreign tax rate expense/(benefit) in respect of profits earned in higher/lower tax jurisdictions | 55 | ||||
Changes in tax law and rates | 189 | ||||
Other non-deductible expenses | 87 | ||||
of which non-deductible interest expenses | 56 | ||||
of which non-deductible bank levy costs and other non-deductible compensation expenses | 31 | ||||
Lower taxed income | (71) | ||||
of which tax benefit related to exempt offshore income | (20) | ||||
of which tax benefit related to non-taxable foreign exchange gains | (12) | ||||
of which tax benefit related non-taxable life insurance income | (19) | ||||
Income taxable to non-controlling interests | (4) | ||||
Changes in deferred tax valuation allowance | (55) | ||||
Change in recognition of outside basis difference | (19) | ||||
Other | 44 | ||||
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 54 | ||||
of which tax (benefit)/charge from the impact of prior year adjustments | (8) | ||||
Income tax expense | 590 | SFr 477 | 307 | 1,067 | 850 |
Switzerland | |||||
Increase/(decrease) in income taxes resulting from: | |||||
of which swiss income tax benefit as a result of foreign branch earnings beneficially impact the earnings mix | (20) | ||||
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | (11) | ||||
UK | |||||
Increase/(decrease) in income taxes resulting from: | |||||
of which net increases to the valuation allowance on deferred tax assets on net tax loss carry-forwards | 29 | ||||
UK and Switzerland | |||||
Increase/(decrease) in income taxes resulting from: | |||||
of which tax benefit from the release of valuation allowances on deferred tax assets | (84) | ||||
New York | |||||
Increase/(decrease) in income taxes resulting from: | |||||
of which tax expense related to the change in New York city tax laws | 189 | ||||
Bank | |||||
Income from continuing operations before taxes (CHF) | |||||
Income/(loss) from continuing operations before taxes | 1,508 | (555) | 2,929 | 1,094 | |
Current and deferred taxes (CHF) | |||||
Income tax expense | 563 | 274 | 1,012 | 795 | |
Increase/(decrease) in income taxes resulting from: | |||||
Income tax expense | SFr 563 | SFr 274 | SFr 1,012 | SFr 795 |
Tax (Details 2)
Tax (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Tax effect of temporary differences (CHF) | |||
Net operating loss carry-forwards | SFr 1,119 | SFr 1,119 | SFr 1,384 |
Net deferred tax assets | 5,034 | 5,034 | SFr 5,694 |
Tax benefits associated with share-based compensation (CHF) | |||
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | SFr (14) | SFr (12) |
Tax (Details 3)
Tax (Details 3) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Net deferred tax assets | ||||||
Deferred tax assets | SFr 5,154 | SFr 5,768 | SFr 5,557 | SFr 5,154 | SFr 5,557 | SFr 6,077 |
Net operating loss carry-forwards | 1,119 | 1,384 | 1,119 | |||
Temporary differences | 4,035 | 4,384 | 4,035 | |||
Deferred tax liabilities | 120 | 74 | SFr 423 | 120 | SFr 423 | SFr 47 |
Deferred Tax Assets (Liabilities), Net | 5,034 | SFr 5,694 | 5,034 | |||
Accumulated undistributed earnings from foreign subsidiaries | SFr 5,400 | SFr 5,400 | ||||
Effective tax rate | ||||||
Effective tax rate (as a percent) | 35.60% | 31.60% | (88.70%) | 33.70% | 60.80% | |
Minimum | ||||||
Net deferred tax assets | ||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | SFr 0 | SFr 0 | ||||
Maximum | ||||||
Net deferred tax assets | ||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | SFr 38 | SFr 38 |
Deferred compensation expense (
Deferred compensation expense (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | SFr 540 | SFr 686 | SFr 632 | SFr 1,226 | SFr 1,341 |
Discontinued operations | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 0 | 0 | (6) | 0 | (9) |
2011 Partner Asset Facility (PAF2) | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 0 | 1 | (1) | 1 | 10 |
Adjustable Performance Plan cash awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 0 | 0 | (11) | 0 | (13) |
Restricted Cash Awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 11 | 10 | 24 | 21 | 47 |
Other Cash Awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 90 | 128 | 98 | 218 | 226 |
2008 Partner Asset Facility (PAF) awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 10 | 12 | 61 | 22 | 83 |
Contingent Capital Awards (CCA) | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 75 | 121 | 79 | 196 | 175 |
Capital Opportunity Facility (COF) | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 3 | 4 | 4 | 7 | 5 |
Performance shares | Performance share awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 137 | 167 | 156 | 304 | 328 |
Stock compensation plan | Share awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 209 | 237 | 227 | 446 | 477 |
Stock compensation plan | Scaled Incentive Share Unit (SISU) | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 0 | 0 | (3) | 0 | (3) |
Stock compensation plan | Adjustable Performance Plan share awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 0 | 0 | (3) | 0 | (2) |
Stock compensation plan | Plus Bond awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | SFr 5 | SFr 6 | SFr 7 | SFr 11 | SFr 17 |
Estimated unrecognized deferred
Estimated unrecognized deferred compensation (Details 2) - Jun. 30, 2015 - CHF (SFr) SFr in Millions | Total |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 1,994 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 2 months 14 days |
Restricted Cash Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 17 |
Other Cash Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 190 |
Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 384 |
Capital Opportunity Facility (COF) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 2 |
Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 427 |
Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 972 |
Stock compensation plan | Plus Bond awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 2 |
Share-based awards (Details 3)
Share-based awards (Details 3) - Jun. 30, 2015 - CHF (SFr) shares in Millions, SFr in Millions | Total | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total estimated unrecognized compensation expense | SFr 1,994 | SFr 1,994 |
Performance shares | Performance share awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total estimated unrecognized compensation expense | SFr 427 | SFr 427 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 79.1 | 48.2 |
Granted (in shares) | 0 | 30.9 |
Settled (in shares) | (23) | (23) |
Forfeited (in shares) | (0.2) | (0.2) |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 55.9 | 55.9 |
of which vested (in shares) | 2.1 | 2.1 |
of which unvested (in shares) | 53.8 | 53.8 |
Stock compensation plan | Share awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total estimated unrecognized compensation expense | SFr 972 | SFr 972 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 118 | 77.1 |
Granted (in shares) | 0.5 | 42.6 |
Settled (in shares) | (36.1) | (37.2) |
Forfeited (in shares) | (0.4) | (0.5) |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 82 | 82 |
of which vested (in shares) | 4 | 4 |
of which unvested (in shares) | 78 | 78 |
Stock compensation plan | Adjustable Performance Plan share awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 7.6 | 7.3 |
Granted (in shares) | 0 | 0.3 |
Settled (in shares) | (7.6) | (7.6) |
Forfeited (in shares) | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 0 | 0 |
of which vested (in shares) | 0 | 0 |
of which unvested (in shares) | 0 | 0 |
ISU-type awards (Details 4)
ISU-type awards (Details 4) - Jun. 30, 2015 - Stock compensation plan - Incentive Share Unit (ISU) - shares shares in Millions | Total | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 0.6 | 0.6 |
Granted (in shares) | 0 | 0 |
Settled (in shares) | 0 | 0 |
Forfeited (in shares) | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 0.6 | 0.6 |
of which vested (in shares) | 0.1 | 0.1 |
of which unvested (in shares) | 0.5 | 0.5 |
Cash-based awards (Details 5)
Cash-based awards (Details 5) | 6 Months Ended |
Jun. 30, 2015 | |
Plus Bond awards | Cliff vesting [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years |
Pension and other post-retir107
Pension and other post-retirement benefits (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total benefit costs | |||||
Service costs on benefit obligation | SFr 80 | SFr 79 | SFr 69 | SFr 159 | SFr 138 |
Interest costs on benefit obligation | 81 | 80 | 120 | 161 | 240 |
Expected return on plan assets | (196) | (195) | (181) | (391) | (362) |
Amortization of recognized prior service cost/(credit) | (28) | (27) | (22) | (55) | (44) |
Amortization of recognized actuarial losses/(gains) | 110 | 111 | 50 | 221 | 100 |
Net periodic benefit costs | 47 | 48 | 36 | 95 | 72 |
Settlement losses/(gains) | 0 | 1 | 0 | 1 | 0 |
Curtailment losses/(gains) | (1) | (1) | (7) | (2) | (10) |
Special termination benefits | 3 | 1 | 4 | 4 | 7 |
Total benefit costs | 49 | 49 | 33 | 98 | 69 |
PBO | |||||
Service costs | 80 | 79 | 69 | 159 | 138 |
Interest costs | SFr 81 | SFr 80 | SFr 120 | 161 | SFr 240 |
Pension and Other Postretirement Benefit Contributions | |||||
Contributions previously expected to be made by the company by the end of the current fiscal year | 408 | ||||
Contributions made to defined benefit pension plans and other post-retirement defined benefit plans | SFr 233 |
Derivatives and hedging acti108
Derivatives and hedging activities (Details) - CHF (SFr) SFr in Billions | 3 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair value of derivative instruments | ||
Notional amount | SFr 39,935.8 | SFr 51,055.1 |
Positive replacement value (PRV) | 387.6 | 629.5 |
Negative replacement value (NRV) | SFr 391.5 | 632.4 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 6 years | |
Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | SFr 39,860 | 50,980.3 |
Positive replacement value (PRV) | 385 | 626.9 |
Negative replacement value (NRV) | 390 | 630.7 |
Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 34,097.8 | 44,019.6 |
Positive replacement value (PRV) | 268 | 470.3 |
Negative replacement value (NRV) | 258.8 | 461.5 |
Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 11,472.2 | 11,940.2 |
Positive replacement value (PRV) | 4.5 | 5.3 |
Negative replacement value (NRV) | 4.5 | 5.6 |
Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 17,335.4 | 26,379 |
Positive replacement value (PRV) | 216.1 | 398.6 |
Negative replacement value (NRV) | 208.3 | 391.9 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 3,069.5 | 3,582.9 |
Positive replacement value (PRV) | 47.3 | 66.2 |
Negative replacement value (NRV) | 45.9 | 63.9 |
Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 1,854.6 | 1,528.4 |
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 | 366.1 | 589.1 |
Positive replacement value (PRV) | 0.1 | 0.2 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 3,782.8 | 4,603.4 |
Positive replacement value (PRV) | 63.4 | 89.5 |
Negative replacement value (NRV) | 76.8 | 102.3 |
Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1,771.6 | 2,132.9 |
Positive replacement value (PRV) | 17.1 | 32.2 |
Negative replacement value (NRV) | 18.2 | 33.4 |
Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 1,188 | 1,430.9 |
Positive replacement value (PRV) | 32.2 | 40 |
Negative replacement value (NRV) | 43.8 | 51 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 791.2 | 1,008.4 |
Positive replacement value (PRV) | 14 | 17.2 |
Negative replacement value (NRV) | 14.6 | 17.7 |
Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 21.9 | 23.3 |
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 | 10.1 | 7.9 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.2 | 0.2 |
Not designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 1,115 | 1,287.5 |
Positive replacement value (PRV) | 21.2 | 27 |
Negative replacement value (NRV) | 20.8 | 26.2 |
Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 799.7 | 947.6 |
Positive replacement value (PRV) | 28.7 | 30.4 |
Negative replacement value (NRV) | 30.4 | 31 |
Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 2.5 | 4.2 |
Positive replacement value (PRV) | 0.2 | 0.7 |
Negative replacement value (NRV) | 0 | 0.1 |
Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 221.7 | 289.3 |
Positive replacement value (PRV) | 5.9 | 6.2 |
Negative replacement value (NRV) | 7.6 | 6.7 |
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 231.4 | 236.8 |
Positive replacement value (PRV) | 9.9 | 10.8 |
Negative replacement value (NRV) | 8.9 | 9.9 |
Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 48.4 | 46.4 |
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 | 295.7 | 370.9 |
Positive replacement value (PRV) | 12.7 | 12.7 |
Negative replacement value (NRV) | 13.9 | 14.3 |
Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 64.7 | 122.2 |
Positive replacement value (PRV) | 3.7 | 9.7 |
Negative replacement value (NRV) | 3.2 | 9.7 |
Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 8.2 | 17.8 |
Positive replacement value (PRV) | 0.2 | 0.9 |
Negative replacement value (NRV) | 0.3 | 0.9 |
Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 23.6 | 44.4 |
Positive replacement value (PRV) | 2.8 | 6.7 |
Negative replacement value (NRV) | 2.3 | 6.6 |
Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 18.8 | 44.6 |
Positive replacement value (PRV) | 0.6 | 1.7 |
Negative replacement value (NRV) | 0.5 | 1.8 |
Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 12.5 | 13.3 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 1.6 | 2.1 |
Positive replacement value (PRV) | 0.1 | 0.4 |
Negative replacement value (NRV) | 0.1 | 0.4 |
Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 75.8 | 74.8 |
Positive replacement value (PRV) | 2.6 | 2.6 |
Negative replacement value (NRV) | 1.5 | 1.7 |
Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 53.7 | 51.1 |
Positive replacement value (PRV) | 2.5 | 2.6 |
Negative replacement value (NRV) | 1.4 | 1.3 |
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 | 53.7 | 51.1 |
Positive replacement value (PRV) | 2.5 | 2.6 |
Negative replacement value (NRV) | 1.4 | 1.3 |
Designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 22.1 | 23.7 |
Positive replacement value (PRV) | 0.1 | 0 |
Negative replacement value (NRV) | 0.1 | 0.4 |
Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 12.4 | 14.2 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.1 | 0.3 |
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 | 9.7 | 9.5 |
Positive replacement value (PRV) | 0.1 | 0 |
Negative replacement value (NRV) | 0 | 0.1 |
Designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | SFr 0 | SFr 0 |
Derivatives and hedging acti109
Derivatives and hedging activities (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair value hedges | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in income on derivatives | SFr (606) | SFr 49 | SFr (24) | SFr (557) | SFr (314) |
Gains/(losses) recognized in income on hedged items | 619 | (44) | 14 | 575 | 314 |
Net gains/(losses) on the ineffective portion | 13 | 5 | (10) | 18 | 0 |
Fair value hedges | Interest rate derivatives | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in income on derivatives | (606) | 47 | (26) | (559) | (316) |
Gains/(losses) recognized in income on hedged items | 619 | (42) | 16 | 577 | 316 |
Fair value hedges | Foreign exchange derivatives | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in income on derivatives | 0 | 2 | 2 | 2 | 2 |
Gains/(losses) recognized in income on hedged items | 0 | (2) | (2) | (2) | (2) |
Cash flow hedges | |||||
Derivative Instruments, Gain (Loss) | |||||
Net gains/(losses) on the ineffective portion | (6) | 4 | (1) | (2) | (1) |
Gains/(losses) recognized in AOCI on derivatives | 24 | 9 | 18 | 33 | 41 |
Gains/(losses) reclassified from AOCI into income | (7) | (6) | 5 | (13) | 8 |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | (5) | ||||
Cash flow hedges | Interest rate derivatives | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in AOCI on derivatives | (5) | 59 | 13 | 54 | 27 |
Gains/(losses) reclassified from AOCI into income | 9 | 9 | 5 | 18 | 9 |
Cash flow hedges | Foreign exchange derivatives | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in AOCI on derivatives | 29 | (50) | 5 | (21) | 14 |
Gains/(losses) reclassified from AOCI into income | (16) | (15) | 0 | (31) | (1) |
Net investment hedges | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in AOCI on derivatives | 321 | 487 | (279) | 808 | (220) |
Net investment hedges | Foreign exchange derivatives | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in AOCI on derivatives | SFr 321 | SFr 487 | SFr (279) | SFr 808 | SFr (220) |
Derivatives and hedging acti110
Derivatives and hedging activities (Details 3) - CHF (SFr) SFr in Billions | Jun. 30, 2015 | Dec. 31, 2014 |
Contingent credit risk | ||
Current net exposure | SFr 14.4 | SFr 15.1 |
Collateral posted | 13.4 | 13.1 |
Additional collateral required in a one-notch downgrade event | 1.2 | 1.3 |
Additional collateral required in a two-notch downgrade event | 2.6 | 3.2 |
Additional collateral required in a three-notch downgrade event | 3.6 | 4.4 |
Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 13.5 | 14 |
Collateral posted | 12.8 | 12.2 |
Additional collateral required in a one-notch downgrade event | 0.7 | 0.7 |
Additional collateral required in a two-notch downgrade event | 1.9 | 2.2 |
Additional collateral required in a three-notch downgrade event | 2.3 | 2.7 |
Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.6 | 0.8 |
Collateral posted | 0.6 | 0.9 |
Additional collateral required in a one-notch downgrade event | 0.5 | 0.5 |
Additional collateral required in a two-notch downgrade event | 0.7 | 0.8 |
Additional collateral required in a three-notch downgrade event | 1.2 | 1.4 |
Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 0.3 | 0.3 |
Additional collateral required in a one-notch downgrade event | 0 | 0.1 |
Additional collateral required in a two-notch downgrade event | 0 | 0.2 |
Additional collateral required in a three-notch downgrade event | SFr 0.1 | SFr 0.3 |
Derivatives and hedging acti111
Derivatives and hedging activities (Details 4) - CHF (SFr) SFr in Billions | 3 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Credit protection sold/purchased | ||
Credit protection sold | SFr (513.9) | SFr (586) |
Credit protection purchased | 492.8 | 564.9 |
Net credit protection (sold)/purchased | (21.1) | (21.1) |
Other protection purchased | 94.9 | 114.5 |
Fair value of credit protection sold | 6.7 | 7.8 |
Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (10.4) | (12.6) |
Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (79.8) | (109.2) |
Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (336.2) | (388.2) |
Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (97.9) | (88.6) |
Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (62.1) | (83.5) |
Credit protection purchased | 59.2 | 80.2 |
Net credit protection (sold)/purchased | (2.9) | (3.3) |
Other protection purchased | 6.9 | 9.7 |
Fair value of credit protection sold | (1.4) | (1.1) |
Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (451.8) | (502.5) |
Credit protection purchased | 433.6 | 484.7 |
Net credit protection (sold)/purchased | (18.2) | (17.8) |
Other protection purchased | 88 | 104.8 |
Fair value of credit protection sold | 8.1 | 8.9 |
Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (367.4) | (428.7) |
Credit protection purchased | 356.5 | 413.9 |
Net credit protection (sold)/purchased | (10.9) | (14.8) |
Other protection purchased | 72.2 | 88.9 |
Fair value of credit protection sold | 4.4 | 6.7 |
Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (146.5) | (157.3) |
Credit protection purchased | 136.3 | 151 |
Net credit protection (sold)/purchased | (10.2) | (6.3) |
Other protection purchased | 22.7 | 25.6 |
Fair value of credit protection sold | 2.3 | 1.1 |
Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (305.5) | (370.4) |
Credit protection purchased | 293.7 | 353.9 |
Net credit protection (sold)/purchased | (11.8) | (16.5) |
Other protection purchased | 41.8 | 46.2 |
Fair value of credit protection sold | 3.9 | 4.6 |
Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (62.8) | (78) |
Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (210.7) | (253.9) |
Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (32) | (38.5) |
Single-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (58.6) | (76.2) |
Credit protection purchased | 55.7 | 73 |
Net credit protection (sold)/purchased | (2.9) | (3.2) |
Other protection purchased | 6 | 8.6 |
Fair value of credit protection sold | (1.4) | (1.1) |
Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (246.9) | (294.2) |
Credit protection purchased | 238 | 280.9 |
Net credit protection (sold)/purchased | (8.9) | (13.3) |
Other protection purchased | 35.8 | 37.6 |
Fair value of credit protection sold | 5.3 | 5.7 |
Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (219.1) | (266.5) |
Credit protection purchased | 210.2 | 254 |
Net credit protection (sold)/purchased | (8.9) | (12.5) |
Other protection purchased | 29.4 | 32.7 |
Fair value of credit protection sold | 2.8 | 4.5 |
Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (86.4) | (103.9) |
Credit protection purchased | 83.5 | 99.9 |
Net credit protection (sold)/purchased | (2.9) | (4) |
Other protection purchased | 12.4 | 13.5 |
Fair value of credit protection sold | 1.1 | 0.1 |
Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (208.4) | (215.6) |
Credit protection purchased | 199.1 | 211 |
Net credit protection (sold)/purchased | (9.3) | (4.6) |
Other protection purchased | 53.1 | 68.3 |
Fair value of credit protection sold | 2.8 | 3.2 |
Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (17) | (31.2) |
Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (125.5) | (134.3) |
Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (65.9) | (50.1) |
Multi-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (3.5) | (7.3) |
Credit protection purchased | 3.5 | 7.2 |
Net credit protection (sold)/purchased | 0 | (0.1) |
Other protection purchased | 0.9 | 1.1 |
Fair value of credit protection sold | 0 | 0 |
Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (204.9) | (208.3) |
Credit protection purchased | 195.6 | 203.8 |
Net credit protection (sold)/purchased | (9.3) | (4.5) |
Other protection purchased | 52.2 | 67.2 |
Fair value of credit protection sold | 2.8 | 3.2 |
Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (148.3) | (162.2) |
Credit protection purchased | 146.3 | 159.9 |
Net credit protection (sold)/purchased | (2) | (2.3) |
Other protection purchased | 42.8 | 56.2 |
Fair value of credit protection sold | 1.6 | 2.2 |
Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (60.1) | (53.4) |
Credit protection purchased | 52.8 | 51.1 |
Net credit protection (sold)/purchased | (7.3) | (2.3) |
Other protection purchased | 10.3 | 12.1 |
Fair value of credit protection sold | SFr 1.2 | SFr 1 |
Derivatives and hedging acti112
Derivatives and hedging activities (Details 5) - CHF (SFr) SFr in Billions | 3 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Credit Derivatives [Line Items] | ||
Credit protection sold | SFr 513.9 | SFr 586 |
Credit protection purchased | 492.8 | 564.9 |
Other protection purchased | 94.9 | 114.5 |
Other instruments | 13.4 | 22.1 |
Total credit derivatives | SFr 1,115 | SFr 1,287.5 |
Guarantees and commitments (Det
Guarantees and commitments (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Guarantees | ||
Maturity less than 1 year | SFr 41,544 | SFr 47,842 |
Maturity greater than 1 year | 13,134 | 14,564 |
Total gross amount | 54,678 | 62,406 |
Total net amount | 53,674 | 61,293 |
Carrying value | 995 | 1,071 |
Collateral received | 13,614 | 19,907 |
Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 2,696 | 2,495 |
Maturity greater than 1 year | 1,291 | 1,591 |
Total gross amount | 3,987 | 4,086 |
Total net amount | 3,801 | 3,846 |
Carrying value | 11 | 30 |
Collateral received | 1,562 | 1,657 |
Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 4,380 | 4,899 |
Maturity greater than 1 year | 2,332 | 2,593 |
Total gross amount | 6,712 | 7,492 |
Total net amount | 5,899 | 6,625 |
Carrying value | 50 | 43 |
Collateral received | 2,997 | 3,188 |
Securities lending indemnifications | ||
Guarantees | ||
Maturity less than 1 year | 5,965 | 12,257 |
Maturity greater than 1 year | 0 | 0 |
Total gross amount | 5,965 | 12,257 |
Total net amount | 5,965 | 12,257 |
Carrying value | 0 | 0 |
Collateral received | 5,965 | 12,257 |
Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 24,683 | 24,599 |
Maturity greater than 1 year | 7,884 | 8,959 |
Total gross amount | 32,567 | 33,558 |
Total net amount | 32,567 | 33,558 |
Carrying value | 890 | 954 |
Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 3,820 | 3,592 |
Maturity greater than 1 year | 1,627 | 1,421 |
Total gross amount | 5,447 | 5,013 |
Total net amount | 5,442 | 5,007 |
Carrying value | 44 | 44 |
Collateral received | SFr 3,090 | SFr 2,805 |
Guarantees and commitments (114
Guarantees and commitments (Details 2) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Guarantees | ||
Amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 6 | |
Group's share in amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 0.6 | SFr 0.6 |
Guarantees and commitments (115
Guarantees and commitments (Details 3) - Jun. 30, 2015 - USD ($) $ in Billions | Total |
Guarantees | |
Residential mortgage loans sold | $ 176.2 |
Government-sponsored enterprises | |
Guarantees | |
Residential mortgage loans sold | 8.2 |
Private investors, primarily banks | |
Guarantees | |
Residential mortgage loans sold | 27.4 |
Non-agency securitizations | |
Guarantees | |
Residential mortgage loans sold | 140.6 |
Residential mortgage loans sold in non-agency securitizations that are still outstanding as of balance sheet date | 27.7 |
Borrower payments on mortgage loans sold | 93.1 |
Loan defaults on mortgage loans sold | $ 19.8 |
Guarantees and commitments (116
Guarantees and commitments (Details 4) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Residential mortgage loans sold, outstanding repurchase claims | |||||
Balance at beginning of period | $ 101 | $ 100 | $ 570 | $ 100 | $ 580 |
New claims | 1 | 1 | 317 | 2 | 330 |
Claims settled through repurchases | (1) | 0 | 0 | (1) | 0 |
Other settlements | 0 | 0 | (416) | 0 | (425) |
Total claims settled | (1) | 0 | (416) | (1) | (425) |
Claims rescinded | 0 | 0 | (4) | 0 | (15) |
Transfers to/from arbitration and litigation, net | 0 | 0 | (314) | 0 | (317) |
Balance at end of period | 101 | 101 | 153 | 101 | 153 |
Repurchase price at the time of settlement | (2) | 0 | 0 | (2) | 0 |
Other settlements, settlement value | 0 | 0 | (59) | 0 | (66) |
Provisions for outstanding repurchase claims | |||||
Balance at beginning of period | 1 | 6 | 136 | 6 | 146 |
Increase/(decrease) in provisions, net | 2 | (5) | (17) | (3) | (20) |
Realized losses | (2) | 0 | (59) | (2) | (66) |
Balance at end of period | 1 | 1 | 60 | 1 | 60 |
Government-sponsored enterprises | |||||
Residential mortgage loans sold, outstanding repurchase claims | |||||
Balance at beginning of period | 13 | 13 | 69 | 13 | 77 |
New claims | 0 | 0 | 3 | 0 | 9 |
Claims settled through repurchases | 0 | 0 | 0 | 0 | 0 |
Other settlements | 0 | 0 | (1) | 0 | (4) |
Total claims settled | 0 | 0 | (1) | 0 | (4) |
Claims rescinded | 0 | 0 | (4) | 0 | (15) |
Transfers to/from arbitration and litigation, net | 0 | 0 | 0 | 0 | 0 |
Balance at end of period | 13 | 13 | 67 | 13 | 67 |
Private investors, primarily banks | |||||
Residential mortgage loans sold, outstanding repurchase claims | |||||
Balance at beginning of period | 5 | 4 | 418 | 4 | 420 |
New claims | 1 | 1 | 0 | 2 | 1 |
Claims settled through repurchases | (1) | 0 | 0 | (1) | 0 |
Other settlements | 0 | 0 | (415) | 0 | (416) |
Total claims settled | (1) | 0 | (415) | (1) | (416) |
Claims rescinded | 0 | 0 | 0 | 0 | 0 |
Transfers to/from arbitration and litigation, net | 0 | 0 | 0 | 0 | (2) |
Balance at end of period | 5 | 5 | 3 | 5 | 3 |
Non-agency securitizations | |||||
Residential mortgage loans sold, outstanding repurchase claims | |||||
Balance at beginning of period | 83 | 83 | 83 | 83 | 83 |
New claims | 0 | 0 | 314 | 0 | 320 |
Claims settled through repurchases | 0 | 0 | 0 | 0 | 0 |
Other settlements | 0 | 0 | 0 | 0 | (5) |
Total claims settled | 0 | 0 | 0 | 0 | (5) |
Claims rescinded | 0 | 0 | 0 | 0 | 0 |
Transfers to/from arbitration and litigation, net | 0 | 0 | (314) | 0 | (315) |
Balance at end of period | $ 83 | $ 83 | $ 83 | $ 83 | $ 83 |
Guarantees and commitments (117
Guarantees and commitments (Details 7) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other commitments | ||
Maturity less than 1 year | SFr 40,148 | SFr 43,773 |
Maturity greater than 1 year | 90,760 | 91,313 |
Total gross amount | 130,908 | 135,086 |
Total net amount | 126,591 | 130,139 |
Collateral received | 68,037 | 68,020 |
Unused revocable credit limits | 103,093 | 100,905 |
Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 3,855 | 4,722 |
Maturity greater than 1 year | 13 | 12 |
Total gross amount | 3,868 | 4,734 |
Total net amount | 3,761 | 4,575 |
Collateral received | 2,339 | 2,769 |
Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 34,601 | 30,023 |
Maturity greater than 1 year | 89,893 | 90,267 |
Total gross amount | 124,494 | 120,290 |
Total net amount | 120,284 | 115,502 |
Collateral received | 64,762 | 56,959 |
Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 936 | 8,292 |
Maturity greater than 1 year | 0 | 0 |
Total gross amount | 936 | 8,292 |
Total net amount | 936 | 8,292 |
Collateral received | 936 | 8,292 |
Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 756 | 736 |
Maturity greater than 1 year | 854 | 1,034 |
Total gross amount | 1,610 | 1,770 |
Total net amount | 1,610 | 1,770 |
Collateral received | SFr 0 | SFr 0 |
Transfers of financial asset118
Transfers of financial assets and variable interest entities (Details) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CMBS | ||
Transfers of financial assets disclosures | ||
Net gain/(loss) | SFr (2) | SFr 3 |
Proceeds from transfer of assets | 5,252 | 1,581 |
Cash received on interests that continue to be held | 74 | 53 |
RMBS | ||
Transfers of financial assets disclosures | ||
Net gain/(loss) | 4 | 14 |
Proceeds from transfer of assets | 8,416 | 10,842 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | (4) |
Servicing fees | 1 | 1 |
Cash received on interests that continue to be held | 204 | 206 |
Other asset-backed financing activities | ||
Transfers of financial assets disclosures | ||
Net gain/(loss) | 11 | 15 |
Proceeds from transfer of assets | 636 | 964 |
Cash received on interests that continue to be held | SFr 3 | SFr 4 |
Transfers of financial asset119
Transfers of financial assets and variable interest entities (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | SFr 37,016 | SFr 41,216 |
Total assets of SPE | 50,384 | 53,354 |
RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 44,641 | 49,884 |
Total assets of SPE | 44,963 | 50,017 |
Other asset-backed financing activities | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 22,734 | 26,176 |
Total assets of SPE | SFr 22,760 | SFr 26,176 |
Transfers of financial asset120
Transfers of financial assets and variable interest entities (Details 3) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed rate assumed used for projecting payments over the life of a residential mortgage loan (as a percent) | 100.00% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans in the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans after the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Constant prepayment rate assumed using a 100% prepayment assumption (as a percent) | 6.00% | ||
CMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 997 | SFr 566 | |
Weighted-average life, in years | 8 years 10 months 24 days | 3 years 7 months 6 days | |
CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 2.00% | 1.00% | |
Expected credit losses (rate per annum), in % (as a percent) | 0.70% | 1.00% | |
CMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 5.70% | 11.00% | |
Expected credit losses (rate per annum), in % (as a percent) | 3.40% | 2.00% | |
CMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 975 | SFr 501 | |
CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 22 | 65 | |
RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 1,018 | SFr 1,865 | |
Weighted-average life, in years | 8 years 7 months 7 days | 4 years 7 months 7 days | |
RMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 4.50% | 1.50% | |
Cash flow discount rate (rate per annum), in % (as a percent) | 1.70% | 2.00% | |
Expected credit losses (rate per annum), in % (as a percent) | 0.50% | 2.60% | |
RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 27.70% | 23.00% | |
Cash flow discount rate (rate per annum), in % (as a percent) | 13.60% | 17.00% | |
Expected credit losses (rate per annum), in % (as a percent) | 12.50% | 14.00% | |
RMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 826 | SFr 1,720 | |
RMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 192 | SFr 145 |
Transfers of financial asset121
Transfers of financial assets and variable interest entities (Details 4) - CHF (SFr) SFr in Millions | 3 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
CMBS | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 1,297 | SFr 1,168 |
Weighted-average life, in years | 7 years 2 months 13 days | 5 years 7 months 7 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (24.3) | SFr (14) |
Impact on fair value from 20% adverse change in cash flow discount rate | (48) | (27.4) |
Impact on fair value from 10% adverse change in expected credit losses | (7.7) | (7.1) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (15.5) | SFr (14) |
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) | 1.20% | 1.60% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.70% | 1.00% |
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) | 22.80% | 22.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 22.30% | 22.20% |
CMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 51 | SFr 79 |
RMBS | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 2,167 | SFr 2,394 |
Weighted-average life, in years | 9 years 4 months 26 days | 7 years 9 months 18 days |
Impact on fair value from 10% adverse change in prepayment speed | SFr (30.5) | SFr (29.2) |
Impact on fair value from 20% adverse change in prepayment speed | (58.5) | (56.4) |
Impact on fair value from 10% adverse change in cash flow discount rate | (55.6) | (43.8) |
Impact on fair value from 20% adverse change in cash flow discount rate | (108) | (85.3) |
Impact on fair value from 10% adverse change in expected credit losses | (26.7) | (25.3) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (52.1) | SFr (49.4) |
RMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 1.00% | 1.00% |
Cash flow discount rate per annum, in % (as a percent) | 0.60% | 1.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.10% | 0.00% |
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) | 38.80% | 36.60% |
Cash flow discount rate per annum, in % (as a percent) | 27.20% | 44.00% |
Expected credit losses rate (rate per annum), in % (as a percent) | 24.50% | 41.70% |
RMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 284 | SFr 246 |
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 | SFr 92 | SFr 212 |
Weighted-average life, in years | 2 years 1 month 5 days | 3 years 7 months 6 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (0.9) | SFr (1.2) |
Impact on fair value from 20% adverse change in cash flow discount rate | (1.9) | (2.4) |
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 | SFr (1.8) | SFr (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) | 5.30% | 0.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.10% | 1.40% |
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% | 21.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 12.40% | 13.10% |
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 | SFr 63 | SFr 146 |
Transfers of financial asset122
Transfers of financial assets and variable interest entities (Details 5) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
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 | SFr 22 | SFr 26 |
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 | (22) | (26) |
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 | 400 | 138 |
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 | 229 | 252 |
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 | SFr (629) | SFr (390) |
Transfers of financial asset123
Transfers of financial assets and variable interest entities (Details 6) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | SFr 409 | |
Gross cash proceeds received for assets derecognized | 478 | |
Fair value of transferred assets | 459 | |
Gross derivative assets recorded | 380,300 | SFr 620,900 |
Gross derivative liabilities recorded | 383,500 | 623,300 |
Interest rate derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 268,600 | 471,400 |
Gross derivative liabilities recorded | 258,100 | 460,400 |
Foreign exchange derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 61,300 | 87,000 |
Gross derivative liabilities recorded | 74,000 | 99,200 |
Equity/index-related derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 26,300 | 27,200 |
Gross derivative liabilities recorded | 28,900 | 29,000 |
Credit derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 20,700 | 26,300 |
Gross derivative liabilities recorded | 19,800 | 25,600 |
Other products | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 3,400 | 9,000 |
Gross derivative liabilities recorded | 2,700 | SFr 9,100 |
Sales with total return swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | 101 | |
Gross cash proceeds received for assets derecognized | 100 | |
Fair value of transferred assets | 92 | |
Sales with longevity swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | 308 | |
Gross cash proceeds received for assets derecognized | 378 | |
Fair value of transferred assets | 367 | |
Derivatives related to Transfers of Assets accounted for as sale | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 508 | |
Gross derivative liabilities recorded | 7 | |
Derivatives related to Transfers of Assets accounted for as sale | Equity/index-related derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative liabilities recorded | 7 | |
Derivatives related to Transfers of Assets accounted for as sale | Other products | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 508 | |
Derivatives related to Transfers of Assets accounted for as sale | Sales with total return swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative liabilities recorded | 7 | |
Derivatives related to Transfers of Assets accounted for as sale | Sales with longevity swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | SFr 508 |
Transfers of financial asset124
Transfers of financial assets and variable interest entities (Details 7) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Securities sold under repurchase agreements | SFr 77,200 | |||
Securities lending transactions | 11,300 | |||
Obligation to return securities received as collateral, at fair value | 28,851 | SFr 28,106 | SFr 26,854 | SFr 21,611 |
Total | 117,400 | |||
Governments debt securities | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Securities sold under repurchase agreements | 29,100 | |||
Securities lending transactions | 2,900 | |||
Obligation to return securities received as collateral, at fair value | 200 | |||
Corporate debt securities | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Securities sold under repurchase agreements | 19,600 | |||
Securities lending transactions | 300 | |||
Obligation to return securities received as collateral, at fair value | 300 | |||
Asset-backed securities | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Securities sold under repurchase agreements | 21,900 | |||
Equity securities | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Securities sold under repurchase agreements | 6,300 | |||
Securities lending transactions | 7,900 | |||
Obligation to return securities received as collateral, at fair value | 28,400 | |||
Other | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Securities sold under repurchase agreements | 300 | |||
Securities lending transactions | 200 | |||
Maturity on Demand [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Securities sold under repurchase agreements | 11,700 | |||
Securities lending transactions | 4,800 | |||
Obligation to return securities received as collateral, at fair value | 26,600 | |||
Total | 43,100 | |||
Maturity Less than 30 Days [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Securities sold under repurchase agreements | 31,400 | |||
Securities lending transactions | 4,700 | |||
Obligation to return securities received as collateral, at fair value | 2,300 | |||
Total | 38,400 | |||
Maturity 30 to 90 Days [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Securities sold under repurchase agreements | 13,600 | |||
Securities lending transactions | 400 | |||
Obligation to return securities received as collateral, at fair value | 0 | |||
Total | 14,000 | |||
Maturity Greater than 90 Days [Member] | ||||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||||
Securities sold under repurchase agreements | 20,500 | |||
Securities lending transactions | 1,400 | |||
Obligation to return securities received as collateral, at fair value | 0 | |||
Total | SFr 21,900 |
Transfers of financial asset125
Transfers of financial assets and variable interest entities (Details 8) SFr in Millions | Jun. 30, 2015CHF (SFr)dayyear | Mar. 31, 2015CHF (SFr) | Dec. 31, 2014CHF (SFr)dayyear | Jun. 30, 2014CHF (SFr) |
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 104,054 | SFr 87,913 | SFr 79,349 | SFr 66,469 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 137,834 | 144,859 | 163,208 | 165,744 |
Trading assets | 205,688 | 235,564 | 241,131 | 235,427 |
Investment securities | 3,370 | 3,052 | 2,791 | 3,323 |
Other investments | 7,391 | 7,881 | 8,613 | 7,709 |
Net loans | 270,171 | 270,774 | 272,551 | 254,532 |
Premises and equipment | 4,429 | 4,520 | 4,641 | 4,811 |
Other assets | 59,749 | 66,497 | 70,558 | 64,689 |
of which loans held-for-sale | 24,101 | 24,963 | 25,911 | 19,755 |
Customer deposits | 356,453 | 365,007 | 369,058 | 346,296 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 58,567 | 66,140 | 70,119 | 88,066 |
Trading liabilities | 59,390 | 69,757 | 72,655 | 75,129 |
Short-term borrowings | 26,401 | 27,577 | 25,921 | 29,426 |
Long-term debt | 182,655 | 175,678 | 177,898 | 143,827 |
Other liabilities | SFr 45,301 | 45,349 | SFr 50,970 | 48,913 |
CP Conduit | ||||
VIE Disclosures | ||||
Average maturity of CP (in days) | day | 45 | 49 | ||
Average maturity of conduit's assets (in years) | year | 1.8 | 1.8 | ||
Consolidated VIEs | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 1,470 | 1,231 | SFr 1,493 | 916 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 197 | 664 | 660 | 1,224 |
Trading assets | 3,394 | 3,930 | 4,261 | 3,439 |
Investment securities | 925 | 306 | 0 | 59 |
Other investments | 1,904 | 2,081 | 2,105 | 1,928 |
Net loans | 666 | 242 | 245 | 2,008 |
Premises and equipment | 414 | 435 | 452 | 495 |
Other assets | 14,172 | 15,648 | 16,134 | 13,815 |
of which loans held-for-sale | 10,892 | 12,569 | ||
Total assets of consolidated VIEs | 23,142 | 25,350 | ||
Customer deposits | 0 | 2 | 3 | 269 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 3 | 0 | 0 | 0 |
Trading liabilities | 28 | 40 | 35 | 16 |
Short-term borrowings | 9,470 | 9,212 | 9,384 | 8,733 |
Long-term debt | 11,972 | 12,975 | 13,452 | 11,857 |
Other liabilities | 1,655 | SFr 1,604 | 1,728 | SFr 859 |
Total liabilities of consolidated VIEs | 23,128 | 24,602 | ||
Consolidated VIEs | Collateralized debt obligations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 1,149 | 1,122 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 685 | 615 | ||
Investment securities | 0 | |||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 9,312 | 8,726 | ||
of which loans held-for-sale | 9,269 | 8,689 | ||
Total assets of consolidated VIEs | 11,146 | 10,463 | ||
Customer deposits | 0 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | |||
Trading liabilities | 6 | 6 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 10,894 | 10,318 | ||
Other liabilities | 40 | 27 | ||
Total liabilities of consolidated VIEs | 10,940 | 10,351 | ||
Consolidated VIEs | CP Conduit | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 0 | 0 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 197 | 660 | ||
Trading assets | 48 | 57 | ||
Investment securities | 0 | |||
Other investments | 0 | 0 | ||
Net loans | 444 | 12 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 126 | 262 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 815 | 991 | ||
Customer deposits | 0 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | |||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 8,722 | 9,384 | ||
Long-term debt | 0 | 18 | ||
Other liabilities | 14 | 29 | ||
Total liabilities of consolidated VIEs | 8,736 | 9,431 | ||
Consolidated VIEs | Financial intermediation - Securitizations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 80 | 16 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 0 | 250 | ||
Investment securities | 925 | |||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 2,473 | 4,741 | ||
of which loans held-for-sale | 1,349 | 3,500 | ||
Total assets of consolidated VIEs | 3,478 | 5,007 | ||
Customer deposits | 0 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | |||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 748 | 0 | ||
Long-term debt | 745 | 2,418 | ||
Other liabilities | 600 | 573 | ||
Total liabilities of consolidated VIEs | 2,093 | 2,991 | ||
Consolidated VIEs | Financial intermediation - Funds | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 134 | 187 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 1,196 | 1,715 | ||
Investment securities | 0 | |||
Other investments | 0 | 30 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1 | 3 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 1,331 | 1,935 | ||
Customer deposits | 0 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 3 | |||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 224 | 216 | ||
Other liabilities | 1 | 124 | ||
Total liabilities of consolidated VIEs | 228 | 340 | ||
Consolidated VIEs | Financial intermediation - Loans | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 86 | 109 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 975 | 867 | ||
Investment securities | 0 | |||
Other investments | 1,496 | 1,651 | ||
Net loans | 22 | 24 | ||
Premises and equipment | 414 | 452 | ||
Other assets | 100 | 197 | ||
of which loans held-for-sale | 16 | 24 | ||
Total assets of consolidated VIEs | 3,093 | 3,300 | ||
Customer deposits | 0 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | |||
Trading liabilities | 19 | 23 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 100 | 99 | ||
Other liabilities | 130 | 146 | ||
Total liabilities of consolidated VIEs | 249 | 268 | ||
Consolidated VIEs | Financial intermediation - Other | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 21 | 59 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 490 | 757 | ||
Investment securities | 0 | |||
Other investments | 408 | 424 | ||
Net loans | 200 | 209 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 2,160 | 2,205 | ||
of which loans held-for-sale | 258 | 356 | ||
Total assets of consolidated VIEs | 3,279 | 3,654 | ||
Customer deposits | 3 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | |||
Trading liabilities | 3 | 6 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 9 | 383 | ||
Other liabilities | 870 | 829 | ||
Total liabilities of consolidated VIEs | 882 | 1,221 | ||
Bank | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 102,358 | 78,000 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 138,231 | 163,208 | ||
Trading assets | 205,898 | 241,313 | ||
Investment securities | 2,965 | 2,379 | ||
Other investments | 7,261 | 8,467 | ||
Net loans | 253,094 | 255,928 | ||
Premises and equipment | 4,230 | 4,441 | ||
Other assets | 59,475 | 70,511 | ||
Customer deposits | 345,069 | 357,569 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 58,567 | 70,119 | ||
Trading liabilities | 59,457 | 72,667 | ||
Short-term borrowings | 26,401 | 25,921 | ||
Long-term debt | 177,429 | 172,947 | ||
Other liabilities | SFr 45,306 | SFr 50,648 |
Transfers of financial asset126
Transfers of financial assets and variable interest entities (Details 9) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Non-consolidated VIEs | ||||
Trading assets | SFr 205,688 | SFr 235,564 | SFr 241,131 | SFr 235,427 |
Net loans | 270,171 | 270,774 | 272,551 | 254,532 |
Other assets | 59,749 | 66,497 | 70,558 | 64,689 |
Other liabilities | 45,301 | SFr 45,349 | 50,970 | SFr 48,913 |
Non-consolidated VIEs | ||||
Non-consolidated VIEs | ||||
Trading assets | 7,264 | 7,508 | ||
Net loans | 8,731 | 8,871 | ||
Other assets | 192 | 213 | ||
Total variable interest assets, non-consolidated VIEs | 16,187 | 16,592 | ||
Maximum exposure to loss | 29,033 | 27,800 | ||
Non-consolidated VIE assets | 233,072 | 247,352 | ||
Non-consolidated VIEs | Collateralized debt obligations | ||||
Non-consolidated VIEs | ||||
Trading assets | 147 | 179 | ||
Net loans | 33 | 211 | ||
Other assets | 0 | 0 | ||
Total variable interest assets, non-consolidated VIEs | 180 | 390 | ||
Maximum exposure to loss | 180 | 752 | ||
Non-consolidated VIE assets | 6,145 | 8,604 | ||
Non-consolidated VIEs | Financial intermediation - Securitizations | ||||
Non-consolidated VIEs | ||||
Trading assets | 5,454 | 5,009 | ||
Net loans | 1,987 | 2,252 | ||
Other assets | 4 | 4 | ||
Total variable interest assets, non-consolidated VIEs | 7,445 | 7,265 | ||
Maximum exposure to loss | 13,317 | 12,775 | ||
Non-consolidated VIE assets | 98,029 | 120,157 | ||
Non-consolidated VIEs | Financial intermediation - Funds | ||||
Non-consolidated VIEs | ||||
Trading assets | 923 | 1,201 | ||
Net loans | 2,854 | 3,213 | ||
Other assets | 23 | 20 | ||
Total variable interest assets, non-consolidated VIEs | 3,800 | 4,434 | ||
Maximum exposure to loss | 3,866 | 4,589 | ||
Non-consolidated VIE assets | 59,645 | 56,413 | ||
Non-consolidated VIEs | Financial intermediation - Loans | ||||
Non-consolidated VIEs | ||||
Trading assets | 467 | 494 | ||
Net loans | 2,346 | 1,651 | ||
Other assets | 0 | 0 | ||
Total variable interest assets, non-consolidated VIEs | 2,813 | 2,145 | ||
Maximum exposure to loss | 8,753 | 7,326 | ||
Non-consolidated VIE assets | 37,387 | 38,818 | ||
Non-consolidated VIEs | Financial intermediation - Other | ||||
Non-consolidated VIEs | ||||
Trading assets | 273 | 625 | ||
Net loans | 1,511 | 1,544 | ||
Other assets | 165 | 189 | ||
Total variable interest assets, non-consolidated VIEs | 1,949 | 2,358 | ||
Maximum exposure to loss | 2,917 | 2,358 | ||
Non-consolidated VIE assets | 31,866 | 23,360 | ||
Bank | ||||
Non-consolidated VIEs | ||||
Trading assets | 205,898 | 241,313 | ||
Net loans | 253,094 | 255,928 | ||
Other assets | 59,475 | 70,511 | ||
Other liabilities | SFr 45,306 | SFr 50,648 |
Financial instruments (Details
Financial instruments (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Assets | ||||
Cash and Due from Banks | SFr 240 | SFr 406 | SFr 304 | SFr 724 |
Interest-bearing deposits with banks | 2 | 0 | 0 | 309 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 80,636 | 88,876 | 104,283 | 86,586 |
Securities received as collateral | 28,851 | 28,106 | 26,854 | 21,611 |
Trading assets | 205,688 | 235,564 | 241,131 | 235,427 |
Investment securities | 3,370 | 2,808 | 2,791 | 3,323 |
Other investments | 4,621 | 5,055 | 5,654 | 5,252 |
Loans | 19,778 | 21,914 | 22,913 | 19,897 |
Other intangible assets (mortgage servicing rights) | 81 | 67 | 70 | 66 |
Other assets | 28,144 | SFr 30,785 | 32,320 | SFr 31,273 |
Netting impact | (356,200) | (590,000) | ||
Recurring basis | ||||
Assets | ||||
Cash and Due from Banks | 240 | 304 | ||
Interest-bearing deposits with banks | 2 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 80,636 | 104,283 | ||
Securities received as collateral | 28,851 | 26,854 | ||
Trading assets | 205,688 | 241,131 | ||
Investment securities | 3,370 | 2,791 | ||
Other investments | 4,621 | 5,654 | ||
Loans | 19,778 | 22,913 | ||
Loans - of which commercial and industrial | 11,090 | 11,669 | ||
Loans - of which financial institutions | 5,726 | 7,721 | ||
Other intangible assets (mortgage servicing rights) | 81 | 70 | ||
Other assets | 28,144 | 32,320 | ||
Other assets - of which loans held-for-sale | 20,856 | 22,958 | ||
Netting impact | (356,166) | (590,011) | ||
Total assets at fair value | 371,411 | 436,320 | ||
Less other investments - equity at fair value attributable to noncontrolling interests | (703) | (1,029) | ||
Less assets consolidated under ASU 2009-17 | (11,183) | (12,278) | ||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 359,525 | 423,013 | ||
Recurring basis | Private equity | ||||
Assets | ||||
Other investments | 1,094 | 1,286 | ||
Recurring basis | Private equity - of which equity funds | ||||
Assets | ||||
Other investments | 459 | 585 | ||
Recurring basis | Hedge funds | ||||
Assets | ||||
Other investments | 341 | 533 | ||
Recurring basis | Hedge funds - of which debt funds | ||||
Assets | ||||
Other investments | 301 | 483 | ||
Recurring basis | Other equity investments | ||||
Assets | ||||
Other investments | 1,559 | 2,001 | ||
Recurring basis | Other equity investments - of which private | ||||
Assets | ||||
Other investments | 1,552 | 1,920 | ||
Recurring basis | Life finance instruments | ||||
Assets | ||||
Other investments | 1,627 | 1,834 | ||
Recurring basis | Debt securities | ||||
Assets | ||||
Securities received as collateral | 583 | 902 | ||
Trading assets | 83,371 | 94,391 | ||
Investment securities | 3,279 | 2,683 | ||
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||||
Assets | ||||
Trading assets | 31,866 | 37,031 | ||
Investment securities | 1,796 | 2,066 | ||
Recurring basis | Debt securities | Corporate debt securities | ||||
Assets | ||||
Securities received as collateral | 297 | 745 | ||
Trading assets | 19,500 | 23,956 | ||
Investment securities | 254 | 313 | ||
Recurring basis | Debt securities | RMBS | ||||
Assets | ||||
Trading assets | 22,943 | 22,762 | ||
Investment securities | 687 | |||
Recurring basis | Debt securities | CMBS | ||||
Assets | ||||
Trading assets | 4,625 | 5,550 | ||
Investment securities | 246 | |||
Recurring basis | Debt securities | Collateralized debt obligations | ||||
Assets | ||||
Trading assets | 4,044 | 4,606 | ||
Recurring basis | Equity securities | ||||
Assets | ||||
Securities received as collateral | 28,268 | 25,952 | ||
Trading assets | 80,326 | 94,294 | ||
Investment securities | 91 | 108 | ||
Recurring basis | Derivative instruments | ||||
Assets | ||||
Trading assets | 29,995 | 38,012 | ||
Netting impact | (354,997) | (588,917) | ||
Recurring basis | Other | ||||
Assets | ||||
Trading assets | 11,996 | 14,434 | ||
Recurring basis | Other assets | ||||
Assets | ||||
Netting impact | (1,169) | (1,094) | ||
Level 1 | Recurring basis | ||||
Assets | ||||
Cash and Due from Banks | 0 | 0 | ||
Interest-bearing deposits with banks | 0 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Securities received as collateral | 28,320 | 26,029 | ||
Trading assets | 110,220 | 125,723 | ||
Investment securities | 2,092 | 2,370 | ||
Other investments | 5 | 77 | ||
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 | 1,958 | 2,457 | ||
Other assets - of which loans held-for-sale | 0 | 0 | ||
Total assets at fair value | 142,595 | 156,656 | ||
Less other investments - equity at fair value attributable to noncontrolling interests | (4) | (75) | ||
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 | 142,591 | 156,581 | ||
Level 1 | Recurring basis | Private equity | ||||
Assets | ||||
Other investments | 0 | 0 | ||
Level 1 | Recurring basis | Private equity - of which equity funds | ||||
Assets | ||||
Other investments | 0 | 0 | ||
Level 1 | Recurring basis | Hedge funds | ||||
Assets | ||||
Other investments | 0 | 0 | ||
Level 1 | Recurring basis | Hedge funds - of which debt funds | ||||
Assets | ||||
Other investments | 0 | 0 | ||
Level 1 | Recurring basis | Other equity investments | ||||
Assets | ||||
Other investments | 5 | 77 | ||
Level 1 | Recurring basis | Other equity investments - of which private | ||||
Assets | ||||
Other investments | 0 | 0 | ||
Level 1 | Recurring basis | Life finance instruments | ||||
Assets | ||||
Other investments | 0 | 0 | ||
Level 1 | Recurring basis | Debt securities | ||||
Assets | ||||
Securities received as collateral | 112 | 121 | ||
Trading assets | 27,505 | 31,937 | ||
Investment securities | 2,090 | 2,368 | ||
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||||
Assets | ||||
Trading assets | 27,334 | 31,708 | ||
Investment securities | 1,796 | 2,066 | ||
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||||
Assets | ||||
Securities received as collateral | 0 | 0 | ||
Trading assets | 16 | 28 | ||
Investment securities | 0 | 0 | ||
Level 1 | Recurring basis | Debt securities | RMBS | ||||
Assets | ||||
Trading assets | 0 | 0 | ||
Investment securities | 0 | |||
Level 1 | Recurring basis | Debt securities | CMBS | ||||
Assets | ||||
Trading assets | 0 | 0 | ||
Investment securities | 0 | |||
Level 1 | Recurring basis | Debt securities | Collateralized debt obligations | ||||
Assets | ||||
Trading assets | 0 | 0 | ||
Level 1 | Recurring basis | Equity securities | ||||
Assets | ||||
Securities received as collateral | 28,208 | 25,908 | ||
Trading assets | 73,447 | 86,333 | ||
Investment securities | 2 | 2 | ||
Level 1 | Recurring basis | Derivative instruments | ||||
Assets | ||||
Trading assets | 6,755 | 4,467 | ||
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||||
Assets | ||||
Trading assets | 1,486 | 1,616 | ||
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||||
Assets | ||||
Trading assets | 185 | 118 | ||
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||||
Assets | ||||
Trading assets | 5,081 | 2,711 | ||
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||||
Assets | ||||
Trading assets | 0 | 0 | ||
Level 1 | Recurring basis | Other | ||||
Assets | ||||
Trading assets | 2,513 | 2,986 | ||
Level 2 | Recurring basis | ||||
Assets | ||||
Cash and Due from Banks | 240 | 304 | ||
Interest-bearing deposits with banks | 2 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 80,490 | 104,206 | ||
Securities received as collateral | 531 | 825 | ||
Trading assets | 436,328 | 687,145 | ||
Investment securities | 1,130 | 418 | ||
Other investments | 189 | 294 | ||
Loans | 11,509 | 13,560 | ||
Loans - of which commercial and industrial | 5,784 | 5,816 | ||
Loans - of which financial institutions | 3,906 | 6,227 | ||
Other intangible assets (mortgage servicing rights) | 0 | 0 | ||
Other assets | 21,702 | 23,489 | ||
Other assets - of which loans held-for-sale | 15,565 | 16,107 | ||
Total assets at fair value | 552,121 | 830,241 | ||
Less other investments - equity at fair value attributable to noncontrolling interests | (38) | (133) | ||
Less assets consolidated under ASU 2009-17 | (8,254) | (9,123) | ||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 543,829 | 820,985 | ||
Level 2 | Recurring basis | Private equity | ||||
Assets | ||||
Other investments | 0 | 0 | ||
Level 2 | Recurring basis | Private equity - of which equity funds | ||||
Assets | ||||
Other investments | 0 | 0 | ||
Level 2 | Recurring basis | Hedge funds | ||||
Assets | ||||
Other investments | 104 | 219 | ||
Level 2 | Recurring basis | Hedge funds - of which debt funds | ||||
Assets | ||||
Other investments | 69 | 181 | ||
Level 2 | Recurring basis | Other equity investments | ||||
Assets | ||||
Other investments | 83 | 75 | ||
Level 2 | Recurring basis | Other equity investments - of which private | ||||
Assets | ||||
Other investments | 83 | 70 | ||
Level 2 | Recurring basis | Life finance instruments | ||||
Assets | ||||
Other investments | 2 | 0 | ||
Level 2 | Recurring basis | Debt securities | ||||
Assets | ||||
Securities received as collateral | 471 | 781 | ||
Trading assets | 52,170 | 57,989 | ||
Investment securities | 1,044 | 315 | ||
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||||
Assets | ||||
Trading assets | 4,218 | 4,869 | ||
Investment securities | 0 | 0 | ||
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||||
Assets | ||||
Securities received as collateral | 297 | 745 | ||
Trading assets | 18,241 | 22,493 | ||
Investment securities | 254 | 313 | ||
Level 2 | Recurring basis | Debt securities | RMBS | ||||
Assets | ||||
Trading assets | 22,358 | 22,150 | ||
Investment securities | 542 | |||
Level 2 | Recurring basis | Debt securities | CMBS | ||||
Assets | ||||
Trading assets | 4,467 | 5,293 | ||
Investment securities | 246 | |||
Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | ||||
Assets | ||||
Trading assets | 2,849 | 3,185 | ||
Level 2 | Recurring basis | Equity securities | ||||
Assets | ||||
Securities received as collateral | 60 | 44 | ||
Trading assets | 5,191 | 6,395 | ||
Investment securities | 86 | 103 | ||
Level 2 | Recurring basis | Derivative instruments | ||||
Assets | ||||
Trading assets | 373,381 | 615,639 | ||
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||||
Assets | ||||
Trading assets | 265,363 | 466,890 | ||
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||||
Assets | ||||
Trading assets | 62,869 | 89,101 | ||
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||||
Assets | ||||
Trading assets | 22,685 | 26,644 | ||
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||||
Assets | ||||
Trading assets | 19,874 | 24,451 | ||
Level 2 | Recurring basis | Other | ||||
Assets | ||||
Trading assets | 5,586 | 7,122 | ||
Level 3 | Recurring basis | ||||
Assets | ||||
Cash and Due from Banks | 0 | 0 | ||
Interest-bearing deposits with banks | 0 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 146 | 77 | ||
Securities received as collateral | 0 | 0 | ||
Trading assets | 14,137 | 17,180 | ||
Investment securities | 148 | 3 | ||
Other investments | 4,427 | 5,283 | ||
Loans | 8,269 | 9,353 | ||
Loans - of which commercial and industrial | 5,306 | 5,853 | ||
Loans - of which financial institutions | 1,820 | 1,494 | ||
Other intangible assets (mortgage servicing rights) | 81 | 70 | ||
Other assets | 5,653 | 7,468 | ||
Other assets - of which loans held-for-sale | 5,291 | 6,851 | ||
Total assets at fair value | 32,861 | 39,434 | ||
Less other investments - equity at fair value attributable to noncontrolling interests | (661) | (821) | ||
Less assets consolidated under ASU 2009-17 | (2,929) | (3,155) | ||
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 29,271 | 35,458 | ||
Level 3 | Recurring basis | Private equity | ||||
Assets | ||||
Other investments | 1,094 | 1,286 | ||
Level 3 | Recurring basis | Private equity - of which equity funds | ||||
Assets | ||||
Other investments | 459 | 585 | ||
Level 3 | Recurring basis | Hedge funds | ||||
Assets | ||||
Other investments | 237 | 314 | ||
Level 3 | Recurring basis | Hedge funds - of which debt funds | ||||
Assets | ||||
Other investments | 232 | 302 | ||
Level 3 | Recurring basis | Other equity investments | ||||
Assets | ||||
Other investments | 1,471 | 1,849 | ||
Level 3 | Recurring basis | Other equity investments - of which private | ||||
Assets | ||||
Other investments | 1,469 | 1,850 | ||
Level 3 | Recurring basis | Life finance instruments | ||||
Assets | ||||
Other investments | 1,625 | 1,834 | ||
Level 3 | Recurring basis | Debt securities | ||||
Assets | ||||
Securities received as collateral | 0 | 0 | ||
Trading assets | 3,696 | 4,465 | ||
Investment securities | 145 | 0 | ||
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||||
Assets | ||||
Trading assets | 314 | 454 | ||
Investment securities | 0 | 0 | ||
Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||||
Assets | ||||
Securities received as collateral | 0 | 0 | ||
Trading assets | 1,243 | 1,435 | ||
Investment securities | 0 | 0 | ||
Level 3 | Recurring basis | Debt securities | RMBS | ||||
Assets | ||||
Trading assets | 585 | 612 | ||
Investment securities | 145 | |||
Level 3 | Recurring basis | Debt securities | CMBS | ||||
Assets | ||||
Trading assets | 158 | 257 | ||
Investment securities | 0 | |||
Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | ||||
Assets | ||||
Trading assets | 1,195 | 1,421 | ||
Level 3 | Recurring basis | Equity securities | ||||
Assets | ||||
Securities received as collateral | 0 | 0 | ||
Trading assets | 1,688 | 1,566 | ||
Investment securities | 3 | 3 | ||
Level 3 | Recurring basis | Derivative instruments | ||||
Assets | ||||
Trading assets | 4,856 | 6,823 | ||
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||||
Assets | ||||
Trading assets | 1,141 | 1,803 | ||
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||||
Assets | ||||
Trading assets | 372 | 301 | ||
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||||
Assets | ||||
Trading assets | 938 | 1,063 | ||
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||||
Assets | ||||
Trading assets | 1,292 | 2,569 | ||
Level 3 | Recurring basis | Other | ||||
Assets | ||||
Trading assets | 3,897 | 4,326 | ||
Bank | ||||
Assets | ||||
Securities received as collateral | 28,851 | 26,854 | ||
Trading assets | SFr 205,898 | SFr 241,313 |
Financial instruments (Detai128
Financial instruments (Details 3) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Liabilities | ||||
Due to banks | SFr 635 | SFr 575 | SFr 823 | SFr 998 |
Customer deposits | 3,975 | 3,605 | 3,261 | 3,229 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 41,920 | 48,087 | 54,732 | 60,529 |
Obligation to return securities received as collateral | 28,851 | 28,106 | 26,854 | 21,611 |
Trading liabilities | 59,390 | 69,757 | 72,655 | 75,129 |
Short-term borrowings | 4,256 | 4,818 | 3,861 | 7,132 |
Long-term debt | 76,517 | 78,390 | 81,166 | 70,217 |
Other liabilities | 14,176 | SFr 15,335 | 16,938 | SFr 20,009 |
Netting impact | (364,800) | (595,000) | ||
Recurring basis | ||||
Liabilities | ||||
Due to banks | 635 | 823 | ||
Customer deposits | 3,975 | 3,261 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 41,920 | 54,732 | ||
Obligation to return securities received as collateral | 28,851 | 26,854 | ||
Trading liabilities | 59,390 | 72,655 | ||
Short-term borrowings | 4,256 | 3,861 | ||
Long-term debt | 76,517 | 81,166 | ||
Other liabilities | 14,176 | 16,938 | ||
Netting impact | (364,709) | (595,137) | ||
Total liabilities at fair value | 229,720 | 260,290 | ||
Recurring basis | Long-term debt - of which treasury debt over two years | ||||
Liabilities | ||||
Long-term debt | 6,064 | 8,616 | ||
Recurring basis | Long-term debt - of which structured notes over two years | ||||
Liabilities | ||||
Long-term debt | 42,476 | 41,350 | ||
Recurring basis | Long-term debt - of which nonrecourse liabilities | ||||
Liabilities | ||||
Long-term debt | 11,970 | 13,078 | ||
Recurring basis | Other liabilities - of which failed sales | ||||
Liabilities | ||||
Other liabilities | 1,315 | 1,268 | ||
Recurring basis | Debt securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 583 | 902 | ||
Trading liabilities | 14,764 | 16,593 | ||
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||||
Liabilities | ||||
Trading liabilities | 11,253 | 12,287 | ||
Recurring basis | Debt securities | Corporate debt securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 297 | 745 | ||
Trading liabilities | 3,247 | 3,939 | ||
Recurring basis | Equity securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 28,268 | 25,952 | ||
Trading liabilities | 18,077 | 19,184 | ||
Recurring basis | Derivative instruments | ||||
Liabilities | ||||
Trading liabilities | 26,549 | 36,878 | ||
Netting impact | (363,447) | (593,917) | ||
Recurring basis | Other liabilities | ||||
Liabilities | ||||
Netting impact | (1,262) | (1,220) | ||
Level 1 | Recurring basis | ||||
Liabilities | ||||
Due to banks | 0 | 0 | ||
Customer deposits | 0 | 0 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | ||
Obligation to return securities received as collateral | 28,320 | 26,029 | ||
Trading liabilities | 35,190 | 35,332 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Total liabilities at fair value | 63,510 | 61,361 | ||
Level 1 | Recurring basis | Long-term debt - of which treasury debt over two years | ||||
Liabilities | ||||
Long-term debt | 0 | 0 | ||
Level 1 | Recurring basis | Long-term debt - of which structured notes over two years | ||||
Liabilities | ||||
Long-term debt | 0 | 0 | ||
Level 1 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||||
Liabilities | ||||
Long-term debt | 0 | 0 | ||
Level 1 | Recurring basis | Other liabilities - of which failed sales | ||||
Liabilities | ||||
Other liabilities | 0 | 0 | ||
Level 1 | Recurring basis | Debt securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 112 | 121 | ||
Trading liabilities | 10,486 | 11,678 | ||
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||||
Liabilities | ||||
Trading liabilities | 10,421 | 11,530 | ||
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 0 | 0 | ||
Trading liabilities | 15 | 21 | ||
Level 1 | Recurring basis | Equity securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 28,208 | 25,908 | ||
Trading liabilities | 17,974 | 19,060 | ||
Level 1 | Recurring basis | Derivative instruments | ||||
Liabilities | ||||
Trading liabilities | 6,730 | 4,594 | ||
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||||
Liabilities | ||||
Trading liabilities | 1,476 | 1,585 | ||
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||||
Liabilities | ||||
Trading liabilities | 174 | 234 | ||
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||||
Liabilities | ||||
Trading liabilities | 0 | 0 | ||
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||||
Liabilities | ||||
Trading liabilities | 5,072 | 2,744 | ||
Level 2 | Recurring basis | ||||
Liabilities | ||||
Due to banks | 635 | 823 | ||
Customer deposits | 3,917 | 3,161 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 41,920 | 54,732 | ||
Obligation to return securities received as collateral | 531 | 825 | ||
Trading liabilities | 383,234 | 624,823 | ||
Short-term borrowings | 4,038 | 3,766 | ||
Long-term debt | 62,670 | 66,558 | ||
Other liabilities | 13,368 | 14,795 | ||
Total liabilities at fair value | 510,313 | 769,483 | ||
Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | ||||
Liabilities | ||||
Long-term debt | 6,064 | 8,616 | ||
Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | ||||
Liabilities | ||||
Long-term debt | 32,913 | 31,083 | ||
Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||||
Liabilities | ||||
Long-term debt | 9,185 | 10,126 | ||
Level 2 | Recurring basis | Other liabilities - of which failed sales | ||||
Liabilities | ||||
Other liabilities | 801 | 652 | ||
Level 2 | Recurring basis | Debt securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 471 | 781 | ||
Trading liabilities | 4,257 | 4,914 | ||
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||||
Liabilities | ||||
Trading liabilities | 832 | 757 | ||
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 297 | 745 | ||
Trading liabilities | 3,211 | 3,917 | ||
Level 2 | Recurring basis | Equity securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 60 | 44 | ||
Trading liabilities | 98 | 122 | ||
Level 2 | Recurring basis | Derivative instruments | ||||
Liabilities | ||||
Trading liabilities | 378,879 | 619,787 | ||
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||||
Liabilities | ||||
Trading liabilities | 256,415 | 458,894 | ||
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||||
Liabilities | ||||
Trading liabilities | 76,307 | 101,461 | ||
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||||
Liabilities | ||||
Trading liabilities | 19,349 | 23,479 | ||
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||||
Liabilities | ||||
Trading liabilities | 24,218 | 26,746 | ||
Level 3 | Recurring basis | ||||
Liabilities | ||||
Due to banks | 0 | 0 | ||
Customer deposits | 58 | 100 | ||
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 | 4,413 | 6,417 | ||
Short-term borrowings | 218 | 95 | ||
Long-term debt | 13,847 | 14,608 | ||
Other liabilities | 2,070 | 3,363 | ||
Total liabilities at fair value | 20,606 | 24,583 | ||
Level 3 | Recurring basis | Long-term debt - of which treasury debt over two years | ||||
Liabilities | ||||
Long-term debt | 0 | 0 | ||
Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | ||||
Liabilities | ||||
Long-term debt | 9,563 | 10,267 | ||
Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||||
Liabilities | ||||
Long-term debt | 2,785 | 2,952 | ||
Level 3 | Recurring basis | Other liabilities - of which failed sales | ||||
Liabilities | ||||
Other liabilities | 514 | 616 | ||
Level 3 | Recurring basis | Debt securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 0 | 0 | ||
Trading liabilities | 21 | 1 | ||
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||||
Liabilities | ||||
Trading liabilities | 0 | 0 | ||
Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 0 | 0 | ||
Trading liabilities | 21 | 1 | ||
Level 3 | Recurring basis | Equity securities | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 0 | 0 | ||
Trading liabilities | 5 | 2 | ||
Level 3 | Recurring basis | Derivative instruments | ||||
Liabilities | ||||
Trading liabilities | 4,387 | 6,414 | ||
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||||
Liabilities | ||||
Trading liabilities | 897 | 1,202 | ||
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||||
Liabilities | ||||
Trading liabilities | 285 | 560 | ||
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||||
Liabilities | ||||
Trading liabilities | 1,457 | 2,760 | ||
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||||
Liabilities | ||||
Trading liabilities | 1,151 | 1,466 | ||
Bank | ||||
Liabilities | ||||
Obligation to return securities received as collateral | 28,851 | 26,854 | ||
Trading liabilities | SFr 59,457 | SFr 72,667 |
Financial instruments (Detai129
Financial instruments (Details 4) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Assets measured at fair value on a recurring basis for level 3 | |||
Transfers in, assets | SFr 1,676 | SFr 4,276 | |
Transfers out, assets | (2,024) | (5,367) | |
Recurring basis | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 77 | SFr 204 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | (135) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 74 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (5) | 0 | |
Balance at end of period, assets | 146 | 146 | 69 |
Recurring basis | Trading assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 17,180 | 13,710 | |
Transfers in, assets | 2,385 | 1,282 | |
Transfers out, assets | (2,087) | (2,207) | |
Purchases, assets | 4,355 | 5,319 | |
Sales, assets | (4,832) | (5,098) | |
Issuances, assets | 848 | 1,542 | |
Settlements, assets | (2,902) | (2,256) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (13) | 23 | |
Gain (loss) on all other activity included in trading revenues, assets | 244 | 1,171 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 2 | 0 | |
Foreign currency translation impact, assets | (1,043) | (5) | |
Balance at end of period, assets | 14,137 | 14,137 | 13,481 |
Recurring basis | Trading assets | Debt securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 4,465 | 5,069 | |
Transfers in, assets | 434 | 518 | |
Transfers out, assets | (681) | (1,261) | |
Purchases, assets | 1,288 | 3,644 | |
Sales, assets | (1,665) | (3,747) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | (5) | (44) | |
Gain (loss) on all other activity included in trading revenues, assets | 208 | 410 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (348) | 11 | |
Balance at end of period, assets | 3,696 | 3,696 | 4,600 |
Recurring basis | Trading assets | Debt securities | Corporate debt securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,435 | 2,128 | |
Transfers in, assets | 114 | 135 | |
Transfers out, assets | (131) | (487) | |
Purchases, assets | 495 | 837 | |
Sales, assets | (677) | (1,062) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | (4) | (59) | |
Gain (loss) on all other activity included in trading revenues, assets | 157 | 272 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (146) | 10 | |
Balance at end of period, assets | 1,243 | 1,243 | 1,774 |
Recurring basis | Trading assets | Debt securities | RMBS | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 612 | 436 | |
Transfers in, assets | 259 | 309 | |
Transfers out, assets | (300) | (252) | |
Purchases, assets | 476 | 430 | |
Sales, assets | (483) | (439) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | (2) | 12 | |
Gain (loss) on all other activity included in trading revenues, assets | 58 | 55 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (35) | (3) | |
Balance at end of period, assets | 585 | 585 | 548 |
Recurring basis | Trading assets | Debt securities | CMBS | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 257 | 417 | |
Transfers in, assets | 20 | 44 | |
Transfers out, assets | (47) | (181) | |
Purchases, assets | 139 | 172 | |
Sales, assets | (169) | (102) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 2 | 1 | |
Gain (loss) on all other activity included in trading revenues, assets | (31) | (15) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (13) | (2) | |
Balance at end of period, assets | 158 | 158 | 334 |
Recurring basis | Trading assets | Debt securities | Collateralized debt obligations | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,421 | 1,567 | |
Transfers in, assets | 17 | 17 | |
Transfers out, assets | (161) | (130) | |
Purchases, assets | 158 | 1,950 | |
Sales, assets | (203) | (2,097) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | (1) | (1) | |
Gain (loss) on all other activity included in trading revenues, assets | 42 | 68 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (78) | (5) | |
Balance at end of period, assets | 1,195 | 1,195 | 1,369 |
Recurring basis | Trading assets | Equity securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,566 | 595 | |
Transfers in, assets | 114 | 117 | |
Transfers out, assets | (273) | (231) | |
Purchases, assets | 603 | 303 | |
Sales, assets | (296) | (266) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 13 | 42 | |
Gain (loss) on all other activity included in trading revenues, assets | 53 | 118 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (92) | (4) | |
Balance at end of period, assets | 1,688 | 1,688 | 674 |
Recurring basis | Trading assets | Derivative instruments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 6,823 | 5,217 | |
Transfers in, assets | 1,130 | 368 | |
Transfers out, assets | (593) | (266) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 848 | 1,542 | |
Settlements, assets | (2,786) | (2,134) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (27) | 19 | |
Gain (loss) on all other activity included in trading revenues, assets | (172) | 384 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 2 | 0 | |
Foreign currency translation impact, assets | (369) | (5) | |
Balance at end of period, assets | 4,856 | 4,856 | 5,125 |
Recurring basis | Trading assets | Derivative instruments | Interest rate derivatives | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,803 | 1,574 | |
Transfers in, assets | 23 | 31 | |
Transfers out, assets | (198) | (12) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 281 | 92 | |
Settlements, assets | (364) | (361) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (6) | 5 | |
Gain (loss) on all other activity included in trading revenues, assets | (301) | 381 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (97) | 3 | |
Balance at end of period, assets | 1,141 | 1,141 | 1,713 |
Recurring basis | Trading assets | Derivative instruments | Credit derivatives | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 2,569 | 1,138 | |
Transfers in, assets | 656 | 251 | |
Transfers out, assets | (304) | (124) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 170 | 314 | |
Settlements, assets | (1,472) | (504) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (24) | (3) | |
Gain (loss) on all other activity included in trading revenues, assets | (181) | 28 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (122) | (3) | |
Balance at end of period, assets | 1,292 | 1,292 | 1,097 |
Recurring basis | Trading assets | Derivative instruments | Equity/Index-related products | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,063 | 1,240 | |
Transfers in, assets | 306 | 24 | |
Transfers out, assets | (91) | (123) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 191 | 192 | |
Settlements, assets | (503) | (257) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 2 | 14 | |
Gain (loss) on all other activity included in trading revenues, assets | 26 | (157) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 2 | 0 | |
Foreign currency translation impact, assets | (58) | (1) | |
Balance at end of period, assets | 938 | 938 | 932 |
Recurring basis | Trading assets | Other | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 4,326 | 2,829 | |
Transfers in, assets | 707 | 279 | |
Transfers out, assets | (540) | (449) | |
Purchases, assets | 2,464 | 1,372 | |
Sales, assets | (2,871) | (1,085) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | (116) | (122) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 6 | 6 | |
Gain (loss) on all other activity included in trading revenues, assets | 155 | 259 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (234) | (7) | |
Balance at end of period, assets | 3,897 | 3,897 | 3,082 |
Recurring basis | Investment securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 3 | 2 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | (65) | 0 | |
Purchases, assets | 215 | 0 | |
Sales, assets | (2) | 0 | |
Issuances, assets | 0 | 0 | |
Settlements, assets | (8) | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 7 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 1 | 0 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (3) | 1 | |
Balance at end of period, assets | 148 | 148 | 3 |
Recurring basis | Other investments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 5,283 | 6,969 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | (5) | (14) | |
Purchases, assets | 216 | 579 | |
Sales, assets | (666) | (3,181) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | (42) | 98 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (36) | 441 | |
Foreign currency translation impact, assets | (323) | 7 | |
Balance at end of period, assets | 4,427 | 4,427 | 4,899 |
Recurring basis | Other investments | Life finance instruments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,834 | 1,600 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 100 | 100 | |
Sales, assets | (163) | (154) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | (45) | 65 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Foreign currency translation impact, assets | (101) | (6) | |
Balance at end of period, assets | 1,625 | 1,625 | 1,605 |
Recurring basis | Other investments | Equity securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 3,449 | 5,369 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | (5) | (14) | |
Purchases, assets | 116 | 479 | |
Sales, assets | (503) | (3,027) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 3 | 33 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (36) | 441 | |
Foreign currency translation impact, assets | (222) | 13 | |
Balance at end of period, assets | 2,802 | 2,802 | 3,294 |
Recurring basis | Loans | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 9,353 | 7,998 | |
Transfers in, assets | 631 | 109 | |
Transfers out, assets | (750) | (366) | |
Purchases, assets | 334 | 172 | |
Sales, assets | (665) | (912) | |
Issuances, assets | 1,295 | 2,516 | |
Settlements, assets | (1,391) | (896) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 1 | |
Gain (loss) on all other activity included in trading revenues, assets | (5) | 4 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 13 | 2 | |
Foreign currency translation impact, assets | (546) | (30) | |
Balance at end of period, assets | 8,269 | 8,269 | 8,598 |
Recurring basis | Loans - of which commercial and industrial | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 5,853 | 5,309 | |
Transfers in, assets | 360 | 107 | |
Transfers out, assets | (154) | (276) | |
Purchases, assets | 12 | 161 | |
Sales, assets | (502) | (628) | |
Issuances, assets | 825 | 1,799 | |
Settlements, assets | (763) | (758) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 1 | |
Gain (loss) on all other activity included in trading revenues, assets | 23 | 5 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 5 | 0 | |
Foreign currency translation impact, assets | (353) | (21) | |
Balance at end of period, assets | 5,306 | 5,306 | 5,699 |
Recurring basis | Loans - of which financial institutions | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,494 | 1,322 | |
Transfers in, assets | 240 | 2 | |
Transfers out, assets | (132) | (17) | |
Purchases, assets | 26 | 11 | |
Sales, assets | (21) | (81) | |
Issuances, assets | 452 | 429 | |
Settlements, assets | (132) | (98) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | (28) | 3 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 8 | 4 | |
Foreign currency translation impact, assets | (87) | (3) | |
Balance at end of period, assets | 1,820 | 1,820 | 1,572 |
Recurring basis | Other intangible assets. | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 70 | 42 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 10 | 26 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 6 | 0 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | (2) | |
Foreign currency translation impact, assets | (5) | 0 | |
Balance at end of period, assets | 81 | 81 | 66 |
Recurring basis | Other assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 7,468 | 6,159 | |
Transfers in, assets | 1,260 | 1,428 | |
Transfers out, assets | (2,460) | (1,561) | |
Purchases, assets | 2,880 | 2,407 | |
Sales, assets | (2,359) | (2,181) | |
Issuances, assets | 478 | 347 | |
Settlements, assets | (960) | (827) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (2) | 19 | |
Gain (loss) on all other activity included in trading revenues, assets | (131) | 127 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (13) | (1) | |
Foreign currency translation impact, assets | (508) | 6 | |
Balance at end of period, assets | 5,653 | 5,653 | 5,923 |
Recurring basis | Other assets - of which loans held-for-sale | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 6,851 | 5,615 | |
Transfers in, assets | 1,259 | 1,427 | |
Transfers out, assets | (2,415) | (1,544) | |
Purchases, assets | 2,832 | 2,159 | |
Sales, assets | (2,242) | (2,118) | |
Issuances, assets | 478 | 346 | |
Settlements, assets | (960) | (828) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 25 | |
Gain (loss) on all other activity included in trading revenues, assets | (21) | 152 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (13) | (1) | |
Foreign currency translation impact, assets | (479) | 9 | |
Balance at end of period, assets | 5,291 | 5,291 | 5,242 |
Recurring basis | Other assets - of which loans held-for-sale | RMBS | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Gain (loss) on all other activity included in trading revenues, assets | (129) | ||
Recurring basis | Assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 39,434 | 35,084 | |
Transfers in, assets | 4,276 | 2,819 | |
Transfers out, assets | (5,367) | (4,283) | |
Purchases, assets | 8,010 | 8,503 | |
Sales, assets | (8,524) | (11,372) | |
Issuances, assets | 2,695 | 4,405 | |
Settlements, assets | (5,261) | (3,979) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (8) | 43 | |
Gain (loss) on all other activity included in trading revenues, assets | 73 | 1,400 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (34) | 440 | |
Foreign currency translation impact, assets | (2,433) | (21) | |
Balance at end of period, assets | SFr 32,861 | SFr 32,861 | SFr 33,039 |
Financial instruments (Detai130
Financial instruments (Details 5) - Recurring basis - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
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 | SFr 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 | SFr 100 | 55 |
Transfers in, liabilities | 15 | 0 |
Transfers out, liabilities | (20) | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 0 | 25 |
Settlements, liabilities | (28) | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 0 | 2 |
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 | (9) | 5 |
Balance at end of period, liabilities | 58 | 87 |
Trading Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 6,417 | 5,564 |
Transfers in, liabilities | 971 | 519 |
Transfers out, liabilities | (1,039) | (754) |
Purchases, liabilities | 37 | 22 |
Sales, liabilities | (18) | (18) |
Issuances, liabilities | 588 | 838 |
Settlements, liabilities | (2,054) | (1,766) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 27 | 214 |
Gain (loss) on all other activity included in trading revenues, liabilities | (175) | 307 |
Gain (loss) on transfers in/out included in other revenues, liabilities | (2) | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 1 | 0 |
Foreign currency translation impact, liabilities | (340) | (11) |
Balance at end of period, liabilities | 4,413 | 4,915 |
Trading Liabilities | Interest rate derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,202 | 1,129 |
Transfers in, liabilities | 27 | 36 |
Transfers out, liabilities | (233) | (6) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 95 | 42 |
Settlements, liabilities | (142) | (234) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (3) | 4 |
Gain (loss) on all other activity included in trading revenues, liabilities | 17 | 216 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 1 | 0 |
Foreign currency translation impact, liabilities | (67) | (2) |
Balance at end of period, liabilities | 897 | 1,185 |
Trading Liabilities | Foreign exchange derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 560 | 938 |
Transfers in, liabilities | 2 | 0 |
Transfers out, liabilities | 0 | (2) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 3 | 3 |
Settlements, liabilities | (43) | (144) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | (4) |
Gain (loss) on all other activity included in trading revenues, liabilities | (210) | (94) |
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 | (27) | (1) |
Balance at end of period, liabilities | 285 | 696 |
Trading Liabilities | Credit derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 2,760 | 1,230 |
Transfers in, liabilities | 766 | 266 |
Transfers out, liabilities | (332) | (152) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 164 | 206 |
Settlements, liabilities | (1,567) | (542) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (13) | 7 |
Gain (loss) on all other activity included in trading revenues, liabilities | (188) | 279 |
Gain (loss) on transfers in/out included in other revenues, liabilities | (2) | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (131) | (3) |
Balance at end of period, liabilities | 1,457 | 1,291 |
Trading Liabilities | Equity/Index-related products | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,466 | 1,896 |
Transfers in, liabilities | 44 | 190 |
Transfers out, liabilities | (468) | (589) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 129 | 402 |
Settlements, liabilities | (190) | (691) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 43 | 209 |
Gain (loss) on all other activity included in trading revenues, liabilities | 214 | (147) |
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 | (87) | (5) |
Balance at end of period, liabilities | 1,151 | 1,265 |
Short-term borrowings. | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 95 | 165 |
Transfers in, liabilities | 49 | 13 |
Transfers out, liabilities | (10) | (35) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 175 | 249 |
Settlements, liabilities | (90) | (294) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | (1) |
Gain (loss) on all other activity included in trading revenues, liabilities | 7 | 2 |
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 | (8) | 2 |
Balance at end of period, liabilities | 218 | 101 |
Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 14,608 | 9,780 |
Transfers in, liabilities | 1,189 | 605 |
Transfers out, liabilities | (2,724) | (1,840) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 4,926 | 3,386 |
Settlements, liabilities | (3,108) | (1,885) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 6 | 11 |
Gain (loss) on all other activity included in trading revenues, liabilities | (185) | 300 |
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 | (865) | (44) |
Balance at end of period, liabilities | 13,847 | 10,313 |
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 | 10,267 | 6,217 |
Transfers in, liabilities | 454 | 220 |
Transfers out, liabilities | (1,901) | (971) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 3,688 | 2,493 |
Settlements, liabilities | (2,209) | (778) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 8 | 8 |
Gain (loss) on all other activity included in trading revenues, liabilities | (125) | 217 |
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 | (619) | (32) |
Balance at end of period, liabilities | 9,563 | 7,374 |
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 | 2,952 | 2,552 |
Transfers in, liabilities | 626 | 378 |
Transfers out, liabilities | (655) | (583) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 552 | 330 |
Settlements, liabilities | (470) | (673) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (2) | 16 |
Gain (loss) on all other activity included in trading revenues, liabilities | (52) | 14 |
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 | (166) | (6) |
Balance at end of period, liabilities | 2,785 | 2,028 |
Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,363 | 2,861 |
Transfers in, liabilities | 45 | 79 |
Transfers out, liabilities | (1,129) | (93) |
Purchases, liabilities | 104 | 262 |
Sales, liabilities | (72) | (630) |
Issuances, liabilities | 0 | 633 |
Settlements, liabilities | (178) | (170) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 14 |
Gain (loss) on all other activity included in trading revenues, liabilities | (83) | 94 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 7 | 4 |
Gain (loss) on all other activity included in other revenues, liabilities | 214 | 269 |
Foreign currency translation impact, liabilities | (201) | 2 |
Balance at end of period, liabilities | 2,070 | 3,325 |
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 | 616 | 1,143 |
Transfers in, liabilities | 4 | 65 |
Transfers out, liabilities | (4) | (42) |
Purchases, liabilities | 91 | 78 |
Sales, liabilities | (46) | (560) |
Issuances, liabilities | 0 | 0 |
Settlements, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 2 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | (115) | 47 |
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 | (2) |
Foreign currency translation impact, liabilities | (34) | (2) |
Balance at end of period, liabilities | 514 | 727 |
Liabilities: | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 24,583 | 18,539 |
Transfers in, liabilities | 2,269 | 1,216 |
Transfers out, liabilities | (4,922) | (2,836) |
Purchases, liabilities | 141 | 284 |
Sales, liabilities | (90) | (648) |
Issuances, liabilities | 5,689 | 5,131 |
Settlements, liabilities | (5,458) | (4,115) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 33 | 238 |
Gain (loss) on all other activity included in trading revenues, liabilities | (436) | 705 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 5 | 4 |
Gain (loss) on all other activity included in other revenues, liabilities | 215 | 269 |
Foreign currency translation impact, liabilities | (1,423) | (46) |
Balance at end of period, liabilities | SFr 20,606 | SFr 18,741 |
Financial instruments (Detai131
Financial instruments (Details 6) - Recurring basis - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | SFr 14,851 | SFr 16,545 |
Transfers in, net assets/liabilities | 2,007 | 1,603 |
Transfers out, net assets/liabilities | (445) | (1,447) |
Purchases, net assets/liabilities | 7,869 | 8,219 |
Sales, net assets/liabilities | (8,434) | (10,724) |
Issuances, net assets/liabilities | (2,994) | (726) |
Settlements, net assets/liabilities | 197 | 136 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | (41) | (195) |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | 509 | 695 |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | (5) | (4) |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | (249) | 171 |
Foreign currency translation impact, net assets/liabilities | (1,010) | 25 |
Balance at beginning of period, net assets/liabilities | SFr 12,255 | SFr 14,298 |
Financial instruments (Detai132
Financial instruments (Details 7) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Gains and losses on assets and liabilities | |||
Net realized/unrealized gains/(losses) included in net revenues | SFr 214 | SFr 667 | |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (526) | (454) | |
Transfers into level 3 assets | SFr 1,676 | 4,276 | |
Transfers out of level 3 assets | SFr 2,024 | 5,367 | |
Trading Revenues | |||
Gains and losses on assets and liabilities | |||
Net realized/unrealized gains/(losses) included in net revenues | 468 | 500 | |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (464) | (528) | |
Other revenues | |||
Gains and losses on assets and liabilities | |||
Net realized/unrealized gains/(losses) included in net revenues | (254) | 167 | |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | SFr (62) | SFr 74 |
Financial instruments (Detai133
Financial instruments (Details 8) - Nonrecurring basis - CHF (SFr) SFr in Billions | Jun. 30, 2015 | Dec. 31, 2014 |
Assets and liabilities recorded at fair value | ||
Loans | SFr 0 | SFr 1.4 |
Level 2 | ||
Assets and liabilities recorded at fair value | ||
Loans | 0 | 1.2 |
Level 3 | ||
Assets and liabilities recorded at fair value | ||
Loans | SFr 0 | SFr 0.2 |
Financial instruments (Detai134
Financial instruments (Details 9) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financial instruments | ||||
Cash and Due from Banks | SFr 240 | SFr 406 | SFr 304 | SFr 724 |
Interest-bearing deposits with banks | 2 | 0 | 0 | 309 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 80,636 | 88,876 | 104,283 | 86,586 |
Loans | 19,778 | 21,914 | 22,913 | 19,897 |
Other assets | 28,144 | 30,785 | 32,320 | 31,273 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (41,920) | (48,087) | (54,732) | (60,529) |
Short-term borrowings | (4,256) | (4,818) | (3,861) | (7,132) |
Long-term debt | (76,517) | (78,390) | (81,166) | (70,217) |
Other liabilities | (14,176) | SFr (15,335) | (16,938) | SFr (20,009) |
Aggregate fair value | ||||
Loans | ||||
Non-interest-earning loans | 1,239 | 1,147 | ||
Financial instruments | ||||
Interest-bearing deposits with banks | 2 | 0 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 80,636 | 104,283 | ||
Loans | 19,778 | 22,913 | ||
Other assets | 23,256 | 26,088 | ||
Due to banks and customer deposits | (777) | (914) | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (41,920) | (54,732) | ||
Short-term borrowings | (4,256) | (3,861) | ||
Long-term debt | (76,517) | (81,166) | ||
Other liabilities | (1,315) | (1,268) | ||
Aggregate unpaid principal | ||||
Loans | ||||
Non-interest-earning loans | 4,130 | 3,816 | ||
Financial instruments | ||||
Interest-bearing deposits with banks | 2 | 0 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 80,426 | 104,027 | ||
Loans | 20,646 | 23,782 | ||
Other assets | 28,802 | 33,091 | ||
Due to banks and customer deposits | (742) | (873) | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (41,940) | (54,661) | ||
Short-term borrowings | (4,343) | (3,918) | ||
Long-term debt | (78,343) | (81,322) | ||
Other liabilities | (2,842) | (2,767) | ||
Difference | ||||
Loans | ||||
Non-interest-earning loans, Difference | (2,891) | (2,669) | ||
Financial instruments | ||||
Interest-bearing deposits with banks | 0 | 0 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 210 | 256 | ||
Loans | (868) | (869) | ||
Other assets | (5,546) | (7,003) | ||
Due to banks and customer deposits | (35) | (41) | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 20 | (71) | ||
Short-term borrowings | 87 | 57 | ||
Long-term debt | 1,826 | 156 | ||
Other liabilities | SFr 1,527 | SFr 1,499 |
Financial instruments (Detai135
Financial instruments (Details 10) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Interest-bearing deposits with banks | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | SFr 1 | SFr 0 |
Net gains/(losses) of which related to credit risk - on assets | (1) | (1) |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 640 | 472 |
Other investments | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | (37) | 202 |
Net gains/(losses) of which related to credit risk - on assets | (2) | 3 |
Loans | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 442 | 531 |
Net gains/(losses) of which related to credit risk - on assets | 45 | 70 |
Other assets | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 355 | 952 |
Net gains/(losses) of which related to credit risk - on assets | (64) | 351 |
Due to banks and customer deposits | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 36 | (26) |
Net gains/(losses) of which related to credit risk - on liabilities | 27 | (8) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 47 | (38) |
Short-term borrowings. | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | (18) | (46) |
Long-term debt | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 660 | (2,162) |
Net gains/(losses) of which related to credit risk - on liabilities | 288 | (47) |
Fair Value, Option, Credit Risk, Changes in debt valuation adjustments on structured notes | 301 | 0 |
Vanilla debt | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) of which related to credit risk - on liabilities | (8) | (121) |
Other liabilities | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 189 | 45 |
Net gains/(losses) of which related to credit risk - on liabilities | SFr 11 | SFr (39) |
Financial instruments (Detai136
Financial instruments (Details 11) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 1,746 | SFr 2,069 |
Redeemable | 1,697 | 2,186 |
Total fair value | 3,443 | 4,255 |
Unfunded commitments | 367 | 395 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 497 | 612 |
Redeemable attributable to non-controlling interest | 37 | 138 |
Unfunded commitments attributable to non-controlling interest | SFr 159 | 185 |
High end of period of time, in years, that the underlying assets of non-redeemable funds are expected to be liquidated | 10 | |
Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 96 | 109 |
Redeemable | 1,539 | 1,906 |
Total fair value | 1,635 | 2,015 |
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 | 8 | 7 |
Redeemable | 25 | 106 |
Total fair value | 33 | 113 |
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 | 88 | 102 |
Redeemable | 1,546 | 1,842 |
Total fair value | 1,634 | 1,944 |
Unfunded commitments | SFr 0 | SFr 0 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 43.00% | 42.00% |
Percentage of investment subject to monthly redemption | 21.00% | 16.00% |
Percentage of investment subject to quarterly redemption | 5.00% | 14.00% |
Percentage of investment subject to annual redemption | 31.00% | 28.00% |
Funds held in trading assets and liabilities | Equity funds sold short | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 0 | SFr 0 |
Redeemable | (32) | (42) |
Total fair value | (32) | (42) |
Unfunded commitments | 0 | 0 |
Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1,650 | 1,960 |
Redeemable | 158 | 280 |
Total fair value | 1,808 | 2,240 |
Unfunded commitments | 367 | 395 |
Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 228 | 296 |
Redeemable | 113 | 237 |
Total fair value | 341 | 533 |
Unfunded commitments | SFr 1 | SFr 1 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 4.00% | |
Percentage of investment subject to monthly redemption | 4.00% | |
Percentage of investment subject to quarterly redemption | 88.00% | 87.00% |
Percentage of investment subject to annual redemption | 4.00% | 11.00% |
Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 1,094 | SFr 1,286 |
Redeemable | 0 | 0 |
Total fair value | 1,094 | 1,286 |
Unfunded commitments | 366 | 394 |
Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 328 | 378 |
Redeemable | 45 | 43 |
Total fair value | 373 | 421 |
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 | 227 | 296 |
Redeemable | 74 | 187 |
Total fair value | 301 | 483 |
Unfunded commitments | 1 | 1 |
Funds held in other investments | Debt funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 17 | 17 |
Redeemable | 0 | 0 |
Total fair value | 17 | 17 |
Unfunded commitments | 18 | 15 |
Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1 | 0 |
Redeemable | 0 | 0 |
Total fair value | 1 | 0 |
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 | 459 | 585 |
Redeemable | 0 | 0 |
Total fair value | 459 | 585 |
Unfunded commitments | 120 | 123 |
Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 289 | 302 |
Redeemable | 0 | 0 |
Total fair value | 289 | 302 |
Unfunded commitments | 90 | 98 |
Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | 39 | 50 |
Total fair value | 39 | 50 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Others | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 329 | 382 |
Redeemable | 0 | 0 |
Total fair value | 329 | 382 |
Unfunded commitments | SFr 138 | SFr 158 |
Financial instruments (Detai137
Financial instruments (Details 14) - Recurring basis - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | SFr 3,724 | SFr 5,502 |
Transfers out of level 1 to level 2, Trading assets | 560 | 90 |
Transfers to level 1 out of level 2, Trading liabilities | 3,451 | 5,187 |
Transfers out of level 1 to level 2, Trading liabilities | 183 | 100 |
Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 88 | 312 |
Transfers out of level 1 to level 2, Trading liabilities | 21 | 0 |
Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 53 | 129 |
Transfers out of level 1 to level 2, Trading liabilities | 82 | 81 |
Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 3,310 | 4,746 |
Transfers out of level 1 to level 2, Trading liabilities | 80 | 19 |
Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 54 | 400 |
Transfers out of level 1 to level 2, Trading assets | 46 | 11 |
Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 380 | 409 |
Transfers out of level 1 to level 2, Trading assets | 491 | 78 |
Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 3,290 | 4,693 |
Transfers out of level 1 to level 2, Trading assets | SFr 23 | SFr 1 |
Financial instruments (Detai138
Financial instruments (Details 15) - Recurring basis SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014CHF (SFr) | Jun. 30, 2015CHF (SFr) | Jun. 30, 2014CHF (SFr) | Dec. 31, 2013CHF (SFr) | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 77 | SFr 146 | SFr 69 | SFr 204 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Funding spread (in bp) | 350 | 350 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Funding spread (in bp) | 350 | 475 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Funding spread (in bp) | 350 | 361 | ||
Trading assets | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 17,180 | SFr 14,137 | 13,481 | 13,710 |
Trading assets | Debt securities | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 4,465 | 3,696 | 4,600 | 5,069 |
Trading assets | Debt securities | Corporate debt securities | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 1,435 | 1,243 | 1,774 | 2,128 |
Trading assets | Debt securities | Corporate debt securities | Option model | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 201 | SFr 227 | ||
Trading assets | Debt securities | Corporate debt securities | Option model | Minimum | ||||
Unobservable input | ||||
Buyback probability (in %) | 50.00% | 50.00% | ||
Correlation (in %) | (88.00%) | (88.00%) | ||
Trading assets | Debt securities | Corporate debt securities | Option model | Maximum | ||||
Unobservable input | ||||
Buyback probability (in %) | 100.00% | 100.00% | ||
Correlation (in %) | 97.00% | 97.00% | ||
Trading assets | Debt securities | Corporate debt securities | Option model | Weighted average | ||||
Unobservable input | ||||
Buyback probability (in %) | 68.00% | 59.00% | ||
Correlation (in %) | 17.00% | 16.00% | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,051 | SFr 446 | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 9 | 16 | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 1,644 | 700 | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 361 | 370 | ||
Trading assets | Debt securities | Corporate debt securities | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 180 | SFr 377 | ||
Trading assets | Debt securities | Corporate debt securities | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 0.00% | ||
Trading assets | Debt securities | Corporate debt securities | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 124.00% | 120.00% | ||
Trading assets | Debt securities | Corporate debt securities | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 67.00% | 58.00% | ||
Trading assets | Debt securities | RMBS | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 612 | SFr 585 | 548 | 436 |
Trading assets | Debt securities | RMBS | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Prepayment rate (in %) | 0.00% | 0.00% | ||
Discount rate (in %) | 1.00% | 0.00% | ||
Default rate (in %) | 1.00% | 0.00% | ||
Loss severity (in %) | 0.00% | 0.00% | ||
Trading assets | Debt securities | RMBS | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Prepayment rate (in %) | 29.00% | 28.00% | ||
Discount rate (in %) | 31.00% | 39.00% | ||
Default rate (in %) | 19.00% | 21.00% | ||
Loss severity (in %) | 100.00% | 100.00% | ||
Trading assets | Debt securities | RMBS | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Prepayment rate (in %) | 8.00% | 6.00% | ||
Discount rate (in %) | 9.00% | 9.00% | ||
Default rate (in %) | 3.00% | 4.00% | ||
Loss severity (in %) | 50.00% | 58.00% | ||
Trading assets | Debt securities | CMBS | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 257 | SFr 158 | 334 | 417 |
Trading assets | Debt securities | CMBS | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Capitalization rate (in %) | 7.00% | 7.00% | ||
Prepayment rate (in %) | 0.00% | 0.00% | ||
Discount rate (in %) | 0.00% | 3.00% | ||
Default rate (in %) | 0.00% | 0.00% | ||
Loss severity (in %) | 0.00% | 0.00% | ||
Trading assets | Debt securities | CMBS | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Capitalization rate (in %) | 10.00% | 8.00% | ||
Prepayment rate (in %) | 20.00% | 15.00% | ||
Discount rate (in %) | 28.00% | 38.00% | ||
Default rate (in %) | 21.00% | 30.00% | ||
Loss severity (in %) | 35.00% | 35.00% | ||
Trading assets | Debt securities | CMBS | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Capitalization rate (in %) | 8.00% | 7.00% | ||
Prepayment rate (in %) | 12.00% | 8.00% | ||
Discount rate (in %) | 9.00% | 13.00% | ||
Default rate (in %) | 1.00% | 2.00% | ||
Loss severity (in %) | 3.00% | 8.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,421 | SFr 1,195 | 1,369 | 1,567 |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 286 | SFr 288 | ||
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 142 | |||
Prepayment rate (in %) | 0.00% | 0.00% | ||
Discount rate (in %) | 3.00% | 0.00% | ||
Default rate (in %) | 0.00% | 0.00% | ||
Loss severity (in %) | 3.00% | 0.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 173 | |||
Prepayment rate (in %) | 20.00% | 20.00% | ||
Discount rate (in %) | 23.00% | 33.00% | ||
Default rate (in %) | 7.00% | 8.00% | ||
Loss severity (in %) | 100.00% | 100.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 152 | |||
Prepayment rate (in %) | 17.00% | 14.00% | ||
Discount rate (in %) | 7.00% | 10.00% | ||
Default rate (in %) | 2.00% | 3.00% | ||
Loss severity (in %) | 35.00% | 39.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 89 | SFr 18 | ||
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 0.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Maximum | ||||
Unobservable input | ||||
Price (in %) | 100.00% | 100.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 95.00% | 97.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 837 | SFr 761 | ||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 93.00% | 214.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 196.00% | 214.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 191.00% | 214.00% | ||
Trading assets | Equity securities | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,566 | SFr 1,688 | 674 | 595 |
Trading assets | Equity securities | Option model | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 252 | |||
Trading assets | Equity securities | Option model | Minimum | ||||
Unobservable input | ||||
Volatility (in %) | 2.00% | |||
Trading assets | Equity securities | Option model | Maximum | ||||
Unobservable input | ||||
Volatility (in %) | 237.00% | |||
Trading assets | Equity securities | Option model | Weighted average | ||||
Unobservable input | ||||
Volatility (in %) | 28.00% | |||
Trading assets | Equity securities | Discounted cash flow | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 26 | SFr 7 | ||
Trading assets | Equity securities | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Capitalization rate (in %) | 7.00% | 7.00% | ||
Discount rate (in %) | 15.00% | |||
Trading assets | Equity securities | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Capitalization rate (in %) | 7.00% | 7.00% | ||
Discount rate (in %) | 15.00% | |||
Trading assets | Equity securities | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Capitalization rate (in %) | 7.00% | 7.00% | ||
Discount rate (in %) | 15.00% | |||
Trading assets | Equity securities | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 765 | SFr 697 | ||
Trading assets | Equity securities | Market comparable | Minimum | ||||
Unobservable input | ||||
EBITDA multiple | 3 | 3 | ||
Price (in %) | 1.00% | 0.00% | ||
Trading assets | Equity securities | Market comparable | Maximum | ||||
Unobservable input | ||||
EBITDA multiple | 13 | 13 | ||
Price (in %) | 163.00% | 166.00% | ||
Trading assets | Equity securities | Market comparable | Weighted average | ||||
Unobservable input | ||||
EBITDA multiple | 9 | 9 | ||
Price (in %) | 51.00% | 9.00% | ||
Trading assets | Derivative instruments | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 6,823 | SFr 4,856 | 5,125 | 5,217 |
Trading assets | Derivative instruments | Interest rate derivatives | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,803 | SFr 1,141 | 1,713 | 1,574 |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Minimum | ||||
Unobservable input | ||||
Correlation (in %) | 9.00% | 14.00% | ||
Credit spread (in bp) | 229 | 158 | ||
Mean reversion (in %) | 5.00% | 5.00% | ||
Prepayment rate (in %) | 0.00% | 1.00% | ||
Volatility skew (in %) | (9.00%) | (9.00%) | ||
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Maximum | ||||
Unobservable input | ||||
Correlation (in %) | 100.00% | 100.00% | ||
Credit spread (in bp) | 1,218 | 2,063 | ||
Mean reversion (in %) | 10.00% | 10.00% | ||
Prepayment rate (in %) | 33.00% | 30.00% | ||
Volatility skew (in %) | 3.00% | 1.00% | ||
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Weighted average | ||||
Unobservable input | ||||
Correlation (in %) | 76.00% | 74.00% | ||
Credit spread (in bp) | 1,046 | 350 | ||
Mean reversion (in %) | 10.00% | 10.00% | ||
Prepayment rate (in %) | 24.00% | 15.00% | ||
Volatility skew (in %) | (1.00%) | (4.00%) | ||
Trading assets | Derivative instruments | Credit derivatives | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 2,569 | SFr 1,292 | 1,097 | 1,138 |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Funding spread (in bp) | 51 | 51 | ||
Correlation (in %) | 46.00% | 43.00% | ||
Credit spread (in bp) | 1 | 1 | ||
Prepayment rate (in %) | 0.00% | 0.00% | ||
Recovery rate (in %) | 0.00% | 0.00% | ||
Discount rate (in %) | 1.00% | 1.00% | ||
Default rate (in %) | 1.00% | 0.00% | ||
Loss severity (in %) | 10.00% | 10.00% | ||
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Funding spread (in bp) | 106 | 125 | ||
Correlation (in %) | 97.00% | 97.00% | ||
Credit spread (in bp) | 6,087 | 22,911 | ||
Prepayment rate (in %) | 9.00% | 12.00% | ||
Recovery rate (in %) | 75.00% | 70.00% | ||
Discount rate (in %) | 38.00% | 47.00% | ||
Default rate (in %) | 43.00% | 45.00% | ||
Loss severity (in %) | 100.00% | 100.00% | ||
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Funding spread (in bp) | 80 | 68 | ||
Correlation (in %) | 83.00% | 80.00% | ||
Credit spread (in bp) | 614 | 8,042 | ||
Prepayment rate (in %) | 4.00% | 4.00% | ||
Recovery rate (in %) | 20.00% | 22.00% | ||
Discount rate (in %) | 18.00% | 20.00% | ||
Default rate (in %) | 7.00% | 6.00% | ||
Loss severity (in %) | 65.00% | 64.00% | ||
Trading assets | Derivative instruments | Equity/Index-related products | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,063 | SFr 938 | 932 | 1,240 |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 824 | |||
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Minimum | ||||
Unobservable input | ||||
Correlation (in %) | (88.00%) | (88.00%) | ||
Volatility (in %) | 0.00% | 0.00% | ||
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Maximum | ||||
Unobservable input | ||||
Correlation (in %) | 97.00% | 97.00% | ||
Volatility (in %) | 276.00% | 237.00% | ||
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Weighted average | ||||
Unobservable input | ||||
Correlation (in %) | 8.00% | 16.00% | ||
Volatility (in %) | 27.00% | 26.00% | ||
Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 84 | |||
Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | Minimum | ||||
Unobservable input | ||||
EBITDA multiple | 4 | |||
Price (in %) | 111.00% | |||
Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | Maximum | ||||
Unobservable input | ||||
EBITDA multiple | 10 | |||
Price (in %) | 114.00% | |||
Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | Weighted average | ||||
Unobservable input | ||||
EBITDA multiple | 7 | |||
Price (in %) | 111.00% | |||
Trading assets | Other | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 4,326 | SFr 3,897 | 3,082 | 2,829 |
Trading assets | Other | Discounted cash flow | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 770 | SFr 875 | ||
Trading assets | Other | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Life expectancy (in years) | 3 | 3 | ||
Trading assets | Other | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Life expectancy (in years) | 20 | 19 | ||
Trading assets | Other | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Life expectancy (in years) | 9 | 8 | ||
Trading assets | Other | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 3,493 | SFr 2,928 | ||
Trading assets | Other | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 0.00% | ||
Trading assets | Other | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 104.00% | 103.00% | ||
Trading assets | Other | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 50.00% | 47.00% | ||
Investment securities | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 3 | SFr 148 | 3 | 2 |
Other investments | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 5,283 | 4,427 | 4,899 | 6,969 |
Other investments | Private equity | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 1,286 | 1,094 | ||
Other investments | Hedge funds | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 314 | 237 | ||
Other investments | Other equity investments | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 1,849 | 1,471 | ||
Other investments | Life finance instruments | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,834 | SFr 1,625 | 1,605 | 1,600 |
Other investments | Life finance instruments | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Life expectancy (in years) | 2 | 2 | ||
Other investments | Life finance instruments | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Life expectancy (in years) | 21 | 20 | ||
Other investments | Life finance instruments | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Life expectancy (in years) | 8 | 8 | ||
Other investments | Other equity investments - of which private | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,850 | SFr 1,469 | ||
Other investments | Other equity investments - of which private | Discounted cash flow | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 337 | SFr 296 | ||
Other investments | Other equity investments - of which private | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Contingent probability (in %) | 69.00% | 69.00% | ||
Other investments | Other equity investments - of which private | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Contingent probability (in %) | 69.00% | 69.00% | ||
Other investments | Other equity investments - of which private | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Contingent probability (in %) | 69.00% | 69.00% | ||
Other investments | Other equity investments - of which private | Net asset value | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,051 | SFr 954 | ||
Other investments | Equity securities | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 3,449 | 2,802 | 3,294 | 5,369 |
Loans | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 9,353 | 8,269 | 8,598 | 7,998 |
Loans - of which commercial and industrial | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 5,853 | 5,306 | 5,699 | 5,309 |
Loans - of which commercial and industrial | Discounted cash flow | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 5,011 | SFr 4,185 | ||
Loans - of which commercial and industrial | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 34 | 20 | ||
Recovery rate (in %) | 0.00% | |||
Loans - of which commercial and industrial | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 2,528 | 2,684 | ||
Recovery rate (in %) | 100.00% | |||
Loans - of which commercial and industrial | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 462 | 517 | ||
Recovery rate (in %) | 68.00% | |||
Loans - of which commercial and industrial | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 650 | SFr 856 | ||
Loans - of which commercial and industrial | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 0.00% | ||
Loans - of which commercial and industrial | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 100.00% | 106.00% | ||
Loans - of which commercial and industrial | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 82.00% | 63.00% | ||
Loans - of which financial institutions | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,494 | SFr 1,820 | 1,572 | 1,322 |
Loans - of which financial institutions | Discounted cash flow | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,553 | |||
Loans - of which financial institutions | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 60 | 44 | ||
Loans - of which financial institutions | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 813 | 813 | ||
Loans - of which financial institutions | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 304 | 305 | ||
Loans - of which financial institutions | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 61 | |||
Loans - of which financial institutions | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 100.00% | |||
Loans - of which financial institutions | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 101.00% | |||
Loans - of which financial institutions | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 100.00% | |||
Other intangible assets. | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 70 | SFr 81 | 66 | 42 |
Other assets | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 7,468 | 5,653 | 5,923 | 6,159 |
Other assets - of which loans held-for-sale | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 6,851 | 5,291 | 5,242 | 5,615 |
Other assets - of which loans held-for-sale | Discounted cash flow | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,321 | SFr 728 | ||
Other assets - of which loans held-for-sale | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 146 | 77 | ||
Recovery rate (in %) | 1.00% | 1.00% | ||
Other assets - of which loans held-for-sale | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 2,047 | 2,063 | ||
Recovery rate (in %) | 39.00% | 38.00% | ||
Other assets - of which loans held-for-sale | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 334 | 488 | ||
Recovery rate (in %) | 30.00% | 34.00% | ||
Other assets - of which loans held-for-sale | Vendor price | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 2,654 | SFr 2,727 | ||
Other assets - of which loans held-for-sale | Vendor price | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 0.00% | ||
Other assets - of which loans held-for-sale | Vendor price | Maximum | ||||
Unobservable input | ||||
Price (in %) | 109.00% | 170.00% | ||
Other assets - of which loans held-for-sale | Vendor price | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 99.00% | 99.00% | ||
Other assets - of which loans held-for-sale | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 2,430 | SFr 1,386 | ||
Other assets - of which loans held-for-sale | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 0.00% | ||
Other assets - of which loans held-for-sale | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 100.00% | 104.00% | ||
Other assets - of which loans held-for-sale | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 67.00% | 68.00% | ||
Assets | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 39,434 | SFr 32,861 | SFr 33,039 | SFr 35,084 |
Financial instruments (Detai139
Financial instruments (Details 16) - Recurring basis SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014CHF (SFr) | Jun. 30, 2015CHF (SFr) | Jun. 30, 2014CHF (SFr) | Dec. 31, 2013CHF (SFr) | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 0 | SFr 114 | ||
Due to banks and customer deposits | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 100 | SFr 58 | 87 | 55 |
Trading Liabilities | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | 6,417 | 4,413 | 4,915 | 5,564 |
Trading Liabilities | Interest rate derivatives | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 1,202 | SFr 897 | 1,185 | 1,129 |
Trading Liabilities | Interest rate derivatives | Option model | Minimum | ||||
Unobservable input | ||||
Basis spread (in bp) | (11) | (9) | ||
Correlation (in %) | 9.00% | 14.00% | ||
Gap risk (in %) | 20.00% | 20.00% | ||
Mean reversion (in %) | 5.00% | 5.00% | ||
Prepayment rate (in %) | 0.00% | 1.00% | ||
Trading Liabilities | Interest rate derivatives | Option model | Maximum | ||||
Unobservable input | ||||
Basis spread (in bp) | 85 | 84 | ||
Correlation (in %) | 100.00% | 100.00% | ||
Gap risk (in %) | 20.00% | 20.00% | ||
Mean reversion (in %) | 10.00% | 10.00% | ||
Prepayment rate (in %) | 33.00% | 30.00% | ||
Trading Liabilities | Interest rate derivatives | Option model | Weighted average | ||||
Unobservable input | ||||
Basis spread (in bp) | 44 | 48 | ||
Correlation (in %) | 78.00% | 81.00% | ||
Gap risk (in %) | 20.00% | 20.00% | ||
Mean reversion (in %) | 9.00% | 9.00% | ||
Prepayment rate (in %) | 21.00% | 9.00% | ||
Trading Liabilities | Foreign exchange derivatives | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 560 | SFr 285 | 696 | 938 |
Trading Liabilities | Foreign exchange derivatives | Option model | Minimum | ||||
Unobservable input | ||||
Correlation (in %) | (10.00%) | (10.00%) | ||
Prepayment rate (in %) | 22.00% | 23.00% | ||
Trading Liabilities | Foreign exchange derivatives | Option model | Maximum | ||||
Unobservable input | ||||
Correlation (in %) | 70.00% | 70.00% | ||
Prepayment rate (in %) | 33.00% | 30.00% | ||
Trading Liabilities | Foreign exchange derivatives | Option model | Weighted average | ||||
Unobservable input | ||||
Correlation (in %) | 50.00% | 54.00% | ||
Prepayment rate (in %) | 28.00% | 26.00% | ||
Trading Liabilities | Credit derivatives | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 2,760 | SFr 1,457 | 1,291 | 1,230 |
Trading Liabilities | Credit derivatives | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Funding spread (in bp) | 51 | 51 | ||
Correlation (in %) | 9.00% | 14.00% | ||
Credit spread (in bp) | 1 | 1 | ||
Prepayment rate (in %) | 0.00% | 0.00% | ||
Recovery rate (in %) | 0.00% | 15.00% | ||
Discount rate (in %) | 2.00% | 1.00% | ||
Default rate (in %) | 1.00% | 0.00% | ||
Loss severity (in %) | 10.00% | 10.00% | ||
Trading Liabilities | Credit derivatives | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Funding spread (in bp) | 82 | 125 | ||
Correlation (in %) | 94.00% | 95.00% | ||
Credit spread (in bp) | 6,087 | 22,911 | ||
Prepayment rate (in %) | 12.00% | 12.00% | ||
Recovery rate (in %) | 75.00% | 75.00% | ||
Discount rate (in %) | 34.00% | 47.00% | ||
Default rate (in %) | 43.00% | 45.00% | ||
Loss severity (in %) | 100.00% | 100.00% | ||
Trading Liabilities | Credit derivatives | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Funding spread (in bp) | 64 | 68 | ||
Correlation (in %) | 57.00% | 52.00% | ||
Credit spread (in bp) | 508 | 5,669 | ||
Prepayment rate (in %) | 4.00% | 4.00% | ||
Recovery rate (in %) | 28.00% | 38.00% | ||
Discount rate (in %) | 17.00% | 19.00% | ||
Default rate (in %) | 7.00% | 6.00% | ||
Loss severity (in %) | 65.00% | 64.00% | ||
Trading Liabilities | Equity/Index-related products | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 1,466 | SFr 1,151 | 1,265 | 1,896 |
Trading Liabilities | Equity/Index-related products | Option model | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 1,054 | |||
Trading Liabilities | Equity/Index-related products | Option model | Minimum | ||||
Unobservable input | ||||
Buyback probability (in %) | 50.00% | 50.00% | ||
Correlation (in %) | (88.00%) | (88.00%) | ||
Skew (in %) | 44.00% | 42.00% | ||
Volatility (in %) | 1.00% | 1.00% | ||
Trading Liabilities | Equity/Index-related products | Option model | Maximum | ||||
Unobservable input | ||||
Buyback probability (in %) | 100.00% | 100.00% | ||
Correlation (in %) | 97.00% | 97.00% | ||
Skew (in %) | 260.00% | 208.00% | ||
Volatility (in %) | 276.00% | 237.00% | ||
Trading Liabilities | Equity/Index-related products | Option model | Weighted average | ||||
Unobservable input | ||||
Buyback probability (in %) | 68.00% | 59.00% | ||
Correlation (in %) | 17.00% | 16.00% | ||
Skew (in %) | 110.00% | 116.00% | ||
Volatility (in %) | 27.00% | 24.00% | ||
Trading Liabilities | Equity/Index-related products | Market comparable | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 23 | |||
Trading Liabilities | Equity/Index-related products | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 111.00% | |||
Trading Liabilities | Equity/Index-related products | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 111.00% | |||
Trading Liabilities | Equity/Index-related products | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 111.00% | |||
Short-term borrowings. | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 95 | SFr 218 | 101 | 165 |
Long-term debt | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | 14,608 | 13,847 | 10,313 | 9,780 |
Long-term debt | Long-term debt - of which structured notes over two years | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | 10,267 | 9,563 | 7,374 | 6,217 |
Long-term debt | Long-term debt - of which structured notes over two years | Option model | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 8,002 | SFr 8,094 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Minimum | ||||
Unobservable input | ||||
Buyback probability (in %) | 50.00% | 50.00% | ||
Correlation (in %) | (88.00%) | (88.00%) | ||
Gap risk (in %) | 0.00% | 0.00% | ||
Volatility (in %) | 4.00% | 2.00% | ||
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Maximum | ||||
Unobservable input | ||||
Buyback probability (in %) | 100.00% | 100.00% | ||
Correlation (in %) | 99.00% | 99.00% | ||
Gap risk (in %) | 3.00% | 4.00% | ||
Volatility (in %) | 276.00% | 237.00% | ||
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Weighted average | ||||
Unobservable input | ||||
Buyback probability (in %) | 68.00% | 59.00% | ||
Correlation (in %) | 18.00% | 16.00% | ||
Gap risk (in %) | 0.00% | 1.00% | ||
Volatility (in %) | 30.00% | 27.00% | ||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 515 | SFr 388 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 228 | 143 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 597 | 173 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 455 | 168 | ||
Long-term debt | Long-term debt - of which nonrecourse liabilities | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 2,952 | SFr 2,785 | 2,028 | 2,552 |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 2,766 | SFr 2,747 | ||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 0.00% | ||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Maximum | ||||
Unobservable input | ||||
Price (in %) | 109.00% | 170.00% | ||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 99.00% | 99.00% | ||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 90 | SFr 38 | ||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 0.00% | ||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 100.00% | 100.00% | ||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 7.00% | 10.00% | ||
Other liabilities | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 3,363 | SFr 2,070 | 3,325 | 2,861 |
Other liabilities | Other liabilities - of which failed sales | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | 616 | 514 | 727 | 1,143 |
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 124 | SFr 215 | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 852 | 345 | ||
Recovery rate (in %) | 39.00% | 38.00% | ||
Discount rate (in %) | 6.00% | |||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 1,286 | 2,063 | ||
Recovery rate (in %) | 39.00% | 38.00% | ||
Discount rate (in %) | 17.00% | |||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 912 | 1,372 | ||
Recovery rate (in %) | 39.00% | 38.00% | ||
Discount rate (in %) | 11.00% | |||
Other liabilities | Other liabilities - of which failed sales | Market comparable | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 450 | SFr 292 | ||
Other liabilities | Other liabilities - of which failed sales | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 0.00% | ||
Other liabilities | Other liabilities - of which failed sales | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 103.00% | 100.00% | ||
Other liabilities | Other liabilities - of which failed sales | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 63.00% | 88.00% | ||
Liabilities: | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 24,583 | SFr 20,606 | SFr 18,741 | SFr 18,539 |
Financial instruments (Detai140
Financial instruments (Details 17) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 |
Financial assets | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | SFr 80,636 | SFr 88,876 | SFr 104,283 | SFr 86,586 |
Investment securities | 3,370 | 2,808 | 2,791 | 3,323 |
Loans | 19,778 | 21,914 | 22,913 | 19,897 |
Other assets | 28,144 | 30,785 | 32,320 | 31,273 |
Financial liabilities | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 41,920 | 48,087 | 54,732 | 60,529 |
Short-term borrowings | 4,256 | 4,818 | 3,861 | 7,132 |
Long-term debt | 76,517 | 78,390 | 81,166 | 70,217 |
Other liabilities | 14,176 | SFr 15,335 | 16,938 | SFr 20,009 |
Carrying value of financial instruments not carried at fair value | ||||
Financial assets | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,198 | 58,925 | ||
Loans | 246,577 | 245,866 | ||
Other assets | 173,797 | 148,473 | ||
Financial liabilities | ||||
Due to banks and deposits | 382,047 | 390,984 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 16,647 | 15,387 | ||
Short-term borrowings | 22,144 | 22,061 | ||
Long-term debt | 106,138 | 96,732 | ||
Other liabilities | 73,585 | 85,066 | ||
Estimate of fair value | ||||
Financial assets | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,198 | 58,925 | ||
Loans | 254,913 | 252,647 | ||
Other assets | 174,149 | 148,813 | ||
Financial liabilities | ||||
Due to banks and deposits | 382,032 | 390,983 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 16,647 | 15,387 | ||
Short-term borrowings | 22,146 | 22,064 | ||
Long-term debt | 107,275 | 98,306 | ||
Other liabilities | 73,443 | 84,937 | ||
Estimate of fair value | Level 1 | ||||
Financial assets | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Loans | 0 | 0 | ||
Other assets | 104,830 | 80,520 | ||
Financial liabilities | ||||
Due to banks and deposits | 208,092 | 217,482 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 1 | 15 | ||
Estimate of fair value | Level 2 | ||||
Financial assets | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,198 | 58,925 | ||
Loans | 250,181 | 248,969 | ||
Other assets | 67,841 | 66,714 | ||
Financial liabilities | ||||
Due to banks and deposits | 173,940 | 173,501 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 16,647 | 15,387 | ||
Short-term borrowings | 22,146 | 22,064 | ||
Long-term debt | 106,105 | 97,105 | ||
Other liabilities | 72,876 | 84,336 | ||
Estimate of fair value | Level 3 | ||||
Financial assets | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Loans | 4,732 | 3,678 | ||
Other assets | 1,478 | 1,579 | ||
Financial liabilities | ||||
Due to banks and deposits | 0 | 0 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 1,170 | 1,201 | ||
Other liabilities | SFr 566 | SFr 586 |
Assets pledged and collatera141
Assets pledged and collateral (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | SFr 144,861 | SFr 153,982 |
of which encumbered | 94,237 | 103,245 |
Fair value of collateral received with the right to sell or repledge | 428,941 | 444,852 |
of which sold or repledged | SFr 331,421 | SFr 336,228 |
Litigation (Details)
Litigation (Details) SFr in Millions, $ in Millions | 3 Months Ended | ||
Jun. 30, 2015CHF (SFr) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | |
Pending Litigation | |||
Litigation provisions | |||
Net litigation provisions recorded | SFr | SFr 124 | ||
Pending Litigation | Minimum | |||
Litigation provisions | |||
Range of possible losses that are not covered by existing provisions | SFr | 0 | ||
Pending Litigation | Maximum | |||
Litigation provisions | |||
Range of possible losses that are not covered by existing provisions | SFr | SFr 1,800 | ||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | National Credit Union Administration Board as liquidating agent of the US Central Federal Credit Union, Western Corporate Federal Credit Union and Southwest Corporate Federal Credit Union | US District Court for the District of Kansas | |||
Litigation disclosures | |||
Value of RMBS issued by third party underwritten by CSS LLC | $ 715 | $ 311 | |
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Tennessee Consolidated Retirement System | Tennessee State Court | |||
Litigation disclosures | |||
RMBS offerings by third party | $ 644 | ||
Percentage of RMBS issued by third party underwritten by CSS LLC | 4.00% | 4.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 24 |
Subsidiary guarantee informa143
Subsidiary guarantee information (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed consolidating statements of operations | |||||
Interest and dividend income | SFr 5,903 | SFr 4,490 | SFr 5,690 | SFr 10,393 | SFr 10,135 |
Interest expense | (3,034) | (2,338) | (3,104) | (5,372) | (5,371) |
Net interest income | 2,869 | 2,152 | 2,586 | 5,021 | 4,764 |
Commissions and fees | 3,259 | 2,979 | 3,309 | 6,238 | 6,584 |
Trading revenues | 498 | 1,390 | 197 | 1,888 | 835 |
Other revenues | 329 | 126 | 371 | 455 | 1,109 |
Net revenues | 6,955 | 6,647 | 6,463 | 13,602 | 13,292 |
Provision for credit losses | 51 | 30 | 18 | 81 | 52 |
Compensation and benefits | 2,914 | 2,976 | 2,973 | 5,890 | 5,966 |
General and administrative expenses | 1,928 | 1,738 | 3,441 | 3,666 | 5,131 |
Commission expenses | 406 | 392 | 377 | 798 | 746 |
Total other operating expenses | 2,334 | 2,130 | 3,818 | 4,464 | 5,877 |
Total operating expenses | 5,248 | 5,106 | 6,791 | 10,354 | 11,843 |
Income tax expense | 590 | 477 | 307 | 1,067 | 850 |
Income/(loss) from continuing operations | 1,066 | 1,034 | (653) | 2,100 | 547 |
Income/(loss) from discontinued operations, net of tax | 0 | 0 | (9) | 0 | 6 |
Net income/(loss) | 1,066 | 1,034 | (662) | 2,100 | 553 |
Net income/(loss) attributable to noncontrolling interests | 15 | (20) | 38 | (5) | 394 |
Net income/(loss) attributable to shareholders | 1,051 | 1,054 | (700) | 2,105 | 159 |
of which from continuing operations | 1,051 | 1,054 | (691) | 2,105 | 153 |
of which from discontinued operations | 0 | 0 | (9) | 0 | 6 |
Income/(loss) from continuing operations before taxes | 1,656 | SFr 1,511 | (346) | 3,167 | 1,397 |
Credit Suisse (USA), Inc - Consolidated | |||||
Condensed consolidating statements of operations | |||||
Interest and dividend income | 1,752 | 1,464 | 3,440 | 2,951 | |
Interest expense | (1,032) | (905) | (2,098) | (1,786) | |
Net interest income | 720 | 559 | 1,342 | 1,165 | |
Commissions and fees | 1,071 | 1,061 | 2,019 | 2,115 | |
Trading revenues | (570) | 222 | (567) | 725 | |
Other revenues | 457 | 239 | 620 | 744 | |
Net revenues | 1,678 | 2,081 | 3,414 | 4,749 | |
Provision for credit losses | 5 | 0 | 5 | 0 | |
Compensation and benefits | 927 | 924 | 1,928 | 1,849 | |
General and administrative expenses | 483 | 504 | 920 | 971 | |
Commission expenses | 65 | 61 | 126 | 117 | |
Total other operating expenses | 548 | 565 | 1,046 | 1,088 | |
Total operating expenses | 1,475 | 1,489 | 2,974 | 2,937 | |
Income tax expense | (5) | 207 | 59 | 683 | |
Income/(loss) from continuing operations | 385 | 1,129 | |||
Income/(loss) from discontinued operations, net of tax | 0 | 0 | |||
Net income/(loss) | 203 | 385 | 376 | 1,129 | |
Net income/(loss) attributable to noncontrolling interests | 10 | 25 | (5) | 373 | |
Net income/(loss) attributable to shareholders | 193 | 360 | 381 | 756 | |
of which from continuing operations | 360 | 756 | |||
of which from discontinued operations | 0 | 0 | |||
Income/(loss) from continuing operations before taxes | 198 | 592 | 435 | 1,812 | |
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | |||||
Condensed consolidating statements of operations | |||||
Interest and dividend income | 4,031 | 4,100 | 6,706 | 6,929 | |
Interest expense | (1,983) | (2,168) | (3,229) | (3,524) | |
Net interest income | 2,048 | 1,932 | 3,477 | 3,405 | |
Commissions and fees | 2,136 | 2,235 | 4,113 | 4,408 | |
Trading revenues | 1,062 | (144) | 2,465 | 22 | |
Other revenues | (118) | 169 | (124) | 433 | |
Net revenues | 5,128 | 4,192 | 9,931 | 8,268 | |
Provision for credit losses | 33 | 4 | 53 | 23 | |
Compensation and benefits | 1,983 | 2,069 | 3,937 | 4,148 | |
General and administrative expenses | 1,463 | 2,953 | 2,780 | 4,192 | |
Commission expenses | 339 | 313 | 667 | 623 | |
Total other operating expenses | 1,802 | 3,266 | 3,447 | 4,815 | |
Total operating expenses | 3,785 | 5,335 | 7,384 | 8,963 | |
Income tax expense | 568 | 67 | 953 | 112 | |
Income/(loss) from continuing operations | (1,214) | (830) | |||
Income/(loss) from discontinued operations, net of tax | (9) | 6 | |||
Net income/(loss) | 742 | (1,223) | 1,541 | (824) | |
Net income/(loss) attributable to noncontrolling interests | 5 | 5 | 4 | 20 | |
Net income/(loss) attributable to shareholders | 737 | (1,228) | 1,537 | (844) | |
of which from continuing operations | (1,219) | (850) | |||
of which from discontinued operations | (9) | 6 | |||
Income/(loss) from continuing operations before taxes | 1,310 | (1,147) | 2,494 | (718) | |
Bank | |||||
Condensed consolidating statements of operations | |||||
Interest and dividend income | 5,783 | 5,564 | 10,146 | 9,880 | |
Interest expense | (3,015) | (3,073) | (5,327) | (5,310) | |
Net interest income | 2,768 | 2,491 | 4,819 | 4,570 | |
Commissions and fees | 3,207 | 3,296 | 6,132 | 6,523 | |
Trading revenues | 492 | 78 | 1,898 | 747 | |
Other revenues | 339 | 408 | 496 | 1,177 | |
Net revenues | 6,806 | 6,273 | 13,345 | 13,017 | |
Provision for credit losses | 38 | 4 | 58 | 23 | |
Compensation and benefits | 2,910 | 2,993 | 5,865 | 5,997 | |
General and administrative expenses | 1,946 | 3,457 | 3,700 | 5,163 | |
Commission expenses | 404 | 374 | 793 | 740 | |
Total other operating expenses | 2,350 | 3,831 | 4,493 | 5,903 | |
Total operating expenses | 5,260 | 6,824 | 10,358 | 11,900 | |
Income tax expense | 563 | 274 | 1,012 | 795 | |
Income/(loss) from continuing operations | (829) | 299 | |||
Income/(loss) from discontinued operations, net of tax | (9) | 6 | |||
Net income/(loss) | 945 | (838) | 1,917 | 305 | |
Net income/(loss) attributable to noncontrolling interests | 15 | 30 | (1) | 393 | |
Net income/(loss) attributable to shareholders | 930 | (868) | 1,918 | (88) | |
of which from continuing operations | (859) | (94) | |||
of which from discontinued operations | (9) | 6 | |||
Income/(loss) from continuing operations before taxes | 1,508 | (555) | 2,929 | 1,094 | |
Group parent company | |||||
Condensed consolidating statements of operations | |||||
Interest and dividend income | 67 | 40 | 136 | 78 | |
Interest expense | (80) | (57) | (161) | (109) | |
Net interest income | (13) | (17) | (25) | (31) | |
Commissions and fees | 5 | 3 | 7 | 2 | |
Trading revenues | 5 | 47 | (3) | 36 | |
Other revenues | 1,029 | (742) | 2,105 | 134 | |
Net revenues | 1,026 | (709) | 2,084 | 141 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Compensation and benefits | 16 | 16 | 45 | 34 | |
General and administrative expenses | (41) | (25) | (67) | (52) | |
Commission expenses | 1 | 0 | 1 | 0 | |
Total other operating expenses | (40) | (25) | (66) | (52) | |
Total operating expenses | (24) | (9) | (21) | (18) | |
Income tax expense | (1) | 0 | 0 | 0 | |
Income/(loss) from continuing operations | (700) | 159 | |||
Income/(loss) from discontinued operations, net of tax | 0 | 0 | |||
Net income/(loss) | 1,051 | (700) | 2,105 | 159 | |
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income/(loss) attributable to shareholders | 1,051 | (700) | 2,105 | 159 | |
of which from continuing operations | (700) | 159 | |||
of which from discontinued operations | 0 | 0 | |||
Income/(loss) from continuing operations before taxes | 1,050 | (700) | 2,105 | 159 | |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | |||||
Condensed consolidating statements of operations | |||||
Interest and dividend income | 53 | 86 | 111 | 177 | |
Interest expense | 61 | 26 | 116 | 48 | |
Net interest income | 114 | 112 | 227 | 225 | |
Commissions and fees | 47 | 10 | 99 | 59 | |
Trading revenues | 1 | 72 | (7) | 52 | |
Other revenues | (1,039) | 705 | (2,146) | (202) | |
Net revenues | (877) | 899 | (1,827) | 134 | |
Provision for credit losses | 13 | 14 | 23 | 29 | |
Compensation and benefits | (12) | (36) | (20) | (65) | |
General and administrative expenses | 23 | 9 | 33 | 20 | |
Commission expenses | 1 | 3 | 4 | 6 | |
Total other operating expenses | 24 | 12 | 37 | 26 | |
Total operating expenses | 12 | (24) | 17 | (39) | |
Income tax expense | 28 | 33 | 55 | 55 | |
Income/(loss) from continuing operations | 876 | 89 | |||
Income/(loss) from discontinued operations, net of tax | 0 | 0 | |||
Net income/(loss) | (930) | 876 | (1,922) | 89 | |
Net income/(loss) attributable to noncontrolling interests | 0 | 8 | (4) | 1 | |
Net income/(loss) attributable to shareholders | (930) | 868 | (1,918) | 88 | |
of which from continuing operations | 868 | 88 | |||
of which from discontinued operations | 0 | 0 | |||
Income/(loss) from continuing operations before taxes | SFr (902) | SFr 909 | SFr (1,867) | SFr 144 |
Subsidiary guarantee informa144
Subsidiary guarantee information (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Comprehensive income | |||||
Net income/(loss) | SFr 1,066 | SFr 1,034 | SFr (662) | SFr 2,100 | SFr 553 |
Gains/(losses) on cash flow hedges | 31 | 8 | 12 | 39 | 29 |
Foreign currency translation | (1,053) | (1,493) | 65 | (2,546) | (208) |
Unrealized gains/(losses) on securities | (12) | 10 | 12 | (2) | 20 |
Actuarial gains/(losses) | 92 | 89 | 42 | 181 | 77 |
Net prior service cost | (22) | (21) | (22) | (43) | (42) |
Other comprehensive income/(loss), net of tax | (964) | (1,407) | 109 | (2,371) | (124) |
Comprehensive income/(loss) | 102 | (373) | (553) | (271) | 429 |
Comprehensive income/(loss) attributable to noncontrolling interests | (15) | (44) | 41 | (59) | 372 |
Comprehensive income/(loss) attributable to shareholders | 117 | SFr (329) | (594) | (212) | 57 |
Credit Suisse (USA), Inc - Consolidated | |||||
Comprehensive income | |||||
Net income/(loss) | 203 | 385 | 376 | 1,129 | |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 | 0 | |
Foreign currency translation | (783) | 80 | (1,161) | (82) | |
Unrealized gains/(losses) on securities | 0 | 0 | 0 | 0 | |
Actuarial gains/(losses) | 9 | 6 | 18 | 8 | |
Net prior service cost | (3) | 0 | (7) | 0 | |
Other comprehensive income/(loss), net of tax | (777) | 86 | (1,150) | (74) | |
Comprehensive income/(loss) | (574) | 471 | (774) | 1,055 | |
Comprehensive income/(loss) attributable to noncontrolling interests | (27) | 29 | (64) | 352 | |
Comprehensive income/(loss) attributable to shareholders | (547) | 442 | (710) | 703 | |
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | |||||
Comprehensive income | |||||
Net income/(loss) | 742 | (1,223) | 1,541 | (824) | |
Gains/(losses) on cash flow hedges | 30 | 6 | 52 | 15 | |
Foreign currency translation | (270) | (12) | (1,381) | (128) | |
Unrealized gains/(losses) on securities | (12) | 10 | (5) | 15 | |
Actuarial gains/(losses) | 8 | 5 | 16 | 11 | |
Net prior service cost | (1) | (1) | 0 | (1) | |
Other comprehensive income/(loss), net of tax | (245) | 8 | (1,318) | (88) | |
Comprehensive income/(loss) | 497 | (1,215) | 223 | (912) | |
Comprehensive income/(loss) attributable to noncontrolling interests | (13) | 9 | (30) | 17 | |
Comprehensive income/(loss) attributable to shareholders | 510 | (1,224) | 253 | (929) | |
Bank | |||||
Comprehensive income | |||||
Net income/(loss) | 945 | (838) | 1,917 | 305 | |
Gains/(losses) on cash flow hedges | 30 | 6 | 52 | 15 | |
Foreign currency translation | (1,053) | 68 | (2,542) | (210) | |
Unrealized gains/(losses) on securities | (12) | 10 | (5) | 15 | |
Actuarial gains/(losses) | 17 | 11 | 34 | 19 | |
Net prior service cost | (4) | (1) | (7) | (1) | |
Other comprehensive income/(loss), net of tax | (1,022) | 94 | (2,468) | (162) | |
Comprehensive income/(loss) | (77) | (744) | (551) | 143 | |
Comprehensive income/(loss) attributable to noncontrolling interests | (40) | 38 | (94) | 369 | |
Comprehensive income/(loss) attributable to shareholders | (37) | (782) | (457) | (226) | |
Group parent company | |||||
Comprehensive income | |||||
Net income/(loss) | 1,051 | (700) | 2,105 | 159 | |
Gains/(losses) on cash flow hedges | 1 | 5 | (13) | 13 | |
Foreign currency translation | 2 | 1 | (1) | 1 | |
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 | 3 | 6 | (14) | 14 | |
Comprehensive income/(loss) | 1,054 | (694) | 2,091 | 173 | |
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Comprehensive income/(loss) attributable to shareholders | 1,054 | (694) | 2,091 | 173 | |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | |||||
Comprehensive income | |||||
Net income/(loss) | (930) | 876 | (1,922) | 89 | |
Gains/(losses) on cash flow hedges | 0 | 1 | 0 | 1 | |
Foreign currency translation | (2) | (4) | (3) | 1 | |
Unrealized gains/(losses) on securities | 0 | 2 | 3 | 5 | |
Actuarial gains/(losses) | 75 | 31 | 147 | 58 | |
Net prior service cost | (18) | (21) | (36) | (41) | |
Other comprehensive income/(loss), net of tax | 55 | 9 | 111 | 24 | |
Comprehensive income/(loss) | (875) | 885 | (1,811) | 113 | |
Comprehensive income/(loss) attributable to noncontrolling interests | 25 | 3 | 35 | 3 | |
Comprehensive income/(loss) attributable to shareholders | SFr (900) | SFr 882 | SFr (1,846) | SFr 110 |
Subsidiary guarantee informa145
Subsidiary guarantee information (Details 3) - CHF (SFr) SFr in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Assets | ||||||
Cash and due from banks | SFr 104,054 | SFr 87,913 | SFr 79,349 | SFr 66,469 | ||
Interest-bearing deposits with banks | 928 | 1,117 | 1,244 | 1,749 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 137,834 | 144,859 | 163,208 | 165,744 | ||
Securities received as collateral | 28,851 | 28,106 | 26,854 | 21,611 | ||
Trading assets | 205,688 | 235,564 | 241,131 | 235,427 | ||
Investment securities | 3,370 | 3,052 | 2,791 | 3,323 | ||
Other investments | 7,391 | 7,881 | 8,613 | 7,709 | ||
Net loans | 270,171 | 270,774 | 272,551 | 254,532 | ||
Premises and equipment | 4,429 | 4,520 | 4,641 | 4,811 | ||
Goodwill | 8,238 | 8,504 | 8,644 | 7,983 | ||
Other intangible assets | 205 | 220 | 249 | 245 | ||
Brokerage receivables | 48,414 | 45,383 | 41,629 | 56,309 | ||
Other assets | 59,749 | 66,497 | 70,558 | 64,689 | ||
Assets of discontinued operations held-for-sale | 0 | 0 | 0 | 979 | ||
Total assets | 879,322 | 904,390 | 921,462 | 891,580 | ||
Liabilities and equity | ||||||
Due to banks | 30,205 | 27,262 | 26,009 | 26,701 | ||
Customer deposits | 356,453 | 365,007 | 369,058 | 346,296 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 58,567 | 66,140 | 70,119 | 88,066 | ||
Obligation to return securities received as collateral | 28,851 | 28,106 | 26,854 | 21,611 | ||
Trading liabilities | 59,390 | 69,757 | 72,655 | 75,129 | ||
Short-term borrowings | 26,401 | 27,577 | 25,921 | 29,426 | ||
Long-term debt | 182,655 | 175,678 | 177,898 | 143,827 | ||
Brokerage payables | 48,039 | 55,229 | 56,977 | 68,842 | ||
Other liabilities | 45,301 | 45,349 | 50,970 | 48,913 | ||
Liabilities of discontinued operations held-for-sale | 0 | 0 | 0 | 742 | ||
Total liabilities | 835,862 | 860,105 | 876,461 | 849,553 | ||
Total shareholders' equity | 42,642 | 43,396 | 43,959 | 40,944 | ||
Noncontrolling interests | 818 | 889 | 1,042 | 1,083 | ||
Total equity | 43,460 | 44,285 | 45,001 | 42,027 | SFr 44,282 | SFr 47,166 |
Total liabilities and equity | 879,322 | SFr 904,390 | 921,462 | SFr 891,580 | ||
Credit Suisse (USA), Inc - Consolidated | ||||||
Assets | ||||||
Cash and due from banks | 5,657 | 4,572 | ||||
Interest-bearing deposits with banks | 65 | 69 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 130,683 | 152,647 | ||||
Securities received as collateral | 27,262 | 26,754 | ||||
Trading assets | 66,657 | 74,980 | ||||
Investment securities | 937 | 3 | ||||
Other investments | 2,496 | 2,826 | ||||
Net loans | 16,545 | 20,664 | ||||
Premises and equipment | 805 | 892 | ||||
Goodwill | 690 | 731 | ||||
Other intangible assets | 121 | 115 | ||||
Brokerage receivables | 24,462 | 25,009 | ||||
Other assets | 21,365 | 24,738 | ||||
Total assets | 297,745 | 334,000 | ||||
Liabilities and equity | ||||||
Due to banks | 133 | 97 | ||||
Customer deposits | 1 | 1 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 98,581 | 120,817 | ||||
Obligation to return securities received as collateral | 27,262 | 26,754 | ||||
Trading liabilities | 17,130 | 13,133 | ||||
Short-term borrowings | 27,679 | 27,440 | ||||
Long-term debt | 60,000 | 67,776 | ||||
Brokerage payables | 34,534 | 44,029 | ||||
Other liabilities | 12,957 | 13,103 | ||||
Total liabilities | 278,277 | 313,150 | ||||
Total shareholders' equity | 18,591 | 19,693 | ||||
Noncontrolling interests | 877 | 1,157 | ||||
Total equity | 19,468 | 20,850 | ||||
Total liabilities and equity | 297,745 | 334,000 | ||||
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | ||||||
Assets | ||||||
Cash and due from banks | 96,701 | 73,428 | ||||
Interest-bearing deposits with banks | 4,094 | 4,035 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 7,548 | 10,561 | ||||
Securities received as collateral | 1,589 | 100 | ||||
Trading assets | 139,241 | 166,333 | ||||
Investment securities | 2,028 | 2,376 | ||||
Other investments | 4,765 | 5,641 | ||||
Net loans | 236,549 | 235,264 | ||||
Premises and equipment | 3,425 | 3,549 | ||||
Goodwill | 6,669 | 7,035 | ||||
Other intangible assets | 84 | 134 | ||||
Brokerage receivables | 23,951 | 16,620 | ||||
Other assets | 38,110 | 45,773 | ||||
Total assets | 564,754 | 570,849 | ||||
Liabilities and equity | ||||||
Due to banks | 30,406 | 26,409 | ||||
Customer deposits | 345,068 | 357,568 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (40,014) | (50,698) | ||||
Obligation to return securities received as collateral | 1,589 | 100 | ||||
Trading liabilities | 42,327 | 59,534 | ||||
Short-term borrowings | (1,278) | (1,519) | ||||
Long-term debt | 117,429 | 105,171 | ||||
Brokerage payables | 13,505 | 12,948 | ||||
Other liabilities | 32,349 | 37,545 | ||||
Total liabilities | 541,381 | 547,058 | ||||
Total shareholders' equity | 22,788 | 23,202 | ||||
Noncontrolling interests | 585 | 589 | ||||
Total equity | 23,373 | 23,791 | ||||
Total liabilities and equity | 564,754 | 570,849 | ||||
Bank | ||||||
Assets | ||||||
Cash and due from banks | 102,358 | 78,000 | ||||
Interest-bearing deposits with banks | 4,159 | 4,104 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 138,231 | 163,208 | ||||
Securities received as collateral | 28,851 | 26,854 | ||||
Trading assets | 205,898 | 241,313 | ||||
Investment securities | 2,965 | 2,379 | ||||
Other investments | 7,261 | 8,467 | ||||
Net loans | 253,094 | 255,928 | ||||
Premises and equipment | 4,230 | 4,441 | ||||
Goodwill | 7,359 | 7,766 | ||||
Other intangible assets | 205 | 249 | ||||
Brokerage receivables | 48,413 | 41,629 | ||||
Other assets | 59,475 | 70,511 | ||||
Total assets | 862,499 | 904,849 | ||||
Liabilities and equity | ||||||
Due to banks | 30,539 | 26,506 | ||||
Customer deposits | 345,069 | 357,569 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 58,567 | 70,119 | ||||
Obligation to return securities received as collateral | 28,851 | 26,854 | ||||
Trading liabilities | 59,457 | 72,667 | ||||
Short-term borrowings | 26,401 | 25,921 | ||||
Long-term debt | 177,429 | 172,947 | ||||
Brokerage payables | 48,039 | 56,977 | ||||
Other liabilities | 45,306 | 50,648 | ||||
Total liabilities | 819,658 | 860,208 | ||||
Total shareholders' equity | 41,379 | 42,895 | ||||
Noncontrolling interests | 1,462 | 1,746 | ||||
Total equity | 42,841 | 44,641 | ||||
Total liabilities and equity | 862,499 | 904,849 | ||||
Group parent company | ||||||
Assets | ||||||
Cash and due from banks | 611 | 917 | ||||
Interest-bearing deposits with banks | 5 | 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 | 3,754 | 3,981 | ||||
Other investments | 45,047 | 46,392 | ||||
Net loans | 137 | 350 | ||||
Premises and equipment | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets | 0 | 0 | ||||
Brokerage receivables | 0 | 0 | ||||
Other assets | 337 | 221 | ||||
Total assets | 49,891 | 51,861 | ||||
Liabilities and equity | ||||||
Due to banks | 2,467 | 2,627 | ||||
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 | 4,624 | 4,930 | ||||
Brokerage payables | 0 | 0 | ||||
Other liabilities | 158 | 345 | ||||
Total liabilities | 7,249 | 7,902 | ||||
Total shareholders' equity | 42,642 | 43,959 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | 42,642 | 43,959 | ||||
Total liabilities and equity | 49,891 | 51,861 | ||||
Other Group subsidiaries | Includes eliminations and consolidation adjustments | ||||||
Assets | ||||||
Cash and due from banks | 1,085 | 432 | ||||
Interest-bearing deposits with banks | (3,236) | (2,860) | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (397) | 0 | ||||
Securities received as collateral | 0 | 0 | ||||
Trading assets | (210) | (182) | ||||
Investment securities | (3,349) | (3,569) | ||||
Other investments | (44,917) | (46,246) | ||||
Net loans | 16,940 | 16,273 | ||||
Premises and equipment | 199 | 200 | ||||
Goodwill | 879 | 878 | ||||
Other intangible assets | 0 | 0 | ||||
Brokerage receivables | 1 | 0 | ||||
Other assets | (63) | (174) | ||||
Total assets | (33,068) | (35,248) | ||||
Liabilities and equity | ||||||
Due to banks | (2,801) | (3,124) | ||||
Customer deposits | 11,384 | 11,489 | ||||
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 | (67) | (12) | ||||
Short-term borrowings | 0 | 0 | ||||
Long-term debt | 602 | 21 | ||||
Brokerage payables | 0 | 0 | ||||
Other liabilities | (163) | (23) | ||||
Total liabilities | 8,955 | 8,351 | ||||
Total shareholders' equity | (41,379) | (42,895) | ||||
Noncontrolling interests | (644) | (704) | ||||
Total equity | (42,023) | (43,599) | ||||
Total liabilities and equity | SFr (33,068) | SFr (35,248) |
Subsidiary guarantee informa146
Subsidiary guarantee information (Details 4) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | SFr 2,779 | SFr (17,618) |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | 305 | (243) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 16,054 | (5,756) |
Purchase of investment securities | (272) | (459) |
Proceeds from sale of investment securities | 14 | 48 |
Maturities of investment securities | 342 | 92 |
Investments in subsidiaries and other investments | (335) | (483) |
Proceeds from sale of other investments | 951 | 850 |
(Increase)/decrease in loans | (3,677) | (9,057) |
Proceeds from sale of loans | 1,018 | 943 |
Capital expenditures for premises and equipment and other intangible assets | (474) | (411) |
Proceeds from sale of premises and equipment and other intangible assets | 11 | 0 |
Other, net | 195 | 150 |
Net cash provided by/(used in) investing activities of continuing operations | 14,132 | (14,326) |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 1,065 | 16,644 |
Increase/(decrease) in short-term borrowings | 1,110 | 9,095 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (7,873) | (5,659) |
Issuances of long-term debt | 47,503 | 32,023 |
Repayments of long-term debt | (29,565) | (19,616) |
Issuances of common shares | 1 | 297 |
Sale of treasury shares | 7,435 | 4,033 |
Repurchase of treasury shares | (8,385) | (4,792) |
Dividends paid/capital repayments | (427) | (1,227) |
Other, net | 384 | (1,468) |
Net cash provided by/(used in) financing activities of continuing operations | 11,248 | 29,330 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (3,454) | 574 |
Net cash provided by/(used in) operating activities of discontinued operations | ||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | (183) |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 24,705 | (2,223) |
Cash and due from banks at beginning of period | 79,349 | 68,692 |
Cash and due from banks at end of period | 104,054 | 66,469 |
Credit Suisse (USA), Inc - Consolidated | ||
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | 3,876 | (1,897) |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | 0 | (7,688) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 13,657 | (17,533) |
Purchase of investment securities | 0 | 0 |
Proceeds from sale of investment securities | 0 | 0 |
Maturities of investment securities | 10 | 0 |
Investments in subsidiaries and other investments | (223) | (300) |
Proceeds from sale of other investments | 778 | 780 |
(Increase)/decrease in loans | 3,006 | 8,466 |
Proceeds from sale of loans | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | (120) | (122) |
Proceeds from sale of premises and equipment and other intangible assets | 2 | |
Other, net | 13 | 7 |
Net cash provided by/(used in) investing activities of continuing operations | 17,123 | (16,390) |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 42 | 783 |
Increase/(decrease) in short-term borrowings | 2,737 | 9,346 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (15,728) | 7,526 |
Issuances of long-term debt | 2,199 | 2,896 |
Repayments of long-term debt | (8,301) | (1,440) |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 0 | 0 |
Repurchase of treasury shares | 0 | 0 |
Dividends paid/capital repayments | 0 | 0 |
Other, net | (588) | (753) |
Net cash provided by/(used in) financing activities of continuing operations | (19,639) | 18,358 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (275) | (18) |
Net cash provided by/(used in) operating activities of discontinued operations | ||
Net cash provided by/(used in) operating activities of discontinued operations | (8) | |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 1,085 | 45 |
Cash and due from banks at beginning of period | 4,572 | 4,965 |
Cash and due from banks at end of period | 5,657 | 5,010 |
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | ||
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | (802) | (15,917) |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | (91) | 7,156 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,000 | 11,771 |
Purchase of investment securities | (272) | (459) |
Proceeds from sale of investment securities | 14 | 48 |
Maturities of investment securities | 322 | 10 |
Investments in subsidiaries and other investments | (85) | (151) |
Proceeds from sale of other investments | 142 | 43 |
(Increase)/decrease in loans | (6,205) | (16,896) |
Proceeds from sale of loans | 1,018 | 943 |
Capital expenditures for premises and equipment and other intangible assets | (348) | (285) |
Proceeds from sale of premises and equipment and other intangible assets | 9 | |
Other, net | 179 | 142 |
Net cash provided by/(used in) investing activities of continuing operations | (3,317) | 2,322 |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 985 | 15,896 |
Increase/(decrease) in short-term borrowings | (1,627) | (251) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 7,855 | (13,185) |
Issuances of long-term debt | 44,756 | 29,134 |
Repayments of long-term debt | (21,019) | (20,244) |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 0 | 0 |
Repurchase of treasury shares | 0 | 0 |
Dividends paid/capital repayments | (10) | (59) |
Other, net | (420) | (357) |
Net cash provided by/(used in) financing activities of continuing operations | 30,520 | 10,934 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (3,128) | 593 |
Net cash provided by/(used in) operating activities of discontinued operations | ||
Net cash provided by/(used in) operating activities of discontinued operations | (175) | |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 23,273 | (2,243) |
Cash and due from banks at beginning of period | 73,428 | 63,116 |
Cash and due from banks at end of period | 96,701 | 60,873 |
Bank | ||
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | 3,074 | (17,814) |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | (91) | (532) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 15,657 | (5,762) |
Purchase of investment securities | (272) | (459) |
Proceeds from sale of investment securities | 14 | 48 |
Maturities of investment securities | 332 | 10 |
Investments in subsidiaries and other investments | (308) | (451) |
Proceeds from sale of other investments | 920 | 823 |
(Increase)/decrease in loans | (3,199) | (8,430) |
Proceeds from sale of loans | 1,018 | 943 |
Capital expenditures for premises and equipment and other intangible assets | (468) | (407) |
Proceeds from sale of premises and equipment and other intangible assets | 11 | |
Other, net | 192 | 149 |
Net cash provided by/(used in) investing activities of continuing operations | 13,806 | (14,068) |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 1,027 | 16,679 |
Increase/(decrease) in short-term borrowings | 1,110 | 9,095 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (7,873) | (5,659) |
Issuances of long-term debt | 46,955 | 32,030 |
Repayments of long-term debt | (29,320) | (21,684) |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 0 | 0 |
Repurchase of treasury shares | 0 | 0 |
Dividends paid/capital repayments | (10) | (59) |
Other, net | (1,008) | (1,110) |
Net cash provided by/(used in) financing activities of continuing operations | 10,881 | 29,292 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (3,403) | 575 |
Net cash provided by/(used in) operating activities of discontinued operations | ||
Net cash provided by/(used in) operating activities of discontinued operations | (183) | |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 24,358 | (2,198) |
Cash and due from banks at beginning of period | 78,000 | 68,081 |
Cash and due from banks at end of period | 102,358 | 65,883 |
Group parent company | ||
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | (80) | 250 |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | (5) | 0 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Purchase of investment securities | 0 | (2,217) |
Proceeds from sale of investment securities | 0 | 0 |
Maturities of investment securities | 0 | 0 |
Investments in subsidiaries and other investments | 0 | (1,352) |
Proceeds from sale of other investments | 0 | 3 |
(Increase)/decrease in loans | 210 | 2,476 |
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 | |
Other, net | 6 | 0 |
Net cash provided by/(used in) investing activities of continuing operations | 211 | (1,090) |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | (161) | (433) |
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 | 0 | 2,217 |
Repayments of long-term debt | (30) | 0 |
Issuances of common shares | 1 | 297 |
Sale of treasury shares | 3 | 0 |
Repurchase of treasury shares | (1,004) | (705) |
Dividends paid/capital repayments | (415) | (1,125) |
Other, net | 1,217 | 861 |
Net cash provided by/(used in) financing activities of continuing operations | (389) | 1,112 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (48) | (2) |
Net cash provided by/(used in) operating activities of discontinued operations | ||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | (306) | 270 |
Cash and due from banks at beginning of period | 917 | 795 |
Cash and due from banks at end of period | 611 | 1,065 |
Group Parent company - subsidiary that holds a banking license | ||
Net increase/(decrease) in cash and due from banks | ||
Dividend income from investments | 220 | 150 |
Group Parent company - subsidiary that doesn't hold a banking license | ||
Net increase/(decrease) in cash and due from banks | ||
Dividend income from investments | 31 | 113 |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | ||
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | (215) | (54) |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | 401 | 289 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 397 | 6 |
Purchase of investment securities | 0 | 2,217 |
Proceeds from sale of investment securities | 0 | 0 |
Maturities of investment securities | 10 | 82 |
Investments in subsidiaries and other investments | (27) | 1,320 |
Proceeds from sale of other investments | 31 | 24 |
(Increase)/decrease in loans | (688) | (3,103) |
Proceeds from sale of loans | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | (6) | (4) |
Proceeds from sale of premises and equipment and other intangible assets | 0 | |
Other, net | (3) | 1 |
Net cash provided by/(used in) investing activities of continuing operations | 115 | 832 |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 199 | 398 |
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 | 548 | (2,224) |
Repayments of long-term debt | (215) | 2,068 |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 7,432 | 4,033 |
Repurchase of treasury shares | (7,381) | (4,087) |
Dividends paid/capital repayments | (2) | (43) |
Other, net | 175 | (1,219) |
Net cash provided by/(used in) financing activities of continuing operations | 756 | (1,074) |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (3) | 1 |
Net cash provided by/(used in) operating activities of discontinued operations | ||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 653 | (295) |
Cash and due from banks at beginning of period | 432 | (184) |
Cash and due from banks at end of period | SFr 1,085 | SFr (479) |