Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document Information [Line Items] | |
Entity Registrant Name | CREDIT SUISSE GROUP AG |
Entity Central Index Key | 1,159,510 |
Trading Symbol | CS |
Document Type | 20-F |
Document Period End Date | Dec. 31, 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 | 1,951,469,020 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Bank | |
Document Information [Line Items] | |
Entity Registrant Name | CREDIT SUISSE AG |
Entity Central Index Key | 1,053,092 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 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 | 4,399,680,200 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Consolidated statements of oper
Consolidated statements of operations - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest and dividend income | SFr 19,341 | SFr 19,061 | SFr 19,556 |
Interest expense | (10,042) | (10,027) | (11,441) |
Net interest income | 9,299 | 9,034 | 8,115 |
Commissions and fees | 12,044 | 13,051 | 13,226 |
Trading revenues | 1,340 | 2,026 | 2,739 |
Other revenues | 1,114 | 2,131 | 1,776 |
Net revenues | 23,797 | 26,242 | 25,856 |
Provision for credit losses | 324 | 186 | 167 |
Compensation and benefits | 11,546 | 11,334 | 11,256 |
General and administrative expenses | 8,574 | 9,534 | 8,587 |
Commission expenses | 1,623 | 1,561 | 1,738 |
Goodwill impairment | 3,797 | 0 | 12 |
Restructuring expenses | 355 | ||
Total other operating expenses | 14,349 | 11,095 | 10,337 |
Total operating expenses | 25,895 | 22,429 | 21,593 |
Income/(loss) from continuing operations before taxes | (2,422) | 3,627 | 4,096 |
Income tax expense | 523 | 1,405 | 1,276 |
Income/(loss) from continuing operations | (2,945) | 2,222 | 2,820 |
Income/(loss) from discontinued operations, net of tax | 0 | 102 | 145 |
Net income/(loss) | (2,945) | 2,324 | 2,965 |
Net income/(loss) attributable to noncontrolling interests | (1) | 449 | 639 |
Net income/(loss) attributable to shareholders | (2,944) | 1,875 | 2,326 |
of which from continuing operations | (2,944) | 1,773 | 2,181 |
of which from discontinued operations | SFr 0 | SFr 102 | SFr 145 |
Basic earnings per share (CHF) | |||
Basic earnings/(loss) per share from continuing operations (in CHF per share) | SFr (1.73) | SFr 0.99 | SFr 1.10 |
Basic earnings/(loss) per share from discontinued operations (in CHF per share) | 0 | 0.06 | 0.08 |
Basic earnings/(loss) per share (in CHF per share) | (1.73) | 1.05 | 1.18 |
Diluted earnings per share (CHF) | |||
Diluted earnings/(loss) per share from continuing operations (in CHF per share) | (1.73) | 0.98 | 1.10 |
Diluted earnings/(loss) per share from discontinued operations (in CHF per share) | 0 | 0.06 | 0.08 |
Diluted earnings/(loss) per share (in CHF per share) | SFr (1.73) | SFr 1.04 | SFr 1.18 |
Bank | |||
Interest and dividend income | SFr 18,857 | SFr 18,585 | SFr 19,017 |
Interest expense | (9,990) | (9,908) | (11,307) |
Net interest income | 8,867 | 8,677 | 7,710 |
Commissions and fees | 11,846 | 12,887 | 13,057 |
Trading revenues | 1,298 | 1,790 | 2,755 |
Other revenues | 1,200 | 2,235 | 1,792 |
Net revenues | 23,211 | 25,589 | 25,314 |
Provision for credit losses | 276 | 125 | 93 |
Compensation and benefits | 11,523 | 11,382 | 11,187 |
General and administrative expenses | 8,614 | 9,573 | 8,642 |
Commission expenses | 1,614 | 1,548 | 1,726 |
Goodwill impairment | 3,797 | 0 | 12 |
Restructuring expenses | 325 | ||
Total other operating expenses | 14,350 | 11,121 | 10,380 |
Total operating expenses | 25,873 | 22,503 | 21,567 |
Income/(loss) from continuing operations before taxes | (2,938) | 2,961 | 3,654 |
Income tax expense | 439 | 1,299 | 1,170 |
Income/(loss) from continuing operations | (3,377) | 1,662 | 2,484 |
Income/(loss) from discontinued operations, net of tax | 0 | 102 | 145 |
Net income/(loss) | (3,377) | 1,764 | 2,629 |
Net income/(loss) attributable to noncontrolling interests | (7) | 445 | 669 |
Net income/(loss) attributable to shareholders | (3,370) | 1,319 | 1,960 |
of which from continuing operations | (3,370) | 1,217 | 1,815 |
of which from discontinued operations | SFr 0 | SFr 102 | SFr 145 |
Consolidated statements of comp
Consolidated statements of comprehensive income - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive income | |||
Net income/(loss) | SFr (2,945) | SFr 2,324 | SFr 2,965 |
Gains/(losses) on cash flow hedges | 16 | (20) | 18 |
Foreign currency translation | (1,156) | 2,287 | (1,021) |
Unrealized gains/(losses) on securities | (4) | 12 | (32) |
Actuarial gains/(losses) | (661) | (1,253) | 1,044 |
Net prior service cost | 155 | (63) | (95) |
Other comprehensive income/(loss), net of tax | (1,650) | 963 | (86) |
Comprehensive income/(loss) | (4,595) | 3,287 | 2,879 |
Comprehensive income/(loss) attributable to noncontrolling interests | (19) | 540 | 525 |
Comprehensive income/(loss) attributable to shareholders | (4,576) | 2,747 | 2,354 |
Bank | |||
Comprehensive income | |||
Net income/(loss) | (3,377) | 1,764 | 2,629 |
Gains/(losses) on cash flow hedges | 24 | (27) | 2 |
Foreign currency translation | (1,147) | 2,284 | (2,234) |
Unrealized gains/(losses) on securities | (6) | 21 | (18) |
Actuarial gains/(losses) | 44 | 58 | (43) |
Net prior service cost | (14) | 14 | 0 |
Other comprehensive income/(loss), net of tax | (1,099) | 2,350 | (2,293) |
Comprehensive income/(loss) | (4,476) | 4,114 | 336 |
Comprehensive income/(loss) attributable to noncontrolling interests | (26) | 614 | 634 |
Comprehensive income/(loss) attributable to shareholders | SFr (4,450) | SFr 3,500 | SFr (298) |
Consolidated balance sheets
Consolidated balance sheets - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |||
Assets | |||||
Cash and due from banks | SFr 92,328 | SFr 79,349 | |||
of which reported at fair value | 89 | 304 | |||
Interest-bearing deposits with banks | 867 | 1,244 | |||
of which reported at fair value | 2 | 0 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 123,049 | 163,208 | |||
of which reported at fair value | 83,565 | 104,283 | |||
Securities received as collateral, at fair value | 28,511 | 26,854 | |||
of which encumbered | 27,940 | 25,220 | |||
Trading assets, at fair value | 190,737 | 241,131 | |||
of which encumbered | 62,559 | 77,583 | |||
Investment securities | 3,090 | 2,791 | |||
of which reported at fair value | 3,090 | 2,791 | |||
Other investments | 7,021 | 8,613 | |||
of which reported at fair value | 4,237 | 5,654 | |||
Net loans | 272,995 | 272,551 | |||
of which reported at fair value | 20,820 | 22,913 | |||
of which encumbered | 108 | 192 | |||
allowance for loan losses | (866) | (758) | |||
Premises and equipment | 4,644 | 4,641 | |||
Goodwill | 4,808 | 8,644 | |||
Other intangible assets | 196 | 249 | |||
of which reported at fair value | 112 | 70 | |||
Brokerage receivables | 34,542 | 41,629 | |||
Other assets | 58,017 | 70,558 | |||
of which reported at fair value | 25,627 | 32,320 | |||
of which encumbered | 671 | 250 | |||
Total assets | 820,805 | 921,462 | |||
Liabilities and equity | |||||
Due to banks | 21,054 | 26,009 | |||
of which reported at fair value | 482 | 823 | |||
Customer deposits | 342,705 | 369,058 | |||
of which reported at fair value | 3,663 | 3,261 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 46,598 | 70,119 | |||
of which reported at fair value | 32,398 | 54,732 | |||
Obligation to return securities received as collateral, at fair value | 28,511 | 26,854 | |||
Trading liabilities, at fair value | 48,971 | 72,655 | |||
Short-term borrowings | 8,657 | 25,921 | |||
of which reported at fair value | 3,112 | 3,861 | |||
Long-term debt | 197,608 | 177,898 | |||
of which reported at fair value | 80,931 | 81,166 | |||
Brokerage payables | 39,452 | 56,977 | |||
Other liabilities | 42,231 | 50,970 | |||
of which reported at fair value | 11,754 | 16,938 | |||
Total liabilities | 775,787 | 876,461 | |||
Common shares | 78 | 64 | |||
Additional paid-in capital | 31,925 | 27,007 | |||
Retained earnings | 29,139 | 32,083 | |||
Treasury shares, at cost | (125) | (192) | |||
Accumulated other comprehensive income/(loss) | (16,635) | (15,003) | |||
Total shareholders' equity | 44,382 | 43,959 | |||
Noncontrolling interests | 636 | 1,042 | |||
Total equity | 45,018 | 45,001 | |||
Total liabilities and equity | SFr 820,805 | SFr 921,462 | |||
Additional share information | |||||
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | |||
Authorized shares (in shares) | [1] | 2,666,152,845 | 2,299,616,660 | ||
Issued shares (in shares) | 1,957,379,244 | 1,607,168,947 | |||
Treasury shares (in shares) | 5,910,224 | 7,666,658 | |||
Common shares outstanding (in shares) | 1,951,469,020 | [2] | 1,599,502,289 | [3] | |
Consolidated VIEs | |||||
Assets | |||||
Cash and due from banks | SFr 1,693 | SFr 1,493 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 53 | 660 | |||
Trading assets, at fair value | 2,372 | 4,261 | |||
Investment securities | 1,009 | 0 | |||
Other investments | 1,986 | 2,105 | |||
Net loans | 1,312 | 245 | |||
Premises and equipment | 327 | 452 | |||
Other assets | 14,451 | 16,134 | |||
Liabilities and equity | |||||
Customer deposits | 0 | 3 | |||
Trading liabilities, at fair value | 27 | 35 | |||
Short-term borrowings | 81 | 9,384 | |||
Long-term debt | 14,826 | 13,452 | |||
Other liabilities | 836 | 1,728 | |||
Bank | |||||
Assets | |||||
Cash and due from banks | 90,521 | 78,000 | |||
of which reported at fair value | 89 | 304 | |||
Interest-bearing deposits with banks | 4,953 | 4,104 | |||
of which reported at fair value | 2 | 0 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 123,436 | 163,208 | |||
of which reported at fair value | 83,565 | 104,283 | |||
Securities received as collateral, at fair value | 28,511 | 26,854 | |||
of which encumbered | 27,940 | 25,220 | |||
Trading assets, at fair value | 191,096 | 241,313 | |||
of which encumbered | 62,559 | 77,583 | |||
Investment securities | 2,698 | 2,379 | |||
of which reported at fair value | 2,698 | 2,379 | |||
Other investments | 6,787 | 8,467 | |||
of which reported at fair value | 4,227 | 5,642 | |||
Net loans | 254,915 | 255,928 | |||
of which reported at fair value | 20,820 | 22,913 | |||
of which encumbered | 108 | 192 | |||
allowance for loan losses | (724) | (597) | |||
Premises and equipment | 4,439 | 4,441 | |||
Goodwill | 3,929 | 7,766 | |||
Other intangible assets | 196 | 249 | |||
of which reported at fair value | 112 | 70 | |||
Brokerage receivables | 34,540 | 41,629 | |||
Other assets | 57,910 | 70,511 | |||
of which reported at fair value | 25,626 | 32,321 | |||
of which encumbered | 671 | 250 | |||
Total assets | 803,931 | 904,849 | |||
Liabilities and equity | |||||
Due to banks | 21,460 | 26,506 | |||
of which reported at fair value | 490 | 832 | |||
Customer deposits | 331,700 | 357,569 | |||
of which reported at fair value | 3,656 | 3,251 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 46,598 | 70,119 | |||
of which reported at fair value | 32,398 | 54,732 | |||
Obligation to return securities received as collateral, at fair value | 28,511 | 26,854 | |||
Trading liabilities, at fair value | 49,054 | 72,667 | |||
Short-term borrowings | 8,657 | 25,921 | |||
of which reported at fair value | 3,112 | 3,861 | |||
Long-term debt | 192,094 | 172,947 | |||
of which reported at fair value | 80,002 | 80,260 | |||
Brokerage payables | 39,452 | 56,977 | |||
Other liabilities | 41,715 | 50,648 | |||
of which reported at fair value | 11,745 | 16,933 | |||
Total liabilities | 759,241 | 860,208 | |||
Common shares | 4,400 | 4,400 | |||
Additional paid-in capital | 39,883 | 34,842 | |||
Retained earnings | 12,427 | 15,877 | |||
Accumulated other comprehensive income/(loss) | (13,304) | (12,224) | |||
Total shareholders' equity | 43,406 | 42,895 | |||
Noncontrolling interests | 1,284 | 1,746 | |||
Total equity | 44,690 | 44,641 | |||
Total liabilities and equity | SFr 803,931 | SFr 904,849 | |||
Additional share information | |||||
Par value (in CHF per share) | [4] | SFr 1 | SFr 1 | ||
Issued shares (in shares) | [4] | 4,399,680,200 | 4,399,680,200 | ||
Common shares outstanding (in shares) | [4] | 4,399,680,200 | 4,399,680,200 | ||
Bank | Consolidated VIEs | |||||
Assets | |||||
Cash and due from banks | SFr 1,693 | SFr 1,493 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 53 | 660 | |||
Trading assets, at fair value | 2,372 | 4,261 | |||
Investment securities | 1,009 | 0 | |||
Other investments | 1,986 | 2,105 | |||
Net loans | 1,312 | 245 | |||
Premises and equipment | 299 | 422 | |||
Other assets | 14,450 | 16,132 | |||
Liabilities and equity | |||||
Customer deposits | 0 | 3 | |||
Trading liabilities, at fair value | 27 | 35 | |||
Short-term borrowings | 81 | 9,384 | |||
Long-term debt | 14,826 | 13,452 | |||
Other liabilities | SFr 835 | SFr 1,727 | |||
[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. 515'145'579 of these shares were reserved for capital instruments. | ||||
[3] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 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. | ||||
[4] | The Bank's total share capital is fully paid and consists of 4'399'680'200 registered shares as of December 31, 2015. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding. |
Consolidated statements of chan
Consolidated statements of changes in equity - CHF (SFr) SFr in Millions | Total | Total shareholders' equity | Common shares | Additional paid-in capital | Retained earnings | Treasury shares, at cost | Accumulated other comprehensive income | Noncontrolling interests | Bank | BankTotal shareholders' equity | BankCommon shares | BankAdditional paid-in capital | BankRetained earnings | BankTreasury shares, at cost | BankAccumulated other comprehensive income | BankNoncontrolling interests | ||||||||
Balance at Dec. 31, 2012 | SFr 42,284 | SFr 35,498 | SFr 53 | SFr 23,636 | SFr 28,171 | SFr (459) | SFr (15,903) | SFr 6,786 | SFr 42,883 | SFr 34,704 | SFr 4,400 | SFr 29,365 | SFr 13,086 | SFr 0 | SFr (12,147) | SFr 8,179 | ||||||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, changing ownership | (22) | (22) | (22) | (22) | ||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (2,251) | 216 | 216 | (2,467) | (5,060) | (5,060) | ||||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 438 | 438 | 693 | 693 | ||||||||||||||||||||
Net income/(loss) | 2,977 | 2,326 | 2,326 | 651 | 2,642 | 1,960 | 1,960 | 682 | ||||||||||||||||
Total other comprehensive income/(loss), net of tax | (86) | 28 | 28 | (114) | (2,293) | (2,258) | (2,258) | (35) | ||||||||||||||||
Cancellation of repurchased shares | (445) | (445) | (445) | |||||||||||||||||||||
Issuance of common shares | 4,233 | 4,233 | 11 | 4,222 | ||||||||||||||||||||
Sale of treasury shares | 10,310 | 10,310 | (50) | 10,360 | ||||||||||||||||||||
Repurchase of treasury shares | (10,202) | (10,202) | (10,202) | |||||||||||||||||||||
Share-based compensation, net of tax | 375 | 375 | 213 | 162 | 196 | 196 | 196 | |||||||||||||||||
Financial instruments indexed to own shares | (93) | (93) | (93) | |||||||||||||||||||||
Dividends on share-based compensation, net of tax | (87) | (87) | (87) | |||||||||||||||||||||
Dividends paid | (564) | (505) | (236) | (483) | (424) | (424) | ||||||||||||||||||
Dividends paid out of reserves from capital contributions | (269) | |||||||||||||||||||||||
Cash dividends paid to noncontrolling interest holders | (59) | (59) | ||||||||||||||||||||||
Changes in redeemable noncontrolling interests, increase/(decrease) | (13) | (13) | (13) | (13) | (13) | (13) | ||||||||||||||||||
Change in scope of consolidation, net | (211) | (211) | (211) | (211) | ||||||||||||||||||||
Other | (9) | (9) | (9) | 5,832 | 5,834 | 5,835 | (1) | (2) | ||||||||||||||||
Balance at Dec. 31, 2013 | 47,166 | 42,164 | 64 | 27,853 | 30,261 | (139) | (15,875) | 5,002 | 43,632 | 39,467 | 4,400 | 34,851 | 14,621 | 0 | (14,405) | 4,165 | ||||||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, changing ownership | 26 | 26 | 26 | |||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (1,905) | 238 | 238 | (2,143) | (578) | (578) | ||||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 39 | 39 | 40 | 40 | ||||||||||||||||||||
Net income/(loss) | 2,324 | 1,875 | 1,875 | 449 | 1,764 | 1,319 | 1,319 | 445 | ||||||||||||||||
Total other comprehensive income/(loss), net of tax | 963 | 872 | 872 | 91 | 2,350 | 2,181 | 2,181 | 169 | ||||||||||||||||
Issuance of common shares | 297 | 297 | 297 | |||||||||||||||||||||
Sale of treasury shares | 9,394 | 9,394 | (15) | 9,409 | ||||||||||||||||||||
Repurchase of treasury shares | (10,197) | (10,197) | (10,197) | |||||||||||||||||||||
Share-based compensation, net of tax | 630 | 630 | (105) | 735 | (61) | (61) | (61) | |||||||||||||||||
Financial instruments indexed to own shares | (80) | (80) | (80) | |||||||||||||||||||||
Dividends on share-based compensation, net of tax | (44) | (44) | (44) | |||||||||||||||||||||
Dividends paid | (1,252) | (1,230) | (53) | (84) | (63) | (63) | ||||||||||||||||||
Dividends paid out of reserves from capital contributions | (1,177) | |||||||||||||||||||||||
Cash dividends paid to noncontrolling interest holders | (22) | (21) | ||||||||||||||||||||||
Changes in redeemable noncontrolling interests, increase/(decrease) | 2 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||
Change in scope of consolidation, net | (2,378) | (2,378) | (2,477) | (2,477) | ||||||||||||||||||||
Other | (2) | (6) | (6) | 4 | 71 | 68 | 68 | 3 | ||||||||||||||||
Balance at Dec. 31, 2014 | 45,001 | 43,959 | 64 | 27,007 | 32,083 | (192) | (15,003) | 1,042 | 44,641 | 42,895 | 4,400 | 34,842 | 15,877 | 0 | [1] | (12,224) | 1,746 | |||||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (381) | [2],[3] | (381) | [2],[3] | (434) | [4],[5] | (434) | [4],[5] | ||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 55 | [3] | 55 | [3] | 57 | [5] | 57 | [5] | ||||||||||||||||
Net income/(loss) | (2,945) | (2,944) | (2,944) | (1) | (3,377) | (3,370) | (3,370) | (7) | ||||||||||||||||
Total other comprehensive income/(loss), net of tax | (1,650) | (1,632) | (1,632) | (18) | (1,099) | (1,080) | (1,080) | (19) | ||||||||||||||||
Issuance of common shares | 6,745 | 6,745 | 14 | 6,731 | ||||||||||||||||||||
Sale of treasury shares | 18,752 | 18,752 | (37) | 18,789 | ||||||||||||||||||||
Repurchase of treasury shares | (19,761) | (19,761) | (19,761) | |||||||||||||||||||||
Share-based compensation, net of tax | 718 | 718 | (321) | [6] | 1,039 | (436) | (436) | (436) | [7] | |||||||||||||||
Financial instruments indexed to own shares | [8] | (106) | (106) | (106) | ||||||||||||||||||||
Dividends on share-based compensation, net of tax | (12) | (12) | (12) | |||||||||||||||||||||
Dividends paid | (1,137) | (1,137) | (80) | (80) | (80) | |||||||||||||||||||
Dividends paid out of reserves from capital contributions | [9] | (1,137) | ||||||||||||||||||||||
Change in scope of consolidation, net | (58) | (58) | (57) | (57) | ||||||||||||||||||||
Other | (215) | (212) | (212) | (3) | 5,487 | 5,489 | 5,489 | [10] | (2) | |||||||||||||||
Balance at Dec. 31, 2015 | SFr 45,018 | SFr 44,382 | SFr 78 | SFr 31,925 | SFr 29,139 | SFr (125) | SFr (16,635) | SFr 636 | SFr 44,690 | SFr 43,406 | SFr 4,400 | SFr 39,883 | SFr 12,427 | SFr 0 | [1] | SFr (13,304) | SFr 1,284 | |||||||
[1] | Reflects Credit Suisse Group shares which are reported as treasury shares. Those shares are held to economically hedge share award obligations. | |||||||||||||||||||||||
[2] | Distributions to owners in funds include the return of original capital invested and any related dividends. | |||||||||||||||||||||||
[3] | Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership". | |||||||||||||||||||||||
[4] | Distributions to owners in funds include the return of original capital invested and any related dividends. | |||||||||||||||||||||||
[5] | Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership". | |||||||||||||||||||||||
[6] | Includes a net tax charge of CHF (28) million from the excess recognized compensation expense over fair value of shares delivered. | |||||||||||||||||||||||
[7] | Includes a net tax charge of CHF (28) million from the excess recognized compensation expense over fair value of shares delivered. | |||||||||||||||||||||||
[8] | Includes certain call options the Group purchased on its own shares to economically hedge share-based compensation awards. In accordance with US GAAP, these call options were designated as equity instruments and, as such, were initially recognized in shareholders' equity at their fair values and not subsequently remeasured. | |||||||||||||||||||||||
[9] | Paid out of capital contribution reserves. | |||||||||||||||||||||||
[10] | Includes a capital contribution of CHF 5'300 million from Credit Suisse Group AG to Credit Suisse AG following the capital increase in December 2015 by the Group. |
Consolidated statements of cha6
Consolidated statements of changes in equity (Parenthetical) SFr in Millions | 12 Months Ended |
Dec. 31, 2015CHF (SFr) | |
Tax benefit (charge) from the excess fair value of compensation expense | SFr (28) |
Bank | |
Tax benefit (charge) from the excess fair value of compensation expense | (28) |
Additional paid-in capital increase, capital contribution | SFr 5,300 |
Consolidated statements of cash
Consolidated statements of cash flows - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities of continuing operations | |||
Net income/(loss) | SFr (2,945) | SFr 2,324 | SFr 2,965 |
(Income)/loss from discontinued operations, net of tax | 0 | (102) | (145) |
Income/(loss) from continuing operations | (2,945) | 2,222 | 2,820 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | |||
Impairment, depreciation and amortization | 4,889 | 1,285 | 1,345 |
Provision for credit losses | 324 | 186 | 167 |
Deferred tax provision/(benefit) | 32 | 684 | 695 |
Share of net income/(loss) from equity method investments | (134) | 134 | 34 |
Trading assets and liabilities, net | 26,245 | (5,513) | 13,961 |
(Increase)/decrease in other assets | 11,395 | 6,062 | (6,902) |
Increase/(decrease) in other liabilities | (22,805) | (23,876) | 9,992 |
Other, net | (1,933) | 1,196 | (38) |
Total adjustments | 18,013 | (19,842) | 19,254 |
Net cash provided by/(used in) operating activities of continuing operations | 15,068 | (17,620) | 22,074 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 349 | 275 | 538 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 36,964 | 11,685 | 17,120 |
Purchase of investment securities | (376) | (1,060) | (677) |
Proceeds from sale of investment securities | 19 | 930 | 176 |
Maturities of investment securities | 908 | 340 | 832 |
Investments in subsidiaries and other investments | (594) | (1,264) | (1,792) |
Proceeds from sale of other investments | 1,938 | 1,553 | 3,737 |
(Increase)/decrease in loans | (5,446) | (23,604) | (9,126) |
Proceeds from sale of loans | 1,579 | 1,255 | 1,483 |
Capital expenditures for premises and equipment and other intangible assets | (1,102) | (1,056) | (903) |
Proceeds from sale of premises and equipment and other intangible assets | 13 | 1 | 9 |
Other, net | 409 | 606 | 122 |
Net cash provided by/(used in) investing activities of continuing operations | 34,661 | (10,339) | 11,519 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | (29,149) | 26,040 | 22,463 |
Increase/(decrease) in short-term borrowings | (18,148) | 3,509 | 6,002 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (22,149) | (31,001) | (36,347) |
Issuances of long-term debt | 77,858 | 74,159 | 39,090 |
Repayments of long-term debt | (49,365) | (36,471) | (55,135) |
Issuances of common shares | 6,035 | 297 | 976 |
Sale of treasury shares | 18,752 | 9,394 | 9,764 |
Repurchase of treasury shares | (19,761) | (10,197) | (10,202) |
Dividends paid/capital repayments | (427) | (1,252) | (564) |
Excess tax benefits related to share-based compensation | 0 | ||
Other, net | 186 | (1,192) | (468) |
Net cash provided by/(used in) financing activities of continuing operations | (36,168) | 33,286 | (24,421) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (582) | 5,790 | (1,216) |
Net cash provided by/(used in) discontinued operations | |||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | (460) | (1,027) |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 12,979 | 10,657 | 6,929 |
Cash and due from banks at beginning of period | 79,349 | 68,692 | 61,763 |
Cash and due from banks at end of period | 92,328 | 79,349 | 68,692 |
Cash paid for income taxes and interest | |||
Cash paid for income taxes | 1,010 | 1,502 | 833 |
Cash paid for interest | 10,208 | 9,527 | 11,876 |
Assets and liabilities sold in business divestitures | |||
Assets sold | 35 | 687 | 374 |
Liabilities sold | 7 | 1,084 | 170 |
Assets acquired and liabilities assumed in business acquisitions | |||
Fair value of assets acquired | 3 | 143 | 4 |
Fair value of liabilities assumed | 0 | 29 | 0 |
Bank | |||
Operating activities of continuing operations | |||
Net income/(loss) | (3,377) | 1,764 | 2,629 |
(Income)/loss from discontinued operations, net of tax | 0 | (102) | (145) |
Income/(loss) from continuing operations | (3,377) | 1,662 | 2,484 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | |||
Impairment, depreciation and amortization | 4,879 | 1,276 | 1,337 |
Provision for credit losses | 276 | 125 | 93 |
Deferred tax provision/(benefit) | 2 | 619 | 658 |
Share of net income/(loss) from equity method investments | (101) | 147 | 48 |
Trading assets and liabilities, net | 26,141 | (5,096) | 10,427 |
(Increase)/decrease in other assets | 11,367 | 6,483 | (3,248) |
Increase/(decrease) in other liabilities | (22,312) | (24,146) | 10,134 |
Other, net | (1,950) | 730 | 84 |
Total adjustments | 18,302 | (19,862) | 19,533 |
Net cash provided by/(used in) operating activities of continuing operations | 14,925 | (18,200) | 22,017 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (929) | (727) | 443 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 36,578 | 11,677 | 17,120 |
Purchase of investment securities | (376) | (1,060) | (676) |
Proceeds from sale of investment securities | 19 | 118 | 176 |
Maturities of investment securities | 887 | 187 | 673 |
Investments in subsidiaries and other investments | (555) | (1,228) | (1,338) |
Proceeds from sale of other investments | 1,895 | 1,519 | 3,165 |
(Increase)/decrease in loans | (3,941) | (23,690) | (8,577) |
Proceeds from sale of loans | 1,579 | 1,255 | 1,483 |
Capital expenditures for premises and equipment and other intangible assets | (1,087) | (1,043) | (895) |
Proceeds from sale of premises and equipment and other intangible assets | 13 | 1 | 9 |
Other, net | 402 | 601 | 115 |
Net cash provided by/(used in) investing activities of continuing operations | 34,485 | (12,390) | 11,698 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | (28,757) | 27,137 | 22,630 |
Increase/(decrease) in short-term borrowings | (18,148) | 3,509 | 6,002 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (22,149) | (31,001) | (36,347) |
Issuances of long-term debt | 76,883 | 74,150 | 37,914 |
Repayments of long-term debt | (48,919) | (37,871) | (55,216) |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (10) | (84) | (483) |
Excess tax benefits related to share-based compensation | 0 | ||
Other, net | 4,789 | (488) | 736 |
Net cash provided by/(used in) financing activities of continuing operations | (36,311) | 35,352 | (24,764) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (578) | 5,617 | (1,219) |
Net cash provided by/(used in) discontinued operations | |||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | (460) | (1,027) |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 12,521 | 9,919 | 6,705 |
Cash and due from banks at beginning of period | 78,000 | 68,081 | 61,376 |
Cash and due from banks at end of period | 90,521 | 78,000 | 68,081 |
Cash paid for income taxes and interest | |||
Cash paid for income taxes | 946 | 1,455 | 769 |
Cash paid for interest | 10,158 | 9,419 | 11,686 |
Assets and liabilities sold in business divestitures | |||
Assets sold | 35 | 687 | 338 |
Liabilities sold | 7 | 1,084 | 162 |
Assets acquired and liabilities assumed in business acquisitions | |||
Fair value of assets acquired | 3 | 143 | 4 |
Fair value of liabilities assumed | SFr 0 | SFr 29 | SFr 0 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary of significant accounting policies | 1 Summary of significant accounting policies The accompanying consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Group ends on December 31. On October 21, 2015, the Group announced its new strategy and organization, which included the introduction of a new segment structure as presented in Note 5 – Segment information. Restructuring expenses related to the implementation of the new Group strategy are presented in Note 13 – Restructuring expenses. Reclassifications have been made to the prior year’s consolidated financial statements to conform to the current presentation. The reclassifications had no impact on net income/(loss) or total shareholders’ equity. In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the >>>fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax assets, tax uncertainties, pension liabilities and various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. Principles of consolidation The consolidated financial statements include the financial statements of the Group and its subsidiaries. The Group’s subsidiaries are entities in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. The Group consolidates limited partnerships in cases where it is the general partner or is a limited partner with substantive rights to kick out the general partner or dissolve the partnership and participate in significant decisions made in the ordinary course of business. The Group also consolidates VIEs where the Group is the primary beneficiary in accordance with Accounting Standards Codification (ASC) Topic 810 – Consolidation. The effects of material intercompany transactions and balances have been eliminated. Where a Group subsidiary is a separate legal entity and determined to be an investment company as defined by ASC Topic 946 – Financial Services – Investment Companies, interests in other entities held by this Group subsidiary are not consolidated and are carried at fair value. Group entities that qualify as broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers do not consolidate investments in voting interest entities that would otherwise qualify for consolidation when the investment is held on a temporary basis for trading purposes. In addition, subsidiaries that are strategic components of a broker-dealer’s operations are consolidated regardless of holding intent. Foreign currency translation Transactions denominated in currencies other than the functional currency of the related entity are recorded by remeasuring them in the functional currency of the related entity using the foreign exchange rate on the date of the transaction. As of the dates of the consolidated balance sheets, monetary assets and liabilities, such as receivables and payables, are reported using the year-end spot foreign exchange rates. Foreign exchange rate differences are recorded in the consolidated statements of operations. Non-monetary assets and liabilities are recorded using the historic exchange rate. For the purpose of consolidation, the assets and liabilities of Group companies with functional currencies other than Swiss francs are translated into Swiss franc equivalents using year-end spot foreign exchange rates, whereas revenues and expenses are translated using the weighted average foreign exchange rate for the year. Translation adjustments arising from consolidation are included in accumulated other comprehensive income/(loss) (AOCI) within total shareholders’ equity. Cumulative translation adjustments are released from AOCI and recorded in the consolidated statements of operations when the Group disposes and loses control of a consolidated foreign subsidiary. Fair value measurement and option The fair value measurement guidance establishes a single authoritative definition of fair value and sets out a framework for measuring fair value. The fair value option creates an alternative measurement treatment for certain financial assets and financial liabilities. The fair value option can be elected at initial acquisition of the eligible item or at the date when the Group enters into an agreement which gives rise to an eligible item (e.g., a firm commitment or a written loan commitment). If not elected at initial recognition, the fair value option can be applied to an item upon certain triggering events that give rise to a new basis of accounting for that item. The application of the fair value option to a financial asset or a financial liability does not change its classification on the face of the balance sheet and the election is irrevocable. Changes in fair value resulting from the election are recorded in trading revenues. > Refer to “Fair value option” in Note 35 – Financial instruments for further information. Cash and due from banks Cash and due from banks consists of currency on hand, demand deposits with banks or other financial institutions and cash equivalents. Cash equivalents are defined as short-term, highly liquid instruments with original maturities of three months or less, which are held for cash management purposes. Reverse repurchase and repurchase agreements Purchases of securities under resale agreements (>>>reverse repurchase agreements) and securities sold under agreements to repurchase substantially identical securities (>>>repurchase agreements) do not constitute economic sales and are therefore treated as collateralized financing transactions and are carried in the consolidated balance sheet at the amount of cash disbursed or received, respectively. Reverse repurchase agreements are recorded as collateralized assets while repurchase agreements are recorded as liabilities, with the underlying securities sold continuing to be recognized in trading assets or investment securities. The fair value of securities to be repurchased and resold is monitored on a daily basis, and additional collateral is obtained as needed to protect against credit exposure. Assets and liabilities recorded under these agreements are accounted for on one of two bases, the accrual basis or the fair value basis. Under the accrual basis, interest earned on reverse repurchase agreements and interest incurred on repurchase agreements are reported in interest and dividend income and interest expense, respectively. The fair value basis of accounting may be elected pursuant to ASC Topic 825 – Financial Instruments, and any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. The Group has elected the fair value basis of accounting on some of its agreements. Reverse repurchase and repurchase agreements are netted if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same master netting agreement. Securities lending and borrowing transactions Securities borrowed and securities loaned that are cash-collateralized are included in the consolidated balance sheets at amounts equal to the cash advanced or received. If securities received in a securities lending and borrowing transaction as collateral may be sold or repledged, they are recorded as securities received as collateral in the consolidated balance sheet and a corresponding liability to return the security is recorded. Securities lending transactions against non-cash collateral in which the Group has the right to resell or repledge the collateral received are recorded at the fair value of the collateral initially received. For securities lending transactions, the Group receives cash or securities collateral in an amount generally in excess of the market value of securities lent. The Group monitors the fair value of securities borrowed and loaned on a daily basis with additional collateral obtained as necessary. Fees and interest received or paid are recorded in interest and dividend income and interest expense, respectively, on an accrual basis. If the fair value basis of accounting is elected, any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. Transfers of financial assets The Group transfers various financial assets, which may result in the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Group values its beneficial interests at fair value using quoted market prices, if such positions are traded on an active exchange or financial models that incorporate observable and unobservable inputs. > Refer to “Note 34 – Transfers of financial assets and variable interest entities” for further information on the Group’s transfer activities. Trading assets and liabilities Trading assets and liabilities include debt and equity securities, derivative instruments, certain loans held in broker-dealer entities, commodities and precious metals. Items included in the trading portfolio are carried at fair value and classified as held for trading purposes based on management’s intent. Regular-way security transactions are recorded on a trade-date basis. Unrealized and realized gains and losses on trading positions are recorded in trading revenues. Derivatives Freestanding >>>derivative contracts are carried at fair value in the consolidated balance sheets regardless of whether these instruments are held for trading or risk management purposes. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes. When derivative features embedded in certain contracts that meet the definition of a derivative are not considered clearly and closely related to the host contract, either the embedded feature is accounted for separately at fair value or the entire contract, including the embedded feature, is accounted for at fair value. In both cases, changes in fair value are recorded in the consolidated statements of operations. If separated for measurement purposes, the derivative is recorded in the same line item in the consolidated balance sheets as the host contract. Derivatives classified as trading assets and liabilities include those held for trading purposes and those used for risk management purposes that do not qualify for hedge accounting. Derivatives held for trading purposes arise from proprietary trading activity and from customer-based activity. Realized gains and losses, changes in unrealized gains and losses and interest flows are included in trading revenues. Derivative contracts designated and qualifying as fair value hedges, cash flow hedges or net investment hedges are reported as other assets or other liabilities. The fair value of exchange-traded derivatives is typically derived from observable market prices and/or observable market parameters. Fair values for >>>over-the-counter (OTC) derivatives are determined on the basis of proprietary models using various input parameters. Derivative contracts are recorded on a net basis per counterparty, where an enforceable master netting agreement exists. Where no such agreement exists, fair values are recorded on a gross basis. Where hedge accounting is applied, the Group formally documents all relationships between hedging instruments and hedged items, including the risk management objectives and strategy for undertaking hedge transactions. At inception of a hedge and on an ongoing basis, the hedge relationship is formally assessed to determine whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items attributable to the hedged risk. The Group discontinues hedge accounting prospectively in the following circumstances: (i) the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including forecasted transactions); (ii) the derivative expires or is sold, terminated or exercised; (iii) the derivative is no longer designated as a hedging instrument because it is unlikely that the forecasted transaction will occur; or (iv) the designation of the derivative as a hedging instrument is otherwise no longer appropriate. For derivatives that are designated and qualify as fair value hedges, the carrying value of the underlying hedged items is adjusted to fair value for the risk being hedged. Changes in the fair value of these derivatives are recorded in the same line item of the consolidated statements of operations as the change in fair value of the risk being hedged for the hedged assets or liabilities to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When the Group discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective fair value hedge, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and the hedged asset or liability will no longer be adjusted for changes in fair value attributable to the hedged risk. Interest-related fair value adjustments made to the underlying hedged items will be amortized to the consolidated statements of operations over the remaining life of the hedged item. Any unamortized interest-related fair value adjustment is recorded in the consolidated statements of operations upon sale or extinguishment of the hedged asset or liability, respectively. Any other fair value hedge adjustments remain part of the carrying amount of the hedged asset or liability and are recognized in the consolidated statements of operations upon disposition of the hedged item as part of the gain or loss on disposition. For hedges of the variability of cash flows from forecasted transactions and floating rate assets or liabilities, the effective portion of the change in the fair value of a designated derivative is recorded in AOCI. These amounts are reclassified into the line item in the consolidated statements of operations in which the hedged item is recorded when the variable cash flow from the hedged item impacts earnings (for example, when periodic settlements on a variable rate asset or liability are recorded in the consolidated statements of operations or when the hedged item is disposed of). The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When hedge accounting is discontinued on a cash flow hedge, the net gain or loss will remain in AOCI and be reclassified into the consolidated statements of operations in the same period or periods during which the formerly hedged transaction is reported in the consolidated statements of operations. When the Group discontinues hedge accounting because it is probable that a forecasted transaction will not occur within the specified date or period plus two months, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and gains and losses that were previously recorded in AOCI will be recognized immediately in the consolidated statements of operations. For hedges of a net investment in a foreign operation, the change in the fair value of the hedging derivative is recorded in AOCI to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded in trading revenues. The Group uses the forward method of determining effectiveness for net investment hedges, which results in the time value portion of a foreign currency forward being reported in AOCI to the extent the hedge is effective. Investment securities Investment securities include debt securities classified as held-to-maturity and debt and marketable equity securities classified as available-for-sale. Regular-way security transactions are recorded on a trade-date basis. Debt securities where the Group has the positive intent and ability to hold such securities to maturity are classified as such and are carried at amortized cost, net of any unamortized premium or discount. Debt and equity securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, which represent the difference between fair value and amortized cost, are recorded in AOCI. Amounts reported in AOCI are net of income taxes. Amortization of premiums or discounts is recorded in interest and dividend income using the effective yield method through the maturity date of the security. Recognition of an impairment on debt securities is recorded in the consolidated statements of operations if a decline in fair value below amortized cost is considered other-than-temporary, that is, amounts due according to the contractual terms of the security are not considered collectible, typically due to deterioration in the creditworthiness of the issuer. No impairment is recorded in connection with declines resulting from changes in interest rates to the extent the Group does not intend to sell the investments, nor is it more likely than not that the Group will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity. Recognition of an impairment on equity securities is recorded in the consolidated statements of operations if a decline in fair value below the cost basis of an investment is considered other-than-temporary. The Group generally considers unrealized losses on equity securities to be other-than-temporary if the fair value has been below cost for more than six months or by more than 20%. Recognition of an impairment for debt or equity securities establishes a new cost basis, which is not adjusted for subsequent recoveries. Unrealized losses on available-for-sale securities are recognized in the consolidated statements of operations when a decision has been made to sell a security. Other investments Other investments include equity method investments and non-marketable equity securities such as private equity, hedge funds, and restricted stock investments, certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee, and real estate held for investment. Equity method investments are investments where the Group has the ability to significantly influence the operating and financial policies of an investee. Significant influence is typically characterized by ownership of 20% to 50% of the voting stock or in-substance common stock of a corporation or 5% or more of limited partnership interests. Equity method investments are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, the Group’s share of the profit or loss, and any impairment on the investee, if applicable, is reported in other revenues. Under the fair value option, changes in fair value are reported in other revenues . The Group has elected the fair value basis of accounting on some of its equity method investments. The Group’s other non-marketable equity securities are carried at cost less other-than-temporary impairment or at fair value if elected under the fair value option. Non-marketable equity securities held by the Group’s subsidiaries that are determined to be investment companies as defined by ASC Topic 946 – Financial Services – Investment Companies are carried at fair value, with changes in fair value recorded in other revenues. Equity method investments and non-marketable equity securities held by broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers are measured at fair value and reported in trading assets when the intent of the broker-dealer entity is to hold the asset temporarily for trading purposes. Changes in fair value are reported in trading revenues. Real estate held for investment purposes is carried at cost less accumulated depreciation and is depreciated over its estimated useful life, generally 40 to 67 years. Land is carried at historical cost and is not depreciated. These assets are tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the carrying amount may not be recoverable. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. In connection with the life finance business, the Group invests in single premium immediate annuities (SPIA), which are carried at fair value with the related fair value changes reported in trading revenues. The life finance business also invests in life settlement contracts. Loans Loans held-to-maturity Loans, which the Group intends to hold until maturity, are carried at outstanding principal balances plus accrued interest, net of the following items: unamortized premiums, discounts on purchased loans, deferred loan origination fees and direct loan origination costs on originated loans. Interest income is accrued on the unpaid principal balance and net deferred premiums/discounts and fees/costs are amortized as an adjustment to the loan yield over the term of the related loans. 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. Lease financing transactions where the Group is the lessor are classified as loans. Unearned income is amortized to interest and dividend income over the lease term using the effective interest method. In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. > Refer to “Note 19 – Loans, allowance for loan losses and credit quality” for further information. Allowance for loan losses on loans held-to-maturity The allowance for loan losses is comprised of the following components: probable credit losses inherent in the portfolio and those losses specifically identified. Changes in the allowance for loan losses are recorded in the consolidated statements of operations in provision for credit losses and in interest income (for provisions on past due interest). The Group evaluates many factors when estimating the allowance for loan losses, including the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. The component of the allowance representing probable losses inherent in the portfolio is for loans not specifically identified as impaired and that, on a portfolio basis, are considered to contain probable inherent loss. The estimate of this component of the allowance for the consumer loans portfolio involves applying historical and current default probabilities, historical recovery experience and related current assumptions to homogenous loans based on internal risk rating and product type. To estimate this component of the allowance for the corporate & institutional loans portfolio, the Group segregates loans by risk, industry or country rating. Excluded from this estimate process are consumer and corporate & institutional loans that have been specifically identified as impaired or are held at fair value. For lending-related commitments, a provision for losses is estimated based on historical loss and recovery experience and recorded in other liabilities. Changes in the estimate of losses for lending-related commitments are recorded in the consolidated statements of operations in provision for credit losses. The estimate of the component of the allowance for specifically identified credit losses on impaired loans is based on a regular and detailed analysis of each loan in the portfolio considering collateral and counterparty risk. The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. For certain non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. A loan is classified as non-performing no later than when the contractual payments of principal and/or interest are more than 90 days past due except for subprime residential loans which are classified as non-performing no later than when the contractual payments of principal and/or interest are more than 120 days past due. The additional 30 days ensure that these loans are not incorrectly assessed as non-performing during the time when servicing of them typically is being transferred. However, management may determine that a loan should be classified as non-performing notwithstanding that contractual payments of principal and/or interest are less than 90 days past due or, in the case of subprime residential loans, 120 days past due. For non-performing loans, a provision is recorded in an amount equal to any accrued but unpaid interest at the date the loan is classified as non-performing, resulting in a charge to the consolidated statements of operations. In addition, the Group continues to add accrued interest receivable to the loan’s balance for collection purposes; however, a provision is recorded resulting in no interest income recognition. Thereafter, the outstanding principal balance is evaluated at least annually for collectibility and a provision is established as necessary. A loan can be further downgraded to non-interest-earning when the collection of interest is considered so doubtful that further accrual of interest is deemed inappropriate. At that time, and on at least a quarterly basis thereafter depending on various risk factors, the outstanding principal balance, net of provisions previously recorded, is evaluated for collectibility and additional provisions are established as required. Generally, non-performing loans and non-interest-earning loans may be restored to performing status only when delinquent principal and interest are brought up to date in accordance with the terms of the loan agreement and when certain performance criteria are met. Interest collected on non-performing loans and non-interest-earning loans is accounted for using the cash basis or the cost recovery method or a combination of both. Loans that were modified in a troubled debt restructuring are reported as restructured loans. Generally, a restructured loan would have been considered impaired and an associated allowance for loan losses would have been established prior to the restructuring. Loans modified in a troubled debt restructuring are reported as restructured loans to the end of the reporting year in which the loan was modified or for as long as an allowance for loan losses based on the terms specified by the restructuring agreement is associated with the restructured loan or an interest concession made at the time of the restructuring exists. In making the determination of whether an interest rate concession has been made, market interest rates for loans with comparable risk to borrowers of the same credit quality are considered. Loans that have been restructured in a troubled debt restructuring and are performing according to the new terms continue to accrue interest. Loan restructurings may include the receipt of assets in satisfaction of the loan, the modification of loan terms (e.g., reduction of interest rates, extension of maturity dates at a stated interest rate lower than the current market rate for new loans with similar risk, or reduction in principal amounts and/or accrued interest balances) or a combination of both. Potential problem loans are impaired loans where contractual payments have been received according to schedule, but where doubt exists as to the collection of future contractual payments. Potential problem loans are evaluated for impairment on an individual basis and an allowance for loan losses is established as necessary. Potential problem loans continue to accrue interest. The amortization of net loan fees or costs on impaired loans is generally discontinued during the periods in which matured and unpaid interest or principal is outstanding. On settlement of a loan, if the loan balance is not collected in full, an allowance is established for the uncollected amount, if necessary, and the loan is then written off, net of any deferred loan fees and costs. Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other amounts received. > Refer to “Impaired loans” in Note 19 – Loans, allowance for loan losses and credit quality for further information on the write-off of a loan and related accounting policies. Loans held-for-sale Loans, which the Group intends to sell in the foreseeable future, are considered held-for-sale and are carried at the lower of amortized cost or market value determined on either an individual method basis, or in the aggregate for pools of similar loans if sold or securitized as a pool. Loans held-for-sale are included in other assets. Gains and losses on loans held-for-sale are recorded in other revenues. Purchased impaired loans Purchased loans for which it is probable at acquisition that all contractually required payments will not be received are recorded at their net purchase price and no allowances are carried over. The excess of the estimated cash flows to be collected over the amount paid is accreted into interest income over the estimated recovery period when reasonable estimates can be made about the timing and amount of recovery. The Group does not consider such loans to be impaired at the time of acquisition. Such loans are deemed impaired only if the Group’s estimate of cash to be received decreases below the estimate at the time of acquisition. Increases in the estimated expected recovery are recorded as a reversal of allowances, if any, and then recognized as an adjustment of the effective yield of the loan. Loans held at fair value under the fair value option Loans and loan commitments for which the fair value option is elected are reported at fair value with changes in fair value reported in trading revenues. The application of the fair value option does not change the loan’s classification. Loan commitments carried at fair value are recorded in other assets or other liabilities, respectively. Premises and equipment Premises are carried at cost less accumulated depreciation and are depreciated on a straight-line basis over their estimated useful lives, generally 40 to 67 years. Land is carried at historical cost and is not depreciated. Alterations and improvements to rented premises are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life, which is not to exceed ten years. Other tangible fixed assets such as computers, machinery, furnishings, vehicles, other equipment and building improvements are depreciated using the straight-line method over their estimated useful lives, generally three to ten years. The Group capitalizes costs relating to the acquisition, installation and development of software with a measurable economic benefit, but only if such costs are identifiable and can be reliably measured. The Group depreciates capitalized softwar |
Bank | |
Summary of significant accounting policies | 1 Summary of significant accounting policies The accompanying consolidated financial statements of Credit Suisse AG (the Bank), a Swiss bank subsidiary of Credit Suisse Group AG (the Group), are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Bank ends on December 31. On October 21, 2015, the Group announced its new strategy and organization, which included the introduction of a new segment structure as presented in Note 5 – Segment information. Restructuring expenses of the Bank related to the implementation of the new Group strategy are presented in Note 13 – Restructuring expenses. Reclassifications have been made to the prior year’s consolidated financial statements to conform to the current presentation. The reclassifications had no impact on net income/(loss) or total shareholders’ equity. In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the >>>fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax assets, tax uncertainties, pension liabilities, as well as various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. > Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group for a summary of significant accounting policies, with the exception of the following accounting policies. Pensions and other post-retirement benefits Credit Suisse sponsors a Group defined benefit pension plan in Switzerland that covers eligible employees of the Bank domiciled in Switzerland. The Bank also has single-employer defined benefit pension plans and defined contribution pension plans in Switzerland and other countries around the world. For the Bank’s participation in the Group defined benefit pension plan, no retirement benefit obligation is recognized in the consolidated balance sheets of the Bank and defined contribution accounting is applied, as the Bank is not the sponsoring entity of the Group plan. For single-employer defined benefit plans, the Bank uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. Certain key assumptions are used in performing the actuarial valuations. These assumptions must be made concerning the future events that will determine the amount and timing of the benefit payments and thus require significant judgment and estimates by Bank management. For example, assumptions have to be made with regard to discount rates, expected return on plan assets and salary increases. The assumed discount rates reflect the rates at which the pension benefits could be effectively settled. These rates are determined based on yields of high-quality corporate bonds currently available and are expected to be available during the period to maturity of the pension benefits. In countries where no deep market in high-quality corporate bonds exists, the estimate is based on governmental bonds adjusted to include a risk premium reflecting the additional risk for corporate bonds. The expected long-term rate of return on plan assets is determined on a plan-by-plan basis, taking into account asset allocation, historical rate of return, benchmark indices for similar-type pension plan assets, long-term expectations of future returns and investment strategy. Health care cost trend rates are determined by reviewing external data and the Bank’s own historical trends for health care costs. Salary increases are determined by reviewing external data and considering internal projections. The funded status of the Bank’s defined benefit post-retirement and pension plans is recognized in the consolidated balance sheets. Actuarial gains and losses in excess of 10% of the greater of the PBO or the market value of plan assets and unrecognized prior service costs or credits are amortized to net periodic pension and other post-retirement benefit costs on a straight-line basis over the average remaining service life of active employees expected to receive benefits. The Bank records pension expense for defined contribution plans when the employee renders service to the company, essentially coinciding with the cash contributions to the plans. Own shares, own bonds and financial instruments on Group shares The Bank’s shares are wholly-owned by Credit Suisse Group AG and are not subject to trading. The Bank may buy and sell Credit Suisse Group AG shares (Group shares), own bonds and financial instruments on Group shares within its normal trading and market-making activities. In addition, the Bank may hold Group shares to economically hedge commitments arising from employee share-based compensation awards. Group shares are reported as trading assets, unless those shares are held to economically hedge share award obligations. Hedging shares are reported as treasury shares, resulting in a reduction to total shareholder’s equity. Financial instruments on Group shares are recorded as assets or liabilities and carried at fair value. Dividends received on Group shares and unrealized and realized gains and losses on Group shares are recorded according to the classification of the shares as trading assets or treasury shares. Purchases of bonds originally issued by the Bank are recorded as an extinguishment of debt. |
Recently issued accounting stan
Recently issued accounting standards | 12 Months Ended |
Dec. 31, 2015 | |
Recently issued accounting standards | 2 Recently issued accounting standards Recently adopted accounting standards 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 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 are 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 additional 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, the adoption of ASU 2014-15 will have no impact 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 August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” (ASU 2015-14). ASU 2015-14 defers 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. The adoption of ASU 2014-12 on January 1, 2016 did not have a material impact 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. The adoption of ASU 2015-02 on January 1, 2016 did not have a material impact 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 VIE 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. The adoption of ASU 2014-13 on January 1, 2016 did not have a material impact 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. The adoption of ASU 2014-16 on January 1, 2016 did not have a material impact on the Group’s financial position, results of operations and cash flows. ASC Topic 820 – Fair Value Measurement 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 (NAV) 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. The adoption of ASU 2015-07 on January 1, 2016 resulted in modified disclosures but did not have a material impact on the Group’s financial position, results of operations and cash flows. ASC Topic 825 – Financial Instruments - Overall In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01), an update to ASC Topic 825 – Financial Instruments – Overall. The amendments in ASU 2016-01 address certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The amendments primarily affect the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. ASU 2016-01 is effective for annual reporting periods beginning after December 15, 2017, and for the interim and annual reporting periods thereafter. Early adoption of the full standard is not permitted, however, certain sections of ASU 2016-01 relating to fair value option elected financial liabilities can be early adopted in isolation. These amendments to ASU 2016-01 require the changes in fair value relating to instrument-specific credit risk of fair value option elected financial liabilities to be presented separately in accumulated other comprehensive income. The Group has early adopted these sections of the update on January 1, 2016. As a result of adoption, a reclassification of a gain from retained earnings to accumulated other comprehensive income of CHF 475 million, net of tax, was recorded. The Group is currently evaluating the impact of the adoption of the remaining sections of ASU 2016-01 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, “Simplifying the Presentation of Debt Issuance Costs” (ASU 2015-03), an update to ASC Subtopic 835-30, “Interest – Imputation of 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 required to be applied retrospectively to all periods presented beginning in the year of adoption. The adoption of ASU 2015-03 on January 1, 2016 resulted in a reduction to both total assets and total liabilities of CHF 541 million. ASC Topic 842 – Leases In February 2016, the FASB issued ASU 2016-02, “Leases” (ASU 2016-02), creating ASC Topic 842 – Leases. ASU 2016-02 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 requires lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet. Lessor accounting is substantially unchanged compared to the current accounting guidance. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, and for the interim and annual reporting periods thereafter. The Group is currently evaluating the impact of the adoption of ASU 2016-02 on the Group’s financial position, results of operations and cash flows. |
Bank | |
Recently issued accounting standards | 2 Recently issued accounting standards > Refer to “Note 2 – Recently issued accounting standards” in V – Consolidated financial statements – Credit Suisse Group for recently adopted accounting standards and standards to be adopted in future periods. The impact on the Bank’s and Group’s financial position, results of operations or cash flows was or is expected to be identical. |
Business developments
Business developments | 12 Months Ended |
Dec. 31, 2015 | |
Business developments | 3 Business developments, significant shareholders and subsequent events The Group’s significant business developments for 2015 as well as the Group’s significant shareholders are discussed below. Business developments Divestitures > Refer to “Note 4 – Discontinued operations” for information on business divestitures that are disclosed as discontinued operations. 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. Mergers and acquisitions There were no significant mergers and acquisitions in 2015. Organizational structure To support the execution of the strategy announced on October 21, 2015, the Group simplified its organization, which had been a matrix of two business divisions, each with co-heads, and four regions. The Group restructured and created three new, regionally focused divisions: Swiss Universal Bank, Asia Pacific and International Wealth Management serving Western Europe, Central and Eastern Europe, Latin America and Africa. Two other divisions – Global Markets and Investment Banking & Capital Markets – sit alongside these regional businesses. These operating businesses are supported by a number of focused functions at the Group Executive Board level, including a newly established position of Chief Operating Officer, tasked with driving the transformation of the Group into a more decentralized organization, and a new position of Chief Compliance and Regulatory Affairs Officer, who coordinates the Group’s strategic and increasingly important relationships with regulators across the world. In addition, the Group has formed a Strategic Resolution Unit that oversees the effective wind-down of the bank’s portfolios that do not fit its strategic direction, including those in the former non-strategic units. Reflecting the new management structure, the Group’s financial reporting is presented as six reporting segments, including the new Strategic Resolution Unit. Corporate Center is presented inclusive of overall costs of shared services, providing the pre- and post-allocated view of these costs. Transfer of US private banking business In October 2015, the Group announced that it had entered into an exclusive recruiting arrangement to transfer its US domestic private banking relationship managers, their clients and certain other staff to Wells Fargo’s brokerage business, Wells Fargo Advisors, by early 2016. Capital increase On November 19, 2015, the Group held an Extraordinary General Meeting, at which shareholders approved two capital increases. The Group completed the first capital increase by way of a private placement of 58,000,000 newly issued shares to a number of qualified investors. Credit Suisse completed the second capital increase by way of a rights offering. By the end of the rights exercise period on December 3, 2015, 99.0% of the rights had been exercised and 258,445,328 newly issued shares were subscribed. The Group sold in the market the remaining 2,538,570 newly issued shares that were not subscribed. The capital increases resulted in 318,983,898 newly issued shares and gross proceeds for the Group of CHF 6.0 billion. Significant shareholders registered in the share register end of 2015 2014 Number Total nominal Share- Number Total nominal Share- Direct shareholders 1 Chase Nominees Ltd. 2 313 13 15.99 276 11 17.17 Crescent Holding GmbH – – – 3 88 4 5.51 1 As registered in the share register of the Group on December 31 of the reporting period; includes shareholders registered as nominees or ADS depositary bank. 2 Nominee holdings exceeding 2% are registered with a right to vote only if the nominee confirms that no individual shareholder holds more than 0.5% of the outstanding share capital or if the nominee discloses the identity of any beneficial owner holding more than 0.5% of the outstanding capital. 3 Participation was lower than the disclosure threshold of 5%. Information received from shareholders not registered in the share register In addition to the shareholdings registered in the share register of the Group, the Group has obtained and reported to the SIX Swiss Exchange the following information directly from its shareholders in accordance with the notification requirements of the Swiss Federal Act on Stock Exchanges and Securities Trading (SESTA). These shareholders may hold their shareholdings in Group shares through a nominee. In a disclosure notification that the Group published on November 9, 2013, the Group was notified that as of November 4, 2013, Harris Associates L.P. held 81.5 million shares, or 5.17%, of the registered Group shares issued as of the date of the notified transaction. No further disclosure notification was received from Harris Associates L.P. relating to holdings of registered Group shares in 2014 and 2015. In 2015, the Group received disclosure notifications from Norges Bank, The Olayan Group and Qatar Holding LLC that their holdings of registered Group shares have fallen below the 5% threshold. In a disclosure notification that the Group published on February 12, 2016, the Group was notified that as of February 8, 2016, Norges Bank held 98.5 million shares or 5.03% of the registered Group shares issued as of the date of the notified transaction. Subsequent events On March 23, 2016, the Group announced a number of additional measures and adjusted financial objectives beyond those announced on October 21, 2015 to further lower its cost base, accelerate the risk-weighted assets and leverage reduction initiatives in the reshaping of the Global Markets business and further strengthen its capital position. The additional measures and new financial objectives include: – – – – – – The cost reduction program is based on the 2015 cost base and measured on constant foreign exchange rates and based on an expense run rate excluding major litigation expenses, goodwill impairment charges and estimated restructuring costs of CHF 2.0 billion (previously announced CHF 1.3 billion), but including other costs to achieve the savings, which do not meet the accounting definition of restructuring costs. Implementation of these strategy measures will lead to a recasting of prior period segment results, principally in respect of the Global Markets business and the Strategic Resolution Unit, and an assessment of certain balance sheet items. |
Bank | |
Business developments | 3 Business developments and subsequent events > Refer to “Note 3 – Business developments, significant shareholders and subsequent events” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued operations | 4 Discontinued operations There were no operations that were discontinued in 2015. For operations discontinued in 2014 and 2013, the revenues, expenses and gains from disposals were included in the results of the relevant segments. 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 2014 2013 Operations-related (CHF million) Net revenues 31 233 of which German private banking business 27 52 of which ETF business – 29 of which Strategic Partners – 33 of which CFIG 0 114 Operating expenses 35 158 of which German private banking business 33 71 of which ETF business – 23 of which Strategic Partners – 8 of which CFIG 0 51 Income tax expense/(benefit) 1 38 of which German private banking business 0 (6) of which ETF business – 5 of which Strategic Partners – 10 of which CFIG 0 29 Income/(loss), net of tax (5) 37 of which German private banking business (6) (13) of which ETF business – 1 of which Strategic Partners – 15 of which CFIG 0 34 Transaction-related (CHF million) Gain on disposal 200 237 of which German private banking business 109 – of which ETF business – 146 of which Strategic Partners – 91 of which CFIG 91 – Operating expenses 54 93 of which German private banking business 48 – of which ETF business – 11 of which Strategic Partners – 22 of which CFIG – 56 Income tax expense/(benefit) 39 36 of which ETF business – 21 of which Strategic Partners – 40 of which CFIG 42 (24) Income/(loss), net of tax 107 108 of which German private banking business 61 – of which ETF business – 114 of which Strategic Partners – 29 of which CFIG 49 (32) Discontinued operations – total (CHF million) Income/(loss) from discontinued operations, net of tax 102 145 of which German private banking business 55 (13) of which ETF business – 115 of which Strategic Partners – 44 of which CFIG 49 2 |
Bank | |
Discontinued operations | 4 Discontinued operations There were no operations that were discontinued in 2015. > Refer to “Note 4 – Discontinued operations” in V – Consolidated financial statements – Credit Suisse Group for further information. Income/(loss) from discontinued operations in 2014 2013 Operations-related (CHF million) Net revenues 31 233 of which German private banking business 27 52 of which ETF business – 29 of which Strategic Partners – 33 of which CFIG 0 114 Operating expenses 35 158 of which German private banking business 33 71 of which ETF business – 23 of which Strategic Partners – 8 of which CFIG 0 51 Income tax expense/(benefit) 1 38 of which German private banking business 0 (6) of which ETF business – 5 of which Strategic Partners – 10 of which CFIG 0 29 Income/(loss), net of tax (5) 37 of which German private banking business (6) (13) of which ETF business – 1 of which Strategic Partners – 15 of which CFIG 0 34 Transaction-related (CHF million) Gain on disposal 200 237 of which German private banking business 109 – of which ETF business – 146 of which Strategic Partners – 91 of which CFIG 91 – Operating expenses 54 93 of which German private banking business 48 – of which ETF business – 11 of which Strategic Partners – 22 of which CFIG 0 56 Income tax expense/(benefit) 39 36 of which ETF business – 21 of which Strategic Partners – 40 of which CFIG 42 (24) Income/(loss), net of tax 107 108 of which German private banking business 61 – of which ETF business – 114 of which Strategic Partners – 29 of which CFIG 49 (32) Discontinued operations – total (CHF million) Income/(loss) from discontinued operations, net of tax 102 145 of which German private banking business 55 (13) of which ETF business – 115 of which Strategic Partners – 44 of which CFIG 49 2 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2015 | |
Segment information | 5 Segment information The Group is a global financial services company domiciled in Switzerland and serves its clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specialized in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. The Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with the strategic direction. The segment information reflects the Group’s six reportable segments, which are managed and reported on a pre-tax basis, as follows: – Swiss Universal Bank – International Wealth Management – Asia Pacific – Global Markets – Investment Banking & Capital Markets – Strategic Resolution Unit Corporate Center includes parent company operations such as Group financing, expenses for projects sponsored by the Group and certain expenses that have not been allocated to the segments. In addition, the Corporate Center includes consolidation and elimination adjustments required to eliminate intercompany revenues and expenses. For the operations discontinued in prior years, the revenues, expenses and gains from disposals were included in the results of the segments. The reclassification of these revenues and expenses from the segment results to discontinued operations for Group reporting was effected through the Corporate Center. Revenue sharing and cost allocation Responsibility for each product is allocated to a segment, which records all related revenues and expenses. Revenue-sharing and service level agreements govern the compensation received by one segment for generating revenue or providing services on behalf of another. These agreements are negotiated periodically by the relevant segments on a product-by-product basis. The aim of revenue-sharing and cost allocation agreements is to reflect the pricing structure of unrelated third-party transactions. Corporate services and business support in finance, operations, human resources, legal, compliance, risk management and IT are provided by corporate functions and the related costs are allocated to the segments and Corporate Center based on their requirements and other relevant measures. Funding The Group centrally manages its funding activities. New securities for funding and capital purposes are issued primarily by Credit Suisse AG, the Swiss bank subsidiary of the Group (the Bank). The Bank lends funds to its operating subsidiaries and affiliates on both a senior and subordinated basis, as needed, the latter typically to meet capital requirements, or as desired by management to capitalize on opportunities. Capital is distributed to the segments considering factors such as regulatory capital requirements, utilized economic capital and the historic and future potential return on capital. Transfer pricing, using market rates, is used to record net revenues and expenses in each of the segments for this capital and funding. The Group’s funds transfer pricing system is designed to allocate funding costs to its businesses in a way that incentivizes their efficient use of funding. The Group’s funds transfer pricing system is an essential tool that allocates to the businesses the short-term and long-term costs of funding their balance sheet usages and off-balance sheet contingencies. The funds transfer pricing framework ensures the full funding costs allocation under normal business conditions, but it is of even greater importance in a stressed capital markets environment where raising funds is more challenging and expensive. Under this framework, the Group’s businesses are also credited to the extent they provide long-term stable funding. Net revenues and income/(loss) from continuing operations before taxes in 2015 2014 2013 Net revenues (CHF million) Swiss Universal Bank 5,563 5,721 5,612 International Wealth Management 4,394 4,751 4,929 Asia Pacific 3,839 3,335 3,018 Global Markets 7,391 8,613 8,974 Investment Banking & Capital Markets 1,752 2,106 2,014 Strategic Resolution Unit 413 1,168 1,630 Corporate Center 445 548 (321) Net revenues 23,797 26,242 25,856 Income/(loss) from continuing operations before taxes (CHF million) Swiss Universal Bank 1,659 1,976 1,740 International Wealth Management 709 1,212 1,217 Asia Pacific 377 900 752 Global Markets (1,944) 2,657 3,012 Investment Banking & Capital Markets (353) 508 581 Strategic Resolution Unit (2,510) (3,573) (2,558) Corporate Center (360) (53) (648) Income/(loss) from continuing operations before taxes (2,422) 3,627 4,096 Total assets end of 2015 2014 Total assets (CHF million) Swiss Universal Bank 218,306 213,888 International Wealth Management 94,033 92,466 Asia Pacific 85,929 105,574 Global Markets 262,201 365,580 Investment Banking & Capital Markets 19,800 14,928 Strategic Resolution Unit 77,664 107,464 Corporate Center 62,872 21,562 Total assets 820,805 921,462 Net revenues and income/(loss) from continuing operations before taxes by geographic location in 2015 2014 2013 Net revenues (CHF million) Switzerland 8,548 8,247 8,035 EMEA 3,846 4,358 4,744 Americas 8,470 11,097 10,810 Asia Pacific 2,933 2,540 2,267 Net revenues 23,797 26,242 25,856 Income/(loss) from continuing operations before taxes (CHF million) Switzerland 1,746 401 642 EMEA (1,464) (562) 157 Americas (2,877) 3,739 3,365 Asia Pacific 173 49 (68) Income/(loss) from continuing operations before taxes (2,422) 3,627 4,096 The designation of net revenues and income/(loss) from continuing operations before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Group is managed. Total assets by geographic location end of 2015 2014 Total assets (CHF million) Switzerland 221,372 211,558 EMEA 162,232 188,420 Americas 355,542 428,253 Asia Pacific 81,659 93,231 Total assets 820,805 921,462 The designation of total assets by region is based upon customer domicile. |
Bank | |
Segment information | 5 Segment information For the purposes of the presentation of reportable segments, the Bank has included accounts of affiliate entities wholly owned by the same parent which are managed together with the operating segments of the Bank. These affiliate entities include certain bank and trust affiliates, primarily managed by Swiss Universal Bank. Income from continuing operations before taxes of these non-consolidated affiliate entities included in the segment presentation for the years ended December 31, 2015, 2014 and 2013 was CHF 279 million, CHF 264 million and CHF 243 million, respectively. For the same periods, net revenues of these non-consolidated affiliate entities included in the segment presentation were CHF 644 million, CHF 656 million and CHF 659 million, respectively, and total assets of these non-consolidated affiliate entities included in the segment presentation as of December 31, 2015 and 2014, were CHF 27.6 billion and CHF 25.7 billion, respectively. > Refer to “Note 5 – Segment information” in V – Consolidated financial statements – Credit Suisse Group for further information. Net revenues and income/(loss) from continuing operations before taxes in 2015 2014 2013 Net revenues (CHF million) Swiss Universal Bank 5,563 5,721 5,612 International Wealth Management 4,394 4,751 4,929 Asia Pacific 3,839 3,335 3,018 Global Markets 7,391 8,613 8,974 Investment Banking & Capital Markets 1,752 2,106 2,014 Strategic Resolution Unit 413 1,168 1,630 Adjustments 1 (141) (105) (863) Net revenues 23,211 25,589 25,314 Income/(loss) before taxes (CHF million) Swiss Universal Bank 1,659 1,976 1,740 International Wealth Management 709 1,212 1,217 Asia Pacific 377 900 752 Global Markets (1,944) 2,657 3,012 Investment Banking & Capital Markets (353) 508 581 Strategic Resolution Unit (2,510) (3,573) (2,558) Adjustments 1 (876) (719) (1,090) Income/(loss) from continuing operations before taxes (2,938) 2,961 3,654 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. Total assets end of 2015 2014 Total assets (CHF million) Swiss Universal Bank 218,306 213,888 International Wealth Management 94,033 92,466 Asia Pacific 85,929 105,574 Global Markets 262,201 365,580 Investment Banking & Capital Markets 19,800 14,928 Strategic Resolution Unit 77,664 107,464 Adjustments 1 45,998 4,949 Total assets 803,931 904,849 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. Net revenues and income/(loss) from continuing operations before taxes by geographic location in 2015 2014 2013 Net revenues (CHF million) Switzerland 7,967 7,585 7,479 EMEA 3,819 4,301 4,797 Americas 8,514 11,173 10,831 Asia Pacific 2,911 2,530 2,207 Net revenues 23,211 25,589 25,314 Income/(loss) from continuing operations before taxes (CHF million) Switzerland 1,315 (179) 300 EMEA (1,493) (621) 195 Americas (2,909) 3,723 3,301 Asia Pacific 149 38 (142) Income/(loss) from continuing operations before taxes (2,938) 2,961 3,654 The designation of net revenues and income/(loss) from continuing operations before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Bank is managed. Total assets by geographic location end of 2015 2014 Total assets (CHF million) Switzerland 204,715 195,512 EMEA 162,093 187,921 Americas 355,481 428,195 Asia Pacific 81,642 93,221 Total assets 803,931 904,849 The designation of total assets by region is based upon customer domicile. |
Net interest income
Net interest income | 12 Months Ended |
Dec. 31, 2015 | |
Net interest income | 6 Net interest income in 2015 2014 2013 Net interest income (CHF million) Loans 5,413 5,077 4,843 Investment securities 65 39 45 Trading assets 9,046 9,503 10,057 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,625 2,317 2,517 Other 2,192 2,125 2,094 Interest and dividend income 19,341 19,061 19,556 Deposits (884) (1,045) (978) Short-term borrowings (105) (119) (132) Trading liabilities (3,854) (3,938) (5,083) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,264) (1,042) (1,156) Long-term debt (3,728) (3,594) (3,846) Other (207) (289) (246) Interest expense (10,042) (10,027) (11,441) Net interest income 9,299 9,034 8,115 |
Bank | |
Net interest income | 6 Net interest income in 2015 2014 2013 Net interest income (CHF million) Loans 4,957 4,606 4,319 Investment securities 63 27 28 Trading assets 9,045 9,507 10,058 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,622 2,317 2,517 Other 2,170 2,128 2,095 Interest and dividend income 18,857 18,585 19,017 Deposits (864) (1,035) (958) Short-term borrowings (105) (119) (67) Trading liabilities (3,855) (3,938) (5,083) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,264) (1,042) (1,155) Long-term debt (3,696) (3,484) (3,796) Other (206) (290) (248) Interest expense (9,990) (9,908) (11,307) Net interest income 8,867 8,677 7,710 |
Commissions and fees
Commissions and fees | 12 Months Ended |
Dec. 31, 2015 | |
Commissions and fees | 7 Commissions and fees in 2015 2014 2013 Commissions and fees (CHF million) Lending business 1,578 1,752 1,814 Investment and portfolio management 3,436 3,734 3,944 Other securities business 65 94 106 Fiduciary business 3,501 3,828 4,050 Underwriting 1,644 1,878 1,647 Brokerage 3,648 3,696 3,933 Underwriting and brokerage 5,292 5,574 5,580 Other services 1,673 1,897 1,782 Commissions and fees 12,044 13,051 13,226 |
Bank | |
Commissions and fees | 7 Commissions and fees in 2015 2014 2013 Commissions and fees (CHF million) Lending business 1,532 1,711 1,774 Investment and portfolio management 3,319 3,630 3,854 Other securities business 66 94 101 Fiduciary business 3,385 3,724 3,955 Underwriting 1,659 1,911 1,681 Brokerage 3,616 3,669 3,901 Underwriting and brokerage 5,275 5,580 5,582 Other services 1,654 1,872 1,746 Commissions and fees 11,846 12,887 13,057 |
Trading revenues
Trading revenues | 12 Months Ended |
Dec. 31, 2015 | |
Trading revenues | 8 Trading revenues in 2015 2014 2013 Trading revenues (CHF million) Interest rate products 2,965 5,888 1,025 Foreign exchange products (1,121) (4,398) 1,203 Equity/index-related products (259) 275 956 Credit products 1 265 (879) Commodity, emission and energy products (46) (228) 340 Other products (200) 224 94 Trading revenues 1,340 2,026 2,739 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. Trading revenues includes revenues from trading financial assets and liabilities as follows: – – – – – – – – – – Trading revenues also includes changes in the >>>fair value of financial assets and liabilities elected to fair value under US GAAP. The main components include certain instruments from the following categories: – – – – – Managing the risks As a result of the Group’s broad involvement in financial products and markets, its trading strategies are correspondingly diverse and exposures are generally spread across a diversified range of risk factors and locations. The Group uses an economic capital limit structure to limit overall risk taking. The level of risk incurred by its divisions is further restricted by a variety of specific limits, including consolidated controls over trading exposures. Also, as part of its overall risk management, the Group holds a portfolio of economic hedges. Hedges are impacted by market movements, similar to trading securities, and may result in gains or losses on the hedges which offset losses or gains on the portfolios they were designed to economically hedge. The Group manages its trading risk with regard to both market and credit risk. For market risk, it uses tools capable of calculating comparable exposures across its many activities, as well as focused tools that can specifically model unique characteristics of certain instruments or portfolios. The principal measurement methodology for trading assets, as well as most instruments for which the fair value option was elected, is >>>value-at-risk. The Group holds securities as collateral and enters into >>>credit default swaps (CDS) to mitigate the credit risk on these products. |
Bank | |
Trading revenues | 8 Trading revenues in 2015 2014 2013 Trading revenues (CHF million) Interest rate products 2,947 5,661 1,048 Foreign exchange products (1,127) (4,405) 1,201 Equity/index-related products (276) 273 952 Credit products 1 265 (879) Commodity, emission and energy products (46) (228) 340 Other products (201) 224 93 Total 1,298 1,790 2,755 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 for further information. |
Other revenues
Other revenues | 12 Months Ended |
Dec. 31, 2015 | |
Other revenues | 9 Other revenues in 2015 2014 2013 Other revenues (CHF million) Noncontrolling interests without SEI 9 436 658 Loans held-for-sale (19) (4) (5) Long-lived assets held-for-sale 36 392 30 Equity method investments 243 252 251 Other investments 144 312 315 Other 701 743 527 Other revenues 1,114 2,131 1,776 |
Bank | |
Other revenues | 9 Other revenues in 2015 2014 2013 Other revenues (CHF million) Noncontrolling interests without significant economic interest 3 451 695 Loans held-for-sale (19) (4) (5) Long-lived assets held-for-sale 34 391 30 Equity method investments 210 239 240 Other investments 147 276 255 Other 825 882 577 Other revenues 1,200 2,235 1,792 |
Provision for credit losses
Provision for credit losses | 12 Months Ended |
Dec. 31, 2015 | |
Provision for credit losses | 10 Provision for credit losses in 2015 2014 2013 Provision for credit losses (CHF million) Provision for loan losses 295 145 166 Provision for lending-related and other exposures 29 41 1 Provision for credit losses 324 186 167 |
Bank | |
Provision for credit losses | 10 Provision for credit losses in 2015 2014 2013 Provision for credit losses (CHF million) Provision for loan losses 248 85 91 Provision for lending-related and other exposures 28 40 2 Provision for credit losses 276 125 93 |
Compensation and benefits
Compensation and benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and benefits | 11 Compensation and benefits in 2015 2014 2013 Compensation and benefits (CHF million) Salaries and variable compensation 10,051 9,884 9,678 Social security 788 793 778 Other 1 707 657 800 Compensation and benefits 2 11,546 11,334 11,256 1 Includes pension and other post-retirement expense of CHF 359 million, CHF 361 million and CHF 490 million in 2015, 2014 and 2013, respectively. 2 Includes severance and other compensation expense relating to headcount reductions of CHF 89 million, CHF 275 million and CHF 216 million in 2015, 2014 and 2013, respectively. |
Bank | |
Compensation and benefits | 11 Compensation and benefits in 2015 2014 2013 Compensation and benefits (CHF million) Salaries and variable compensation 9,826 9,685 9,455 Social security 771 775 763 Other 1 926 922 969 Compensation and benefits 2 11,523 11,382 11,187 1 Includes pension and other post-retirement expense of CHF 579 million, CHF 624 million and CHF 658 million in 2015, 2014 and 2013, respectively. 2 Includes severance and other compensation expense relating to headcount reductions of CHF 89 million, CHF 274 million and CHF 216 million in 2015, 2014 and 2013, respectively. |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2015 | |
General and administrative expenses | 12 General and administrative expenses in 2015 2014 2013 General and administrative expenses (CHF million) Occupancy expenses 1,022 1,177 1,186 IT, machinery, etc. 1,268 1,446 1,517 Provisions and losses 1,158 2,783 2,136 Travel and entertainment 381 353 355 Professional services 3,241 2,381 1,952 Amortization and impairment of other intangible assets 19 24 25 Other 1,485 1,370 1,416 General and administrative expenses 8,574 9,534 8,587 |
Bank | |
General and administrative expenses | 12 General and administrative expenses in 2015 2014 2013 General and administrative expenses (CHF million) Occupancy expenses 1,004 1,161 1,168 IT, machinery, etc. 1,254 1,436 1,508 Provisions and losses 1,157 2,782 2,136 Travel and entertainment 366 339 342 Professional services 3,188 2,338 1,912 Amortization and impairment of other intangible assets 19 24 25 Other 1,626 1,493 1,551 General and administrative expenses 8,614 9,573 8,642 |
Restructuring expenses
Restructuring expenses | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 13 Restructuring expenses In connection with the strategic review of the Group, restructuring expenses of CHF 355 million were recognized in 2015. Restructuring expenses primarily include termination costs, expenses in connection with the acceleration of certain deferred compensation awards and real estate contract termination costs. Restructuring expenses by segment in 2015 Restructuring expenses by segment (CHF million) Swiss Universal Bank 39 International Wealth Management 33 Asia Pacific 3 Global Markets 105 Investment Banking & Capital Markets 22 Strategic Resolution Unit 153 Total restructuring expenses 355 Restructuring expenses by type in 2015 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 309 of which severance expenses 191 of which accelerated deferred compensation 87 of which pension expenses 31 General and administrative-related expenses 46 Total restructuring expenses 355 Restructuring provision 2015 General and Restructuring provision (CHF million) Balance at beginning of period 0 0 0 Net additional charges 191 46 237 1 Utilization (4) (34) (38) Balance at end of period 187 12 199 1 The following items for which expense accretion was accelerated in 2015 due to the restructuring of the Group are not included in the restructuring provision: unsettled share-based compensation of CHF 23 million and unsettled pension obligations of CHF 31 million, which remain classified as a component of total shareholders’ equity; and unsettled cash-based deferred compensation of CHF 64 million, which remains classified as compensation liabilities. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Bank | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 13 Restructuring expenses > Refer to “Note 13 – Restructuring expenses” in V – Consolidated financial statements – Credit Suisse Group for further information. In connection with the strategic review of the Bank, restructuring expenses of CHF 325 million were recognized in 2015. Restructuring expenses by segment in 2015 Restructuring expenses by segment (CHF million) Swiss Universal Bank 39 International Wealth Management 33 Asia Pacific 3 Global Markets 105 Investment Banking & Capital Markets 22 Strategic Resolution Unit 153 Adjustments (30) 1 Total restructuring expenses 325 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa. Restructuring expenses by type in 2015 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 279 of which severance expenses 191 of which accelerated deferred compensation 87 of which pension expenses 1 General and administrative-related expenses 46 Total restructuring expenses 325 Restructuring provision 2015 General and Restructuring provision (CHF million) Balance at beginning of period 0 0 0 Net additional charges 191 46 237 1 Utilization (4) (34) (38) Balance at end of period 187 12 199 1 The following items for which expense accretion was accelerated in 2015 due to the restructuring of the Bank are not included in the restructuring provision: unsettled share-based compensation of CHF 23 million and unsettled pension obligations of CHF 1 million, which remain classified as a component of total shareholder’s equity; and unsettled cash-based deferred compensation of CHF 64 million, which remains classified as compensation liabilities. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per share | 14 Earnings per share in 2015 2014 2013 Basic net income/(loss) attributable to shareholders (CHF million) Income/(loss) from continuing operations (2,944) 1,773 2,181 Income from discontinued operations, net of tax 0 102 145 Net income/(loss) attributable to shareholders (2,944) 1,875 2,326 Preferred securities dividends – (53) (236) Net income/(loss) attributable to shareholders for basic earnings per share (2,944) 1,822 2,090 Available for common shares (2,958) 1,743 1,873 Available for unvested share-based payment awards 14 79 148 Available for mandatory convertible securities 1 – – 69 Diluted net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for diluted earnings per share (2,944) 1,822 2,090 Available for common shares (2,958) 1,743 1,874 Available for unvested share-based payment awards 14 79 148 Available for mandatory convertible securities 1 – – 68 Weighted-average shares outstanding (million) Weighted-average shares outstanding for basic earnings per share available for common shares 1,706.3 1,665.1 1,581.6 Dilutive share options and warrants 0.0 0.8 1.4 Dilutive share awards 0.0 12.2 1.2 Weighted-average shares outstanding for diluted earnings per share available for common shares 2 1,706.3 3 1,678.1 1,584.2 Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards 25.7 72.7 125.0 Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities 1 – – 63.0 Basic earnings/(loss) per share available for common shares (CHF) Basic earnings/(loss) per share from continuing operations (1.73) 0.99 1.10 Basic earnings per share from discontinued operations 0.00 0.06 0.08 Basic earnings/(loss) per share available for common shares (1.73) 1.05 1.18 Diluted earnings/(loss) per share available for common shares (CHF) Diluted earnings/(loss) per share from continuing operations (1.73) 0.98 1.10 Diluted earnings per share from continuing operations 0.00 0.06 0.08 Diluted earnings/(loss) per share available for common shares (1.73) 1.04 1.18 Prior periods have been adjusted to reflect the increase in the number of shares outstanding as a result of the discount element in the 2015 rights issue, as required under US GAAP. 1 Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013. 2 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 7.6 million, 8.9 million and 35.9 million for 2015, 2014 and 2013, respectively. 3 Due to the net loss in 2015, 0.9 million weighted-average share options and warrants outstanding and 47.8 million weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. |
Securities borrowed, lent and s
Securities borrowed, lent and subject to repurchase agreements | 12 Months Ended |
Dec. 31, 2015 | |
Securities borrowed, lent and subject to repurchase agreements | 15 Securities borrowed, lent and subject to repurchase agreements end of 2015 2014 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 78,474 100,169 Deposits paid for securities borrowed 44,575 63,039 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 123,049 163,208 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 36,754 60,752 Deposits received for securities lent 9,844 9,367 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 46,598 70,119 >>>Repurchase and >>>reverse repurchase agreements represent collateralized financing transactions used to earn net interest income, increase liquidity or facilitate trading activity. These instruments are collateralized principally by government securities, money market instruments and corporate bonds and have terms ranging from overnight to a longer or unspecified period of time. In the event of counterparty default, the reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. In the Group’s normal course of business, substantially all of the collateral received that may be sold or repledged has been sold or repledged as of December 31, 2015 and 2014. |
Bank | |
Securities borrowed, lent and subject to repurchase agreements | 14 Securities borrowed, lent and subject to repurchase agreements end of 2015 2014 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 78,861 100,169 Deposits paid for securities borrowed 44,575 63,039 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 123,436 163,208 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 36,754 60,752 Deposits received for securities lent 9,844 9,367 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 46,598 70,119 > Refer to “Note 15 – Securities borrowed, lent and subject to repurchase agreements” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Trading assets and liabilities
Trading assets and liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Trading assets and liabilities | 16 Trading assets and liabilities end of 2015 2014 Trading assets (CHF million) Debt securities 80,542 94,391 Equity securities 70,961 94,294 Derivative instruments 1 28,365 38,012 Other 10,869 14,434 Trading assets 190,737 241,131 Trading liabilities (CHF million) Short positions 25,485 35,784 Derivative instruments 1 23,486 36,871 Trading liabilities 48,971 72,655 1 Amounts shown after counterparty and cash collateral netting. Cash collateral on derivative instruments end of 2015 2014 Cash collateral – netted (CHF million) 1 Cash collateral paid 31,887 33,404 Cash collateral received 21,942 28,147 Cash collateral – not netted (CHF million) 2 Cash collateral paid 7,921 10,905 Cash collateral received 13,989 17,043 1 Recorded as cash collateral netting on derivative instruments in Note 27 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 23 – Other assets and other liabilities. |
Bank | |
Trading assets and liabilities | 15 Trading assets and liabilities end of 2015 2014 Trading assets (CHF million) Debt securities 80,546 94,405 Equity securities 71,102 94,493 Derivative instruments 1 28,579 37,979 Other 10,869 14,436 Trading assets 191,096 241,313 Trading liabilities (CHF million) Short positions 25,509 35,799 Derivative instruments 1 23,545 36,868 Trading liabilities 49,054 72,667 1 Amounts shown after counterparty and cash collateral netting. Cash collateral on derivative instruments end of 2015 2014 Cash collateral – netted (CHF million) 1 Cash collateral paid 32,127 33,716 Cash collateral received 22,027 28,505 Cash collateral – not netted (CHF million) 2 Cash collateral paid 7,987 10,909 Cash collateral received 13,991 16,776 1 Recorded as cash collateral netting on derivative instruments in Note 26 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 22 – Other assets and other liabilities. |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 2015 | |
Investment securities | 17 Investment securities end of 2015 2014 Investment securities (CHF million) Securities available-for-sale 3,090 2,791 Total investment securities 3,090 2,791 Investment securities by type end of 2015 2014 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by Swiss federal, cantonal or local governmental entities 273 21 0 294 286 18 0 304 Debt securities issued by foreign governments 1,382 34 0 1,416 2,020 47 1 2,066 Corporate debt securities 285 0 0 285 313 0 0 313 Residential mortgage-backed securities 750 0 0 750 0 0 0 0 Commercial mortgage-backed securities 259 0 0 259 0 0 0 0 Debt securities available-for-sale 2,949 55 0 3,004 2,619 65 1 2,683 Banks, trust and insurance companies 65 20 0 85 73 25 0 98 Industry and all other 1 0 0 1 10 0 0 10 Equity securities available-for-sale 66 20 0 86 83 25 0 108 Securities available-for-sale 3,015 75 0 3,090 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 2014 (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 2015. 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 2015 2014 2013 Debt Equity Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 1 17 915 15 163 13 Realized gains 0 2 17 1 7 1 Realized losses 0 0 (1) 0 0 0 Amortized cost, fair value and average yield of debt securities Debt securities Average 2015 (CHF million) Due within 1 year 366 366 0.43 Due from 1 to 5 years 1,420 1,459 0.91 Due from 5 to 10 years 147 161 1.12 Due after 10 years 1,016 1,018 2.97 Total debt securities 2,949 3,004 1.57 |
Bank | |
Investment securities | 16 Investment securities end of 2015 2014 Investment securities (CHF million) Securities available-for-sale 2,698 2,379 Total investment securities 2,698 2,379 Investment securities by type end of 2015 2014 Gross Gross Gross Gross 2015 (CHF million) Debt securities issued by foreign governments 1,292 30 0 1,322 1,919 43 0 1,962 Corporate debt securities 281 0 0 281 309 0 0 309 Residential mortgage-backed securities 750 0 0 750 0 0 0 0 Commercial mortgage-backed securities 259 0 0 259 0 0 0 0 Debt securities available-for-sale 2,582 30 0 2,612 2,228 43 0 2,271 Banks, trust and insurance companies 65 20 0 85 72 25 0 97 Industry and all other 1 0 0 1 11 0 0 11 Equity securities available-for-sale 66 20 0 86 83 25 0 108 Securities available-for-sale 2,648 50 0 2,698 2,311 68 0 2,379 There were no unrealized losses on investment securities in 2015 and 2014. No significant impairment was recorded as the Bank does not intend to sell the investments, nor is it more likely than not that the Bank 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 2015 2014 2013 Debt Equity Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 1 17 103 15 163 13 Realized gains 0 2 0 1 7 1 Amortized cost, fair value and average yield of debt securities Debt securities Average 2015 (CHF million) Due within 1 year 271 271 0.15 Due from 1 to 5 years 1,302 1,333 0.78 Due from 5 to 10 years 1 0 14.74 Due after 10 years 1,008 1,008 2.98 Total debt securities 2,582 2,612 1.57 |
Other investments
Other investments | 12 Months Ended |
Dec. 31, 2015 | |
Other investments | 18 Other investments end of 2015 2014 Other investments (CHF million) Equity method investments 2,876 3,453 Non-marketable equity securities 1 2,000 2,717 Real estate held for investment 2 412 547 Life finance instruments 3 1,733 1,896 Total other investments 7,021 8,613 1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee. 2 As of December 31, 2015 and 2014, real estate held for investment included foreclosed or repossessed real estate of CHF 38 million and CHF 42 million, respectively, of which CHF 36 million and CHF 42 million, respectively were related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. Non-marketable equity securities held by subsidiaries that are considered investment companies are held by separate legal entities that are within the scope of ASC Topic 946 – Financial Services – Investment Companies. In addition, non-marketable equity securities held by subsidiaries that are considered broker-dealer entities are held by separate legal entities that are within the scope of ASC Topic 940 – Financial Services – Brokers and Dealers. Non-marketable equity securities include investments in entities that regularly calculate NAV per share or its equivalent. > Refer to “Note 35 – Financial instruments” for further information on such investments. Substantially all non-marketable equity securities are carried at >>>fair value. There were no non-marketable equity securities not carried at fair value that have been in a continuous unrealized loss position. The Group performs a regular impairment analysis of real estate portfolios. The carrying values of the impaired properties were written down to their respective fair values, establishing a new cost base. For these properties, the fair values were measured based on either discounted cash flow analyses or external market appraisals. Impairments of CHF 21 million, CHF 10 million and CHF 48 million were recorded in 2015, 2014 and 2013, respectively. The accumulated depreciation related to real estate held for investment amounted to CHF 365 million, CHF 354 million and CHF 340 million for 2015, 2014 and 2013, respectively. |
Bank | |
Other investments | 17 Other investments end of 2015 2014 Other investments (CHF million) Equity method investments 2,728 3,397 Non-marketable equity securities 1 1,951 2,667 Real estate held for investment 2 375 507 Life finance instruments 3 1,733 1,896 Total other investments 6,787 8,467 1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee. 2 As of December 31, 2015 and 2014, real estate held for investment included foreclosed or repossessed real estate of CHF 37 million and CHF 39 million, respectively, of which CHF 36 million and CHF 39 million, respectively were related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. Non-marketable equity securities include investments in entities that regularly calculate net asset value per share or its equivalent. > Refer to “Note 34 – Financial instruments” for further information on such investments. Substantially all non-marketable equity securities are carried at >>>fair value. There were no non-marketable equity securities not carried at fair value that have been in a continuous unrealized loss position. The Bank performs a regular impairment analysis of real estate portfolios. The carrying values of the impaired properties were written down to their respective fair values, establishing a new cost base. For these properties, the fair values were measured based on either discounted cash flow analyses or external market appraisals. Impairments of CHF 21 million, CHF 10 million and CHF 48 million were recorded in 2015, 2014 and 2013, respectively. Accumulated depreciation related to real estate held for investment amounted to CHF 319 million, CHF 304 million and CHF 289 million for 2015, 2014 and 2013, respectively. > Refer to “Note 18 – Other investments” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Loans, allowance for loan losse
Loans, allowance for loan losses and credit quality | 12 Months Ended |
Dec. 31, 2015 | |
Loans, allowance for loan losses and credit quality | 19 Loans, allowance for loan losses and credit quality Loans are divided in two portfolio segments, “consumer” and “corporate & institutional”. Consumer loans are disaggregated into the classes of mortgages, loans collateralized by securities and consumer finance. Corporate and institutional loans are disaggregated into the classes of real estate, commercial and industrial loans, financial institutions and governments and public institutions. The determination of the loan classes is primarily driven by the customer segmentation in the private banking, corporate and institutional as well as investment banking businesses across the Group’s core business divisions, all of which are engaged in lending activities. The Group assigns both counterparty and transaction ratings to its credit exposures. The counterparty rating reflects the >>>probability of default (PD) of the counterparty. 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. Loans end of 2015 2014 Loans (CHF million) Mortgages 103,164 98,802 Loans collateralized by securities 37,946 39,818 Consumer finance 3,766 4,323 Consumer 144,876 142,943 Real estate 26,451 29,198 Commercial and industrial loans 77,767 75,046 Financial institutions 21,334 22,343 Governments and public institutions 3,578 3,891 Corporate & institutional 129,130 130,478 Gross loans 274,006 273,421 of which held at amortized cost 253,186 250,508 of which held at fair value 20,820 22,913 Net (unearned income)/deferred expenses (145) (112) Allowance for loan losses (866) (758) Net loans 272,995 272,551 Gross loans by location (CHF million) Switzerland 155,771 155,767 Foreign 118,235 117,654 Gross loans 274,006 273,421 Impaired loan portfolio (CHF million) Non-performing loans 983 753 Non-interest-earning loans 272 279 Total non-performing and non-interest-earning loans 1,255 1,032 Restructured loans 282 171 Potential problem loans 436 187 Total other impaired loans 718 358 Gross impaired loans 1,973 1,390 Allowance for loan losses 2015 2014 2013 Corporate & Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 251 507 758 267 602 869 288 634 922 Changes in scope of consolidation 0 0 0 0 0 0 0 (1) (1) Net movements recognized in statements of operations 66 229 295 66 79 145 76 90 166 Gross write-offs (118) (111) (229) (108) (241) (349) (123) (163) (286) Recoveries 12 16 28 17 24 41 24 30 54 Net write-offs (106) (95) (201) (91) (217) (308) (99) (133) (232) Provisions for interest 6 12 18 1 19 20 5 21 26 Foreign currency translation impact and other adjustments, net (1) (3) (4) 8 24 32 (3) (9) (12) Balance at end of period 216 650 866 251 507 758 267 602 869 of which individually evaluated for impairment 170 480 650 202 338 540 217 437 654 of which collectively evaluated for impairment 46 170 216 49 169 218 50 165 215 Gross loans held at amortized cost (CHF million) Balance at end of period 144,855 108,331 253,186 142,926 107,582 250,508 132,470 96,087 228,557 of which individually evaluated for impairment 1 647 1,326 1,973 582 808 1,390 569 920 1,489 of which collectively evaluated for impairment 144,208 107,005 251,213 142,344 106,774 249,118 131,901 95,167 227,068 1 Represents gross impaired loans both with and without a specific allowance. Purchases, reclassifications and sales in 2015 2014 2013 Corporate & Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 389 4,294 4,683 181 4,127 4,308 0 4,611 4,611 Reclassifications from loans held-for-sale 2 0 355 355 0 397 397 0 275 275 Reclassifications to loans held-for-sale 3 1,641 735 2,376 1,055 806 1,861 0 996 996 Sales 3 0 373 373 0 272 272 0 698 698 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. Credit quality of loans held at amortized cost Management monitors the credit quality of loans through its credit risk management processes, which are structured to assess, measure, monitor and manage risk on a consistent basis. This process requires careful consideration of proposed extensions of credit, the setting of specific limits, monitoring during the life of the exposure, active use of credit mitigation tools and a disciplined approach to recognizing credit impairment. Management evaluates many factors when assessing the credit quality of loans. These factors include the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. For the purpose of credit quality disclosures, the Group uses detailed internal risk ratings which are aggregated to the credit quality indicators investment grade and non-investment grade. The Group employs a set of credit ratings for the purpose of internally rating counterparties. Credit ratings are intended to reflect the risk of default of each counterparty. Ratings are assigned based on internally developed rating models and processes, which are subject to governance and internally independent validation procedures. Internal ratings are assigned to all loans reflecting the Group’s internal view of the credit quality of the counterparty. Internal ratings may differ from a counterparty’s external ratings, if one is available. Internal ratings for consumer loans and for corporates managed on the Swiss platform are regularly reviewed depending on loan type, client segment, collateral or event-driven developments. Internal ratings for all other corporate and institutional credit facilities are reviewed at least annually. For the calculation of internal risk estimates and >>>risk-weighted assets, a PD is assigned to each loan. For consumer loans, corporates managed on the Swiss platform and since 2015 the majority of all other corporate and institutional counterparties, an internal rating or a PD is calculated directly by proprietary statistical rating models. These models are based on internally compiled data comprising both quantitative factors (primarily balance sheet information for corporates and loan-to-value ratio and the borrower’s income level for mortgage lending) and qualitative factors (e.g., credit histories from credit reporting bureaus). For models calculating a PD, an equivalent rating based on the Standard & Poor’s rating scale is assigned based on the PD band associated with each rating, which is used for disclosure purposes. For the remaining corporate and institutional facilities, which until the end of 2014 included all corporate and institutional loans excluding corporates managed on the Swiss platform, the PD is determined through an internal rating assigned on the basis of a structured expert approach. The PD for each internal rating is calibrated to historic default experience using internal data and external data from Standard & Poor’s. Since the fourth quarter of 2015, the Group’s internal credit rating methodology for >>>lombard loans in the Group’s main locations in the Asia Pacific region across all loan classes considers the quality and diversification of collateral securities as a basis for determining the internal risk rating both for regulatory and financial reporting purposes. The change in the internal rating methodology for lombard loans in these locations did not have a significant impact on the Group’s total investment grade and non-investment grade loans. >>>Reverse repurchase agreements are fully collateralized and in the event of counterparty default the reverse repurchase agreement provides the Group the right to liquidate the collateral held. Group risk management manages these instruments on the basis of the value of the underlying collateral, as opposed to loans, which are risk-managed on the ability of the counterparty to repay. Therefore the underlying collateral coverage is the most appropriate credit quality indicator for reverse repurchase agreements. In addition, the Group has elected the >>>fair value option for the majority of its reverse repurchase agreements. As such, reverse repurchase agreements have not been included in the following tables. The following tables present the Group’s recorded investment in loans held at amortized cost by aggregated internal counterparty credit ratings investment grade and non-investment grade that are used as credit quality indicators for the purpose of this disclosure, and a related aging analysis. Gross loans held at amortized cost by internal counterparty rating Investment Non-investment Ratings Ratings 2015 (CHF million) Mortgages 89,966 12,950 248 103,164 Loans collateralized by securities 36,129 1,679 138 37,946 Consumer finance 1,247 2,272 226 3,745 Consumer 127,342 16,901 612 144,855 Real estate 19,454 6,126 98 25,678 Commercial and industrial loans 32,995 32,365 859 66,219 Financial institutions 12,391 2,965 149 15,505 Governments and public institutions 824 105 0 929 Corporate & institutional 65,664 41,561 1,106 108,331 Gross loans held at amortized cost 193,006 58,462 1,718 253,186 Value of collateral 1 178,649 48,422 1,063 228,134 2014 (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, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Group's risk management policies and directives, with maximum review periods determined by property type, market liquidity, market transparency and appraisal cost. Value of collateral In the Group’s private banking, corporate and institutional businesses, all collateral values for loans are regularly reviewed according to the Group’s risk management policies and directives, with maximum review periods determined by collateral type, market liquidity, 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 the Group’s investment banking businesses, few loans are collateral dependent. The collateral values for these loans are appraised on at least an annual basis, or when a loan-relevant event occurs. Gross loans held at amortized cost – aging analysis Current Past due More 2015 (CHF million) Mortgages 102,895 80 17 10 162 269 103,164 Loans collateralized by securities 37,589 214 7 1 135 357 37,946 Consumer finance 3,321 176 36 33 179 424 3,745 Consumer 143,805 470 60 44 476 1,050 144,855 Real estate 25,595 24 3 1 55 83 25,678 Commercial and industrial loans 65,129 507 109 69 405 1,090 66,219 Financial institutions 15,259 90 45 2 109 246 15,505 Governments and public institutions 928 1 0 0 0 1 929 Corporate & institutional 106,911 622 157 72 569 1,420 108,331 Gross loans held at amortized cost 250,716 1,092 217 116 1,045 2,470 253,186 2014 (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 Categories of impaired loans In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. > Refer to “Loans” in Note 1 – Summary of significant accounting policies for further information on categories of impaired loans. As of December 31, 2015 and 2014, loans held-to-maturity carried at amortized cost did not include any subprime residential mortgages. Accordingly, impaired loans did not include any subprime residential mortgages. As of December 31, 2015 and 2014, the Group did not have any material commitments to lend additional funds to debtors whose loan terms had been modified in troubled debt restructurings. Gross impaired loans by category Non-performing and Non- 2015 (CHF million) Mortgages 197 17 214 18 49 67 281 1 Loans collateralized by securities 108 27 135 0 3 3 138 Consumer finance 204 23 227 0 1 1 228 Consumer 509 67 576 18 53 71 647 Real estate 53 19 72 0 29 29 101 Commercial and industrial loans 333 136 469 263 319 582 1,051 Financial institutions 88 50 138 1 35 36 174 Corporate & institutional 474 205 679 264 383 647 1,326 Gross impaired loans 983 272 1,255 282 436 718 1,973 2014 (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 December 31, 2015 and 2014, CHF 68 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. Write-off and recovery of loans Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. In the Group’s investment banking businesses, a loan is written down to its net book value once the loan provision is greater than 80% of the loan notional amount, unless repayment of the loan is anticipated to occur within the next two quarters. In the Group’s private banking, corporate and institutional businesses, write-offs are made, based on an individual counterparty assessment performed by Group credit risk management, if it is certain that parts of a loan will not be recoverable. For collateralized loans, the collateral is assessed and the unsecured exposure is written off. Write-offs on uncollateralized loans are based on the borrower’s ability to pay back the outstanding loan out of free cash flow. The Group evaluates the recoverability of the loans granted, if a borrower is expected to default wholly or partly on its payment obligations or to meet these only with third-party support. Adjustments are made to reflect the estimated realizable value of the loan or any collateral. Triggers to assess the creditworthiness of a borrower to absorb the adverse developments include i) a default on interest or principal payments by more than 90 days, ii) a waiver of interest or principal by the Group, iii) a downgrade of the loan to non-interest-earning, iv) the collection of the debt through seizure order, bankruptcy proceedings or realization of collateral, or v) the insolvency of the borrower. Based on such assessment, Group credit risk management evaluates the need for write-offs individually and on an ongoing basis. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other amounts received. Gross impaired loan details end of 2015 2014 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 209 196 26 205 194 27 Loans collateralized by securities 117 112 15 63 60 53 Consumer finance 221 201 129 236 217 122 Consumer 547 509 170 504 471 202 Real estate 76 72 10 68 64 7 Commercial and industrial loans 815 796 387 599 570 259 Financial institutions 172 166 83 126 120 72 Corporate & institutional 1,063 1,034 480 793 754 338 Gross impaired loans with a specific allowance 1,610 1,543 650 1,297 1,225 540 Mortgages 72 71 – 46 46 – Loans collateralized by securities 21 22 – 25 25 – Consumer finance 7 7 – 7 7 – Consumer 100 100 – 78 78 – Real estate 25 25 – 7 7 – Commercial and industrial loans 236 236 – 7 7 – Financial institutions 2 2 – 1 1 – Corporate & institutional 263 263 – 15 15 – Gross impaired loans without specific allowance 363 363 – 93 93 – Gross impaired loans 1,973 1,906 650 1,390 1,318 540 of which consumer 647 609 170 582 549 202 of which corporate & institutional 1,326 1,297 480 808 769 338 Gross impaired loan details (continued) in 2015 2014 2013 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 190 2 2 205 2 1 2 1 204 3 1 2 1 Loans collateralized by securities 82 0 0 65 1 1 1 1 70 2 2 Consumer finance 228 1 1 237 1 1 256 0 0 Consumer 500 3 3 507 4 4 530 5 4 Real estate 74 0 0 75 0 0 72 1 1 Commercial and industrial loans 626 7 3 667 10 1 4 1 748 12 1 6 1 Financial institutions 149 1 1 127 0 0 136 1 1 1 1 Governments and public institutions 0 0 0 5 0 0 0 0 0 Corporate & institutional 849 8 4 874 10 4 956 14 8 Gross impaired loans with a specific allowance 1,349 11 7 1,381 14 8 1,486 19 12 Mortgages 51 4 0 36 5 1 0 26 3 1 0 Loans collateralized by securities 33 0 0 29 1 1 1 1 27 0 0 Consumer finance 7 0 0 21 0 0 22 0 0 Consumer 91 4 0 86 6 1 75 3 0 Real estate 12 1 0 9 4 1 0 11 0 0 Commercial and industrial loans 98 3 1 18 3 1 0 59 5 1 0 Financial institutions 4 0 0 0 0 0 2 0 0 Corporate & institutional 114 4 1 27 7 0 72 5 0 Gross impaired loans without specific allowance 205 8 1 113 13 1 147 8 0 Gross impaired loans 1,554 19 8 1,494 27 9 1,633 27 12 of which consumer 591 7 3 593 10 5 605 8 4 of which corporate & institutional 963 12 5 901 17 4 1,028 19 8 1 Prior period has been corrected. Allowance for specifically identified credit losses on impaired loans The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. The Group performs an in-depth review and analysis of impaired loans considering factors such as recovery and exit options as well as collateral and counterparty risk. In general, all impaired loans are individually assessed. For consumer loans, the trigger to detect an impaired loan is non-payment of interest. Non-payment of interest is also a trigger to detect impaired corporate and institutional loans. In addition, loans to corporates managed on the Swiss platform are regularly reviewed depending on loan type, client segment, collateral or event-driven developments. All other corporate and institutional loans are reviewed at least annually based on the borrower’s financial statements and any indications of difficulties they may experience. Loans that are not impaired, but which are of special concern due to changes in covenants, downgrades, negative financial news and other adverse developments, are included on a watch list. All loans on the watch list are reviewed at least quarterly to determine whether they should be moved to Group recovery management, at which point they are reviewed quarterly for impairment. If an individual loan specifically identified for evaluation is considered impaired, the allowance is determined as a reasonable estimate of credit losses existing as of the end of the reporting period. Thereafter, the allowance is revalued by Group credit risk management at least annually or more frequently depending on the risk profile of the borrower or credit relevant events. For certain non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. If the present value of estimated future cash flows is used, the impaired loan and related allowance are revalued at least quarterly to reflect the passage of time. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. Restructured loans held at amortized cost in 2015 2014 2013 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million) Mortgages 1 13 13 1 4 4 0 0 0 Loans collateralized by securities 1 0 0 0 0 0 0 0 0 Consumer finance 0 0 0 0 0 0 1 1 0 Commercial and industrial loans 13 207 210 10 290 238 5 27 25 Financial institutions 1 2 2 0 0 0 0 0 0 Total 16 222 225 11 294 242 6 28 25 In 2015, 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 2014 and 2013, the Group did not experience a default of such loans. In 2015, 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, waivers of loan covenants, partial loan waivers, reductions of accrued interest and added penalty interest. |
Bank | |
Loans, allowance for loan losses and credit quality | 18 Loans, allowance for loan losses and credit quality end of 2015 2014 Loans (CHF million) Mortgages 88,566 84,527 Loans collateralized by securities 37,833 39,712 Consumer finance 1,092 1,582 Consumer 127,491 125,821 Real estate 23,561 26,279 Commercial and industrial loans 74,967 72,191 Financial institutions 26,375 28,654 Governments and public institutions 3,445 3,746 Corporate & institutional 128,348 130,870 Gross loans 255,839 256,691 of which held at amortized cost 235,019 233,778 of which held at fair value 20,820 22,913 Net (unearned income)/deferred expenses (200) (166) Allowance for loan losses (724) (597) Net loans 254,915 255,928 Gross loans by location (CHF million) Switzerland 137,729 139,211 Foreign 118,110 117,480 Gross loans 255,839 256,691 Impaired loan portfolio (CHF million) Non-performing loans 810 564 Non-interest-earning loans 251 257 Total non-performing and non-interest-earning loans 1,061 821 Restructured loans 282 171 Potential problem loans 373 140 Total other impaired loans 655 311 Gross impaired loans 1,716 1,132 Allowance for loan losses 2015 2014 2013 Corporate Corporate Corporate Allowance for loan losses (CHF million) Balance at beginning of period 131 466 597 134 557 691 143 578 721 Changes in scope of consolidation 0 0 0 0 0 0 0 (1) (1) Net movements recognized in statements of operations 21 227 248 7 78 85 7 84 91 Gross write-offs (51) (107) (158) (35) (232) (267) (38) (147) (185) Recoveries 6 16 22 12 24 36 20 30 50 Net write-offs (45) (91) (136) (23) (208) (231) (18) (117) (135) Provisions for interest 7 12 19 3 19 22 5 20 25 Foreign currency translation impact and other adjustments, net (1) (3) (4) 10 20 30 (3) (7) (10) Balance at end of period 113 611 724 131 466 597 134 557 691 of which individually evaluated for impairment 84 455 539 104 309 413 104 407 511 of which collectively evaluated for impairment 29 156 185 27 157 184 30 150 180 Gross loans held at amortized cost (CHF million) Balance at end of period 127,471 107,548 235,019 125,804 107,974 233,778 115,601 96,939 212,540 of which individually evaluated for impairment 1 468 1,248 1,716 393 739 1,132 354 840 1,194 of which collectively evaluated for impairment 127,003 106,300 233,303 125,411 107,235 232,646 115,247 96,099 211,346 1 Represents gross impaired loans both with and without a specific allowance. Purchases, reclassifications and sales in 2015 2014 2013 Corporate Corporate Corporate Loans held at amortized cost (CHF million) Purchases 1 389 4,294 4,683 181 4,127 4,308 0 4,611 4,611 Reclassifications from loans held-for-sale 2 0 355 355 0 397 397 0 275 275 Reclassifications to loans held-for-sale 3 1,641 735 2,376 1,055 806 1,861 0 996 996 Sales 3 0 373 373 0 272 272 0 698 698 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. Gross loans held at amortized cost by internal counterparty rating Investment Non-investment Ratings Ratings 2015 (CHF million) Mortgages 79,664 8,697 205 88,566 Loans collateralized by securities 36,028 1,667 138 37,833 Consumer finance 743 231 98 1,072 Consumer 116,435 10,595 441 127,471 Real estate 17,717 4,995 77 22,789 Commercial and industrial loans 31,720 30,898 802 63,420 Financial institutions 17,445 2,951 149 20,545 Governments and public institutions 691 103 0 794 Corporate & institutional 67,573 38,947 1,028 107,548 Gross loans held at amortized cost 184,008 49,542 1,469 235,019 Value of collateral 1 166,086 41,583 957 208,626 2014 (CHF million) Mortgages 72,844 11,527 156 84,527 Loans collateralized by securities 37,338 2,288 86 39,712 Consumer finance 1,235 235 95 1,565 Consumer 111,417 14,050 337 125,804 Real estate 19,169 6,020 67 25,256 Commercial and industrial loans 30,156 29,890 475 60,521 Financial institutions 18,209 2,619 106 20,934 Governments and public institutions 850 413 0 1,263 Corporate & institutional 68,384 38,942 648 107,974 Gross loans held at amortized cost 179,801 52,992 985 233,778 Value of collateral 1 162,598 43,141 564 206,303 1 Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Bank's risk management policies and directives, with maximum review periods determined by property type, market liquidity, market transparency and appraisal cost. Since the fourth quarter of 2015, the Bank’s internal credit rating methodology for >>>lombard loans in the Bank’s main locations in the Asia Pacific region across all loan classes considers the quality and diversification of collateral securities as a basis for determining the internal risk rating both for regulatory and financial reporting purposes. The change in the internal rating methodology for lombard loans in these locations did not have a significant impact on the Bank’s total investment grade and non-investment grade loans. Gross loans held at amortized cost – aging analysis Current Past due More 2015 (CHF million) Mortgages 88,326 78 16 8 138 240 88,566 Loans collateralized by securities 37,476 214 7 1 135 357 37,833 Consumer finance 875 120 7 19 51 197 1,072 Consumer 126,677 412 30 28 324 794 127,471 Real estate 22,708 24 3 0 54 81 22,789 Commercial and industrial loans 62,379 498 105 68 370 1,041 63,420 Financial institutions 20,299 90 45 2 109 246 20,545 Governments and public institutions 793 1 0 0 0 1 794 Corporate & institutional 106,179 613 153 70 533 1,369 107,548 Gross loans held at amortized cost 232,856 1,025 183 98 857 2,163 235,019 2014 (CHF million) Mortgages 84,269 97 13 8 140 258 84,527 Loans collateralized by securities 39,542 81 1 1 87 170 39,712 Consumer finance 1,372 123 7 23 40 193 1,565 Consumer 125,183 301 21 32 267 621 125,804 Real estate 25,167 23 1 4 61 89 25,256 Commercial and industrial loans 59,555 659 15 37 255 966 60,521 Financial institutions 20,771 41 0 0 122 163 20,934 Governments and public institutions 1,238 25 0 0 0 25 1,263 Corporate & institutional 106,731 748 16 41 438 1,243 107,974 Gross loans held at amortized cost 231,914 1,049 37 73 705 1,864 233,778 Gross impaired loans by category Non-performing and Non- 2015 (CHF million) Mortgages 173 13 186 18 25 43 229 1 Loans collateralized by securities 108 27 135 0 3 3 138 Consumer finance 77 23 100 0 1 1 101 Consumer 358 63 421 18 29 47 468 Real estate 51 19 70 0 11 11 81 Commercial and industrial loans 314 119 433 263 298 561 994 Financial institutions 87 50 137 1 35 36 173 Corporate & institutional 452 188 640 264 344 608 1,248 Gross impaired loans 810 251 1,061 282 373 655 1,716 2014 (CHF million) Mortgages 166 17 183 4 23 27 210 1 Loans collateralized by securities 11 75 86 0 2 2 88 Consumer finance 78 17 95 0 0 0 95 Consumer 255 109 364 4 25 29 393 Real estate 49 15 64 0 9 9 73 Commercial and industrial loans 172 98 270 167 103 270 540 Financial institutions 88 35 123 0 3 3 126 Corporate & institutional 309 148 457 167 115 282 739 Gross impaired loans 564 257 821 171 140 311 1,132 1 As of December 31, 2015 and 2014, CHF 57 million and CHF 66 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. As of December 31, 2015 and 2014, loans held-to-maturity carried at amortized cost did not include any subprime residential mortgages. Accordingly, impaired loans did not include any subprime residential mortgages. As of December 31, 2015 and 2014, the Bank did not have any material commitments to lend additional funds to debtors whose loan terms have been modified in troubled debt restructurings. Gross impaired loan details end of 2015 2014 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 163 153 19 166 154 19 Loans collateralized by securities 117 112 14 63 60 53 Consumer finance 94 88 51 88 87 32 Consumer 374 353 84 317 301 104 Real estate 57 52 7 65 62 7 Commercial and industrial loans 760 745 365 533 507 230 Financial institutions 171 166 83 125 120 72 Corporate & institutional 988 963 455 723 689 309 Gross impaired loans with a specific allowance 1,362 1,316 539 1,040 990 413 Mortgages 66 65 – 44 43 – Loans collateralized by securities 21 22 – 25 25 – Consumer finance 7 7 – 7 7 – Consumer 94 94 – 76 75 – Real estate 24 24 – 8 7 – Commercial and industrial loans 234 234 – 7 7 – Financial institutions 2 2 – 1 1 – Corporate & institutional 260 260 – 16 15 – Gross impaired loans without specific allowance 354 354 – 92 90 – Gross impaired loans 1,716 1,670 539 1,132 1,080 413 of which consumer 468 447 84 393 376 104 of which corporate & institutional 1,248 1,223 455 739 704 309 Gross impaired loan details (continued) in 2015 2014 2013 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 152 1 1 163 2 1 2 1 154 3 1 2 1 Loans collateralized by securities 82 0 0 65 1 1 1 1 70 2 2 Consumer finance 92 1 1 81 1 1 87 0 0 Consumer 326 2 2 309 4 4 311 5 4 Real estate 67 0 0 74 0 0 67 1 1 Commercial and industrial loans 566 7 1 597 10 1 4 1 669 12 1 6 1 Financial institutions 149 1 1 127 0 0 136 1 1 1 1 Governments and public institutions 0 0 0 5 0 0 0 0 0 Corporate & institutional 782 8 2 803 10 4 872 14 8 Gross impaired loans with a specific allowance 1,108 10 4 1,112 14 8 1,183 19 12 Mortgages 46 3 0 30 5 1 0 19 3 1 0 Loans collateralized by securities 33 0 0 29 1 1 1 1 27 0 0 Consumer finance 7 0 0 21 0 0 22 0 0 Consumer 86 3 0 80 6 1 68 3 0 Real estate 9 1 0 9 4 1 0 11 0 0 Commercial and industrial loans 97 3 0 17 3 1 0 58 5 1 0 Financial institutions 4 0 0 0 0 0 2 0 0 Corporate & institutional 110 4 0 26 7 0 71 5 0 Gross impaired loans without specific allowance 196 7 0 106 13 1 139 8 0 Gross impaired loans 1,304 17 4 1,218 27 9 1,322 27 12 of which consumer 412 5 2 389 10 5 379 8 4 of which corporate & institutional 892 12 2 829 17 4 943 19 8 1 Prior period has been corrected. Restructured loans held at amortized cost in 2015 2014 2013 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million) Mortgages 1 13 13 1 4 4 0 0 0 Loans collateralized by securities 1 0 0 0 0 0 0 0 0 Consumer finance 0 0 0 0 0 0 1 1 0 Commercial and industrial loans 13 207 210 10 290 238 5 27 25 Financial institutions 1 2 2 0 0 0 0 0 0 Total 16 222 225 11 294 242 6 28 25 In 2015, the Bank 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 2014 and 2013, the Bank did not experience a default of such loans. In 2015, the loan modifications of the Bank included interest rate reductions to rates lower than the current market rate for new loans with similar risk, extended repayment terms, waivers of loan covenants, partial loan waivers, reductions of accrued interest and added penalty interest. > Refer to “Note 19 – Loans, allowance for loan losses and credit quality” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Premises and equipment
Premises and equipment | 12 Months Ended |
Dec. 31, 2015 | |
Premises and equipment | 20 Premises and equipment end of 2015 2014 Premises and equipment (CHF million) Buildings and improvements 2,326 2,303 Land 417 420 Leasehold improvements 2,064 2,180 Software 5,908 6,484 Equipment 2,035 2,390 Premises and equipment 12,750 13,777 Accumulated depreciation (8,106) (9,136) Total premises and equipment, net 4,644 4,641 Depreciation and impairment in 2015 2014 2013 CHF million Depreciation 1,012 1,232 1,236 Impairment 24 23 65 |
Bank | |
Premises and equipment | 19 Premises and equipment end of 2015 2014 Premises and equipment (CHF million) Buildings and improvements 2,110 2,087 Land 394 396 Leasehold improvements 2,045 2,162 Software 5,889 6,476 Equipment 1,946 2,304 Premises and equipment 12,384 13,425 Accumulated depreciation (7,945) (8,984) Total premises and equipment, net 4,439 4,441 Depreciation and impairment in 2015 2014 2013 CHF million Depreciation 1,002 1,224 1,227 Impairment 24 23 65 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill | 21 Goodwill Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 570 1,557 2,306 3,263 1,030 12 8,738 Foreign currency translation impact (2) (7) (4) (3) 0 0 (16) Other (1) (1) (8) (10) (3) 0 (23) Balance at end of period 567 1,549 2,294 3,250 1,027 12 8,699 Accumulated impairment (CHF million) Balance at beginning of period 0 0 16 58 8 12 94 Impairment losses 0 0 756 2,661 380 0 3,797 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 567 1,549 1,522 531 639 0 4,808 Goodwill (continued) Investment Gross amount of goodwill (CHF million) Balance at beginning of period 541 1,443 2,134 3,011 952 12 8,093 Goodwill acquired during the year 0 22 0 0 0 0 22 Foreign currency translation impact 29 126 172 254 80 0 661 Other 0 (34) 0 (2) (2) 0 (38) Balance at end of period 570 1,557 2,306 3,263 1,030 12 8,738 Accumulated impairment (CHF million) Balance at beginning of period 0 0 16 58 8 12 94 Balance at end of period 0 0 16 58 8 12 94 Net book value (CHF million) Net book value 570 1,557 2,290 3,205 1,022 0 8,644 In accordance with US GAAP, the Group continually assesses whether or not there has been a triggering event requiring a review of goodwill. As of December 31, 2015 and 2014, the Group’s market capitalization was below book value. On October 21, 2015, the Group announced the new strategy and organization, which included the introduction of a new segment structure. Under the prior structure, the reporting units for Private Banking & Wealth Management were Wealth Management Clients, Corporate & Institutional Clients, Asset Management and Private Banking & Wealth Management’s non-strategic unit, and Investment Banking was considered to be one reporting unit. With an effective date of November 1, 2015, the reporting units under the new structure were redefined as follows: Swiss Universal Bank – Private Banking, Swiss Universal Bank – Corporate & Institutional Banking, International Wealth Management – Private Banking, International Wealth Management – Asset Management, Asia Pacific – Private Banking, Asia Pacific – Investment Banking, Global Markets, Investment Banking & Capital Markets and the Strategic Resolution Unit. The carrying value of each reporting unit for purposes of the goodwill impairment test is determined by considering the reporting units’ >>>risk-weighted assets usage, leverage ratio exposure, deferred tax assets, goodwill and intangible assets. Any residual equity, after considering the total of these elements, is allocated to the reporting units on a pro-rata basis. In estimating the >>>fair value of its reporting units, the Group applied a combination of the market approach and income approach. Under the market approach, consideration was given to price to projected earnings multiples or price to book value multiples for similarly traded companies and prices paid in recent transactions that have occurred in its industry or in related industries. Under the income approach, a discount rate was applied that reflects the risk and uncertainty related to the reporting unit’s projected cash flows, which are determined from the Group’s financial plan as approved by the Board of Directors. In determining the estimated fair value, the Group relied upon its five-year strategic business plan which included significant management assumptions and estimates based on its view of current and future economic conditions and regulatory changes. Under US GAAP, goodwill has to be tested for impairment before and immediately after a reorganization of reporting units. As a result, the goodwill impairment test was performed as of November 1, 2015 under the old reporting units and then again under the newly defined reporting units. In addition, the remaining goodwill after considering the impairment as of November 1, 2015 was tested for impairment as of December 31, 2015. The total goodwill impairment for Credit Suisse Group as of November 1, 2015 was CHF 3,797 million. Prior to the reorganization, the goodwill for the Investment Banking reporting unit was impaired by CHF 2,324 million, which was recognized and allocated across the three new reporting units with investment banking activities, Global Markets, Asia Pacific – Investment Banking and Investment Banking & Capital Markets, based on their relative fair values. Immediately after the reorganization, the Global Markets reporting unit was further impaired by CHF 1,473 million. In total, the goodwill impairment of CHF 3,797 million was recognized as follows: CHF 2,661 million in Global Markets, CHF 756 million in Asia Pacific – Investment Banking and CHF 380 million in Investment Banking & Capital Markets. Based on its goodwill impairment analysis performed as of December 31, 2015, the Group concluded that the estimated fair value for all of the reporting units with goodwill substantially exceeded their related carrying values and no further impairment was necessary as of December 31, 2015. The Group engaged the services of an independent valuation specialist to assist in the valuation of the Global Markets and Investment Banking & Capital Markets reporting units as of November 1, 2015 and December 31, 2015 and in the valuation of the former Investment Banking reporting unit as of November 1, 2015. The valuations were also performed using a combination of the market approach and income approach. The results of the impairment evaluation of each reporting unit’s goodwill would be significantly impacted by adverse changes in the underlying parameters used in the valuation process. If actual outcomes adversely differ by a significant margin from its best estimates of the key economic assumptions and associated cash flows applied in the valuation of the reporting unit, the Group could potentially incur material impairment charges in the future. As a result of acquisitions, the Group has recorded goodwill as an asset in its consolidated balance sheets, the most significant component of which arose from the acquisition of Donaldson, Lufkin & Jenrette Inc. in 2000. In 2014, the Group completed the acquisition of Morgan Stanley’s private wealth management businesses in EMEA, excluding Switzerland, which generated goodwill upon consolidation. |
Bank | |
Goodwill | 20 Goodwill Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 456 1,495 2,058 2,919 920 12 7,860 Foreign currency translation impact (2) (7) (4) (4) 0 0 (17) Other (1) (1) (8) (10) (3) 0 (23) Balance at end of period 453 1,487 2,046 2,905 917 12 7,820 Accumulated impairment (CHF million) Balance at beginning of period 0 0 16 58 8 12 94 Impairment losses 0 0 756 2,661 380 0 3,797 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 453 1,487 1,274 186 529 0 3,929 Goodwill (continued) Investment Gross amount of goodwill (CHF million) Balance at beginning of period 427 1,381 1,886 2,667 842 12 7,215 Goodwill acquired during the year 0 22 0 0 0 0 22 Foreign currency translation impact 29 126 172 254 80 0 661 Other 0 (34) 0 (2) (2) 0 (38) Balance at end of period 456 1,495 2,058 2,919 920 12 7,860 Accumulated impairment (CHF million) Balance at beginning of period 0 0 16 58 8 12 94 Balance at end of period 0 0 16 58 8 12 94 Net book value (CHF million) Net book value 456 1,495 2,042 2,861 912 0 7,766 > Refer to “Note 21 – Goodwill” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Other intangible assets
Other intangible assets | 12 Months Ended |
Dec. 31, 2015 | |
Other intangible assets | 22 Other intangible assets end of 2015 2014 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (25) 2 27 (24) 3 Client relationships 113 (70) 43 201 (92) 109 Other 5 (2) 3 11 (3) 8 Total amortizing other intangible assets 145 (97) 48 239 (119) 120 Non-amortizing other intangible assets 148 – 148 129 – 129 of which mortgage servicing rights, at fair value 112 – 112 70 – 70 Total other intangible assets 293 (97) 196 368 (119) 249 Additional information in 2015 2014 2013 Aggregate amortization and impairment (CHF million) Aggregate amortization 18 22 24 Impairment 16 1 8 of which related to restructuring expenses 15 – – of which related to discontinued operations 0 0 7 Estimated amortization Estimated amortization (CHF million) 2016 8 2017 8 2018 8 2019 5 2020 3 |
Bank | |
Other intangible assets | 21 Other intangible assets end of 2015 2014 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (25) 2 27 (24) 3 Client relationships 113 (70) 43 201 (92) 109 Other 5 (3) 2 11 (3) 8 Total amortizing other intangible assets 145 (98) 47 239 (119) 120 Non-amortizing other intangible assets 149 – 149 129 – 129 of which mortgage servicing rights, at fair value 112 – 112 70 – 70 Total other intangible assets 294 (98) 196 368 (119) 249 Additional information in 2015 2014 2013 Aggregate amortization and impairment (CHF million) Aggregate amortization 18 22 24 Impairment 16 1 8 of which related to restructuring expenses 15 – – of which related to discontinued operations 0 0 7 Estimated amortization Estimated amortization (CHF million) 2016 8 2017 8 2018 8 2019 5 2020 3 |
Other assets and other liabilit
Other assets and other liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other assets and other liabilities | 23 Other assets and other liabilities end of 2015 2014 Other assets (CHF million) Cash collateral on derivative instruments 7,921 10,905 Cash collateral on non-derivative transactions 327 3,238 Derivative instruments used for hedging 186 1,539 Assets held-for-sale 26,061 26,544 of which loans 1 25,839 25,911 of which real estate 2 182 535 of which long-lived assets 40 98 Assets held for separate accounts 1,307 5,650 Interest and fees receivable 5,658 6,237 Deferred tax assets 6,179 6,077 Prepaid expenses 448 517 Failed purchases 2,770 3,138 Other 7,160 6,713 Other assets 58,017 70,558 Other liabilities (CHF million) Cash collateral on derivative instruments 13,989 17,043 Cash collateral on non-derivative transactions 518 797 Derivative instruments used for hedging 110 469 Provisions 1,851 1,358 of which off-balance sheet risk 88 103 Restructuring liabilities 199 0 Liabilities held for separate accounts 1,307 5,650 Interest and fees payable 6,011 6,531 Current tax liabilities 608 821 Deferred tax liabilities 54 47 Failed sales 1,551 1,313 Other 16,033 16,941 Other liabilities 42,231 50,970 1 Included as of December 31, 2015 and 2014 were CHF 1,135 million and CHF 1,103 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 60 million and CHF 226 million, respectively, in loans held in trusts, which were consolidated as a result of failed sales under US GAAP. 2 As of December 31, 2015 and 2014, real estate held-for-sale included foreclosed or repossessed real estate of CHF 31 million and CHF 169 million, respectively, of which CHF 3 million and CHF 2 million, respectively were related to residential real estate. |
Bank | |
Other assets and other liabilities | 22 Other assets and other liabilities end of 2015 2014 Other assets (CHF million) Cash collateral on derivative instruments 7,987 10,909 Cash collateral on non-derivative transactions 327 3,238 Derivative instruments used for hedging 186 1,539 Assets held-for-sale 26,061 26,544 of which loans 1 25,839 25,911 of which real estate 2 182 535 of which long-lived assets 40 98 Assets held for separate accounts 1,307 5,650 Interest and fees receivable 5,643 6,229 Deferred tax assets 6,068 6,064 Prepaid expenses 442 511 Failed purchases 2,770 3,138 Other 7,119 6,689 Other assets 57,910 70,511 Other liabilities (CHF million) Cash collateral on derivative instruments 13,991 16,776 Cash collateral on non-derivative transactions 518 797 Derivative instruments used for hedging 110 469 Provisions 1,841 1,347 of which off-balance sheet risk 87 102 Restructuring liabilities 199 0 Liabilities held for separate accounts 1,307 5,650 Interest and fees payable 5,926 6,465 Current tax liabilities 577 782 Deferred tax liabilities 41 33 Failed sales 1,551 1,313 Other 15,654 17,016 Other liabilities 41,715 50,648 1 Included as of December 31, 2015 and December 31, 2014 were CHF 1,135 million and CHF 1,103 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 60 million and CHF 226 million, respectively, in loans held in trusts, which are consolidated as a result of failed sales under US GAAP. 2 As of the end of December 31, 2015 and December 31, 2014, real estate held-for-sale included foreclosed or repossessed real estate of CHF 31 million and CHF 169 million, respectively, of which CHF 3 million and CHF 2 million, respectively, were related to residential real estate. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits | 24 Deposits end of 2015 2014 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 3,170 3,779 6,949 5,943 4,581 10,524 Interest-bearing demand deposits 126,735 33,627 160,362 135,424 31,984 167,408 Savings deposits 62,908 5 62,913 77,498 29 77,527 Time deposits 32,267 101,268 133,535 1 17,650 121,958 139,608 1 Total deposits 225,080 138,679 363,759 2 236,515 158,552 395,067 2 of which due to banks – – 21,054 – – 26,009 of which customer deposits – – 342,705 – – 369,058 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 133,223 million and CHF 139,493 million as of December 31, 2015 and 2014, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2015 and 2014 were CHF 2 million and CHF 11 million, respectively, of overdrawn deposits reclassified as loans. |
Bank | |
Deposits | 23 Deposits end of 2015 2014 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 3,157 3,780 6,937 5,941 4,582 10,523 Interest-bearing demand deposits 123,336 33,975 157,311 131,858 32,297 164,155 Savings deposits 54,615 5 54,620 69,204 29 69,233 Time deposits 33,012 101,280 134,292 1 18,187 121,977 140,164 1 Total deposits 214,120 139,040 353,160 2 225,190 158,885 384,075 2 of which due to banks – – 21,460 – – 26,506 of which customer deposits – – 331,700 – – 357,569 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 133,988 million and CHF 140,057 million as of December 31, 2015 and 2014, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2015 and 2014 were CHF 2 million and CHF 10 million, respectively, of overdrawn deposits reclassified as loans. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-term debt | 25 Long-term debt end of 2015 2014 Long-term debt (CHF million) Senior 157,986 139,267 Subordinated 24,796 25,179 Non-recourse liabilities from consolidated VIEs 14,826 13,452 Long-term debt 197,608 177,898 of which reported at fair value 80,931 81,166 of which structured notes 54,848 50,469 Structured notes by product end of 2015 2014 Structured notes (CHF million) Equity 35,594 35,309 Fixed income 11,534 8,321 Credit 5,261 5,244 Other 2,459 1,595 Total structured notes 54,848 50,469 Total long-term debt is comprised of debt issuances managed by Treasury that do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded >>>derivatives, which are issued as part of the Group’s structured product activities. Long-term debt includes both Swiss franc and foreign exchange denominated fixed and variable rate bonds. The interest rate ranges presented in the table below are based on the contractual terms of the Group’s vanilla debt. Interest rate ranges for future coupon payments on structured products for which >>>fair value has been elected are not included in the table below as these coupons are dependent upon the embedded derivative and prevailing market conditions at the time each coupon is paid. In addition, the effects of derivatives used for hedging are not included in the interest rate ranges on the associated debt. Long-term debt by maturities end of 2016 2017 2018 2019 2020 Thereafter Total Group parent company (CHF million) Subordinated debt Fixed rate 0 0 290 0 0 4,735 5,025 Interest rates (range in %) 1 – – 6.0 – – 6.3 – 7.5 – Subtotal – Group parent company 0 0 290 0 0 4,735 5,025 Subsidiaries (CHF million) Senior debt Fixed rate 4,752 12,430 11,194 14,241 9,187 29,475 81,279 Variable rate 17,428 15,496 9,668 7,009 6,163 20,943 76,707 Interest rates (range in %) 1 0.0 – 15.5 0.0 – 15.2 0.1 – 14.8 0.1 – 14.1 0.1 – 4.4 0.0 – 9.3 – Subordinated debt Fixed rate 0 171 10,199 0 3,423 5,683 19,476 Variable rate 0 50 0 187 58 0 295 Interest rates (range in %) 1 – 1.1 – 7.0 4.9 – 13.3 0.5 0.9 – 7.0 5.7 – 8.2 – Non-recourse liabilities from consolidated VIEs Fixed rate 85 998 0 0 3 563 1,649 Variable rate 73 61 0 2 884 12,157 13,177 Interest rates (range in %) 1 0.0 – 5.4 2.8 – 4.0 – 0.0 0.0 – 4.1 0.0 – 10.5 – Subtotal – Subsidiaries 22,338 29,206 31,061 21,439 19,718 68,821 192,583 Total long-term debt 22,338 29,206 31,351 21,439 19,718 73,556 197,608 of which structured notes 10,428 7,343 7,987 4,404 5,528 19,158 54,848 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity. 1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. The Group and the Bank maintain a shelf registration statement with the US Securities and Exchange Commission (SEC), which allows them to issue, from time to time, senior and subordinated debt securities, warrants and guarantees. > Refer to “Note 41 – Subsidiary guarantee information” for further information on subsidiary guarantees. The Group maintains a euro medium-term note program that allows it, certain finance subsidiaries (guaranteed by the Group) and the Bank to issue senior debt securities notes. The Bank maintains a JPY 500 billion Samurai shelf registration statement that allows it to issue, from time to time, senior and subordinated debt securities. |
Bank | |
Long-term debt | 24 Long-term debt end of 2015 2014 Long-term debt (CHF million) Senior 153,372 135,196 Subordinated 23,896 24,299 Non-recourse liabilities from consolidated VIEs 14,826 13,452 Long-term debt 192,094 172,947 of which reported at fair value 80,002 80,260 of which structured notes 54,848 50,469 Structured notes by product end of 2015 2014 Structured notes (CHF million) Equity 35,594 35,309 Fixed income 11,534 8,321 Credit 5,261 5,244 Other 2,459 1,595 Total structured notes 54,848 50,469 Long-term debt by maturities end of 2016 2017 2018 2019 2020 Thereafter Total Long-term debt (CHF million) Senior debt Fixed rate 4,233 11,874 10,779 13,813 8,648 27,318 76,665 Variable rate 17,428 15,496 9,668 7,009 6,163 20,943 76,707 Interest rates (range in %) 1 0.0 – 15.5 0.0 – 15.2 0.1 – 14.8 0.1 – 14.1 0.1 – 4.4 0.0 – 9.3 – Subordinated debt Fixed rate 0 171 10,489 0 3,422 9,519 23,601 Variable rate 0 50 0 187 58 0 295 Interest rates (range in %) 1 – 1.1 – 7.0 4.9 – 13.3 0.5 0.9 – 7.0 5.70 – 8.2 – Non-recourse liabilities from consolidated VIEs Fixed rate 85 998 0 0 3 563 1,649 Variable rate 73 61 0 2 884 12,157 13,177 Interest rates (range in %) 1 0.0 – 5.4 2.8 – 4.0 – 0.0 0.0 – 4.1 0.0 – 10.5 – Total long-term debt 21,819 28,650 30,936 21,011 19,178 70,500 192,094 of which structured notes 10,428 7,343 7,987 4,404 5,528 19,158 54,848 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity. 1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. > Refer to “Note 25 – Long-term debt” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Accumulated other comprehensive
Accumulated other comprehensive income | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated other comprehensive income | 26 Accumulated other comprehensive income and additional share information Accumulated other comprehensive income Accumu- 2015 (CHF million) Balance at beginning of period (31) (11,478) 64 (4,010) 452 (15,003) Increase/(decrease) 0 (1,142) (3) (1,031) 238 (1,938) Increase/(decrease) due to equity method investments (15) (1) 0 0 0 (16) Reclassification adjustments, included in net income/(loss) 31 6 (1) 369 (83) 322 Total increase/(decrease) 16 (1,137) (4) (662) 155 (1,632) Balance at end of period (15) (12,615) 60 (4,672) 607 (16,635) 2014 (CHF million) Balance at beginning of period (11) (13,674) 52 (2,757) 515 (15,875) Increase/(decrease) (11) 2,196 25 (1,440) 20 790 Increase/(decrease) due to equity method investments 4 0 0 0 0 4 Reclassification adjustments, included in net income/(loss) (13) 0 (13) 187 (83) 78 Total increase/(decrease) (20) 2,196 12 (1,253) (63) 872 Balance at end of period (31) (11,478) 64 (4,010) 452 (15,003) 2013 (CHF million) Balance at beginning of period (29) (12,767) 84 (3,801) 610 (15,903) Increase/(decrease) 6 (991) (27) 750 0 (262) Increase/(decrease) due to equity method investments 13 0 0 0 0 13 Reclassification adjustments, included in net income/(loss) (1) 84 (5) 294 (95) 277 Total increase/(decrease) 18 (907) (32) 1,044 (95) 28 Balance at end of period (11) (13,674) 52 (2,757) 515 (15,875) Refer to "Note 28 – Tax" and "Note 31 – Pension and other post-retirement benefits" for income tax expense/(benefit) on the movements of accumulated other comprehensive income/(loss). Details of significant reclassification adjustments in 2015 2014 2013 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Sale of subsidiaries 0 0 84 1 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 472 243 390 Tax expense/(benefit) (103) (56) (96) Net of tax 369 187 294 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 2 (110) (108) (120) Tax expense/(benefit) 27 25 25 Net of tax (83) (83) (95) 1 Includes net releases of CHF 84 million on the sale of JO Hambro, which was settled in the third quarter of 2013. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction. 2 These components are included in the computation of total benefit costs. Refer to "Note 31 – Pension and other post-retirement benefits" for further information. Additional share information 2015 2014 2013 Common shares issued Balance at beginning of period 1,607,168,947 1,596,119,349 1,320,829,922 Issuance of common shares 350,210,297 11,049,598 275,289,427 of which MACCS settlement 0 0 199,964,015 of which share-based compensation 0 11,049,598 37,773,125 Balance at end of period 1,957,379,244 1,607,168,947 1,596,119,349 Treasury shares Balance at beginning of period (7,666,658) (5,183,154) (27,036,831) Sale of treasury shares 766,096,105 357,696,773 401,126,114 of which MACCS settlement 0 0 33,488,655 Repurchase of treasury shares (808,768,832) (386,266,557) (385,369,391) Share-based compensation 44,429,161 26,086,280 6,096,954 Balance at end of period (5,910,224) (7,666,658) (5,183,154) Common shares outstanding Balance at end of period 1,951,469,020 1 1,599,502,289 2 1,590,936,195 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. 515,145,579 of these shares were reserved for capital instruments. 2 At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 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. |
Bank | |
Accumulated other comprehensive income | 25 Accumulated other comprehensive income Accumu- 2015 (CHF million) Balance at beginning of period (18) (11,623) 56 (656) 17 (12,224) Increase/(decrease) 0 (1,133) (5) (30) (1) (1,169) Decrease due to equity method investments 0 (1) 0 0 0 (1) Reclassification adjustments, included in net income/(loss) 24 6 (1) 74 (13) 90 Total increase/(decrease) 24 (1,128) (6) 44 (14) (1,080) Balance at end of period 6 (12,751) 50 (612) 3 (13,304) 2014 (CHF million) Balance at beginning of period 9 (13,738) 35 (714) 3 (14,405) Increase/(decrease) (11) 2,115 21 14 20 2,159 Reclassification adjustments, included in net income/(loss) (16) 0 0 44 (6) 22 Total increase/(decrease) (27) 2,115 21 58 14 2,181 Balance at end of period (18) (11,623) 56 (656) 17 (12,224) 2013 (CHF million) Balance at beginning of period 7 (11,540) 53 (670) 3 (12,147) Increase/(decrease) 6 (2,281) (13) (102) 0 (2,390) Reclassification adjustments, included in net income/(loss) (4) 83 (5) 58 0 132 Total increase/(decrease) 2 (2,198) (18) (44) 0 (2,258) Balance at end of period 9 (13,738) 35 (714) 3 (14,405) Refer to "Note 27 - Tax" and "Note 30 - Pension and other post-retirement benefits" for income tax expense/(benefit) on the movements of accumulated other comprehensive income/(loss). Details of significant reclassification adjustments in 2015 2014 2013 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Sale of subsidiaries 0 0 83 1 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 98 62 92 Tax expense/(benefit) (24) (18) (34) Net of tax 74 44 58 1 Includes net releases of CHF 84 million on the sale of JO Hambro, which was settled in the third quarter of 2013. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction. 2 These components are included in the computation of total benefit costs. Refer to "Note 30 – Pension and other post-retirement benefits" for further information. |
Offsetting of financial assets
Offsetting of financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Offsetting of financial assets and financial liabilities | 27 Offsetting of financial assets and financial liabilities The disclosures set out in the tables below include >>>derivatives, >>>reverse repurchase and >>>repurchase agreements, and securities lending and borrowing transactions that: – – Similar agreements include derivative clearing agreements, global master repurchase agreements and global master securities lending agreements. Derivatives The Group transacts bilateral >>>OTC derivatives (OTC derivatives) mainly under International Swaps and Derivatives Association (ISDA) Master Agreements and Swiss Master Agreements for OTC derivative instruments. These agreements provide for the net settlement of all transactions under the agreement through a single payment in the event of default or termination under the agreement. They allow the Group to offset balances from derivative assets and liabilities as well as the receivables and payables to related cash collateral transacted with the same counterparty. Collateral for OTC derivatives is received and provided in the form of cash and marketable securities. Such collateral may be subject to the standard industry terms of an ISDA Credit Support Annex. The terms of an ISDA Credit Support Annex provide that securities received or provided as collateral may be pledged or sold during the term of the transactions and must be returned upon maturity of the transaction. These terms also give each counterparty the right to terminate the related transactions upon the other counterparty’s failure to post collateral. Financial collateral received or pledged for OTC derivatives may also be subject to collateral agreements which restrict the use of financial collateral. For derivatives transacted with exchanges (exchange-traded derivatives) and central clearing counterparties (OTC-cleared derivatives), positive and negative replacement values (NRV) and related cash collateral may be offset if the terms of the rules and regulations governing these exchanges and central clearing counterparties permit such netting and offset. Where no such agreements exist, fair values are recorded on a gross basis. Exchange-traded derivatives or OTC-cleared derivatives, that are fully margined and for which the daily margin payments constitute settlement of the outstanding exposure, are not included in the offsetting disclosures because they are not subject to offsetting due to the daily settlement. The daily margin payments, which are not settled until the next settlement cycle is conducted, are presented in brokerage receivables or brokerage payables. The notional amount for these daily settled derivatives is included in the fair value of derivative instruments table in “Note 32 – Derivatives and hedging activities”. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. There is an exception for certain bifurcatable hybrid debt instruments which the Group did not elect to account for at fair value. However, these bifurcated embedded derivatives are generally not subject to enforceable master netting agreements and are not recorded as derivative instruments under trading assets and liabilities or other assets and other liabilities. Information on bifurcated embedded derivatives has therefore not been included in the offsetting disclosures. The following table presents the gross amount of derivatives subject to enforceable master netting agreements by contract and transaction type, the amount of offsetting, the amount of derivatives not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. Offsetting of derivatives end of 2015 2014 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 15.7 14.5 257.7 250.0 OTC 153.0 146.5 213.6 210.4 Exchange-traded 0.0 0.0 0.1 0.0 Interest rate products 168.7 161.0 471.4 460.4 OTC 58.1 68.2 86.9 99.0 Exchange-traded 0.3 0.3 0.1 0.2 Foreign exchange products 58.4 68.5 87.0 99.2 OTC 12.0 13.3 14.8 15.0 Exchange-traded 8.9 11.2 12.4 14.0 Equity/index-related products 20.9 24.5 27.2 29.0 OTC-cleared 3.8 4.0 6.3 6.1 OTC 13.5 12.4 20.0 19.5 Credit derivatives 17.3 16.4 26.3 25.6 OTC 2.6 1.5 8.6 8.8 Exchange-traded 0.1 0.1 0.4 0.3 Other products 2.7 1.6 9.0 9.1 OTC-cleared 19.5 18.5 264.0 256.1 OTC 239.2 241.9 343.9 352.7 Exchange-traded 9.3 11.6 13.0 14.5 Total gross derivatives subject to enforceable master netting agreements 268.0 272.0 620.9 623.3 Offsetting (CHF billion) OTC-cleared (19.0) (18.5) (261.7) (255.8) OTC (217.1) (226.5) (316.4) (326.1) Exchange-traded (9.0) (9.9) (11.9) (13.1) Offsetting (245.1) (254.9) (590.0) (595.0) of which counterparty netting (223.0) (223.0) (561.6) (561.6) of which cash collateral netting (22.1) (31.9) (28.4) (33.4) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.5 0.0 2.3 0.3 OTC 22.1 15.4 27.5 26.6 Exchange-traded 0.3 1.7 1.1 1.4 Total net derivatives subject to enforceable master netting agreements 22.9 17.1 30.9 28.3 Total derivatives not subject to enforceable master netting agreements 1 5.7 6.5 8.6 9.1 Total net derivatives presented in the consolidated balance sheets 28.6 23.6 39.5 37.4 of which recorded in trading assets and trading liabilities 28.4 23.5 38.0 36.9 of which recorded in other assets and other liabilities 0.2 0.1 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. In certain situations, for example, in the event of default, all contracts under the agreements are terminated and are settled net in one single payment. Global master repurchase agreements also include payment or settlement netting provisions in the normal course of business that state that all amounts in the same currency payable by each party to the other under any transaction or otherwise under the global master repurchase agreement on the same date shall be set off. Transactions under such agreements are netted in the consolidated balance sheets if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same master netting agreement. The amounts offset are measured on the same basis as the underlying transaction (i.e., on an accrual basis or fair value basis). Securities lending and borrowing transactions are generally executed under global master securities lending agreements with netting terms similar to ISDA Master Agreements. In certain situations, for example in the event of default, all contracts under the agreement are terminated and are settled net in one single payment. Transactions under these agreements are netted in the consolidated balance sheets if they meet the same right of offset criteria as for reverse repurchase and repurchase agreements. In general, most securities lending and borrowing transactions do not meet the criterion of having the same settlement date specified at inception of the transaction, and therefore they are not eligible for netting in the consolidated balance sheets. However, securities lending and borrowing transactions with explicit maturity dates may be eligible for netting in the consolidated balance sheets. Reverse repurchase and repurchase agreements are collateralized principally by government securities, money market instruments and corporate bonds and have terms ranging from overnight to a longer or unspecified period of time. In the event of counterparty default, the reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. As is the case in the Group’s normal course of business, substantially all of the collateral received that may be sold or repledged was sold or repledged as of December 31, 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 2015 2014 Gross Offsetting Net Gross Offsetting Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 92.0 (19.6) 72.4 119.3 (28.0) 91.3 Securities borrowing transactions 21.4 (3.9) 17.5 27.8 (6.9) 20.9 Total subject to enforceable master netting agreements 113.4 (23.5) 89.9 147.1 (34.9) 112.2 Total not subject to enforceable master netting agreements 1 33.1 – 33.1 51.0 – 51.0 Total 146.5 (23.5) 123.0 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 83,565 million and CHF 104,283 million of the total net amount as of December 31, 2015 and 2014, 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 2015 2014 Gross Offsetting Net Gross Offsetting Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 43.2 (21.4) 21.8 69.9 (31.9) 38.0 Securities lending transactions 9.8 (2.1) 7.7 10.8 (3.0) 7.8 Obligation to return securities received as collateral, at fair value 19.4 0.0 19.4 18.8 0.0 18.8 Total subject to enforceable master netting agreements 72.4 (23.5) 48.9 99.5 (34.9) 64.6 Total not subject to enforceable master netting agreements 1 26.2 – 26.2 32.4 – 32.4 Total 98.6 (23.5) 75.1 131.9 (34.9) 97.0 of which securities sold under repurchase agreements and securities lending transactions 70.1 (23.5) 46.6 2 105.0 (34.9) 70.1 2 of which obligation to return securities received as collateral, at fair value 28.5 0.0 28.5 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 32,398 million and CHF 54,732 million of the total net amount as of December 31, 2015 and 2014, 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 2015 2014 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 22.9 6.2 0.8 15.9 30.9 6.5 0.1 24.3 Securities purchased under resale agreements 72.4 72.4 0.0 0.0 91.3 91.3 0.0 0.0 Securities borrowing transactions 17.5 17.1 0.0 0.4 20.9 20.3 0.0 0.6 Total financial assets subject to enforceable master netting agreements 112.8 95.7 0.8 16.3 143.1 118.1 0.1 24.9 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 17.1 3.4 0.0 13.7 28.3 8.5 0.0 19.8 Securities sold under repurchase agreements 21.8 21.8 0.0 0.0 38.0 38.0 0.0 0.0 Securities lending transactions 7.7 7.4 0.0 0.3 7.8 7.6 0.0 0.2 Obligation to return securities received as collateral, at fair value 19.4 18.5 0.0 0.9 18.8 18.1 0.0 0.7 Total financial liabilities subject to enforceable master netting agreements 66.0 51.1 0.0 14.9 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 >>>CDS and credit insurance contracts. Therefore the net exposure presented in the table above is not representative of the Group’s counterparty exposure. |
Bank | |
Offsetting of financial assets and financial liabilities | 26 Offsetting of financial assets and financial liabilities > Refer to “Note 27 – Offsetting of financial assets and financial liabilities” in V – Consolidated financial statements – Credit Suisse Group for further information. Offsetting of derivatives end of 2015 2014 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 15.7 14.5 257.8 250.1 OTC 152.9 146.3 213.6 210.3 Exchange-traded 0.0 0.0 0.1 0.0 Interest rate products 168.6 160.8 471.5 460.4 OTC 58.1 68.2 86.9 99.0 Exchange-traded 0.3 0.3 0.1 0.2 Foreign exchange products 58.4 68.5 87.0 99.2 OTC 12.0 13.5 14.8 15.3 Exchange-traded 8.9 11.2 12.4 14.0 Equity/index-related products 20.9 24.7 27.2 29.3 OTC-cleared 3.8 4.0 6.3 6.1 OTC 13.5 12.4 20.0 19.5 Credit derivatives 17.3 16.4 26.3 25.6 OTC-cleared 0.0 0.1 0.0 0.0 OTC 2.7 1.5 8.6 8.7 Exchange-traded 0.0 0.2 0.4 0.4 Other products 2.7 1.8 9.0 9.1 OTC-cleared 19.5 18.6 264.1 256.2 OTC 239.2 241.9 343.9 352.8 Exchange-traded 9.2 11.7 13.0 14.6 Total gross derivatives subject to enforceable master netting agreements 267.9 272.2 621.0 623.6 Offsetting (CHF billion) OTC-cleared (19.0) (18.6) (261.7) (255.8) OTC (217.1) (226.7) (316.7) (326.4) Exchange-traded (9.0) (9.8) (11.9) (13.1) Offsetting (245.1) (255.1) (590.3) (595.3) of which counterparty netting (223.0) (223.0) (561.6) (561.6) of which cash collateral netting (22.1) (32.1) (28.7) (33.7) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.5 0.0 2.4 0.4 OTC 22.1 15.2 27.2 26.4 Exchange-traded 0.2 1.9 1.1 1.5 Total net derivatives subject to enforceable master netting agreements 22.8 17.1 30.7 28.3 Total derivatives not subject to enforceable master netting agreements 1 6.0 6.5 8.8 9.1 Total net derivatives presented in the consolidated balance sheets 28.8 23.6 39.5 37.4 of which recorded in trading assets and trading liabilities 28.6 23.5 38.0 36.9 of which recorded in other assets and other liabilities 0.2 0.1 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 end of 2015 2014 Gross Offsetting Net Gross Offsetting Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 92.4 (19.6) 72.8 119.3 (28.0) 91.3 Securities borrowing transactions 21.4 (3.9) 17.5 27.8 (6.9) 20.9 Total subject to enforceable master netting agreements 113.8 (23.5) 90.3 147.1 (34.9) 112.2 Total not subject to enforceable master netting agreements 1 33.1 – 33.1 51.0 – 51.0 Total 146.9 (23.5) 123.4 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 83,565 million and CHF 104,283 million of the total net amount as of December 31, 2015 and December 31, 2014, respectively, are reported at fair value. Offsetting of securities sold under repurchase agreements and securities lending transactions end of 2015 2014 Gross Offsetting Net Gross Offsetting Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 43.2 (21.4) 21.8 69.9 (31.9) 38.0 Securities lending transactions 9.8 (2.1) 7.7 10.8 (3.0) 7.8 Obligation to return securities received as collateral, at fair value 19.4 0.0 19.4 18.8 0.0 18.8 Total subject to enforceable master netting agreements 72.4 (23.5) 48.9 99.5 (34.9) 64.6 Total not subject to enforceable master netting agreements 1 26.2 – 26.2 32.4 – 32.4 Total 98.6 (23.5) 75.1 131.9 (34.9) 97.0 of which securities sold under repurchase agreements and securities lending transactions 70.1 (23.5) 46.6 2 105.0 (34.9) 70.1 2 of which obligation to return securities received as collateral, at fair value 28.5 0.0 28.5 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 32,398 million and CHF 54,732 million of the total net amount as of December 31, 2015 and December 31, 2014, respectively, are reported at fair value. Amounts not offset in the consolidated balance sheets end of 2015 2014 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 22.8 6.2 0.8 15.8 30.7 6.5 0.1 24.1 Securities purchased under resale agreements 72.8 72.8 0.0 0.0 91.3 91.3 0.0 0.0 Securities borrowing transactions 17.5 17.1 0.0 0.4 20.9 20.3 0.0 0.6 Total financial assets subject to enforceable master netting agreements 113.1 96.1 0.8 16.2 142.9 118.1 0.1 24.7 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 17.1 3.4 0.0 13.7 28.3 8.5 0.0 19.8 Securities sold under repurchase agreements 21.8 21.8 0.0 0.0 38.0 38.0 0.0 0.0 Securities lending transactions 7.7 7.4 0.0 0.3 7.8 7.6 0.0 0.2 Obligation to return securities received as collateral, at fair value 19.4 18.5 0.0 0.9 18.8 18.1 0.0 0.7 Total financial liabilities subject to enforceable master netting agreements 66.0 51.1 0.0 14.9 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
Tax | 12 Months Ended |
Dec. 31, 2015 | |
Tax | 28 Tax Details of current and deferred taxes in 2015 2014 2013 Current and deferred taxes (CHF million) Switzerland 28 99 12 Foreign 463 622 569 Current income tax expense 491 721 581 Switzerland 196 (321) 22 Foreign (164) 1,005 673 Deferred income tax expense 32 684 695 Income tax expense 523 1,405 1,276 Income tax expense on discontinued operations 0 40 75 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on cash flow hedges (4) 4 1 Cumulative translation adjustment (14) (117) 44 Unrealized gains/(losses) on securities (2) 5 (12) Actuarial gains/(losses) (174) (375) 388 Net prior service credit/(cost) 37 (11) (25) Share-based compensation and treasury shares 25 71 0 Reconciliation of taxes computed at the Swiss statutory rate in 2015 2014 2013 Income/(loss) from continuing operations before taxes (CHF million) Switzerland 1,746 401 642 Foreign (4,168) 3,226 3,454 Income/(loss) from continuing operations before taxes (2,422) 3,627 4,096 Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% (533) 798 901 Increase/(decrease) in income taxes resulting from Foreign tax rate differential (715) 314 189 Non-deductible amortization of other intangible assets and goodwill impairment 1,432 6 25 Other non-deductible expenses 391 666 492 Additional taxable income 16 4 2 Lower taxed income (276) (272) (381) (Income)/loss taxable to noncontrolling interests 6 (163) (252) Changes in tax law and rates 347 151 184 Changes in deferred tax valuation allowance (103) 1,064 385 Change in recognition of outside basis difference 262 (450) 0 Tax deductible impairments of Swiss subsidiary investments (258) (555) (268) Other (46) (158) (1) Income tax expense 523 1,405 1,276 2015 Foreign tax rate differential Non-deductible amortization of other intangible assets and goodwill impairment Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Change in recognition of outside basis difference Other 2014 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Change in recognition of outside basis difference Other 2013 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Other As of December 31, 2015, the Group had accumulated undistributed earnings from foreign subsidiaries of CHF 4.5 billion. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. Deferred tax assets and liabilities end of 2015 2014 Deferred tax assets and liabilities (CHF million) Compensation and benefits 2,425 2,373 Loans 326 231 Investment securities 548 882 Provisions 1,718 1,658 Derivatives 117 121 Real estate 340 277 Net operating loss carry-forwards 5,838 6,232 Other 116 99 Gross deferred tax assets before valuation allowance 11,428 11,873 Less valuation allowance (3,905) (4,107) Gross deferred tax assets net of valuation allowance 7,523 7,766 Compensation and benefits (211) (164) Loans (31) (40) Investment securities (282) (619) Provisions (449) (448) Business combinations (1) (1) Derivatives (187) (168) Leasing (18) (23) Real estate (66) (62) Other (153) (211) Gross deferred tax liabilities (1,398) (1,736) Net deferred tax assets 6,125 6,030 of which deferred tax assets 6,179 6,077 of which net operating losses 1,754 1,814 of which deductible temporary differences 4,425 4,263 of which deferred tax liabilities (54) (47) The increase in net deferred tax assets from 2014 to 2015 of CHF 95 million was primarily due to the impact of total CHF 162 million from the re-measurement of deferred tax balances in Switzerland and Brazil and the release of valuation allowances in Hong Kong, the tax impacts directly recorded in equity, mainly related to the net impact of share-based compensation, pension plan re-measurement and other tax recorded directly in equity of CHF 164 million, and CHF 207 million related to current year earnings. These increases were partially offset by a decrease of deferred tax assets of CHF 217 million as a result of changes to the corporation tax rates in New York, the UK and Japan, prior year adjustments of CHF 127 million, and foreign exchange translation losses of CHF 94 million, which are included within the currency translation adjustments recorded in AOCI. The most significant net deferred tax assets arise in the US, Switzerland and UK and these decreased from CHF 5,592 million, net of a valuation allowance of CHF 3,184 million as of the end of 2014, to CHF 5,515 million, net of a valuation allowance of CHF 3,196 million as of the end of 2015. Due to uncertainty concerning its ability to generate the necessary amount and mix of taxable income in future periods, the Group recorded a valuation allowance against deferred tax assets in the amount of CHF 3.9 billion as of December 31, 2015 compared to CHF 4.1 billion as of December 31, 2014. Amounts and expiration dates of net operating loss carry-forwards end of 2015 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 5,304 Due to expire within 2 to 5 years 7,662 Due to expire within 6 to 10 years 7,135 Due to expire within 11 to 20 years 2,981 Amount due to expire 23,082 Amount not due to expire 15,694 Total net operating loss carry-forwards 38,776 Movements in the valuation allowance in 2015 2014 2013 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,107 2,705 2,554 Net changes (202) 1,402 151 Balance at end of period 3,905 4,107 2,705 As part of its normal practice, the Group has conducted a detailed evaluation of its expected future results. This evaluation is dependent on management estimates and assumptions in developing the expected future results, which are based on a strategic business planning process influenced by current economic conditions and assumptions of future economic conditions that are subject to change. This evaluation took into account both positive and negative evidence related to expected future taxable income and also considered stress scenarios. This evaluation has indicated the expected future results that are likely to be earned in jurisdictions where the Group has significant gross deferred tax assets, primarily in the US and Switzerland. The Group then compared those expected future results with the applicable law governing utilization of deferred tax assets. US tax law allows for a 20-year carry-forward period for net operating losses and Swiss tax law allows for a seven-year carry-forward period for net operating losses. Tax benefits associated with share-based compensation in 2015 2014 2013 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 448 505 483 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital (28) (70) (24) Tax benefits in respect of tax on dividend equivalent payments 0 1 22 1 Calculated at the statutory tax rate before valuation allowance considerations. > Refer to “Note 29 – Employee deferred compensation” for further information on share-based compensation. If, upon settlement of share-based compensation, the tax deduction exceeds the cumulative compensation cost that the Group had recognized in the consolidated financial statements, the utilized tax benefit associated with any excess deduction is considered a “windfall” and recognized in shareholders’ equity as additional paid-in capital and reflected as a financing cash inflow in the consolidated statements of cash flows. If, upon settlement, the tax deduction is lower than the cumulative compensation cost that the Group had recognized in the consolidated financial statements, the tax charge associated with the lower deduction is considered a “shortfall”. Tax charges arising on shortfalls are recognized in shareholders’ equity to the extent that any shortfalls are lower than the cumulative windfalls, otherwise the tax charge is recognized in the consolidated statements of operations. However, windfall deductions and dividend equivalents aggregating CHF 1.1 billion and CHF 1.1 billion for 2015 and 2014, respectively, did not result in a reduction of income taxes payable because certain entities were in a net operating loss position. When the income tax benefit of these deductions is realized, an estimated CHF 239 million tax benefit will be recorded in additional paid-in capital. Uncertain tax positions US GAAP requires a two-step process in evaluating uncertain income tax positions. In the first step, an enterprise determines whether it is more likely than not that an income tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions meeting the more-likely-than-not recognition threshold are then measured to determine the amount of benefit eligible for recognition in the consolidated financial statements. Each income tax position is measured at the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement. Reconciliation of the beginning and ending amount of gross unrecognized tax benefits 2015 2014 2013 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 389 423 420 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 44 2 4 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (3) (47) (8) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 15 39 46 Decreases in unrecognized tax benefits relating to settlements with tax authorities 0 (10) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (22) (24) (5) Other (including foreign currency translation) (54) 6 (34) Balance at end of period 369 389 423 of which, if recognized, would affect the effective tax rate 369 389 417 Interest and penalties in 2015 2014 2013 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 13 16 7 Interest and penalties recognized in the consolidated balance sheets 86 86 69 Interest and penalties are reported as tax expense. The Group is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease of between zero and CHF 41 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 – 2011; Brazil – 2010; the UK – 2009; the US – 2006; and the Netherlands – 2005. |
Bank | |
Tax | 27 Tax Details of current and deferred taxes in 2015 2014 2013 Current and deferred taxes (CHF million) Switzerland (25) 56 (52) Foreign 462 624 564 Current income tax expense 437 680 512 Switzerland 166 (384) (15) Foreign (164) 1,003 673 Deferred income tax expense 2 619 658 Income tax expense 439 1,299 1,170 Income tax expense on discontinued operations 0 40 75 Income tax expense/(benefit) reported in shareholder's equity related to: Gains/(losses) on cash flow hedges (4) 4 1 Cumulative translation adjustment (14) (117) 44 Unrealized gains/(losses) on securities (3) 7 (8) Actuarial gains/(losses) 14 (27) 99 Net prior service cost (9) 9 0 Share-based compensation and treasury shares 28 68 1 Reconciliation of taxes computed at the Swiss statutory rate in 2015 2014 2013 Income/(loss) from continuing operations before taxes (CHF million) Switzerland 1,315 (179) 300 Foreign (4,253) 3,140 3,354 Income/(loss) from continuing operations before taxes (2,938) 2,961 3,654 Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% (646) 651 804 Increase/(decrease) in income taxes resulting from Foreign tax rate differential (731) 347 248 Non-deductible amortization of other intangible assets and goodwill impairment 1,432 6 25 Other non-deductible expenses 389 666 493 Additional taxable income 15 2 (5) Lower taxed income (272) (265) (374) (Income)/loss taxable to noncontrolling interests 7 (173) (297) Changes in tax law and rates 347 151 184 Changes in deferred tax valuation allowance (108) 1,071 381 Change in recognition of outside basis difference 262 (450) 0 Tax deductible impairments of Swiss subsidiary investments (258) (555) (268) Other 2 (152) (21) Income tax expense 439 1,299 1,170 2015 Foreign tax rate differential Non-deductible amortization of other intangible assets and goodwill impairment Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Change in recognition of outside basis difference Other 2014 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Change in recognition of outside basis difference Other 2013 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Other As of December 31, 2015, the Bank had accumulated undistributed earnings from foreign subsidiaries of CHF 4.0 billion. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. Deferred tax assets and liabilities end of 2015 2014 Deferred tax assets and liabilities (CHF million) Compensation and benefits 2,316 2,361 Loans 326 231 Investment securities 547 882 Provisions 1,718 1,658 Derivatives 117 119 Real estate 340 277 Net operating loss carry-forwards 5,831 6,232 Other 113 95 Gross deferred tax assets before valuation allowance 11,308 11,855 Less valuation allowance (3,898) (4,107) Gross deferred tax assets net of valuation allowance 7,410 7,748 Compensation and benefits (211) (164) Loans (31) (40) Investment securities (273) (611) Provisions (449) (447) Business combinations (1) (1) Derivatives (187) (168) Leasing (18) (23) Real estate (66) (62) Other (147) (201) Gross deferred tax liabilities (1,383) (1,717) Net deferred tax assets 6,027 6,031 of which deferred tax assets 6,068 6,064 of which net operating losses 1,753 1,816 of which deductible temporary differences 4,315 4,248 of which deferred tax liabilities (41) (33) The decrease in net deferred tax assets from 2014 to 2015 of CHF 4 million was primarily driven by a decrease of deferred tax assets of CHF 217 million as a result of changes to the corporation tax rates in New York, the UK and Japan, prior year adjustments of CHF 127 million, and foreign exchange translation losses of CHF 94 million, which are included within the currency translation adjustments recorded in accumulated other comprehensive income/(loss) (AOCI). These decreases were partially offset by the impact of CHF 207 million related to current year earnings, CHF 162 million from the re-measurement of deferred tax balances in Switzerland and Brazil and the release of valuation allowances in Hong Kong, and the tax impacts directly recorded in equity, mainly related to the net impact of share-based compensation, pension plan re-measurement and other tax recorded directly in equity of CHF 65 million. Due to uncertainty concerning its ability to generate the necessary amount and mix of taxable income in future periods, the Bank recorded a valuation allowance against deferred tax assets in the amount of CHF 3.9 billion as of December 31, 2015 compared to CHF 4.1 billion as of December 31, 2014. Amounts and expiration dates of net operating loss carry-forwards end of 2015 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 5,304 Due to expire within 2 to 5 years 7,662 Due to expire within 6 to 10 years 7,055 Due to expire within 11 to 20 years 2,981 Amount due to expire 23,002 Amount not due to expire 15,694 Total net operating loss carry-forwards 38,696 Movements in the valuation allowance in 2015 2014 2013 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,107 2,704 2,550 Net changes (209) 1,403 154 Balance at end of period 3,898 4,107 2,704 Tax benefits associated with share-based compensation in 2015 2014 2013 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 447 506 481 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital (28) (69) (24) Tax benefits in respect of tax on dividend equivalent payments 0 1 22 1 Calculated at the statutory tax rate before valuation allowance considerations. > Refer to “Note 28 – Employee deferred compensation” for further information on share-based compensation. Windfall deductions and dividend equivalents aggregating CHF 1.1 billion and CHF 1.1 billion for 2015 and 2014, respectively, did not result in a reduction of income taxes payable because certain entities were in a net operating loss position. When the income tax benefit of these deductions is realized, an estimated CHF 239 million tax benefit will be recorded in additional paid-in capital. Uncertain tax positions Reconciliation of the beginning and ending amount of gross unrecognized tax benefits in 2015 2014 2013 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 382 416 416 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 44 2 4 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (3) (47) (8) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 15 37 43 Decreases in unrecognized tax benefits relating to settlements with tax authorities 0 (10) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (22) (24) (5) Other (including foreign currency translation) (56) 8 (34) Balance at end of period 360 382 416 of which, if recognized, would affect the effective tax rate 360 382 410 Interest and penalties in 2015 2014 2013 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 13 21 6 Interest and penalties recognized in the consolidated balance sheets 85 85 64 Interest and penalties are reported as tax expense. The Bank is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease of between zero and CHF 41 million in unrecognized tax benefits within 12 months of the reporting date. The Bank remains open to examination from federal, state, provincial or similar local jurisdictions from the following years onward in these major countries: Japan – 2012; Switzerland – 2011; Brazil – 2010; the UK – 2009; the US – 2006; and the Netherlands – 2005. > Refer to “Note 28 – Tax” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Employee deferred compensation
Employee deferred compensation | 12 Months Ended |
Dec. 31, 2015 | |
Employee deferred compensation | 29 Employee deferred compensation Payment of deferred compensation to employees is determined by the nature of the business, role, location and performance of the employee. Unless there is a contractual obligation, granting deferred compensation is solely at the discretion of senior management. Special deferred compensation granted as part of a contractual obligation is typically used to compensate new senior employees in a single year for forfeited awards from previous employers upon joining the Group. It is the Group’s policy not to make multi-year guarantees. Compensation expense recognized in the consolidated statement of operations for share-based and other awards that were granted as deferred compensation is recognized in accordance with the specific terms and conditions of each respective award and is primarily recognized over the future requisite service and vesting period, which is determined by the plan, retirement eligibility of employees, two-year moratorium periods on early retirement and certain other terms. All deferred compensation plans are subject to non-compete and non-solicit provisions. Compensation expense for share-based and other awards that were granted as deferred compensation also includes the current estimated outcome of applicable performance criteria, estimated future forfeitures and mark-to-market adjustments for certain cash awards that are still outstanding. The following tables show the compensation expense for deferred compensation awards granted in 2015 and prior years that was recognized in the consolidated statements of operations during 2015, 2014 and 2013, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2015 and prior years outstanding as of December 31, 2015 and the remaining requisite service period over which the estimated unrecognized compensation expense will be recognized. The estimated unrecognized compensation expense was based on the >>>fair value of each award on the grant date and included the current estimated outcome of relevant performance criteria and estimated future forfeitures but no estimate for future mark-to-market adjustments. The recognition of compensation expense for the deferred compensation awards granted in January 2016 began in 2016 and thus had no impact on the 2015 consolidated financial statements. Deferred compensation expense in 2015 2014 2013 Deferred compensation expense (CHF million) Share awards 852 939 814 Performance share awards 563 611 590 Contingent Capital Awards 430 214 – Capital Opportunity Facility awards 16 13 – Plus Bond awards 1 22 36 37 2011 Partner Asset Facility awards 2 2 7 77 Adjustable Performance Plan share awards 3 0 0 31 Adjustable Performance Plan cash awards 3 0 0 4 Restricted Cash Awards 39 92 145 Scaled Incentive Share Units 3 0 (3) 41 Incentive Share Units 4 0 0 (3) 2008 Partner Asset Facility awards 5 34 87 93 Other cash awards 414 404 434 Discontinued operations 0 (8) (21) Total deferred compensation expense 2,372 2,392 2,242 Total shares delivered (million) Total shares delivered 44.4 37.1 33.7 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the CCA conversion. 3 Includes forfeitures and downward adjustments according to the plan terms and conditions. 4 Includes forfeitures. 5 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. Estimated unrecognized deferred compensation end of 2015 Estimated unrecognized compensation expense (CHF million) Share awards 573 Performance share awards 165 Contingent Capital Awards 230 Other cash awards 176 Total 1,144 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.3 Does not include the estimated unrecognized compensation expense relating to grants made in 2016 for 2015. Deferred compensation awards for 2015 In January 2016, the Group granted share awards, performance share awards and Contingent Capital Awards (CCA) as deferred compensation. Deferred compensation was awarded to employees with total compensation above CHF/USD 250,000 or the local currency equivalent. Share awards Share awards granted in January 2016 are similar to those granted in January 2015. Each share award granted entitles the holder of the award to receive one Group share, subject to service conditions. Share awards vest over three years, such that the share awards vest equally on each of the three anniversaries of the grant date. The value of the share awards is solely dependent on the Group share price at the time of delivery. The Group’s share awards include other awards, such as blocked shares and special awards, which may be granted to new employees. Other share awards entitle the holder to receive one Group share, are subject to continued employment with the Group, contain restrictive covenants and cancellation provisions and generally vest between zero and five years. On January 19, 2016, the Group granted 28.8 million share awards with a total value of CHF 549 million. The number of share awards granted to employees was determined by dividing the deferred component of variable compensation being granted as share awards by the average price of a Group share over the twelve business days ended January 18, 2016. The fair value of each share award was CHF 18.62, the Group share price on the grant date. While share awards granted between January 1, 2014 and December 31, 2015 did not include the right to receive dividend equivalents, share awards granted after January 1, 2016 include the right to receive dividend equivalents, upon vesting. The estimated unrecognized compensation expense of CHF 521 million was determined based on the fair value of the award on the grant date, includes the current estimate of future forfeitures and will be recognized over the three-year vesting period, subject to early retirement rules. Share awards granted in January for previous years For compensation year 2015 2014 2013 Share awards granted in January Shares awarded (million) 28.8 37.2 30.2 Value of shares awarded (CHF million) 549 642 827 Fair value of each share awarded (CHF) 18.62 1 16.94 2 28.13 2 1 Based on the Group’s share price on the grant date. 2 Based on the Group’s share price on the grant date discounted for future expected dividends. In order to comply with Capital Requirements Directive IV requirements, employees who hold key roles in respect of certain Group subsidiaries receive shares that are subject to transfer restrictions for 50% of the amount that would have been paid to them in cash. These shares are vested at the time of grant but remain blocked, that is, subject to transfer restrictions, for six months to three years from the date of grant, depending on the location. On January 19, 2016, the Group granted 0.6 million blocked shares with a total value of CHF 12 million that vested immediately upon grant, have no future service requirements and were attributed to services performed in 2015. Blocked share awards granted in January for previous years For compensation year 2015 2014 2013 Blocked share awards granted in January Shares awarded (million) 0.6 1.6 0.6 Value of shares awarded (CHF million) 12 36 18 Share award activities 2015 2014 2013 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 77.1 28.64 72.9 30.09 55.8 34.28 Granted 47.5 1 16.67 37.6 27.60 40.4 26.43 Settled (40.3) 29.00 (29.5) 30.43 (20.0) 34.09 Forfeited (4.0) 24.29 (3.9) 32.20 (3.3) 31.80 Balance at end of period 80.3 21.58 77.1 28.64 72.9 30.09 of which vested 4.7 – 6.2 – 5.8 – of which unvested 75.6 – 70.9 – 67.1 – 1 Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. Performance share awards Members of the Executive Board, managing directors and all >>>material risk takers and controllers (employees whose activities are considered to have a potentially material impact on the Group’s risk profile) received a portion of their deferred variable compensation in the form of performance share awards. Performance share awards are similar to share awards, except that the full balance of outstanding performance share awards, including those awarded in prior years, are subject to explicit performance-related malus provisions. Each performance share award granted entitles the holder of the award to receive one Group share. Performance share awards vest over three years, such that the performance share awards vest equally on each of the three anniversaries of the grant date. Performance share awards granted for 2015 are subject to a negative adjustment in the event of a divisional loss by the division in which the employees worked as of December 31, 2015, or a negative ROE of the Group, whichever results in a larger adjustment. For employees in corporate functions and the Strategic Resolution Unit, the negative adjustment only applies in the event of a negative ROE of the Group and is not linked to the performance of the divisions. The basis for the ROE calculation may vary from year to year, depending on the Compensation Committee’s determination for the year in which the performance shares are granted. Outstanding performance share awards granted in previous years are subject to a negative adjustment in the event of a negative strategic ROE of the Group, which is calculated based on Core Results, adjusted for the goodwill impairment charge related to the re-organization of the former Investment Banking division. On January 19, 2016, the Group granted 21.3 million performance share awards with a total value of CHF 429 million. The number of performance share awards granted to employees was determined by dividing the deferred component of variable compensation being granted as performance share awards by the average price of a Group share over the twelve business days ended January 18, 2016. The fair value of each performance share award was CHF 18.62, the Group share price on the grant date. While performance share awards granted between January 1, 2014 and December 31, 2015 did not include the right to receive dividend equivalents, performance share awards granted after January 1, 2016 include the right to receive dividend equivalents, upon vesting. The estimated unrecognized compensation expense of CHF 386 million was determined based on the fair value of the award on the grant date, includes the current estimated outcome of the relevant performance criteria and estimated future forfeitures and will be recognized over the three-year vesting period. Performance share awards granted in January for previous years For compensation year 2015 2014 2013 Performance share awards granted in January Shares awarded (million) 21.3 30.7 24.2 Value of shares awarded (CHF million) 429 529 663 Fair value of each performance share awarded (CHF) 18.62 1 16.94 2 28.13 2 1 Based on the Group’s share price on the grant date. 2 Based on the Group’s share price on the grant date discounted for future expected dividends. Performance share award activities 2015 2014 2013 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 48.2 26.89 41.4 25.51 23.3 23.90 Granted 32.5 1 16.11 24.3 28.13 26.6 26.44 Settled (23.4) 26.24 (16.0) 25.27 (7.6) 23.90 Forfeited (1.4) 21.75 (1.5) 26.28 (0.9) 24.92 Balance at end of period 55.9 21.01 48.2 26.89 41.4 25.51 of which vested 3.3 – 3.3 – 2.7 – of which unvested 52.6 – 44.9 – 38.7 – 1 Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted performance shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. Contingent Capital Awards CCA were granted in January 2016, 2015 and 2014 as part of 2015, 2014 and 2013 deferred variable compensation and have rights and risks similar to those of certain contingent capital instruments issued by the Group in the market. CCA provide a conditional right to receive semi-annual cash payments of interest equivalents at a rate of 4.23%, 4.85% and 4.75% per annum over the six-month Swiss franc >>>London Interbank Offered Rate (LIBOR) or 5.41%, 5.75% and 5.33% per annum over the six-month US dollar LIBOR, for Swiss franc and US-denominated awards for 2016, 2015 and 2014, respectively, until settled. The rate was set in line with market conditions at the time of grant and existing high-trigger and low-trigger contingent capital instruments that the Group has issued. For CCA granted in January 2016, employees who received compensation in Swiss francs received CCA denominated in Swiss francs and all other employees received CCA denominated in US dollars. CCA are scheduled to vest on the third anniversary of the grant date and will be expensed over three years from the grant date. However, because CCA qualify as going-concern loss-absorbing capital of the Group, the timing and form of distribution upon settlement is subject to approval by the >>>Swiss Financial Market Supervisory Authority FINMA (FINMA). At settlement, employees will receive either a contingent capital instrument or a cash payment based on the fair value of the CCA. The fair value will be determined by the Group. In the case of a cash settlement, the CCA award currency denomination will be converted into the local currency of each respective employee. The Group intends to grant CCA as one of its annual deferred variable compensation awards in future years. CCA have loss-absorbing features such that prior to settlement, the principal amount of the CCA would be written down to zero if any of the following trigger events were to occur: – – On January 19, 2016, the Group awarded CHF 226 million of CCA that will be expensed over the three-year period from the grant date. CCA were awarded as deferred variable compensation to managing directors and directors. The estimated unrecognized compensation expense of CHF 259 million was determined based on the fair value of the award on the grant date and includes the current estimated outcome of the relevant performance criteria, the estimated future forfeitures and the expected semi-annual cash payments of interest and will be recognized over the three-year vesting period. CCA granted in January for previous years For compensation year 2015 2014 2013 CCA granted in January CCA awarded (CHF million) 226 360 391 Plus Bond awards Managing directors and directors in the former Investment Banking division received a portion of 2012 deferred variable compensation in the form of Plus Bond awards. The Plus Bond award is essentially a fixed income instrument, denominated in US dollars, which provides a coupon payment that is commensurate with market-based pricing. Plus Bond award holders are entitled to receive semi-annual cash payments on their adjusted award amounts at the rate of LIBOR plus 7.875% per annum until settlement. The Plus Bond will settle in the summer of 2016 based on the amount of the initial award less portfolio losses, if any, in excess of a first loss portion retained by the Group of USD 600 million. The value of the Plus Bond awards is based on the performance of a portfolio of unrated and sub-investment-grade asset-backed securities (ABS) that are held in inventory by various trading desks. While the Plus Bond award is a cash-based instrument, the Group reserves the right to settle the award in Group shares based on the share price at the time of final distribution. In addition, subject to oversight procedures, the Group retains the right to prepay all or a portion of the Plus Bond award in cash at any time and, in the event of certain regulatory developments or changes in capital treatment, exchange the award into Group shares. The Plus Bond award plan contributes to a reduction of the Group’s >>>risk-weighted assets and constitutes a risk transfer from the Group to the Plus Bond award holders. Managing directors and directors outside of the former Investment Banking division were given the opportunity in early 2013 to voluntarily reallocate a portion of the share award component of their deferred awards into the Plus Bond award. The Plus Bond awards resulting from the voluntary reallocation offer had a notional value of CHF 38 million, vested on the third anniversary of the grant date on January 17, 2016 and were expensed over the vesting period. Restricted Cash Awards Managing directors and directors in the former Investment Banking division received the cash component of their 2012 variable compensation in the form of Restricted Cash Awards. These awards are cash payments made on the grant date, but are subject to a pro-rata repayment by the employee in the event of voluntary resignation or termination for cause within three years of the award grant. The Restricted Cash Award is reported as part of the deferred compensation award for the Group even though the award is fully settled at grant date. The expense recognition will occur over the three-year vesting period, subject to service conditions. On January 17, 2013, the Group granted Restricted Cash Awards with a total value of CHF 299 million. 2011 Partner Asset Facility As part of the 2011 annual compensation process, the Group awarded a portion of deferred variable compensation for senior employees in the form of 2011 Partner Asset Facility (PAF2) units. PAF2 units are essentially fixed income structured notes that are exposed to a portion of the credit risk that arises in the Group’s >>>derivative activities, including both current and possible future swaps and other derivative transactions. The value of the award (for both the interest accrual and the final redemption) will be reduced if the amount of realized credit losses from a specific reference portfolio exceeds a pre-defined threshold. The Group will bear the first USD 500 million of such losses and the PAF2 holders will bear any losses in excess of USD 500 million, up to the full amount of the deferred compensation awarded. As a result, the PAF2 plan is a transfer of risk from the Group to employees. Employees at the managing director and director levels, including certain members of the Executive Board, received PAF2 awards. The PAF2 awards vested in the first quarter of 2012. PAF2 awards were linked to a portfolio of the Group’s credit exposures, providing risk offset and capital relief. Due to regulatory changes, this capital relief would no longer be available. As a result, the Group restructured the awards in March 2014, requiring PAF2 holders to reallocate the exposure of their awards from the pool of counterparty credit risks in the original PAF2 structure to one of the following options, or a combination thereof: i) Capital Opportunity Facility (COF): participants elect for their award to be referenced to a COF. The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021; and ii) CCA: participants elect to receive CCA, with similar terms to the instruments granted as part of the 2013 compensation awards. The principal differences between the two forms of CCA are that these CCA are expected to settle approximately one year earlier and provide semi-annual cash payments of interest equivalents at slightly lower rates. Settlement is expected to occur in the first half of 2016, subject to regulatory approvals. In March 2014, 5,084 employees converted their PAF2 holdings of CHF 684 million into CCA (CHF 516 million) and COF (CHF 168 million). Adjustable Performance Plan awards The Adjustable Performance Plan is a deferred compensation plan for the Executive Board, managing directors and directors. The Group introduced and granted Adjustable Performance Plan cash awards as part of deferred compensation for 2009 (2009 Adjustable Performance Plan) and 2010 (2010 Adjustable Performance Plan). The 2009 Adjustable Performance Plan cash awards were fully vested and expensed as of December 31, 2012 and were delivered in the first half of 2013. The 2010 Adjustable Performance Plan cash awards vested over a four-year period, with the final payout value subject to an upward or downward adjustment, depending on the financial performance of the specific business areas and the Group ROE. The adjustments were determined on an annual basis, increasing or decreasing the outstanding balances by a percentage equal to the reported ROE, unless the division that granted the awards incurred a pre-tax loss. In this case, outstanding awards in that division were subject to a negative adjustment of 15% for every CHF 1 billion of loss, unless a negative ROE applied for that year and was greater than the divisional adjustment. For employees in corporate functions, as well as for all Executive Board members, all outstanding 2010 Adjustable Performance Plan cash awards were linked to the Group’s adjusted profit or loss and the Group ROE, but were not dependent upon the adjusted profit or loss of the business areas that they supported. In July 2012, the Group executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective unvested Adjustable Performance Plan cash awards into Adjustable Performance Plan share awards. Each Adjustable Performance Plan share award contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original Adjustable Performance Plan cash award. Adjustable Performance Plan share award activities 2015 2014 2013 Number of Number of Number of Adjustable Performance Plan share awards Balance at beginning of period 7.3 14.5 30.8 Granted 1 0.3 0.8 1.2 Settled (7.6) (7.6) (17.2) Forfeited 0.0 (0.4) (0.3) Balance at end of period 0.0 7.3 14.5 of which vested 0.0 1.1 1.2 of which unvested 0.0 6.2 13.3 1 Represents additional units earned in the first quarter of 2015, 2014 and 2013 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. Incentive Share Unit Incentive Share Units (ISU) were the main form of share-based deferred compensation for all employees from 2006 to 2009. For 2009, ISUs were used for the deferred compensation awards granted to employees up to and including vice presidents. An ISU is similar to a share, but offers additional upside depending on the development of the Group share price, compared to predefined targets set on the grant date. For each ISU granted, the employee will receive at least one Group share (ISU base unit) over a three-year vesting period and could receive additional shares (ISU leverage unit) at the end of the three-year vesting period. In 2013, the ISU leverage units granted for 2009 were settled but did not have a value at settlement as the Group share price performance was below the minimum predefined target of CHF 53.71. Incentive Share Unit activities 2015 2014 2013 ISU awards (million) Balance at beginning of period 0.6 1.2 3.6 Settled (0.2) (0.1) (1.8) Forfeited (0.2) (0.5) (0.6) Balance at end of period 0.2 0.6 1.2 of which vested 0.1 0.1 0.1 of which unvested 0.1 0.5 1.1 2008 Partner Asset Facility As part of the 2008 annual compensation process, the Group granted employees in the former Investment Banking division with the corporate title of managing director or director the majority of the deferred compensation in the form of 2008 Partner Asset Facility (PAF) awards, denominated in US dollars. The PAF awards are indexed to, and represent a first-loss interest in, a specified pool of illiquid assets (Asset Pool) that originated in the former Investment Banking division. The notional value of the Asset Pool was based on the fair market value of the assets within the Asset Pool on December 31, 2008, and those assets will remain static throughout the contractual term of the award or until liquidated. The PAF holders will participate in the potential gains on the Asset Pool if the assets within the pool are liquidated at prices above the initial fair market value. If the assets within the Asset Pool are liquidated at prices below the initial fair market value, the PAF holders will bear the first loss on the Asset Pool. As a result, a significant portion of risk positions associated with the Asset Pool has been transferred to the employees and removed from the Group’s risk-weighted assets, resulting in a reduction in capital usage. The PAF awards, which have a contractual term of eight years, are fully vested. Each PAF holder will receive a semi-annual cash interest payment of LIBOR plus 250 basis points applied to the notional value of the PAF award granted throughout the contractual term of the award. Beginning in the fifth year after the grant date, the PAF holders will receive an annual cash payment equal to 20% of the notional value of the PAF awards if the fair market value of the Asset Pool in that year has not declined below the initial fair market value of the Asset Pool. In the final year of the contractual term, the PAF holders will receive a final settlement in cash equal to the notional value, less all previous cash payments made to the PAF holder, plus any related gains or less any related losses on the liquidation of the Asset Pool. Other cash awards Other cash awards consist of voluntary deferred compensation plans, systematic market making plans and employee investment plans. The compensation expense related to these awards was primarily driven by mark to market and performance adjustments, as the majority of the awards are fully vested. Delivered shares In the first half of 2013, share obligations were covered mainly through the issuances of shares from conditional capital. In the second half of 2013, the Group resumed purchasing shares in the market to cover a portion of its share delivery obligations. In 2014, the majority of the Group’s share delivery obligations was covered through market purchases and in 2015, the Group delivered all of its shares through market purchases. The Group intends to continue to cover its future share delivery obligations through market purchases. |
Bank | |
Employee deferred compensation | 28 Employee deferred compensation Deferred compensation for employees > Refer to “Note 29 – Employee deferred compensation” in V – Consolidated financial statements – Credit Suisse Group for further information. The following tables show the compensation expense for deferred compensation awards granted in 2015 and prior years that was recognized in the consolidated statements of operations during 2015, 2014 and 2013, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2015 and prior years outstanding as of December 31, 2015 and the remaining requisite service period over which the estimated unrecognized compensation expense will be recognized. The recognition of compensation expenses for the deferred compensation awards granted in January 2016 began in 2016 and thus had no impact on the 2015 consolidated financial statements. Deferred compensation expense in 2015 2014 2013 Deferred compensation expense (CHF million) Share awards 849 935 806 Performance share awards 562 610 580 Contingent Capital Awards 429 213 – Capital Opportunity Facility awards 16 13 – Plus Bond awards 1 22 36 37 2011 Partner Asset Facility awards 2 2 7 77 Adjustable Performance Plan share awards 3 0 0 30 Adjustable Performance Plan cash awards 3 0 0 4 Restricted Cash Awards 39 92 145 Scaled Incentive Share Units 3 0 (3) 38 Incentive Share Units 4 0 0 (3) 2008 Partner Asset Facility awards 5 34 87 93 Other cash awards 398 394 430 Discontinued operations 0 (8) (21) Total deferred compensation expense 2,351 2,376 2,216 Total shares delivered (million) Total shares delivered 43.8 36.5 32.6 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year vesting period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the CCA conversion. 3 Including forfeitures and downward adjustments according to the plan terms and conditions. 4 Includes forfeitures. 5 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. Estimated unrecognized deferred compensation end of 2015 Estimated unrecognized compensation expense (CHF million) Share awards 569 Performance share awards 164 Contingent Capital Awards 230 Other cash awards 155 Total 1,118 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.2 Does not include the estimated unrecognized compensation expense relating to grants made in 2016 for 2015. Share awards On January 19, 2016, the Bank granted 28.7 million share awards with a total value of CHF 547 million. The estimated unrecognized compensation expense of CHF 518 million was determined based on the >>>fair value of the award on the grant date, includes the current estimate of future forfeitures and will be recognized over the three-year vesting period, subject to early retirement rules. Share awards granted in January for previous years For compensation year 2015 2014 2013 Share awards granted in January Shares awarded (million) 28.7 36.9 30.1 Value of shares awarded (CHF million) 547 636 824 On January 19, 2016, the Bank granted 0.6 million blocked shares with a total value of CHF 12 million that vested immediately upon grant, have no future service requirements and were attributed to services performed in 2015. Blocked share awards granted in January for previous years For compensation year 2015 2014 2013 Blocked share awards granted in January Shares awarded (million) 0.6 1.5 0.5 Value of shares awarded (CHF million) 12 35 15 Share award activities 2015 2014 2013 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 76.5 28.63 72.2 30.07 55.1 34.27 Granted 46.1 1 16.49 37.3 27.60 40.0 26.43 Settled (39.8) 29.02 (29.1) 30.41 (19.6) 34.12 Forfeited (3.9) 24.03 (3.9) 32.24 (3.3) 32.04 Balance at end of period 78.9 21.56 76.5 28.63 72.2 30.07 of which vested 4.7 – 6.1 – 5.8 – of which unvested 74.2 – 70.4 – 66.4 – 1 Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. Performance share awards On January 19, 2016, the Bank granted 21.2 million performance share awards with a total value of CHF 427 million. The estimated unrecognized compensation expense of CHF 384 million was determined based on the fair value of the award at the grant date, includes the current estimated outcome of the relevant performance criteria and estimated future forfeitures and will be recognized over the three-year vesting period. Performance share awards granted in January for previous years For compensation year 2015 2014 2013 Performance share awards granted in January Shares awarded (million) 21.2 30.3 23.9 Value of shares awarded (CHF million) 427 523 654 Performance share award activities 2015 2014 2013 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 47.5 26.89 40.7 25.51 22.9 23.90 Granted 32.1 1 16.11 24.0 28.13 26.2 26.44 Settled (23.0) 26.25 (15.8) 25.27 (7.5) 23.90 Forfeited (1.3) 21.78 (1.4) 26.28 (0.9) 24.92 Balance at end of period 55.3 21.01 47.5 26.89 40.7 25.51 of which vested 3.3 – 3.2 2.7 – of which unvested 52.0 – 44.3 38.0 – 1 Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted performance shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. Contingent Capital Awards On January 19, 2016, the Bank awarded CHF 217 million of Contingent Capital Awards (CCA) that will be expensed over the three-year period from the grant date. The estimated unrecognized compensation expense of CHF 249 million was determined based on the fair value of the award on the grant date, includes the current estimated outcome of the relevant performance criteria, estimated future forfeitures and the expected semi-annual cash payments of interest and will be recognized over the three-year vesting period. CCA granted in January for previous years For compensation year 2015 2014 2013 CCA granted in January CCA awarded (CHF million) 217 355 391 Adjustable Performance Plan awards Adjustable Performance Plan share award activities Number of APP share 2015 2014 2013 Adjustable Performance Plan share awards Balance at beginning of period 7.1 14.0 29.7 Granted 1 0.3 0.8 1.1 Settled (7.4) (7.3) (16.5) Forfeited 0.0 (0.4) (0.3) Balance at end of period 0.0 7.1 14.0 of which vested 0.0 1.1 1.2 of which unvested 0.0 6.0 12.8 1 Represents additional units earned in the first quarter of 2015, 2014 and 2013 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. Incentive Share Unit Incentive Share Unit activities 2015 2014 2013 ISU awards (million) Balance at beginning of period 0.6 1.2 3.6 Settled (0.2) (0.1) (1.8) Forfeited (0.2) (0.5) (0.6) Balance at end of period 0.2 0.6 1.2 of which vested 0.1 0.1 0.1 of which unvested 0.1 0.5 1.1 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2015 | |
Related parties | 30 Related parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or if another party controls both. The Group’s related parties include key management personnel, close family members of key management personnel and entities that are controlled, significantly influenced by, or for which significant voting power is held by key management personnel or their close family members. Key management personnel are those individuals having authority and responsibility for planning, directing and controlling the activities of the Group, that is, members of the Executive Board and the Board of Directors. Banking relationships The Group is a global financial services provider. Many of the members of the Executive Board and the Board of Directors or companies associated with them maintain banking relationships with the Group. The Group or any of its banking subsidiaries may from time to time enter into financing and other banking agreements with companies in which current members of the Executive Board or the Board of Directors have a significant influence as defined by the SEC, such as holding executive and/or board level roles in these companies. With the exception of the transactions described below, relationships with members of the Executive Board or the Board of Directors and such companies are in the ordinary course of business and are entered into on an arm’s length basis. Also, unless otherwise noted, all loans to members of the Executive Board, members of the Board of Directors or companies associated with them were made in the ordinary course of business, were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and did not involve more than the normal risk of collectability or present other unfavorable features. As of December 31, 2015, 2014 and 2013, there were no loan exposures to such related parties that were not made in the ordinary course of business and at prevailing market conditions. Related party loans Executive Board and Board of Directors loans The majority of loans outstanding to members of the Executive Board and the Board of Directors are mortgages or loans against securities. All mortgage loans to members of the Executive Board are granted either with variable or fixed interest rates over a certain period. Typically, mortgages are granted for periods of up to ten years. Interest rates applied are based on refinancing costs plus a margin, and interest rates and other terms are consistent with those applicable to other employees. Loans against securities are granted at interest rates and on terms applicable to such loans granted to other employees. The same credit approval and risk assessment procedures apply to members of the Executive Board as for other employees. Unless otherwise noted, all loans to members of the Executive Board were made in the ordinary course of business and substantially on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and in consideration of the terms which apply to all Group employees. These loans did not involve more than the normal risk of collectability or present other unfavorable features. The highest loan outstanding to an Executive Board member was CHF 8 million to Thomas Gottstein as of December 31, 2015. Members of the Board of Directors with loans do not benefit from employee conditions, but are subject to conditions applied to clients with a comparable credit standing. Members of the Board of Directors who were previously employees of the Group may still have outstanding loans that were provided at the time that employee conditions applied to them. Unless otherwise noted, all loans to members of the Board of Directors are made in the ordinary course of business and substantially on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons. Such loans do not involve more than the normal risk of collectability or present other unfavorable features. Executive Board and Board of Directors loans in 2015 2014 2013 Loans to members of the Executive Board (CHF million) Balance at beginning of period 5 1 10 8 Additions 21 3 4 Reductions 0 (8) (2) Balance at end of period 26 1 5 10 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 16 2 55 41 Additions 1 6 16 Reductions (9) (45) (2) Balance at end of period 8 2 16 55 1 The number of individuals with outstanding loans at the beginning and the end of the year was three and seven, respectively. 2 The number of individuals with outstanding loans at the beginning and the end of the year was three. Equity method investees loans The Group or its subsidiaries grant loans to equity method investees in the normal course of business. > Refer to “Note 40 – Significant subsidiaries and equity method investments” in V – Consolidated financial statements – Credit Suisse Group for a list of equity method investments. Loans made by the Group or any subsidiaries to equity method investees in 2015 2014 2013 Loans to equity method investees (CHF million) Balance at beginning of period 13 10 12 Net borrowings/(repayments) 122 3 (2) Balance at end of period 135 13 10 Other related party transactions Tier 1 capital instruments Beginning in February 2011, the Group entered into agreements with entities affiliated with Qatar Investment Authority (QIA) and The Olayan Group, each of which has significant holdings of Group shares and other Group financial products. The agreements were amended in 2012 and 2013 and, as a result, QIA and The Olayan Group agreed to purchase new tier 1 high-trigger capital instruments (new Tier 1 Capital Notes) in exchange for their holdings of previously issued notes. The following new Tier 1 Capital Notes were outstanding as of December 31, 2015: – – – Under their terms, the new Tier 1 Capital Notes will be converted into Group ordinary shares if the Group’s reported CET1 ratio, as determined under >>>Basel Committee on Banking Supervision (BCBS) regulations as of the end of any calendar quarter, falls below 7% (or any lower applicable minimum threshold), unless >>>FINMA, at the Group’s request, has agreed on or prior to the publication of the Group’s quarterly results that actions, circumstances or events have restored, or will imminently restore, the ratio to above the applicable threshold. The new Tier 1 Capital Notes will also be converted if FINMA determines that conversion is necessary, or that the Group requires public sector capital support, to prevent the Group from becoming insolvent, bankrupt or unable to pay a material amount of the Group’s debts, or other similar circumstances. In addition, conversion of the new Tier 1 Capital Notes issued to the entities affiliated with The Olayan Group will be triggered if, in the event of a request by FINMA for an interim report prior to the end of any calendar quarter, the Group’s reported CET1 ratio, as of the end of any such interim period, falls below 5%. The conversion price will be the higher of a given floor price per share (subject to customary adjustments) or the daily volume weighted average sales price of the Group’s ordinary shares over a five-day period preceding the notice of conversion. The new Tier 1 Capital Notes are deeply subordinated, perpetual and callable by the Group no earlier than 2018 and in certain other circumstances with FINMA approval. Interest, which is payable on the USD 1.725 billion and the USD 1.72 billion new Tier 1 Capital Notes at a fixed rate of 9.5% and on the CHF 2.5 billion new Tier 1 Capital Notes at a fixed rate of 9.0%, will reset after the first call date. Interest payments will generally be discretionary (unless triggered), subject to suspension in certain circumstances and non-cumulative. At the time of the original transaction, the Group determined that this was a material transaction and deemed QIA and The Olayan Group to be related parties of the Group’s current Board of Directors member Jassim Bin Hamad J.J. Al Thani and the Group’s then Board of Directors member Aziz R.D. Syriani, respectively, for purposes of evaluating the terms and corporate governance of the original transaction. At that time, the Board of Directors (except for Mr. Bin Hamad J.J. Al Thani and Mr. Syriani, who abstained from participating in the determination process) determined that the terms of the original transaction, given its size, the nature of the contingent capital instrument, for which there was no established market, and the terms of the notes issued and held by QIA and The Olayan Group, were fair. As of April 26, 2013, Mr. Syriani retired from the Board and no other person affiliated with The Olayan Group has been elected as a member of the Board of Directors. Liabilities due to own pension funds Liabilities due to the Group’s own defined benefit pension funds as of December 31, 2015 and 2014 of CHF 1,580 million and CHF 3,131 million, respectively, were reflected in various liability accounts in the Group’s consolidated balance sheets. Certain unconsolidated SPEs wholly owned by the Group had liabilities to the pension funds of the Group with notional values of CHF 80 million as of December 31, 2015 and 2014. |
Bank | |
Related parties | 29 Related parties The Group owns all of the Bank’s outstanding voting registered shares. The Bank is involved in significant financing and other transactions with subsidiaries and affiliates of the Group. The Bank generally enters into these transactions in the ordinary course of business and believes that these transactions are generally on market terms that could be obtained from unrelated third parties. > Refer to “Note 30 – Related parties” in V – Consolidated financial statements – Credit Suisse Group for further information. Related party assets and liabilities end of 2015 2014 Assets (CHF million) Cash and due from banks 1,345 2 Interest-bearing deposits with banks 4,091 2,862 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 387 0 Trading assets 143 220 Net loans 5,154 6,453 Other assets 89 27 Total assets 11,209 9,564 Liabilities (CHF million) Due to banks/customer deposits 1,838 1,916 Trading liabilities 87 15 Long-term debt 4,092 4,042 Other liabilities 232 224 Total liabilities 6,249 6,197 Related party revenues and expenses in 2015 2014 2013 Revenues (CHF million) Interest and dividend income 5 70 45 Interest expense (269) (223) (55) Net interest income (264) (153) (10) Commissions and fees 4 (11) (21) Other revenues 169 178 172 Net revenues (91) 14 141 Expenses (CHF million) Total operating expenses 193 165 288 Related party guarantees end of 2015 2014 Guarantees (CHF million) Credit guarantees and similar instruments 0 1 Performance guarantees and similar instruments 0 1 Other guarantees 65 0 Total guarantees 65 2 Executive Board and Board of Directors loans 2015 2014 2013 Loans to members of the Executive Board (CHF million) Balance at beginning of period 5 1 10 8 Additions 21 3 4 Reductions 0 (8) (2) Balance at end of period 26 1 5 10 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 16 2 55 41 Additions 1 6 16 Reductions (9) (45) (2) Balance at end of period 8 2 16 55 1 The number of individuals with outstanding loans at the beginning and the end of the year was two and six, respectively. 2 The number of individuals with outstanding loans at the beginning and the end of the year was three. Liabilities due to own pension funds Liabilities due to the Bank’s own defined benefit pension funds as of December 31, 2015 and 2014 of CHF 1,580 million and CHF 3,131 million, respectively, were reflected in various liability accounts in the Bank’s consolidated balance sheets. |
Pension and other post-retireme
Pension and other post-retirement benefits | 12 Months Ended |
Dec. 31, 2015 | |
Pension and other post-retirement benefits | 31 Pension and other post-retirement benefits The Group sponsors defined contribution pension plans, defined benefit pension plans and other post-retirement defined benefit plans such as post-retirement health care. Defined contribution pension plans Defined contribution plans provide each participant with an individual account. The benefits to be provided to a participant are solely based on the contributions made to that employee’s account and are affected by income, expenses and gains and losses allocated to the account. As such, there are no stipulations of a defined annuity benefit at retirement and the participants bear the full actuarial as well as investment risk. The Group contributes to various defined contribution pension plans primarily in the US and the UK as well as other countries throughout the world. During 2015, 2014 and 2013, the Group contributed to these plans and recognized as expense CHF 157 million, CHF 182 million and CHF 179 million, respectively. Defined benefit pension and other Post-Retirement benefit plans Defined benefit pension plans Defined benefit pension plans are pension plans that define specific benefits for an employee upon that employee’s retirement. These benefits are usually determined by taking into account the employee’s salary, years of service and age of retirement. Retirees bear neither the actuarial risk (for example, the risk that the retirees of the plan live longer than expected), nor the investment risk (that is, that plan assets invested and associated returns will be insufficient to meet the expected benefits due to low or negative returns on contributions). The Group’s funding policy for these plans is in accordance with local laws and tax requirements. Swiss pension plan The Group’s most significant defined benefit pension plan is located and covers its employees in Switzerland and is set up as a trust domiciled in Zurich. The plan provides benefits in the event of retirement, death and disability and meets or exceeds the minimum benefits required under Swiss law. Historically, this plan provided traditional defined benefit pensions under the annuity section. In 2010, a new savings section was introduced and as of January 1, 2013, all active employees were transferred to the savings section and the annuity section has ceased accruing new benefits. In the savings section, the benefits are determined on the basis of the accumulated employer and employee contributions and accumulated interest credited. Although the plan is largely defined contribution in nature, it is treated as a defined benefit plan under US GAAP, mainly due to a guaranteed minimum return on contributions and guaranteed payment of lifetime pensions. As of December 31, 2015 and 2014, the Group’s pension plan in Switzerland comprised 75% and 77%, respectively, of all the Group’s employees participating in defined benefit plans, 81% and 80%, respectively, of the >>>fair value of plan assets, and 82% and 81%, respectively, of the pension benefit obligation of the Group’s defined benefit plans. Employee contributions in the savings section depend on their age and are determined as a percentage of the pensionable salary. The employees can select between three different levels of contributions which vary between 5% and 14% depending on their age. The Group’s contribution varies between 7.5% and 25% of the pensionable salary depending on the employee’s age. International pension plans Various defined benefit pension plans cover the Group’s employees outside Switzerland. These plans provide benefits in the event of retirement, death, disability or termination of employment. Retirement benefits under the plans depend on age, contributions and salary. The Group’s principal defined benefit pension plans outside Switzerland are located in the US and in the UK. Both plans are funded, closed to new participants and have ceased accruing new benefits. Smaller defined benefit pension plans, both funded and unfunded, are operated in other locations. Other post-retirement defined benefit plans In the US, the Group’s defined benefit plans provide post-retirement benefits other than pension benefits that primarily focus on health and welfare benefits for certain retired employees. In exchange for the current services provided by the employee, the Group promises to provide health and welfare benefits after the employee retires. The Group’s obligation for that compensation is incurred as employees render the services necessary to earn their post-retirement benefits. Benefit costs of defined benefit plans The net periodic benefit costs for defined benefit pension and other post-retirement defined benefit plans are the costs of the respective plan for a period during which an employee renders services. The actual amount to be recognized is determined using the standard actuarial methodology which considers, among other factors, current service cost, interest cost, expected return on plan assets and the amortization of both prior service cost/(credit) and actuarial losses/(gains) recognized in AOCI. Components of total benefit costs Defined benefit Other post-retirement Switzerland International International in 2015 2014 2013 2015 2014 2013 2015 2014 2013 Total benefit costs (CHF million) Service costs on benefit obligation 298 253 347 21 19 24 0 0 0 Interest costs on benefit obligation 189 338 304 129 134 122 7 7 8 Expected return on plan assets (592) (547) (575) (195) (178) (161) 0 0 0 Amortization of recognized prior service cost/(credit) (85) (88) (92) 0 0 0 (23) (9) 0 Amortization of recognized actuarial losses/(gains) 351 137 258 84 52 79 14 9 13 Net periodic benefit costs/(credits) 161 93 242 39 27 64 (2) 7 21 Settlement losses/(gains) 24 44 40 (1) (2) 0 0 0 0 Curtailment losses/(gains) (2) (9) (28) 0 0 0 0 0 0 Special termination benefits 9 17 19 0 0 0 0 0 0 Total benefit costs/(credits) 192 145 273 38 25 64 (2) 7 21 Total benefit costs reflected in compensation and benefits – other for 2015, 2014 and 2013 were CHF 228 million, CHF 177 million and CHF 358 million, respectively. Since the second quarter of 2011, as part of its strategic plan, the Group has launched a number of cost efficiency measures including headcount reduction. This resulted in curtailment gains of CHF 2 million, CHF 9 million and CHF 28 million in 2015, 2014 and 2013, respectively, reflecting the immediate recognition of a credit relating to the years of service no longer expected to be rendered. Additional costs of CHF 24 million, CHF 44 million and CHF 40 million in 2015, 2014 and 2013, respectively, related to the settlement of the pension obligation for employees in Switzerland whose employment has effectively been terminated or who have left the Group due to a sale of their business. Special termination benefit costs of CHF 9 million, CHF 17 million and CHF 19 million have been recognized in 2015, 2014 and 2013, respectively, relating to early retirements in Switzerland in the context of the cost efficiency measures. Benefit obligation The benefit obligation is expressed as either accumulated benefit obligation (ABO) or PBO. While the ABO refers to the actuarial present value based on employee services rendered prior to that date and takes into account current and past compensation levels, the PBO also applies an assumption as to future compensation levels. The table “Obligations and funded status of the plans” shows the changes in the PBO, the fair value of plan assets and the amounts recognized in the consolidated balance sheets for the defined benefit pension and other post-retirement defined benefit plans as well as the ABO for the defined benefit pension plans. US GAAP requires an employer to recognize the funded status of the defined benefit pension and other post-retirement defined benefit plans on the balance sheet. The funded status of these plans is determined as the difference between the fair value of plan assets and the PBO. The funded status may vary from year to year due to changes in the fair value of plan assets and variations of the PBO following changes in the underlying assumptions and census data used to determine the PBO. In 2015 and 2014, the curtailments, settlements and special termination benefits in Switzerland, which impacted the PBO, related to the headcount reduction in the context of the cost efficiency measures. In 2015, the Board of Trustees of the Swiss pension plan changed a number of retirement benefits, reflecting the pension plan’s ability to finance benefits on an ongoing long-term basis. These changes reflect the prospective higher costs of providing retirement benefits due to lower expected asset returns, lower interest rates and increased life expectancy. These considerations have resulted in incremental reductions of conversion rates, the introduction of the reference age 65 for all insured persons, changes to the bridging pension related to the Swiss Old-Age and Survivors Insurance, enhanced lump-sum withdrawal options on retirement and the reduction of the maximum retirement pension. Furthermore, the Board of Trustees also agreed to improve death and disability benefits and to introduce a cohabiting partner’s pension. These changes resulted in a CHF 302 million reduction in the projected benefit obligation for the Swiss pension plan in December 2015. Due to a plan amendment in the US post-retirement medical plan, the PBO of this plan decreased CHF 32 million in 2014. Under the amended plan, the Group will no longer pay for future medical claims for covered retirees older than 65 years and will instead provide a flat subsidy to these retirees to purchase their own medical insurance. The total net amount recognized in the consolidated balance sheets as of December 31, 2015 and 2014 was a net underfunding of CHF 320 million and a net overfunding of CHF 133 million, respectively. In 2016, the Group expects to contribute CHF 396 million to the Swiss and international defined benefit pension plans and CHF 11 million to other post-retirement defined benefit plans. Obligations and funded status of the plans Defined benefit Other post-retirement Switzerland International International in / end of 2015 2014 2015 2014 2015 2014 PBO (CHF million) 1 Beginning of the measurement period 15,661 13,473 3,539 2,843 178 168 Plan participant contributions 198 200 0 0 0 0 Service cost 298 253 21 19 0 0 Interest cost 189 338 129 134 7 7 Plan amendments (302) 0 0 0 0 (32) Settlements (77) (169) 0 (4) 0 0 Curtailments (9) (16) 0 0 0 0 Special termination benefits 9 17 2 1 0 0 Actuarial losses/(gains) 818 2,280 (97) 463 4 25 Benefit payments (697) (715) (113) (109) (10) (8) Exchange rate losses/(gains) 0 0 (115) 192 1 18 End of the measurement period 16,088 15,661 3,366 3,539 180 178 Fair value of plan assets (CHF million) Beginning of the measurement period 15,635 14,912 3,876 3,007 0 0 Actual return on plan assets 134 970 62 637 0 0 Employer contributions 409 437 19 135 10 8 Plan participant contributions 198 200 0 0 0 0 Settlements (77) (169) 0 (2) 0 0 Benefit payments (697) (715) (113) (109) (10) (8) Exchange rate gains/(losses) 0 0 (132) 208 0 0 End of the measurement period 15,602 15,635 3,712 3,876 0 0 Funded status recognized (CHF million) Funded status of the plan – overfunded/(underfunded) (486) (26) 346 337 (180) (178) Funded status recognized in the consolidated balance sheet as of December 31 (486) (26) 346 337 (180) (178) Total amount recognized (CHF million) Noncurrent assets 0 0 825 822 0 0 Current liabilities 0 0 (9) (8) (11) (10) Noncurrent liabilities (486) (26) (470) (477) (169) (168) Total amount recognized in the consolidated balance sheet as of December 31 (486) (26) 346 337 (180) (178) ABO (CHF million) 2 End of the measurement period 15,160 15,110 3,315 3,469 180 178 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. PBO or ABO in excess of plan assets The following table shows the aggregate PBO and ABO, as well as the aggregate fair value of plan assets for those plans with PBO in excess of plan assets and those plans with ABO in excess of plan assets as of December 31, 2015 and 2014, respectively. Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value of plan assets 1 ABO exceeds fair value of plan assets 1 Switzerland International Switzerland International December 31 2015 2014 2015 2014 2015 2014 2015 2014 CHF million PBO 16,088 15,661 1,630 1,671 0 0 1,613 1,655 ABO 15,160 15,110 1,600 1,637 0 0 1,589 1,627 Fair value of plan assets 15,602 15,635 1,152 1,187 0 0 1,137 1,173 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. Amount recognized in AOCI and other comprehensive income The following table shows the actuarial gains/(losses) and prior service credit/(cost) which were recorded in AOCI and subsequently recognized as components of net periodic benefit costs. Amounts recognized in AOCI, net of tax Defined benefit Other post-retirement end of 2015 2014 2015 2014 2015 2014 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (4,629) (3,960) (43) (50) (4,672) (4,010) Prior service credit/(cost) 604 435 3 17 607 452 Total (4,025) (3,525) (40) (33) (4,065) (3,558) The following tables show the changes in other comprehensive income due to actuarial gains/(losses) and prior service credit/(cost) recognized in AOCI during 2015 and 2014, and the amortization of the aforementioned items as components of net periodic benefit costs for these periods, as well as the amounts expected to be amortized in 2016. Amounts recognized in other comprehensive income Defined benefit Other post-retirement in Gross Tax Net Gross Tax Net Total net 2015 (CHF million) Actuarial gains/(losses) (1,312) 276 (1,036) (4) 2 (2) (1,038) Prior service credit/(cost) 302 (64) 238 0 0 0 238 Amortization of actuarial losses/(gains) 435 (93) 342 14 (5) 9 351 Amortization of prior service cost/(credit) (85) 18 (67) (23) 9 (14) (81) Immediate recognition due to curtailment/settlement 30 (6) 24 0 0 0 24 Total (630) 131 (499) (13) 6 (7) (506) 2014 (CHF million) Actuarial gains/(losses) (1,861) 424 (1,437) (25) 9 (16) (1,453) Prior service credit/(cost) 0 0 0 32 (12) 20 20 Amortization of actuarial losses/(gains) 189 (43) 146 9 (3) 6 152 Amortization of prior service cost/(credit) (88) 18 (70) (9) 3 (6) (76) Immediate recognition due to curtailment/settlement 51 (10) 41 0 0 0 41 Total (1,709) 389 (1,320) 7 (3) 4 (1,316) Amounts in AOCI, net of tax, expected to be amortized in 2016 Defined benefit Other post-retirement CHF million Amortization of actuarial losses/(gains) 322 6 Amortization of prior service cost/(credit) (91) 0 Total 231 6 Assumptions The measurement of both the net periodic benefit costs and the benefit obligation is determined using explicit assumptions, each of which individually represents the best estimate of a particular future event. Where applicable, they are in line with the expected market averages and benchmarks, the expected trend in the market and historical rates, particularly plan experience. Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation Defined benefit Other post-retirement Switzerland International International December 31 2015 2014 2013 2015 2014 2013 2015 2014 2013 Net periodic benefit cost (%) Discount rate 1.25 2.60 2.20 3.82 4.71 4.47 4.20 5.10 4.30 Salary increases 1.00 1.20 1.20 4.19 4.31 4.02 – – – Expected long-term rate of return on plan assets 4.00 3.75 4.00 6.00 6.16 6.18 – – – Benefit obligation (%) Discount rate 0.90 1.25 2.60 4.05 3.82 4.71 4.50 4.20 5.10 Salary increases 1.00 1.00 1.20 3.56 4.19 4.31 – – – Net periodic benefit cost and benefit obligation assumptions The assumptions used to determine the benefit obligation as of the measurement date are also used to calculate the net periodic benefit costs for the 12-month period following this date. The discount rate is one of the factors used to determine the present value as of the measurement date of the future cash outflows currently expected to be required to satisfy the benefit obligations when due. The assumption pertaining to salary increases is used to calculate the PBO, which is measured using an assumption as to future compensation levels. The expected long-term rate of return on plan assets, which is used to calculate the expected return on plan assets as a component of the net periodic benefit costs, reflects the average rate of returns expected on the funds invested or to be invested to provide for the benefits included in the PBO. In estimating that rate, appropriate consideration is given to the returns being earned by the plan assets and the rates of return expected to be available for reinvestment. The expected long-term rate of return on plan assets is based on total return forecasts, expected volatility and correlation estimates, reflecting interrelationships between and within asset classes held. Where possible, similar, if not related, approaches are followed to forecast returns for the various asset classes. The expected long-term rate of return on debt securities reflects both accruing interest and price returns. The probable long-term relationship between the total return and certain exogenous variables is used, which links the total return forecasts on debt securities to forecasts of the macroeconomic environment. The expected long-term rate of return on equity securities is based on a two-stage dividend discount model which considers economic and market forecasts to compute a market-implied equity risk premium. Dividends are estimated using market consensus earnings and the historical payout ratio. A subsequent scenario analysis is used to stress test the level of the return. The expected long-term rate of return on real estate is based on economic models that reflect both the rental and the capital market side of the direct real estate market. This allows for a replicable and robust forecasting methodology for expected returns on real estate equity, fund and direct market indices. The expected long-term rate of return on private equity and hedge funds is estimated by determining the key factors in their historical performance using private equity and hedge fund benchmarks and indices. To capture these factors, multiple linear regression models with lagged returns are used. Health care cost assumptions The health care cost trend is used to determine the appropriate other post-retirement defined benefit costs. In determining those costs, an annual weighted-average rate is assumed in the cost of covered health care benefits. The following table provides an overview of the assumed health care cost trend rates and the sensitivity of a one percentage point increase or decrease of the rate. Health care cost trend rates and sensitivity in / end of 2015 2014 2013 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.00 8.00 8.00 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.2 0.2 1.3 One percentage point decrease in health care cost trend rates (0.2) (0.3) (1.0) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 4 5 23 One percentage point decrease in health care cost trend rates (4) (4) (19) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5% by 2022. The annual health care cost trend rate used to determine the defined benefit cost for 2016 is 8.30%. Plan assets and investment strategy Plan assets, which are assets that have been segregated and restricted to provide for plan benefits, are measured at their fair value as of the measurement date. The Group’s defined benefit pension plans employ a total return investment approach, whereby a diversified mix of debt and equity securities and alternative investments, specifically hedge funds and private equity, are used to maximize the long-term return of plan assets while incurring a prudent level of risk. The intent of this strategy is to meet or outperform plan liabilities over the long term. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. Furthermore, equity securities are diversified across different geographic regions as well as across growth, value and small and large capitalization stocks. Real estate and alternative investments, such as private equity and hedge funds, are used to enhance long-term returns while improving portfolio diversification. >>>Derivatives may be used to hedge or increase market exposure, but are not used to leverage the portfolio beyond the market value of the underlying investments. Investment risk is measured and monitored on an ongoing basis through periodic asset/liability studies and quarterly investment portfolio reviews. To limit investment risk, the Group pension plans follow defined strategic asset allocation guidelines. At times of major market uncertainties and stress, these guidelines may be further restricted. As of December 31, 2015 and 2014, the total fair value of Group debt securities included in plan assets of the Group’s defined benefit pension plans was CHF 83 million and CHF 134 million, respectively, and the total fair value of Group equity securities and options was CHF 131 million and CHF 131 million, respectively. Fair value hierarchy of plan assets > Refer to “Fair value measurement” in Note 35 – Financial instruments for discussion of the fair value hierarchy. Fair value of plan assets The following tables present the plan assets measured at fair value on a recurring basis as of December 31, 2015 and 2014, for the Group’s defined benefit pension plans. Plan assets measured at fair value on a recurring basis end of 2015 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Plan assets at fair value (CHF million) Cash and cash equivalents 982 171 0 1,153 2,983 0 0 2,983 Debt securities 725 3,399 2 4,126 421 2,939 0 3,360 of which governments 3 11 0 14 338 0 0 338 of which corporates 722 3,388 2 4,112 83 2,939 0 3,022 Equity securities 1,351 4,246 0 5,597 2,545 2,222 0 4,767 Real estate 0 647 1,156 1,803 0 534 1,146 1,680 of which direct 0 0 1,156 1,156 0 0 1,146 1,146 of which indirect 0 647 0 647 0 534 0 534 Alternative investments 255 0 2,668 2,923 508 87 2,250 2,845 of which private equity 0 0 739 739 0 0 692 692 of which hedge funds 0 0 1,135 1,135 0 0 953 953 of which other 255 0 794 1,049 508 87 605 1,200 Switzerland 3,313 8,463 3,826 15,602 6,457 5,782 3,396 15,635 Cash and cash equivalents 32 210 0 242 191 88 0 279 Debt securities 890 744 292 1,926 189 1,590 267 2,046 of which governments 368 7 0 375 8 562 0 570 of which corporates 522 737 292 1,551 181 1,028 267 1,476 Equity securities 339 520 77 936 216 666 0 882 Real estate – indirect 0 87 48 135 0 0 117 117 Alternative investments (15) 308 79 372 0 386 58 444 of which hedge funds 0 78 79 157 0 111 58 169 of which other (15) 1 230 0 215 0 275 0 275 Other investments 0 101 0 101 0 108 0 108 International 1,246 1,970 496 3,712 596 2,838 442 3,876 Total plan assets at fair value 4,559 10,433 4,322 19,314 7,053 8,620 3,838 19,511 1 Primarily related to derivative instruments. Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2015 (CHF million) Debt securities – corporates 267 2 (12) 2 0 35 0 294 Equity securities 0 77 0 0 0 0 0 77 Real estate 1,263 0 (87) 39 0 (12) 1 1,204 of which direct 1,146 0 0 26 0 (16) 0 1,156 of which indirect 117 0 (87) 13 0 4 1 48 Alternative investments 2,308 6 0 101 (35) 367 0 2,747 of which private equity 692 0 0 11 (26) 62 0 739 of which hedge funds 1,011 6 0 37 9 151 0 1,214 of which other 605 0 0 53 (18) 154 0 794 Total plan assets at fair value 3,838 85 (99) 142 (35) 390 1 4,322 of which Switzerland 3,396 2 0 126 (34) 336 0 3,826 of which International 442 83 (99) 16 (1) 54 1 496 2014 (CHF million) Debt securities – corporates 177 2 0 (13) 17 65 19 267 Real estate 1,219 0 (2) 32 0 3 11 1,263 of which direct 1,123 0 0 23 0 0 0 1,146 of which indirect 96 0 (2) 9 0 3 11 117 Alternative investments 744 1,378 (5) 79 (1) 112 1 2,308 of which private equity 607 0 (1) 40 0 46 0 692 of which hedge funds 3 953 0 (10) (1) 65 1 1,011 of which other 134 425 (4) 49 0 1 0 605 Total plan assets at fair value 2,140 1,380 (7) 98 16 180 31 3,838 of which Switzerland 1,862 1,378 (2) 111 0 47 0 3,396 of which International 278 2 (5) (13) 16 133 31 442 Qualitative disclosures of valuation techniques used to measure fair value Cash and cash equivalents Cash and cash equivalents includes money market instruments such as bankers’ acceptances, certificates of deposit, >>>CP, book claims, treasury bills, other rights and commingled funds. Valuations of money market instruments and commingled funds are generally based on observable inputs. Debt securities Debt securities include government and corporate bonds which are generally quoted in active markets. Debt securities for which market prices are not available, are valued based on yields reflecting the perceived risk of the issuer and the maturity of the security, recent disposals in the market or other modeling techniques, which may involve judgment. Equity securities Equity securities held include common equity shares, convertible bonds and shares in investment companies and units in mutual funds. The common equity shares are generally traded on public stock exchanges for which quoted prices are regularly available. Convertible bonds are generally valued using observable pricing sources. Shares in investment companies and units in mutual funds, which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable, are measured at fair value using NAV. Derivatives Derivatives include both >>>OTC and exchange-traded derivatives. The fair value of OTC derivatives is determined on the basis of inputs that include those characteristics of the derivative that have a bearing on the economics of the instrument. The determination of the fair value of many derivatives involves only a limited degree of subjectivity since the required inputs are generally observable in the marketplace. Other more complex derivatives may use unobservable inputs. Such inputs include long-dated volatility assumptions on OTC option transactions and recovery rate assumptions for credit derivative transactions. The fair value of exchange-traded derivatives is typically derived from the observable exchange prices and/or observable inputs. Real estate Real estate includes direct real estate as well as investments in real estate investment companies, trusts or mutual funds. Direct real estate is initially measured at its transaction price, which is the best estimate of fair value. Thereafter, direct real estate is individually measured at fair value based on a number of factors that include any recent rounds of financing involving third-party investors, comparable company transactions, multiple analyses of cash flows or book values, or discounted cash flow analyses. The availability of information used in these modeling techniques is often limited and involves significant judgment in evaluating these different factors over time. Real estate investment companies, trusts and mutual funds, which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable, are measured at fair value using NAV. Alternative investments Private equity includes direct investments, investments in partnerships that make private equity and related investments in various portfolio companies and funds and fund of funds partnerships. Private equity consists of both publicly traded securities and private securities. Publicly traded investments that are restricted or that are not quoted in active markets are valued based on publicly available quotes with appropriate adjustments for liquidity or trading restrictions. Private equity is valued taking into account a number of factors, such as the most recent round of financing involving unrelated new investors, earnings multiple analyses using comparable companies or discounted cash flow analyses. Private equity for which a fair value is not readily determinable is measured at fair value using NAV provided by the general partner. Hedge funds that are not directly quoted on a public stock exchange, and/or for which a fair value is not readily determinable, are measured at fair value using NAV provided by the fund administrator. Plan asset allocation The following table shows the plan asset allocation as of the measurement date calculated based on the fair value at that date including the performance of each asset class. Weighted-average plan asset allocation Switzerland International December 31 2015 2014 2015 2014 Weighted-average plan asset allocation (%) Cash and cash equivalents 7.4 19.1 6.5 7.2 Debt securities 26.4 21.5 51.9 52.7 Equity securities 35.9 30.5 25.2 22.8 Real estate 11.6 10.7 3.6 3.0 Alternative investments 18.7 18.2 10.0 11.5 Insurance 0.0 0.0 2.8 2.8 Total 100.0 100.0 100.0 100.0 The following table shows the target plan asset allocation for 2016 in accordance with the Group’s investment strategy. The target plan asset allocation is used to determine the expected return on plan assets to be considered in the net periodic benefit costs for 2016. Weighted-average target plan asset allocation for 2016 Switzerland International 2016 (%) Cash and cash equivalents 10.0 0.3 Debt securities 32.0 56.6 Equity securities 30.0 23.0 Real estate 10.0 4.2 Alternative investments 18.0 13.1 Insurance 0.0 2.8 Total 100.0 100.0 Estimated future benefit payments for defined benefit plans The following table shows the estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans. Estimated future benefit payments for defined benefit plans Defined benefit Other post-retirement Estimated future benefit payments (CHF million) 2016 1,122 11 2017 943 12 2018 932 12 2019 927 13 2020 938 13 For five years thereafter 4,870 62 |
Bank | |
Pension and other post-retirement benefits | 30 Pension and other post-retirement benefits The Bank participates in a defined benefit pension plan sponsored by the Group and has defined contribution pension plans, single-employer defined benefit pension plans and other post-retirement defined benefit plans. The Bank’s principal plans are located in Switzerland, the US and the UK. Defined contribution pension plans The Bank contributes to various defined contribution pension plans primarily in the US and the UK as well as other countries throughout the world. During 2015, 2014 and 2013, the Bank contributed to these plans and recognized as expense CHF 156 million, CHF 181 million and CHF 178 million, respectively. > Refer to “Note 31 – Pension and other post-retirement benefits” in V – Consolidated financial statements – Credit Suisse Group for further information on defined contribution pension plans. Defined benefit Pension and other Post-Retirement benefit plans Defined benefit pension plans > Refer to “Note 31 – Pension and other post-retirement benefits” in V – Consolidated financial statements – Credit Suisse Group for further information on defined benefit pension plans. Group pension plan The Bank covers pension requirements for its employees in Switzerland by participating in a defined benefit pension plan sponsored by the Group (Group plan), the Group’s most significant defined benefit pension plan. The plan provides benefits in the event of retirement, death and disability. Various legal entities within the Group participate in the plan, which is set up as an independent trust domiciled in Zurich. Historically, this plan provided traditional defined benefit pensions under the annuity section. In 2010, a new savings section was introduced and as of January 1, 2013, all active employees were transferred to the savings section and the annuity section has ceased accruing new benefits. In the savings section, the benefits are determined on the basis of the accumulated employer and employee contributions and accumulated interest credited. In accordance with US GAAP, the Group accounts for the Group plan as a single-employer defined benefit pension plan and uses the projected unit credit actuarial method to determine the net periodic benefit costs, the PBO and the accumulated benefit obligation (ABO). The Bank accounts for the defined benefit pension plan sponsored by the Group as a multi-employer pension plan because other legal entities within the Group also participate in the plan and the assets contributed by the Bank are not segregated into a separate account or restricted to provide benefits only to employees of the Bank. The assets contributed by the Bank are commingled with the assets contributed by the other legal entities of the Group and can be used to provide benefits to any employee of any participating legal entity. The Bank’s contributions to the Group plan comprise 95% of the total assets contributed to the Group plan by all participating legal entities on an annual basis. The Bank accounts for the Group plan on a defined contribution basis whereby it only recognizes the amounts required to be contributed to the Group plan during the period as net periodic pension expense and only recognizes a liability for any contributions due and unpaid. No other expenses or balance sheet amounts related to the Group plan were recognized by the Bank. In the savings section of the plan, the Bank’s contribution varies between 7.5% and 25% of the pensionable salary depending on the employees’ age. During 2015, 2014 and 2013, the Bank contributed and recognized as expense CHF 389 million, CHF 415 million and CHF 390 million to the Group plan, respectively. The Bank expects to contribute CHF 356 million to the Group plan during 2016. If the Bank had accounted for the Group plan as a single-employer defined benefit plan, the net periodic pension expense recognized by the Bank during 2015, 2014 and 2013 would have been lower by CHF 206 million, CHF 277 million and CHF 131 million, respectively, and the Bank would have recognized CHF 252 million, CHF 48 million and CHF 158 million, respectively, as amortization of actuarial losses and prior service cost for the Group plan. As of December 31, 2015 and 2014, the ABO of the Group plan was CHF 15.2 billion and CHF 15.1 billion, the PBO was CHF 16.1 billion and CHF 15.7 billion and the >>>fair value of plan assets was CHF 15.6 billion and CHF 15.6 billion, respectively. As of December 31, 2015 and 2014, the Group plan was overfunded on an ABO basis by CHF 442 million and CHF 525 million, respectively. On a PBO basis, the Group plan was underfunded by CHF 486 million and underfunded by CHF 26 million as of December 31, 2015 and 2014, respectively. If the Bank had accounted for the Group plan as a defined benefit pension plan, the Bank would have had to recognize the underfunding of the Group plan on a PBO basis of CHF 462 million as a liability as of December 31, 2015 and the underfunding of CHF 25 million as a liability as of December 31, 2014 in the consolidated balance sheets. If the Bank had accounted for the Group plan as a defined benefit plan, the Bank would have used the assumptions made by the Group for the calculation of the expense and liability associated with the Group plan. > Refer to “Note 31 – Pension and other post-retirement benefits” in V – Consolidated financial statements – Credit Suisse Group for information on assumptions made by the Group for Switzerland. International pension plans Various defined benefit pension plans cover the Bank’s employees outside Switzerland. These plans provide benefits in the event of retirement, death, disability or termination of employment. Retirement benefits under the plans depend on age, contributions and salary. The Bank’s principal defined benefit pension plans outside Switzerland are located in the US and in the UK. Both plans are funded, closed to new participants and have ceased accruing new benefits. Smaller defined benefit pension plans, both funded and unfunded, are operated in other locations. Other post-retirement defined benefit plans In the US, the Bank’s defined benefit plans provide post-retirement benefits other than pension benefits that primarily focus on health and welfare benefits for certain retired employees. In exchange for the current services provided by the employee, the Bank promises to provide health and welfare benefits after the employee retires. The Bank’s obligation for that compensation is incurred as employees render the services necessary to earn their post-retirement benefits. Benefit costs of defined benefit plans The net periodic benefit costs for defined benefit pension and other post-retirement defined benefit plans are the costs of the respective plan for a period during which an employee renders services. The actual amount to be recognized is determined using the standard actuarial methodology which considers, among other factors, current service cost, interest cost, expected return on plan assets and the amortization of both prior service cost/(credit) and actuarial losses/(gains) recognized in AOCI. Components of total benefit costs International single-employer Other post-retirement in 2015 2014 2013 2015 2014 2013 Total benefit costs (CHF million) Service costs on benefit obligation 21 19 24 0 0 0 Interest costs on benefit obligation 129 134 122 7 7 8 Expected return on plan assets (195) (178) (161) 0 0 0 Amortization of recognized prior service cost/(credit) 0 0 0 (23) (9) 0 Amortization of recognized actuarial losses/(gains) 84 52 79 14 9 13 Net periodic benefit costs/(credits) 39 27 64 (2) 7 21 Settlement losses/(gains) (1) (2) 0 0 0 0 Total benefit costs/(credits) 38 25 64 (2) 7 21 Total benefit costs reflected in compensation and benefits – other for 2015, 2014 and 2013 were CHF 36 million, CHF 32 million and CHF 85 million, respectively. Benefit obligation The following table shows the changes in the PBO, the fair value of plan assets and the amounts recognized in the consolidated balance sheets for the international single-employer defined benefit pension plans and other post-retirement defined benefit plans as well as the ABO for the defined benefit pension plans. Obligations and funded status of the plans International in / end of 2015 2014 2015 2014 PBO (CHF million) 1 Beginning of the measurement period 3,539 2,843 178 168 Service cost 21 19 0 0 Interest cost 129 134 7 7 Plan amendments 0 0 0 (32) Settlements 0 (4) 0 0 Special termination benefits 2 1 0 0 Actuarial losses/(gains) (97) 463 4 25 Benefit payments (113) (109) (10) (8) Exchange rate losses/(gains) (115) 192 1 18 End of the measurement period 3,366 3,539 180 178 Fair value of plan assets (CHF million) Beginning of the measurement period 3,876 3,007 0 0 Actual return on plan assets 62 637 0 0 Employer contributions 19 135 10 8 Settlements 0 (2) 0 0 Benefit payments (113) (109) (10) (8) Exchange rate gains/(losses) (132) 208 0 0 End of the measurement period 3,712 3,876 0 0 Total funded status recognized (CHF million) Funded status of the plan – over/(underfunded) 346 337 (180) (178) Funded status recognized in the consolidated balance sheet as of December 31 346 337 (180) (178) Total amount recognized (CHF million) Noncurrent assets 825 822 0 0 Current liabilities (9) (8) (11) (10) Noncurrent liabilities (470) (477) (169) (168) Total amount recognized in the consolidated balance sheet as of December 31 346 337 (180) (178) ABO (CHF million) 2 End of the measurement period 3,315 3,469 180 178 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. Due to a plan amendment in the US postretirement medical plan, the PBO of this plan decreased CHF 32 million in 2014. Under the amended plan, the Bank will no longer pay for future medical claims for covered retirees older than 65 years and will instead provide a flat subsidy to these retirees to purchase their own medical insurance. The total net amount recognized in the consolidated balance sheets as of December 31, 2015 and 2014 was an overfunding of CHF 166 million and an overfunding of CHF 159 million, respectively. In 2015 and 2014, the Bank made contributions of CHF 19 million and CHF 135 million, respectively, to the international single-employer defined benefit pension plans and CHF 10 million and CHF 8 million to the other post-retirement defined benefit plans. In 2016, the Bank expects to contribute CHF 21 million to the international single-employer defined benefit pension plans and CHF 11 million to other post-retirement defined benefit plans. PBO or ABO in excess of plan assets The following table shows the aggregate PBO and ABO, as well as the aggregate fair value of plan assets for those plans with PBO in excess of plan assets and those plans with ABO in excess of plan assets as of December 31, 2015 and 2014, respectively. Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value 1 ABO exceeds fair value 1 December 31 2015 2014 2015 2014 CHF million PBO 1,630 1,671 1,613 1,655 ABO 1,600 1,637 1,589 1,627 Fair value of plan assets 1,152 1,187 1,137 1,173 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. Amount recognized in AOCI and other comprehensive income The following table shows the actuarial gains/(losses) and prior service credit/(cost) which were recorded in AOCI and subsequently recognized as components of net periodic benefit costs. Amounts recognized in AOCI, net of tax International end of 2015 2014 2015 2014 2015 2014 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (569) (606) (43) (50) (612) (656) Prior service credit/(cost) 0 0 3 17 3 17 Total (569) (606) (40) (33) (609) (639) The following tables show the changes in other comprehensive income due to actuarial gains/(losses) and prior service credit/(cost) recognized in AOCI during 2015 and 2014, and the amortization of the aforementioned items as components of net periodic benefit costs for these periods, as well as the amounts expected to be amortized in 2016. Amounts recognized in other comprehensive income International single-employer Other post-retirement in Gross Tax Net Gross Tax Net Total net 2015 (CHF million) Actuarial gains/(losses) (36) 8 (28) (4) 2 (2) (30) Amortization of actuarial losses/(gains) 84 (19) 65 14 (5) 9 74 Amortization of prior service cost/(credit) 0 0 0 (23) 9 (14) (14) Immediate recognition due to curtailment/settlement (1) 0 (1) 0 0 0 (1) Total 47 (11) 36 (13) 6 (7) 29 2014 (CHF million) Actuarial gains/(losses) (5) 35 30 (25) 9 (16) 14 Prior service credit/(cost) 0 0 0 32 (12) 20 20 Amortization of actuarial losses/(gains) 52 (14) 38 9 (3) 6 44 Amortization of prior service cost/(credit) 0 0 0 (9) 3 (6) (6) Total 47 21 68 7 (3) 4 72 Amounts in AOCI, net of tax, expected to be amortized in 2016 International CHF million Amortization of actuarial losses/(gains) 33 6 Total 33 6 Assumptions Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation International single-employer Other post-retirement December 31 2015 2014 2013 2015 2014 2013 Net periodic benefit cost (%) Discount rate 3.82 4.71 4.47 4.20 5.10 4.30 Salary increases 4.19 4.31 4.02 – – – Expected long-term rate of return on plan assets 6.00 6.16 6.18 – – – Benefit obligation (%) Discount rate 4.05 3.82 4.71 4.50 4.20 5.10 Salary increases 3.56 4.19 4.31 – – – Health care cost assumptions The health care cost trend is used to determine the appropriate other post-retirement defined benefit costs. In determining those costs, an annual weighted-average rate is assumed in the cost of covered health care benefits. The following table provides an overview of assumed health care cost trend rates and the sensitivity of a one percentage point increase or decrease of the rate. Health care cost trend rates and sensitivity in / end of 2015 2014 2013 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.00 8.00 8.00 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.2 0.2 1.3 One percentage point decrease in health care cost trend rates (0.2) (0.3) (1.0) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 4 5 23 One percentage point decrease in health care cost trend rates (4) (4) (19) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5% by 2022. The annual health care cost trend rate used to determine the defined benefit cost for 2016 is 8.30%. Plan assets and investment strategy > Refer to “Note 31 – Pension and other post-retirement benefits” in V –Consolidated financial statements – Credit Suisse Group for further information. As of December 31, 2015 and 2014, no Group debt or equity securities were included in plan assets for the international single-employer defined benefit pension plans. Fair value of plan assets The following tables present the plan assets measured at fair value on a recurring basis as of December 31, 2015 and 2014, for the Bank’s defined benefits plans. Plan assets measured at fair value on a recurring basis end of 2015 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Plan assets at fair value (CHF million) Cash and cash equivalents 32 210 0 242 191 88 0 279 Debt securities 890 744 292 1,926 189 1,590 267 2,046 of which governments 368 7 0 375 8 562 0 570 of which corporates 522 737 292 1,551 181 1,028 267 1,476 Equity securities 339 520 77 936 216 666 0 882 Real estate – indirect 0 87 48 135 0 0 117 117 Alternative investments (15) 308 79 372 0 386 58 444 of which hedge funds 0 78 79 157 0 111 58 169 of which other (15) 1 230 0 215 0 275 0 275 Other investments 0 101 0 101 0 108 0 108 Total plan assets at fair value 1,246 1,970 496 3,712 596 2,838 442 3,876 1 Primarily related to derivative instruments. Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2015 (CHF million) Debt securities – corporates 267 0 (12) 2 0 35 0 292 Equity securities 0 77 0 0 0 0 0 77 Real estate – indirect 117 0 (87) 12 0 4 2 48 Alternative investments 58 6 0 1 (1) 15 0 79 of which hedge funds 58 6 0 1 (1) 15 0 79 Total plan assets at fair value 442 83 (99) 15 (1) 54 2 496 2014 (CHF million) Debt securities – corporates 177 2 0 (13) 17 65 19 267 Real estate – indirect 94 0 0 9 0 3 11 117 Alternative investments 7 0 (4) (10) (1) 65 1 58 of which hedge funds 3 0 0 (10) (1) 65 1 58 of which other 4 0 (4) 0 0 0 0 0 Total plan assets at fair value 278 2 (4) (14) 16 133 31 442 Plan asset allocation The following table shows the plan asset allocation as of the measurement date calculated based on the fair value at that date including the performance of each asset class. Weighted-average plan asset allocation December 31 2015 2014 Weighted-average plan asset allocation (%) Cash and cash equivalents 6.5 7.2 Debt securities 51.9 52.7 Equity securities 25.2 22.8 Real estate 3.6 3.0 Alternative investments 10.0 11.5 Insurance 2.8 2.8 Total 100.0 100.0 The following table shows the target plan asset allocation for 2016 in accordance with the Bank’s investment strategy. The target plan asset allocation is used to determine the expected return on plan assets to be considered in the net periodic benefit costs for 2016. Weighted-average target plan asset allocation for 2016 2016 (%) Cash and cash equivalents 0.3 Debt securities 56.6 Equity securities 23.0 Real estate 4.2 Alternative investments 13.1 Insurance 2.8 Total 100.0 Estimated future benefit payments for defined benefit plans The following table shows the estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans. Estimated future benefit payments for defined benefit plans International Estimated future benefit payments (CHF million) 2016 82 11 2017 92 12 2018 98 12 2019 106 13 2020 122 13 For five years thereafter 722 62 |
Derivatives and hedging activit
Derivatives and hedging activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivatives and hedging activities | 32 Derivatives and hedging activities >>>Derivatives are generally either privately negotiated >>>OTC contracts or standard contracts transacted through regulated exchanges. The Group’s most frequently used freestanding derivative products, entered into for trading and risk management purposes, include interest rate, credit default and cross-currency swaps, interest rate and foreign exchange options, foreign exchange forward contracts and foreign exchange and interest rate futures. The Group also enters into contracts that are not considered derivatives in their entirety but include embedded derivative features. Such transactions primarily include issued and purchased structured debt instruments where the return may be calculated by reference to an equity security, index or third-party credit risk, or that have non-standard interest or foreign exchange terms. On the date a derivative contract is entered into, the Group designates it as belonging to one of the following categories: – – – – – Trading activities The Group is active in most of the principal trading markets and transacts in many trading and hedging products. As noted above, this includes the use of swaps, futures, options and structured products, such as custom transactions using combinations of derivatives, in connection with its sales and trading activities. Trading activities include market making, positioning and arbitrage activities. The majority of the Group’s derivatives were used for trading activities. Economic hedges Economic hedges arise when the Group enters into derivative contracts for its own risk management purposes, but the contracts entered into do not qualify for hedge accounting under US GAAP. These economic hedges include the following types: – – – – – Derivatives used in economic hedges are included as trading assets or trading liabilities in the consolidated balance sheets. Hedge accounting Fair value hedges The Group designates fair value hedges as part of an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize fluctuations in earnings that are caused by interest rate volatility. In addition to hedging changes in fair value due to interest rate risk associated with fixed rate loans, >>>repurchase agreements and long-term debt instruments, the Group uses: – – Cash flow hedges The Group designates cash flow hedges as part of its strategy to mitigate its risk to variability of cash flows on loans, deposits and other debt obligations by using interest rate swaps to convert variable rate assets or liabilities to fixed rates. The Group also uses cross-currency swaps to convert foreign-currency-denominated fixed and floating rate assets or liabilities to fixed rate assets or liabilities based on the currency profile to which the Group elects to be exposed. This includes, but is not limited to, Swiss francs and US dollars. Further, the Group uses derivatives to hedge its cash flows associated with forecasted transactions. As of the end of 2015, the maximum length of time over which the Group hedged its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was five years. Net investment hedges The Group designates net investment hedges as part of its strategy to hedge selected net investments in foreign operations against adverse movements in foreign exchange rates, typically using forward foreign exchange contracts. Hedge effectiveness assessment The Group assesses the effectiveness of hedging relationships both prospectively and retrospectively. The prospective assessment is made both at the inception of a hedging relationship and on an ongoing basis, and requires the Group to justify its expectation that the relationship will be highly effective over future periods. The retrospective assessment is also performed on an ongoing basis and requires the Group to determine whether or not the hedging relationship has actually been effective. If the Group concludes, through a retrospective evaluation, that hedge accounting is appropriate for the current period, then it measures the amount of hedge ineffectiveness to be recognized in earnings. Fair value of derivative instruments The tables below present gross derivative replacement values by type of contract and whether the derivative is used for trading purposes or in a qualifying hedging relationship. Notional amounts have also been provided as an indication of the volume of derivative activity within the Group. Information on bifurcated embedded derivatives has not been included in these tables. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. > Refer to “Note 35 – 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 7,229.5 1.0 1.2 0.0 0.0 0.0 Swaps 16,737.7 118.3 112.8 54.3 1.3 1.0 Options bought and sold (OTC) 2,856.0 49.2 47.4 0.0 0.0 0.0 Futures 1,789.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 198.4 0.1 0.0 0.0 0.0 0.0 Interest rate products 28,811.5 168.6 161.4 54.3 1.3 1.0 Forwards 1,498.4 16.6 16.9 10.7 0.0 0.1 Swaps 1,050.7 30.5 40.8 0.0 0.0 0.0 Options bought and sold (OTC) 534.8 12.8 12.8 8.2 0.0 0.0 Futures 22.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 13.0 0.3 0.3 0.0 0.0 0.0 Foreign exchange products 3,119.4 60.2 70.8 18.9 0.0 0.1 Forwards 1.3 0.0 0.1 0.0 0.0 0.0 Swaps 203.8 5.1 6.7 0.0 0.0 0.0 Options bought and sold (OTC) 193.1 8.4 7.5 0.0 0.0 0.0 Futures 39.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 284.4 9.1 11.4 0.0 0.0 0.0 Equity/index-related products 722.5 22.6 25.7 0.0 0.0 0.0 Credit derivatives 2 831.9 17.8 17.3 0.0 0.0 0.0 Forwards 6.3 0.1 0.1 0.0 0.0 0.0 Swaps 19.6 2.6 1.7 0.0 0.0 0.0 Options bought and sold (OTC) 8.8 0.4 0.3 0.0 0.0 0.0 Futures 11.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.1 0.1 0.1 0.0 0.0 0.0 Other products 3 47.7 3.2 2.2 0.0 0.0 0.0 Total derivative instruments 33,533.0 272.4 277.4 73.2 1.3 1.1 The notional amount, PRV and NRV (trading and hedging) was CHF 33,606.2 billion, CHF 273.7 billion and CHF 278.5 billion, respectively, as of December 31, 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 in 2015 2014 2013 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (117) (231) 437 Foreign exchange products 0 3 (9) Total (117) (228) 428 Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 101 227 (435) Foreign exchange products 0 (3) 9 Total 101 224 (426) Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion (16) (4) 2 Represents gains/(losses) recognized in trading revenues. Cash flow hedges in 2015 2014 2013 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products 21 40 7 Foreign exchange products (32) (43) 13 Total (11) (3) 20 Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 37 1 21 2 3 2 Foreign exchange products (61) 2,3,4 (8) 3,4 (3) 3 Total (24) 13 0 Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portion 2 (12) (1) 1 Represents gains/(losses) on effective portion. 1 Included in interest and dividend income. 2 Included in trading revenues. 3 Included in other revenues. 4 Included in total other operating expenses. The net loss associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 1 million. Net investment hedges in 2015 2014 2013 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products 440 (1,672) 504 Total 440 (1,672) 504 Gains/(losses) reclassified from AOCI into income (CHF million) Foreign exchange products 1 0 0 2 Total 0 0 2 Represents gains/(losses) on effective portion. 1 Included in other revenues. The Group includes all derivative instruments not included in hedge accounting relationships in its trading activities. > Refer to “Note 8 – Trading revenues” for gains and losses on trading activities by product type. Disclosures relating to contingent credit risk Certain of the Group’s derivative instruments contain provisions that require it to maintain a specified credit rating from each of the major credit rating agencies. If the ratings fall below the level specified in the contract, the counterparties to the agreements could request payment of additional collateral on those derivative instruments that are in a net liability position. Certain of the derivative contracts also provide for termination of the contract, generally upon a downgrade of either the Group or the counterparty, at the existing mark-to-market replacement value of the derivative contract. The following table provides the Group’s current net exposure from contingent credit risk relating to derivative contracts with bilateral counterparties and SPEs that include credit support agreements, the related collateral posted and the additional collateral required in a one-notch, two-notch and a three-notch downgrade event, respectively. The table also includes derivative contracts with contingent credit risk features without credit support agreements that have accelerated termination event conditions. The current net exposure for derivative contracts with bilateral counterparties and contracts with accelerated termination event conditions is the aggregate fair value of derivative instruments that were in a net liability position. For SPEs, the current net exposure is the contractual amount that is used to determine the collateral payable in the event of a downgrade. The contractual amount could include both the NRV and a percentage of the notional value of the derivative. Contingent credit risk end of 2015 2014 Special Special 1 Contingent credit risk (CHF billion) Current net exposure 13.2 0.5 1.4 15.1 14.0 0.8 1.6 16.4 Collateral posted 12.3 0.5 – 12.8 12.2 0.9 – 13.1 Additional collateral required in a one-notch downgrade event 0.7 0.4 0.1 1.2 0.7 0.5 0.1 1.3 Additional collateral required in a two-notch downgrade event 1.8 0.7 0.6 3.1 2.2 0.8 0.7 3.7 Additional collateral required in a three-notch downgrade event 2.1 1.3 0.8 4.2 2.7 1.4 1.0 5.1 1 Additional collateral required for accelerated terminations event has been corrected. Credit derivatives Credit derivatives are contractual agreements in which the buyer generally pays a fee in exchange for a contingent payment by the seller if there is a credit event on the underlying referenced entity or asset. They are generally privately negotiated OTC contracts, with numerous settlement and payment terms, and most are structured so that they specify the occurrence of an identifiable credit event, which can include bankruptcy, insolvency, receivership, material adverse restructuring of debt or failure to meet obligations when due. The Group enters into credit derivative contracts in the normal course of business, buying and selling protection to facilitate client transactions and as a market maker. This includes providing structured credit products for its clients to enable them to hedge their credit risk. The referenced instruments of these structured credit products are both investment grade and non-investment grade and could include corporate bonds, sovereign debt, ABS and loans. These instruments can be formed as single items (single-named instruments) or combined on a portfolio basis (multi-named instruments). The Group purchases protection to economically hedge various forms of credit exposure, for example, the economic hedging of loan portfolios or other cash positions. Finally, the Group also takes proprietary positions which can take the form of either purchased or sold protection. The credit derivatives most commonly transacted by the Group are >>>CDS and credit swaptions. CDSs are contractual agreements in which the buyer of the swap pays an upfront and/or a periodic fee in return for a contingent payment by the seller of the swap following a credit event of the referenced entity or asset. Credit swaptions are options with a specified maturity to buy or sell protection under a CDS on a specific referenced credit event. In addition, to reduce its credit risk, the Group enters into legally enforceable >>>netting agreements with its derivative counterparties. Collateral on these derivative contracts is usually posted on a net counterparty basis and cannot be allocated to a particular derivative contract. > Refer to “Note 27 – Offsetting of financial assets and financial liabilities” for further information on netting. Credit protection sold Credit protection sold is the maximum potential payout, which is based on the notional value of derivatives and represents the amount of future payments that the Group would be required to make as a result of credit risk-related events. The Group believes that the maximum potential payout is not representative of the actual loss exposure based on historical experience. This amount has not been reduced by the Group’s rights to the underlying assets and the related cash flows. In accordance with most credit derivative contracts, should a credit event (or settlement trigger) occur, the Group is usually liable for the difference between the credit protection sold and the recourse it holds in the value of the underlying assets. The maximum potential amount of future payments has not been reduced for any cash collateral paid to a given counterparty as such payments would be calculated after netting all derivative exposures, including any credit derivatives with that counterparty in accordance with a related master netting agreement. Due to such netting processes, determining the amount of collateral that corresponds to credit derivative exposures only is not possible. To reflect the quality of the payment risk on credit protection sold, the Group assigns an internally generated rating to those instruments referenced in the contracts. Internal ratings are assigned by experienced credit analysts based on expert judgment that incorporates analysis and evaluation of both quantitative and qualitative factors. The specific factors analyzed, and their relative importance, are dependent on the type of counterparty. The analysis emphasizes a forward-looking approach, concentrating on economic trends and financial fundamentals, and making use of peer analysis, industry comparisons and other quantitative tools. External ratings and market information are also used in the analysis process where available. Credit protection purchased Credit protection purchased represents those instruments where the underlying reference instrument is identical to the reference instrument of the credit protection sold. The maximum potential payout amount of credit protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. The Group also considers estimated recoveries that it would receive if the specified credit event occurred, including both the anticipated value of the underlying referenced asset that would, in most instances, be transferred to the Group and the impact of any purchased protection with an identical reference instrument and product type. Other protection purchased In the normal course of business, the Group purchases protection to offset the risk of credit protection sold that may have similar, but not identical, reference instruments, and may use similar, but not identical, products, which reduces the total credit derivative exposure. Other protection purchased is based on the notional value of the instruments. The Group purchases its protection from banks and broker dealers, other financial institutions and other counterparties. Fair value of credit protection sold The fair values of the credit protection sold give an indication of the amount of payment risk, as the negative fair values increase when the potential payment under the derivative contracts becomes more probable. Credit protection sold/purchased The following tables do not include all credit derivatives and differ from the credit derivatives in the “Fair value of derivative instruments” table. This is due to the exclusion of certain credit derivative instruments under US GAAP, which defines a credit derivative as a derivative instrument (a) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit risk-related events specified in the contract. Certain cash >>>collateralized debt obligations (CDOs) and other instruments were excluded as they do not fall within the scope of US GAAP rules. >>>Total return swaps (TRS) of CHF 7.8 billion and CHF 12.6 billion as of December 31, 2015 and 2014, respectively, were also excluded because a TRS does not expose the seller to potential loss from credit risk-related events specified in the contract. A TRS only provides protection against a loss in asset value and not against additional amounts as a result of specific credit events. Credit protection sold/purchased end of 2015 2014 1 Fair value 1 Fair value Single-name instruments (CHF billion) Investment grade 2 (199.6) 188.6 (11.0) 26.9 1.0 (266.5) 254.0 (12.5) 32.7 4.5 Non-investment grade (65.2) 61.1 (4.1) 15.7 (3.2) (103.9) 99.9 (4.0) 13.5 0.1 Total single-name instruments (264.8) 249.7 (15.1) 42.6 (2.2) (370.4) 353.9 (16.5) 46.2 4.6 of which sovereign (47.5) 43.9 (3.6) 6.1 (1.1) (76.2) 73.0 (3.2) 8.6 (1.1) of which non-sovereign (217.3) 205.8 (11.5) 36.5 (1.1) (294.2) 280.9 (13.3) 37.6 5.7 Multi-name instruments (CHF billion) Investment grade 2 (89.1) 88.3 (0.8) 31.6 (0.5) (162.2) 159.9 (2.3) 56.2 2.2 Non-investment grade (24.4) 18.0 3 (6.4) 6.2 0.2 (53.4) 51.1 3 (2.3) 12.1 1.0 Total multi-name instruments (113.5) 106.3 (7.2) 37.8 (0.3) (215.6) 211.0 (4.6) 68.3 3.2 of which sovereign (1.0) 1.0 0.0 1.0 0.0 (7.3) 7.2 (0.1) 1.1 0.0 of which non-sovereign (112.5) 105.3 (7.2) 36.8 (0.3) (208.3) 203.8 (4.5) 67.2 3.2 Total instruments (CHF billion) Investment grade 2 (288.7) 276.9 (11.8) 58.5 0.5 (428.7) 413.9 (14.8) 88.9 6.7 Non-investment grade (89.6) 79.1 (10.5) 21.9 (3.0) (157.3) 151.0 (6.3) 25.6 1.1 Total instruments (378.3) 356.0 (22.3) 80.4 (2.5) (586.0) 564.9 (21.1) 114.5 7.8 of which sovereign (48.5) 44.9 (3.6) 7.1 (1.1) (83.5) 80.2 (3.3) 9.7 (1.1) of which non-sovereign (329.8) 311.1 (18.7) 73.3 (1.4) (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 2015 2014 Credit derivatives (CHF billion) Credit protection sold 378.3 586.0 Credit protection purchased 356.0 564.9 Other protection purchased 80.4 114.5 Other instruments 1 17.2 22.1 Total credit derivatives 831.9 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 2015 (CHF billion) Single-name instruments 52.1 196.4 16.3 264.8 Multi-name instruments 19.0 84.9 9.6 113.5 Total instruments 71.1 281.3 25.9 378.3 2014 (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 |
Bank | |
Derivatives and hedging activities | 31 Derivatives and hedging activities > Refer to “Note 32 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group for further information. Hedge accounting Cash flow hedges As of the end of 2015, the maximum length of time over which the Bank hedged its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was five years. Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 7,229.5 1.0 1.2 0.0 0.0 0.0 Swaps 16,740.0 118.4 112.8 49.3 1.2 0.8 Options bought and sold (OTC) 2,856.0 49.2 47.3 0.0 0.0 0.0 Futures 1,789.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 198.4 0.1 0.0 0.0 0.0 0.0 Interest rate products 28,813.8 168.7 161.3 49.3 1.2 0.8 Forwards 1,499.1 16.6 16.9 10.7 0.0 0.1 Swaps 1,050.8 30.5 40.8 0.0 0.0 0.0 Options bought and sold (OTC) 534.8 12.8 12.8 8.2 0.0 0.0 Futures 22.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 13.0 0.3 0.3 0.0 0.0 0.0 Foreign exchange products 3,120.2 60.2 70.8 18.9 0.0 0.1 Forwards 1.3 0.0 0.1 0.0 0.0 0.0 Swaps 203.9 5.0 6.7 0.0 0.0 0.0 Options bought and sold (OTC) 193.9 8.7 8.0 0.0 0.0 0.0 Futures 39.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 284.4 9.1 11.4 0.0 0.0 0.0 Equity/index-related products 723.4 22.8 26.2 0.0 0.0 0.0 Credit derivatives 2 831.9 17.8 17.3 0.0 0.0 0.0 Forwards 6.3 0.1 0.1 0.0 0.0 0.0 Swaps 19.6 2.6 1.7 0.0 0.0 0.0 Options bought and sold (OTC) 8.8 0.4 0.3 0.0 0.0 0.0 Futures 11.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.1 0.1 0.1 0.0 0.0 0.0 Other products 3 47.7 3.2 2.2 0.0 0.0 0.0 Total derivative instruments 33,537.0 272.7 277.8 68.2 1.2 0.9 The notional amount, PRV and NRV (trading and hedging) was CHF 33,605.2 billion, CHF 273.9 billion and CHF 278.7 billion, respectively, as of December 31, 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 26,382.0 398.7 392.0 46.5 2.5 1.1 Options bought and sold (OTC) 3,582.9 66.2 63.8 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 44,022.6 470.4 461.5 46.5 2.5 1.1 Forwards 2,133.5 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 4,604.0 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) 237.7 11.1 10.4 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 948.5 30.7 31.5 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 50,984.8 627.3 631.2 70.2 2.5 1.5 The notional amount, PRV and NRV (trading and hedging) was CHF 51,055.0 billion, CHF 629.8 billion and CHF 632.7 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 in 2015 2014 2013 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (94) (142) 378 Foreign exchange products 0 3 (9) Total (94) (139) 369 Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 76 136 (375) Foreign exchange products 0 (3) 9 Total 76 133 (366) Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion (18) (6) 3 Represents gains/(losses) recognized in trading revenues. Cash flow hedges in 2015 2014 2013 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products 21 40 7 Foreign exchange products (17) (47) 0 Total 4 (7) 7 Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 37 1 21 2 3 2 Foreign exchange products (53) 2,3 (5) 3 0 2 Total (16) 16 3 Details of cash flow hedges (CHF million) Net gains on the ineffective portion 2 (12) (1) 1 Represents gains/(losses) on effective portion. 1 Included in interest and other dividend income. 2 Included in trading revenues. 3 Included in total other operating expenses. The net gain associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 4 million. Net investment hedges in 2015 2014 2013 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products 443 (1,672) 504 Total 443 (1,672) 504 Gains/(losses) reclassified from AOCI into income (CHF million) Foreign exchange products 1 0 0 2 Total 0 0 2 Represents gains/(losses) on effective portion. 1 Included in other revenues. The Bank 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 The following table provides the Bank’s current net exposure from contingent credit risk relating to derivative contracts with bilateral counterparties and special purpose entities (SPEs) that include credit support agreements, the related collateral posted and the additional collateral required in a one-notch, two-notch and a three-notch downgrade event, respectively. The table also includes derivative contracts with contingent credit risk features without credit support agreements that have accelerated termination event conditions. The current net exposure for derivative contracts with bilateral counterparties and contracts with accelerated termination event conditions is the aggregate >>>fair value of derivative instruments that were in a net liability position. For SPEs, the current net exposure is the contractual amount that is used to determine the collateral payable in the event of a downgrade. The contractual amount could include both the negative replacement value and a percentage of the notional value of the derivative. Contingent credit risk end of 2015 2014 Special Special 1 Contingent credit risk (CHF billion) Current net exposure 13.2 0.5 1.4 15.1 14.0 0.8 1.6 16.4 Collateral posted 12.3 0.5 – 12.8 12.2 0.9 – 13.1 Additional collateral required in a one-notch downgrade event 0.7 0.4 0.1 1.2 0.7 0.5 0.1 1.3 Additional collateral required in a two-notch downgrade event 1.8 0.7 0.6 3.1 2.2 0.8 0.7 3.7 Additional collateral required in a three-notch downgrade event 2.1 1.3 0.8 4.2 2.7 1.4 1.0 5.1 1 Additional collateral required for accelerated terminations event has been corrected. Credit derivatives > Refer to “Note 32 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group for further information. Credit protection sold/purchased The following tables do not include all credit derivatives and differ from the credit derivatives in the “Fair value of derivative instruments” table. This is due to the exclusion of certain credit derivative instruments under US GAAP, which defines a credit derivative as a derivative instrument (a) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit risk-related events specified in the contract. Certain cash >>>collateralized debt obligations (CDOs) and other instruments were excluded as they do not fall within the scope of US GAAP rules. >>>Total return swaps (TRS) of CHF 7.8 billion and CHF 12.6 billion as of December 31, 2015 and 2014, respectively, were also excluded because a TRS does not expose the seller to potential loss from credit risk-related events specified in the contract. A TRS only provides protection against a loss in asset value and not against additional amounts as a result of specific credit events. Credit protection sold/purchased end of 2015 2014 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (199.6) 188.6 (11.0) 26.9 1.0 (266.5) 254.0 (12.5) 32.7 4.5 Non-investment grade (65.2) 61.1 (4.1) 15.7 (3.2) (103.9) 99.9 (4.0) 13.5 0.1 Total single-name instruments (264.8) 249.7 (15.1) 42.6 (2.2) (370.4) 353.9 (16.5) 46.2 4.6 of which sovereign (47.5) 43.9 (3.6) 6.1 (1.1) (76.2) 73.0 (3.2) 8.6 (1.1) of which non-sovereign (217.3) 205.8 (11.5) 36.5 (1.1) (294.2) 280.9 (13.3) 37.6 5.7 Multi-name instruments (CHF billion) Investment grade 2 (89.1) 88.3 (0.8) 31.6 (0.5) (162.2) 159.9 (2.3) 56.2 2.2 Non-investment grade (24.4) 18.0 3 (6.4) 6.2 0.2 (53.4) 51.1 3 (2.3) 12.1 1.0 Total multi-name instruments (113.5) 106.3 (7.2) 37.8 (0.3) (215.6) 211.0 (4.6) 68.3 3.2 of which sovereign (1.0) 1.0 0.0 1.0 0.0 (7.3) 7.2 (0.1) 1.1 0.0 of which non-sovereign (112.5) 105.3 (7.2) 36.8 (0.3) (208.3) 203.8 (4.5) 67.2 3.2 Total instruments (CHF billion) Investment grade 2 (288.7) 276.9 (11.8) 58.5 0.5 (428.7) 413.9 (14.8) 88.9 6.7 Non-investment grade (89.6) 79.1 (10.5) 21.9 (3.0) (157.3) 151.0 (6.3) 25.6 1.1 Total instruments (378.3) 356.0 (22.3) 80.4 (2.5) (586.0) 564.9 (21.1) 114.5 7.8 of which sovereign (48.5) 44.9 (3.6) 7.1 (1.1) (83.5) 80.2 (3.3) 9.7 (1.1) of which non-sovereign (329.8) 311.1 (18.7) 73.3 (1.4) (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 2015 2014 Credit derivatives (CHF billion) Credit protection sold 378.3 586.0 Credit protection purchased 356.0 564.9 Other protection purchased 80.4 114.5 Other instruments 1 17.2 22.1 Total credit derivatives 831.9 1,287.5 1 Consists of certain cash collateralized debt obligations, total return swaps and other derivative instruments. Maturity of credit protection sold Maturity Maturity Maturity 2015 (CHF billion) Single-name instruments 52.1 196.4 16.3 264.8 Multi-name instruments 19.0 84.9 9.6 113.5 Total instruments 71.1 281.3 25.9 378.3 2014 (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 | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees and commitments | 33 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 Maturity Maturity Maturity Maturity 1 2015 (CHF million) Credit guarantees and similar instruments 2,916 744 284 458 4,402 4,193 25 1,729 Performance guarantees and similar instruments 4,295 1,992 627 85 6,999 6,100 78 3,144 Securities lending indemnifications 0 0 0 0 0 0 0 0 Derivatives 2 23,529 10,061 3,149 1,450 38,189 38,189 755 – 3 Other guarantees 3,958 552 447 522 5,479 5,474 52 3,533 Total guarantees 34,698 13,349 4,507 2,515 55,069 53,956 910 8,406 2014 (CHF million) Credit guarantees and similar instruments 2,495 733 257 601 4,086 3,846 30 1,657 Performance guarantees and similar instruments 4,899 1,284 1,203 106 7,492 6,625 43 3,188 Securities lending indemnifications 12,257 0 0 0 12,257 12,257 0 12,257 Derivatives 2 24,599 6,157 986 1,816 33,558 33,558 954 – 3 Other guarantees 3,592 791 233 397 5,013 5,007 44 2,805 Total guarantees 47,842 8,965 2,679 2,920 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. Credit guarantees and similar instruments Credit guarantees and similar instruments are contracts that require the Group to make payments should a third party fail to do so under a specified existing credit obligation. The position includes standby letters of credit, commercial and residential mortgage guarantees and other guarantees associated with VIEs. Standby letters of credit are made in connection with the corporate lending business and other corporate activities, where the Group provides guarantees to counterparties in the form of standby letters of credit, which represent obligations to make payments to third parties if the counterparties fail to fulfill their obligations under a borrowing arrangement or other contractual obligation. Commercial and residential mortgage guarantees are made in connection with the Group’s commercial mortgage activities in the US, where the Group sells certain commercial and residential mortgages to the Fannie Mae and agrees to bear a percentage of the losses triggered by the borrowers failing to perform on the mortgage. The Group also issues guarantees that require it to reimburse Fannie Mae for losses on certain whole loans underlying mortgage-backed securities issued by Fannie Mae, which are triggered by borrowers failing to perform on the underlying mortgages. The Group also provides guarantees to VIEs and other counterparties under which it may be required to buy assets from such entities upon the occurrence of certain triggering events such as rating downgrades and/or substantial decreases in the >>>fair value of those assets. Performance guarantees and similar instruments Performance guarantees and similar instruments are arrangements that require contingent payments to be made when certain performance-related targets or covenants are not met. Such covenants may include a customer’s obligation to deliver certain products and services or to perform under a construction contract. Performance guarantees are frequently executed as part of project finance transactions. The position includes private equity fund guarantees and guarantees related to residential mortgage securitization activities. For private equity fund guarantees, the Group has provided investors in private equity funds sponsored by a Group entity guarantees on potential obligations of certain general partners to return amounts previously paid as carried interest to those general partners if the performance of the remaining investments declines. To manage its exposure, the Group generally withholds a portion of carried interest distributions to cover any repayment obligations. In addition, pursuant to certain contractual arrangements, the Group is obligated to make cash payments to certain investors in certain private equity funds if specified performance thresholds are not met. Further, as part of the Group’s residential mortgage securitization activities in the US, the Group may guarantee the collection by the servicer and remittance to the securitization trust of prepayment penalties. The Group will have to perform under these guarantees in the event the servicer fails to remit the prepayment penalties. Securities lending indemnifications Securities lending indemnifications include arrangements in which the Group agreed to indemnify securities lending customers against losses incurred in the event that security borrowers do not return securities subject to the lending agreement and the collateral held is insufficient to cover the market value of the securities borrowed. As indicated in the Guarantees table, the Group was fully collateralized in respect of securities lending indemnifications. Derivatives >>>Derivatives are issued in the ordinary course of business, generally in the form of written put options. Disclosures about derivative contracts are not required under US GAAP if such contracts may be cash settled and the Group has no basis to conclude it is probable that the counterparties held, at inception, the underlying instruments related to the derivative contracts. The Group has concluded that these conditions were met for certain active commercial and investment banks and certain other counterparties, and accordingly, the Group has not included such contracts as guarantees. The Group manages its exposure to these derivatives by engaging in various hedging strategies to reduce its exposure. For some contracts, such as written interest rate caps or foreign exchange options, the maximum payout is not determinable as interest rates or exchange rates could theoretically rise without limit. For these contracts, notional amounts were disclosed in the table above in order to provide an indication of the underlying exposure. In addition, the Group carries all derivatives at fair value in the consolidated balance sheets and has considered the performance triggers and probabilities of payment when determining those fair values. It is more likely than not that written put options that are in-the-money to the counterparty will be exercised, for which the Group’s exposure was limited to the carrying value reflected in the table. Other guarantees Other guarantees include bankers’ acceptances, residual value guarantees, deposit insurance, contingent considerations in business combinations, the minimum value of an investment in mutual funds or private equity funds and all other guarantees that were not allocated to one of the categories above. Deposit-taking banks and securities dealers in Switzerland and certain other European countries are required to ensure the payout of privileged deposits in case of specified restrictions or compulsory liquidation of a deposit-taking bank. In Switzerland, deposit-taking banks and securities dealers jointly guarantee an amount of up to CHF 6 billion. Upon occurrence of a payout event triggered by a specified restriction of business imposed by >>>FINMA or by the compulsory liquidation of another deposit-taking bank, the Group’s contribution will be calculated based on its share of privileged deposits in proportion to total privileged deposits. Based on FINMA’s estimate for the Group’s banking subsidiaries in Switzerland, the Group’s share in the deposit insurance guarantee program for the period July 1, 2015 to June 30, 2016 is CHF 0.6 billion. These deposit insurance guarantees were reflected in other guarantees. Representations and warranties on residential mortgage loans sold In connection with the former Investment Banking division’s sale of US residential mortgage loans, the Group has provided certain representations and warranties relating to the loans sold. The Group has provided these representations and warranties relating to sales of loans to: the US government-sponsored enterprises, Fannie Mae and Freddie Mac; institutional investors, primarily banks; and non-agency, or private label, securitizations. The loans sold are primarily loans that the Group has purchased from other parties. The scope of representations and warranties, if any, depends on the transaction, but can include: ownership of the mortgage loans and legal capacity to sell the loans; loan-to-value ratios and other characteristics of the property, the borrower and the loan; validity of the liens securing the loans and absence of delinquent taxes or related liens; conformity to underwriting standards and completeness of documentation; and origination in compliance with law. If it is determined that representations and warranties were breached, the Group may be required to repurchase the related loans or indemnify the investors to make them whole for losses. Whether the Group will incur a loss in connection with repurchases and make whole payments depends on: the extent to which claims are made; the validity of such claims made within the statute of limitations (including the likelihood and ability to enforce claims); whether the Group can successfully claim against parties that sold loans to the Group and made representations and warranties to the Group; the residential real estate market, including the number of defaults; and whether the obligations of the securitization vehicles were guaranteed or insured by third parties. During 2015, the Group received repurchase claims for residential mortgage loans that were not significant, and loans repurchased during this period and related losses were not material. The balance of outstanding repurchase claims as of the end of 2015 was not significant. Repurchase claims on residential mortgage loans sold that are subject to arbitration or litigation proceedings, or become so during the reporting period, are not included in this Guarantees and commitments disclosure but are addressed in litigation and related loss contingencies and provisions. The Group is involved in litigation relating to representations and warranties on residential mortgages sold. > Refer to “Note 39 – Litigation” for further information. Disposal-related contingencies and other indemnifications The Group has certain guarantees for which its maximum contingent liability cannot be quantified. These guarantees are not reflected in the “Guarantees” table and are discussed below. Disposal-related contingencies In connection with the sale of assets or businesses, the Group sometimes provides the acquirer with certain indemnification provisions. These indemnification provisions vary by counterparty in scope and duration and depend upon the type of assets or businesses sold. They are designed to transfer the potential risk of certain unquantifiable and unknowable loss contingencies, such as litigation, tax and intellectual property matters, from the acquirer to the seller. The Group closely monitors all such contractual agreements in order to ensure that indemnification provisions are adequately provided for in the Group’s consolidated financial statements. Other indemnifications The Group provides indemnifications to certain counterparties in connection with its normal operating activities, for which it is not possible to estimate the maximum amount that it could be obligated to pay. As a normal part of issuing its own securities, the Group typically agrees to reimburse holders for additional tax withholding charges or assessments resulting from changes in applicable tax laws or the interpretation of those laws. Securities that include these agreements to pay additional amounts generally also include a related redemption or call provision if the obligation to pay the additional amounts results from a change in law or its interpretation and the obligation cannot be avoided by the issuer taking reasonable steps to avoid the payment of additional amounts. Since such potential obligations are dependent on future changes in tax laws, the related liabilities the Group may incur as a result of such changes cannot be reasonably estimated. In light of the related call provisions typically included, the Group does not expect any potential liabilities in respect of tax gross-ups to be material. The Group is a member of numerous securities exchanges and clearing houses and may, as a result of its membership arrangements, be required to perform if another member defaults and available amounts as defined in the relevant exchange’s or clearing house’s default waterfalls are not sufficient to cover losses of another member’s default. The exchange’s or clearing house’s default management procedures may provide for cash calls to non-defaulting members which may be limited to the amount (or a multiple of the amount) of the Group’s contribution to the guarantee fund. However, if these cash calls are not sufficient to cover losses, the default waterfall and default management procedures may foresee further loss allocation. Furthermore, some clearing house arrangements require members to assume a proportionate share of non-default losses, if such losses exceed the specified resources allocated for such purpose by the clearing house. Non-default losses result from the clearing house’s investment of guarantee fund contributions and initial margin or are other losses unrelated to the default of a clearing member. The Group has determined that it is not possible to reasonably estimate the maximum potential amount of future payments due under the membership arrangements. In addition, the Group believes that any potential requirement to make payments under these membership arrangements is remote. Lease commitments Lease commitments (CHF million) 2016 564 2017 547 2018 518 2019 483 2020 458 Thereafter 3,461 Future operating lease commitments 6,031 Less minimum non-cancellable sublease rentals 202 Total net future minimum lease commitments 5,829 Rental expense for operating leases in 2015 2014 2013 Rental expense for operating leases (CHF million) Minimum rental expense 558 572 642 Sublease rental income (92) (81) (85) Total net expenses for operating leases 466 491 557 Operating lease commitments The Group has contractual commitments under operating lease arrangements for certain premises and equipment. Under operating leases, the leased property is not reported on the balance sheet of the lessee. Lease payments required by the contract are generally expensed on a straight-line basis over the term of the lease. The related commitments for future rental expenses under operating leases are included in the table “Lease commitments”. From time to time, the Group may enter into sale-leaseback transactions, in which an asset is sold and immediately leased back. If specific criteria are met, such asset is derecognized from the balance sheet and an operating lease is recognized. If the present value of the lease payments is equal to or higher than 10% of the fair value of the property sold, any resulting gains up to an amount equal to the present value of the lease payments are deferred and recognized in the statement of operations over the term of the lease as a reduction of rental expense. Gains on sale-leaseback transactions for which the lease payments are lower than 10% of the fair value of the property sold or gains in excess of the present value of the lease payments are recognized in the statements of operations upon completion of the sale. Sale-leaseback transactions There were no significant transactions in 2015. During 2015, 2014 and 2013, the Group entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between two and eighteen years, between two and ten years and between five and ten years, respectively. The total contractual rental expenses were CHF 80 million for the 2015 sale-leaseback transactions, CHF 17 million for the 2014 sale-leaseback transactions and CHF 78 million for the 2013 sale-leaseback transactions. Other commitments Maturity Maturity Maturity Maturity 1 2015 (CHF million) Irrevocable commitments under documentary credits 4,022 4 3 0 4,029 3,935 2,468 Irrevocable loan commitments 2 33,890 45,365 44,759 13,639 137,653 133,833 63,276 Forward reverse repurchase agreements 48 0 0 0 48 48 48 Other commitments 450 124 29 169 772 771 6 Total other commitments 38,410 45,493 44,791 13,808 142,502 138,587 65,798 2014 (CHF million) Irrevocable commitments under documentary credits 4,722 11 1 0 4,734 4,575 2,769 Irrevocable loan commitments 2 30,023 32,781 46,490 10,996 120,290 115,502 56,959 Forward reverse repurchase agreements 8,292 0 0 0 8,292 8,292 8,292 Other commitments 736 768 43 223 1,770 1,770 0 Total other commitments 43,773 33,560 46,534 11,219 135,086 130,139 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 98,495 million and CHF 100,905 million of unused credit limits as of December 31, 2015 and 2014, respectively, which were revocable at the Group's sole discretion upon notice to the client. Irrevocable commitments under documentary credits Irrevocable commitments under documentary credits include exposures from trade finance related to commercial letters of credit under which the Group guarantees payments to exporters against presentation of shipping and other documents. Irrevocable loan commitments Irrevocable loan commitments are irrevocable credit facilities extended to clients and include fully or partially undrawn commitments that are legally binding and cannot be unconditionally cancelled by the Group. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes and are not included in this disclosure. Such commitments are reflected as derivatives in the consolidated balance sheets. Forward reverse repurchase agreements Forward reverse repurchase agreements represent transactions in which the initial cash exchange of the >>>reverse repurchase transactions takes place on specified future dates. The commitment balance for forward reverse repurchase agreements decreased in 2015 primarily as a result of a change in the calculation methodology. The Group enters into forward reverse repurchase agreements with counterparties that may have existing funded reverse repurchase agreements. Depending on the details of the counterparty contract with Credit Suisse, the new methodology considers both a counterparty’s existing funded reverse repurchase agreement and any forward reverse repurchase agreements under contract with the same counterparty. Other commitments Other commitments include private equity commitments, firm commitments in underwriting securities, commitments arising from deferred payment letters of credit and from acceptances in circulation and liabilities for call and put options on shares and other equity instruments. |
Bank | |
Guarantees and commitments | 32 Guarantees and commitments Guarantees Maturity Maturity Maturity Maturity 1 2015 (CHF million) Credit guarantees and similar instruments 2,908 743 285 451 4,387 4,178 24 1,727 Performance guarantees and similar instruments 4,201 1,929 603 81 6,814 5,915 75 3,104 Securities lending indemnifications 0 0 0 0 0 0 0 0 Derivatives 2 23,528 10,061 3,149 1,451 38,189 38,189 755 – 3 Other guarantees 3,901 517 445 516 5,379 5,374 51 3,492 Total guarantees 34,538 13,250 4,482 2,499 54,769 53,656 905 8,323 2014 (CHF million) Credit guarantees and similar instruments 2,488 733 257 593 4,071 3,832 30 1,654 Performance guarantees and similar instruments 4,798 1,219 1,178 97 7,292 6,425 40 3,155 Securities lending indemnifications 12,257 0 0 0 12,257 12,257 0 12,257 Derivatives 2 24,599 6,157 981 1,815 33,552 33,552 954 – 3 Other guarantees 3,477 776 230 394 4,877 4,870 43 2,773 Total guarantees 47,619 8,885 2,646 2,899 62,049 60,936 1,067 19,839 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not significant. Deposit-taking banks and securities dealers in Switzerland and certain other European countries are required to ensure the payout of privileged deposits in case of specified restrictions or compulsory liquidation of a deposit-taking bank. In Switzerland, deposit-taking banks and securities dealers jointly guarantee an amount of up to CHF 6 billion. Upon occurrence of a payout event triggered by a specified restriction of business imposed by the >>>Swiss Financial Market Supervisory Authority FINMA (FINMA) or by the compulsory liquidation of another deposit-taking bank, the Bank’s contribution will be calculated based on its share of privileged deposits in proportion to total privileged deposits. Based on FINMA’s estimate for the Bank, the Bank’s share in the deposit insurance guarantee program for the period July 1, 2015 to June 30, 2016 is CHF 0.5 billion. These deposit insurance guarantees were reflected in other guarantees. > Refer to “Note 33 – Guarantees and commitments” in V – Consolidated financial statements – Credit Suisse Group for further information. Representations and warranties on residential mortgage loans sold In connection with the former Investment Banking division’s sale of US residential mortgage loans, the Bank has provided certain representations and warranties relating to the loans sold. > Refer to “Note 33 – Guarantees and commitments” in V – Consolidated financial statements – Credit Suisse Group for further information. Lease commitments Lease commitments (CHF million) 2016 563 2017 546 2018 517 2019 483 2020 458 Thereafter 3,460 Future operating lease commitments 6,027 Less minimum non-cancellable sublease rentals 200 Total net future minimum lease commitments 5,827 Rental expense for operating leases in 2015 2014 2013 Rental expense for operating leases (CHF million) Minimum rental expense 558 572 642 Sublease rental income (92) (81) (85) Total net expenses for operating leases 466 491 557 Operating lease commitments > Refer to “Note 33 – Guarantees and commitments” in V – Consolidated financial statements – Credit Suisse Group for further information. Sale-leaseback transactions There were no significant transactions in 2015. During 2015, 2014 and 2013, the Bank entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between two and eighteen years, between two and ten years and between five and ten years, respectively. The total contractual rental expenses were CHF 67 million for the 2015 sale-leaseback transactions, CHF 17 million for the 2014 sale-leaseback transactions and CHF 78 million for the 2013 sale-leaseback transactions. Other commitments Maturity Maturity Maturity Maturity 1 2015 (CHF million) Irrevocable commitments under documentary credits 4,020 4 3 0 4,027 3,932 2,468 Irrevocable loan commitments 33,776 45,286 44,755 13,586 137,403 2 133,583 63,275 Forward reverse repurchase agreements 48 0 0 0 48 48 48 Other commitments 404 124 29 168 725 726 6 Total other commitments 38,248 45,414 44,787 13,754 142,203 138,289 65,797 2014 (CHF million) Irrevocable commitments under documentary credits 4,717 11 1 0 4,729 4,570 2,769 Irrevocable loan commitments 29,938 32,751 46,440 10,965 120,094 2 115,306 56,958 Forward reverse repurchase agreements 8,292 0 0 0 8,292 8,292 8,292 Other commitments 690 768 43 223 1,724 1,724 0 Total other commitments 43,637 33,530 46,484 11,188 134,839 129,892 68,019 1 Total net amount is computed as the gross amount less any participations. 2 Irrevocable loan commitments do not include a total gross amount of CHF 95,025 million and CHF 97,608 million of unused credit limits as of December 31, 2015 and 2014, respectively, which were revocable at the Bank's sole discretion upon notice to the client. > Refer to “Note 33 – Guarantees and commitments” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Transfers of financial assets a
Transfers of financial assets and variable interest entities | 12 Months Ended |
Dec. 31, 2015 | |
Transfers of financial assets and variable interest entities | 34 Transfers of financial assets and variable interest entities In the normal course of business, the Group enters into transactions with, and makes use of, SPEs. An SPE is an entity in the form of a trust or other legal structure designed to fulfill a specific limited need of the company that organized it and is generally structured to isolate the SPE’s assets from creditors of other entities, including the Group. The principal uses of SPEs are to assist the Group and its clients in securitizing financial assets and creating investment products. The Group also uses SPEs for other client-driven activity, such as to facilitate financings, and for Group tax or regulatory purposes. Transfers of financial assets Securitizations The majority of the Group’s securitization activities involve mortgages and mortgage-related securities and are predominantly transacted using SPEs. In a typical securitization, the SPE purchases assets financed by proceeds received from the SPE’s issuance of debt and equity instruments, certificates, >>>CP and other notes of indebtedness. These assets and liabilities are recorded on the balance sheet of the SPE and not reflected on the Group’s consolidated balance sheet, unless either the Group sold the assets to the entity and the accounting requirements for sale were not met or the Group consolidates the SPE. The Group purchases commercial and residential mortgages for the purpose of securitization and sells these mortgage loans to SPEs. These SPEs issue >>>commercial mortgage-backed securities (CMBS), >>>residential mortgage-backed securities (RMBS) and ABS that are collateralized by the assets transferred to the SPE and that pay a return based on the returns on those assets. Investors in these mortgage-backed securities or ABS typically have recourse to the assets in the SPEs, unless a third-party guarantee has been received to further enhance the creditworthiness of the assets. The investors and the SPEs have no recourse to the Group’s assets. The Group is typically an underwriter of, and makes a market in, these securities. The Group also transacts in re-securitizations of previously issued RMBS securities. Typically, certificates issued out of an existing securitization vehicle are sold into a newly created and separate securitization vehicle. Often, these re-securitizations are initiated in order to repackage an existing security to give the investor a higher rated tranche. The Group also uses SPEs for other asset-backed financings relating to client-driven activity and for Group tax or regulatory purposes. Types of structures included in this category include >>>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 2015, 2014 and 2013 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 2015 2014 2013 Gains and cash flows (CHF million) CMBS Net gain 1 1 7 4 Proceeds from transfer of assets 9,813 5,335 5,574 Cash received on interests that continue to be held 148 102 70 RMBS Net gain/(loss) 1 5 13 (8) Proceeds from transfer of assets 20,062 22,728 24,523 Purchases of previously transferred financial assets or its underlying collateral (1) (4) (10) Servicing fees 3 2 4 Cash received on interests that continue to be held 457 444 486 Other asset-backed financings Net gain 1 24 29 15 Proceeds from transfer of assets 1,740 1,819 915 Purchases of previously transferred financial assets or its underlying collateral 2 0 0 (213) Cash received on interests that continue to be held 3 17 633 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 are the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present. Continuing involvement in transferred financial assets The Group may have continuing involvement in the financial assets that are transferred to an SPE, which may take several forms, including, but not limited to, servicing, recourse and guarantee arrangements, agreements to purchase or redeem transferred assets, derivative instruments, pledges of collateral and beneficial interests in the transferred assets. Beneficial interests, which are valued at fair value, include rights to receive all or portions of specified cash inflows received by an SPE, including, but not limited to, senior and subordinated shares of interest, principal, or other cash inflows to be “passed through” or “paid through”, premiums due to guarantors, CP obligations, and residual interests, whether in the form of debt or equity. The Group’s exposure resulting from continuing involvement in transferred financial assets is generally limited to beneficial interests typically held by the Group in the form of instruments issued by SPEs that are senior, subordinated or residual tranches. These instruments are held by the Group typically in connection with underwriting or market-making activities and are included in trading assets in the consolidated balance sheets. Any changes in the fair value of these beneficial interests are recognized in the consolidated statements of operations. Investors usually have recourse to the assets in the SPE and often benefit from other credit enhancements, such as collateral accounts, or from liquidity facilities, such as lines of credit or liquidity put option of asset purchase agreements. The SPE may also enter into a derivative contract in order to convert the yield or currency of the underlying assets to match the needs of the SPE investors, or to limit or change the credit risk of the SPE. The Group may be the provider of certain credit enhancements as well as the counterparty to any related derivative contract. The following table provides the outstanding principal balance of assets to which the Group continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of December 31, 2015 and 2014, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2015 2014 CHF million CMBS Principal amount outstanding 40,625 41,216 Total assets of SPE 56,118 53,354 RMBS Principal amount outstanding 54,164 49,884 Total assets of SPE 55,833 50,017 Other asset-backed financings Principal amount outstanding 21,653 26,176 Total assets of SPE 22,787 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 “Fair value measurement” in Note 35 – Financial instruments for further information on the fair value hierarchy. Key economic assumptions used in measuring fair value of beneficial interests at time of transfer at time of transfer, in 2015 2014 2013 CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 1,512 2,110 1,341 4,023 633 2,993 of which level 2 1,442 1,695 1,242 3,791 476 2,879 of which level 3 70 415 100 232 156 114 Weighted-average life, in years 8.2 9.0 4.1 7.7 7.3 7.7 Prepayment speed assumption (rate per annum), in % 1 – 2 1.1 – 30.1 – 2 1.5 – 23.0 – 2 2.0 – 31.0 Cash flow discount rate (rate per annum), in % 3 1.7 – 7.2 1.7 – 33.7 1.0 – 11.0 1.9 – 17.8 1.6 – 11.6 0.0 – 45.9 Expected credit losses (rate per annum), in % 0.7 – 5.9 0.5 – 15.9 1.0 – 2.2 0.4 – 15.3 0.0 – 7.5 0.0 – 45.8 Transfers of assets in which the Group does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. Key economic assumptions as of the reporting date The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of December 31, 2015 and 2014. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs end of 2015 2014 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 1,007 2,274 56 1,168 2,394 212 of which non-investment grade 73 581 55 79 246 146 Weighted-average life, in years 6.7 9.7 2.5 5.6 7.8 3.6 Prepayment speed assumption (rate per annum), in % 3 – 1.0 – 37.1 – – 1.0 – 36.6 – Impact on fair value from 10% adverse change – (30.5) – – (29.2) – Impact on fair value from 20% adverse change – (57.6) – – (56.4) – Cash flow discount rate (rate per annum), in % 4 2.1 – 13.3 1.5 – 35.5 5.7 – 21.2 1.6 – 22.3 1.7 – 44.0 0.3 – 21.2 Impact on fair value from 10% adverse change (18.1) (63.1) (0.7) (14.0) (43.8) (1.2) Impact on fair value from 20% adverse change (35.6) (122.5) (1.5) (27.4) (85.3) (2.4) Expected credit losses (rate per annum), in % 0.9 – 12.7 1.3 – 34.3 0.2 – 14.2 1.0 – 22.2 0.0 – 41.7 1.4 – 13.1 Impact on fair value from 10% adverse change (8.0) (32.3) (0.7) (7.1) (25.3) (0.4) Impact on fair value from 20% adverse change (15.9) (63.2) (1.5) (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 December 31, 2015 and 2014. > Refer to “Note 36 – Assets pledged and collateral” for further information. Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2015 2014 CHF million CMBS Other assets 0 26 Liability to SPE, included in Other liabilities 0 (26) RMBS Other assets 266 0 Liability to SPE, included in Other liabilities (266) 0 Other asset-backed financings Trading assets 155 138 Other assets 122 252 Liability to SPE, included in Other liabilities (277) (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 December 31, 2015, 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 December 31, 2015, gross cash proceeds received for assets derecognized at the date of sale and the fair values of transferred assets and the aforementioned agreements as of December 31, 2015. Transfer of financial assets accounted for as sales – by transaction type at date of Gross cash 1 1 2015 (CHF million) Sales with total return swaps 395 397 398 7 7 Sales with longevity swaps 308 378 375 546 – Total transactions outstanding 703 775 773 553 2 7 3 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 Gross derivative assets of CHF 7 million and CHF 546 million included in equity/index-related products and other products, respectively, as disclosed in Note 32 – Derivatives and hedging activities. 3 Gross derivative liabilities of CHF 7 million included in equity/index-related products, as disclosed in Note 32 – 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 December 31, 2015. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2015 CHF billion Government debt securities 21.1 Corporate debt securities 15.2 Asset-backed securities 21.6 Equity securities 0.1 Other 0.1 Securities sold under repurchase agreements 58.1 Government debt securities 3.1 Corporate debt securities 0.4 Equity securities 8.2 Other 0.3 Securities lending transactions 12.0 Government debt securities 0.5 Corporate debt securities 0.1 Equity securities 27.9 Obligation to return securities received as collateral, at fair value 28.5 Total 98.6 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31–90 More than 2015 (CHF billion) Securities sold under repurchase agreements 7.7 29.9 8.1 12.4 58.1 Securities lending transactions 6.0 3.6 1.8 0.6 12.0 Obligation to return securities received as collateral, at fair value 26.2 2.3 0.0 0.0 28.5 Total 39.9 35.8 9.9 13.0 98.6 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. > Refer to “Note 27 – 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. VIEs are SPEs that typically either lack sufficient equity to finance their activities without additional subordinated financial support or are structured such that the holders of the voting rights do not substantively participate in the gains and losses of the entity. VIEs may be sponsored by the Group, unrelated third parties or clients. Such entities are required to be assessed for consolidation, compelling the primary beneficiary to consolidate the VIE. The consolidation assessment requires an entity to determine whether it has the power to direct the activities that most significantly affect the economics of the VIE as well as whether the reporting entity has potentially significant benefits or losses in the VIE. The primary beneficiary assessment must be re-evaluated on an ongoing basis. Application of the requirements for consolidation of VIEs may require the exercise of significant management judgment. In the event consolidation of a VIE is required, the exposure to the Group is limited to that portion of the VIE’s assets attributable to any variable interest held by the Group prior to any risk management activities to hedge the Group’s net exposure. Any interests held in the VIE by third parties, even though consolidated by the Group, will not typically impact its results of operations. Transactions with VIEs are generally executed to facilitate securitization activities or to meet specific client needs, such as providing liquidity or investing opportunities, and, as part of these activities, the Group may hold interests in the VIEs. Securitization-related transactions with VIEs involve selling or purchasing assets as well as possibly entering into related >>>derivatives with those VIEs, providing liquidity, credit or other support. Other transactions with VIEs include derivative transactions in the Group’s capacity as the prime broker. The Group also enters into lending arrangements with VIEs for the purpose of financing projects or the acquisition of assets. Typically, the VIE’s assets are restricted in nature in that they are held primarily to satisfy the obligations of the entity. Further, the Group is involved with VIEs which were formed for the purpose of offering alternative investment solutions to clients. Such VIEs relate primarily to private equity investments, fund-linked vehicles or funds of funds, where the Group acts as structurer, manager, distributor, broker, market maker or liquidity provider. As a consequence of these activities, the Group holds variable interests in VIEs. Such variable interests consist of financial instruments issued by VIEs and which are held by the Group, certain derivatives with VIEs or loans to VIEs. Guarantees issued by the Group to or on behalf of VIEs may also qualify as variable interests. For such guarantees, including derivatives that act as guarantees, the notional amount of the respective guarantees is presented to represent the exposure. In general, investors in consolidated VIEs do not have recourse to the Group in the event of a default, except where a guarantee was provided to the investors or where the Group is the counterparty to a derivative transaction involving VIEs. Total assets of consolidated and non-consolidated VIEs for which the Group has involvement represent the total assets of the VIEs even though the Group’s involvement may be significantly less due to interests held by third-party investors. The asset balances for non-consolidated VIEs where the Group has significant involvement represent the most current information available to the Group regarding the remaining principal balance of assets owned. In most cases, the asset balances represent an amortized cost basis without regards to impairments in fair value, unless fair value information is readily available. The Group’s maximum exposure to loss is different from the carrying value of the assets of the VIE. This maximum exposure to loss consists of the carrying value of the Group variable interests held as trading assets, derivatives and loans and the notional amount of guarantees to VIEs, rather than the amount of total assets of the VIEs. The maximum exposure to loss does not reflect the Group’s risk management activities, including effects from financial instruments that the Group may utilize to economically hedge the risks inherent in these VIEs. The economic risks associated with VIE exposures held by the Group, together with all relevant >>>risk mitigation initiatives, are included in the Group’s risk management framework. The Group has not provided financial or other support to consolidated or non-consolidated VIEs that it was not contractually required to provide. Collateralized debt 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. As part of its structured finance business, the Group purchases loans and other debt obligations from and on behalf of clients for the purpose of securitization. The loans and other debt obligations are sold to VIEs, which in turn issue CDOs to fund the purchase of assets such as investment grade and high yield corporate debt instruments. Typically, the collateral manager in a managed CDO is deemed to be the entity that has the power to direct the activities that most affect the economics of the entity. In a static CDO this “power” role is more difficult to analyze and may be the sponsor of the entity or the >>>CDS counterparty. CDOs provide credit risk exposure to a portfolio of ABS (cash CDOs) or a reference portfolio of securities (synthetic CDOs). Cash CDO transactions hold actual securities whereas synthetic CDO transactions use CDS to exchange the underlying credit risk instead of using cash assets. The Group may also act as a derivative counterparty to the VIEs, which are typically not variable interests, and may invest in portions of the notes or equity issued by the VIEs. The CDO entities may have actively managed portfolios or static portfolios. The securities issued by these VIEs are payable solely from the cash flows of the related collateral, and third-party creditors of these VIEs do not have recourse to the Group in the event of default. The Group’s exposure in CDO transactions is typically limited to interests retained in connection with its underwriting or market-making activities. Unless the Group has been deemed to have “power” over the entity and these interests are potentially significant, the Group is not the primary beneficiary of the vehicle and does not consolidate the entity. The Group’s maximum exposure to loss does not include any effects from financial instruments used to economically hedge the risks of the VIEs. Commercial paper conduit 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 Group has decided not to issue any CP from Alpine and all outstanding CP was fully repaid as of December 31, 2015. The overall average maturity of the conduit’s outstanding CP was approximately 49 days as of December 31, 2014. As of December 31, 2014, Alpine had the highest short-term rating from Moody’s and Dominion Bond Rating Service and was rated A-1 by Standard & Poor’s and F-1 by Fitch. Alpine’s purchased assets were advance financing receivables, student loans and CDOs. As of December 31, 2015 and 2014, those assets had a weighted average rating of A- and AA, respectively, based on the lowest of each asset’s internal rating and, where available, external rating, and an average maturity of 3.3 years and 1.8 years, respectively. The Group’s commitment to this CP conduit consists of obligations under liquidity agreements and a program-wide credit enhancement agreement. The liquidity agreements are asset-specific arrangements, which require the Group to purchase assets from the CP conduit in certain circumstances, including a lack of liquidity in the CP market such that the CP conduit cannot refinance its obligations or, in some cases, a default of an underlying asset. The Group may, at its discretion, purchase assets that fall below investment grade in order to support the CP conduit. In both circumstances, the asset-specific credit enhancements provided by the client seller of the assets and the first-loss investor’s respective exposures to those assets remain unchanged. In entering into such agreements, the Group reviews the credit risk associated with these transactions on the same basis that would apply to other extensions of credit. The program-wide credit enhancement agreement with the CP conduit would absorb potential defaults of the assets, but is senior to the credit protection provided by the client seller of assets and the first-loss investor. The Group believes that the likelihood of incurring a loss equal to the maximum exposure is remote because the assets held by the CP conduit, after giving effect to related asset-specific credit enhancement primarily provided by the clients, are classified as investment grade. The Group’s economic risks associated with the purchased assets of the CP conduit are included in the Group’s risk management framework including counterparty, economic risk capital and scenario analysis. Financial intermediation The Group has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Group considers the likelihood of incurring a loss equal to the maximum exposure to be remote because of the Group’s risk mitigation efforts, including, but not limited to, economic hedging strategies and collateral arrangements. The Group’s economic risks associated with consolidated and non-consolidated VIE exposures arising from financial intermediation, together with all relevant risk mitigation initiatives, are included in the Group’s risk management framework. Financial intermediation consists of securitizations, funds, loans, and other vehicles. Securitizations Securitizations are primarily >>>CMBS, >>>RMBS and ABS vehicles. The Group acts as an underwriter, market maker, liquidity provider, derivative counterparty and/or provider of credit enhancements to VIEs related to certain securitization transactions. The maximum exposure to loss is the carrying value of the loan securities and derivative positions that are variable interests, if any, plus the exposure arising from any credit enhancements the Group provided. The Group’s maximum exposure to loss does not include any effects from financial instruments used to economically hedge the risks of the VIEs. The activities that have the most significant impact on the securitization vehicle are the decisions relating to defaulted loans, which are controlled by the servicer. The party that controls the servicing has the ability to mak |
Bank | |
Transfers of financial assets and variable interest entities | 33 Transfers of financial assets and variable interest entities Transfers of financial assets > Refer to “Note 34 – Transfers of financial assets and variable interest entities” in V – Credit Suisse Group – Consolidated financial statements for further information. Securitizations The following table provides the gains or losses and proceeds from the transfer of assets relating to 2015, 2014 and 2013 securitizations of financial assets that qualify for sale accounting and subsequent derecognition, along with the cash flows between the Bank and the SPEs used in any securitizations in which the Bank still has continuing involvement, regardless of when the securitization occurred. Securitizations in 2015 2014 2013 Gains and cash flows (CHF million) CMBS Net gain 1 1 7 4 Proceeds from transfer of assets 9,813 5,335 5,574 Cash received on interests that continue to be held 148 102 70 RMBS Net gain/(loss) 1 5 13 (8) Proceeds from transfer of assets 20,062 22,728 24,523 Purchases of previously transferred financial assets or its underlying collateral (1) (4) (10) Servicing fees 3 2 4 Cash received on interests that continue to be held 457 444 486 Other asset-backed financings Net gain 1 24 29 15 Proceeds from transfer of assets 1,740 1,819 915 Purchases of previously transferred financial assets or its underlying collateral 2 0 0 (213) Cash received on interests that continue to be held 3 17 633 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present. Continuing involvement in transferred financial assets The following table provides the outstanding principal balance of assets to which the Bank continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of December 31, 2015 and 2014, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2015 2014 CHF million CMBS Principal amount outstanding 40,625 41,216 Total assets of SPE 56,118 53,354 RMBS Principal amount outstanding 54,164 49,884 Total assets of SPE 55,833 50,017 Other asset-backed financings Principal amount outstanding 21,653 26,176 Total assets of SPE 22,787 26,176 Principal amount outstanding relates to assets transferred from the Bank and does not include principle amounts for assets transferred from third parties. Fair value of beneficial interests The >>>fair value measurement of beneficial interests held at the time of transfer and as of the reporting date that result from any continuing involvement is determined using fair value estimation techniques, such as the present value of estimated future cash flows that incorporate assumptions that market participants customarily use in these valuation techniques. The fair value of the assets or liabilities that result from any continuing involvement does not include any benefits from financial instruments that the Bank may utilize to hedge the inherent risks. Key economic assumptions at the time of transfer > Refer to “Note 34 – Financial instruments” for further information on the fair value hierarchy. Key economic assumptions used in measuring fair value of beneficial interests at time of transfer at time of transfer, in 2015 2014 2013 CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 1,512 2,110 1,341 4,023 633 2,993 of which level 2 1,442 1,695 1,242 3,791 476 2,879 of which level 3 70 415 100 232 156 114 Weighted-average life, in years 8.2 9.0 4.1 7.7 7.3 7.7 Prepayment speed assumption (rate per annum), in % 1 – 2 1.1 – 30.1 – 2 1.5 – 23.0 – 2 2.0 – 31.0 Cash flow discount rate (rate per annum), in % 3 1.7 – 7.2 1.7 – 33.7 1.0 – 11.0 1.9 – 17.8 1.6 – 11.6 0.0 – 45.9 Expected credit losses (rate per annum), in % 0.7 – 5.9 0.5 – 15.9 1.0 – 2.2 0.4 – 15.3 0.0 – 7.5 0.0 – 45.8 Transfers of assets in which the Bank does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. Key economic assumptions as of the reporting date The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of December 31, 2015 and 2014. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs end of 2015 2014 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 1,007 2,274 56 1,168 2,394 212 of which non-investment grade 73 581 55 79 246 146 Weighted-average life, in years 6.7 9.7 2.5 5.6 7.8 3.6 Prepayment speed assumption (rate per annum), in % 3 – 1.0 – 37.1 – – 1.0 – 36.6 – Impact on fair value from 10% adverse change – (30.5) – – (29.2) – Impact on fair value from 20% adverse change – (57.6) – – (56.4) – Cash flow discount rate (rate per annum), in % 4 2.1 – 13.3 1.5 – 35.5 5.7 – 21.2 1.6 – 22.3 1.7 – 44.0 0.3 – 21.2 Impact on fair value from 10% adverse change (18.1) (63.1) (0.7) (14.0) (43.8) (1.2) Impact on fair value from 20% adverse change (35.6) (122.5) (1.5) (27.4) (85.3) (2.4) Expected credit losses (rate per annum), in % 0.9 – 12.7 1.3 – 34.3 0.2 – 14.2 1.0 – 22.2 0.0 – 41.7 1.4 – 13.1 Impact on fair value from 10% adverse change (8.0) (32.3) (0.7) (7.1) (25.3) (0.4) Impact on fair value from 20% adverse change (15.9) (63.2) (1.5) (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. Transfers of financial assets where sale treatment was not achieved The following table provides the carrying amounts of transferred financial assets and the related liabilities where sale treatment was not achieved as of December 31, 2015 and 2014. Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2015 2014 CHF million CMBS Other assets 0 26 Liability to SPE, included in Other liabilities 0 (26) RMBS Other assets 266 0 Liability to SPE, included in Other liabilities (266) 0 Other asset-backed financings Trading assets 155 138 Other assets 122 252 Liability to SPE, included in Other liabilities (277) (390) Transfers of financial assets accounted for as a sale The following table presents information about the transfers of financial assets accounted for as sales with agreements that result in the Bank retaining substantially all of the exposure to the economic return on the transferred assets at the date of sale and remain outstanding as of December 31, 2015, gross cash proceeds received for assets derecognized at the date of sale and the fair values of transferred assets and the types of agreements as of December 31, 2015. Transfer of financial assets accounted for as sales – by transaction type at date of Gross cash 1 1 2015 (CHF million) Sales with total return swaps 395 397 398 7 7 Sales with longevity swaps 308 378 375 546 – Total transactions outstanding 703 775 773 553 2 7 3 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 Gross derivative assets of CHF 7 million and CHF 546 million included in equity/index-related products and other products, respectively, as disclosed in Note 31 – Derivatives and hedging activities. 3 Gross derivative liabilities of CHF 7 million in equity/index-related products, as disclosed in Note 31 – Derivatives and hedging activities. Securities sold under repurchase agreements and securities lending transactions accounted for as secured borrowings The following tables provide the gross obligation relating to securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral by the class of collateral pledged and by remaining contractual maturity as of December 31, 2015. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2015 CHF billion Government debt securities 21.1 Corporate debt securities 15.2 Asset-backed securities 21.6 Equity securities 0.1 Other 0.1 Securities sold under repurchase agreements 58.1 Government debt securities 3.1 Corporate debt securities 0.4 Equity securities 8.2 Other 0.3 Securities lending transactions 12.0 Government debt securities 0.5 Corporate debt securities 0.1 Equity securities 27.9 Obligation to return securities received as collateral, at fair value 28.5 Total 98.6 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31-90 More than 2015 (CHF billion) Securities sold under repurchase agreements 7.7 29.9 8.1 12.4 58.1 Securities lending transactions 6.0 3.6 1.8 0.6 12.0 Obligation to return securities received as collateral, at fair value 26.2 2.3 0.0 0.0 28.5 Total 39.9 35.8 9.9 13.0 98.6 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. > Refer to “Note 26 – Offsetting of financial assets and financial liabilities” for further information on the gross amount of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral and the net amounts disclosed in the consolidated balance sheets. Variable interest entities > Refer to “Note 34 – Transfers of financial assets and variable interest entities” in V – Consolidated financial statements – Credit Suisse Group for further information. Commercial paper conduit The Bank acts 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 Bank. However, its assets are available to satisfy only the claims of its creditors. In addition, the Bank, 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 Bank is deemed the primary beneficiary and consolidates this entity. The Bank has decided not to issue any CP from Alpine and all outstanding CP was fully repaid as of December 31, 2015. The overall average maturity of the conduit’s outstanding CP was approximately 49 days as of December 31, 2014. As of December 31, 2014, Alpine had the highest short-term rating from Moody’s and Dominion Bond Rating Service and was rated A-1 by Standard & Poor’s and F-1 by Fitch. Alpine’s purchased assets were advance financing receivables, student loans and CDOs. As of December 31, 2015 and 2014, those assets had a weighted average rating of A- and AA, respectively, based on the lowest of each asset’s internal rating and, where available, external rating, and an average maturity of 3.3 years and 1.8 years, respectively. The Bank’s commitment to this CP conduit consists of obligations under liquidity agreements and a program-wide credit enhancement agreement. The liquidity agreements are asset-specific arrangements, which require the Bank to purchase assets from the CP conduit in certain circumstances, including a lack of liquidity in the CP market such that the CP conduit cannot refinance its obligations or, in some cases, a default of an underlying asset. The Bank may, at its discretion, purchase assets that fall below investment grade in order to support the CP conduit. In both circumstances, the asset-specific credit enhancements provided by the client seller of the assets and the first-loss investor’s respective exposures to those assets remain unchanged. In entering into such agreements, the Bank reviews the credit risk associated with these transactions on the same basis that would apply to other extensions of credit. The program-wide credit enhancement agreement with the CP conduit would absorb potential defaults of the assets, but is senior to the credit protection provided by the client seller of assets and the first-loss investor. The Bank believes that the likelihood of incurring a loss equal to the maximum exposure is remote because the assets held by the CP conduit, after giving effect to related asset-specific credit enhancement primarily provided by the clients, are classified as investment grade. The Bank’s economic risks associated with the purchased assets of the CP conduit are included in the Bank’s risk management framework including counterparty, economic risk capital and scenario analysis. Consolidated VIEs The Bank has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Bank consolidated all VIEs related to financial intermediation for which it was the primary beneficiary. Consolidated VIEs in which the Bank was the primary beneficiary Financial intermediation CP Securi- 2015 (CHF million) Cash and due from banks 1,351 0 21 9 93 219 1,693 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 53 0 0 0 0 53 Trading assets 283 49 0 941 1,001 98 2,372 Investment securities 0 0 1,009 0 0 0 1,009 Other investments 0 0 0 0 1,553 433 1,986 Net loans 0 0 0 0 27 1,285 1,312 Premises and equipment 0 0 0 0 299 0 299 Other assets 10,839 123 1,671 0 82 1,735 14,450 of which loans held-for-sale 10,790 0 469 0 16 0 11,275 Total assets of consolidated VIEs 12,473 225 2,701 950 3,055 3,770 23,174 Trading liabilities 8 0 0 0 18 1 27 Short-term borrowings 0 0 81 0 0 0 81 Long-term debt 12,428 0 2,128 125 136 9 14,826 Other liabilities 51 3 3 1 134 643 835 Total liabilities of consolidated VIEs 12,487 3 2,212 126 288 653 15,769 2014 (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 0 422 0 422 Other assets 8,726 262 4,741 3 195 2,205 16,132 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 3,268 3,654 25,318 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 29 573 124 146 828 1,727 Total liabilities of consolidated VIEs 10,351 9,431 2,991 340 268 1,220 24,601 Non-consolidated VIEs Non-consolidated VIE assets are related to the non-consolidated VIEs with which the Bank has variable interests. These amounts represent the assets of the entities themselves and are typically unrelated to the exposures the Bank has with the entity and thus are not amounts that are considered for risk management purposes. Non-consolidated VIEs Financial intermediation Securi- 2015 (CHF million) Trading assets 90 6,021 871 425 8 7,415 Net loans 36 1,508 2,634 5,053 1,723 10,954 Other assets 0 11 13 0 161 185 Total variable interest assets 126 7,540 3,518 5,478 1,892 18,554 Maximum exposure to loss 126 12,986 3,518 11,866 2,570 31,066 Non-consolidated VIE assets 6,590 113,530 54,112 41,824 11,463 227,519 2014 (CHF million) Trading assets 179 5,009 1,201 494 625 7,508 Net loans 211 2,307 1 3,113 5,482 1 1,544 12,657 1 Other assets 0 4 20 0 189 213 Total variable interest assets 390 7,320 1 4,334 5,976 1 2,358 20,378 1 Maximum exposure to loss 752 12,830 1 4,489 11,157 1 2,358 31,586 1 Non-consolidated VIE assets 8,604 120,243 1 56,413 45,268 1 12,170 242,698 1 1 Prior period has been corrected. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2015 | |
Financial instruments | 35 Financial instruments The disclosure of the Group’s financial instruments below includes the following sections: – – – – Concentrations of credit risk Credit risk concentrations arise when a number of counterparties are engaged in similar business activities, are located in the same geographic region or when there are similar economic features that would cause their ability to meet contractual obligations to be similarly impacted by changes in economic conditions. The Group regularly monitors the credit risk portfolio by counterparties, industry, country and products to ensure that such potential concentrations are identified, using a comprehensive range of quantitative tools and metrics. Credit limits relating to counterparties and products are managed through counterparty limits which set the maximum credit exposures the Group is willing to assume to specific counterparties over specified periods. Country limits are established to avoid any undue country risk concentration. From an industry point of view, the combined credit exposure of the Group is diversified. A large portion of the credit exposure is with individual clients, particularly through residential mortgages in Switzerland, or relates to transactions with financial institutions. In both cases, the customer base is extensive and the number and variety of transactions are broad. For transactions with financial institutions, the business is also geographically diverse, with operations focused in the Americas, Europe and, to a lesser extent, Asia Pacific. Fair value 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 measurement disclosures exclude derivative transactions that are daily settled. The fair value of financial assets and liabilities is impacted by factors such as benchmark interest rates, prices of financial instruments issued by third parties, commodity prices, foreign exchange rates and index prices or rates. In addition, valuation adjustments are an integral part of the valuation process when market prices are not indicative of the credit quality of a counterparty, and are applied to both OTC derivatives and debt instruments. The impact of changes in a counterparty’s credit spreads (known as >>>credit valuation adjustments) is considered when measuring the fair value of assets, and the impact of changes in the Group’s own credit spreads (known as >>>debit valuation adjustments) is considered when measuring the fair value of its liabilities. For OTC derivatives, the impact of changes in both the Group’s and the counterparty’s credit standing is considered when measuring their fair value, based on current >>>CDS prices. The adjustments also take into account contractual factors designed to reduce the Group’s credit exposure to a counterparty, such as collateral held and master >>>netting agreements. For hybrid debt instruments with embedded derivative features, the impact of changes in the Group’s credit standing is considered when measuring their fair value, based on current funded debt spreads. 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: – – – The Group records net open positions at bid prices if long, or at ask prices if short, unless the Group is a market maker in such positions, in which case mid-pricing is utilized. Fair value measurements are not adjusted for transaction costs. Assets and liabilities measured at fair value on a recurring basis Netting 1 Assets (CHF million) Cash and due from banks 0 89 0 – 89 Interest-bearing deposits with banks 0 2 0 – 2 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 83,407 158 – 83,565 Debt 811 493 0 – 1,304 of which corporates 0 261 0 – 261 Equity 27,141 66 0 – 27,207 Securities received as collateral 27,952 559 0 – 28,511 Debt 27,932 48,046 4,564 – 80,542 of which foreign governments 27,710 3,737 285 – 31,732 of which corporates 13 15,761 1,746 – 17,520 of which RMBS 0 22,302 814 – 23,116 of which CMBS 0 3,924 215 – 4,139 of which CDO 0 2,317 1,298 – 3,615 Equity 64,252 5,222 1,487 – 70,961 Derivatives 2,625 265,014 4,831 (244,105) 28,365 of which interest rate products 657 167,173 791 – – of which foreign exchange products 104 59,740 383 – – of which equity/index-related products 1,857 19,803 936 – – of which credit derivatives 0 16,267 1,568 – – Other 2,034 4,569 4,266 – 10,869 Trading assets 96,843 322,851 15,148 (244,105) 190,737 Debt 1,538 1,318 148 – 3,004 of which foreign governments 1,322 94 0 – 1,416 of which corporates 0 285 0 – 285 of which RMBS 0 602 148 – 750 of which CMBS 0 259 0 – 259 Equity 2 84 0 – 86 Investment securities 1,540 1,402 148 – 3,090 Private equity 0 0 1,042 – 1,042 of which equity funds 0 0 437 – 437 Hedge funds 0 98 197 – 295 of which debt funds 0 68 192 – 260 Other equity investments 0 79 1,150 – 1,229 of which private 0 70 1,149 – 1,219 Life finance instruments 0 2 1,669 – 1,671 Other investments 0 179 4,058 – 4,237 Loans 0 11,870 8,950 – 20,820 of which commercial and industrial loans 0 5,811 5,735 – 11,546 of which financial institutions 0 4,102 1,729 – 5,831 Other intangible assets (mortgage servicing rights) 0 0 112 – 112 Other assets 687 19,002 7,087 (1,149) 25,627 of which loans held-for-sale 0 14,378 6,768 – 21,146 Total assets at fair value 127,022 439,361 35,661 (245,254) 356,790 Less other investments - equity at fair value attributable to noncontrolling interests 0 (18) (583) – (601) Less assets consolidated under ASU 2009-17 2 0 (9,212) (3,558) – (12,770) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 127,022 430,131 31,520 (245,254) 343,419 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 0 482 0 – 482 Customer deposits 0 3,409 254 – 3,663 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 32,398 0 – 32,398 Debt 811 493 0 – 1,304 of which corporates 0 261 0 – 261 Equity 27,141 66 0 – 27,207 Obligation to return securities received as collateral 27,952 559 0 – 28,511 Debt 4,100 4,289 16 – 8,405 of which foreign governments 4,050 491 0 – 4,541 of which corporates 30 3,597 16 – 3,643 Equity 16,875 160 45 – 17,080 Derivatives 3,062 269,788 4,554 (253,918) 23,486 of which interest rate products 671 160,181 578 – – of which foreign exchange products 82 70,381 329 – – of which equity/index-related products 2,299 22,015 1,347 – – of which credit derivatives 0 15,522 1,757 – – Trading liabilities 24,037 274,237 4,615 (253,918) 48,971 Short-term borrowings 0 3,040 72 – 3,112 Long-term debt 0 66,808 14,123 – 80,931 of which treasury debt over two years 0 4,590 0 – 4,590 of which structured notes over one year and up to two years 0 6,396 364 – 6,760 of which structured notes over two years 0 38,066 9,924 – 47,990 of which other debt instruments over two years 0 1,435 638 – 2,073 of which other subordinated bonds 0 5,476 0 – 5,476 of which non-recourse liabilities 0 10,642 3,197 – 13,839 Other liabilities 0 10,224 2,491 (961) 11,754 of which failed sales 0 530 454 – 984 Total liabilities at fair value 51,989 391,157 21,555 (254,879) 209,822 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 2015, 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 2015, transfers out of level 1 to level 2 were primarily from trading assets. The transfers were primarily in equity for which suitable closing prices were unobtainable as of the end of 2015. Transfers between level 1 and level 2 in 2015 2014 Transfers Transfers Transfers Transfers Assets (CHF million) Debt 85 187 1,108 533 Equity 566 1,257 513 391 Derivatives 4,328 24 5,785 500 Trading assets 4,979 1,468 7,406 1,424 Liabilities (CHF million) Debt 108 79 861 658 Equity 85 139 133 90 Derivatives 4,552 114 6,073 87 Trading liabilities 4,745 332 7,067 835 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 (41) 0 0 259 (141) 0 0 0 0 4 158 Securities received as collateral 0 0 0 4 (4) 0 0 0 0 0 0 0 0 Debt 4,465 1,591 (1,463) 2,950 (2,974) 0 0 (30) 221 0 0 (196) 4,564 of which corporates 1,435 823 (467) 1,281 (1,388) 0 0 (17) 189 0 0 (110) 1,746 of which RMBS 612 492 (615) 1,064 (772) 0 0 (6) 29 0 0 10 814 of which CMBS 257 127 (83) 207 (265) 0 0 (2) (24) 0 0 (2) 215 of which CDO 1,421 72 (252) 379 (364) 0 0 (6) 51 0 0 (3) 1,298 Equity 1,566 749 (702) 1,228 (1,087) 0 0 (34) (228) 0 0 (5) 1,487 Derivatives 6,823 2,310 (1,243) 0 0 1,493 (3,875) 11 (545) 0 0 (143) 4,831 of which interest rate products 1,803 53 (282) 0 0 304 (719) 6 (341) 0 0 (33) 791 of which equity/index-related products 1,063 530 (362) 0 0 366 (680) 10 32 0 0 (23) 936 of which credit derivatives 2,569 1,574 (599) 0 0 405 (1,776) (5) (547) 0 0 (53) 1,568 Other 4,326 1,157 (896) 4,085 (4,276) 0 (292) (7) 182 0 0 (13) 4,266 Trading assets 17,180 5,807 (4,304) 8,263 (8,337) 1,493 (4,167) (60) (370) 0 0 (357) 15,148 Investment securities 3 8 (97) 320 (102) 0 (36) 6 39 0 0 7 148 Equity 3,449 1 (424) 240 (829) 0 0 0 (18) 70 59 (159) 2,389 Life finance instruments 1,834 0 0 201 (361) 0 0 0 (1) 0 0 (4) 1,669 Other investments 5,283 1 (424) 441 (1,190) 0 0 0 (19) 70 59 (163) 4,058 Loans 9,353 1,347 (1,153) 686 (1,055) 3,519 (3,371) 1 (207) (4) (14) (152) 8,950 of which commercial and industrial loans 5,853 985 (365) 69 (687) 2,205 (2,072) 1 (85) (4) (14) (151) 5,735 of which financial institutions 1,494 329 (266) 296 (213) 811 (639) 0 (85) 0 0 2 1,729 Other intangible assets (mortgage servicing rights) 70 0 0 18 0 0 0 0 9 0 14 1 112 Other assets 7,468 4,025 (3,937) 4,244 (3,691) 784 (1,309) (8) (208) 0 (5) (276) 7,087 of which loans held-for-sale 2 6,851 4,016 (3,841) 4,137 (3,410) 784 (1,309) (13) (178) 0 (3) (266) 6,768 Total assets at fair value 39,434 11,188 (9,956) 13,976 (14,379) 6,055 (9,024) (61) (756) 66 54 (936) 35,661 Liabilities (CHF million) Customer deposits 100 12 (16) 0 0 213 (28) 0 (18) 0 0 (9) 254 Obligation to return securities received as collateral 0 0 0 4 (4) 0 0 0 0 0 0 0 0 Trading liabilities 6,417 2,515 (1,891) 63 (57) 1,460 (3,098) 20 (697) 0 (18) (99) 4,615 of which interest rate derivatives 1,202 109 (400) 0 0 140 (343) 13 (127) 0 0 (16) 578 of which foreign exchange derivatives 560 19 (36) 0 0 20 (76) 1 (151) 0 0 (8) 329 of which equity/index-related derivatives 1,466 297 (796) 0 0 689 (349) 48 3 0 0 (11) 1,347 of which credit derivatives 2,760 1,860 (628) 0 0 330 (2,098) (43) (362) 0 0 (62) 1,757 Short-term borrowings 95 98 (37) 0 0 371 (442) (1) (10) 0 0 (2) 72 Long-term debt 14,608 2,603 (4,819) 0 0 7,386 (4,874) (16) (801) 0 (5) 41 14,123 of which structured notes over two years 10,267 1,117 (3,293) 0 0 5,464 (3,104) (7) (566) 0 0 46 9,924 of which non-recourse liabilities 2,952 1,197 (902) 0 0 912 (807) (3) (148) 0 0 (4) 3,197 Other liabilities 3,363 249 (1,240) 184 (218) 10 (245) 11 18 8 408 (57) 2,491 of which failed sales 616 14 (18) 132 (127) 0 0 2 (160) 0 0 (5) 454 Total liabilities at fair value 24,583 5,477 (8,003) 251 (279) 9,440 (8,687) 14 (1,508) 8 385 (126) 21,555 Net assets/(liabilities) at fair value 14,851 5,711 (1,953) 13,725 (14,100) (3,385) (337) (75) 752 58 (331) (810) 14,106 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 (308) 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 (151) 0 0 0 0 0 0 0 0 24 77 Debt 5,069 1,260 (3,018) 5,554 (5,435) 0 0 (60) 535 0 0 560 4,465 of which corporates 2,128 392 (756) 1,161 (2,004) 0 0 (68) 402 0 0 180 1,435 of which RMBS 436 625 (676) 732 (659) 0 0 11 81 0 0 62 612 of which CMBS 417 105 (392) 415 (282) 0 0 0 (58) 0 0 52 257 of which CDO 1,567 112 (697) 2,593 (2,402) 0 0 (8) 61 0 0 195 1,421 Equity 595 939 (469) 727 (554) 0 0 35 196 0 0 97 1,566 Derivatives 5,217 2,156 (1,168) 0 0 2,330 (3,334) 110 941 0 0 571 6,823 of which interest rate products 1,574 70 (40) 0 0 197 (574) 13 393 0 0 170 1,803 of which equity/index-related products 1,240 132 (534) 0 0 405 (417) 120 (26) 0 0 143 1,063 of which credit derivatives 1,138 1,891 (575) 0 0 536 (899) (28) 379 0 0 127 2,569 Other 2,829 863 (878) 4,168 (3,288) 0 (201) 17 404 0 0 412 4,326 Trading assets 13,710 5,218 (5,533) 10,449 (9,277) 2,330 (3,535) 102 2,076 0 0 1,640 17,180 Investment securities 2 0 0 0 0 0 0 0 0 0 0 1 3 Equity 5,369 2 (22) 774 (3,551) 0 0 0 22 0 531 324 3,449 Life finance instruments 1,600 0 0 204 (333) 0 0 0 179 0 0 184 1,834 Other investments 6,969 2 (22) 978 (3,884) 0 0 0 201 0 531 508 5,283 Loans 7,998 500 (601) 1,024 (2,012) 4,878 (3,168) 3 (173) 0 (2) 906 9,353 of which commercial and industrial loans 5,309 253 (349) 368 (1,098) 3,346 (2,428) 1 (118) 0 (4) 573 5,853 of which financial institutions 1,322 156 (163) 16 (422) 943 (482) 0 (33) 0 5 152 1,494 Other intangible assets (mortgage servicing rights) 42 0 0 29 0 0 0 0 (7) 0 0 6 70 Other assets 6,159 3,165 (3,205) 7,852 (6,713) 845 (1,448) 165 (5) 0 0 653 7,468 of which loans held-for-sale 5,615 3,154 (3,174) 7,486 (6,382) 845 (1,448) 169 (2) 0 (1) 589 6,851 Total assets at fair value 35,084 8,885 (9,512) 20,332 (21,886) 8,053 (8,151) 270 2,092 0 529 3,738 39,434 Liabilities (CHF million) Customer deposits 55 0 0 0 0 45 (19) 0 16 0 0 3 100 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 114 0 (127) 0 0 0 0 0 0 0 0 13 0 Trading liabilities 5,564 2,471 (1,655) 36 (39) 1,526 (2,778) 251 469 0 0 572 6,417 of which interest rate derivatives 1,129 56 (109) 0 0 72 (499) 1 429 0 0 123 1,202 of which foreign exchange derivatives 938 0 (2) 0 0 5 (239) (4) (205) 0 0 67 560 of which equity/index-related derivatives 1,896 478 (941) 0 0 656 (890) 273 (201) 0 0 195 1,466 of which credit derivatives 1,230 1,906 (587) 0 0 473 (885) (16) 496 0 0 143 2,760 Short-term borrowings 165 67 (74) 0 0 382 (456) (3) 0 0 0 14 95 Long-term debt 9,780 2,441 (3,475) 0 0 8,432 (3,870) 144 (338) 0 0 1,494 14,608 of which structured notes over two years 6,217 1,468 (1,931) 0 0 5,930 (2,027) (6) (406) 0 0 1,022 10,267 of which non-recourse liabilities 2,552 924 (1,007) 0 0 1,170 (1,153) 155 10 0 0 301 2,952 Other liabilities 2,861 121 (133) 530 (1,215) 649 (233) 11 114 3 361 294 3,363 of which failed sales 1,143 76 (50) 292 (949) 0 0 0 29 0 (2) 77 616 Total liabilities at fair value 18,539 5,100 (5,464) 566 (1,254) 11,034 (7,356) 403 261 3 361 2,390 24,583 Net assets/(liabilities) at fair value 16,545 3,785 (4,048) 19,766 (20,632) (2,981) (795) (133) 1,831 (3) 168 1,348 14,851 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 2015 2014 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues 677 (273) 404 1 1,698 165 1,863 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date 80 13 93 (834) 18 (816) 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 2015 were CHF 11,188 million, primarily from trading assets and loans held-for-sale. The transfers were primarily in the corporate credit, equity derivatives and emerging market businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 2015 were CHF 9,956 million, primarily in trading assets and loans held-for-sale. The transfers out of level 3 assets were primarily in the corporate credit, equity derivatives and alternative investment businesses due to improved observability of pricing data and increased availability of pricing information from external providers. Transfers into level 3 assets during 2014 were CHF 8,885 million, primarily from trading assets and loans held-for-sale. The transfers were primarily in the corporate credit and alternative investment businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 2014 were CHF 9,512 million, primarily in trading assets and loans held-for-sale. The transfers out of level 3 assets were primarily in the corporate credit, alternative investment, emerging markets, securitized products and prime services 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 its review process. Independent pricing service data is analyzed to ensure that it is representative of fair value including confirming that the data corresponds to executed transactions or executable broker quotes, review and assessment of contributors to ensure they are active market participants, review of statistical data and utilization of pricing challenges. The analysis also includes understanding the sources of the pricing service data and any models or assumptions used in determining the results. The purpose of the review is to judge the quality and reliability of the data for fair value measurement purposes and its appropriate level of usage within the Product Control independent valuation review. For certain financial instruments the fair value is estimated in full or in part using valuation techniques based on assumptions that are not supported by market observable prices, rates, or other inputs. In addition, there may be uncertainty about a valuation, 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. Deb |
Bank | |
Financial instruments | 34 Financial instruments > Refer to “Note 35 – Financial instruments” in V – Consolidated financial statements – Credit Suisse Group for further information. Assets and liabilities measured at fair value on a recurring basis Netting 1 Assets (CHF million) Cash and due from banks 0 89 0 – 89 Interest-bearing deposits with banks 0 2 0 – 2 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 83,407 158 – 83,565 Debt 811 493 0 – 1,304 of which corporates 0 261 0 – 261 Equity 27,141 66 0 – 27,207 Securities received as collateral 27,952 559 0 – 28,511 Debt 27,932 48,050 4,564 – 80,546 of which foreign governments 27,710 3,737 285 – 31,732 of which corporates 13 15,765 1,746 – 17,524 of which RMBS 0 22,302 814 – 23,116 of which CMBS 0 3,924 215 – 4,139 of which CDO 0 2,317 1,298 – 3,615 Equity 64,393 5,222 1,487 – 71,102 Derivatives 2,625 265,362 4,831 (244,239) 28,579 of which interest rate products 657 167,269 791 – – of which foreign exchange products 104 59,742 383 – – of which equity/index-related products 1,857 20,053 936 – – of which credit derivatives 0 16,267 1,568 – – Other 2,034 4,569 4,266 – 10,869 Trading assets 96,984 323,203 15,148 (244,239) 191,096 Debt 1,322 1,142 148 – 2,612 of which foreign governments 1,322 0 0 – 1,322 of which corporates 0 281 0 – 281 of which RMBS 0 602 148 – 750 of which CMBS 0 259 0 – 259 Equity 2 84 0 – 86 Investment securities 1,324 1,226 148 – 2,698 Private equity 0 0 1,033 – 1,033 of which equity funds 0 0 428 – 428 Hedge funds 0 98 197 – 295 of which debt funds 0 68 192 – 260 Other equity investments 0 79 1,149 – 1,228 of which private 0 70 1,149 – 1,219 Life finance instruments 0 2 1,669 – 1,671 Other investments 0 179 4,048 – 4,227 Loans 0 11,870 8,950 – 20,820 of which commercial and industrial loans 0 5,811 5,735 – 11,546 of which financial institutions 0 4,102 1,729 – 5,831 Other intangible assets (mortgage servicing rights) 0 0 112 – 112 Other assets 687 18,863 7,087 (1,011) 25,626 of which loans held-for-sale 0 14,378 6,768 – 21,146 Total assets at fair value 126,947 439,398 35,651 (245,250) 356,746 Less other investments - equity at fair value attributable to noncontrolling interests 0 (18) (583) – (601) Less assets consolidated under ASU 2009-17 2 0 (9,212) (3,558) – (12,770) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 126,947 430,168 31,510 (245,250) 343,375 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 0 490 0 – 490 Customer deposits 0 3,402 254 – 3,656 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 32,398 0 – 32,398 Debt 811 493 0 – 1,304 of which corporates 0 261 0 – 261 Equity 27,141 66 0 – 27,207 Obligation to return securities received as collateral 27,952 559 0 – 28,511 Debt 4,100 4,289 16 – 8,405 of which foreign governments 4,050 491 0 – 4,541 of which corporates 30 3,597 16 – 3,643 Equity 16,899 160 45 – 17,104 Derivatives 3,062 270,135 4,554 (254,206) 23,545 of which interest rate products 671 160,026 578 – – of which foreign exchange products 82 70,382 329 – – of which equity/index-related products 2,299 22,515 1,347 – – of which credit derivatives 0 15,522 1,757 – – Trading liabilities 24,061 274,584 4,615 (254,206) 49,054 Short-term borrowings 0 3,040 72 – 3,112 Long-term debt 0 65,879 14,123 – 80,002 of which treasury debt over two years 0 4,590 0 – 4,590 of which structured notes over one year and up to two years 0 6,396 364 – 6,760 of which structured notes over two years 0 38,066 9,924 – 47,990 of which other debt instruments over two years 0 1,435 638 – 2,073 of which other subordinated bonds 0 4,547 0 – 4,547 of which non-recourse liabilities 0 10,642 3,197 – 13,839 Other liabilities 0 9,999 2,483 (737) 11,745 of which failed sales 0 530 454 – 984 Total liabilities at fair value 52,013 390,351 21,547 (254,943) 208,968 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 58,003 4,465 – 94,405 of which foreign governments 31,708 4,869 454 – 37,031 of which corporates 28 22,507 1,435 – 23,970 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 86,532 6,395 1,566 – 94,493 Derivatives 4,467 616,012 6,823 (589,323) 37,979 of which interest rate products 1,616 467,002 1,803 – – of which foreign exchange products 118 89,102 301 – – of which equity/index-related products 2,711 26,904 1,063 – – of which credit derivatives 0 24,451 2,569 – – Other 2,987 7,123 4,326 – 14,436 Trading assets 125,923 687,533 17,180 (589,323) 241,313 Debt 1,962 309 0 – 2,271 of which foreign governments 1,962 0 0 – 1,962 of which corporates 0 309 0 – 309 Equity 2 103 3 – 108 Investment securities 1,964 412 3 – 2,379 Private equity 0 0 1,268 – 1,268 of which equity funds 0 0 567 – 567 Hedge funds 0 219 314 – 533 of which debt funds 0 181 302 – 483 Other equity investments 77 75 1,855 – 2,007 of which private 0 70 1,855 – 1,925 Life finance instruments 0 0 1,834 – 1,834 Other investments 77 294 5,271 – 5,642 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 23,371 7,468 (975) 32,321 of which loans held-for-sale 0 16,107 6,851 – 22,958 Total assets at fair value 156,450 830,505 39,422 (590,298) 436,079 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 156,375 821,249 35,446 (590,298) 422,772 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 0 832 0 – 832 Customer deposits 0 3,151 100 – 3,251 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 19,075 122 2 – 19,199 Derivatives 4,594 620,144 6,414 (594,277) 36,875 of which interest rate products 1,585 458,730 1,202 – – of which foreign exchange products 234 101,461 560 – – of which equity/index-related products 2,744 27,266 1,466 – – of which credit derivatives 0 23,479 2,760 – – Trading liabilities 35,347 625,180 6,417 (594,277) 72,667 Short-term borrowings 0 3,766 95 – 3,861 Long-term debt 0 65,652 14,608 – 80,260 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 14,601 3,358 (1,026) 16,933 of which failed sales 0 652 616 – 1,268 Total liabilities at fair value 61,376 768,739 24,578 (595,303) 259,390 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 in 2015 2014 Transfers Transfers Transfers Transfers Assets (CHF million) Debt 85 187 1,108 533 Equity 566 1,257 513 391 Derivatives 4,328 24 5,785 500 Trading assets 4,979 1,468 7,406 1,424 Liabilities (CHF million) Debt 108 79 861 658 Equity 85 139 133 90 Derivatives 4,552 114 6,073 87 Trading liabilities 4,745 332 7,067 835 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 (41) 0 0 259 (141) 0 0 0 0 4 158 Securities received as collateral 0 0 0 4 (4) 0 0 0 0 0 0 0 0 Debt 4,465 1,591 (1,463) 2,950 (2,974) 0 0 (30) 221 0 0 (196) 4,564 of which corporates 1,435 823 (467) 1,281 (1,388) 0 0 (17) 189 0 0 (110) 1,746 of which RMBS 612 492 (615) 1,064 (772) 0 0 (6) 29 0 0 10 814 of which CMBS 257 127 (83) 207 (265) 0 0 (2) (24) 0 0 (2) 215 of which CDO 1,421 72 (252) 379 (364) 0 0 (6) 51 0 0 (3) 1,298 Equity 1,566 749 (702) 1,228 (1,087) 0 0 (34) (228) 0 0 (5) 1,487 Derivatives 6,823 2,310 (1,243) 0 0 1,493 (3,875) 11 (545) 0 0 (143) 4,831 of which interest rate products 1,803 53 (282) 0 0 304 (719) 6 (341) 0 0 (33) 791 of which equity/index-related products 1,063 530 (362) 0 0 366 (680) 10 32 0 0 (23) 936 of which credit derivatives 2,569 1,574 (599) 0 0 405 (1,776) (5) (547) 0 0 (53) 1,568 Other 4,326 1,157 (896) 4,085 (4,276) 0 (292) (7) 182 0 0 (13) 4,266 Trading assets 17,180 5,807 (4,304) 8,263 (8,337) 1,493 (4,167) (60) (370) 0 0 (357) 15,148 Investment securities 3 8 (97) 320 (102) 0 (36) 6 39 0 0 7 148 Equity 3,437 1 (424) 200 (786) 0 0 0 (18) 70 57 (158) 2,379 Life finance instruments 1,834 0 0 201 (361) 0 0 0 (1) 0 0 (4) 1,669 Other investments 5,271 1 (424) 401 (1,147) 0 0 0 (19) 70 57 (162) 4,048 Loans 9,353 1,347 (1,153) 686 (1,055) 3,519 (3,371) 1 (207) (4) (14) (152) 8,950 of which commercial and industrial loans 5,853 985 (365) 69 (687) 2,205 (2,072) 1 (85) (4) (14) (151) 5,735 of which financial institutions 1,494 329 (266) 296 (213) 811 (639) 0 (85) 0 0 2 1,729 Other intangible assets (mortgage servicing rights) 70 0 0 18 0 0 0 0 9 0 14 1 112 Other assets 7,468 4,025 (3,937) 4,244 (3,691) 784 (1,309) (8) (208) 0 (5) (276) 7,087 of which loans held-for-sale 2 6,851 4,016 (3,841) 4,137 (3,410) 784 (1,309) (13) (178) 0 (3) (266) 6,768 Total assets at fair value 39,422 11,188 (9,956) 13,936 (14,336) 6,055 (9,024) (61) (756) 66 52 (935) 35,651 Liabilities (CHF million) Customer deposits 100 12 (16) 0 0 213 (28) 0 (18) 0 0 (9) 254 Obligation to return securities received as collateral 0 0 0 4 (4) 0 0 0 0 0 0 0 0 Trading liabilities 6,417 2,515 (1,891) 63 (57) 1,460 (3,098) 20 (697) 0 (18) (99) 4,615 of which interest rate derivatives 1,202 109 (400) 0 0 140 (343) 13 (127) 0 0 (16) 578 of which foreign exchange derivatives 560 19 (36) 0 0 20 (76) 1 (151) 0 0 (8) 329 of which equity/index-related derivatives 1,466 297 (796) 0 0 689 (349) 48 3 0 0 (11) 1,347 of which credit derivatives 2,760 1,860 (628) 0 0 330 (2,098) (43) (362) 0 0 (62) 1,757 Short-term borrowings 95 98 (37) 0 0 371 (442) (1) (10) 0 0 (2) 72 Long-term debt 14,608 2,603 (4,819) 0 0 7,386 (4,874) (16) (801) 0 (5) 41 14,123 of which structured notes over two years 10,267 1,117 (3,293) 0 0 5,464 (3,104) (7) (566) 0 0 46 9,924 of which non-recourse liabilities 2,952 1,197 (902) 0 0 912 (807) (3) (148) 0 0 (4) 3,197 Other liabilities 3,358 249 (1,238) 184 (218) 10 (244) 11 18 8 403 (58) 2,483 of which failed sales 616 14 (18) 132 (127) 0 0 2 (160) 0 0 (5) 454 Total liabilities at fair value 24,578 5,477 (8,001) 251 (279) 9,440 (8,686) 14 (1,508) 8 380 (127) 21,547 Net assets/(liabilities) at fair value 14,844 5,711 (1,955) 13,685 (14,057) (3,385) (338) (75) 752 58 (328) (808) 14,104 1 For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. 2 Includes unrealized losses recorded in trading revenues of CHF (308) 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 (151) 0 0 0 0 0 0 0 0 24 77 Debt 5,069 1,260 (3,018) 5,554 (5,435) 0 0 (60) 535 0 0 560 4,465 of which corporates 2,128 392 (756) 1,161 (2,004) 0 0 (68) 402 0 0 180 1,435 of which RMBS 436 625 (676) 732 (659) 0 0 11 81 0 0 62 612 of which CMBS 417 105 (392) 415 (282) 0 0 0 (58) 0 0 52 257 of which CDO 1,567 112 (697) 2,593 (2,402) 0 0 (8) 61 0 0 195 1,421 Equity 595 939 (469) 727 (554) 0 0 35 196 0 0 97 1,566 Derivatives 5,217 2,156 (1,168) 0 0 2,330 (3,334) 110 941 0 0 571 6,823 of which interest rate products 1,574 70 (40) 0 0 197 (574) 13 393 0 0 170 1,803 of which equity/index-related products 1,240 132 (534) 0 0 405 (417) 120 (26) 0 0 143 1,063 of which credit derivatives 1,138 1,891 (575) 0 0 536 (899) (28) 379 0 0 127 2,569 Other 2,829 863 (878) 4,168 (3,288) 0 (201) 17 404 0 0 412 4,326 Trading assets 13,710 5,218 (5,533) 10,449 (9,277) 2,330 (3,535) 102 2,076 0 0 1,640 17,180 Investment securities 2 0 0 0 0 0 0 0 0 0 0 1 3 Equity 5,363 2 (22) 727 (3,512) 0 0 0 22 0 534 323 3,437 Life finance instruments 1,600 0 0 204 (333) 0 0 0 179 0 0 184 1,834 Other investments 6,963 2 (22) 931 (3,845) 0 0 0 201 0 534 507 5,271 Loans 7,998 500 (601) 1,024 (2,012) 4,878 (3,168) 3 (173) 0 (2) 906 9,353 of which commercial and industrial loans 5,309 253 (349) 368 (1,098) 3,346 (2,428) 1 (118) 0 (4) 573 5,853 of which financial institutions 1,322 156 (163) 16 (422) 943 (482) 0 (33) 0 5 152 1,494 Other intangible assets (mortgage servicing rights) 42 0 0 29 0 0 0 0 (7) 0 0 6 70 Other assets 6,159 3,165 (3,205) 7,852 (6,713) 845 (1,448) 165 (5) 0 0 653 7,468 of which loans held-for-sale 5,615 3,154 (3,174) 7,486 (6,382) 845 (1,448) 169 (2) 0 (1) 589 6,851 Total assets at fair value 35,078 8,885 (9,512) 20,285 (21,847) 8,053 (8,151) 270 2,092 0 532 3,737 39,422 Liabilities (CHF million) Customer deposits 55 0 0 0 0 45 (19) 0 16 0 0 3 100 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 114 0 (127) 0 0 0 0 0 0 0 0 13 0 Trading liabilities 5,564 2,471 (1,655) 36 (39) 1,526 (2,778) 251 469 0 0 572 6,417 of which interest rate derivatives 1,129 56 (109) 0 0 72 (499) 1 429 0 0 123 1,202 of which foreign exchange derivatives 938 0 (2) 0 0 5 (239) (4) (205) 0 0 67 560 of which equity/index-related derivatives 1,896 478 (941) 0 0 656 (890) 273 (201) 0 0 195 1,466 of which credit derivatives 1,230 1,906 (587) 0 0 473 (885) (16) 496 0 0 143 2,760 Short-term borrowings 165 67 (74) 0 0 382 (456) (3) 0 0 0 14 95 Long-term debt 9,780 2,441 (3,475) 0 0 8,432 (3,870) 144 (338) 0 0 1,494 14,608 of which structured notes over two years 6,217 1,468 (1,931) 0 0 5,930 (2,027) (6) (406) 0 0 1,022 10,267 of which non-recourse liabilities 2,552 924 (1,007) 0 0 1,170 (1,153) 155 10 0 0 301 2,952 Other liabilities 2,859 121 (133) 530 (1,215) 647 (233) 11 114 3 359 295 3,358 of which failed sales 1,143 76 (50) 292 (949) 0 0 0 29 0 (2) 77 616 Total liabilities at fair value 18,537 5,100 (5,464) 566 (1,254) 11,032 (7,356) 403 261 3 359 2,391 24,578 Net assets/(liabilities) at fair value 16,541 3,785 (4,048) 19,719 (20,593) (2,979) (795) (133) 1,831 (3) 173 1,346 14,844 1 For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) in 2015 2014 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues 677 (270) 407 1 1,698 170 1,868 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date 80 7 87 (834) 23 (811) 1 Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. Quantitative information about level 3 assets at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 158 Discounted cash flow Funding spread, in bp 350 475 361 Debt 4,564 of which corporates 1,746 of which 240 Option model Correlation, in % (87) 99 17 of which 836 Market comparable Price, in % 0 128 29 of which 285 Discounted cash flow Credit spread, in bp 134 1,408 493 of which RMBS 814 Discounted cash flow Discount rate, in % 1 36 8 Prepayment rate, in % 0 27 9 Default rate, in % 0 20 3 Loss severity, in % 0 100 50 of which CMBS 215 Discounted cash flow Capitalization rate, in % 7 8 7 Discount rate, in % 0 23 8 Prepayment rate, in % 0 16 3 Default rate, in % 0 32 1 Loss severity, in % 0 75 4 of which CDO 1,298 of which 66 Vendor price Price, in % 0 100 96 of which 329 Discounted cash flow Discount rate, in % 1 25 11 Prepayment rate, in % 0 20 14 Credit spread, in bp 293 336 309 Default rate, in % 0 10 2 Loss severity, in % 0 100 46 of which 807 Market comparable Price, in % 214 214 214 Equity 1,487 of which 342 Option model Volatility, in % 2 253 29 of which 471 Market comparable EBITDA multiple 3 12 8 Price, in % 0 202 96 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 4,831 of which interest rate products 791 Option model Correlation, in % 17 100 63 Prepayment rate, in % 1 36 16 Volatility skew, in % (8) 0 (2) Mean reversion, in % 2 5 10 10 Credit spread, in bp 130 1,687 330 of which equity/index-related products 936 of which 778 Option model Correlation, in % (87) 99 23 Volatility, in % 0 253 26 of which 109 Market comparable EBITDA multiple 4 10 7 Price, in % 97 97 97 of which credit derivatives 1,568 Discounted cash flow Credit spread, in bp 1 2,349 331 Recovery rate, in % 0 60 23 Discount rate, in % 2 50 19 Default rate, in % 1 35 6 Loss severity, in % 15 100 64 Correlation, in % 43 97 85 Prepayment rate, in % 0 12 4 Funding spread, in bp 61 68 67 Other 4,266 of which 2,859 Market comparable Price, in % 0 106 45 of which 865 Discounted cash flow Market implied life expectancy, in years 3 18 8 Trading assets 15,148 Investment securities 148 – – – – – Private equity 1,033 – 3 – 3 – 3 – 3 – 3 Hedge funds 197 – 3 – 3 – 3 – 3 – 3 Other equity investments 1,149 – 3 – 3 – 3 – 3 – 3 Life finance instruments 1,669 Discounted cash flow Market implied life expectancy, in years 2 20 8 Other investments 4,048 Loans 8,950 of which commercial and industrial loans 5,735 of which 3,799 Discounted cash flow Credit spread, in bp 70 2,528 474 of which 1,146 Market comparable Price, in % 0 106 65 of which financial institutions 1,729 of which 1,451 Discounted cash flow Credit spread, in bp 84 826 359 of which 109 Market comparable Price, in % 0 100 98 Other intangible assets (mortgage servicing rights) 112 – – – – – Other assets 7,087 of which loans held-for-sale 6,768 of which 3,594 Vendor price Price, in % 0 101 97 of which 722 Discounted cash flow Credit spread, in bp 99 3,220 515 Recovery rate, in % 1 1 1 of which 2,251 Market comparable Price, in % 0 104 76 Total level 3 assets at fair value 35,651 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 net asset value. Refer to "Fair value, unfunded commitments and term of redemption conditions" 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 1,268 – 3 – 3 – 3 – 3 – 3 Hedge funds 314 – 3 – 3 – 3 – 3 – 3 Other equity investments 1,855 of which private 1,855 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 5,271 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 39,422 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 net asset value. Refer to "Fair value, unfunded commitments and term of redemption conditions" 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 254 – – – – – Trading liabilities 4,615 of which interest rate derivatives 578 Option model Basis spread, in bp (7) 53 25 Correlation, in % 17 100 75 Mean reversion, in % 2 5 10 8 Prepayment rate, in % 0 36 9 Gap risk, in % 3 20 20 20 Funding spread, in bp 218 218 218 of which foreign exchange derivatives 329 Option model Correlation, in % (10) 70 54 Prepayment rate, in % 24 36 30 of which equity/index-related derivatives 1,347 Option model Correlation, in % (87) 99 17 Volatility, in % 2 253 26 Buyback probability, in % 4 50 100 59 of which credit derivatives 1,757 Discounted cash flow Credit spread, in bp 1 1,687 275 Discount rate, in % 2 50 19 Default rate, in % 1 33 5 Recovery rate, in % 8 60 27 Loss severity, in % 15 100 64 Correlation, in % 17 95 80 Funding spread, in bp 51 68 68 Prepayment rate, in % 0 12 5 Short-term borrowings 72 – – – – – Long-term debt 14,123 of which structured notes over two years 9,924 Option model Correlation, in % (87) 99 17 Volatility, in % 2 253 28 Buyback probability, in % 4 50 100 59 Gap risk, in % 3 0 3 1 Credit spread, in bp 153 182 177 of which non-recourse liabilities 3,197 of which 3,183 Vendor price Price, in % 0 101 97 of which 14 Market comparable Price, in % 0 87 9 Other liabilities 2,483 of which failed sales 454 of which 379 Market comparable Price, in % 0 106 90 of which 68 Discounted cash flow Credit spread, in bp 571 1,687 1,425 Discount rate, in % 7 23 15 Total level 3 liabilities at fair value 21,547 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 between collateral settlement dates. 4 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. 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 3,358 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 24,578 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 between collateral settlement dates. 4 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. Fair value, unfunded commitments and term of redemption conditions end of 2015 2014 Unfunded Unfunded Fair value and unfunded commitments (CHF million) Debt funds 2 0 2 0 7 106 113 0 Equity funds 79 1,606 1 1,685 0 102 1,842 2 1,944 0 Equity funds sold short 0 (6) (6) 0 0 (42) (42) 0 Total funds held in trading assets and liabilities 81 1,600 1,681 0 109 1,906 2,015 0 Debt funds 184 76 260 1 296 187 483 1 Equity funds 0 0 0 0 0 0 0 0 Others 0 35 35 0 0 50 50 0 Hedge funds 184 111 3 295 1 296 237 4 533 1 Debt funds 11 0 11 17 17 0 17 15 Equity funds 428 0 428 114 567 0 567 122 Real estate funds 282 0 282 76 302 0 302 98 Others 312 0 312 141 382 0 382 158 Private equities 1,033 0 1,033 348 1,268 0 1,268 393 Equity method investments 5 660 196 856 100 1,196 157 1,353 220 Total funds held in other investments 5 1,877 307 2,184 449 2,760 394 3,154 614 Total fair value 5 1,958 6 1,907 7 3,865 449 8 2,869 6 2,300 7 5,169 614 8 1 40% 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, 23% is redeemable on a monthly basis with a notice period primarily of less than 30 days, and 6% 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 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, 5% is redeemable on demand with a notice period primarily of less than 30 days, 5% is redeemable on an annual basis with a notice period of more than 60 days, and 3% is redeemable on a monthly basis with a notice period of more than 30 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 Prior period has been corrected. 6 Includes CHF 464 million and CHF 612 million attributable to noncontrolling interests in 2015 and 2014, respectively. 7 Includes CHF 9 million and CHF 138 million attributable to noncontrolling interests in 2015 and 2014, respectively. 8 Includes CHF 176 million and CHF 185 million attributable to noncontrolling interests in 2015 and 2014, respectively. Nonrecurring fair value changes end of 2015 2014 Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) Assets held-for-sale recorded at fair value on a nonrecurring basis 0.1 1.4 of which level 2 0.1 1.2 of which level 3 0.0 0.2 Difference between the ag |
Assets pledged and collateral
Assets pledged and collateral | 12 Months Ended |
Dec. 31, 2015 | |
Assets pledged and collateral | 36 Assets pledged and collateral Assets pledged The Group pledges assets mainly for repurchase agreements and other securities financing. Certain pledged assets may be encumbered, meaning they have the right to be sold or repledged. The encumbered assets are parenthetically disclosed on the consolidated balance sheet. Assets pledged end of 2015 2014 Assets pledged (CHF million) Total assets pledged or assigned as collateral 137,330 153,982 of which encumbered 91,278 103,245 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 2015 2014 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 422,269 444,852 of which sold or repledged 186,132 218,752 1 1 Prior period has been corrected. Other information end of 2015 2014 Other information (CHF million) Cash and securities restricted under foreign banking regulations 24,592 26,286 Swiss National Bank required minimum liquidity reserves 2,014 2,202 |
Bank | |
Assets pledged and collateral | 35 Assets pledged and collateral Assets pledged The Bank pledges assets mainly for repurchase agreements and other securities financing. Certain pledged assets may be encumbered, meaning they have the right to be sold or repledged. The encumbered assets are parenthetically disclosed on the consolidated balance sheet. Assets pledged end of 2015 2014 Assets pledged (CHF million) Total assets pledged or assigned as collateral 130,983 148,345 of which encumbered 91,278 103,245 Collateral The Bank 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 Bank was sold or repledged in connection with repurchase agreements, securities sold not yet purchased, securities borrowings and loans, pledges to clearing organizations, segregation requirements under securities laws and regulations, derivative transactions and bank loans. Collateral end of 2015 2014 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 422,659 444,852 of which sold or repledged 186,298 218,752 1 1 Prior period has been corrected. Other information end of 2015 2014 Other information (CHF million) Cash and securities restricted under foreign banking regulations 24,592 26,286 Swiss National Bank required minimum liquidity reserves 1,890 2,051 > Refer to “Note 36 – Assets pledged and collateral” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Capital adequacy
Capital adequacy | 12 Months Ended |
Dec. 31, 2015 | |
Capital adequacy | 37 Capital adequacy The Group is subject to regulation by >>>FINMA. The capital levels of the Group are subject to qualitative judgments by regulators, including FINMA, about the components of capital, risk weightings and other factors. Since January 2013, the Group has operated under the international capital adequacy standards known as >>>Basel III, as issued by the >>>BCBS, the standard setting committee within the >>>Bank for International Settlements (BIS). These standards have affected the measurement of both total eligible capital and >>>risk-weighted assets. The Group has based its capital adequacy calculations on US GAAP, as permitted by FINMA Circular 2008/34. According to FINMA and BIS capital requirements, total regulatory capital is comprised of the following categories: CET1 capital, tier 1 capital and tier 2 capital. CET1 capital consists of total shareholders’ equity, regulatory adjustments, including a cumulative dividend accrual, and certain adjustments subject to phase in, including an adjustment for the accounting treatment of pension plans. Tier 1 capital consists of CET1 capital and additional tier 1 capital, which includes high-trigger and low-trigger capital instruments, certain instruments subject to phase out and deductions from additional tier 1 capital. Deductions from tier 1 capital during the phase-in period include, among other items, goodwill and intangible assets and gains/(losses) due to changes in own credit risks on >>>fair valued financial liabilities that will be deducted from CET1 capital once Basel III is fully implemented. Tier 1 capital is supplemented for capital adequacy purposes by tier 2 capital, which consists primarily of unsecured, subordinated instruments that are senior only to tier 1 instruments. The sum of tier 1 capital and tier 2 capital equals total eligible capital. Risk-weighted assets include consolidated balance sheet assets, net positions in securities not held in the trading portfolio, off-balance sheet transactions converted into credit equivalents, market positions in the trading portfolio and operational risk from processes, people, systems and external events. As of December 31, 2015 and 2014, the Group was adequately capitalized under the regulatory provisions outlined under both FINMA and BIS guidelines. BIS statistics – Basel III end of 2015 2014 Eligible capital (CHF million) CET1 capital 42,072 43,322 Additional tier 1 capital 10,991 6,482 Tier 1 capital 53,063 49,804 Tier 2 capital 9,619 10,947 Total eligible capital 62,682 60,751 Risk-weighted assets (CHF million) Credit risk 193,198 192,663 Market risk 29,799 34,468 Operational risk 66,438 58,413 Non-counterparty risk 5,515 5,866 Risk-weighted assets 294,950 291,410 Capital ratios (%) CET1 ratio 14.3 14.9 Tier 1 ratio 18.0 17.1 Total capital ratio 21.3 20.8 Broker-dealer operations Certain Group broker-dealer subsidiaries are also subject to capital adequacy requirements. As of December 31, 2015 and 2014, the Group and its subsidiaries, with one exception in 2014, complied with all applicable regulatory capital adequacy requirements. As of December 31, 2014, due to an operational delay in the return of cash collateral from an affiliate, CS Capital LLC was left with an unsecured receivable that led to a capital charge of the same amount. The capital charge resulted in CS Capital LLC failing to meet the minimum net capital requirement as of December 31, 2014. On January 2, 2015, the cash collateral was returned to CS Capital LLC and the net capital deficiency was cured. Dividend restrictions Certain of the Group’s subsidiaries are subject to legal restrictions governing the amount of dividends they can pay (for example, pursuant to corporate law as defined by the Swiss Code of Obligations). Under the Swiss Code of Obligations, dividends may be paid out only if and to the extent the corporation has distributable profits from previous business years, or if the free reserves of the corporation are sufficient to allow distribution of a dividend. In addition, at least 5% of the annual net profits must be retained and booked as general legal reserves for so long as these reserves amount to less than 20% of the paid-in share capital. The reserves currently exceed this 20% threshold. Furthermore, dividends may be paid out only after shareholder approval at the Annual General Meeting. As of December 31, 2015 and 2014, the Group was not subject to restrictions on its ability to pay the proposed dividends. |
Bank | |
Capital adequacy | 36 Capital adequacy The Bank is subject to regulation by >>>FINMA. The capital levels of the Bank are subject to qualitative judgments by regulators, including FINMA, about the components of capital, risk weightings and other factors. Since January 2013, the Bank has operated under the international capital adequacy standards known as >>>Basel III, as issued by the >>>Basel Committee on Banking Supervision (BCBS), the standard setting committee within the >>>Bank for International Settlements (BIS). These standards have affected the measurement of both total eligible capital and >>>risk-weighted assets. As of December 31, 2015 and 2014, the Bank was adequately capitalized under the regulatory provisions outlined under both FINMA and the BIS guidelines. > Refer to “Note 37 – Capital adequacy” in V – Consolidated financial statements – Credit Suisse Group for further information. Broker-dealer operations Certain Group broker-dealer subsidiaries are also subject to capital adequacy requirements. As of December 31, 2015 and 2014, the Bank and its subsidiaries, with one exception in 2014, complied with all applicable regulatory capital adequacy requirements. As of December 31, 2014, due to an operational delay in the return of cash collateral from an affiliate, CS Capital LLC was left with an unsecured receivable that led to a capital charge of the same amount. The capital charge resulted in CS Capital LLC failing to meet the minimum net capital requirement as of December 31, 2014. On January 2, 2015, the cash collateral was returned to CS Capital LLC and the net capital deficiency was cured. Dividend restrictions Certain of the Bank’s subsidiaries are subject to legal restrictions governing the amount of dividends they can pay (for example, pursuant to corporate law as defined by the Swiss Code of Obligations). As of December 31, 2015 and 2014, the Bank was not subject to restrictions on its ability to pay the proposed dividends. BIS statistics – Basel III end of 2015 2014 Eligible capital (CHF million) CET1 capital 40,013 40,853 Additional tier 1 capital 10,557 6,261 Total tier 1 capital 50,570 47,114 Tier 2 capital 9,672 10,997 Total eligible capital 60,242 58,111 Risk-weighted assets (CHF million) Credit risk 185,574 184,531 Market risk 29,755 34,439 Operational risk 66,438 58,413 Non-counterparty risk 5,180 5,611 Risk-weighted assets 286,947 282,994 Capital ratios (%) CET1 ratio 13.9 14.4 Tier 1 ratio 17.6 16.6 Total capital ratio 21.0 20.5 |
Assets under management
Assets under management | 12 Months Ended |
Dec. 31, 2015 | |
Assets under management | 38 Assets under management The following disclosure provides information regarding client assets, assets under management and net new assets as regulated by >>>FINMA. Assets under management Effective as of July 1, 2015, the Group updated its assets under management policy primarily to introduce more specific criteria and indicators to evaluate whether client assets qualify as assets under management. The introduction of this updated policy resulted in a reclassification of CHF 46.4 billion of assets under management to assets under custody within client assets which has been reflected as a structural effect in the third quarter of 2015. Assets under management include assets for which the Group provides investment advisory or discretionary asset management services, investment fund assets and assets invested in other investment fund-like pooled investment vehicles managed by the Group. The classification of assets under management is conditional upon the nature of the services provided by the Group and the clients’ intentions. Assets are individually assessed on the basis of each client’s intentions and objectives and the nature of the banking services provided to that client. In order to be classified as assets under management, the Group must currently or in the foreseeable future expect to provide a service where the involvement of the Group’s banking or investment expertise (e.g. as asset manager or investment advisor) is not purely executional or custodial in nature. Assets under custody are client assets held mainly for execution-related or safekeeping/custody purposes only and therefore are not considered assets under management since the Group does not generally provide asset allocation or financial advice. Assets of corporate clients and public institutions that are used primarily for cash management or transaction executional purposes for which no investment advice is provided are classified as commercial assets or assets under custody and therefore do not qualify as assets under management. For the purpose of classifying assets under management, clients with multiple accounts are assessed from a holistic client perspective. Accounts that are clearly separate from the remainder of the client relationship and represent assets held for custody purposes only are not included as assets under management. The initial classification of the assets may not be permanent as the nature of the client relationship is reassessed on an on-going basis. If changes in client intent or activity warrant reclassification between client asset categories, the required reclassification adjustments are made immediately when the change in intent or activity occurs. Reclassifications between assets under management and assets held for transaction-related or custodial purposes result in corresponding net asset inflows or outflows. A portion of the Group’s assets under management results from double counting. Double counting arises when assets under management are subject to more than one level of asset management services. Each separate advisory or discretionary service provides additional benefits to the client and represents additional income for the Group. Specifically, double counting primarily results from the investment of assets under management in collective investment instruments managed by the Group. The extent of double counting is disclosed in the following table. Assets under management end of 2015 2014 Assets under management (CHF billion) Assets in collective investment instruments managed by Credit Suisse 186.9 157.2 Assets with discretionary mandates 223.1 271.8 Other assets under management 804.1 939.7 Assets under management (including double counting) 1,214.1 1,368.7 of which double counting 48.0 47.4 Changes in assets under management 2015 2014 Assets under management (CHF billion) Assets under management at beginning of period 1 1,368.7 1,277.6 Net new assets/(net asset outflows) 46.9 2 27.9 3 Market movements, interest, dividends and foreign exchange (26.9) 92.5 of which market movements, interest and dividends 4 9.8 43.6 of which foreign exchange (36.7) 48.9 Other effects (174.6) 2,5 (29.3) Assets under management at end of period 1,214.1 1,368.7 1 Including double counting. 2 Updated since the 4Q15 Earnings Release to reflect a reclassification within the components of the growth in assets under management. 3 Includes CHF (2.0) billion net asset outflows from discontinued operations. 4 Net of commissions and other expenses and net of interest expenses charged. 5 Effective as of July 1, 2015, the Group updated its assets under management policy primarily to introduce more specific criteria and indicators to evaluate whether client assets qualify as assets under management. The introduction of this updated policy resulted in a reclassification of CHF 46.4 billion of assets under management to assets under custody within client assets, which was reflected as a structural effect in the third quarter of 2015. Net new assets Net new assets measure the degree of success in acquiring assets under management or increasing assets under management through warranted reclassifications. The calculation is based on the direct method, taking into account individual cash payments, security deliveries and cash flows resulting from loan increases or repayments. Interest and dividend income credited to clients and commissions, interest and fees charged for banking services are not taken into account when calculating net new assets, as such charges are not directly related to the Group’s success in acquiring assets under management. Similarly, changes in assets under management due to currency and market volatility as well as asset inflows and outflows due to the acquisition or divestiture of businesses are not part of net new assets. Divisional allocation Assets under management and net new assets for private banking businesses (within Swiss Universal Bank, International Wealth Management and Asia Pacific divisions), the Corporate & Institutional Banking business (within Swiss Universal Bank) and the Strategic Resolution Unit are allocated based on the management areas (business areas) that effectively manage the assets. The distribution of net new assets resulting from internal referral arrangements is governed under the net new asset referral framework, which includes preset percentages for the allocation of net new assets to the businesses. The allocation of assets under management and net new assets for Asset Management (within Internal Wealth Management) reflects the location where the investment vehicles are managed and where the costs of managing the funds are incurred. |
Bank | |
Assets under management | 37 Assets under management The following disclosure provides information regarding client assets, assets under management and net new assets as regulated by the >>>FINMA. > Refer to “Note 38 – Assets under management” in V – Consolidated financial statements – Credit Suisse Group for further information. Assets under management end of 2015 2014 Assets under management (CHF billion) Assets in collective investment instruments managed by Credit Suisse 186.9 157.2 Assets with discretionary mandates 220.3 269.1 Other assets under management 789.7 924.8 Assets under management (including double counting) 1,196.9 1,351.1 of which double counting 46.8 46.3 Changes in assets under management 2015 2014 Assets under management (CHF billion) Assets under management at beginning of period 1 1,351.1 1,265.1 Net new assets/(net asset outflows) 46.4 27.2 2 Market movements, interest, dividends and foreign exchange (26.6) 87.4 of which market movements, interest and dividends 3 10.0 38.6 of which foreign exchange (36.6) 48.8 Other effects (174.0) 4 (28.6) Assets under management at end of period 1,196.9 1,351.1 1 Including double counting. 2 Includes CHF (2.0) billion net asset outflows from discontinued operations. 3 Net of commissions and other expenses and net of interest expenses charged. 4 Effective as of July 1, 2015, the Group updated its assets under management policy primarily to introduce more specific criteria and indicators to evaluate whether client assets qualify as assets under management. The introduction of this updated policy resulted in a reclassification of CHF 45.9 billion of assets under management to assets under custody within client assets, which has been reflected as a structural effect in the third quarter of 2015. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2015 | |
Litigation | 39 Litigation The Group is involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of its businesses, including those disclosed below. Some of these proceedings have been brought on behalf of various classes of claimants and seek damages of material and/or indeterminate amounts. The Group accrues loss contingency litigation provisions and takes a charge to income in connection with certain proceedings when losses, additional losses or ranges of loss are probable and reasonably estimable. The Group also accrues litigation provisions for the estimated fees and expenses of external lawyers and other service providers in relation to such proceedings, including in cases for which it has not accrued a loss contingency provision. The Group accrues these fee and expense litigation provisions and takes a charge to income in connection therewith when such fees and expenses are probable and reasonably estimable. The Group reviews its legal proceedings each quarter to determine the adequacy of its litigation provisions and may increase or release provisions based on management’s judgment and the advice of counsel. The establishment of additional provisions or releases of litigation provisions may be necessary in the future as developments in such proceedings warrant. The specific matters described below include (a) proceedings where the Group has accrued a loss contingency provision, given that it is probable that a loss may be incurred and such loss is reasonably estimable; and (b) proceedings where the Group has not accrued such a loss contingency provision for various reasons, including, but not limited to, the fact that any related losses are not reasonably estimable. The description of certain of the matters below includes a statement that the Group has established a loss contingency provision and discloses the amount of such provision; for the other matters no such statement is made. With respect to the matters for which no such statement is made, either (a) the Group has not established a loss contingency provision, in which case the matter is treated as a contingent liability under the applicable accounting standard, or (b) the Group has established such a provision but believes that disclosure of that fact would violate confidentiality obligations to which the Group is subject or otherwise compromise attorney-client privilege, work product protection or other protections against disclosure or compromise the Group’s management of the matter. The future outflow of funds in respect of any matter for which the Group has accrued loss contingency provisions cannot be determined with certainty based on currently available information, and accordingly may ultimately prove to be substantially greater (or may be less) than the provision that is reflected on the Group’s balance sheet. It is inherently difficult to determine whether a loss is probable or even reasonably possible or to estimate the amount of any loss or loss range for many of the Group’s legal proceedings. Estimates, by their nature, are based on judgment and currently available information and involve a variety of factors, including, but not limited to, the type and nature of the proceeding, the progress of the matter, the advice of counsel, the Group’s defenses and its experience in similar matters, as well as its assessment of matters, including settlements, involving other defendants in similar or related cases or proceedings. Factual and legal determinations, many of which are complex, must be made before a loss, additional losses or ranges of loss can be reasonably estimated for any proceeding. Most matters pending against the Group seek damages of an indeterminate amount. While certain matters specify the damages claimed, such claimed amount may not represent the Group’s reasonably possible losses. For certain of the proceedings discussed below the Group has disclosed the amount of damages claimed and certain other quantifiable information that is publicly available. The following table presents a roll forward of the Group’s aggregate litigation provisions. Litigation provisions 2015 CHF million Balance at beginning of period 1,022 Increase in litigation accruals 1,255 Decrease in litigation accruals (134) Decrease for settlements and other cash payments (541) Foreign exchange translation 3 Balance at end of period 1,605 The Group’s aggregate litigation provisions include estimates of losses, additional losses or ranges of loss for proceedings for which such losses are probable and can be reasonably estimated. The Group does not believe that it can estimate an aggregate range of reasonably possible losses for certain of its proceedings because of their complexity, the novelty of some of the claims, the early stage of the proceedings, the limited amount of discovery that has occurred and/or other factors. The Group’s estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions for the proceedings discussed below for which the Group believes an estimate is possible is zero to CHF 2.2 billion. After taking into account its litigation provisions, the Group believes, based on currently available information and advice of counsel, that the results of its legal proceedings, in the aggregate, will not have a material adverse effect on the Group’s financial condition. However, in light of the inherent uncertainties of such proceedings, including those brought by regulators or other governmental authorities, the ultimate cost to the Group of resolving such proceedings may exceed current litigation provisions and any excess may be material to its operating results for any particular period, depending, in part, upon the operating results for such period. Enron-related litigation Two Enron-related actions remain pending against CSS LLC and certain of its affiliates, both in the US District Court for the Southern District of Texas. In these actions, plaintiffs assert they relied on Enron’s financial statements, and seek to hold the defendants responsible for any inaccuracies in Enron’s financial statements. In Connecticut Resources Recovery Authority v. Lay, et al., the plaintiff seeks to recover from multiple defendants, pursuant to the Connecticut Unfair Trade Practices Act and Connecticut state common law, approximately USD 130 million to USD 180 million in losses it allegedly suffered in a business transaction it entered into with Enron. A motion to dismiss is pending. In Silvercreek Management Inc. v. Citigroup, Inc., et al., the plaintiff seeks to assert federal and state law claims relating to its alleged USD 280 million in losses relating to its Enron investments. A motion to dismiss is pending. On November 9, 2015, the plaintiff moved for the court to suggest to the Judicial Panel on Multidistrict Litigation (JPML) that the JPML remand the case to the US District Court for Southern District of New York (SDNY). That motion is also pending. Mortgage-related matters Various financial institutions, including CSS LLC and certain of its affiliates, have received requests for information from certain regulators and/or government entities, including several members of the RMBS Working Group of the US Financial Fraud Enforcement Task Force, regarding the origination, purchase, securitization, servicing and trading of subprime and non-subprime residential and commercial mortgages and related issues. CSS LLC and its affiliates are cooperating with such requests. Following an investigation, on November 20, 2012, the New York Attorney General (NYAG), on behalf of the State of New York, filed a civil action in the Supreme Court for the State of New York, New York County (SCNY) against CSS LLC and affiliated entities in their roles as issuer, sponsor, depositor and/or underwriter of RMBS transactions prior to 2008. The action, which references 64 RMBS issued, sponsored, deposited and underwritten by CSS LLC and its affiliates in 2006 and 2007, alleges that CSS LLC and its affiliates misled investors regarding the due diligence and quality control performed on the mortgage loans underlying the RMBS at issue, and seeks an unspecified amount of damages. On December 18, 2013, the New Jersey Attorney General, on behalf of the State of New Jersey (NJAG), filed a civil action in the Superior Court of New Jersey, Chancery Division, Mercer County (SCNJ), against CSS LLC and affiliated entities in their roles as issuer, sponsor, depositor and/or underwriter of RMBS transactions prior to 2008. The action, which references 13 RMBS issued, sponsored, deposited and underwritten by CSS LLC and its affiliates in 2006 and 2007, alleges that CSS LLC and its affiliates misled investors and engaged in fraud or deceit in connection with the offer and sale of RMBS, and seeks an unspecified amount of damages. On August 21, 2014, the SCNJ dismissed without prejudice the action brought against CSS LLC and its affiliates by the NJAG. On September 4, 2014, the NJAG filed an amended complaint against CSS LLC and its affiliates, asserting additional allegations but not expanding the number of claims or RMBS referenced in the original complaint. All actions are at early procedural points. On September 16, 2014, the Commonwealth of Virginia (Commonwealth), on behalf of the Virginia Retirement System, filed an action against CSS LLC and other financial institutions in Virginia state court relating to an unstated amount of RMBS at issue in connection with losses allegedly incurred by the Virginia Retirement System. On October 16, 2014, the Commonwealth’s claims against CSS LLC and other financial institutions based on offerings issued by affiliates of Countrywide Securities Corporation were removed to the US District Court for the Eastern District of Virginia. The Commonwealth’s other claims against CSS LLC and other financial institutions were pending in Virginia state court. On January 21, 2016, following a settlement, a notice of dismissal with prejudice was filed with the US District Court for the Eastern District of Virginia, which was entered by the court on January 26, 2016, discontinuing the action brought by the Commonwealth pending in the federal court relating to an unstated amount of RMBS. In addition, on January 21, 2016, following the same settlement, an agreed order of dismissal with prejudice was filed in the Virginia state court presiding in the action brought by the Commonwealth, and on January 28, 2016, the Virginia state court dismissed with prejudice all claims against CSS LLC relating to an unstated amount of RMBS. Thus, both actions are dismissed. CSS LLC and/or certain of its affiliates have also been named as defendants in various civil litigation matters related to their roles as issuer, sponsor, depositor, underwriter and/or servicer of RMBS transactions. These cases include or have included class action lawsuits, actions by individual investors in RMBS, actions by monoline insurance companies that guaranteed payments of principal and interest for certain RMBS, and repurchase actions by RMBS trusts, trustees and/or investors. Although the allegations vary by lawsuit, plaintiffs in the class actions and individual investor actions have generally alleged that the offering documents of securities issued by various RMBS securitization trusts contained material misrepresentations and omissions, including statements regarding the underwriting standards pursuant to which the underlying mortgage loans were issued; monoline insurers allege that loans that collateralize RMBS they insured breached representations and warranties made with respect to the loans at the time of securitization and that they were fraudulently induced to enter into the transactions; and repurchase action plaintiffs generally allege breached representations and warranties in respect of mortgage loans and failure to repurchase such mortgage loans as required under the applicable agreements. The amounts disclosed below do not reflect actual realized plaintiff losses to date or anticipated future litigation exposure. Rather, unless otherwise stated, these amounts reflect the original unpaid principal balance amounts as alleged in these actions and do not include any reduction in principal amounts since issuance. Further, unless otherwise stated, amounts attributable to an “operative pleading” for the individual investor actions are not altered for settlements, dismissals or other occurrences, if any, that may have caused the amounts to change subsequent to the operative pleading. In addition to the mortgage-related actions discussed below, a number of other entities have threatened to assert claims against CSS LLC and/or its affiliates in connection with various RMBS issuances, and CSS LLC and/or its affiliates have entered into agreements with some of those entities to toll the relevant statutes of limitations. Class action litigations In class actions and putative class actions against CSS LLC as an underwriter of other issuers’ RMBS offerings, CSS LLC generally has or had contractual rights to indemnification from the issuers. However, some of these issuers are now defunct, including affiliates of IndyMac Bancorp (IndyMac). With respect to IndyMac, CSS LLC was named as a defendant in a class action, In re IndyMac Mortgage-Backed Securities Litigation, in the SDNY, brought on behalf of purchasers of securities in various IndyMac RMBS offerings. CSS LLC and five other underwriter defendants agreed to a settlement of the IndyMac class action for a total of USD 340 million. In an order dated September 30, 2014, the SDNY granted preliminary approval to the settlement and held a final approval hearing on February 3, 2015. On February 23, 2015, the SDNY entered a final judgment and order of dismissal with prejudice, discontinuing the In re IndyMac Mortgage-Backed Securities Litigation. A further class action lawsuit pending in the SDNY against CSS LLC and certain affiliates and employees, New Jersey Carpenters Health Fund v. Home Equity Mortgage Trust 2006-5, relates to two RMBS offerings, totaling approximately USD 1.6 billion, sponsored and underwritten by the Credit Suisse defendants. On March 17, 2014, the SDNY granted plaintiffs’ motion for class certification for the second of the two RMBS offerings, having previously certified the class for purchasers of the first offering. The parties have agreed to a settlement of USD 110 million. In an order dated January 6, 2016, the SDNY granted preliminary approval of the settlement, which is still subject to final approval. Individual investor actions CSS LLC and, in some instances, its affiliates, as an RMBS issuer, underwriter and/or other participant, and in some instances its employees, along with other defendants, are defendants in: one action brought by the Federal Deposit Insurance Corporation (FDIC), as receiver for Citizens National Bank and Strategic Capital Bank in the SDNY, in which claims against CSS LLC and its affiliates relate to approximately USD 28 million of the RMBS at issue (approximately 20% of the USD 141 million at issue against all defendants in the operative pleading); such claims were dismissed in their entirety on March 24, 2015 by an SDNY order, which was appealed on April 7, 2015 by the FDIC; four actions brought by the FDIC, as receiver for Colonial Bank: one dismissed action in the SDNY, which is now on appeal, in which claims against CSS LLC relate to approximately USD 92 million of the RMBS at issue (approximately 23% of the USD 394 million at issue against all defendants in the operative pleading), one action in the Circuit Court of Montgomery County, Alabama, in which claims against CSS LLC and its affiliates relate to approximately USD 153 million of the RMBS at issue (approximately 49% of the USD 311 million at issue against all defendants in the operative pleading), and one action previously pending in the US District Court for the Central District of California that was subsequently transferred to the US District Court for the Middle District of Alabama, in which claims against CSS LLC relate to approximately USD 34 million of the RMBS at issue (approximately 12% of the USD 283 million at issue against all defendants in the operative pleading) and which has a trial scheduled to begin in October 2016, and one dismissed action in the US District Court for the Central District of California, which is now on appeal, in which claims against CSS LLC relate to approximately USD 12 million of the RMBS at issue (approximately 5% of the USD 259 million at issue against all defendants in the operative pleading); four individual actions brought by the Federal Home Loan Banks of Seattle, San Francisco and Boston in various state and federal courts, in which claims against CSS LLC and its affiliates relate to approximately USD 249 million in the Seattle action, which has a trial scheduled to begin in July 2016, approximately USD 1.7 billion in the San Francisco actions (approximately 18% of the USD 9.5 billion at issue against all defendants in the operative pleadings, reduced to reflect the dismissal of certain certificates) which has a trial scheduled to begin in August 2016, and USD 333 million, reduced from USD 373 million following the October 27, 2015 stipulation of voluntary dismissal with prejudice of claims pertaining to certain RMBS offerings, including RMBS offerings on which CSS LLC and its affiliates were sued, in the Boston action (approximately 6% of the USD 5.7 billion at issue against all defendants in the operative pleading); two actions brought by Massachusetts Mutual Life Insurance Company in the US District Court for the District of Massachusetts, in which claims against CSS LLC and its employees relate to approximately USD 107 million of the RMBS at issue (approximately 97% of the USD 110 million at issue against all defendants in the operative pleadings); one action brought by Watertown Savings Bank in the SCNY, in which claims against CSS LLC and its affiliates relate to an unstated amount of the RMBS at issue; and one action brought by the Texas County and District Retirement System in Texas state court, in which claims against CSS LLC relate to an unstated amount of the RMBS at issue. In addition, on February 6, 2015, Tennessee Consolidated Retirement System filed an action against CSS LLC and other financial institutions in Tennessee state court relating to an unstated amount of RMBS at issue. On June 22, 2015, Tennessee Consolidated Retirement System filed an amended complaint 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). CSS LLC and certain of its affiliates and/or employees are the only defendants named in: one action brought by CMFG Life Insurance Company and affiliated entities in the US District Court for the Western District of Wisconsin, in which claims against CSS LLC relate to approximately USD 70 million of RMBS; one action brought by Deutsche Zentral-Genossenschaftsbank AG, New York Branch in the SCNY, in which claims against CSS LLC and its affiliates relate to approximately USD 111 million of RMBS; one action brought by IKB Deutsche Industriebank AG and affiliated entities in the SCNY, in which claims against CSS LLC and its affiliates relate to approximately USD 97 million of RMBS; two actions brought by the National Credit Union Administration Board: one as liquidating agent of the US Central Federal Credit Union, Western Corporate Federal Credit Union and Southwest Corporate Federal Credit Union in the US District Court for the District of Kansas, in which claims against CSS LLC and its affiliate relate to approximately USD 311 million of RMBS, for which the US District Court for the District of Kansas issued an order vacating its prior partial dismissal of the action, increasing the RMBS at issue for CSS LLC and its affiliates from approximately USD 311 million to USD 715 million on May 27, 2015, and one as liquidating agent of the Southwest Corporate Federal Credit Union and Members United Corporate Federal Credit Union in the SDNY, in which claims against CSS LLC and its affiliates relate to approximately USD 229 million of RMBS and which has a trial scheduled to begin in June 2016; one action brought by Phoenix Light SF Ltd. and affiliated entities in the SCNY, in which claims against CSS LLC and its affiliates relate to approximately USD 362 million of RMBS, which was dismissed in its entirety on April 16, 2015 and is now on appeal; and one action brought by Royal Park Investments SA/NV in the SCNY, in which claims against CSS LLC and its affiliate relate to approximately USD 360 million of RMBS. These actions are at early or intermediate procedural points. As disclosed in Credit Suisse’s quarterly Financial Reports for 2015, individual investor actions discontinued during the course of 2015 included the following: on August 17, 2015, a stipulation of discontinuance with prejudice was filed with the SCNY, discontinuing the action brought by Commerzbank AG London Branch against CSS LLC and its affiliates, in which claims against CSS LLC and its affiliates relate to approximately USD 121 million of the RMBS at issue (approximately 6% of the USD 1.9 billion at issue against all defendants in the operative pleading); on October 9 and 15, 2015, following a settlement, the California state court presiding in an action brought by the Charles Schwab Corporation dismissed with prejudice all claims against CSS LLC and its affiliates relating to USD 100 million of the RMBS at issue against CSS LLC and its affiliates, and dismissed without prejudice the remaining claim against CSS LLC relating to USD 25 million of the RMBS at issue against CSS LLC. In addition, on December 15, 2015, following a settlement, the US Court of Appeals for the Second Circuit, presiding in the appeal of the action brought by The Union Central Life Insurance Company and affiliated entities (Union Central) in the SDNY, granted the stipulation withdrawing Union Central's appeal of the SDNY's dismissal with prejudice of all claims against CSS LLC and its affiliates and employees, relating to approximately USD 65 million of RMBS. Thus, the entire action is dismissed with prejudice. Monoline insurer disputes CSS LLC and certain of its affiliates are defendants in one monoline insurer action pending in the SCNY commenced by MBIA Insurance Corp. (MBIA) which guaranteed payments of principal and interest related to approximately USD 770 million of RMBS issued in offerings sponsored by Credit Suisse. One theory of liability advanced by MBIA is that an affiliate of CSS LLC must repurchase certain mortgage loans from the trusts at issue. MBIA claims that the vast majority of the underlying mortgage loans breach certain representations and warranties, and that the affiliate has failed to repurchase the allegedly defective loans. In addition, MBIA alleges claims for fraud, fraudulent inducement, material misrepresentations, and breaches of warranties, repurchase obligations, access rights and servicing obligations, and reimbursement. MBIA submitted repurchase demands for loans with an original principal balance of approximately USD 549 million. In addition, CSS LLC and certain of its affiliates were sued by Assured Guaranty Corp. and Assured Guaranty Municipal Corp. (Assured) which guaranteed payments of principal and interest related to approximately USD 570 million of RMBS issued in offerings sponsored by Credit Suisse and submitted repurchase demands for loans with an original principal balance of approximately USD 2.2 billion. On November 20, 2014, U.S. Bank, National Association, as trustee of six trusts, filed a motion to intervene as it was not previously a party in this action. Following a settlement, on November 25, 2014, a stipulation discontinuing the action brought by Assured was filed in the SCNY. On March 5, 2015, the SCNY denied U.S. Bank, National Association’s motion to intervene. Thus, the action is dismissed. In addition, CIFG Assurance North America, Inc. (CIFG) filed an action against CSS LLC in the SCNY, relating to financial guaranty insurance issued by CIFG on a CDS guaranteeing payment on approximately USD 396 million of notes of a collateralized debt obligation. CIFG alleges material misrepresentation in the inducement of an insurance contract and fraud relating to alleged affirmative misrepresentations and material omissions made to induce CIFG to guarantee the CDS. The SCNY granted CSS LLC’s motion to dismiss the action and on May 28, 2015, the Supreme Court of New York, Appellate Division, First Department, issued an order affirming the dismissal. Further, on November 16, 2015, a stipulation of discontinuance with prejudice was filed with the SCNY, discontinuing the action brought by Financial Guaranty Insurance Company (FGIC) against CSS LLC and one of its affiliates. FGIC guaranteed payments of principal and interest related to approximately USD 240 million of RMBS issued in offerings sponsored by Credit Suisse and had submitted repurchase demands for loans with an original principal balance of approximately USD 37 million. Repurchase litigations DLJ Mortgage Capital, Inc. (DLJ) is a defendant in: one action brought by Asset Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7, in which plaintiff alleges damages of not less than USD 341 million which was dismissed without prejudice by order of the SCNY on March 24, 2015, which order was appealed, and which action was re-filed on September 17, 2015; one action brought by Home Equity Asset Trust, Series 2006-8, in which plaintiff alleges damages of not less than USD 436 million; one action brought by Home Equity Asset Trust 2007-1, in which plaintiff alleges damages of not less than USD 420 million; one action brought by Home Equity Asset Trust Series 2007-3, in which plaintiff alleges damages of not less than USD 206 million, which was dismissed without prejudice by order of the SCNY on December 21, 2015, and the plaintiff has one year to refile; one action brought by Asset Backed Securities Corporation Home Equity Loan Trust Series AMQ 2007-HE2, in which no damages amount is alleged, which was dismissed without prejudice by order of the SCNY on April 8, 2015, which order was appealed on May 13, 2015, which appeal was withdrawn on September 18, 2015; one action brought by Home Equity Asset Trust 2007-2, in which plaintiff alleges damages of not less than USD 495 million; and one action brought by CSMC Asset-Backed Trust 2007-NC1, in which no damages amount is alleged. DLJ and its affiliate, Select Portfolio Servicing, Inc. (SPS), are defendants in: one action brought by Home Equity Mortgage Trust Series 2006-1, Home Equity Mortgage Trust Series 2006-3 and Home Equity Mortgage Trust Series 2006-4, in which plaintiffs allege damages of not less than USD 730 million, and allege that SPS obstructed the investigation into the full extent of the defects in the mortgage pools by refusing to afford the trustee reasonable access to certain origination files; and one action brought by Home Equity Mortgage Trust Series 2006-5, in which plaintiff alleges damages of not less than USD 500 million, and alleges that SPS likely discovered DLJ’s alleged breaches of representations and warranties but did not notify the trustee of such breaches, in alleged violation of its contractual obligations. These actions are brought in the SCNY and are at early or intermediate procedural points. As disclosed in Credit Suisse’s fourth quarter Financial Report of 2013, the following repurchase actions were dismissed with prejudice in 2013: the three consolidated actions brought by Home Equity Asset Trust 2006-5, Home Equity Asset Trust 2006-6 and Home Equity Asset Trust 2006-7 against DLJ. Those dismissals are on appeal. Refco-related litigation In March 2008, CSS LLC was named, along with other financial services firms, accountants, lawyers, officers, directors and controlling persons, as a defendant in an action filed in New York state court (later removed to the SDNY) by the Joint Official Liquidators of various SPhinX Funds and the trustee of the SphinX Trust, which holds claims that belonged to PlusFunds Group, Inc. (PlusFunds), the investment manager for the SPhinX Funds. The operative amended complaint asserted claims against CSS LLC for aiding and abetting breaches of fiduciary duty and aiding and abetting fraud by Refco’s insiders in connection with Refco’s August 2004 notes offering and August 2005 initial public offering. Plaintiffs sought to recover from defendants more than USD 800 million, consisting of USD 263 million that the SphinX Managed Futures Fund, a SPhinX fund, had on deposit and lost at Refco, several hundred million dollars in alleged additional “lost enterprise” damages of PlusFunds, and pre-judgment interest. In November 2008, CSS LLC filed a motion to dismiss the amended complaint. In February 2012, the court granted in part and denied in part the motion to dismiss, which left intact part of plaintiffs’ claim for aiding and abetting fraud. In August 2012, CSS LLC filed a motion for summary judgment with respect to the remaining part of plaintiffs’ aiding and abetting fraud claim. In December 2012, the court granted the motion, thus dismissing CSS LLC from the case. The court entered a final judgment dismissing the claims against CSS LLC on August 16, 2014 and, on September 16, 2014, plaintiffs appealed to the US Court of Appeals for the Second Circuit. Briefing of the appeal is complete, and oral argument took place on January 7, 2016, with a decision expected later in the year. Bank loan litigation On January 3, 2010, the Bank and other affiliates were named as defendants in a lawsuit filed in the US District Court for the District of Idaho by current or former homeowners in four real estate developments, Tamarack Resort, Yellowstone Club, Lake Las Vegas and Ginn Sur Mer. The Bank arranged, and was the agent bank for, syndicated loans provided to borrowers affiliated with all four developments, and who have been or are now in bankruptcy or foreclosure. Plaintiffs generally allege that the Bank and other affiliates committed fraud by using an unaccepted appraisal method to overvalue the properties with the intention of having the borrowers take out loans they could not repay because it would allow the Bank and other affiliates to later push the borrowers into bankruptcy and take ownership of the properties. Plaintiffs demanded USD 24 billion in damages. Cushman & Wakefield, the appraiser for the properties at issue, is also named as a defendant. After the filing of amended complaints and motions to dismiss, the claims were significantly reduced. On September 24, 2013, the court denied the plaintiffs’ motion for class certification so the case cannot proceed as a class action. On February 5, 2015, the court granted plaintiffs’ motion for leave to file an amended complaint, adding additional individual plaintiffs. On April 13, 2015, the court granted plaintiffs’ motion for leave to add a claim for punitive damages. On November 20, 2015, the plaintiffs moved for partial summary judgment, which the defendants opposed on December 14, 2015. On December 18, 2015, the defendants filed motions for summary judgment, which are scheduled to be argued in April 2016. The trial is scheduled to begin in August 2016. The Bank and other affiliates are also the subject of certain other related litigation regarding certain of these loans as well as other similar real estate developments. Such litigation includes two cases brought in Texas and New York state courts against Bank affiliates by entities related to Highland Capital Management LP (Highland). In the case in Texas state court, a jury trial was held in December 2014 on Highland’s claim for fraudulent inducement by affirmative misrepresentation and omission. A verdict was issued for the plaintiff on its claim for fraudulent inducement by affirmative misrepresentation, but the jury rejected its claim that the Bank’s affiliates had committed fraudulent inducement by omission. The Texas judge held a bench trial on Highland’s remaining claims in May and June 2015, and entered judgment in the amount of USD 287 million (including prejudgment interest) for the plaintiff on September 4, 2015. Both parties have filed notices of appeal from that judgment. In the case in New York state court, the court granted in part and denied in part the Bank’s summary judgment motion. Both parties appealed that decis |
Bank | |
Litigation | 38 Litigation > Refer to “Note 39 – Litigation” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Significant subsidiaries and eq
Significant subsidiaries and equity method investments | 12 Months Ended |
Dec. 31, 2015 | |
Significant subsidiaries and equity method investments | 40 Significant subsidiaries and equity method investments Significant subsidiaries Equity Nominal as of December 31, 2015 Credit Suisse Group AG 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Credit Suisse AG Zurich, Switzerland CHF 4,399.7 100 Credit Suisse Trust AG Zurich, Switzerland CHF 5.0 100 Credit Suisse Trust Holdings Limited St. Peter Port, Guernsey GBP 2.0 100 CS LP Holding AG Zug, Switzerland CHF 0.1 100 Fides Treasury Services AG Zurich, Switzerland CHF 2.0 100 Inreska Limited St. Peter Port, Guernsey GBP 3.0 100 Neue Aargauer Bank AG Aarau, Switzerland CHF 134.1 88 Savoy Hotel Baur en Ville AG Zurich, Switzerland CHF 7.5 Credit Suisse AG 100 AJP Cayman Ltd. George Town, Cayman Islands JPY 8,025.6 100 Asset Management Finance LLC Wilmington, United States USD 341.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 CJSC Bank Credit Suisse (Moscow) Moscow, Russia USD 37.8 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliários S.A. São Paulo, Brazil BRL 5.0 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Cayman) Management Limited George Town, Cayman Islands USD 0.0 100 Credit Suisse (Channel Islands) Limited St. Peter Port, Guernsey USD 6.1 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Gibraltar) Limited Gibraltar, Gibraltar GBP 5.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 139.6 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Monaco) S.A.M. Monte Carlo, Monaco EUR 18.0 100 Credit Suisse (Poland) SP. z o.o Warsaw, Poland PLN 20.0 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 Significant subsidiaries (continued) Equity Nominal 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 42.0 100 1 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 4,184.7 100 2 Credit Suisse International London, United Kingdom USD 12,366.1 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. New York, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.8 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Principal Investments Limited George Town, Cayman Islands JPY 3,324.0 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,881.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, Inc Wilmington, United States USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.1 99 PT Credit Suisse Securities Indonesia Jakarta, Indonesia IDR 235,000.0 98 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 71 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 300.0 1 43% of voting rights held by Credit Suisse Group AG, Guernsey Branch. 2 80% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity as of December 31, 2015 Credit Suisse Group AG 100 1 Credit Suisse Group Finance (Guernsey) Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group (Guernsey) I Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group (Guernsey) II Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group (Guernsey) IV Limited St. Peter Port, Guernsey 100 Credit Suisse Group Funding (Guernsey) Limited St. Peter Port, Guernsey 50 Swisscard AECS GmbH Horgen, Switzerland 25 SECB Swiss Euro Clearing Bank GmbH Frankfurt, Germany Credit Suisse AG 33 Credit Suisse Founder Securities Limited Beijing, China 23 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 20 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 5 2 York Capital Management Global Advisors, LLC New York, United States 0 2 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 1 Deconsolidated under US GAAP as the Group is not the primary beneficiary. 2 The Group holds a significant noncontrolling interest. |
Bank | |
Significant subsidiaries and equity method investments | 39 Significant subsidiaries and equity method investments Significant subsidiaries Equity Nominal as of December 31, 2015 Credit Suisse AG 100 AJP Cayman Ltd. George Town, Cayman Islands JPY 8,025.6 100 Asset Management Finance LLC Wilmington, United States USD 341.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 CJSC Bank Credit Suisse (Moscow) Moscow, Russia USD 37.8 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliários S.A. São Paulo, Brazil BRL 5.0 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Cayman) Management Limited George Town, Cayman Islands USD 0.0 100 Credit Suisse (Channel Islands) Limited St. Peter Port, Guernsey USD 6.1 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Gibraltar) Limited Gibraltar, Gibraltar GBP 5.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 139.6 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Monaco) S.A.M. Monte Carlo, Monaco EUR 18.0 100 Credit Suisse (Poland) Sp. z o.o Warsaw, Poland PLN 20.0 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 Significant subsidiaries (continued) Equity Nominal 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 42.0 100 1 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 4,184.7 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. New York, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.8 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Principal Investments Limited George Town, Cayman Islands JPY 3,324.0 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,881.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, Inc Wilmington, United States USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.1 99 PT Credit Suisse Securities Indonesia Jakarta, Indonesia IDR 235,000.0 98 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 98 2 Credit Suisse International London, United Kingdom USD 12,366.1 71 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 300.0 1 43% of voting rights held by Credit Suisse Group AG, Guernsey Branch. 2 Remaining 2% held directly by Credit Suisse Group AG. 80% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity as of December 31, 2015 Credit Suisse AG 33 Credit Suisse Founder Securities Limited Beijing, China 23 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 20 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 5 1 York Capital Management Global Advisors, LLC New York, United States 0 1 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 1 The Bank holds a significant noncontrolling interest. |
Subsidiary guarantee informatio
Subsidiary guarantee information | 12 Months Ended |
Dec. 31, 2015 | |
Subsidiary guarantee information | 41 Subsidiary guarantee information Certain wholly-owned finance subsidiaries of the Group, including Credit Suisse Group Funding (Guernsey) Limited, which is a Guernsey incorporated non-cellular company limited by shares, have issued securities fully and unconditionally guaranteed by the Group. There are various legal and regulatory requirements, including the satisfaction of a solvency test under Guernsey law for the Guernsey subsidiary, applicable to some of the Group’s subsidiaries that may limit their ability to pay dividends or distributions and make loans and advances to the Group. On March 26, 2007, the Group and the Bank issued full, unconditional and several guarantees of Credit Suisse (USA), Inc.’s outstanding SEC-registered debt securities. In accordance with the guarantees, if Credit Suisse (USA), Inc. fails to make any timely payment under the agreements governing such debt securities, the holders of the debt securities may demand payment from either the Group or the Bank, without first proceeding against Credit Suisse (USA), Inc. The guarantee from the Group is subordinated to senior liabilities. Credit Suisse (USA), Inc. is an indirect, wholly owned subsidiary of the Group. In the fourth quarter of 2015, as part of an announced program to evolve the Group’s legal entity structure to meet developing and future regulatory requirements and US Federal Reserve regulation on establishing Intermediate Holding Companies in the US for non-US banks, a legal entity was re-parented as a subsidiary 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 this transaction. Condensed consolidating statements of operations Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 7,010 11,847 18,857 277 207 19,341 Interest expense (4,285) (5,705) (9,990) (330) 278 (10,042) Net interest income 2,725 6,142 8,867 (53) 485 9,299 Commissions and fees 3,919 7,927 11,846 18 180 12,044 Trading revenues (968) 2,266 1,298 28 14 1,340 Other revenues 476 724 1,200 (2,969) 2 2,883 1,114 Net revenues 6,152 17,059 23,211 (2,976) 3,562 23,797 Provision for credit losses 5 271 276 0 48 324 Compensation and benefits 3,805 7,718 11,523 76 (53) 11,546 General and administrative expenses 2,242 6,372 8,614 (110) 70 8,574 Commission expenses 276 1,338 1,614 1 8 1,623 Goodwill impairment 0 3,797 3,797 0 0 3,797 Restructuring expenses 193 132 325 0 30 355 Total other operating expenses 2,711 11,639 14,350 (109) 108 14,349 Total operating expenses 6,516 19,357 25,873 (33) 55 25,895 Income/(loss) from continuing operations before taxes (369) (2,569) (2,938) (2,943) 3,459 (2,422) Income tax expense/(benefit) (4) 443 439 1 83 523 Net income/(loss) (365) (3,012) (3,377) (2,944) 3,376 (2,945) Net income/(loss) attributable to noncontrolling interests (17) 10 (7) 0 6 (1) Net income/(loss) attributable to shareholders (348) (3,022) (3,370) (2,944) 3,370 (2,944) 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income Bank 1 1 Comprehensive income (CHF million) Net income/(loss) (365) (3,012) (3,377) (2,944) 3,376 (2,945) Gains/(losses) on cash flow hedges 0 24 24 (8) 0 16 Foreign currency translation 56 (1,203) (1,147) (3) (6) (1,156) Unrealized gains/(losses) on securities (2) (4) (6) 0 2 (4) Actuarial gains/(losses) 24 20 44 0 (705) (661) Net prior service credit/(cost) (14) 0 (14) 0 169 155 Other comprehensive income/(loss), net of tax 64 (1,163) (1,099) (11) (540) (1,650) Comprehensive income/(loss) (301) (4,175) (4,476) (2,955) 2,836 (4,595) Comprehensive income/(loss) attributable to noncontrolling interests (26) 0 (26) 0 7 (19) Comprehensive income/(loss) attributable to shareholders (275) (4,175) (4,450) (2,955) 2,829 (4,576) 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 6,379 12,206 18,585 228 248 19,061 Interest expense (3,885) (6,023) (9,908) (316) 197 (10,027) Net interest income 2,494 6,183 8,677 (88) 445 9,034 Commissions and fees 4,142 8,745 12,887 7 157 13,051 Trading revenues 137 1,653 1,790 159 77 2,026 Other revenues 1,386 849 2,235 1,750 2 (1,854) 2,131 Net revenues 8,159 17,430 25,589 1,828 (1,175) 26,242 Provision for credit losses 0 125 125 0 61 186 Compensation and benefits 3,510 7,872 11,382 53 (101) 11,334 General and administrative expenses 2,594 6,979 9,573 (101) 62 9,534 Commission expenses 253 1,295 1,548 0 13 1,561 Total other operating expenses 2,847 8,274 11,121 (101) 75 11,095 Total operating expenses 6,357 16,146 22,503 (48) (26) 22,429 Income/(loss) from continuing operations before taxes 1,802 1,159 2,961 1,876 (1,210) 3,627 Income tax expense 710 589 1,299 1 105 1,405 Income/(loss) from continuing operations 1,092 570 1,662 1,875 (1,315) 2,222 Income from discontinued operations, net of tax 0 102 102 0 0 102 Net income/(loss) 1,092 672 1,764 1,875 (1,315) 2,324 Net income attributable to noncontrolling interests 406 39 445 0 4 449 Net income/(loss) attributable to shareholders 686 633 1,319 1,875 (1,319) 1,875 of which from continuing operations 686 531 1,217 1,875 (1,319) 1,773 of which from discontinued operations 0 102 102 0 0 102 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) 1,092 672 1,764 1,875 (1,315) 2,324 Gains/(losses) on cash flow hedges 0 (27) (27) 7 0 (20) Foreign currency translation 2,078 206 2,284 (1) 4 2,287 Unrealized gains/(losses) on securities 0 21 21 0 (9) 12 Actuarial gains/(losses) (109) 167 58 0 (1,311) (1,253) Net prior service credit/(cost) 14 0 14 0 (77) (63) Other comprehensive income/(loss), net of tax 1,983 367 2,350 6 (1,393) 963 Comprehensive income/(loss) 3,075 1,039 4,114 1,881 (2,708) 3,287 Comprehensive income/(loss) attributable to noncontrolling interests 520 94 614 0 (74) 540 Comprehensive income/(loss) attributable to shareholders 2,555 945 3,500 1,881 (2,634) 2,747 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 6,574 12,443 19,017 62 477 19,556 Interest expense (3,946) (7,361) (11,307) (60) (74) (11,441) Net interest income 2,628 5,082 7,710 2 403 8,115 Commissions and fees 3,767 9,290 13,057 4 165 13,226 Trading revenues (222) 2,977 2,755 (23) 7 2,739 Other revenues 1,361 431 1,792 2,288 2 (2,304) 1,776 Net revenues 7,534 17,780 25,314 2,271 (1,729) 25,856 Provision for credit losses 4 89 93 0 74 167 Compensation and benefits 3,380 7,807 11,187 59 10 11,256 General and administrative expenses 2,854 5,788 8,642 (135) 80 8,587 Commission expenses 227 1,499 1,726 1 11 1,738 Goodwill impairment (9) 21 12 0 0 12 Total other operating expenses 3,072 7,308 10,380 (134) 91 10,337 Total operating expenses 6,452 15,115 21,567 (75) 101 21,593 Income/(loss) from continuing operations before taxes 1,078 2,576 3,654 2,346 (1,904) 4,096 Income tax expense 123 1,047 1,170 20 86 1,276 Income/(loss) from continuing operations 955 1,529 2,484 2,326 (1,990) 2,820 Income from discontinued operations, net of tax 66 79 145 0 0 145 Net income/(loss) 1,021 1,608 2,629 2,326 (1,990) 2,965 Net income/(loss) attributable to noncontrolling interests 575 94 669 0 (30) 639 Net income/(loss) attributable to shareholders 446 1,514 1,960 2,326 (1,960) 2,326 of which from continuing operations 380 1,435 1,815 2,326 (1,960) 2,181 of which from discontinued operations 66 79 145 0 0 145 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) 1,021 1,608 2,629 2,326 (1,990) 2,965 Gains/(losses) on cash flow hedges 0 2 2 16 0 18 Foreign currency translation (627) (1,607) (2,234) 0 1,213 (1,021) Unrealized gains/(losses) on securities (3) (15) (18) 0 (14) (32) Actuarial gains/(losses) 138 (181) (43) 0 1,087 1,044 Net prior service credit/(cost) 0 0 0 0 (95) (95) Other comprehensive income/(loss), net of tax (492) (1,801) (2,293) 16 2,191 (86) Comprehensive income/(loss) 529 (193) 336 2,342 201 2,879 Comprehensive income/(loss) attributable to noncontrolling interests 471 163 634 0 (109) 525 Comprehensive income/(loss) attributable to shareholders 58 (356) (298) 2,342 310 2,354 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets Bank 1 1 Assets (CHF million) Cash and due from banks 5,496 85,025 90,521 942 865 92,328 Interest-bearing deposits with banks 70 4,883 4,953 5 (4,091) 867 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 105,469 17,967 123,436 0 (387) 123,049 Securities received as collateral 27,274 1,237 28,511 0 0 28,511 Trading assets 59,297 131,799 191,096 0 (359) 190,737 Investment securities 1,009 1,689 2,698 4,092 (3,700) 3,090 Other investments 2,693 4,094 6,787 46,795 (46,561) 7,021 Net loans 13,000 241,915 254,915 139 17,941 272,995 Premises and equipment 899 3,540 4,439 0 205 4,644 Goodwill 731 3,198 3,929 0 879 4,808 Other intangible assets 152 44 196 0 0 196 Brokerage receivables 17,630 16,910 34,540 0 2 34,542 Other assets 24,382 33,528 57,910 228 (121) 58,017 Total assets 258,102 545,829 803,931 52,201 (35,327) 820,805 Liabilities and equity (CHF million) Due to banks 62 21,398 21,460 2,152 (2,558) 21,054 Customer deposits 1 331,699 331,700 0 11,005 342,705 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 77,028 (30,430) 46,598 0 0 46,598 Obligation to return securities received as collateral 27,274 1,237 28,511 0 0 28,511 Trading liabilities 11,062 37,992 49,054 0 (83) 48,971 Short-term borrowings 43,518 (34,861) 8,657 300 (300) 8,657 Long-term debt 39,127 152,967 192,094 5,025 489 197,608 Brokerage payables 28,399 11,053 39,452 0 0 39,452 Other liabilities 13,209 28,506 41,715 342 174 42,231 Total liabilities 239,680 519,561 759,241 7,819 8,727 775,787 Total shareholders' equity 17,684 25,722 43,406 44,382 (43,406) 44,382 Noncontrolling interests 738 546 1,284 0 (648) 636 Total equity 18,422 26,268 44,690 44,382 (44,054) 45,018 Total liabilities and equity 258,102 545,829 803,931 52,201 (35,327) 820,805 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 1 Assets (CHF million) Cash and due from banks 4,617 73,383 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 153,308 9,900 163,208 0 0 163,208 Securities received as collateral 26,754 100 26,854 0 0 26,854 Trading assets 75,038 166,275 241,313 0 (182) 241,131 Investment securities 3 2,376 2,379 3,981 (3,569) 2,791 Other investments 3,517 4,950 8,467 46,392 (46,246) 8,613 Net loans 17,823 238,105 255,928 350 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 24,998 45,513 70,511 221 (174) 70,558 Total assets 332,874 571,975 904,849 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 113,361 (43,242) 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 35,636 (9,715) 25,921 0 0 25,921 Long-term debt 68,762 104,185 172,947 4,930 21 177,898 Brokerage payables 44,025 12,952 56,977 0 0 56,977 Other liabilities 11,837 38,811 50,648 345 (23) 50,970 Total liabilities 313,606 546,602 860,208 7,902 8,351 876,461 Total shareholders' equity 18,111 24,784 42,895 43,959 (42,895) 43,959 Noncontrolling interests 1,157 589 1,746 0 (704) 1,042 Total equity 19,268 25,373 44,641 43,959 (43,599) 45,001 Total liabilities and equity 332,874 571,975 904,849 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 9,846 5,079 14,925 129 2 14 15,068 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks (1) (928) (929) (5) 1,283 349 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 46,481 (9,903) 36,578 0 386 36,964 Purchase of investment securities 0 (376) (376) 0 0 (376) Proceeds from sale of investment securities 1 18 19 0 0 19 Maturities of investment securities 68 819 887 0 21 908 Investments in subsidiaries and other investments (375) (180) (555) (5,310) 5,271 (594) Proceeds from sale of other investments 1,243 652 1,895 18 25 1,938 (Increase)/decrease in loans 4,112 (8,053) (3,941) 210 (1,715) (5,446) Proceeds from sales of loans 0 1,579 1,579 0 0 1,579 Capital expenditures for premises and equipment and other intangible assets (322) (765) (1,087) 0 (15) (1,102) Proceeds from sale of premises and equipment and other intangible assets 3 10 13 0 0 13 Other, net 33 369 402 0 7 409 Net cash provided by/(used in) investing activities of continuing operations 51,243 (16,758) 34,485 (5,087) 5,263 34,661 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits (34) (28,723) (28,757) (475) 83 (29,149) Increase/(decrease) in short-term borrowings 8,649 (26,797) (18,148) 300 (300) (18,148) Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (35,303) 13,154 (22,149) 0 0 (22,149) Issuances of long-term debt 8,511 68,372 76,883 0 975 77,858 Repayments of long-term debt (41,555) (7,364) (48,919) (30) (416) (49,365) Issuances of common shares 0 0 0 6,035 0 6,035 Sale of treasury shares 0 0 0 3 18,749 18,752 Repurchase of treasury shares 0 0 0 (1,044) (18,717) (19,761) Dividends paid 0 (10) (10) (415) (2) (427) Other, net (497) 5,286 4,789 608 (5,211) 186 Net cash provided by/(used in) financing activities of continuing operations (60,229) 23,918 (36,311) 4,982 (4,839) (36,168) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 19 (597) (578) 1 (5) (582) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 879 11,642 12,521 25 433 12,979 Cash and due from banks at beginning of period 4,617 73,383 78,000 917 432 79,349 Cash and due from banks at end of period 5,496 85,025 90,521 942 865 92,328 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 150 million and CHF 35 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. 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 (12,139) (6,061) (18,200) 609 2 (29) (17,620) Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks 1,221 (1,948) (727) 0 1,002 275 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions (8,986) 20,663 11,677 0 8 11,685 Purchase of investment securities 0 (1,060) (1,060) (2,217) 2,217 (1,060) Proceeds from sale of investment securities 103 15 118 0 812 930 Maturities of investment securities 0 187 187 0 153 340 Investments in subsidiaries and other investments (643) (585) (1,228) (1,352) 1,316 (1,264) Proceeds from sale of other investments 1,218 301 1,519 3 31 1,553 (Increase)/decrease in loans 2,746 (26,436) (23,690) 2,482 (2,396) (23,604) Proceeds from sales of loans 0 1,255 1,255 0 0 1,255 Capital expenditures for premises and equipment and other intangible assets (317) (726) (1,043) 0 (13) (1,056) Proceeds from sale of premises and equipment and other intangible assets 0 1 1 0 0 1 Other, net (11) 612 601 (10) 15 606 Net cash provided by/(used in) investing activities of continuing operations (4,669) (7,721) (12,390) (1,094) 3,145 (10,339) Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits (168) 27,305 27,137 (669) (428) 26,040 Increase/(decrease) in short-term borrowings 17,914 (14,405) 3,509 0 0 3,509 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (3,894) (27,107) (31,001) 0 0 (31,001) Issuances of long-term debt 6,607 67,543 74,150 2,217 (2,208) 74,159 Repayments of long-term debt (2,559) (35,312) (37,871) 0 1,400 (36,471) Issuances of common shares 0 0 0 297 0 297 Sale of treasury shares 0 0 0 0 9,394 9,394 Repurchase of treasury shares 0 0 0 (742) (9,455) (10,197) Dividends paid (1,128) 1,044 (84) (1,125) (43) (1,252) Other, net (791) 303 (488) 609 (1,313) (1,192) Net cash provided by/(used in) financing activities of continuing operations 15,981 19,371 35,352 587 (2,653) 33,286 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 486 5,131 5,617 20 153 5,790 Net cash provided by/(used in) discontinued operations (CHF million) Net cash provided by/(used in) discontinued operations (8) (452) (460) 0 0 (460) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (349) 10,268 9,919 122 616 10,657 Cash and due from banks at beginning of period 4,966 63,115 68,081 795 (184) 68,692 Cash and due from banks at end of period 4,617 73,383 78,000 917 432 79,349 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 150 million and CHF 113 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. Condensed consolidating statements of cash flows (continued) Bank 1 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 6,565 15,452 22,017 400 2 (343) 22,074 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks (1) 444 443 0 95 538 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions (2,517) 19,637 17,120 0 0 17,120 Purchase of investment securities (165) (511) (676) (1,402) 1,401 (677) Proceeds from sale of investment securities 107 69 176 0 0 176 Maturities of investment securities 0 673 673 0 159 832 Investments in subsidiaries and other investments 232 (1,570) (1,338) (2,458) 2,004 (1,792) Proceeds from sale of other investments 2,139 1,026 3,165 481 91 3,737 (Increase)/decrease in loans 5,589 (14,166) (8,577) 1,228 (1,777) (9,126) Proceeds from sales of loans 0 1,483 1,483 0 0 1,483 Capital expenditures for premises and equipment and other intangible assets (238) (657) (895) 0 (8) (903) Proceeds from sale of premises and equipment and other intangible assets 0 9 9 0 0 9 Other, net (87) 202 115 0 7 122 Net cash provided by/(used in) investing activities of continuing operations 5,059 6,639 11,698 (2,151) 1,972 11,519 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 95 22,535 22,630 (500) 333 22,463 Increase/(decrease) in short-term borrowings 20,660 (14,658) 6,002 0 0 6,002 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (28,474) (7,873) (36,347) 0 0 (36,347) Issuances of long-term debt 687 37,227 37,914 2,292 (1,116) 39,090 Repayments of long-term debt (4,219) (50,997) (55,216) 0 81 (55,135) Issuances of common shares 0 0 0 976 0 976 Sale of treasury shares 0 0 0 58 9,706 9,764 Repurchase of treasury shares 0 0 0 (217) (9,985) (10,202) Dividends paid (178) (305) (483) (154) 73 (564) Excess tax benefits related to share-based compensation 0 0 0 1 (1) 0 Other, net (163) 899 736 75 (1,279) (468) Net cash provided by/(used in) financing activities of continuing operations (11,592) (13,172) (24,764) 2,531 (2,188) (24,421) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (73) (1,146) (1,219) (4) 7 (1,216) Net cash provided by/(used in) discontinued operations (CHF million) Net cash provided by/(used in) discontinued operations 0 (1,027) (1,027) 0 0 (1,027) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (41) 6,746 6,705 776 (552) 6,929 Cash and due from banks at beginning of period 5,007 56,369 61,376 19 368 61,763 Cash and due from banks at end of period 4,966 63,115 68,081 795 (184) 68,692 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 161 million and CHF 208 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. |
Credit Suisse Group parent comp
Credit Suisse Group parent company | 12 Months Ended |
Dec. 31, 2015 | |
Credit Suisse Group parent company | 42 Credit Suisse Group parent company > Refer to “Note 41 – Subsidiary guarantee information” for the condensed Credit Suisse Group parent company financial information. |
Significant valuation and incom
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 12 Months Ended |
Dec. 31, 2015 | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 43 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) The Group’s consolidated financial statements have been prepared in accordance with US GAAP. >>>FINMA requires Swiss-domiciled banks which present their financial statements under either US GAAP or International Financial Reporting Standards (IFRS) to provide a narrative explanation of the major differences between Swiss GAAP banking law (true and fair view) and its primary accounting standard. The principal provisions of the Banking Ordinance and the FINMA Circular 2015/1, “Accounting – banks”, governing financial reporting for banks (Swiss GAAP) differ in certain aspects from US GAAP. The following are the major differences: > Refer to “Note 1 – Summary of significant accounting policies” for a detailed description of the Group’s accounting policies. Scope of consolidation Under Swiss GAAP, majority-owned subsidiaries that are not considered long-term investments or do not operate in the core business of the Group are either accounted for as financial investments or as equity method investments. US GAAP has no such exception relating to the consolidation of majority-owned subsidiaries. Foreign currency translations Under US GAAP, foreign currency translation adjustments resulting from the consolidation of branches with functional currencies other than the Swiss franc are included in accumulated other comprehensive income/(loss) (AOCI) in shareholders’ equity. Under Swiss GAAP, foreign currency translation adjustments from the consolidation of foreign branches are recognized in net income/(loss) from trading activities and fair value option. Under US GAAP, foreign currency measurement adjustments for available-for-sale securities are reported in AOCI, which is part of total shareholder’s equity, whereas for Swiss GAAP statutory purposes they are included in the statements of income. Investments in securities Under Swiss GAAP, classification and measurement of investments in securities depends on the nature of the investment. Non-consolidated participations Under US GAAP, investments in equity securities where the Bank parent company has the ability to significantly influence the operating and financial policies of an investee are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, the Bank parent company’s share of the profit or loss as well as any impairment on the participation are reported in other revenues. Under Swiss GAAP, investments in equity securities which are held with the intention of a permanent investment or which are investments in financial industry infrastructure are included in participations irrespective of the percentage ownership of voting shares held. If the Bank has the ability to significantly influence the investee the equity method of accounting is applied. Other participating interests are initially recognized at historical cost and tested for impairment at least annually. The fair value option is not allowed for participations. For the purpose of testing the Bank parent company’s participating interests for impairment, the portfolio method is applied. Impairment is recorded if the carrying value of a portfolio of participating interests exceeds its fair value. Should the fair value of the portfolio recover subsequently after an impairment and such recovery is considered sustainable, the impairment from prior periods can be reversed up to fair value but not exceeding the historical cost basis. A reversal of the impairment is recorded as extraordinary income in the statements of income. Available-for-sale securities Under US GAAP, available-for-sale securities are valued at fair value. Unrealized gains and losses due to fluctuations in fair value (including foreign exchange) are not recorded in the consolidated statements of operations but included net of tax in AOCI, which is part of total shareholders’ equity. Declines in fair value below cost deemed to be other-than-temporary are recognized as impairments in the consolidated statements of operations, except for amounts relating to factors other than credit loss on debt securities with no intent or requirement to sell that continue to be included in AOCI. The new cost basis will not be changed for subsequent recoveries in fair value. Under Swiss GAAP, available-for-sale securities are accounted for at the lower of cost or market with valuation reductions and recoveries due to market fluctuations recorded in other ordinary expenses and income, respectively. Foreign exchange gains and losses are recognized in net income/(loss) from trading activities and fair value option. Non-marketable equity securities Under US GAAP, non-marketable equity securities are valued at cost less other-than-temporary impairment or at fair value. Under Swiss GAAP, non-marketable equity securities are carried at the lower of cost or market. Impairments on held-to-maturity securities Under US GAAP, declines in fair value of held-to-maturity securities below cost deemed to be other-than-temporary are recognized as impairments in the consolidated statements of operations except for amounts relating to factors other than credit loss on debt securities held with no intent or requirement to sell that are included in AOCI. The impairment cannot be reversed in future periods. Under Swiss GAAP, all impairments are recognized in the consolidated statements of income. Impairments recognized on held-to-maturity securities are reversed up to the amortized cost if the fair value of the instrument subsequently recovers. A reversal is recorded in the consolidated statements of income. Fair value option Unlike US GAAP, Swiss GAAP generally does not allow the >>>fair value option concept that creates an optional alternative measurement treatment for certain non-trading financial assets and liabilities, guarantees and commitments. The fair value option permits the use of fair value for initial and subsequent measurement with changes in fair value recorded in the consolidated statements of operations. For issued structured products that meet certain conditions, fair value measurement can be applied. The related changes in fair value of both the embedded derivative and the host contract are recorded in trading income, except for fair value adjustments relating to own credit that cannot be recognized in the consolidated statements of income. Impacts of changes in own credit spreads are recognized in the compensation accounts which are either recorded in other assets or other liabilities. Derivative financial instruments used for fair value hedging Under US GAAP, the full amount of unrealized gains or losses on >>>derivatives classified as hedging instruments and the corresponding losses or gains on the hedged items are recognized in income. Hedging ineffectiveness is recorded in trading income. Under Swiss GAAP, the carrying value of hedged items is not adjusted. The amount representing the change in fair value of the hedged item due to the risk being hedged is recorded in the compensation account included in other assets or other liabilities. Hedging ineffectiveness is recorded in net income/(loss) from trading activities and fair value option. Derivatives used for cash flow hedges Under US GAAP, the effective portion of a cash flow hedge is reported in AOCI. Under Swiss GAAP, the effective portion of a cash flow hedge is recorded in the compensation account included in other assets or other liabilities. Derecognition of financial instruments Under US GAAP, financial instruments are only derecognized if the transaction meets the following criteria: (i) the financial asset has been legally isolated from the transferor, (ii) the transferee has the right to repledge or resell the transferred asset, and (iii) the transferor does not maintain effective control over the transferred asset. Under Swiss GAAP, a financial instrument is derecognized when the economic control has been transferred from the seller to the buyer. Economic control over a financial instrument has the party which has the controlling ability to receive the future returns from the financial instrument and the obligation to absorb the risk of the financial instrument. Goodwill amortization Under US GAAP, goodwill is not amortized but must be tested for impairment annually or more frequently if an event or change in circumstances indicates that the goodwill may be impaired. Under Swiss GAAP, goodwill is amortized over its useful life, generally not exceeding five years, except for justified cases where a maximum useful life of up to ten years is acceptable. In addition, goodwill is tested at least annually for impairment. Intangible assets with indefinite lives Under US GAAP, intangible assets with indefinite lives are not amortized but are tested for impairment annually or more frequently if an event or change in circumstances indicates that the asset may be impaired. Under Swiss GAAP, intangible assets with indefinite lives are amortized over a useful life, up to a maximum of five years, in justified cases up to a maximum of ten years. In addition, these assets are tested at least annually for impairment. Guarantees US GAAP requires all guarantees to be initially recognized at fair value. Upon issuance of a guarantee, the guarantor is required to recognize a liability that reflects the initial fair value; simultaneously, a receivable is recorded to reflect the future guarantee fee income over the entire life of the guarantee. Under Swiss GAAP, only accrued or prepaid guarantee fees are recorded on the balance sheet. No guarantee liability and receivable for future guarantee fees are recorded upon issuance of a guarantee. Loan origination fees US GAAP requires the deferral of fees received upfront in connection with the origination of loans not held under the fair value option. Under Swiss GAAP, only upfront payments or fees that are considered interest-related components are deferred (e.g., premiums and discounts). Fees received from the borrower which are considered service-related fees such as commitment fees, structuring fees and arrangement fees are immediately recognized in commission income. Sale and leaseback transactions Under US GAAP, gains from the sale of property subject to a sale and leaseback arrangement are deferred and amortized over the leaseback period. Under Swiss GAAP, gains from the sale of property subject to a sale and leaseback arrangement are only deferred if the provisions of the leaseback contract indicate that the leaseback is a capital lease; if the leaseback contract meets the requirements of an operating lease, such gains are immediately recognized upon sale of the property. Extraordinary income and expenses Unlike US GAAP, Swiss GAAP does report certain expenses or revenues as extraordinary if the recorded income or expense is non-operating and non-recurring. Pensions and post-retirement benefits Under US GAAP, the liability and related pension expense is determined based on the projected unit credit actuarial calculation of the benefit obligation. Under Swiss GAAP, the liability and related pension expense is primarily determined based on the pension plan valuation in accordance with Swiss GAAP FER 26. A pension asset is recorded if a statutory overfunding of a pension plan leads to a future economic benefit, and a pension liability is recorded if a statutory underfunding of a pension plan leads to a future economic obligation. Employer contribution reserves must be capitalized if they represent a future economic benefit. A future economic benefit exists if the employer can reduce its future statutory annual contribution to the pension plan by releasing employer contribution reserves. Pension expenses include the required contributions defined by Swiss law, any additional contribution mandated by the pension fund trustees and any change in value of the pension asset or liability between two measurement dates as determined on the basis of the annual year-end pension plan valuation. Discontinued operations Under US GAAP, the assets and liabilities of an operation held-for-sale are separated from the ordinary captions of the consolidated balance sheets and are reported as discontinued operations measured at the lower of the carrying value or fair value less cost to sell. Accordingly, income and expense from discontinued operations are reported in a separate line item of the consolidated statements of operations. Under Swiss GAAP, these positions remain in their initial balance sheet captions until disposed of and continue to be valued according to the respective captions. Security collateral received in securities lending transactions Under US GAAP, security collateral received in securities lending transactions are recorded as assets and a corresponding liability to return the collateral is recognized. Under Swiss GAAP, security collateral received and the obligation to return collateral of securities lending transactions are not recognized on the balance sheet. Loan commitments Under US GAAP, the Group includes unused credit facilities that can be revoked at its sole discretion upon notice to the client in loan commitments. Under Swiss GAAP, credit facilities that can be revoked at the Group’s sole discretion are only disclosed if the notice period exceeds six weeks. |
Bank | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 40 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) > Refer to “Note 43 – Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view)” in V – Consolidated financial statements – Credit Suisse Group for further information. |
Summary of significant accoun51
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of presentation | The accompanying consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Group ends on December 31. On October 21, 2015, the Group announced its new strategy and organization, which included the introduction of a new segment structure as presented in Note 5 – Segment information. Restructuring expenses related to the implementation of the new Group strategy are presented in Note 13 – Restructuring expenses. Reclassifications have been made to the prior year’s consolidated financial statements to conform to the current presentation. The reclassifications had no impact on net income/(loss) or total shareholders’ equity. In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the >>>fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax assets, tax uncertainties, pension liabilities and various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the financial statements of the Group and its subsidiaries. The Group’s subsidiaries are entities in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. The Group consolidates limited partnerships in cases where it is the general partner or is a limited partner with substantive rights to kick out the general partner or dissolve the partnership and participate in significant decisions made in the ordinary course of business. The Group also consolidates VIEs where the Group is the primary beneficiary in accordance with Accounting Standards Codification (ASC) Topic 810 – Consolidation. The effects of material intercompany transactions and balances have been eliminated. Where a Group subsidiary is a separate legal entity and determined to be an investment company as defined by ASC Topic 946 – Financial Services – Investment Companies, interests in other entities held by this Group subsidiary are not consolidated and are carried at fair value. Group entities that qualify as broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers do not consolidate investments in voting interest entities that would otherwise qualify for consolidation when the investment is held on a temporary basis for trading purposes. In addition, subsidiaries that are strategic components of a broker-dealer’s operations are consolidated regardless of holding intent. |
Foreign currency translation | Foreign currency translation Transactions denominated in currencies other than the functional currency of the related entity are recorded by remeasuring them in the functional currency of the related entity using the foreign exchange rate on the date of the transaction. As of the dates of the consolidated balance sheets, monetary assets and liabilities, such as receivables and payables, are reported using the year-end spot foreign exchange rates. Foreign exchange rate differences are recorded in the consolidated statements of operations. Non-monetary assets and liabilities are recorded using the historic exchange rate. For the purpose of consolidation, the assets and liabilities of Group companies with functional currencies other than Swiss francs are translated into Swiss franc equivalents using year-end spot foreign exchange rates, whereas revenues and expenses are translated using the weighted average foreign exchange rate for the year. Translation adjustments arising from consolidation are included in accumulated other comprehensive income/(loss) (AOCI) within total shareholders’ equity. Cumulative translation adjustments are released from AOCI and recorded in the consolidated statements of operations when the Group disposes and loses control of a consolidated foreign subsidiary. |
Fair value measurement and option | Fair value measurement and option The fair value measurement guidance establishes a single authoritative definition of fair value and sets out a framework for measuring fair value. The fair value option creates an alternative measurement treatment for certain financial assets and financial liabilities. The fair value option can be elected at initial acquisition of the eligible item or at the date when the Group enters into an agreement which gives rise to an eligible item (e.g., a firm commitment or a written loan commitment). If not elected at initial recognition, the fair value option can be applied to an item upon certain triggering events that give rise to a new basis of accounting for that item. The application of the fair value option to a financial asset or a financial liability does not change its classification on the face of the balance sheet and the election is irrevocable. Changes in fair value resulting from the election are recorded in trading revenues. > Refer to “Fair value option” in Note 35 – Financial instruments for further information. |
Cash and due from banks | Cash and due from banks Cash and due from banks consists of currency on hand, demand deposits with banks or other financial institutions and cash equivalents. Cash equivalents are defined as short-term, highly liquid instruments with original maturities of three months or less, which are held for cash management purposes. |
Reverse repurchase and repurchase agreements | Reverse repurchase and repurchase agreements Purchases of securities under resale agreements (>>>reverse repurchase agreements) and securities sold under agreements to repurchase substantially identical securities (>>>repurchase agreements) do not constitute economic sales and are therefore treated as collateralized financing transactions and are carried in the consolidated balance sheet at the amount of cash disbursed or received, respectively. Reverse repurchase agreements are recorded as collateralized assets while repurchase agreements are recorded as liabilities, with the underlying securities sold continuing to be recognized in trading assets or investment securities. The fair value of securities to be repurchased and resold is monitored on a daily basis, and additional collateral is obtained as needed to protect against credit exposure. Assets and liabilities recorded under these agreements are accounted for on one of two bases, the accrual basis or the fair value basis. Under the accrual basis, interest earned on reverse repurchase agreements and interest incurred on repurchase agreements are reported in interest and dividend income and interest expense, respectively. The fair value basis of accounting may be elected pursuant to ASC Topic 825 – Financial Instruments, and any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. The Group has elected the fair value basis of accounting on some of its agreements. Reverse repurchase and repurchase agreements are netted if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same master netting agreement. |
Securities lending and borrowing transactions | Securities lending and borrowing transactions Securities borrowed and securities loaned that are cash-collateralized are included in the consolidated balance sheets at amounts equal to the cash advanced or received. If securities received in a securities lending and borrowing transaction as collateral may be sold or repledged, they are recorded as securities received as collateral in the consolidated balance sheet and a corresponding liability to return the security is recorded. Securities lending transactions against non-cash collateral in which the Group has the right to resell or repledge the collateral received are recorded at the fair value of the collateral initially received. For securities lending transactions, the Group receives cash or securities collateral in an amount generally in excess of the market value of securities lent. The Group monitors the fair value of securities borrowed and loaned on a daily basis with additional collateral obtained as necessary. Fees and interest received or paid are recorded in interest and dividend income and interest expense, respectively, on an accrual basis. If the fair value basis of accounting is elected, any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. |
Transfers of financial assets | Transfers of financial assets The Group transfers various financial assets, which may result in the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Group values its beneficial interests at fair value using quoted market prices, if such positions are traded on an active exchange or financial models that incorporate observable and unobservable inputs. > Refer to “Note 34 – Transfers of financial assets and variable interest entities” for further information on the Group’s transfer activities. |
Trading assets and liabilities | Trading assets and liabilities Trading assets and liabilities include debt and equity securities, derivative instruments, certain loans held in broker-dealer entities, commodities and precious metals. Items included in the trading portfolio are carried at fair value and classified as held for trading purposes based on management’s intent. Regular-way security transactions are recorded on a trade-date basis. Unrealized and realized gains and losses on trading positions are recorded in trading revenues. Derivatives Freestanding >>>derivative contracts are carried at fair value in the consolidated balance sheets regardless of whether these instruments are held for trading or risk management purposes. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes. When derivative features embedded in certain contracts that meet the definition of a derivative are not considered clearly and closely related to the host contract, either the embedded feature is accounted for separately at fair value or the entire contract, including the embedded feature, is accounted for at fair value. In both cases, changes in fair value are recorded in the consolidated statements of operations. If separated for measurement purposes, the derivative is recorded in the same line item in the consolidated balance sheets as the host contract. Derivatives classified as trading assets and liabilities include those held for trading purposes and those used for risk management purposes that do not qualify for hedge accounting. Derivatives held for trading purposes arise from proprietary trading activity and from customer-based activity. Realized gains and losses, changes in unrealized gains and losses and interest flows are included in trading revenues. Derivative contracts designated and qualifying as fair value hedges, cash flow hedges or net investment hedges are reported as other assets or other liabilities. The fair value of exchange-traded derivatives is typically derived from observable market prices and/or observable market parameters. Fair values for >>>over-the-counter (OTC) derivatives are determined on the basis of proprietary models using various input parameters. Derivative contracts are recorded on a net basis per counterparty, where an enforceable master netting agreement exists. Where no such agreement exists, fair values are recorded on a gross basis. Where hedge accounting is applied, the Group formally documents all relationships between hedging instruments and hedged items, including the risk management objectives and strategy for undertaking hedge transactions. At inception of a hedge and on an ongoing basis, the hedge relationship is formally assessed to determine whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items attributable to the hedged risk. The Group discontinues hedge accounting prospectively in the following circumstances: (i) the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including forecasted transactions); (ii) the derivative expires or is sold, terminated or exercised; (iii) the derivative is no longer designated as a hedging instrument because it is unlikely that the forecasted transaction will occur; or (iv) the designation of the derivative as a hedging instrument is otherwise no longer appropriate. For derivatives that are designated and qualify as fair value hedges, the carrying value of the underlying hedged items is adjusted to fair value for the risk being hedged. Changes in the fair value of these derivatives are recorded in the same line item of the consolidated statements of operations as the change in fair value of the risk being hedged for the hedged assets or liabilities to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When the Group discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective fair value hedge, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and the hedged asset or liability will no longer be adjusted for changes in fair value attributable to the hedged risk. Interest-related fair value adjustments made to the underlying hedged items will be amortized to the consolidated statements of operations over the remaining life of the hedged item. Any unamortized interest-related fair value adjustment is recorded in the consolidated statements of operations upon sale or extinguishment of the hedged asset or liability, respectively. Any other fair value hedge adjustments remain part of the carrying amount of the hedged asset or liability and are recognized in the consolidated statements of operations upon disposition of the hedged item as part of the gain or loss on disposition. For hedges of the variability of cash flows from forecasted transactions and floating rate assets or liabilities, the effective portion of the change in the fair value of a designated derivative is recorded in AOCI. These amounts are reclassified into the line item in the consolidated statements of operations in which the hedged item is recorded when the variable cash flow from the hedged item impacts earnings (for example, when periodic settlements on a variable rate asset or liability are recorded in the consolidated statements of operations or when the hedged item is disposed of). The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When hedge accounting is discontinued on a cash flow hedge, the net gain or loss will remain in AOCI and be reclassified into the consolidated statements of operations in the same period or periods during which the formerly hedged transaction is reported in the consolidated statements of operations. When the Group discontinues hedge accounting because it is probable that a forecasted transaction will not occur within the specified date or period plus two months, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and gains and losses that were previously recorded in AOCI will be recognized immediately in the consolidated statements of operations. For hedges of a net investment in a foreign operation, the change in the fair value of the hedging derivative is recorded in AOCI to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded in trading revenues. The Group uses the forward method of determining effectiveness for net investment hedges, which results in the time value portion of a foreign currency forward being reported in AOCI to the extent the hedge is effective. |
Investment securities | Investment securities Investment securities include debt securities classified as held-to-maturity and debt and marketable equity securities classified as available-for-sale. Regular-way security transactions are recorded on a trade-date basis. Debt securities where the Group has the positive intent and ability to hold such securities to maturity are classified as such and are carried at amortized cost, net of any unamortized premium or discount. Debt and equity securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, which represent the difference between fair value and amortized cost, are recorded in AOCI. Amounts reported in AOCI are net of income taxes. Amortization of premiums or discounts is recorded in interest and dividend income using the effective yield method through the maturity date of the security. Recognition of an impairment on debt securities is recorded in the consolidated statements of operations if a decline in fair value below amortized cost is considered other-than-temporary, that is, amounts due according to the contractual terms of the security are not considered collectible, typically due to deterioration in the creditworthiness of the issuer. No impairment is recorded in connection with declines resulting from changes in interest rates to the extent the Group does not intend to sell the investments, nor is it more likely than not that the Group will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity. Recognition of an impairment on equity securities is recorded in the consolidated statements of operations if a decline in fair value below the cost basis of an investment is considered other-than-temporary. The Group generally considers unrealized losses on equity securities to be other-than-temporary if the fair value has been below cost for more than six months or by more than 20%. Recognition of an impairment for debt or equity securities establishes a new cost basis, which is not adjusted for subsequent recoveries. Unrealized losses on available-for-sale securities are recognized in the consolidated statements of operations when a decision has been made to sell a security. |
Other investments | Other investments Other investments include equity method investments and non-marketable equity securities such as private equity, hedge funds, and restricted stock investments, certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee, and real estate held for investment. Equity method investments are investments where the Group has the ability to significantly influence the operating and financial policies of an investee. Significant influence is typically characterized by ownership of 20% to 50% of the voting stock or in-substance common stock of a corporation or 5% or more of limited partnership interests. Equity method investments are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, the Group’s share of the profit or loss, and any impairment on the investee, if applicable, is reported in other revenues. Under the fair value option, changes in fair value are reported in other revenues . The Group has elected the fair value basis of accounting on some of its equity method investments. The Group’s other non-marketable equity securities are carried at cost less other-than-temporary impairment or at fair value if elected under the fair value option. Non-marketable equity securities held by the Group’s subsidiaries that are determined to be investment companies as defined by ASC Topic 946 – Financial Services – Investment Companies are carried at fair value, with changes in fair value recorded in other revenues. Equity method investments and non-marketable equity securities held by broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers are measured at fair value and reported in trading assets when the intent of the broker-dealer entity is to hold the asset temporarily for trading purposes. Changes in fair value are reported in trading revenues. Real estate held for investment purposes is carried at cost less accumulated depreciation and is depreciated over its estimated useful life, generally 40 to 67 years. Land is carried at historical cost and is not depreciated. These assets are tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the carrying amount may not be recoverable. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. In connection with the life finance business, the Group invests in single premium immediate annuities (SPIA), which are carried at fair value with the related fair value changes reported in trading revenues. The life finance business also invests in life settlement contracts. |
Loans | Loans Loans held-to-maturity Loans, which the Group intends to hold until maturity, are carried at outstanding principal balances plus accrued interest, net of the following items: unamortized premiums, discounts on purchased loans, deferred loan origination fees and direct loan origination costs on originated loans. Interest income is accrued on the unpaid principal balance and net deferred premiums/discounts and fees/costs are amortized as an adjustment to the loan yield over the term of the related loans. 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. Lease financing transactions where the Group is the lessor are classified as loans. Unearned income is amortized to interest and dividend income over the lease term using the effective interest method. In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. > Refer to “Note 19 – Loans, allowance for loan losses and credit quality” for further information. Allowance for loan losses on loans held-to-maturity The allowance for loan losses is comprised of the following components: probable credit losses inherent in the portfolio and those losses specifically identified. Changes in the allowance for loan losses are recorded in the consolidated statements of operations in provision for credit losses and in interest income (for provisions on past due interest). The Group evaluates many factors when estimating the allowance for loan losses, including the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. The component of the allowance representing probable losses inherent in the portfolio is for loans not specifically identified as impaired and that, on a portfolio basis, are considered to contain probable inherent loss. The estimate of this component of the allowance for the consumer loans portfolio involves applying historical and current default probabilities, historical recovery experience and related current assumptions to homogenous loans based on internal risk rating and product type. To estimate this component of the allowance for the corporate & institutional loans portfolio, the Group segregates loans by risk, industry or country rating. Excluded from this estimate process are consumer and corporate & institutional loans that have been specifically identified as impaired or are held at fair value. For lending-related commitments, a provision for losses is estimated based on historical loss and recovery experience and recorded in other liabilities. Changes in the estimate of losses for lending-related commitments are recorded in the consolidated statements of operations in provision for credit losses. The estimate of the component of the allowance for specifically identified credit losses on impaired loans is based on a regular and detailed analysis of each loan in the portfolio considering collateral and counterparty risk. The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. For certain non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. A loan is classified as non-performing no later than when the contractual payments of principal and/or interest are more than 90 days past due except for subprime residential loans which are classified as non-performing no later than when the contractual payments of principal and/or interest are more than 120 days past due. The additional 30 days ensure that these loans are not incorrectly assessed as non-performing during the time when servicing of them typically is being transferred. However, management may determine that a loan should be classified as non-performing notwithstanding that contractual payments of principal and/or interest are less than 90 days past due or, in the case of subprime residential loans, 120 days past due. For non-performing loans, a provision is recorded in an amount equal to any accrued but unpaid interest at the date the loan is classified as non-performing, resulting in a charge to the consolidated statements of operations. In addition, the Group continues to add accrued interest receivable to the loan’s balance for collection purposes; however, a provision is recorded resulting in no interest income recognition. Thereafter, the outstanding principal balance is evaluated at least annually for collectibility and a provision is established as necessary. A loan can be further downgraded to non-interest-earning when the collection of interest is considered so doubtful that further accrual of interest is deemed inappropriate. At that time, and on at least a quarterly basis thereafter depending on various risk factors, the outstanding principal balance, net of provisions previously recorded, is evaluated for collectibility and additional provisions are established as required. Generally, non-performing loans and non-interest-earning loans may be restored to performing status only when delinquent principal and interest are brought up to date in accordance with the terms of the loan agreement and when certain performance criteria are met. Interest collected on non-performing loans and non-interest-earning loans is accounted for using the cash basis or the cost recovery method or a combination of both. Loans that were modified in a troubled debt restructuring are reported as restructured loans. Generally, a restructured loan would have been considered impaired and an associated allowance for loan losses would have been established prior to the restructuring. Loans modified in a troubled debt restructuring are reported as restructured loans to the end of the reporting year in which the loan was modified or for as long as an allowance for loan losses based on the terms specified by the restructuring agreement is associated with the restructured loan or an interest concession made at the time of the restructuring exists. In making the determination of whether an interest rate concession has been made, market interest rates for loans with comparable risk to borrowers of the same credit quality are considered. Loans that have been restructured in a troubled debt restructuring and are performing according to the new terms continue to accrue interest. Loan restructurings may include the receipt of assets in satisfaction of the loan, the modification of loan terms (e.g., reduction of interest rates, extension of maturity dates at a stated interest rate lower than the current market rate for new loans with similar risk, or reduction in principal amounts and/or accrued interest balances) or a combination of both. Potential problem loans are impaired loans where contractual payments have been received according to schedule, but where doubt exists as to the collection of future contractual payments. Potential problem loans are evaluated for impairment on an individual basis and an allowance for loan losses is established as necessary. Potential problem loans continue to accrue interest. The amortization of net loan fees or costs on impaired loans is generally discontinued during the periods in which matured and unpaid interest or principal is outstanding. On settlement of a loan, if the loan balance is not collected in full, an allowance is established for the uncollected amount, if necessary, and the loan is then written off, net of any deferred loan fees and costs. Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other amounts received. > Refer to “Impaired loans” in Note 19 – Loans, allowance for loan losses and credit quality for further information on the write-off of a loan and related accounting policies. Loans held-for-sale Loans, which the Group intends to sell in the foreseeable future, are considered held-for-sale and are carried at the lower of amortized cost or market value determined on either an individual method basis, or in the aggregate for pools of similar loans if sold or securitized as a pool. Loans held-for-sale are included in other assets. Gains and losses on loans held-for-sale are recorded in other revenues. Purchased impaired loans Purchased loans for which it is probable at acquisition that all contractually required payments will not be received are recorded at their net purchase price and no allowances are carried over. The excess of the estimated cash flows to be collected over the amount paid is accreted into interest income over the estimated recovery period when reasonable estimates can be made about the timing and amount of recovery. The Group does not consider such loans to be impaired at the time of acquisition. Such loans are deemed impaired only if the Group’s estimate of cash to be received decreases below the estimate at the time of acquisition. Increases in the estimated expected recovery are recorded as a reversal of allowances, if any, and then recognized as an adjustment of the effective yield of the loan. Loans held at fair value under the fair value option Loans and loan commitments for which the fair value option is elected are reported at fair value with changes in fair value reported in trading revenues. The application of the fair value option does not change the loan’s classification. Loan commitments carried at fair value are recorded in other assets or other liabilities, respectively. |
Premises and equipment | Premises and equipment Premises are carried at cost less accumulated depreciation and are depreciated on a straight-line basis over their estimated useful lives, generally 40 to 67 years. Land is carried at historical cost and is not depreciated. Alterations and improvements to rented premises are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life, which is not to exceed ten years. Other tangible fixed assets such as computers, machinery, furnishings, vehicles, other equipment and building improvements are depreciated using the straight-line method over their estimated useful lives, generally three to ten years. The Group capitalizes costs relating to the acquisition, installation and development of software with a measurable economic benefit, but only if such costs are identifiable and can be reliably measured. The Group depreciates capitalized software costs on a straight-line basis over the estimated useful life of the software, generally not exceeding seven years, taking into consideration the effects of obsolescence, technology, competition and other economic factors. The Group reflects finance leasing activities for which it is the lessee by recording an asset in premises and equipment and a corresponding liability in other liabilities at an amount equal to the smaller of the present value of the minimum lease payments or fair value, and the leased asset is depreciated over the shorter of the asset’s estimated useful life or the lease term. |
Goodwill and other intangible assets | Goodwill and other intangible assets Goodwill arises on the acquisition of subsidiaries and equity method investments. It is measured as the excess of the fair value of the consideration transferred, the fair value of any noncontrolling interest in the acquiree and the fair value of any previously held equity interest in the acquired subsidiary, over the net of the acquisition-date fair values of the identifiable assets acquired and the liabilities assumed. Goodwill is not amortized; instead it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. Goodwill is allocated to the Group’s reporting units for the purposes of the impairment test. Other intangible assets may be acquired individually or as part of a group of assets assumed in a business combination. Other intangible assets include but are not limited to: patents, licenses, copyrights, trademarks, branch networks, mortgage servicing rights, customer base and deposit relationships. Acquired intangible assets are initially measured at the amount of cash disbursed or the fair value of other assets distributed. Other intangible assets that have a finite useful life are amortized over that period. Other intangible assets acquired after January 1, 2002, that are determined to have an indefinite useful life, are not amortized; instead they are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the indefinite intangible asset may be impaired. Mortgage servicing rights are included in non-amortizing other intangible assets and are carried at fair value, with changes in fair value recognized through earnings in the period in which they occur. Mortgage servicing rights represent the right to perform specified mortgage servicing activities on behalf of third parties. Mortgage servicing rights are either purchased from third parties or retained upon sale of acquired or originated loans. |
Recognition of an impairment on tangible fixed assets and other intangible assets | Recognition of an impairment on tangible fixed assets and finite intangible assets The Group evaluates premises and equipment and finite intangible assets for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the asset is considered not to be recoverable, an impairment is recorded in general and administrative expenses to the extent the fair value of the asset is less than its carrying amount. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. |
Income taxes | Income taxes Deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities at the dates of the consolidated balance sheets and their respective tax bases. Deferred tax assets and liabilities are computed using currently enacted tax rates and are recorded in other assets and other liabilities, respectively. Income tax expense or benefit is recorded in income tax expense/(benefit), except to the extent the tax effect relates to transactions recorded directly in total shareholders’ equity. Deferred tax assets are reduced by a valuation allowance, if necessary, to the amount that management believes will more likely than not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates in the period in which changes are approved by the relevant authority. Deferred tax assets and liabilities are presented on a net basis for the same tax-paying component within the same tax jurisdiction. The Group follows the guidance in ASC Topic 740 – Income Taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Group determines whether it is more likely than not that an income tax position will be sustained upon examination based on the technical merits of the position. Sustainable income tax positions are then measured to determine the amount of benefit eligible for recognition in the consolidated financial statements. Each such sustainable income tax position is measured at the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. |
Life settlement contracts | Life settlement contracts Life settlement contracts are initially recognized at the transaction price and subsequently carried at fair value unless the Group elects to apply the investment method. The contracts that are not accounted for under the investment method are carried at fair value and are recorded in trading assets. Under the investment method, the contracts are initially recognized at the transaction price plus any directly related external costs and are recorded in other investments. Subsequently, all continuing premium payments made are capitalized unless the aggregated carrying value exceeds fair value, in which case an impairment allowance is established so that the carrying value does not exceed fair value. |
Brokerage receivables and brokerage payables | Brokerage receivables and brokerage payables The Group recognizes receivables and payables from transactions in financial instruments purchased from and sold to customers, banks, and broker-dealers. The Group is exposed to risk of loss resulting from the inability of counterparties to pay for or deliver financial instruments purchased or sold, in which case the Group would have to sell or purchase, respectively, these financial instruments at prevailing market prices. To the extent an exchange or clearing organization acts as counterparty to a transaction, credit risk is generally considered to be limited. The Group establishes credit limits for each customer and requires them to maintain margin collateral in compliance with applicable regulatory and internal guidelines. In order to conduct trades with an exchange or a third-party bank, the Group is required to maintain a margin. This is usually in the form of cash and deposited in a separate margin account with the exchange or broker. If available information indicates that it is probable that a brokerage receivable is impaired, an allowance is established. Write-offs of brokerage receivables occur if the outstanding amounts are considered uncollectible. |
Other assets - Derivatives used for hedging | Other assets Derivative instruments used for hedging Derivative instruments are carried at fair value. The fair values of derivative instruments held for hedging are included as other assets or other liabilities in the consolidated balance sheets. The accounting treatment used for changes in fair value of hedging derivatives depends on the designation of the derivative as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation. Changes in fair value representing hedge ineffectiveness are reported in trading revenues. |
Long-term debt | Long-term debt Total long-term debt is comprised of debt issuances which do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded derivatives, which are issued as part of the Group’s structured product activities. Long-term debt includes both Swiss franc and foreign currency denominated fixed and variable rate bonds. The Group actively manages the interest rate risk on vanilla debt through the use of derivative contracts, primarily interest rate and currency swaps. In particular, fixed rate debt is hedged with receive-fixed, pay-floating interest rate swaps. The Group elected to fair value this fixed rate debt upon implementation of the fair value option on January 1, 2007, with changes in fair value recognized as a component of trading revenues. The Group did not elect to apply the fair value option to fixed-rate debt issued by the Group since January 1, 2008 and instead applies hedge accounting per the guidance of ASC Topic 815 – Derivatives and Hedging. The Group’s long-term debt also includes various equity-linked and other indexed instruments with embedded derivative features, whose payments and redemption values are linked to commodities, stocks, indices, currencies or other assets. The Group elected to account for substantially all of these instruments at fair value. Changes in the fair value of these instruments are recognized as a component of trading revenues. |
Other liabilities | Other liabilities Guarantees In cases where the Group acts as a guarantor, the Group recognizes in other liabilities, at the inception of a guarantee, a liability for the fair value of the obligations undertaken in issuing such a guarantee, including its ongoing obligation to perform over the term of the guarantee in the event that certain events or conditions occur. Pensions and other post-retirement benefits The Group uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. Certain key assumptions are used in performing the actuarial valuations. These assumptions must be made concerning the future events that will determine the amount and timing of the benefit payments and thus require significant judgment and estimates by Group management. This includes making assumptions with regard to discount rates, expected return on plan assets and salary increases. The assumed discount rates reflect the rates at which the pension benefits could be effectively settled. These rates are determined based on yields of high-quality corporate bonds currently available and are expected to be available during the period to maturity of the pension benefits. In countries where no deep market in high-quality corporate bonds exists, the estimate is based on governmental bonds adjusted to include a risk premium reflecting the additional risk for corporate bonds. The expected long-term rate of return on plan assets is determined on a plan-by-plan basis, taking into account asset allocation, historical rate of return, benchmark indices for similar-type pension plan assets, long-term expectations of future returns and investment strategy. Health care cost trend rates are determined by reviewing external data and the Group’s own historical trends for health care costs. Salary increases are determined by reviewing external data and considering internal projections. The funded status of the Group’s defined benefit post-retirement and pension plans is recognized in the consolidated balance sheets. Actuarial gains and losses in excess of 10% of the greater of the PBO or the market value of plan assets and unrecognized prior service costs or credits are amortized to net periodic pension and other post-retirement benefit costs on a straight-line basis over the average remaining service life of active employees expected to receive benefits. The Group records pension expense for defined contribution plans when the employee renders service to the company, essentially coinciding with the cash contributions to the plans. |
Share-based compensation | Share-based compensation For all share-based awards granted to employees and existing awards modified on or after January 1, 2005, compensation expense is measured at grant date or modification date based on the fair value of the number of awards for which the requisite service is expected to be rendered and is recognized in the consolidated statements of operations over the required service period on a straight-line basis. For all outstanding unvested share-based awards as of January 1, 2005, compensation expense is measured based on the original grant date fair value of the award and is recognized over the remaining requisite service period of each award on a straight-line basis. The Group uses the tax law ordering approach to determine the portion of the total tax expense that relates to windfall tax benefits that are to be recorded in additional paid-in capital. In addition, it elected to use the practical transition option in determining the amount of windfall tax benefits recorded in additional paid-in capital arising on awards that were fully vested prior to January 1, 2005. Compensation expense for share-based awards that vest in annual installments (graded vesting), which only contain a service condition that affects vesting, is recognized on a straight-line basis over the service period for the entire award. However, if such awards contain a performance condition, then each installment is expensed as if it were a separate award (“front-loaded” expense recognition). Furthermore, recognition of compensation expense is accelerated to the date an employee becomes eligible for retirement. For awards granted to employees eligible for retirement prior to January 1, 2005, the Group’s policy is to record compensation expense over the requisite service period. Certain share-based awards also contain a performance condition, where the number of shares the employee is to receive is dependent on the performance (e.g., net income or return on equity (ROE)) of the Group or a division of the Group. If the employee is also required to provide the service stipulated in the award terms, the amount of compensation expense attributed to the incremental additional units expected to be received at vesting due to this performance condition is estimated on the grant date and subsequent changes in this estimate are recorded in the consolidated statements of operations over the remaining service period. When awards contain market conditions, where the number of shares the employee receives varies based on changes in the Group share price, the incremental amount of extra shares the employee is expected to receive due to the market condition is estimated on the grant date and the total compensation expense is not adjusted thereafter for changes in the Group share price. Certain employees own non-substantive equity interests in the form of carried interests in private equity funds managed by the Group. Expenses recognized under these ownership interests are reflected in the consolidated statements of operations in compensation and benefits. The Group has certain option plans outstanding, primarily related to 1999 and prior years, which include a cash settlement feature. For those plans, liability award accounting is applied until settlement of the awards. |
Own shares, own bonds and financial instruments on own shares | Own shares, own bonds and financial instruments on own shares The Group may buy and sell own shares, own bonds and financial instruments on own shares within its normal trading and market-making activities. In addition, the Group may hold its own shares to satisfy commitments arising from employee share-based compensation awards. Own shares are recorded at cost and reported as treasury shares, resulting in a reduction to total shareholders’ equity. Financial instruments on own shares are recorded as assets or liabilities or as equity when the criteria for equity classification are met. Dividends received by subsidiaries on own shares and unrealized and realized gains and losses on own shares classified in total shareholders’ equity are excluded from the consolidated statements of operations. Any holdings of bonds issued by any Group entity are eliminated in the consolidated financial statements. |
Net interest income | Net interest income Interest income and interest expense arising from interest-bearing assets and liabilities other than those carried at fair value or the lower of cost or market are accrued, and any related net deferred premiums, discounts, origination fees or costs are amortized as an adjustment to the yield over the life of the related asset and liability. Interest from debt securities and dividends on equity securities carried as trading assets and trading liabilities are recorded in interest and dividend income. > Refer to “Loans” for further information on interest on loans. |
Commissions and fees | Commissions and fees Fee revenue is recognized when all of the following criteria have been met: persuasive evidence of an arrangement exists, services have been rendered, the price is fixed or determinable and collectibility is reasonably assured. Fee income can be divided into two broad categories: income earned from services that are provided over a certain period of time, for which customers are generally billed on an annual or semi-annual basis, and income earned from providing transaction-type services. Fees earned from services that are provided over a certain period of time are recognized ratably over the service period. Fees earned from providing transaction-type services are recognized when the service has been completed. Performance-linked fees or fee components are recognized at any contractual measurement date when the contractually agreed thresholds are met. Revenues from underwriting and fees from mergers and acquisitions (M&A) and other corporate finance advisory services are recorded at the time the underlying transactions are substantially completed and there are no other contingencies associated with the fees. Transaction-related expenses are deferred until the related revenue is recognized, assuming they are deemed direct and incremental; otherwise, they are expensed as incurred. Underwriting fees are reported net of related expenses. Expenses associated with financial advisory services are recorded in operating expenses unless reimbursed by the client. In circumstances where the Group contracts to provide multiple products, services or rights to a counterparty, an evaluation is made as to whether separate revenue recognition events have occurred. This evaluation considers the stand-alone value of items already delivered and if there is a right of return or warranties on delivered items and services, and the probability of delivery of remaining undelivered items or services. This evaluation is made on a transaction-by-transaction basis. If the criteria noted are met, then the transaction is considered a multiple-deliverable arrangement where revenue recognition is determined separately for each deliverable. The consideration received on the total arrangement is allocated to the multiple deliverables based on the selling price of each deliverable. The selling price used for each deliverable will be based on vendor-specific objective evidence if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific objective evidence or third-party evidence is available. Taxes collected from customers and remitted to governmental authorities are accounted for on a net basis. |
Bank | |
Basis of presentation | The accompanying consolidated financial statements of Credit Suisse AG (the Bank), a Swiss bank subsidiary of Credit Suisse Group AG (the Group), are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Bank ends on December 31. On October 21, 2015, the Group announced its new strategy and organization, which included the introduction of a new segment structure as presented in Note 5 – Segment information. Restructuring expenses of the Bank related to the implementation of the new Group strategy are presented in Note 13 – Restructuring expenses. Reclassifications have been made to the prior year’s consolidated financial statements to conform to the current presentation. The reclassifications had no impact on net income/(loss) or total shareholders’ equity. In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the >>>fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax assets, tax uncertainties, pension liabilities, as well as various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. > Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group for a summary of significant accounting policies, with the exception of the following accounting policies. |
Pensions and other post-retirement benefits | Pensions and other post-retirement benefits Credit Suisse sponsors a Group defined benefit pension plan in Switzerland that covers eligible employees of the Bank domiciled in Switzerland. The Bank also has single-employer defined benefit pension plans and defined contribution pension plans in Switzerland and other countries around the world. For the Bank’s participation in the Group defined benefit pension plan, no retirement benefit obligation is recognized in the consolidated balance sheets of the Bank and defined contribution accounting is applied, as the Bank is not the sponsoring entity of the Group plan. For single-employer defined benefit plans, the Bank uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. Certain key assumptions are used in performing the actuarial valuations. These assumptions must be made concerning the future events that will determine the amount and timing of the benefit payments and thus require significant judgment and estimates by Bank management. For example, assumptions have to be made with regard to discount rates, expected return on plan assets and salary increases. The assumed discount rates reflect the rates at which the pension benefits could be effectively settled. These rates are determined based on yields of high-quality corporate bonds currently available and are expected to be available during the period to maturity of the pension benefits. In countries where no deep market in high-quality corporate bonds exists, the estimate is based on governmental bonds adjusted to include a risk premium reflecting the additional risk for corporate bonds. The expected long-term rate of return on plan assets is determined on a plan-by-plan basis, taking into account asset allocation, historical rate of return, benchmark indices for similar-type pension plan assets, long-term expectations of future returns and investment strategy. Health care cost trend rates are determined by reviewing external data and the Bank’s own historical trends for health care costs. Salary increases are determined by reviewing external data and considering internal projections. The funded status of the Bank’s defined benefit post-retirement and pension plans is recognized in the consolidated balance sheets. Actuarial gains and losses in excess of 10% of the greater of the PBO or the market value of plan assets and unrecognized prior service costs or credits are amortized to net periodic pension and other post-retirement benefit costs on a straight-line basis over the average remaining service life of active employees expected to receive benefits. The Bank records pension expense for defined contribution plans when the employee renders service to the company, essentially coinciding with the cash contributions to the plans. |
Own shares, own bonds and financial instruments on own shares | Own shares, own bonds and financial instruments on Group shares The Bank’s shares are wholly-owned by Credit Suisse Group AG and are not subject to trading. The Bank may buy and sell Credit Suisse Group AG shares (Group shares), own bonds and financial instruments on Group shares within its normal trading and market-making activities. In addition, the Bank may hold Group shares to economically hedge commitments arising from employee share-based compensation awards. Group shares are reported as trading assets, unless those shares are held to economically hedge share award obligations. Hedging shares are reported as treasury shares, resulting in a reduction to total shareholder’s equity. Financial instruments on Group shares are recorded as assets or liabilities and carried at fair value. Dividends received on Group shares and unrealized and realized gains and losses on Group shares are recorded according to the classification of the shares as trading assets or treasury shares. Purchases of bonds originally issued by the Bank are recorded as an extinguishment of debt. |
Business developments (Tables)
Business developments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of significant registered shareholders | Significant shareholders registered in the share register end of 2015 2014 Number Total nominal Share- Number Total nominal Share- Direct shareholders 1 Chase Nominees Ltd. 2 313 13 15.99 276 11 17.17 Crescent Holding GmbH – – – 3 88 4 5.51 1 As registered in the share register of the Group on December 31 of the reporting period; includes shareholders registered as nominees or ADS depositary bank. 2 Nominee holdings exceeding 2% are registered with a right to vote only if the nominee confirms that no individual shareholder holds more than 0.5% of the outstanding share capital or if the nominee discloses the identity of any beneficial owner holding more than 0.5% of the outstanding capital. 3 Participation was lower than the disclosure threshold of 5%. |
Discontinued operations (Tables
Discontinued operations (Tables) - Income/(loss) from discontinued operations | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Income/(loss) from discontinued operations in 2014 2013 Operations-related (CHF million) Net revenues 31 233 of which German private banking business 27 52 of which ETF business – 29 of which Strategic Partners – 33 of which CFIG 0 114 Operating expenses 35 158 of which German private banking business 33 71 of which ETF business – 23 of which Strategic Partners – 8 of which CFIG 0 51 Income tax expense/(benefit) 1 38 of which German private banking business 0 (6) of which ETF business – 5 of which Strategic Partners – 10 of which CFIG 0 29 Income/(loss), net of tax (5) 37 of which German private banking business (6) (13) of which ETF business – 1 of which Strategic Partners – 15 of which CFIG 0 34 Transaction-related (CHF million) Gain on disposal 200 237 of which German private banking business 109 – of which ETF business – 146 of which Strategic Partners – 91 of which CFIG 91 – Operating expenses 54 93 of which German private banking business 48 – of which ETF business – 11 of which Strategic Partners – 22 of which CFIG – 56 Income tax expense/(benefit) 39 36 of which ETF business – 21 of which Strategic Partners – 40 of which CFIG 42 (24) Income/(loss), net of tax 107 108 of which German private banking business 61 – of which ETF business – 114 of which Strategic Partners – 29 of which CFIG 49 (32) Discontinued operations – total (CHF million) Income/(loss) from discontinued operations, net of tax 102 145 of which German private banking business 55 (13) of which ETF business – 115 of which Strategic Partners – 44 of which CFIG 49 2 |
Bank | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Income/(loss) from discontinued operations in 2014 2013 Operations-related (CHF million) Net revenues 31 233 of which German private banking business 27 52 of which ETF business – 29 of which Strategic Partners – 33 of which CFIG 0 114 Operating expenses 35 158 of which German private banking business 33 71 of which ETF business – 23 of which Strategic Partners – 8 of which CFIG 0 51 Income tax expense/(benefit) 1 38 of which German private banking business 0 (6) of which ETF business – 5 of which Strategic Partners – 10 of which CFIG 0 29 Income/(loss), net of tax (5) 37 of which German private banking business (6) (13) of which ETF business – 1 of which Strategic Partners – 15 of which CFIG 0 34 Transaction-related (CHF million) Gain on disposal 200 237 of which German private banking business 109 – of which ETF business – 146 of which Strategic Partners – 91 of which CFIG 91 – Operating expenses 54 93 of which German private banking business 48 – of which ETF business – 11 of which Strategic Partners – 22 of which CFIG 0 56 Income tax expense/(benefit) 39 36 of which ETF business – 21 of which Strategic Partners – 40 of which CFIG 42 (24) Income/(loss), net of tax 107 108 of which German private banking business 61 – of which ETF business – 114 of which Strategic Partners – 29 of which CFIG 49 (32) Discontinued operations – total (CHF million) Income/(loss) from discontinued operations, net of tax 102 145 of which German private banking business 55 (13) of which ETF business – 115 of which Strategic Partners – 44 of which CFIG 49 2 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income/(loss) from continuing operations before taxes in 2015 2014 2013 Net revenues (CHF million) Swiss Universal Bank 5,563 5,721 5,612 International Wealth Management 4,394 4,751 4,929 Asia Pacific 3,839 3,335 3,018 Global Markets 7,391 8,613 8,974 Investment Banking & Capital Markets 1,752 2,106 2,014 Strategic Resolution Unit 413 1,168 1,630 Corporate Center 445 548 (321) Net revenues 23,797 26,242 25,856 Income/(loss) from continuing operations before taxes (CHF million) Swiss Universal Bank 1,659 1,976 1,740 International Wealth Management 709 1,212 1,217 Asia Pacific 377 900 752 Global Markets (1,944) 2,657 3,012 Investment Banking & Capital Markets (353) 508 581 Strategic Resolution Unit (2,510) (3,573) (2,558) Corporate Center (360) (53) (648) Income/(loss) from continuing operations before taxes (2,422) 3,627 4,096 Total assets end of 2015 2014 Total assets (CHF million) Swiss Universal Bank 218,306 213,888 International Wealth Management 94,033 92,466 Asia Pacific 85,929 105,574 Global Markets 262,201 365,580 Investment Banking & Capital Markets 19,800 14,928 Strategic Resolution Unit 77,664 107,464 Corporate Center 62,872 21,562 Total assets 820,805 921,462 |
Net revenues and income/(loss) from continuing operations before taxes and total assets by geographic location | Net revenues and income/(loss) from continuing operations before taxes by geographic location in 2015 2014 2013 Net revenues (CHF million) Switzerland 8,548 8,247 8,035 EMEA 3,846 4,358 4,744 Americas 8,470 11,097 10,810 Asia Pacific 2,933 2,540 2,267 Net revenues 23,797 26,242 25,856 Income/(loss) from continuing operations before taxes (CHF million) Switzerland 1,746 401 642 EMEA (1,464) (562) 157 Americas (2,877) 3,739 3,365 Asia Pacific 173 49 (68) Income/(loss) from continuing operations before taxes (2,422) 3,627 4,096 The designation of net revenues and income/(loss) from continuing operations before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Group is managed. Total assets by geographic location end of 2015 2014 Total assets (CHF million) Switzerland 221,372 211,558 EMEA 162,232 188,420 Americas 355,542 428,253 Asia Pacific 81,659 93,231 Total assets 820,805 921,462 The designation of total assets by region is based upon customer domicile. |
Bank | |
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income/(loss) from continuing operations before taxes in 2015 2014 2013 Net revenues (CHF million) Swiss Universal Bank 5,563 5,721 5,612 International Wealth Management 4,394 4,751 4,929 Asia Pacific 3,839 3,335 3,018 Global Markets 7,391 8,613 8,974 Investment Banking & Capital Markets 1,752 2,106 2,014 Strategic Resolution Unit 413 1,168 1,630 Adjustments 1 (141) (105) (863) Net revenues 23,211 25,589 25,314 Income/(loss) before taxes (CHF million) Swiss Universal Bank 1,659 1,976 1,740 International Wealth Management 709 1,212 1,217 Asia Pacific 377 900 752 Global Markets (1,944) 2,657 3,012 Investment Banking & Capital Markets (353) 508 581 Strategic Resolution Unit (2,510) (3,573) (2,558) Adjustments 1 (876) (719) (1,090) Income/(loss) from continuing operations before taxes (2,938) 2,961 3,654 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. Total assets end of 2015 2014 Total assets (CHF million) Swiss Universal Bank 218,306 213,888 International Wealth Management 94,033 92,466 Asia Pacific 85,929 105,574 Global Markets 262,201 365,580 Investment Banking & Capital Markets 19,800 14,928 Strategic Resolution Unit 77,664 107,464 Adjustments 1 45,998 4,949 Total assets 803,931 904,849 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. |
Net revenues and income/(loss) from continuing operations before taxes and total assets by geographic location | Net revenues and income/(loss) from continuing operations before taxes by geographic location in 2015 2014 2013 Net revenues (CHF million) Switzerland 7,967 7,585 7,479 EMEA 3,819 4,301 4,797 Americas 8,514 11,173 10,831 Asia Pacific 2,911 2,530 2,207 Net revenues 23,211 25,589 25,314 Income/(loss) from continuing operations before taxes (CHF million) Switzerland 1,315 (179) 300 EMEA (1,493) (621) 195 Americas (2,909) 3,723 3,301 Asia Pacific 149 38 (142) Income/(loss) from continuing operations before taxes (2,938) 2,961 3,654 The designation of net revenues and income/(loss) from continuing operations before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Bank is managed. Total assets by geographic location end of 2015 2014 Total assets (CHF million) Switzerland 204,715 195,512 EMEA 162,093 187,921 Americas 355,481 428,195 Asia Pacific 81,642 93,221 Total assets 803,931 904,849 The designation of total assets by region is based upon customer domicile. |
Net interest income (Tables)
Net interest income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net interest income | in 2015 2014 2013 Net interest income (CHF million) Loans 5,413 5,077 4,843 Investment securities 65 39 45 Trading assets 9,046 9,503 10,057 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,625 2,317 2,517 Other 2,192 2,125 2,094 Interest and dividend income 19,341 19,061 19,556 Deposits (884) (1,045) (978) Short-term borrowings (105) (119) (132) Trading liabilities (3,854) (3,938) (5,083) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,264) (1,042) (1,156) Long-term debt (3,728) (3,594) (3,846) Other (207) (289) (246) Interest expense (10,042) (10,027) (11,441) Net interest income 9,299 9,034 8,115 |
Bank | |
Net interest income | in 2015 2014 2013 Net interest income (CHF million) Loans 4,957 4,606 4,319 Investment securities 63 27 28 Trading assets 9,045 9,507 10,058 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,622 2,317 2,517 Other 2,170 2,128 2,095 Interest and dividend income 18,857 18,585 19,017 Deposits (864) (1,035) (958) Short-term borrowings (105) (119) (67) Trading liabilities (3,855) (3,938) (5,083) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,264) (1,042) (1,155) Long-term debt (3,696) (3,484) (3,796) Other (206) (290) (248) Interest expense (9,990) (9,908) (11,307) Net interest income 8,867 8,677 7,710 |
Commissions and fees (Tables)
Commissions and fees (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commissions and fees | in 2015 2014 2013 Commissions and fees (CHF million) Lending business 1,578 1,752 1,814 Investment and portfolio management 3,436 3,734 3,944 Other securities business 65 94 106 Fiduciary business 3,501 3,828 4,050 Underwriting 1,644 1,878 1,647 Brokerage 3,648 3,696 3,933 Underwriting and brokerage 5,292 5,574 5,580 Other services 1,673 1,897 1,782 Commissions and fees 12,044 13,051 13,226 |
Bank | |
Commissions and fees | in 2015 2014 2013 Commissions and fees (CHF million) Lending business 1,532 1,711 1,774 Investment and portfolio management 3,319 3,630 3,854 Other securities business 66 94 101 Fiduciary business 3,385 3,724 3,955 Underwriting 1,659 1,911 1,681 Brokerage 3,616 3,669 3,901 Underwriting and brokerage 5,275 5,580 5,582 Other services 1,654 1,872 1,746 Commissions and fees 11,846 12,887 13,057 |
Trading revenues (Tables)
Trading revenues (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Trading revenues | in 2015 2014 2013 Trading revenues (CHF million) Interest rate products 2,965 5,888 1,025 Foreign exchange products (1,121) (4,398) 1,203 Equity/index-related products (259) 275 956 Credit products 1 265 (879) Commodity, emission and energy products (46) (228) 340 Other products (200) 224 94 Trading revenues 1,340 2,026 2,739 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. |
Bank | |
Trading revenues | in 2015 2014 2013 Trading revenues (CHF million) Interest rate products 2,947 5,661 1,048 Foreign exchange products (1,127) (4,405) 1,201 Equity/index-related products (276) 273 952 Credit products 1 265 (879) Commodity, emission and energy products (46) (228) 340 Other products (201) 224 93 Total 1,298 1,790 2,755 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. |
Other revenues (Tables)
Other revenues (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other revenues | in 2015 2014 2013 Other revenues (CHF million) Noncontrolling interests without SEI 9 436 658 Loans held-for-sale (19) (4) (5) Long-lived assets held-for-sale 36 392 30 Equity method investments 243 252 251 Other investments 144 312 315 Other 701 743 527 Other revenues 1,114 2,131 1,776 |
Bank | |
Other revenues | in 2015 2014 2013 Other revenues (CHF million) Noncontrolling interests without significant economic interest 3 451 695 Loans held-for-sale (19) (4) (5) Long-lived assets held-for-sale 34 391 30 Equity method investments 210 239 240 Other investments 147 276 255 Other 825 882 577 Other revenues 1,200 2,235 1,792 |
Provision for credit losses (Ta
Provision for credit losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Provision for credit losses | in 2015 2014 2013 Provision for credit losses (CHF million) Provision for loan losses 295 145 166 Provision for lending-related and other exposures 29 41 1 Provision for credit losses 324 186 167 |
Bank | |
Provision for credit losses | in 2015 2014 2013 Provision for credit losses (CHF million) Provision for loan losses 248 85 91 Provision for lending-related and other exposures 28 40 2 Provision for credit losses 276 125 93 |
Compensation and benefits (Tabl
Compensation and benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and benefits | in 2015 2014 2013 Compensation and benefits (CHF million) Salaries and variable compensation 10,051 9,884 9,678 Social security 788 793 778 Other 1 707 657 800 Compensation and benefits 2 11,546 11,334 11,256 1 Includes pension and other post-retirement expense of CHF 359 million, CHF 361 million and CHF 490 million in 2015, 2014 and 2013, respectively. 2 Includes severance and other compensation expense relating to headcount reductions of CHF 89 million, CHF 275 million and CHF 216 million in 2015, 2014 and 2013, respectively. |
Bank | |
Compensation and benefits | in 2015 2014 2013 Compensation and benefits (CHF million) Salaries and variable compensation 9,826 9,685 9,455 Social security 771 775 763 Other 1 926 922 969 Compensation and benefits 2 11,523 11,382 11,187 1 Includes pension and other post-retirement expense of CHF 579 million, CHF 624 million and CHF 658 million in 2015, 2014 and 2013, respectively. 2 Includes severance and other compensation expense relating to headcount reductions of CHF 89 million, CHF 274 million and CHF 216 million in 2015, 2014 and 2013, respectively. |
General and administrative ex61
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
General and administrative expenses | in 2015 2014 2013 General and administrative expenses (CHF million) Occupancy expenses 1,022 1,177 1,186 IT, machinery, etc. 1,268 1,446 1,517 Provisions and losses 1,158 2,783 2,136 Travel and entertainment 381 353 355 Professional services 3,241 2,381 1,952 Amortization and impairment of other intangible assets 19 24 25 Other 1,485 1,370 1,416 General and administrative expenses 8,574 9,534 8,587 |
Bank | |
General and administrative expenses | in 2015 2014 2013 General and administrative expenses (CHF million) Occupancy expenses 1,004 1,161 1,168 IT, machinery, etc. 1,254 1,436 1,508 Provisions and losses 1,157 2,782 2,136 Travel and entertainment 366 339 342 Professional services 3,188 2,338 1,912 Amortization and impairment of other intangible assets 19 24 25 Other 1,626 1,493 1,551 General and administrative expenses 8,614 9,573 8,642 |
Restructuring expenses (Tables)
Restructuring expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses by segment in 2015 Restructuring expenses by segment (CHF million) Swiss Universal Bank 39 International Wealth Management 33 Asia Pacific 3 Global Markets 105 Investment Banking & Capital Markets 22 Strategic Resolution Unit 153 Total restructuring expenses 355 Restructuring expenses by type in 2015 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 309 of which severance expenses 191 of which accelerated deferred compensation 87 of which pension expenses 31 General and administrative-related expenses 46 Total restructuring expenses 355 |
Restructuring Provisions [Table Text Block] | Restructuring provision 2015 General and Restructuring provision (CHF million) Balance at beginning of period 0 0 0 Net additional charges 191 46 237 1 Utilization (4) (34) (38) Balance at end of period 187 12 199 1 The following items for which expense accretion was accelerated in 2015 due to the restructuring of the Group are not included in the restructuring provision: unsettled share-based compensation of CHF 23 million and unsettled pension obligations of CHF 31 million, which remain classified as a component of total shareholders’ equity; and unsettled cash-based deferred compensation of CHF 64 million, which remains classified as compensation liabilities. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Bank | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses by segment in 2015 Restructuring expenses by segment (CHF million) Swiss Universal Bank 39 International Wealth Management 33 Asia Pacific 3 Global Markets 105 Investment Banking & Capital Markets 22 Strategic Resolution Unit 153 Adjustments (30) 1 Total restructuring expenses 325 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa. Restructuring expenses by type in 2015 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 279 of which severance expenses 191 of which accelerated deferred compensation 87 of which pension expenses 1 General and administrative-related expenses 46 Total restructuring expenses 325 |
Restructuring Provisions [Table Text Block] | Restructuring provision 2015 General and Restructuring provision (CHF million) Balance at beginning of period 0 0 0 Net additional charges 191 46 237 1 Utilization (4) (34) (38) Balance at end of period 187 12 199 1 The following items for which expense accretion was accelerated in 2015 due to the restructuring of the Bank are not included in the restructuring provision: unsettled share-based compensation of CHF 23 million and unsettled pension obligations of CHF 1 million, which remain classified as a component of total shareholder’s equity; and unsettled cash-based deferred compensation of CHF 64 million, which remains classified as compensation liabilities. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per share | in 2015 2014 2013 Basic net income/(loss) attributable to shareholders (CHF million) Income/(loss) from continuing operations (2,944) 1,773 2,181 Income from discontinued operations, net of tax 0 102 145 Net income/(loss) attributable to shareholders (2,944) 1,875 2,326 Preferred securities dividends – (53) (236) Net income/(loss) attributable to shareholders for basic earnings per share (2,944) 1,822 2,090 Available for common shares (2,958) 1,743 1,873 Available for unvested share-based payment awards 14 79 148 Available for mandatory convertible securities 1 – – 69 Diluted net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for diluted earnings per share (2,944) 1,822 2,090 Available for common shares (2,958) 1,743 1,874 Available for unvested share-based payment awards 14 79 148 Available for mandatory convertible securities 1 – – 68 Weighted-average shares outstanding (million) Weighted-average shares outstanding for basic earnings per share available for common shares 1,706.3 1,665.1 1,581.6 Dilutive share options and warrants 0.0 0.8 1.4 Dilutive share awards 0.0 12.2 1.2 Weighted-average shares outstanding for diluted earnings per share available for common shares 2 1,706.3 3 1,678.1 1,584.2 Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards 25.7 72.7 125.0 Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities 1 – – 63.0 Basic earnings/(loss) per share available for common shares (CHF) Basic earnings/(loss) per share from continuing operations (1.73) 0.99 1.10 Basic earnings per share from discontinued operations 0.00 0.06 0.08 Basic earnings/(loss) per share available for common shares (1.73) 1.05 1.18 Diluted earnings/(loss) per share available for common shares (CHF) Diluted earnings/(loss) per share from continuing operations (1.73) 0.98 1.10 Diluted earnings per share from continuing operations 0.00 0.06 0.08 Diluted earnings/(loss) per share available for common shares (1.73) 1.04 1.18 Prior periods have been adjusted to reflect the increase in the number of shares outstanding as a result of the discount element in the 2015 rights issue, as required under US GAAP. 1 Reflects MACCS issued in July 2012 that were mandatorily convertible into shares on March 29, 2013, which shares were settled and delivered on April 8, 2013. 2 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 7.6 million, 8.9 million and 35.9 million for 2015, 2014 and 2013, respectively. 3 Due to the net loss in 2015, 0.9 million weighted-average share options and warrants outstanding and 47.8 million weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. |
Securities borrowed, lent and64
Securities borrowed, lent and subject to repurchase agreements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Securities borrowed, lent and subject to repurchase agreements | end of 2015 2014 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 78,474 100,169 Deposits paid for securities borrowed 44,575 63,039 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 123,049 163,208 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 36,754 60,752 Deposits received for securities lent 9,844 9,367 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 46,598 70,119 |
Bank | |
Securities borrowed, lent and subject to repurchase agreements | end of 2015 2014 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 78,861 100,169 Deposits paid for securities borrowed 44,575 63,039 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 123,436 163,208 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 36,754 60,752 Deposits received for securities lent 9,844 9,367 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 46,598 70,119 |
Trading assets and liabilities
Trading assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Trading assets and liabilities | end of 2015 2014 Trading assets (CHF million) Debt securities 80,542 94,391 Equity securities 70,961 94,294 Derivative instruments 1 28,365 38,012 Other 10,869 14,434 Trading assets 190,737 241,131 Trading liabilities (CHF million) Short positions 25,485 35,784 Derivative instruments 1 23,486 36,871 Trading liabilities 48,971 72,655 1 Amounts shown after counterparty and cash collateral netting. |
Cash collateral receivables and payables | Cash collateral on derivative instruments end of 2015 2014 Cash collateral – netted (CHF million) 1 Cash collateral paid 31,887 33,404 Cash collateral received 21,942 28,147 Cash collateral – not netted (CHF million) 2 Cash collateral paid 7,921 10,905 Cash collateral received 13,989 17,043 1 Recorded as cash collateral netting on derivative instruments in Note 27 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 23 – Other assets and other liabilities. |
Bank | |
Trading assets and liabilities | end of 2015 2014 Trading assets (CHF million) Debt securities 80,546 94,405 Equity securities 71,102 94,493 Derivative instruments 1 28,579 37,979 Other 10,869 14,436 Trading assets 191,096 241,313 Trading liabilities (CHF million) Short positions 25,509 35,799 Derivative instruments 1 23,545 36,868 Trading liabilities 49,054 72,667 1 Amounts shown after counterparty and cash collateral netting. |
Cash collateral receivables and payables | Cash collateral on derivative instruments end of 2015 2014 Cash collateral – netted (CHF million) 1 Cash collateral paid 32,127 33,716 Cash collateral received 22,027 28,505 Cash collateral – not netted (CHF million) 2 Cash collateral paid 7,987 10,909 Cash collateral received 13,991 16,776 1 Recorded as cash collateral netting on derivative instruments in Note 26 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 22 – Other assets and other liabilities. |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investment securities | end of 2015 2014 Investment securities (CHF million) Securities available-for-sale 3,090 2,791 Total investment securities 3,090 2,791 |
Investment securities by type | Investment securities by type end of 2015 2014 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by Swiss federal, cantonal or local governmental entities 273 21 0 294 286 18 0 304 Debt securities issued by foreign governments 1,382 34 0 1,416 2,020 47 1 2,066 Corporate debt securities 285 0 0 285 313 0 0 313 Residential mortgage-backed securities 750 0 0 750 0 0 0 0 Commercial mortgage-backed securities 259 0 0 259 0 0 0 0 Debt securities available-for-sale 2,949 55 0 3,004 2,619 65 1 2,683 Banks, trust and insurance companies 65 20 0 85 73 25 0 98 Industry and all other 1 0 0 1 10 0 0 10 Equity securities available-for-sale 66 20 0 86 83 25 0 108 Securities available-for-sale 3,015 75 0 3,090 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 2014 (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 | in 2015 2014 2013 Debt Equity Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 1 17 915 15 163 13 Realized gains 0 2 17 1 7 1 Realized losses 0 0 (1) 0 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 2015 (CHF million) Due within 1 year 366 366 0.43 Due from 1 to 5 years 1,420 1,459 0.91 Due from 5 to 10 years 147 161 1.12 Due after 10 years 1,016 1,018 2.97 Total debt securities 2,949 3,004 1.57 |
Bank | |
Investment securities | end of 2015 2014 Investment securities (CHF million) Securities available-for-sale 2,698 2,379 Total investment securities 2,698 2,379 |
Investment securities by type | Investment securities by type end of 2015 2014 Gross Gross Gross Gross 2015 (CHF million) Debt securities issued by foreign governments 1,292 30 0 1,322 1,919 43 0 1,962 Corporate debt securities 281 0 0 281 309 0 0 309 Residential mortgage-backed securities 750 0 0 750 0 0 0 0 Commercial mortgage-backed securities 259 0 0 259 0 0 0 0 Debt securities available-for-sale 2,582 30 0 2,612 2,228 43 0 2,271 Banks, trust and insurance companies 65 20 0 85 72 25 0 97 Industry and all other 1 0 0 1 11 0 0 11 Equity securities available-for-sale 66 20 0 86 83 25 0 108 Securities available-for-sale 2,648 50 0 2,698 2,311 68 0 2,379 |
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 2015 2014 2013 Debt Equity Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 1 17 103 15 163 13 Realized gains 0 2 0 1 7 1 |
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities Debt securities Average 2015 (CHF million) Due within 1 year 271 271 0.15 Due from 1 to 5 years 1,302 1,333 0.78 Due from 5 to 10 years 1 0 14.74 Due after 10 years 1,008 1,008 2.98 Total debt securities 2,582 2,612 1.57 |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other investments | end of 2015 2014 Other investments (CHF million) Equity method investments 2,876 3,453 Non-marketable equity securities 1 2,000 2,717 Real estate held for investment 2 412 547 Life finance instruments 3 1,733 1,896 Total other investments 7,021 8,613 1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee. 2 As of December 31, 2015 and 2014, real estate held for investment included foreclosed or repossessed real estate of CHF 38 million and CHF 42 million, respectively, of which CHF 36 million and CHF 42 million, respectively were related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. |
Bank | |
Other investments | end of 2015 2014 Other investments (CHF million) Equity method investments 2,728 3,397 Non-marketable equity securities 1 1,951 2,667 Real estate held for investment 2 375 507 Life finance instruments 3 1,733 1,896 Total other investments 6,787 8,467 1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee. 2 As of December 31, 2015 and 2014, real estate held for investment included foreclosed or repossessed real estate of CHF 37 million and CHF 39 million, respectively, of which CHF 36 million and CHF 39 million, respectively were related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. |
Loans, allowance for loan los68
Loans, allowance for loan losses and credit quality (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans | Loans end of 2015 2014 Loans (CHF million) Mortgages 103,164 98,802 Loans collateralized by securities 37,946 39,818 Consumer finance 3,766 4,323 Consumer 144,876 142,943 Real estate 26,451 29,198 Commercial and industrial loans 77,767 75,046 Financial institutions 21,334 22,343 Governments and public institutions 3,578 3,891 Corporate & institutional 129,130 130,478 Gross loans 274,006 273,421 of which held at amortized cost 253,186 250,508 of which held at fair value 20,820 22,913 Net (unearned income)/deferred expenses (145) (112) Allowance for loan losses (866) (758) Net loans 272,995 272,551 Gross loans by location (CHF million) Switzerland 155,771 155,767 Foreign 118,235 117,654 Gross loans 274,006 273,421 Impaired loan portfolio (CHF million) Non-performing loans 983 753 Non-interest-earning loans 272 279 Total non-performing and non-interest-earning loans 1,255 1,032 Restructured loans 282 171 Potential problem loans 436 187 Total other impaired loans 718 358 Gross impaired loans 1,973 1,390 |
Allowance for loan losses | Allowance for loan losses 2015 2014 2013 Corporate & Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 251 507 758 267 602 869 288 634 922 Changes in scope of consolidation 0 0 0 0 0 0 0 (1) (1) Net movements recognized in statements of operations 66 229 295 66 79 145 76 90 166 Gross write-offs (118) (111) (229) (108) (241) (349) (123) (163) (286) Recoveries 12 16 28 17 24 41 24 30 54 Net write-offs (106) (95) (201) (91) (217) (308) (99) (133) (232) Provisions for interest 6 12 18 1 19 20 5 21 26 Foreign currency translation impact and other adjustments, net (1) (3) (4) 8 24 32 (3) (9) (12) Balance at end of period 216 650 866 251 507 758 267 602 869 of which individually evaluated for impairment 170 480 650 202 338 540 217 437 654 of which collectively evaluated for impairment 46 170 216 49 169 218 50 165 215 Gross loans held at amortized cost (CHF million) Balance at end of period 144,855 108,331 253,186 142,926 107,582 250,508 132,470 96,087 228,557 of which individually evaluated for impairment 1 647 1,326 1,973 582 808 1,390 569 920 1,489 of which collectively evaluated for impairment 144,208 107,005 251,213 142,344 106,774 249,118 131,901 95,167 227,068 1 Represents gross impaired loans both with and without a specific allowance. |
Purchases, reclassifications and sales | Purchases, reclassifications and sales in 2015 2014 2013 Corporate & Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 389 4,294 4,683 181 4,127 4,308 0 4,611 4,611 Reclassifications from loans held-for-sale 2 0 355 355 0 397 397 0 275 275 Reclassifications to loans held-for-sale 3 1,641 735 2,376 1,055 806 1,861 0 996 996 Sales 3 0 373 373 0 272 272 0 698 698 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 2015 (CHF million) Mortgages 89,966 12,950 248 103,164 Loans collateralized by securities 36,129 1,679 138 37,946 Consumer finance 1,247 2,272 226 3,745 Consumer 127,342 16,901 612 144,855 Real estate 19,454 6,126 98 25,678 Commercial and industrial loans 32,995 32,365 859 66,219 Financial institutions 12,391 2,965 149 15,505 Governments and public institutions 824 105 0 929 Corporate & institutional 65,664 41,561 1,106 108,331 Gross loans held at amortized cost 193,006 58,462 1,718 253,186 Value of collateral 1 178,649 48,422 1,063 228,134 2014 (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, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Group's risk management policies and directives, with maximum review periods determined by property type, market liquidity, market transparency and appraisal cost. |
Gross loans held at amortized cost - aging analysis | Gross loans held at amortized cost – aging analysis Current Past due More 2015 (CHF million) Mortgages 102,895 80 17 10 162 269 103,164 Loans collateralized by securities 37,589 214 7 1 135 357 37,946 Consumer finance 3,321 176 36 33 179 424 3,745 Consumer 143,805 470 60 44 476 1,050 144,855 Real estate 25,595 24 3 1 55 83 25,678 Commercial and industrial loans 65,129 507 109 69 405 1,090 66,219 Financial institutions 15,259 90 45 2 109 246 15,505 Governments and public institutions 928 1 0 0 0 1 929 Corporate & institutional 106,911 622 157 72 569 1,420 108,331 Gross loans held at amortized cost 250,716 1,092 217 116 1,045 2,470 253,186 2014 (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- 2015 (CHF million) Mortgages 197 17 214 18 49 67 281 1 Loans collateralized by securities 108 27 135 0 3 3 138 Consumer finance 204 23 227 0 1 1 228 Consumer 509 67 576 18 53 71 647 Real estate 53 19 72 0 29 29 101 Commercial and industrial loans 333 136 469 263 319 582 1,051 Financial institutions 88 50 138 1 35 36 174 Corporate & institutional 474 205 679 264 383 647 1,326 Gross impaired loans 983 272 1,255 282 436 718 1,973 2014 (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 December 31, 2015 and 2014, CHF 68 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 details end of 2015 2014 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 209 196 26 205 194 27 Loans collateralized by securities 117 112 15 63 60 53 Consumer finance 221 201 129 236 217 122 Consumer 547 509 170 504 471 202 Real estate 76 72 10 68 64 7 Commercial and industrial loans 815 796 387 599 570 259 Financial institutions 172 166 83 126 120 72 Corporate & institutional 1,063 1,034 480 793 754 338 Gross impaired loans with a specific allowance 1,610 1,543 650 1,297 1,225 540 Mortgages 72 71 – 46 46 – Loans collateralized by securities 21 22 – 25 25 – Consumer finance 7 7 – 7 7 – Consumer 100 100 – 78 78 – Real estate 25 25 – 7 7 – Commercial and industrial loans 236 236 – 7 7 – Financial institutions 2 2 – 1 1 – Corporate & institutional 263 263 – 15 15 – Gross impaired loans without specific allowance 363 363 – 93 93 – Gross impaired loans 1,973 1,906 650 1,390 1,318 540 of which consumer 647 609 170 582 549 202 of which corporate & institutional 1,326 1,297 480 808 769 338 Gross impaired loan details (continued) in 2015 2014 2013 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 190 2 2 205 2 1 2 1 204 3 1 2 1 Loans collateralized by securities 82 0 0 65 1 1 1 1 70 2 2 Consumer finance 228 1 1 237 1 1 256 0 0 Consumer 500 3 3 507 4 4 530 5 4 Real estate 74 0 0 75 0 0 72 1 1 Commercial and industrial loans 626 7 3 667 10 1 4 1 748 12 1 6 1 Financial institutions 149 1 1 127 0 0 136 1 1 1 1 Governments and public institutions 0 0 0 5 0 0 0 0 0 Corporate & institutional 849 8 4 874 10 4 956 14 8 Gross impaired loans with a specific allowance 1,349 11 7 1,381 14 8 1,486 19 12 Mortgages 51 4 0 36 5 1 0 26 3 1 0 Loans collateralized by securities 33 0 0 29 1 1 1 1 27 0 0 Consumer finance 7 0 0 21 0 0 22 0 0 Consumer 91 4 0 86 6 1 75 3 0 Real estate 12 1 0 9 4 1 0 11 0 0 Commercial and industrial loans 98 3 1 18 3 1 0 59 5 1 0 Financial institutions 4 0 0 0 0 0 2 0 0 Corporate & institutional 114 4 1 27 7 0 72 5 0 Gross impaired loans without specific allowance 205 8 1 113 13 1 147 8 0 Gross impaired loans 1,554 19 8 1,494 27 9 1,633 27 12 of which consumer 591 7 3 593 10 5 605 8 4 of which corporate & institutional 963 12 5 901 17 4 1,028 19 8 1 Prior period has been corrected. |
Restructured loans held at amortized cost | Restructured loans held at amortized cost in 2015 2014 2013 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million) Mortgages 1 13 13 1 4 4 0 0 0 Loans collateralized by securities 1 0 0 0 0 0 0 0 0 Consumer finance 0 0 0 0 0 0 1 1 0 Commercial and industrial loans 13 207 210 10 290 238 5 27 25 Financial institutions 1 2 2 0 0 0 0 0 0 Total 16 222 225 11 294 242 6 28 25 |
Bank | |
Loans | end of 2015 2014 Loans (CHF million) Mortgages 88,566 84,527 Loans collateralized by securities 37,833 39,712 Consumer finance 1,092 1,582 Consumer 127,491 125,821 Real estate 23,561 26,279 Commercial and industrial loans 74,967 72,191 Financial institutions 26,375 28,654 Governments and public institutions 3,445 3,746 Corporate & institutional 128,348 130,870 Gross loans 255,839 256,691 of which held at amortized cost 235,019 233,778 of which held at fair value 20,820 22,913 Net (unearned income)/deferred expenses (200) (166) Allowance for loan losses (724) (597) Net loans 254,915 255,928 Gross loans by location (CHF million) Switzerland 137,729 139,211 Foreign 118,110 117,480 Gross loans 255,839 256,691 Impaired loan portfolio (CHF million) Non-performing loans 810 564 Non-interest-earning loans 251 257 Total non-performing and non-interest-earning loans 1,061 821 Restructured loans 282 171 Potential problem loans 373 140 Total other impaired loans 655 311 Gross impaired loans 1,716 1,132 |
Allowance for loan losses | Allowance for loan losses 2015 2014 2013 Corporate Corporate Corporate Allowance for loan losses (CHF million) Balance at beginning of period 131 466 597 134 557 691 143 578 721 Changes in scope of consolidation 0 0 0 0 0 0 0 (1) (1) Net movements recognized in statements of operations 21 227 248 7 78 85 7 84 91 Gross write-offs (51) (107) (158) (35) (232) (267) (38) (147) (185) Recoveries 6 16 22 12 24 36 20 30 50 Net write-offs (45) (91) (136) (23) (208) (231) (18) (117) (135) Provisions for interest 7 12 19 3 19 22 5 20 25 Foreign currency translation impact and other adjustments, net (1) (3) (4) 10 20 30 (3) (7) (10) Balance at end of period 113 611 724 131 466 597 134 557 691 of which individually evaluated for impairment 84 455 539 104 309 413 104 407 511 of which collectively evaluated for impairment 29 156 185 27 157 184 30 150 180 Gross loans held at amortized cost (CHF million) Balance at end of period 127,471 107,548 235,019 125,804 107,974 233,778 115,601 96,939 212,540 of which individually evaluated for impairment 1 468 1,248 1,716 393 739 1,132 354 840 1,194 of which collectively evaluated for impairment 127,003 106,300 233,303 125,411 107,235 232,646 115,247 96,099 211,346 1 Represents gross impaired loans both with and without a specific allowance. |
Purchases, reclassifications and sales | Purchases, reclassifications and sales in 2015 2014 2013 Corporate Corporate Corporate Loans held at amortized cost (CHF million) Purchases 1 389 4,294 4,683 181 4,127 4,308 0 4,611 4,611 Reclassifications from loans held-for-sale 2 0 355 355 0 397 397 0 275 275 Reclassifications to loans held-for-sale 3 1,641 735 2,376 1,055 806 1,861 0 996 996 Sales 3 0 373 373 0 272 272 0 698 698 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 2015 (CHF million) Mortgages 79,664 8,697 205 88,566 Loans collateralized by securities 36,028 1,667 138 37,833 Consumer finance 743 231 98 1,072 Consumer 116,435 10,595 441 127,471 Real estate 17,717 4,995 77 22,789 Commercial and industrial loans 31,720 30,898 802 63,420 Financial institutions 17,445 2,951 149 20,545 Governments and public institutions 691 103 0 794 Corporate & institutional 67,573 38,947 1,028 107,548 Gross loans held at amortized cost 184,008 49,542 1,469 235,019 Value of collateral 1 166,086 41,583 957 208,626 2014 (CHF million) Mortgages 72,844 11,527 156 84,527 Loans collateralized by securities 37,338 2,288 86 39,712 Consumer finance 1,235 235 95 1,565 Consumer 111,417 14,050 337 125,804 Real estate 19,169 6,020 67 25,256 Commercial and industrial loans 30,156 29,890 475 60,521 Financial institutions 18,209 2,619 106 20,934 Governments and public institutions 850 413 0 1,263 Corporate & institutional 68,384 38,942 648 107,974 Gross loans held at amortized cost 179,801 52,992 985 233,778 Value of collateral 1 162,598 43,141 564 206,303 1 Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Bank's risk management policies and directives, with maximum review periods determined by property type, market liquidity, market transparency and appraisal cost. |
Gross loans held at amortized cost - aging analysis | Gross loans held at amortized cost – aging analysis Current Past due More 2015 (CHF million) Mortgages 88,326 78 16 8 138 240 88,566 Loans collateralized by securities 37,476 214 7 1 135 357 37,833 Consumer finance 875 120 7 19 51 197 1,072 Consumer 126,677 412 30 28 324 794 127,471 Real estate 22,708 24 3 0 54 81 22,789 Commercial and industrial loans 62,379 498 105 68 370 1,041 63,420 Financial institutions 20,299 90 45 2 109 246 20,545 Governments and public institutions 793 1 0 0 0 1 794 Corporate & institutional 106,179 613 153 70 533 1,369 107,548 Gross loans held at amortized cost 232,856 1,025 183 98 857 2,163 235,019 2014 (CHF million) Mortgages 84,269 97 13 8 140 258 84,527 Loans collateralized by securities 39,542 81 1 1 87 170 39,712 Consumer finance 1,372 123 7 23 40 193 1,565 Consumer 125,183 301 21 32 267 621 125,804 Real estate 25,167 23 1 4 61 89 25,256 Commercial and industrial loans 59,555 659 15 37 255 966 60,521 Financial institutions 20,771 41 0 0 122 163 20,934 Governments and public institutions 1,238 25 0 0 0 25 1,263 Corporate & institutional 106,731 748 16 41 438 1,243 107,974 Gross loans held at amortized cost 231,914 1,049 37 73 705 1,864 233,778 |
Gross impaired loans by category | Gross impaired loans by category Non-performing and Non- 2015 (CHF million) Mortgages 173 13 186 18 25 43 229 1 Loans collateralized by securities 108 27 135 0 3 3 138 Consumer finance 77 23 100 0 1 1 101 Consumer 358 63 421 18 29 47 468 Real estate 51 19 70 0 11 11 81 Commercial and industrial loans 314 119 433 263 298 561 994 Financial institutions 87 50 137 1 35 36 173 Corporate & institutional 452 188 640 264 344 608 1,248 Gross impaired loans 810 251 1,061 282 373 655 1,716 2014 (CHF million) Mortgages 166 17 183 4 23 27 210 1 Loans collateralized by securities 11 75 86 0 2 2 88 Consumer finance 78 17 95 0 0 0 95 Consumer 255 109 364 4 25 29 393 Real estate 49 15 64 0 9 9 73 Commercial and industrial loans 172 98 270 167 103 270 540 Financial institutions 88 35 123 0 3 3 126 Corporate & institutional 309 148 457 167 115 282 739 Gross impaired loans 564 257 821 171 140 311 1,132 1 As of December 31, 2015 and 2014, CHF 57 million and CHF 66 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. |
Gross impaired loan detail | Gross impaired loan details end of 2015 2014 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 163 153 19 166 154 19 Loans collateralized by securities 117 112 14 63 60 53 Consumer finance 94 88 51 88 87 32 Consumer 374 353 84 317 301 104 Real estate 57 52 7 65 62 7 Commercial and industrial loans 760 745 365 533 507 230 Financial institutions 171 166 83 125 120 72 Corporate & institutional 988 963 455 723 689 309 Gross impaired loans with a specific allowance 1,362 1,316 539 1,040 990 413 Mortgages 66 65 – 44 43 – Loans collateralized by securities 21 22 – 25 25 – Consumer finance 7 7 – 7 7 – Consumer 94 94 – 76 75 – Real estate 24 24 – 8 7 – Commercial and industrial loans 234 234 – 7 7 – Financial institutions 2 2 – 1 1 – Corporate & institutional 260 260 – 16 15 – Gross impaired loans without specific allowance 354 354 – 92 90 – Gross impaired loans 1,716 1,670 539 1,132 1,080 413 of which consumer 468 447 84 393 376 104 of which corporate & institutional 1,248 1,223 455 739 704 309 Gross impaired loan details (continued) in 2015 2014 2013 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 152 1 1 163 2 1 2 1 154 3 1 2 1 Loans collateralized by securities 82 0 0 65 1 1 1 1 70 2 2 Consumer finance 92 1 1 81 1 1 87 0 0 Consumer 326 2 2 309 4 4 311 5 4 Real estate 67 0 0 74 0 0 67 1 1 Commercial and industrial loans 566 7 1 597 10 1 4 1 669 12 1 6 1 Financial institutions 149 1 1 127 0 0 136 1 1 1 1 Governments and public institutions 0 0 0 5 0 0 0 0 0 Corporate & institutional 782 8 2 803 10 4 872 14 8 Gross impaired loans with a specific allowance 1,108 10 4 1,112 14 8 1,183 19 12 Mortgages 46 3 0 30 5 1 0 19 3 1 0 Loans collateralized by securities 33 0 0 29 1 1 1 1 27 0 0 Consumer finance 7 0 0 21 0 0 22 0 0 Consumer 86 3 0 80 6 1 68 3 0 Real estate 9 1 0 9 4 1 0 11 0 0 Commercial and industrial loans 97 3 0 17 3 1 0 58 5 1 0 Financial institutions 4 0 0 0 0 0 2 0 0 Corporate & institutional 110 4 0 26 7 0 71 5 0 Gross impaired loans without specific allowance 196 7 0 106 13 1 139 8 0 Gross impaired loans 1,304 17 4 1,218 27 9 1,322 27 12 of which consumer 412 5 2 389 10 5 379 8 4 of which corporate & institutional 892 12 2 829 17 4 943 19 8 1 Prior period has been corrected. |
Restructured loans held at amortized cost | Restructured loans held at amortized cost in 2015 2014 2013 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million) Mortgages 1 13 13 1 4 4 0 0 0 Loans collateralized by securities 1 0 0 0 0 0 0 0 0 Consumer finance 0 0 0 0 0 0 1 1 0 Commercial and industrial loans 13 207 210 10 290 238 5 27 25 Financial institutions 1 2 2 0 0 0 0 0 0 Total 16 222 225 11 294 242 6 28 25 |
Premises and equipment (Tables)
Premises and equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises and equipment | end of 2015 2014 Premises and equipment (CHF million) Buildings and improvements 2,326 2,303 Land 417 420 Leasehold improvements 2,064 2,180 Software 5,908 6,484 Equipment 2,035 2,390 Premises and equipment 12,750 13,777 Accumulated depreciation (8,106) (9,136) Total premises and equipment, net 4,644 4,641 |
Depreciation and impairment | Depreciation and impairment in 2015 2014 2013 CHF million Depreciation 1,012 1,232 1,236 Impairment 24 23 65 |
Bank | |
Premises and equipment | end of 2015 2014 Premises and equipment (CHF million) Buildings and improvements 2,110 2,087 Land 394 396 Leasehold improvements 2,045 2,162 Software 5,889 6,476 Equipment 1,946 2,304 Premises and equipment 12,384 13,425 Accumulated depreciation (7,945) (8,984) Total premises and equipment, net 4,439 4,441 |
Depreciation and impairment | Depreciation and impairment in 2015 2014 2013 CHF million Depreciation 1,002 1,224 1,227 Impairment 24 23 65 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill | Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 570 1,557 2,306 3,263 1,030 12 8,738 Foreign currency translation impact (2) (7) (4) (3) 0 0 (16) Other (1) (1) (8) (10) (3) 0 (23) Balance at end of period 567 1,549 2,294 3,250 1,027 12 8,699 Accumulated impairment (CHF million) Balance at beginning of period 0 0 16 58 8 12 94 Impairment losses 0 0 756 2,661 380 0 3,797 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 567 1,549 1,522 531 639 0 4,808 Goodwill (continued) Investment Gross amount of goodwill (CHF million) Balance at beginning of period 541 1,443 2,134 3,011 952 12 8,093 Goodwill acquired during the year 0 22 0 0 0 0 22 Foreign currency translation impact 29 126 172 254 80 0 661 Other 0 (34) 0 (2) (2) 0 (38) Balance at end of period 570 1,557 2,306 3,263 1,030 12 8,738 Accumulated impairment (CHF million) Balance at beginning of period 0 0 16 58 8 12 94 Balance at end of period 0 0 16 58 8 12 94 Net book value (CHF million) Net book value 570 1,557 2,290 3,205 1,022 0 8,644 |
Bank | |
Goodwill | Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 456 1,495 2,058 2,919 920 12 7,860 Foreign currency translation impact (2) (7) (4) (4) 0 0 (17) Other (1) (1) (8) (10) (3) 0 (23) Balance at end of period 453 1,487 2,046 2,905 917 12 7,820 Accumulated impairment (CHF million) Balance at beginning of period 0 0 16 58 8 12 94 Impairment losses 0 0 756 2,661 380 0 3,797 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 453 1,487 1,274 186 529 0 3,929 Goodwill (continued) Investment Gross amount of goodwill (CHF million) Balance at beginning of period 427 1,381 1,886 2,667 842 12 7,215 Goodwill acquired during the year 0 22 0 0 0 0 22 Foreign currency translation impact 29 126 172 254 80 0 661 Other 0 (34) 0 (2) (2) 0 (38) Balance at end of period 456 1,495 2,058 2,919 920 12 7,860 Accumulated impairment (CHF million) Balance at beginning of period 0 0 16 58 8 12 94 Balance at end of period 0 0 16 58 8 12 94 Net book value (CHF million) Net book value 456 1,495 2,042 2,861 912 0 7,766 |
Other intangible assets (Tables
Other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other intangible assets | end of 2015 2014 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (25) 2 27 (24) 3 Client relationships 113 (70) 43 201 (92) 109 Other 5 (2) 3 11 (3) 8 Total amortizing other intangible assets 145 (97) 48 239 (119) 120 Non-amortizing other intangible assets 148 – 148 129 – 129 of which mortgage servicing rights, at fair value 112 – 112 70 – 70 Total other intangible assets 293 (97) 196 368 (119) 249 |
Additional information | Additional information in 2015 2014 2013 Aggregate amortization and impairment (CHF million) Aggregate amortization 18 22 24 Impairment 16 1 8 of which related to restructuring expenses 15 – – of which related to discontinued operations 0 0 7 |
Estimated amortization | Estimated amortization Estimated amortization (CHF million) 2016 8 2017 8 2018 8 2019 5 2020 3 |
Bank | |
Other intangible assets | end of 2015 2014 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (25) 2 27 (24) 3 Client relationships 113 (70) 43 201 (92) 109 Other 5 (3) 2 11 (3) 8 Total amortizing other intangible assets 145 (98) 47 239 (119) 120 Non-amortizing other intangible assets 149 – 149 129 – 129 of which mortgage servicing rights, at fair value 112 – 112 70 – 70 Total other intangible assets 294 (98) 196 368 (119) 249 |
Additional information | Additional information in 2015 2014 2013 Aggregate amortization and impairment (CHF million) Aggregate amortization 18 22 24 Impairment 16 1 8 of which related to restructuring expenses 15 – – of which related to discontinued operations 0 0 7 |
Estimated amortization | Estimated amortization Estimated amortization (CHF million) 2016 8 2017 8 2018 8 2019 5 2020 3 |
Other assets and other liabil72
Other assets and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other assets and other liabilities | end of 2015 2014 Other assets (CHF million) Cash collateral on derivative instruments 7,921 10,905 Cash collateral on non-derivative transactions 327 3,238 Derivative instruments used for hedging 186 1,539 Assets held-for-sale 26,061 26,544 of which loans 1 25,839 25,911 of which real estate 2 182 535 of which long-lived assets 40 98 Assets held for separate accounts 1,307 5,650 Interest and fees receivable 5,658 6,237 Deferred tax assets 6,179 6,077 Prepaid expenses 448 517 Failed purchases 2,770 3,138 Other 7,160 6,713 Other assets 58,017 70,558 Other liabilities (CHF million) Cash collateral on derivative instruments 13,989 17,043 Cash collateral on non-derivative transactions 518 797 Derivative instruments used for hedging 110 469 Provisions 1,851 1,358 of which off-balance sheet risk 88 103 Restructuring liabilities 199 0 Liabilities held for separate accounts 1,307 5,650 Interest and fees payable 6,011 6,531 Current tax liabilities 608 821 Deferred tax liabilities 54 47 Failed sales 1,551 1,313 Other 16,033 16,941 Other liabilities 42,231 50,970 1 Included as of December 31, 2015 and 2014 were CHF 1,135 million and CHF 1,103 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 60 million and CHF 226 million, respectively, in loans held in trusts, which were consolidated as a result of failed sales under US GAAP. 2 As of December 31, 2015 and 2014, real estate held-for-sale included foreclosed or repossessed real estate of CHF 31 million and CHF 169 million, respectively, of which CHF 3 million and CHF 2 million, respectively were related to residential real estate. |
Bank | |
Other assets and other liabilities | end of 2015 2014 Other assets (CHF million) Cash collateral on derivative instruments 7,987 10,909 Cash collateral on non-derivative transactions 327 3,238 Derivative instruments used for hedging 186 1,539 Assets held-for-sale 26,061 26,544 of which loans 1 25,839 25,911 of which real estate 2 182 535 of which long-lived assets 40 98 Assets held for separate accounts 1,307 5,650 Interest and fees receivable 5,643 6,229 Deferred tax assets 6,068 6,064 Prepaid expenses 442 511 Failed purchases 2,770 3,138 Other 7,119 6,689 Other assets 57,910 70,511 Other liabilities (CHF million) Cash collateral on derivative instruments 13,991 16,776 Cash collateral on non-derivative transactions 518 797 Derivative instruments used for hedging 110 469 Provisions 1,841 1,347 of which off-balance sheet risk 87 102 Restructuring liabilities 199 0 Liabilities held for separate accounts 1,307 5,650 Interest and fees payable 5,926 6,465 Current tax liabilities 577 782 Deferred tax liabilities 41 33 Failed sales 1,551 1,313 Other 15,654 17,016 Other liabilities 41,715 50,648 1 Included as of December 31, 2015 and December 31, 2014 were CHF 1,135 million and CHF 1,103 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 60 million and CHF 226 million, respectively, in loans held in trusts, which are consolidated as a result of failed sales under US GAAP. 2 As of the end of December 31, 2015 and December 31, 2014, real estate held-for-sale included foreclosed or repossessed real estate of CHF 31 million and CHF 169 million, respectively, of which CHF 3 million and CHF 2 million, respectively, were related to residential real estate. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits | end of 2015 2014 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 3,170 3,779 6,949 5,943 4,581 10,524 Interest-bearing demand deposits 126,735 33,627 160,362 135,424 31,984 167,408 Savings deposits 62,908 5 62,913 77,498 29 77,527 Time deposits 32,267 101,268 133,535 1 17,650 121,958 139,608 1 Total deposits 225,080 138,679 363,759 2 236,515 158,552 395,067 2 of which due to banks – – 21,054 – – 26,009 of which customer deposits – – 342,705 – – 369,058 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 133,223 million and CHF 139,493 million as of December 31, 2015 and 2014, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2015 and 2014 were CHF 2 million and CHF 11 million, respectively, of overdrawn deposits reclassified as loans. |
Bank | |
Deposits | end of 2015 2014 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 3,157 3,780 6,937 5,941 4,582 10,523 Interest-bearing demand deposits 123,336 33,975 157,311 131,858 32,297 164,155 Savings deposits 54,615 5 54,620 69,204 29 69,233 Time deposits 33,012 101,280 134,292 1 18,187 121,977 140,164 1 Total deposits 214,120 139,040 353,160 2 225,190 158,885 384,075 2 of which due to banks – – 21,460 – – 26,506 of which customer deposits – – 331,700 – – 357,569 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 133,988 million and CHF 140,057 million as of December 31, 2015 and 2014, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2015 and 2014 were CHF 2 million and CHF 10 million, respectively, of overdrawn deposits reclassified as loans. |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-term debt | end of 2015 2014 Long-term debt (CHF million) Senior 157,986 139,267 Subordinated 24,796 25,179 Non-recourse liabilities from consolidated VIEs 14,826 13,452 Long-term debt 197,608 177,898 of which reported at fair value 80,931 81,166 of which structured notes 54,848 50,469 |
Schedule of Structured notes | Structured notes by product end of 2015 2014 Structured notes (CHF million) Equity 35,594 35,309 Fixed income 11,534 8,321 Credit 5,261 5,244 Other 2,459 1,595 Total structured notes 54,848 50,469 |
Long-term debt by maturities | Long-term debt by maturities end of 2016 2017 2018 2019 2020 Thereafter Total Group parent company (CHF million) Subordinated debt Fixed rate 0 0 290 0 0 4,735 5,025 Interest rates (range in %) 1 – – 6.0 – – 6.3 – 7.5 – Subtotal – Group parent company 0 0 290 0 0 4,735 5,025 Subsidiaries (CHF million) Senior debt Fixed rate 4,752 12,430 11,194 14,241 9,187 29,475 81,279 Variable rate 17,428 15,496 9,668 7,009 6,163 20,943 76,707 Interest rates (range in %) 1 0.0 – 15.5 0.0 – 15.2 0.1 – 14.8 0.1 – 14.1 0.1 – 4.4 0.0 – 9.3 – Subordinated debt Fixed rate 0 171 10,199 0 3,423 5,683 19,476 Variable rate 0 50 0 187 58 0 295 Interest rates (range in %) 1 – 1.1 – 7.0 4.9 – 13.3 0.5 0.9 – 7.0 5.7 – 8.2 – Non-recourse liabilities from consolidated VIEs Fixed rate 85 998 0 0 3 563 1,649 Variable rate 73 61 0 2 884 12,157 13,177 Interest rates (range in %) 1 0.0 – 5.4 2.8 – 4.0 – 0.0 0.0 – 4.1 0.0 – 10.5 – Subtotal – Subsidiaries 22,338 29,206 31,061 21,439 19,718 68,821 192,583 Total long-term debt 22,338 29,206 31,351 21,439 19,718 73,556 197,608 of which structured notes 10,428 7,343 7,987 4,404 5,528 19,158 54,848 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity. 1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. |
Bank | |
Long-term debt | end of 2015 2014 Long-term debt (CHF million) Senior 153,372 135,196 Subordinated 23,896 24,299 Non-recourse liabilities from consolidated VIEs 14,826 13,452 Long-term debt 192,094 172,947 of which reported at fair value 80,002 80,260 of which structured notes 54,848 50,469 |
Schedule of Structured notes | Structured notes by product end of 2015 2014 Structured notes (CHF million) Equity 35,594 35,309 Fixed income 11,534 8,321 Credit 5,261 5,244 Other 2,459 1,595 Total structured notes 54,848 50,469 |
Long-term debt by maturities | Long-term debt by maturities end of 2016 2017 2018 2019 2020 Thereafter Total Long-term debt (CHF million) Senior debt Fixed rate 4,233 11,874 10,779 13,813 8,648 27,318 76,665 Variable rate 17,428 15,496 9,668 7,009 6,163 20,943 76,707 Interest rates (range in %) 1 0.0 – 15.5 0.0 – 15.2 0.1 – 14.8 0.1 – 14.1 0.1 – 4.4 0.0 – 9.3 – Subordinated debt Fixed rate 0 171 10,489 0 3,422 9,519 23,601 Variable rate 0 50 0 187 58 0 295 Interest rates (range in %) 1 – 1.1 – 7.0 4.9 – 13.3 0.5 0.9 – 7.0 5.70 – 8.2 – Non-recourse liabilities from consolidated VIEs Fixed rate 85 998 0 0 3 563 1,649 Variable rate 73 61 0 2 884 12,157 13,177 Interest rates (range in %) 1 0.0 – 5.4 2.8 – 4.0 – 0.0 0.0 – 4.1 0.0 – 10.5 – Total long-term debt 21,819 28,650 30,936 21,011 19,178 70,500 192,094 of which structured notes 10,428 7,343 7,987 4,404 5,528 19,158 54,848 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity. 1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. |
Accumulated other comprehensi75
Accumulated other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated other comprehensive income | Accumulated other comprehensive income Accumu- 2015 (CHF million) Balance at beginning of period (31) (11,478) 64 (4,010) 452 (15,003) Increase/(decrease) 0 (1,142) (3) (1,031) 238 (1,938) Increase/(decrease) due to equity method investments (15) (1) 0 0 0 (16) Reclassification adjustments, included in net income/(loss) 31 6 (1) 369 (83) 322 Total increase/(decrease) 16 (1,137) (4) (662) 155 (1,632) Balance at end of period (15) (12,615) 60 (4,672) 607 (16,635) 2014 (CHF million) Balance at beginning of period (11) (13,674) 52 (2,757) 515 (15,875) Increase/(decrease) (11) 2,196 25 (1,440) 20 790 Increase/(decrease) due to equity method investments 4 0 0 0 0 4 Reclassification adjustments, included in net income/(loss) (13) 0 (13) 187 (83) 78 Total increase/(decrease) (20) 2,196 12 (1,253) (63) 872 Balance at end of period (31) (11,478) 64 (4,010) 452 (15,003) 2013 (CHF million) Balance at beginning of period (29) (12,767) 84 (3,801) 610 (15,903) Increase/(decrease) 6 (991) (27) 750 0 (262) Increase/(decrease) due to equity method investments 13 0 0 0 0 13 Reclassification adjustments, included in net income/(loss) (1) 84 (5) 294 (95) 277 Total increase/(decrease) 18 (907) (32) 1,044 (95) 28 Balance at end of period (11) (13,674) 52 (2,757) 515 (15,875) Refer to "Note 28 – Tax" and "Note 31 – Pension and other post-retirement benefits" for income tax expense/(benefit) on the movements of accumulated other comprehensive income/(loss). |
Details on significant reclassification adjustments | Details of significant reclassification adjustments in 2015 2014 2013 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Sale of subsidiaries 0 0 84 1 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 472 243 390 Tax expense/(benefit) (103) (56) (96) Net of tax 369 187 294 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 2 (110) (108) (120) Tax expense/(benefit) 27 25 25 Net of tax (83) (83) (95) 1 Includes net releases of CHF 84 million on the sale of JO Hambro, which was settled in the third quarter of 2013. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction. 2 These components are included in the computation of total benefit costs. Refer to "Note 31 – Pension and other post-retirement benefits" for further information. |
Additional share information | Additional share information 2015 2014 2013 Common shares issued Balance at beginning of period 1,607,168,947 1,596,119,349 1,320,829,922 Issuance of common shares 350,210,297 11,049,598 275,289,427 of which MACCS settlement 0 0 199,964,015 of which share-based compensation 0 11,049,598 37,773,125 Balance at end of period 1,957,379,244 1,607,168,947 1,596,119,349 Treasury shares Balance at beginning of period (7,666,658) (5,183,154) (27,036,831) Sale of treasury shares 766,096,105 357,696,773 401,126,114 of which MACCS settlement 0 0 33,488,655 Repurchase of treasury shares (808,768,832) (386,266,557) (385,369,391) Share-based compensation 44,429,161 26,086,280 6,096,954 Balance at end of period (5,910,224) (7,666,658) (5,183,154) Common shares outstanding Balance at end of period 1,951,469,020 1 1,599,502,289 2 1,590,936,195 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. 515,145,579 of these shares were reserved for capital instruments. 2 At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 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. |
Bank | |
Accumulated other comprehensive income | Accumu- 2015 (CHF million) Balance at beginning of period (18) (11,623) 56 (656) 17 (12,224) Increase/(decrease) 0 (1,133) (5) (30) (1) (1,169) Decrease due to equity method investments 0 (1) 0 0 0 (1) Reclassification adjustments, included in net income/(loss) 24 6 (1) 74 (13) 90 Total increase/(decrease) 24 (1,128) (6) 44 (14) (1,080) Balance at end of period 6 (12,751) 50 (612) 3 (13,304) 2014 (CHF million) Balance at beginning of period 9 (13,738) 35 (714) 3 (14,405) Increase/(decrease) (11) 2,115 21 14 20 2,159 Reclassification adjustments, included in net income/(loss) (16) 0 0 44 (6) 22 Total increase/(decrease) (27) 2,115 21 58 14 2,181 Balance at end of period (18) (11,623) 56 (656) 17 (12,224) 2013 (CHF million) Balance at beginning of period 7 (11,540) 53 (670) 3 (12,147) Increase/(decrease) 6 (2,281) (13) (102) 0 (2,390) Reclassification adjustments, included in net income/(loss) (4) 83 (5) 58 0 132 Total increase/(decrease) 2 (2,198) (18) (44) 0 (2,258) Balance at end of period 9 (13,738) 35 (714) 3 (14,405) Refer to "Note 27 - Tax" and "Note 30 - Pension and other post-retirement benefits" for income tax expense/(benefit) on the movements of accumulated other comprehensive income/(loss). |
Details on significant reclassification adjustments | Details of significant reclassification adjustments in 2015 2014 2013 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Sale of subsidiaries 0 0 83 1 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 98 62 92 Tax expense/(benefit) (24) (18) (34) Net of tax 74 44 58 1 Includes net releases of CHF 84 million on the sale of JO Hambro, which was settled in the third quarter of 2013. These were reclassified from cumulative translation adjustments and included in net income in other revenues, offset by a gain on the transaction. 2 These components are included in the computation of total benefit costs. Refer to "Note 30 – Pension and other post-retirement benefits" for further information. |
Offsetting of financial asset76
Offsetting of financial assets and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Offsetting of derivatives | Offsetting of derivatives end of 2015 2014 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 15.7 14.5 257.7 250.0 OTC 153.0 146.5 213.6 210.4 Exchange-traded 0.0 0.0 0.1 0.0 Interest rate products 168.7 161.0 471.4 460.4 OTC 58.1 68.2 86.9 99.0 Exchange-traded 0.3 0.3 0.1 0.2 Foreign exchange products 58.4 68.5 87.0 99.2 OTC 12.0 13.3 14.8 15.0 Exchange-traded 8.9 11.2 12.4 14.0 Equity/index-related products 20.9 24.5 27.2 29.0 OTC-cleared 3.8 4.0 6.3 6.1 OTC 13.5 12.4 20.0 19.5 Credit derivatives 17.3 16.4 26.3 25.6 OTC 2.6 1.5 8.6 8.8 Exchange-traded 0.1 0.1 0.4 0.3 Other products 2.7 1.6 9.0 9.1 OTC-cleared 19.5 18.5 264.0 256.1 OTC 239.2 241.9 343.9 352.7 Exchange-traded 9.3 11.6 13.0 14.5 Total gross derivatives subject to enforceable master netting agreements 268.0 272.0 620.9 623.3 Offsetting (CHF billion) OTC-cleared (19.0) (18.5) (261.7) (255.8) OTC (217.1) (226.5) (316.4) (326.1) Exchange-traded (9.0) (9.9) (11.9) (13.1) Offsetting (245.1) (254.9) (590.0) (595.0) of which counterparty netting (223.0) (223.0) (561.6) (561.6) of which cash collateral netting (22.1) (31.9) (28.4) (33.4) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.5 0.0 2.3 0.3 OTC 22.1 15.4 27.5 26.6 Exchange-traded 0.3 1.7 1.1 1.4 Total net derivatives subject to enforceable master netting agreements 22.9 17.1 30.9 28.3 Total derivatives not subject to enforceable master netting agreements 1 5.7 6.5 8.6 9.1 Total net derivatives presented in the consolidated balance sheets 28.6 23.6 39.5 37.4 of which recorded in trading assets and trading liabilities 28.4 23.5 38.0 36.9 of which recorded in other assets and other liabilities 0.2 0.1 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 2015 2014 Gross Offsetting Net Gross Offsetting Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 92.0 (19.6) 72.4 119.3 (28.0) 91.3 Securities borrowing transactions 21.4 (3.9) 17.5 27.8 (6.9) 20.9 Total subject to enforceable master netting agreements 113.4 (23.5) 89.9 147.1 (34.9) 112.2 Total not subject to enforceable master netting agreements 1 33.1 – 33.1 51.0 – 51.0 Total 146.5 (23.5) 123.0 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 83,565 million and CHF 104,283 million of the total net amount as of December 31, 2015 and 2014, 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 2015 2014 Gross Offsetting Net Gross Offsetting Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 43.2 (21.4) 21.8 69.9 (31.9) 38.0 Securities lending transactions 9.8 (2.1) 7.7 10.8 (3.0) 7.8 Obligation to return securities received as collateral, at fair value 19.4 0.0 19.4 18.8 0.0 18.8 Total subject to enforceable master netting agreements 72.4 (23.5) 48.9 99.5 (34.9) 64.6 Total not subject to enforceable master netting agreements 1 26.2 – 26.2 32.4 – 32.4 Total 98.6 (23.5) 75.1 131.9 (34.9) 97.0 of which securities sold under repurchase agreements and securities lending transactions 70.1 (23.5) 46.6 2 105.0 (34.9) 70.1 2 of which obligation to return securities received as collateral, at fair value 28.5 0.0 28.5 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 32,398 million and CHF 54,732 million of the total net amount as of December 31, 2015 and 2014, respectively, are reported at fair value. |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets end of 2015 2014 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 22.9 6.2 0.8 15.9 30.9 6.5 0.1 24.3 Securities purchased under resale agreements 72.4 72.4 0.0 0.0 91.3 91.3 0.0 0.0 Securities borrowing transactions 17.5 17.1 0.0 0.4 20.9 20.3 0.0 0.6 Total financial assets subject to enforceable master netting agreements 112.8 95.7 0.8 16.3 143.1 118.1 0.1 24.9 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 17.1 3.4 0.0 13.7 28.3 8.5 0.0 19.8 Securities sold under repurchase agreements 21.8 21.8 0.0 0.0 38.0 38.0 0.0 0.0 Securities lending transactions 7.7 7.4 0.0 0.3 7.8 7.6 0.0 0.2 Obligation to return securities received as collateral, at fair value 19.4 18.5 0.0 0.9 18.8 18.1 0.0 0.7 Total financial liabilities subject to enforceable master netting agreements 66.0 51.1 0.0 14.9 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. |
Bank | |
Offsetting of derivatives | Offsetting of derivatives end of 2015 2014 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 15.7 14.5 257.8 250.1 OTC 152.9 146.3 213.6 210.3 Exchange-traded 0.0 0.0 0.1 0.0 Interest rate products 168.6 160.8 471.5 460.4 OTC 58.1 68.2 86.9 99.0 Exchange-traded 0.3 0.3 0.1 0.2 Foreign exchange products 58.4 68.5 87.0 99.2 OTC 12.0 13.5 14.8 15.3 Exchange-traded 8.9 11.2 12.4 14.0 Equity/index-related products 20.9 24.7 27.2 29.3 OTC-cleared 3.8 4.0 6.3 6.1 OTC 13.5 12.4 20.0 19.5 Credit derivatives 17.3 16.4 26.3 25.6 OTC-cleared 0.0 0.1 0.0 0.0 OTC 2.7 1.5 8.6 8.7 Exchange-traded 0.0 0.2 0.4 0.4 Other products 2.7 1.8 9.0 9.1 OTC-cleared 19.5 18.6 264.1 256.2 OTC 239.2 241.9 343.9 352.8 Exchange-traded 9.2 11.7 13.0 14.6 Total gross derivatives subject to enforceable master netting agreements 267.9 272.2 621.0 623.6 Offsetting (CHF billion) OTC-cleared (19.0) (18.6) (261.7) (255.8) OTC (217.1) (226.7) (316.7) (326.4) Exchange-traded (9.0) (9.8) (11.9) (13.1) Offsetting (245.1) (255.1) (590.3) (595.3) of which counterparty netting (223.0) (223.0) (561.6) (561.6) of which cash collateral netting (22.1) (32.1) (28.7) (33.7) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.5 0.0 2.4 0.4 OTC 22.1 15.2 27.2 26.4 Exchange-traded 0.2 1.9 1.1 1.5 Total net derivatives subject to enforceable master netting agreements 22.8 17.1 30.7 28.3 Total derivatives not subject to enforceable master netting agreements 1 6.0 6.5 8.8 9.1 Total net derivatives presented in the consolidated balance sheets 28.8 23.6 39.5 37.4 of which recorded in trading assets and trading liabilities 28.6 23.5 38.0 36.9 of which recorded in other assets and other liabilities 0.2 0.1 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 2015 2014 Gross Offsetting Net Gross Offsetting Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 92.4 (19.6) 72.8 119.3 (28.0) 91.3 Securities borrowing transactions 21.4 (3.9) 17.5 27.8 (6.9) 20.9 Total subject to enforceable master netting agreements 113.8 (23.5) 90.3 147.1 (34.9) 112.2 Total not subject to enforceable master netting agreements 1 33.1 – 33.1 51.0 – 51.0 Total 146.9 (23.5) 123.4 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 83,565 million and CHF 104,283 million of the total net amount as of December 31, 2015 and December 31, 2014, 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 2015 2014 Gross Offsetting Net Gross Offsetting Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 43.2 (21.4) 21.8 69.9 (31.9) 38.0 Securities lending transactions 9.8 (2.1) 7.7 10.8 (3.0) 7.8 Obligation to return securities received as collateral, at fair value 19.4 0.0 19.4 18.8 0.0 18.8 Total subject to enforceable master netting agreements 72.4 (23.5) 48.9 99.5 (34.9) 64.6 Total not subject to enforceable master netting agreements 1 26.2 – 26.2 32.4 – 32.4 Total 98.6 (23.5) 75.1 131.9 (34.9) 97.0 of which securities sold under repurchase agreements and securities lending transactions 70.1 (23.5) 46.6 2 105.0 (34.9) 70.1 2 of which obligation to return securities received as collateral, at fair value 28.5 0.0 28.5 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 32,398 million and CHF 54,732 million of the total net amount as of December 31, 2015 and December 31, 2014, respectively, are reported at fair value. |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets end of 2015 2014 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 22.8 6.2 0.8 15.8 30.7 6.5 0.1 24.1 Securities purchased under resale agreements 72.8 72.8 0.0 0.0 91.3 91.3 0.0 0.0 Securities borrowing transactions 17.5 17.1 0.0 0.4 20.9 20.3 0.0 0.6 Total financial assets subject to enforceable master netting agreements 113.1 96.1 0.8 16.2 142.9 118.1 0.1 24.7 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 17.1 3.4 0.0 13.7 28.3 8.5 0.0 19.8 Securities sold under repurchase agreements 21.8 21.8 0.0 0.0 38.0 38.0 0.0 0.0 Securities lending transactions 7.7 7.4 0.0 0.3 7.8 7.6 0.0 0.2 Obligation to return securities received as collateral, at fair value 19.4 18.5 0.0 0.9 18.8 18.1 0.0 0.7 Total financial liabilities subject to enforceable master netting agreements 66.0 51.1 0.0 14.9 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) | 12 Months Ended |
Dec. 31, 2015 | |
Details of current and deferred taxes | Details of current and deferred taxes in 2015 2014 2013 Current and deferred taxes (CHF million) Switzerland 28 99 12 Foreign 463 622 569 Current income tax expense 491 721 581 Switzerland 196 (321) 22 Foreign (164) 1,005 673 Deferred income tax expense 32 684 695 Income tax expense 523 1,405 1,276 Income tax expense on discontinued operations 0 40 75 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on cash flow hedges (4) 4 1 Cumulative translation adjustment (14) (117) 44 Unrealized gains/(losses) on securities (2) 5 (12) Actuarial gains/(losses) (174) (375) 388 Net prior service credit/(cost) 37 (11) (25) Share-based compensation and treasury shares 25 71 0 |
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate in 2015 2014 2013 Income/(loss) from continuing operations before taxes (CHF million) Switzerland 1,746 401 642 Foreign (4,168) 3,226 3,454 Income/(loss) from continuing operations before taxes (2,422) 3,627 4,096 Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% (533) 798 901 Increase/(decrease) in income taxes resulting from Foreign tax rate differential (715) 314 189 Non-deductible amortization of other intangible assets and goodwill impairment 1,432 6 25 Other non-deductible expenses 391 666 492 Additional taxable income 16 4 2 Lower taxed income (276) (272) (381) (Income)/loss taxable to noncontrolling interests 6 (163) (252) Changes in tax law and rates 347 151 184 Changes in deferred tax valuation allowance (103) 1,064 385 Change in recognition of outside basis difference 262 (450) 0 Tax deductible impairments of Swiss subsidiary investments (258) (555) (268) Other (46) (158) (1) Income tax expense 523 1,405 1,276 |
Details of the tax effect of temporary differences | Deferred tax assets and liabilities end of 2015 2014 Deferred tax assets and liabilities (CHF million) Compensation and benefits 2,425 2,373 Loans 326 231 Investment securities 548 882 Provisions 1,718 1,658 Derivatives 117 121 Real estate 340 277 Net operating loss carry-forwards 5,838 6,232 Other 116 99 Gross deferred tax assets before valuation allowance 11,428 11,873 Less valuation allowance (3,905) (4,107) Gross deferred tax assets net of valuation allowance 7,523 7,766 Compensation and benefits (211) (164) Loans (31) (40) Investment securities (282) (619) Provisions (449) (448) Business combinations (1) (1) Derivatives (187) (168) Leasing (18) (23) Real estate (66) (62) Other (153) (211) Gross deferred tax liabilities (1,398) (1,736) Net deferred tax assets 6,125 6,030 of which deferred tax assets 6,179 6,077 of which net operating losses 1,754 1,814 of which deductible temporary differences 4,425 4,263 of which deferred tax liabilities (54) (47) |
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards end of 2015 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 5,304 Due to expire within 2 to 5 years 7,662 Due to expire within 6 to 10 years 7,135 Due to expire within 11 to 20 years 2,981 Amount due to expire 23,082 Amount not due to expire 15,694 Total net operating loss carry-forwards 38,776 |
Movements in the valuation allowance | Movements in the valuation allowance in 2015 2014 2013 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,107 2,705 2,554 Net changes (202) 1,402 151 Balance at end of period 3,905 4,107 2,705 |
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation in 2015 2014 2013 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 448 505 483 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital (28) (70) (24) Tax benefits in respect of tax on dividend equivalent payments 0 1 22 1 Calculated at the statutory tax rate before valuation allowance considerations. |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of the beginning and ending amount of gross unrecognized tax benefits 2015 2014 2013 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 389 423 420 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 44 2 4 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (3) (47) (8) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 15 39 46 Decreases in unrecognized tax benefits relating to settlements with tax authorities 0 (10) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (22) (24) (5) Other (including foreign currency translation) (54) 6 (34) Balance at end of period 369 389 423 of which, if recognized, would affect the effective tax rate 369 389 417 Interest and penalties in 2015 2014 2013 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 13 16 7 Interest and penalties recognized in the consolidated balance sheets 86 86 69 |
Bank | |
Details of current and deferred taxes | Details of current and deferred taxes in 2015 2014 2013 Current and deferred taxes (CHF million) Switzerland (25) 56 (52) Foreign 462 624 564 Current income tax expense 437 680 512 Switzerland 166 (384) (15) Foreign (164) 1,003 673 Deferred income tax expense 2 619 658 Income tax expense 439 1,299 1,170 Income tax expense on discontinued operations 0 40 75 Income tax expense/(benefit) reported in shareholder's equity related to: Gains/(losses) on cash flow hedges (4) 4 1 Cumulative translation adjustment (14) (117) 44 Unrealized gains/(losses) on securities (3) 7 (8) Actuarial gains/(losses) 14 (27) 99 Net prior service cost (9) 9 0 Share-based compensation and treasury shares 28 68 1 |
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate in 2015 2014 2013 Income/(loss) from continuing operations before taxes (CHF million) Switzerland 1,315 (179) 300 Foreign (4,253) 3,140 3,354 Income/(loss) from continuing operations before taxes (2,938) 2,961 3,654 Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% (646) 651 804 Increase/(decrease) in income taxes resulting from Foreign tax rate differential (731) 347 248 Non-deductible amortization of other intangible assets and goodwill impairment 1,432 6 25 Other non-deductible expenses 389 666 493 Additional taxable income 15 2 (5) Lower taxed income (272) (265) (374) (Income)/loss taxable to noncontrolling interests 7 (173) (297) Changes in tax law and rates 347 151 184 Changes in deferred tax valuation allowance (108) 1,071 381 Change in recognition of outside basis difference 262 (450) 0 Tax deductible impairments of Swiss subsidiary investments (258) (555) (268) Other 2 (152) (21) Income tax expense 439 1,299 1,170 |
Details of the tax effect of temporary differences | Deferred tax assets and liabilities end of 2015 2014 Deferred tax assets and liabilities (CHF million) Compensation and benefits 2,316 2,361 Loans 326 231 Investment securities 547 882 Provisions 1,718 1,658 Derivatives 117 119 Real estate 340 277 Net operating loss carry-forwards 5,831 6,232 Other 113 95 Gross deferred tax assets before valuation allowance 11,308 11,855 Less valuation allowance (3,898) (4,107) Gross deferred tax assets net of valuation allowance 7,410 7,748 Compensation and benefits (211) (164) Loans (31) (40) Investment securities (273) (611) Provisions (449) (447) Business combinations (1) (1) Derivatives (187) (168) Leasing (18) (23) Real estate (66) (62) Other (147) (201) Gross deferred tax liabilities (1,383) (1,717) Net deferred tax assets 6,027 6,031 of which deferred tax assets 6,068 6,064 of which net operating losses 1,753 1,816 of which deductible temporary differences 4,315 4,248 of which deferred tax liabilities (41) (33) |
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards end of 2015 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 5,304 Due to expire within 2 to 5 years 7,662 Due to expire within 6 to 10 years 7,055 Due to expire within 11 to 20 years 2,981 Amount due to expire 23,002 Amount not due to expire 15,694 Total net operating loss carry-forwards 38,696 |
Movements in the valuation allowance | Movements in the valuation allowance in 2015 2014 2013 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,107 2,704 2,550 Net changes (209) 1,403 154 Balance at end of period 3,898 4,107 2,704 |
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation in 2015 2014 2013 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 447 506 481 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital (28) (69) (24) Tax benefits in respect of tax on dividend equivalent payments 0 1 22 1 Calculated at the statutory tax rate before valuation allowance considerations. |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of the beginning and ending amount of gross unrecognized tax benefits in 2015 2014 2013 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 382 416 416 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 44 2 4 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (3) (47) (8) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 15 37 43 Decreases in unrecognized tax benefits relating to settlements with tax authorities 0 (10) 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (22) (24) (5) Other (including foreign currency translation) (56) 8 (34) Balance at end of period 360 382 416 of which, if recognized, would affect the effective tax rate 360 382 410 Interest and penalties in 2015 2014 2013 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations 13 21 6 Interest and penalties recognized in the consolidated balance sheets 85 85 64 |
Employee deferred compensation
Employee deferred compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2015 2014 2013 Deferred compensation expense (CHF million) Share awards 852 939 814 Performance share awards 563 611 590 Contingent Capital Awards 430 214 – Capital Opportunity Facility awards 16 13 – Plus Bond awards 1 22 36 37 2011 Partner Asset Facility awards 2 2 7 77 Adjustable Performance Plan share awards 3 0 0 31 Adjustable Performance Plan cash awards 3 0 0 4 Restricted Cash Awards 39 92 145 Scaled Incentive Share Units 3 0 (3) 41 Incentive Share Units 4 0 0 (3) 2008 Partner Asset Facility awards 5 34 87 93 Other cash awards 414 404 434 Discontinued operations 0 (8) (21) Total deferred compensation expense 2,372 2,392 2,242 Total shares delivered (million) Total shares delivered 44.4 37.1 33.7 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the CCA conversion. 3 Includes forfeitures and downward adjustments according to the plan terms and conditions. 4 Includes forfeitures. 5 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. |
Additional information | Estimated unrecognized deferred compensation end of 2015 Estimated unrecognized compensation expense (CHF million) Share awards 573 Performance share awards 165 Contingent Capital Awards 230 Other cash awards 176 Total 1,144 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.3 Does not include the estimated unrecognized compensation expense relating to grants made in 2016 for 2015. |
Contingent Capital Awards (CCA) | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | CCA granted in January for previous years For compensation year 2015 2014 2013 CCA granted in January CCA awarded (CHF million) 226 360 391 |
Stock compensation plan | Share awards | |
Share-based compensation disclosures | |
Share-based award activities | Share award activities 2015 2014 2013 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 77.1 28.64 72.9 30.09 55.8 34.28 Granted 47.5 1 16.67 37.6 27.60 40.4 26.43 Settled (40.3) 29.00 (29.5) 30.43 (20.0) 34.09 Forfeited (4.0) 24.29 (3.9) 32.20 (3.3) 31.80 Balance at end of period 80.3 21.58 77.1 28.64 72.9 30.09 of which vested 4.7 – 6.2 – 5.8 – of which unvested 75.6 – 70.9 – 67.1 – 1 Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Share awards granted in January for previous years For compensation year 2015 2014 2013 Share awards granted in January Shares awarded (million) 28.8 37.2 30.2 Value of shares awarded (CHF million) 549 642 827 Fair value of each share awarded (CHF) 18.62 1 16.94 2 28.13 2 1 Based on the Group’s share price on the grant date. 2 Based on the Group’s share price on the grant date discounted for future expected dividends. |
Stock compensation plan | Adjustable Performance Plan share awards | |
Share-based compensation disclosures | |
Share-based award activities | Adjustable Performance Plan share award activities 2015 2014 2013 Number of Number of Number of Adjustable Performance Plan share awards Balance at beginning of period 7.3 14.5 30.8 Granted 1 0.3 0.8 1.2 Settled (7.6) (7.6) (17.2) Forfeited 0.0 (0.4) (0.3) Balance at end of period 0.0 7.3 14.5 of which vested 0.0 1.1 1.2 of which unvested 0.0 6.2 13.3 1 Represents additional units earned in the first quarter of 2015, 2014 and 2013 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. |
Stock compensation plan | Incentive Share Unit (ISU) | |
Share-based compensation disclosures | |
Share-based award activities | Incentive Share Unit activities 2015 2014 2013 ISU awards (million) Balance at beginning of period 0.6 1.2 3.6 Settled (0.2) (0.1) (1.8) Forfeited (0.2) (0.5) (0.6) Balance at end of period 0.2 0.6 1.2 of which vested 0.1 0.1 0.1 of which unvested 0.1 0.5 1.1 |
Stock compensation plan | Phantom and Blocked Shares [Member] | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Blocked share awards granted in January for previous years For compensation year 2015 2014 2013 Blocked share awards granted in January Shares awarded (million) 0.6 1.6 0.6 Value of shares awarded (CHF million) 12 36 18 |
Performance shares | Performance share awards | |
Share-based compensation disclosures | |
Share-based award activities | Performance share award activities 2015 2014 2013 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 48.2 26.89 41.4 25.51 23.3 23.90 Granted 32.5 1 16.11 24.3 28.13 26.6 26.44 Settled (23.4) 26.24 (16.0) 25.27 (7.6) 23.90 Forfeited (1.4) 21.75 (1.5) 26.28 (0.9) 24.92 Balance at end of period 55.9 21.01 48.2 26.89 41.4 25.51 of which vested 3.3 – 3.3 – 2.7 – of which unvested 52.6 – 44.9 – 38.7 – 1 Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted performance shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Performance share awards granted in January for previous years For compensation year 2015 2014 2013 Performance share awards granted in January Shares awarded (million) 21.3 30.7 24.2 Value of shares awarded (CHF million) 429 529 663 Fair value of each performance share awarded (CHF) 18.62 1 16.94 2 28.13 2 1 Based on the Group’s share price on the grant date. 2 Based on the Group’s share price on the grant date discounted for future expected dividends. |
Bank | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2015 2014 2013 Deferred compensation expense (CHF million) Share awards 849 935 806 Performance share awards 562 610 580 Contingent Capital Awards 429 213 – Capital Opportunity Facility awards 16 13 – Plus Bond awards 1 22 36 37 2011 Partner Asset Facility awards 2 2 7 77 Adjustable Performance Plan share awards 3 0 0 30 Adjustable Performance Plan cash awards 3 0 0 4 Restricted Cash Awards 39 92 145 Scaled Incentive Share Units 3 0 (3) 38 Incentive Share Units 4 0 0 (3) 2008 Partner Asset Facility awards 5 34 87 93 Other cash awards 398 394 430 Discontinued operations 0 (8) (21) Total deferred compensation expense 2,351 2,376 2,216 Total shares delivered (million) Total shares delivered 43.8 36.5 32.6 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year vesting period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets prior to the CCA conversion. 3 Including forfeitures and downward adjustments according to the plan terms and conditions. 4 Includes forfeitures. 5 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. |
Additional information | Estimated unrecognized deferred compensation end of 2015 Estimated unrecognized compensation expense (CHF million) Share awards 569 Performance share awards 164 Contingent Capital Awards 230 Other cash awards 155 Total 1,118 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.2 Does not include the estimated unrecognized compensation expense relating to grants made in 2016 for 2015. |
Bank | Contingent Capital Awards (CCA) | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | CCA granted in January for previous years For compensation year 2015 2014 2013 CCA granted in January CCA awarded (CHF million) 217 355 391 |
Bank | Stock compensation plan | Share awards | |
Share-based compensation disclosures | |
Share-based award activities | Share award activities 2015 2014 2013 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 76.5 28.63 72.2 30.07 55.1 34.27 Granted 46.1 1 16.49 37.3 27.60 40.0 26.43 Settled (39.8) 29.02 (29.1) 30.41 (19.6) 34.12 Forfeited (3.9) 24.03 (3.9) 32.24 (3.3) 32.04 Balance at end of period 78.9 21.56 76.5 28.63 72.2 30.07 of which vested 4.7 – 6.1 – 5.8 – of which unvested 74.2 – 70.4 – 66.4 – 1 Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Share awards granted in January for previous years For compensation year 2015 2014 2013 Share awards granted in January Shares awarded (million) 28.7 36.9 30.1 Value of shares awarded (CHF million) 547 636 824 |
Bank | Stock compensation plan | Adjustable Performance Plan share awards | |
Share-based compensation disclosures | |
Share-based award activities | Adjustable Performance Plan share award activities Number of APP share 2015 2014 2013 Adjustable Performance Plan share awards Balance at beginning of period 7.1 14.0 29.7 Granted 1 0.3 0.8 1.1 Settled (7.4) (7.3) (16.5) Forfeited 0.0 (0.4) (0.3) Balance at end of period 0.0 7.1 14.0 of which vested 0.0 1.1 1.2 of which unvested 0.0 6.0 12.8 1 Represents additional units earned in the first quarter of 2015, 2014 and 2013 as the original Adjustable Performance Plan awards met performance criteria in accordance with the terms and conditions of the awards. |
Bank | Stock compensation plan | Incentive Share Unit (ISU) | |
Share-based compensation disclosures | |
Share-based award activities | Incentive Share Unit activities 2015 2014 2013 ISU awards (million) Balance at beginning of period 0.6 1.2 3.6 Settled (0.2) (0.1) (1.8) Forfeited (0.2) (0.5) (0.6) Balance at end of period 0.2 0.6 1.2 of which vested 0.1 0.1 0.1 of which unvested 0.1 0.5 1.1 |
Bank | Stock compensation plan | Phantom and Blocked Shares [Member] | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Blocked share awards granted in January for previous years For compensation year 2015 2014 2013 Blocked share awards granted in January Shares awarded (million) 0.6 1.5 0.5 Value of shares awarded (CHF million) 12 35 15 |
Bank | Performance shares | Performance share awards | |
Share-based compensation disclosures | |
Share-based award activities | Performance share award activities 2015 2014 2013 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 47.5 26.89 40.7 25.51 22.9 23.90 Granted 32.1 1 16.11 24.0 28.13 26.2 26.44 Settled (23.0) 26.25 (15.8) 25.27 (7.5) 23.90 Forfeited (1.3) 21.78 (1.4) 26.28 (0.9) 24.92 Balance at end of period 55.3 21.01 47.5 26.89 40.7 25.51 of which vested 3.3 – 3.2 2.7 – of which unvested 52.0 – 44.3 38.0 – 1 Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted performance shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Performance share awards granted in January for previous years For compensation year 2015 2014 2013 Performance share awards granted in January Shares awarded (million) 21.2 30.3 23.9 Value of shares awarded (CHF million) 427 523 654 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Executive Board and Board of Directors loans | in 2015 2014 2013 Loans to members of the Executive Board (CHF million) Balance at beginning of period 5 1 10 8 Additions 21 3 4 Reductions 0 (8) (2) Balance at end of period 26 1 5 10 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 16 2 55 41 Additions 1 6 16 Reductions (9) (45) (2) Balance at end of period 8 2 16 55 1 The number of individuals with outstanding loans at the beginning and the end of the year was three and seven, respectively. 2 The number of individuals with outstanding loans at the beginning and the end of the year was three. |
Loans outstanding made by the Group or any subsidiaries to equity method investees | Loans made by the Group or any subsidiaries to equity method investees in 2015 2014 2013 Loans to equity method investees (CHF million) Balance at beginning of period 13 10 12 Net borrowings/(repayments) 122 3 (2) Balance at end of period 135 13 10 |
Bank | |
Executive Board and Board of Directors loans | Executive Board and Board of Directors loans 2015 2014 2013 Loans to members of the Executive Board (CHF million) Balance at beginning of period 5 1 10 8 Additions 21 3 4 Reductions 0 (8) (2) Balance at end of period 26 1 5 10 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 16 2 55 41 Additions 1 6 16 Reductions (9) (45) (2) Balance at end of period 8 2 16 55 1 The number of individuals with outstanding loans at the beginning and the end of the year was two and six, respectively. 2 The number of individuals with outstanding loans at the beginning and the end of the year was three. |
Schedule of Related Party Transactions [Table Text Block] | Related party assets and liabilities end of 2015 2014 Assets (CHF million) Cash and due from banks 1,345 2 Interest-bearing deposits with banks 4,091 2,862 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 387 0 Trading assets 143 220 Net loans 5,154 6,453 Other assets 89 27 Total assets 11,209 9,564 Liabilities (CHF million) Due to banks/customer deposits 1,838 1,916 Trading liabilities 87 15 Long-term debt 4,092 4,042 Other liabilities 232 224 Total liabilities 6,249 6,197 Related party revenues and expenses in 2015 2014 2013 Revenues (CHF million) Interest and dividend income 5 70 45 Interest expense (269) (223) (55) Net interest income (264) (153) (10) Commissions and fees 4 (11) (21) Other revenues 169 178 172 Net revenues (91) 14 141 Expenses (CHF million) Total operating expenses 193 165 288 Related party guarantees end of 2015 2014 Guarantees (CHF million) Credit guarantees and similar instruments 0 1 Performance guarantees and similar instruments 0 1 Other guarantees 65 0 Total guarantees 65 2 |
Pension and other post-retire80
Pension and other post-retirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components of total pension costs | Components of total benefit costs Defined benefit Other post-retirement Switzerland International International in 2015 2014 2013 2015 2014 2013 2015 2014 2013 Total benefit costs (CHF million) Service costs on benefit obligation 298 253 347 21 19 24 0 0 0 Interest costs on benefit obligation 189 338 304 129 134 122 7 7 8 Expected return on plan assets (592) (547) (575) (195) (178) (161) 0 0 0 Amortization of recognized prior service cost/(credit) (85) (88) (92) 0 0 0 (23) (9) 0 Amortization of recognized actuarial losses/(gains) 351 137 258 84 52 79 14 9 13 Net periodic benefit costs/(credits) 161 93 242 39 27 64 (2) 7 21 Settlement losses/(gains) 24 44 40 (1) (2) 0 0 0 0 Curtailment losses/(gains) (2) (9) (28) 0 0 0 0 0 0 Special termination benefits 9 17 19 0 0 0 0 0 0 Total benefit costs/(credits) 192 145 273 38 25 64 (2) 7 21 |
Obligations and funded status of the plans | Obligations and funded status of the plans Defined benefit Other post-retirement Switzerland International International in / end of 2015 2014 2015 2014 2015 2014 PBO (CHF million) 1 Beginning of the measurement period 15,661 13,473 3,539 2,843 178 168 Plan participant contributions 198 200 0 0 0 0 Service cost 298 253 21 19 0 0 Interest cost 189 338 129 134 7 7 Plan amendments (302) 0 0 0 0 (32) Settlements (77) (169) 0 (4) 0 0 Curtailments (9) (16) 0 0 0 0 Special termination benefits 9 17 2 1 0 0 Actuarial losses/(gains) 818 2,280 (97) 463 4 25 Benefit payments (697) (715) (113) (109) (10) (8) Exchange rate losses/(gains) 0 0 (115) 192 1 18 End of the measurement period 16,088 15,661 3,366 3,539 180 178 Fair value of plan assets (CHF million) Beginning of the measurement period 15,635 14,912 3,876 3,007 0 0 Actual return on plan assets 134 970 62 637 0 0 Employer contributions 409 437 19 135 10 8 Plan participant contributions 198 200 0 0 0 0 Settlements (77) (169) 0 (2) 0 0 Benefit payments (697) (715) (113) (109) (10) (8) Exchange rate gains/(losses) 0 0 (132) 208 0 0 End of the measurement period 15,602 15,635 3,712 3,876 0 0 Funded status recognized (CHF million) Funded status of the plan – overfunded/(underfunded) (486) (26) 346 337 (180) (178) Funded status recognized in the consolidated balance sheet as of December 31 (486) (26) 346 337 (180) (178) Total amount recognized (CHF million) Noncurrent assets 0 0 825 822 0 0 Current liabilities 0 0 (9) (8) (11) (10) Noncurrent liabilities (486) (26) (470) (477) (169) (168) Total amount recognized in the consolidated balance sheet as of December 31 (486) (26) 346 337 (180) (178) ABO (CHF million) 2 End of the measurement period 15,160 15,110 3,315 3,469 180 178 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. |
Defined benefit pension plans in which PBO and ABO were in excess of plan assets | Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value of plan assets 1 ABO exceeds fair value of plan assets 1 Switzerland International Switzerland International December 31 2015 2014 2015 2014 2015 2014 2015 2014 CHF million PBO 16,088 15,661 1,630 1,671 0 0 1,613 1,655 ABO 15,160 15,110 1,600 1,637 0 0 1,589 1,627 Fair value of plan assets 15,602 15,635 1,152 1,187 0 0 1,137 1,173 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. |
Amounts recognized in AOCI, net of tax | Amounts recognized in AOCI, net of tax Defined benefit Other post-retirement end of 2015 2014 2015 2014 2015 2014 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (4,629) (3,960) (43) (50) (4,672) (4,010) Prior service credit/(cost) 604 435 3 17 607 452 Total (4,025) (3,525) (40) (33) (4,065) (3,558) |
Amounts recognized in other comprehensive income | Amounts recognized in other comprehensive income Defined benefit Other post-retirement in Gross Tax Net Gross Tax Net Total net 2015 (CHF million) Actuarial gains/(losses) (1,312) 276 (1,036) (4) 2 (2) (1,038) Prior service credit/(cost) 302 (64) 238 0 0 0 238 Amortization of actuarial losses/(gains) 435 (93) 342 14 (5) 9 351 Amortization of prior service cost/(credit) (85) 18 (67) (23) 9 (14) (81) Immediate recognition due to curtailment/settlement 30 (6) 24 0 0 0 24 Total (630) 131 (499) (13) 6 (7) (506) 2014 (CHF million) Actuarial gains/(losses) (1,861) 424 (1,437) (25) 9 (16) (1,453) Prior service credit/(cost) 0 0 0 32 (12) 20 20 Amortization of actuarial losses/(gains) 189 (43) 146 9 (3) 6 152 Amortization of prior service cost/(credit) (88) 18 (70) (9) 3 (6) (76) Immediate recognition due to curtailment/settlement 51 (10) 41 0 0 0 41 Total (1,709) 389 (1,320) 7 (3) 4 (1,316) |
Amounts in AOCI, net of tax, expected to be amortized in next fiscal year | Amounts in AOCI, net of tax, expected to be amortized in 2016 Defined benefit Other post-retirement CHF million Amortization of actuarial losses/(gains) 322 6 Amortization of prior service cost/(credit) (91) 0 Total 231 6 |
Weighted-average assumptions used to determine net periodic pension cost and benefit obligation | Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation Defined benefit Other post-retirement Switzerland International International December 31 2015 2014 2013 2015 2014 2013 2015 2014 2013 Net periodic benefit cost (%) Discount rate 1.25 2.60 2.20 3.82 4.71 4.47 4.20 5.10 4.30 Salary increases 1.00 1.20 1.20 4.19 4.31 4.02 – – – Expected long-term rate of return on plan assets 4.00 3.75 4.00 6.00 6.16 6.18 – – – Benefit obligation (%) Discount rate 0.90 1.25 2.60 4.05 3.82 4.71 4.50 4.20 5.10 Salary increases 1.00 1.00 1.20 3.56 4.19 4.31 – – – |
Health care cost trend rates and sensitivity | Health care cost trend rates and sensitivity in / end of 2015 2014 2013 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.00 8.00 8.00 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.2 0.2 1.3 One percentage point decrease in health care cost trend rates (0.2) (0.3) (1.0) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 4 5 23 One percentage point decrease in health care cost trend rates (4) (4) (19) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5% by 2022. |
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis end of 2015 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Plan assets at fair value (CHF million) Cash and cash equivalents 982 171 0 1,153 2,983 0 0 2,983 Debt securities 725 3,399 2 4,126 421 2,939 0 3,360 of which governments 3 11 0 14 338 0 0 338 of which corporates 722 3,388 2 4,112 83 2,939 0 3,022 Equity securities 1,351 4,246 0 5,597 2,545 2,222 0 4,767 Real estate 0 647 1,156 1,803 0 534 1,146 1,680 of which direct 0 0 1,156 1,156 0 0 1,146 1,146 of which indirect 0 647 0 647 0 534 0 534 Alternative investments 255 0 2,668 2,923 508 87 2,250 2,845 of which private equity 0 0 739 739 0 0 692 692 of which hedge funds 0 0 1,135 1,135 0 0 953 953 of which other 255 0 794 1,049 508 87 605 1,200 Switzerland 3,313 8,463 3,826 15,602 6,457 5,782 3,396 15,635 Cash and cash equivalents 32 210 0 242 191 88 0 279 Debt securities 890 744 292 1,926 189 1,590 267 2,046 of which governments 368 7 0 375 8 562 0 570 of which corporates 522 737 292 1,551 181 1,028 267 1,476 Equity securities 339 520 77 936 216 666 0 882 Real estate – indirect 0 87 48 135 0 0 117 117 Alternative investments (15) 308 79 372 0 386 58 444 of which hedge funds 0 78 79 157 0 111 58 169 of which other (15) 1 230 0 215 0 275 0 275 Other investments 0 101 0 101 0 108 0 108 International 1,246 1,970 496 3,712 596 2,838 442 3,876 Total plan assets at fair value 4,559 10,433 4,322 19,314 7,053 8,620 3,838 19,511 1 Primarily related to derivative instruments. |
Plan assets measured at fair value on a recurring basis for level 3 | Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2015 (CHF million) Debt securities – corporates 267 2 (12) 2 0 35 0 294 Equity securities 0 77 0 0 0 0 0 77 Real estate 1,263 0 (87) 39 0 (12) 1 1,204 of which direct 1,146 0 0 26 0 (16) 0 1,156 of which indirect 117 0 (87) 13 0 4 1 48 Alternative investments 2,308 6 0 101 (35) 367 0 2,747 of which private equity 692 0 0 11 (26) 62 0 739 of which hedge funds 1,011 6 0 37 9 151 0 1,214 of which other 605 0 0 53 (18) 154 0 794 Total plan assets at fair value 3,838 85 (99) 142 (35) 390 1 4,322 of which Switzerland 3,396 2 0 126 (34) 336 0 3,826 of which International 442 83 (99) 16 (1) 54 1 496 2014 (CHF million) Debt securities – corporates 177 2 0 (13) 17 65 19 267 Real estate 1,219 0 (2) 32 0 3 11 1,263 of which direct 1,123 0 0 23 0 0 0 1,146 of which indirect 96 0 (2) 9 0 3 11 117 Alternative investments 744 1,378 (5) 79 (1) 112 1 2,308 of which private equity 607 0 (1) 40 0 46 0 692 of which hedge funds 3 953 0 (10) (1) 65 1 1,011 of which other 134 425 (4) 49 0 1 0 605 Total plan assets at fair value 2,140 1,380 (7) 98 16 180 31 3,838 of which Switzerland 1,862 1,378 (2) 111 0 47 0 3,396 of which International 278 2 (5) (13) 16 133 31 442 |
Weighted-average plan asset allocation as of the measurement date | Weighted-average plan asset allocation Switzerland International December 31 2015 2014 2015 2014 Weighted-average plan asset allocation (%) Cash and cash equivalents 7.4 19.1 6.5 7.2 Debt securities 26.4 21.5 51.9 52.7 Equity securities 35.9 30.5 25.2 22.8 Real estate 11.6 10.7 3.6 3.0 Alternative investments 18.7 18.2 10.0 11.5 Insurance 0.0 0.0 2.8 2.8 Total 100.0 100.0 100.0 100.0 |
Weighted-average target plan asset allocation to be applied prospectively | Weighted-average target plan asset allocation for 2016 Switzerland International 2016 (%) Cash and cash equivalents 10.0 0.3 Debt securities 32.0 56.6 Equity securities 30.0 23.0 Real estate 10.0 4.2 Alternative investments 18.0 13.1 Insurance 0.0 2.8 Total 100.0 100.0 |
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments for defined benefit plans Defined benefit Other post-retirement Estimated future benefit payments (CHF million) 2016 1,122 11 2017 943 12 2018 932 12 2019 927 13 2020 938 13 For five years thereafter 4,870 62 |
Bank | |
Components of total pension costs | Components of total benefit costs International single-employer Other post-retirement in 2015 2014 2013 2015 2014 2013 Total benefit costs (CHF million) Service costs on benefit obligation 21 19 24 0 0 0 Interest costs on benefit obligation 129 134 122 7 7 8 Expected return on plan assets (195) (178) (161) 0 0 0 Amortization of recognized prior service cost/(credit) 0 0 0 (23) (9) 0 Amortization of recognized actuarial losses/(gains) 84 52 79 14 9 13 Net periodic benefit costs/(credits) 39 27 64 (2) 7 21 Settlement losses/(gains) (1) (2) 0 0 0 0 Total benefit costs/(credits) 38 25 64 (2) 7 21 |
Obligations and funded status of the plans | Obligations and funded status of the plans International in / end of 2015 2014 2015 2014 PBO (CHF million) 1 Beginning of the measurement period 3,539 2,843 178 168 Service cost 21 19 0 0 Interest cost 129 134 7 7 Plan amendments 0 0 0 (32) Settlements 0 (4) 0 0 Special termination benefits 2 1 0 0 Actuarial losses/(gains) (97) 463 4 25 Benefit payments (113) (109) (10) (8) Exchange rate losses/(gains) (115) 192 1 18 End of the measurement period 3,366 3,539 180 178 Fair value of plan assets (CHF million) Beginning of the measurement period 3,876 3,007 0 0 Actual return on plan assets 62 637 0 0 Employer contributions 19 135 10 8 Settlements 0 (2) 0 0 Benefit payments (113) (109) (10) (8) Exchange rate gains/(losses) (132) 208 0 0 End of the measurement period 3,712 3,876 0 0 Total funded status recognized (CHF million) Funded status of the plan – over/(underfunded) 346 337 (180) (178) Funded status recognized in the consolidated balance sheet as of December 31 346 337 (180) (178) Total amount recognized (CHF million) Noncurrent assets 825 822 0 0 Current liabilities (9) (8) (11) (10) Noncurrent liabilities (470) (477) (169) (168) Total amount recognized in the consolidated balance sheet as of December 31 346 337 (180) (178) ABO (CHF million) 2 End of the measurement period 3,315 3,469 180 178 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. |
Defined benefit pension plans in which PBO and ABO were in excess of plan assets | Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value 1 ABO exceeds fair value 1 December 31 2015 2014 2015 2014 CHF million PBO 1,630 1,671 1,613 1,655 ABO 1,600 1,637 1,589 1,627 Fair value of plan assets 1,152 1,187 1,137 1,173 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. |
Amounts recognized in AOCI, net of tax | Amounts recognized in AOCI, net of tax International end of 2015 2014 2015 2014 2015 2014 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (569) (606) (43) (50) (612) (656) Prior service credit/(cost) 0 0 3 17 3 17 Total (569) (606) (40) (33) (609) (639) |
Amounts recognized in other comprehensive income | Amounts recognized in other comprehensive income International single-employer Other post-retirement in Gross Tax Net Gross Tax Net Total net 2015 (CHF million) Actuarial gains/(losses) (36) 8 (28) (4) 2 (2) (30) Amortization of actuarial losses/(gains) 84 (19) 65 14 (5) 9 74 Amortization of prior service cost/(credit) 0 0 0 (23) 9 (14) (14) Immediate recognition due to curtailment/settlement (1) 0 (1) 0 0 0 (1) Total 47 (11) 36 (13) 6 (7) 29 2014 (CHF million) Actuarial gains/(losses) (5) 35 30 (25) 9 (16) 14 Prior service credit/(cost) 0 0 0 32 (12) 20 20 Amortization of actuarial losses/(gains) 52 (14) 38 9 (3) 6 44 Amortization of prior service cost/(credit) 0 0 0 (9) 3 (6) (6) Total 47 21 68 7 (3) 4 72 |
Amounts in AOCI, net of tax, expected to be amortized in next fiscal year | Amounts in AOCI, net of tax, expected to be amortized in 2016 International CHF million Amortization of actuarial losses/(gains) 33 6 Total 33 6 |
Weighted-average assumptions used to determine net periodic pension cost and benefit obligation | Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation International single-employer Other post-retirement December 31 2015 2014 2013 2015 2014 2013 Net periodic benefit cost (%) Discount rate 3.82 4.71 4.47 4.20 5.10 4.30 Salary increases 4.19 4.31 4.02 – – – Expected long-term rate of return on plan assets 6.00 6.16 6.18 – – – Benefit obligation (%) Discount rate 4.05 3.82 4.71 4.50 4.20 5.10 Salary increases 3.56 4.19 4.31 – – – |
Health care cost trend rates and sensitivity | Health care cost trend rates and sensitivity in / end of 2015 2014 2013 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.00 8.00 8.00 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.2 0.2 1.3 One percentage point decrease in health care cost trend rates (0.2) (0.3) (1.0) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 4 5 23 One percentage point decrease in health care cost trend rates (4) (4) (19) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5% by 2022. |
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis end of 2015 2014 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Plan assets at fair value (CHF million) Cash and cash equivalents 32 210 0 242 191 88 0 279 Debt securities 890 744 292 1,926 189 1,590 267 2,046 of which governments 368 7 0 375 8 562 0 570 of which corporates 522 737 292 1,551 181 1,028 267 1,476 Equity securities 339 520 77 936 216 666 0 882 Real estate – indirect 0 87 48 135 0 0 117 117 Alternative investments (15) 308 79 372 0 386 58 444 of which hedge funds 0 78 79 157 0 111 58 169 of which other (15) 1 230 0 215 0 275 0 275 Other investments 0 101 0 101 0 108 0 108 Total plan assets at fair value 1,246 1,970 496 3,712 596 2,838 442 3,876 1 Primarily related to derivative instruments. |
Plan assets measured at fair value on a recurring basis for level 3 | Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2015 (CHF million) Debt securities – corporates 267 0 (12) 2 0 35 0 292 Equity securities 0 77 0 0 0 0 0 77 Real estate – indirect 117 0 (87) 12 0 4 2 48 Alternative investments 58 6 0 1 (1) 15 0 79 of which hedge funds 58 6 0 1 (1) 15 0 79 Total plan assets at fair value 442 83 (99) 15 (1) 54 2 496 2014 (CHF million) Debt securities – corporates 177 2 0 (13) 17 65 19 267 Real estate – indirect 94 0 0 9 0 3 11 117 Alternative investments 7 0 (4) (10) (1) 65 1 58 of which hedge funds 3 0 0 (10) (1) 65 1 58 of which other 4 0 (4) 0 0 0 0 0 Total plan assets at fair value 278 2 (4) (14) 16 133 31 442 |
Weighted-average plan asset allocation as of the measurement date | Weighted-average plan asset allocation December 31 2015 2014 Weighted-average plan asset allocation (%) Cash and cash equivalents 6.5 7.2 Debt securities 51.9 52.7 Equity securities 25.2 22.8 Real estate 3.6 3.0 Alternative investments 10.0 11.5 Insurance 2.8 2.8 Total 100.0 100.0 |
Weighted-average target plan asset allocation to be applied prospectively | Weighted-average target plan asset allocation for 2016 2016 (%) Cash and cash equivalents 0.3 Debt securities 56.6 Equity securities 23.0 Real estate 4.2 Alternative investments 13.1 Insurance 2.8 Total 100.0 |
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments for defined benefit plans International Estimated future benefit payments (CHF million) 2016 82 11 2017 92 12 2018 98 12 2019 106 13 2020 122 13 For five years thereafter 722 62 |
Derivatives and hedging activ81
Derivatives and hedging activities (Tables) | 12 Months Ended |
Dec. 31, 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 7,229.5 1.0 1.2 0.0 0.0 0.0 Swaps 16,737.7 118.3 112.8 54.3 1.3 1.0 Options bought and sold (OTC) 2,856.0 49.2 47.4 0.0 0.0 0.0 Futures 1,789.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 198.4 0.1 0.0 0.0 0.0 0.0 Interest rate products 28,811.5 168.6 161.4 54.3 1.3 1.0 Forwards 1,498.4 16.6 16.9 10.7 0.0 0.1 Swaps 1,050.7 30.5 40.8 0.0 0.0 0.0 Options bought and sold (OTC) 534.8 12.8 12.8 8.2 0.0 0.0 Futures 22.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 13.0 0.3 0.3 0.0 0.0 0.0 Foreign exchange products 3,119.4 60.2 70.8 18.9 0.0 0.1 Forwards 1.3 0.0 0.1 0.0 0.0 0.0 Swaps 203.8 5.1 6.7 0.0 0.0 0.0 Options bought and sold (OTC) 193.1 8.4 7.5 0.0 0.0 0.0 Futures 39.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 284.4 9.1 11.4 0.0 0.0 0.0 Equity/index-related products 722.5 22.6 25.7 0.0 0.0 0.0 Credit derivatives 2 831.9 17.8 17.3 0.0 0.0 0.0 Forwards 6.3 0.1 0.1 0.0 0.0 0.0 Swaps 19.6 2.6 1.7 0.0 0.0 0.0 Options bought and sold (OTC) 8.8 0.4 0.3 0.0 0.0 0.0 Futures 11.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.1 0.1 0.1 0.0 0.0 0.0 Other products 3 47.7 3.2 2.2 0.0 0.0 0.0 Total derivative instruments 33,533.0 272.4 277.4 73.2 1.3 1.1 The notional amount, PRV and NRV (trading and hedging) was CHF 33,606.2 billion, CHF 273.7 billion and CHF 278.5 billion, respectively, as of December 31, 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 2015 2014 2013 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (117) (231) 437 Foreign exchange products 0 3 (9) Total (117) (228) 428 Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 101 227 (435) Foreign exchange products 0 (3) 9 Total 101 224 (426) Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion (16) (4) 2 Represents gains/(losses) recognized in trading revenues. |
Cash flow hedges | Cash flow hedges in 2015 2014 2013 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products 21 40 7 Foreign exchange products (32) (43) 13 Total (11) (3) 20 Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 37 1 21 2 3 2 Foreign exchange products (61) 2,3,4 (8) 3,4 (3) 3 Total (24) 13 0 Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portion 2 (12) (1) 1 Represents gains/(losses) on effective portion. 1 Included in interest and dividend income. 2 Included in trading revenues. 3 Included in other revenues. 4 Included in total other operating expenses. |
Net investment hedges | Net investment hedges in 2015 2014 2013 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products 440 (1,672) 504 Total 440 (1,672) 504 Gains/(losses) reclassified from AOCI into income (CHF million) Foreign exchange products 1 0 0 2 Total 0 0 2 Represents gains/(losses) on effective portion. 1 Included in other revenues. |
Credit protection sold/purchased | Credit protection sold/purchased end of 2015 2014 1 Fair value 1 Fair value Single-name instruments (CHF billion) Investment grade 2 (199.6) 188.6 (11.0) 26.9 1.0 (266.5) 254.0 (12.5) 32.7 4.5 Non-investment grade (65.2) 61.1 (4.1) 15.7 (3.2) (103.9) 99.9 (4.0) 13.5 0.1 Total single-name instruments (264.8) 249.7 (15.1) 42.6 (2.2) (370.4) 353.9 (16.5) 46.2 4.6 of which sovereign (47.5) 43.9 (3.6) 6.1 (1.1) (76.2) 73.0 (3.2) 8.6 (1.1) of which non-sovereign (217.3) 205.8 (11.5) 36.5 (1.1) (294.2) 280.9 (13.3) 37.6 5.7 Multi-name instruments (CHF billion) Investment grade 2 (89.1) 88.3 (0.8) 31.6 (0.5) (162.2) 159.9 (2.3) 56.2 2.2 Non-investment grade (24.4) 18.0 3 (6.4) 6.2 0.2 (53.4) 51.1 3 (2.3) 12.1 1.0 Total multi-name instruments (113.5) 106.3 (7.2) 37.8 (0.3) (215.6) 211.0 (4.6) 68.3 3.2 of which sovereign (1.0) 1.0 0.0 1.0 0.0 (7.3) 7.2 (0.1) 1.1 0.0 of which non-sovereign (112.5) 105.3 (7.2) 36.8 (0.3) (208.3) 203.8 (4.5) 67.2 3.2 Total instruments (CHF billion) Investment grade 2 (288.7) 276.9 (11.8) 58.5 0.5 (428.7) 413.9 (14.8) 88.9 6.7 Non-investment grade (89.6) 79.1 (10.5) 21.9 (3.0) (157.3) 151.0 (6.3) 25.6 1.1 Total instruments (378.3) 356.0 (22.3) 80.4 (2.5) (586.0) 564.9 (21.1) 114.5 7.8 of which sovereign (48.5) 44.9 (3.6) 7.1 (1.1) (83.5) 80.2 (3.3) 9.7 (1.1) of which non-sovereign (329.8) 311.1 (18.7) 73.3 (1.4) (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 2015 2014 Special Special 1 Contingent credit risk (CHF billion) Current net exposure 13.2 0.5 1.4 15.1 14.0 0.8 1.6 16.4 Collateral posted 12.3 0.5 – 12.8 12.2 0.9 – 13.1 Additional collateral required in a one-notch downgrade event 0.7 0.4 0.1 1.2 0.7 0.5 0.1 1.3 Additional collateral required in a two-notch downgrade event 1.8 0.7 0.6 3.1 2.2 0.8 0.7 3.7 Additional collateral required in a three-notch downgrade event 2.1 1.3 0.8 4.2 2.7 1.4 1.0 5.1 1 Additional collateral required for accelerated terminations event has been corrected. |
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | Credit derivatives end of 2015 2014 Credit derivatives (CHF billion) Credit protection sold 378.3 586.0 Credit protection purchased 356.0 564.9 Other protection purchased 80.4 114.5 Other instruments 1 17.2 22.1 Total credit derivatives 831.9 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 2015 (CHF billion) Single-name instruments 52.1 196.4 16.3 264.8 Multi-name instruments 19.0 84.9 9.6 113.5 Total instruments 71.1 281.3 25.9 378.3 2014 (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 |
Bank | |
Fair value of derivative instruments | Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 7,229.5 1.0 1.2 0.0 0.0 0.0 Swaps 16,740.0 118.4 112.8 49.3 1.2 0.8 Options bought and sold (OTC) 2,856.0 49.2 47.3 0.0 0.0 0.0 Futures 1,789.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 198.4 0.1 0.0 0.0 0.0 0.0 Interest rate products 28,813.8 168.7 161.3 49.3 1.2 0.8 Forwards 1,499.1 16.6 16.9 10.7 0.0 0.1 Swaps 1,050.8 30.5 40.8 0.0 0.0 0.0 Options bought and sold (OTC) 534.8 12.8 12.8 8.2 0.0 0.0 Futures 22.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 13.0 0.3 0.3 0.0 0.0 0.0 Foreign exchange products 3,120.2 60.2 70.8 18.9 0.0 0.1 Forwards 1.3 0.0 0.1 0.0 0.0 0.0 Swaps 203.9 5.0 6.7 0.0 0.0 0.0 Options bought and sold (OTC) 193.9 8.7 8.0 0.0 0.0 0.0 Futures 39.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 284.4 9.1 11.4 0.0 0.0 0.0 Equity/index-related products 723.4 22.8 26.2 0.0 0.0 0.0 Credit derivatives 2 831.9 17.8 17.3 0.0 0.0 0.0 Forwards 6.3 0.1 0.1 0.0 0.0 0.0 Swaps 19.6 2.6 1.7 0.0 0.0 0.0 Options bought and sold (OTC) 8.8 0.4 0.3 0.0 0.0 0.0 Futures 11.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.1 0.1 0.1 0.0 0.0 0.0 Other products 3 47.7 3.2 2.2 0.0 0.0 0.0 Total derivative instruments 33,537.0 272.7 277.8 68.2 1.2 0.9 The notional amount, PRV and NRV (trading and hedging) was CHF 33,605.2 billion, CHF 273.9 billion and CHF 278.7 billion, respectively, as of December 31, 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 26,382.0 398.7 392.0 46.5 2.5 1.1 Options bought and sold (OTC) 3,582.9 66.2 63.8 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 44,022.6 470.4 461.5 46.5 2.5 1.1 Forwards 2,133.5 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 4,604.0 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) 237.7 11.1 10.4 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 948.5 30.7 31.5 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 50,984.8 627.3 631.2 70.2 2.5 1.5 The notional amount, PRV and NRV (trading and hedging) was CHF 51,055.0 billion, CHF 629.8 billion and CHF 632.7 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 2015 2014 2013 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (94) (142) 378 Foreign exchange products 0 3 (9) Total (94) (139) 369 Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 76 136 (375) Foreign exchange products 0 (3) 9 Total 76 133 (366) Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion (18) (6) 3 Represents gains/(losses) recognized in trading revenues. |
Cash flow hedges | Cash flow hedges in 2015 2014 2013 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products 21 40 7 Foreign exchange products (17) (47) 0 Total 4 (7) 7 Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 37 1 21 2 3 2 Foreign exchange products (53) 2,3 (5) 3 0 2 Total (16) 16 3 Details of cash flow hedges (CHF million) Net gains on the ineffective portion 2 (12) (1) 1 Represents gains/(losses) on effective portion. 1 Included in interest and other dividend income. 2 Included in trading revenues. 3 Included in total other operating expenses. |
Net investment hedges | Net investment hedges in 2015 2014 2013 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products 443 (1,672) 504 Total 443 (1,672) 504 Gains/(losses) reclassified from AOCI into income (CHF million) Foreign exchange products 1 0 0 2 Total 0 0 2 Represents gains/(losses) on effective portion. 1 Included in other revenues. |
Credit protection sold/purchased | Credit protection sold/purchased end of 2015 2014 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (199.6) 188.6 (11.0) 26.9 1.0 (266.5) 254.0 (12.5) 32.7 4.5 Non-investment grade (65.2) 61.1 (4.1) 15.7 (3.2) (103.9) 99.9 (4.0) 13.5 0.1 Total single-name instruments (264.8) 249.7 (15.1) 42.6 (2.2) (370.4) 353.9 (16.5) 46.2 4.6 of which sovereign (47.5) 43.9 (3.6) 6.1 (1.1) (76.2) 73.0 (3.2) 8.6 (1.1) of which non-sovereign (217.3) 205.8 (11.5) 36.5 (1.1) (294.2) 280.9 (13.3) 37.6 5.7 Multi-name instruments (CHF billion) Investment grade 2 (89.1) 88.3 (0.8) 31.6 (0.5) (162.2) 159.9 (2.3) 56.2 2.2 Non-investment grade (24.4) 18.0 3 (6.4) 6.2 0.2 (53.4) 51.1 3 (2.3) 12.1 1.0 Total multi-name instruments (113.5) 106.3 (7.2) 37.8 (0.3) (215.6) 211.0 (4.6) 68.3 3.2 of which sovereign (1.0) 1.0 0.0 1.0 0.0 (7.3) 7.2 (0.1) 1.1 0.0 of which non-sovereign (112.5) 105.3 (7.2) 36.8 (0.3) (208.3) 203.8 (4.5) 67.2 3.2 Total instruments (CHF billion) Investment grade 2 (288.7) 276.9 (11.8) 58.5 0.5 (428.7) 413.9 (14.8) 88.9 6.7 Non-investment grade (89.6) 79.1 (10.5) 21.9 (3.0) (157.3) 151.0 (6.3) 25.6 1.1 Total instruments (378.3) 356.0 (22.3) 80.4 (2.5) (586.0) 564.9 (21.1) 114.5 7.8 of which sovereign (48.5) 44.9 (3.6) 7.1 (1.1) (83.5) 80.2 (3.3) 9.7 (1.1) of which non-sovereign (329.8) 311.1 (18.7) 73.3 (1.4) (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 2015 2014 Special Special 1 Contingent credit risk (CHF billion) Current net exposure 13.2 0.5 1.4 15.1 14.0 0.8 1.6 16.4 Collateral posted 12.3 0.5 – 12.8 12.2 0.9 – 13.1 Additional collateral required in a one-notch downgrade event 0.7 0.4 0.1 1.2 0.7 0.5 0.1 1.3 Additional collateral required in a two-notch downgrade event 1.8 0.7 0.6 3.1 2.2 0.8 0.7 3.7 Additional collateral required in a three-notch downgrade event 2.1 1.3 0.8 4.2 2.7 1.4 1.0 5.1 1 Additional collateral required for accelerated terminations event has been corrected. |
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | Credit derivatives end of 2015 2014 Credit derivatives (CHF billion) Credit protection sold 378.3 586.0 Credit protection purchased 356.0 564.9 Other protection purchased 80.4 114.5 Other instruments 1 17.2 22.1 Total credit derivatives 831.9 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 2015 (CHF billion) Single-name instruments 52.1 196.4 16.3 264.8 Multi-name instruments 19.0 84.9 9.6 113.5 Total instruments 71.1 281.3 25.9 378.3 2014 (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) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees | Guarantees Maturity Maturity Maturity Maturity 1 2015 (CHF million) Credit guarantees and similar instruments 2,916 744 284 458 4,402 4,193 25 1,729 Performance guarantees and similar instruments 4,295 1,992 627 85 6,999 6,100 78 3,144 Securities lending indemnifications 0 0 0 0 0 0 0 0 Derivatives 2 23,529 10,061 3,149 1,450 38,189 38,189 755 – 3 Other guarantees 3,958 552 447 522 5,479 5,474 52 3,533 Total guarantees 34,698 13,349 4,507 2,515 55,069 53,956 910 8,406 2014 (CHF million) Credit guarantees and similar instruments 2,495 733 257 601 4,086 3,846 30 1,657 Performance guarantees and similar instruments 4,899 1,284 1,203 106 7,492 6,625 43 3,188 Securities lending indemnifications 12,257 0 0 0 12,257 12,257 0 12,257 Derivatives 2 24,599 6,157 986 1,816 33,558 33,558 954 – 3 Other guarantees 3,592 791 233 397 5,013 5,007 44 2,805 Total guarantees 47,842 8,965 2,679 2,920 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. |
Lease commitments | Lease commitments Lease commitments (CHF million) 2016 564 2017 547 2018 518 2019 483 2020 458 Thereafter 3,461 Future operating lease commitments 6,031 Less minimum non-cancellable sublease rentals 202 Total net future minimum lease commitments 5,829 |
Rental expenses for operating leases | Rental expense for operating leases in 2015 2014 2013 Rental expense for operating leases (CHF million) Minimum rental expense 558 572 642 Sublease rental income (92) (81) (85) Total net expenses for operating leases 466 491 557 |
Other commitments | Other commitments Maturity Maturity Maturity Maturity 1 2015 (CHF million) Irrevocable commitments under documentary credits 4,022 4 3 0 4,029 3,935 2,468 Irrevocable loan commitments 2 33,890 45,365 44,759 13,639 137,653 133,833 63,276 Forward reverse repurchase agreements 48 0 0 0 48 48 48 Other commitments 450 124 29 169 772 771 6 Total other commitments 38,410 45,493 44,791 13,808 142,502 138,587 65,798 2014 (CHF million) Irrevocable commitments under documentary credits 4,722 11 1 0 4,734 4,575 2,769 Irrevocable loan commitments 2 30,023 32,781 46,490 10,996 120,290 115,502 56,959 Forward reverse repurchase agreements 8,292 0 0 0 8,292 8,292 8,292 Other commitments 736 768 43 223 1,770 1,770 0 Total other commitments 43,773 33,560 46,534 11,219 135,086 130,139 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 98,495 million and CHF 100,905 million of unused credit limits as of December 31, 2015 and 2014, respectively, which were revocable at the Group's sole discretion upon notice to the client. |
Bank | |
Guarantees | Guarantees Maturity Maturity Maturity Maturity 1 2015 (CHF million) Credit guarantees and similar instruments 2,908 743 285 451 4,387 4,178 24 1,727 Performance guarantees and similar instruments 4,201 1,929 603 81 6,814 5,915 75 3,104 Securities lending indemnifications 0 0 0 0 0 0 0 0 Derivatives 2 23,528 10,061 3,149 1,451 38,189 38,189 755 – 3 Other guarantees 3,901 517 445 516 5,379 5,374 51 3,492 Total guarantees 34,538 13,250 4,482 2,499 54,769 53,656 905 8,323 2014 (CHF million) Credit guarantees and similar instruments 2,488 733 257 593 4,071 3,832 30 1,654 Performance guarantees and similar instruments 4,798 1,219 1,178 97 7,292 6,425 40 3,155 Securities lending indemnifications 12,257 0 0 0 12,257 12,257 0 12,257 Derivatives 2 24,599 6,157 981 1,815 33,552 33,552 954 – 3 Other guarantees 3,477 776 230 394 4,877 4,870 43 2,773 Total guarantees 47,619 8,885 2,646 2,899 62,049 60,936 1,067 19,839 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not significant. |
Lease commitments | Lease commitments Lease commitments (CHF million) 2016 563 2017 546 2018 517 2019 483 2020 458 Thereafter 3,460 Future operating lease commitments 6,027 Less minimum non-cancellable sublease rentals 200 Total net future minimum lease commitments 5,827 |
Rental expenses for operating leases | Rental expense for operating leases in 2015 2014 2013 Rental expense for operating leases (CHF million) Minimum rental expense 558 572 642 Sublease rental income (92) (81) (85) Total net expenses for operating leases 466 491 557 |
Other commitments | Other commitments Maturity Maturity Maturity Maturity 1 2015 (CHF million) Irrevocable commitments under documentary credits 4,020 4 3 0 4,027 3,932 2,468 Irrevocable loan commitments 33,776 45,286 44,755 13,586 137,403 2 133,583 63,275 Forward reverse repurchase agreements 48 0 0 0 48 48 48 Other commitments 404 124 29 168 725 726 6 Total other commitments 38,248 45,414 44,787 13,754 142,203 138,289 65,797 2014 (CHF million) Irrevocable commitments under documentary credits 4,717 11 1 0 4,729 4,570 2,769 Irrevocable loan commitments 29,938 32,751 46,440 10,965 120,094 2 115,306 56,958 Forward reverse repurchase agreements 8,292 0 0 0 8,292 8,292 8,292 Other commitments 690 768 43 223 1,724 1,724 0 Total other commitments 43,637 33,530 46,484 11,188 134,839 129,892 68,019 1 Total net amount is computed as the gross amount less any participations. 2 Irrevocable loan commitments do not include a total gross amount of CHF 95,025 million and CHF 97,608 million of unused credit limits as of December 31, 2015 and 2014, respectively, which were revocable at the Bank's sole discretion upon notice to the client. |
Transfers of financial assets83
Transfers of financial assets and variable interest entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Securitizations | Securitizations in 2015 2014 2013 Gains and cash flows (CHF million) CMBS Net gain 1 1 7 4 Proceeds from transfer of assets 9,813 5,335 5,574 Cash received on interests that continue to be held 148 102 70 RMBS Net gain/(loss) 1 5 13 (8) Proceeds from transfer of assets 20,062 22,728 24,523 Purchases of previously transferred financial assets or its underlying collateral (1) (4) (10) Servicing fees 3 2 4 Cash received on interests that continue to be held 457 444 486 Other asset-backed financings Net gain 1 24 29 15 Proceeds from transfer of assets 1,740 1,819 915 Purchases of previously transferred financial assets or its underlying collateral 2 0 0 (213) Cash received on interests that continue to be held 3 17 633 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 are the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present. |
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2015 2014 CHF million CMBS Principal amount outstanding 40,625 41,216 Total assets of SPE 56,118 53,354 RMBS Principal amount outstanding 54,164 49,884 Total assets of SPE 55,833 50,017 Other asset-backed financings Principal amount outstanding 21,653 26,176 Total assets of SPE 22,787 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 2015 2014 2013 CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 1,512 2,110 1,341 4,023 633 2,993 of which level 2 1,442 1,695 1,242 3,791 476 2,879 of which level 3 70 415 100 232 156 114 Weighted-average life, in years 8.2 9.0 4.1 7.7 7.3 7.7 Prepayment speed assumption (rate per annum), in % 1 – 2 1.1 – 30.1 – 2 1.5 – 23.0 – 2 2.0 – 31.0 Cash flow discount rate (rate per annum), in % 3 1.7 – 7.2 1.7 – 33.7 1.0 – 11.0 1.9 – 17.8 1.6 – 11.6 0.0 – 45.9 Expected credit losses (rate per annum), in % 0.7 – 5.9 0.5 – 15.9 1.0 – 2.2 0.4 – 15.3 0.0 – 7.5 0.0 – 45.8 Transfers of assets in which the Group does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 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 2015 2014 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 1,007 2,274 56 1,168 2,394 212 of which non-investment grade 73 581 55 79 246 146 Weighted-average life, in years 6.7 9.7 2.5 5.6 7.8 3.6 Prepayment speed assumption (rate per annum), in % 3 – 1.0 – 37.1 – – 1.0 – 36.6 – Impact on fair value from 10% adverse change – (30.5) – – (29.2) – Impact on fair value from 20% adverse change – (57.6) – – (56.4) – Cash flow discount rate (rate per annum), in % 4 2.1 – 13.3 1.5 – 35.5 5.7 – 21.2 1.6 – 22.3 1.7 – 44.0 0.3 – 21.2 Impact on fair value from 10% adverse change (18.1) (63.1) (0.7) (14.0) (43.8) (1.2) Impact on fair value from 20% adverse change (35.6) (122.5) (1.5) (27.4) (85.3) (2.4) Expected credit losses (rate per annum), in % 0.9 – 12.7 1.3 – 34.3 0.2 – 14.2 1.0 – 22.2 0.0 – 41.7 1.4 – 13.1 Impact on fair value from 10% adverse change (8.0) (32.3) (0.7) (7.1) (25.3) (0.4) Impact on fair value from 20% adverse change (15.9) (63.2) (1.5) (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 2015 2014 CHF million CMBS Other assets 0 26 Liability to SPE, included in Other liabilities 0 (26) RMBS Other assets 266 0 Liability to SPE, included in Other liabilities (266) 0 Other asset-backed financings Trading assets 155 138 Other assets 122 252 Liability to SPE, included in Other liabilities (277) (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 2015 (CHF million) Sales with total return swaps 395 397 398 7 7 Sales with longevity swaps 308 378 375 546 – Total transactions outstanding 703 775 773 553 2 7 3 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 Gross derivative assets of CHF 7 million and CHF 546 million included in equity/index-related products and other products, respectively, as disclosed in Note 32 – Derivatives and hedging activities. 3 Gross derivative liabilities of CHF 7 million included in equity/index-related products, as disclosed in Note 32 – 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 2015 CHF billion Government debt securities 21.1 Corporate debt securities 15.2 Asset-backed securities 21.6 Equity securities 0.1 Other 0.1 Securities sold under repurchase agreements 58.1 Government debt securities 3.1 Corporate debt securities 0.4 Equity securities 8.2 Other 0.3 Securities lending transactions 12.0 Government debt securities 0.5 Corporate debt securities 0.1 Equity securities 27.9 Obligation to return securities received as collateral, at fair value 28.5 Total 98.6 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31–90 More than 2015 (CHF billion) Securities sold under repurchase agreements 7.7 29.9 8.1 12.4 58.1 Securities lending transactions 6.0 3.6 1.8 0.6 12.0 Obligation to return securities received as collateral, at fair value 26.2 2.3 0.0 0.0 28.5 Total 39.9 35.8 9.9 13.0 98.6 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- 2015 (CHF million) Cash and due from banks 1,351 0 21 9 93 219 1,693 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 53 0 0 0 0 53 Trading assets 283 49 0 941 1,001 98 2,372 Investment securities 0 0 1,009 0 0 0 1,009 Other investments 0 0 0 0 1,553 433 1,986 Net loans 0 0 0 0 27 1,285 1,312 Premises and equipment 0 0 0 0 327 0 327 Other assets 10,839 123 1,671 0 83 1,735 14,451 of which loans held-for-sale 10,790 0 469 0 16 0 11,275 Total assets of consolidated VIEs 12,473 225 2,701 950 3,084 3,770 23,203 Trading liabilities 8 0 0 0 18 1 27 Short-term borrowings 0 0 81 0 0 0 81 Long-term debt 12,428 0 2,128 125 136 9 14,826 Other liabilities 51 3 3 1 135 643 836 Total liabilities of consolidated VIEs 12,487 3 2,212 126 289 653 15,770 2014 (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- 2015 (CHF million) Trading assets 90 6,021 871 425 8 7,415 Net loans 36 1,508 2,734 5,053 1,723 11,054 Other assets 0 11 13 0 161 185 Total variable interest assets 126 7,540 3,618 5,478 1,892 18,654 Maximum exposure to loss 126 12,986 3,618 11,866 2,570 31,166 Non-consolidated VIE assets 6,590 113,530 54,112 41,824 36,865 252,921 2014 (CHF million) Trading assets 179 5,009 1,201 494 625 7,508 Net loans 211 2,307 1 3,213 5,482 1 1,544 12,757 1 Other assets 0 4 20 0 189 213 Total variable interest assets 390 7,320 1 4,434 5,976 1 2,358 20,478 1 Maximum exposure to loss 752 12,830 1 4,589 11,157 1 2,358 31,686 1 Non-consolidated VIE assets 8,604 120,243 1 56,413 45,268 1 23,360 253,888 1 1 Prior period has been corrected. |
Bank | |
Securitizations | Securitizations in 2015 2014 2013 Gains and cash flows (CHF million) CMBS Net gain 1 1 7 4 Proceeds from transfer of assets 9,813 5,335 5,574 Cash received on interests that continue to be held 148 102 70 RMBS Net gain/(loss) 1 5 13 (8) Proceeds from transfer of assets 20,062 22,728 24,523 Purchases of previously transferred financial assets or its underlying collateral (1) (4) (10) Servicing fees 3 2 4 Cash received on interests that continue to be held 457 444 486 Other asset-backed financings Net gain 1 24 29 15 Proceeds from transfer of assets 1,740 1,819 915 Purchases of previously transferred financial assets or its underlying collateral 2 0 0 (213) Cash received on interests that continue to be held 3 17 633 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 Represents market making activity and voluntary repurchases at fair value where no repurchase obligations were present. |
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2015 2014 CHF million CMBS Principal amount outstanding 40,625 41,216 Total assets of SPE 56,118 53,354 RMBS Principal amount outstanding 54,164 49,884 Total assets of SPE 55,833 50,017 Other asset-backed financings Principal amount outstanding 21,653 26,176 Total assets of SPE 22,787 26,176 Principal amount outstanding relates to assets transferred from the Bank and does not include principle amounts for assets transferred from third parties. |
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | Key economic assumptions used in measuring fair value of beneficial interests at time of transfer at time of transfer, in 2015 2014 2013 CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 1,512 2,110 1,341 4,023 633 2,993 of which level 2 1,442 1,695 1,242 3,791 476 2,879 of which level 3 70 415 100 232 156 114 Weighted-average life, in years 8.2 9.0 4.1 7.7 7.3 7.7 Prepayment speed assumption (rate per annum), in % 1 – 2 1.1 – 30.1 – 2 1.5 – 23.0 – 2 2.0 – 31.0 Cash flow discount rate (rate per annum), in % 3 1.7 – 7.2 1.7 – 33.7 1.0 – 11.0 1.9 – 17.8 1.6 – 11.6 0.0 – 45.9 Expected credit losses (rate per annum), in % 0.7 – 5.9 0.5 – 15.9 1.0 – 2.2 0.4 – 15.3 0.0 – 7.5 0.0 – 45.8 Transfers of assets in which the Bank does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. |
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | Key economic assumptions used in measuring fair value of beneficial interests held in SPEs end of 2015 2014 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 1,007 2,274 56 1,168 2,394 212 of which non-investment grade 73 581 55 79 246 146 Weighted-average life, in years 6.7 9.7 2.5 5.6 7.8 3.6 Prepayment speed assumption (rate per annum), in % 3 – 1.0 – 37.1 – – 1.0 – 36.6 – Impact on fair value from 10% adverse change – (30.5) – – (29.2) – Impact on fair value from 20% adverse change – (57.6) – – (56.4) – Cash flow discount rate (rate per annum), in % 4 2.1 – 13.3 1.5 – 35.5 5.7 – 21.2 1.6 – 22.3 1.7 – 44.0 0.3 – 21.2 Impact on fair value from 10% adverse change (18.1) (63.1) (0.7) (14.0) (43.8) (1.2) Impact on fair value from 20% adverse change (35.6) (122.5) (1.5) (27.4) (85.3) (2.4) Expected credit losses (rate per annum), in % 0.9 – 12.7 1.3 – 34.3 0.2 – 14.2 1.0 – 22.2 0.0 – 41.7 1.4 – 13.1 Impact on fair value from 10% adverse change (8.0) (32.3) (0.7) (7.1) (25.3) (0.4) Impact on fair value from 20% adverse change (15.9) (63.2) (1.5) (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 2015 2014 CHF million CMBS Other assets 0 26 Liability to SPE, included in Other liabilities 0 (26) RMBS Other assets 266 0 Liability to SPE, included in Other liabilities (266) 0 Other asset-backed financings Trading assets 155 138 Other assets 122 252 Liability to SPE, included in Other liabilities (277) (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 2015 (CHF million) Sales with total return swaps 395 397 398 7 7 Sales with longevity swaps 308 378 375 546 – Total transactions outstanding 703 775 773 553 2 7 3 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 Gross derivative assets of CHF 7 million and CHF 546 million included in equity/index-related products and other products, respectively, as disclosed in Note 31 – Derivatives and hedging activities. 3 Gross derivative liabilities of CHF 7 million in equity/index-related products, as disclosed in Note 31 – Derivatives and hedging activities. |
Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2015 CHF billion Government debt securities 21.1 Corporate debt securities 15.2 Asset-backed securities 21.6 Equity securities 0.1 Other 0.1 Securities sold under repurchase agreements 58.1 Government debt securities 3.1 Corporate debt securities 0.4 Equity securities 8.2 Other 0.3 Securities lending transactions 12.0 Government debt securities 0.5 Corporate debt securities 0.1 Equity securities 27.9 Obligation to return securities received as collateral, at fair value 28.5 Total 98.6 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31-90 More than 2015 (CHF billion) Securities sold under repurchase agreements 7.7 29.9 8.1 12.4 58.1 Securities lending transactions 6.0 3.6 1.8 0.6 12.0 Obligation to return securities received as collateral, at fair value 26.2 2.3 0.0 0.0 28.5 Total 39.9 35.8 9.9 13.0 98.6 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. |
Consolidated VIEs in which the Group was primary beneficiary | Consolidated VIEs in which the Bank was the primary beneficiary Financial intermediation CP Securi- 2015 (CHF million) Cash and due from banks 1,351 0 21 9 93 219 1,693 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 53 0 0 0 0 53 Trading assets 283 49 0 941 1,001 98 2,372 Investment securities 0 0 1,009 0 0 0 1,009 Other investments 0 0 0 0 1,553 433 1,986 Net loans 0 0 0 0 27 1,285 1,312 Premises and equipment 0 0 0 0 299 0 299 Other assets 10,839 123 1,671 0 82 1,735 14,450 of which loans held-for-sale 10,790 0 469 0 16 0 11,275 Total assets of consolidated VIEs 12,473 225 2,701 950 3,055 3,770 23,174 Trading liabilities 8 0 0 0 18 1 27 Short-term borrowings 0 0 81 0 0 0 81 Long-term debt 12,428 0 2,128 125 136 9 14,826 Other liabilities 51 3 3 1 134 643 835 Total liabilities of consolidated VIEs 12,487 3 2,212 126 288 653 15,769 2014 (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 0 422 0 422 Other assets 8,726 262 4,741 3 195 2,205 16,132 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 3,268 3,654 25,318 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 29 573 124 146 828 1,727 Total liabilities of consolidated VIEs 10,351 9,431 2,991 340 268 1,220 24,601 |
Non-consolidated VIEs | Non-consolidated VIEs Financial intermediation Securi- 2015 (CHF million) Trading assets 90 6,021 871 425 8 7,415 Net loans 36 1,508 2,634 5,053 1,723 10,954 Other assets 0 11 13 0 161 185 Total variable interest assets 126 7,540 3,518 5,478 1,892 18,554 Maximum exposure to loss 126 12,986 3,518 11,866 2,570 31,066 Non-consolidated VIE assets 6,590 113,530 54,112 41,824 11,463 227,519 2014 (CHF million) Trading assets 179 5,009 1,201 494 625 7,508 Net loans 211 2,307 1 3,113 5,482 1 1,544 12,657 1 Other assets 0 4 20 0 189 213 Total variable interest assets 390 7,320 1 4,334 5,976 1 2,358 20,378 1 Maximum exposure to loss 752 12,830 1 4,489 11,157 1 2,358 31,586 1 Non-consolidated VIE assets 8,604 120,243 1 56,413 45,268 1 12,170 242,698 1 1 Prior period has been corrected. |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 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 89 0 – 89 Interest-bearing deposits with banks 0 2 0 – 2 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 83,407 158 – 83,565 Debt 811 493 0 – 1,304 of which corporates 0 261 0 – 261 Equity 27,141 66 0 – 27,207 Securities received as collateral 27,952 559 0 – 28,511 Debt 27,932 48,046 4,564 – 80,542 of which foreign governments 27,710 3,737 285 – 31,732 of which corporates 13 15,761 1,746 – 17,520 of which RMBS 0 22,302 814 – 23,116 of which CMBS 0 3,924 215 – 4,139 of which CDO 0 2,317 1,298 – 3,615 Equity 64,252 5,222 1,487 – 70,961 Derivatives 2,625 265,014 4,831 (244,105) 28,365 of which interest rate products 657 167,173 791 – – of which foreign exchange products 104 59,740 383 – – of which equity/index-related products 1,857 19,803 936 – – of which credit derivatives 0 16,267 1,568 – – Other 2,034 4,569 4,266 – 10,869 Trading assets 96,843 322,851 15,148 (244,105) 190,737 Debt 1,538 1,318 148 – 3,004 of which foreign governments 1,322 94 0 – 1,416 of which corporates 0 285 0 – 285 of which RMBS 0 602 148 – 750 of which CMBS 0 259 0 – 259 Equity 2 84 0 – 86 Investment securities 1,540 1,402 148 – 3,090 Private equity 0 0 1,042 – 1,042 of which equity funds 0 0 437 – 437 Hedge funds 0 98 197 – 295 of which debt funds 0 68 192 – 260 Other equity investments 0 79 1,150 – 1,229 of which private 0 70 1,149 – 1,219 Life finance instruments 0 2 1,669 – 1,671 Other investments 0 179 4,058 – 4,237 Loans 0 11,870 8,950 – 20,820 of which commercial and industrial loans 0 5,811 5,735 – 11,546 of which financial institutions 0 4,102 1,729 – 5,831 Other intangible assets (mortgage servicing rights) 0 0 112 – 112 Other assets 687 19,002 7,087 (1,149) 25,627 of which loans held-for-sale 0 14,378 6,768 – 21,146 Total assets at fair value 127,022 439,361 35,661 (245,254) 356,790 Less other investments - equity at fair value attributable to noncontrolling interests 0 (18) (583) – (601) Less assets consolidated under ASU 2009-17 2 0 (9,212) (3,558) – (12,770) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 127,022 430,131 31,520 (245,254) 343,419 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 0 482 0 – 482 Customer deposits 0 3,409 254 – 3,663 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 32,398 0 – 32,398 Debt 811 493 0 – 1,304 of which corporates 0 261 0 – 261 Equity 27,141 66 0 – 27,207 Obligation to return securities received as collateral 27,952 559 0 – 28,511 Debt 4,100 4,289 16 – 8,405 of which foreign governments 4,050 491 0 – 4,541 of which corporates 30 3,597 16 – 3,643 Equity 16,875 160 45 – 17,080 Derivatives 3,062 269,788 4,554 (253,918) 23,486 of which interest rate products 671 160,181 578 – – of which foreign exchange products 82 70,381 329 – – of which equity/index-related products 2,299 22,015 1,347 – – of which credit derivatives 0 15,522 1,757 – – Trading liabilities 24,037 274,237 4,615 (253,918) 48,971 Short-term borrowings 0 3,040 72 – 3,112 Long-term debt 0 66,808 14,123 – 80,931 of which treasury debt over two years 0 4,590 0 – 4,590 of which structured notes over one year and up to two years 0 6,396 364 – 6,760 of which structured notes over two years 0 38,066 9,924 – 47,990 of which other debt instruments over two years 0 1,435 638 – 2,073 of which other subordinated bonds 0 5,476 0 – 5,476 of which non-recourse liabilities 0 10,642 3,197 – 13,839 Other liabilities 0 10,224 2,491 (961) 11,754 of which failed sales 0 530 454 – 984 Total liabilities at fair value 51,989 391,157 21,555 (254,879) 209,822 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 2015 2014 Transfers Transfers Transfers Transfers Assets (CHF million) Debt 85 187 1,108 533 Equity 566 1,257 513 391 Derivatives 4,328 24 5,785 500 Trading assets 4,979 1,468 7,406 1,424 Liabilities (CHF million) Debt 108 79 861 658 Equity 85 139 133 90 Derivatives 4,552 114 6,073 87 Trading liabilities 4,745 332 7,067 835 |
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 (41) 0 0 259 (141) 0 0 0 0 4 158 Securities received as collateral 0 0 0 4 (4) 0 0 0 0 0 0 0 0 Debt 4,465 1,591 (1,463) 2,950 (2,974) 0 0 (30) 221 0 0 (196) 4,564 of which corporates 1,435 823 (467) 1,281 (1,388) 0 0 (17) 189 0 0 (110) 1,746 of which RMBS 612 492 (615) 1,064 (772) 0 0 (6) 29 0 0 10 814 of which CMBS 257 127 (83) 207 (265) 0 0 (2) (24) 0 0 (2) 215 of which CDO 1,421 72 (252) 379 (364) 0 0 (6) 51 0 0 (3) 1,298 Equity 1,566 749 (702) 1,228 (1,087) 0 0 (34) (228) 0 0 (5) 1,487 Derivatives 6,823 2,310 (1,243) 0 0 1,493 (3,875) 11 (545) 0 0 (143) 4,831 of which interest rate products 1,803 53 (282) 0 0 304 (719) 6 (341) 0 0 (33) 791 of which equity/index-related products 1,063 530 (362) 0 0 366 (680) 10 32 0 0 (23) 936 of which credit derivatives 2,569 1,574 (599) 0 0 405 (1,776) (5) (547) 0 0 (53) 1,568 Other 4,326 1,157 (896) 4,085 (4,276) 0 (292) (7) 182 0 0 (13) 4,266 Trading assets 17,180 5,807 (4,304) 8,263 (8,337) 1,493 (4,167) (60) (370) 0 0 (357) 15,148 Investment securities 3 8 (97) 320 (102) 0 (36) 6 39 0 0 7 148 Equity 3,449 1 (424) 240 (829) 0 0 0 (18) 70 59 (159) 2,389 Life finance instruments 1,834 0 0 201 (361) 0 0 0 (1) 0 0 (4) 1,669 Other investments 5,283 1 (424) 441 (1,190) 0 0 0 (19) 70 59 (163) 4,058 Loans 9,353 1,347 (1,153) 686 (1,055) 3,519 (3,371) 1 (207) (4) (14) (152) 8,950 of which commercial and industrial loans 5,853 985 (365) 69 (687) 2,205 (2,072) 1 (85) (4) (14) (151) 5,735 of which financial institutions 1,494 329 (266) 296 (213) 811 (639) 0 (85) 0 0 2 1,729 Other intangible assets (mortgage servicing rights) 70 0 0 18 0 0 0 0 9 0 14 1 112 Other assets 7,468 4,025 (3,937) 4,244 (3,691) 784 (1,309) (8) (208) 0 (5) (276) 7,087 of which loans held-for-sale 2 6,851 4,016 (3,841) 4,137 (3,410) 784 (1,309) (13) (178) 0 (3) (266) 6,768 Total assets at fair value 39,434 11,188 (9,956) 13,976 (14,379) 6,055 (9,024) (61) (756) 66 54 (936) 35,661 Liabilities (CHF million) Customer deposits 100 12 (16) 0 0 213 (28) 0 (18) 0 0 (9) 254 Obligation to return securities received as collateral 0 0 0 4 (4) 0 0 0 0 0 0 0 0 Trading liabilities 6,417 2,515 (1,891) 63 (57) 1,460 (3,098) 20 (697) 0 (18) (99) 4,615 of which interest rate derivatives 1,202 109 (400) 0 0 140 (343) 13 (127) 0 0 (16) 578 of which foreign exchange derivatives 560 19 (36) 0 0 20 (76) 1 (151) 0 0 (8) 329 of which equity/index-related derivatives 1,466 297 (796) 0 0 689 (349) 48 3 0 0 (11) 1,347 of which credit derivatives 2,760 1,860 (628) 0 0 330 (2,098) (43) (362) 0 0 (62) 1,757 Short-term borrowings 95 98 (37) 0 0 371 (442) (1) (10) 0 0 (2) 72 Long-term debt 14,608 2,603 (4,819) 0 0 7,386 (4,874) (16) (801) 0 (5) 41 14,123 of which structured notes over two years 10,267 1,117 (3,293) 0 0 5,464 (3,104) (7) (566) 0 0 46 9,924 of which non-recourse liabilities 2,952 1,197 (902) 0 0 912 (807) (3) (148) 0 0 (4) 3,197 Other liabilities 3,363 249 (1,240) 184 (218) 10 (245) 11 18 8 408 (57) 2,491 of which failed sales 616 14 (18) 132 (127) 0 0 2 (160) 0 0 (5) 454 Total liabilities at fair value 24,583 5,477 (8,003) 251 (279) 9,440 (8,687) 14 (1,508) 8 385 (126) 21,555 Net assets/(liabilities) at fair value 14,851 5,711 (1,953) 13,725 (14,100) (3,385) (337) (75) 752 58 (331) (810) 14,106 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 (308) 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 (151) 0 0 0 0 0 0 0 0 24 77 Debt 5,069 1,260 (3,018) 5,554 (5,435) 0 0 (60) 535 0 0 560 4,465 of which corporates 2,128 392 (756) 1,161 (2,004) 0 0 (68) 402 0 0 180 1,435 of which RMBS 436 625 (676) 732 (659) 0 0 11 81 0 0 62 612 of which CMBS 417 105 (392) 415 (282) 0 0 0 (58) 0 0 52 257 of which CDO 1,567 112 (697) 2,593 (2,402) 0 0 (8) 61 0 0 195 1,421 Equity 595 939 (469) 727 (554) 0 0 35 196 0 0 97 1,566 Derivatives 5,217 2,156 (1,168) 0 0 2,330 (3,334) 110 941 0 0 571 6,823 of which interest rate products 1,574 70 (40) 0 0 197 (574) 13 393 0 0 170 1,803 of which equity/index-related products 1,240 132 (534) 0 0 405 (417) 120 (26) 0 0 143 1,063 of which credit derivatives 1,138 1,891 (575) 0 0 536 (899) (28) 379 0 0 127 2,569 Other 2,829 863 (878) 4,168 (3,288) 0 (201) 17 404 0 0 412 4,326 Trading assets 13,710 5,218 (5,533) 10,449 (9,277) 2,330 (3,535) 102 2,076 0 0 1,640 17,180 Investment securities 2 0 0 0 0 0 0 0 0 0 0 1 3 Equity 5,369 2 (22) 774 (3,551) 0 0 0 22 0 531 324 3,449 Life finance instruments 1,600 0 0 204 (333) 0 0 0 179 0 0 184 1,834 Other investments 6,969 2 (22) 978 (3,884) 0 0 0 201 0 531 508 5,283 Loans 7,998 500 (601) 1,024 (2,012) 4,878 (3,168) 3 (173) 0 (2) 906 9,353 of which commercial and industrial loans 5,309 253 (349) 368 (1,098) 3,346 (2,428) 1 (118) 0 (4) 573 5,853 of which financial institutions 1,322 156 (163) 16 (422) 943 (482) 0 (33) 0 5 152 1,494 Other intangible assets (mortgage servicing rights) 42 0 0 29 0 0 0 0 (7) 0 0 6 70 Other assets 6,159 3,165 (3,205) 7,852 (6,713) 845 (1,448) 165 (5) 0 0 653 7,468 of which loans held-for-sale 5,615 3,154 (3,174) 7,486 (6,382) 845 (1,448) 169 (2) 0 (1) 589 6,851 Total assets at fair value 35,084 8,885 (9,512) 20,332 (21,886) 8,053 (8,151) 270 2,092 0 529 3,738 39,434 Liabilities (CHF million) Customer deposits 55 0 0 0 0 45 (19) 0 16 0 0 3 100 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 114 0 (127) 0 0 0 0 0 0 0 0 13 0 Trading liabilities 5,564 2,471 (1,655) 36 (39) 1,526 (2,778) 251 469 0 0 572 6,417 of which interest rate derivatives 1,129 56 (109) 0 0 72 (499) 1 429 0 0 123 1,202 of which foreign exchange derivatives 938 0 (2) 0 0 5 (239) (4) (205) 0 0 67 560 of which equity/index-related derivatives 1,896 478 (941) 0 0 656 (890) 273 (201) 0 0 195 1,466 of which credit derivatives 1,230 1,906 (587) 0 0 473 (885) (16) 496 0 0 143 2,760 Short-term borrowings 165 67 (74) 0 0 382 (456) (3) 0 0 0 14 95 Long-term debt 9,780 2,441 (3,475) 0 0 8,432 (3,870) 144 (338) 0 0 1,494 14,608 of which structured notes over two years 6,217 1,468 (1,931) 0 0 5,930 (2,027) (6) (406) 0 0 1,022 10,267 of which non-recourse liabilities 2,552 924 (1,007) 0 0 1,170 (1,153) 155 10 0 0 301 2,952 Other liabilities 2,861 121 (133) 530 (1,215) 649 (233) 11 114 3 361 294 3,363 of which failed sales 1,143 76 (50) 292 (949) 0 0 0 29 0 (2) 77 616 Total liabilities at fair value 18,539 5,100 (5,464) 566 (1,254) 11,034 (7,356) 403 261 3 361 2,390 24,583 Net assets/(liabilities) at fair value 16,545 3,785 (4,048) 19,766 (20,632) (2,981) (795) (133) 1,831 (3) 168 1,348 14,851 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 2015 2014 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues 677 (273) 404 1 1,698 165 1,863 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date 80 13 93 (834) 18 (816) 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 158 Discounted cash flow Funding spread, in bp 350 475 361 Debt 4,564 of which corporates 1,746 of which 240 Option model Correlation, in % (87) 99 17 of which 836 Market comparable Price, in % 0 128 29 of which 285 Discounted cash flow Credit spread, in bp 134 1,408 493 of which RMBS 814 Discounted cash flow Discount rate, in % 1 36 8 Prepayment rate, in % 0 27 9 Default rate, in % 0 20 3 Loss severity, in % 0 100 50 of which CMBS 215 Discounted cash flow Capitalization rate, in % 7 8 7 Discount rate, in % 0 23 8 Prepayment rate, in % 0 16 3 Default rate, in % 0 32 1 Loss severity, in % 0 75 4 of which CDO 1,298 of which 66 Vendor price Price, in % 0 100 96 of which 329 Discounted cash flow Discount rate, in % 1 25 11 Prepayment rate, in % 0 20 14 Credit spread, in bp 293 336 309 Default rate, in % 0 10 2 Loss severity, in % 0 100 46 of which 807 Market comparable Price, in % 214 214 214 Equity 1,487 of which 342 Option model Volatility, in % 2 253 29 of which 471 Market comparable EBITDA multiple 3 12 8 Price, in % 0 202 96 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 4,831 of which interest rate products 791 Option model Correlation, in % 17 100 63 Prepayment rate, in % 1 36 16 Volatility skew, in % (8) 0 (2) Mean reversion, in % 2 5 10 10 Credit spread, in bp 130 1,687 330 of which equity/index-related products 936 of which 778 Option model Correlation, in % (87) 99 23 Volatility, in % 0 253 26 of which 109 Market comparable EBITDA multiple 4 10 7 Price, in % 97 97 97 of which credit derivatives 1,568 Discounted cash flow Credit spread, in bp 1 2,349 331 Recovery rate, in % 0 60 23 Discount rate, in % 2 50 19 Default rate, in % 1 35 6 Loss severity, in % 15 100 64 Correlation, in % 43 97 85 Prepayment rate, in % 0 12 4 Funding spread, in bp 61 68 67 Other 4,266 of which 2,859 Market comparable Price, in % 0 106 45 of which 865 Discounted cash flow Market implied life expectancy, in years 3 18 8 Trading assets 15,148 Investment securities 148 – – – – – Private equity 1,042 – 3 – 3 – 3 – 3 – 3 Hedge funds 197 – 3 – 3 – 3 – 3 – 3 Other equity investments 1,150 – 3 – 3 – 3 – 3 – 3 Life finance instruments 1,669 Discounted cash flow Market implied life expectancy, in years 2 20 8 Other investments 4,058 Loans 8,950 of which commercial and industrial loans 5,735 of which 3,799 Discounted cash flow Credit spread, in bp 70 2,528 474 of which 1,146 Market comparable Price, in % 0 106 65 of which financial institutions 1,729 of which 1,451 Discounted cash flow Credit spread, in bp 84 826 359 of which 109 Market comparable Price, in % 0 100 98 Other intangible assets (mortgage servicing rights) 112 – – – – – Other assets 7,087 of which loans held-for-sale 6,768 of which 3,594 Vendor price Price, in % 0 101 97 of which 722 Discounted cash flow Credit spread, in bp 99 3,220 515 Recovery rate, in % 1 1 1 of which 2,251 Market comparable Price, in % 0 104 76 Total level 3 assets at fair value 35,661 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 254 – – – – – Trading liabilities 4,615 of which interest rate derivatives 578 Option model Basis spread, in bp (7) 53 25 Correlation, in % 17 100 75 Mean reversion, in % 2 5 10 8 Prepayment rate, in % 0 36 9 Gap risk, in % 3 20 20 20 Funding spread, in bp 218 218 218 of which foreign exchange derivatives 329 Option model Correlation, in % (10) 70 54 Prepayment rate, in % 24 36 30 of which equity/index-related derivatives 1,347 Option model Correlation, in % (87) 99 17 Volatility, in % 2 253 26 Buyback probability, in % 4 50 100 59 of which credit derivatives 1,757 Discounted cash flow Credit spread, in bp 1 1,687 275 Discount rate, in % 2 50 19 Default rate, in % 1 33 5 Recovery rate, in % 8 60 27 Loss severity, in % 15 100 64 Correlation, in % 17 95 80 Funding spread, in bp 51 68 68 Prepayment rate, in % 0 12 5 Short-term borrowings 72 – – – – – Long-term debt 14,123 of which structured notes over two years 9,924 Option model Correlation, in % (87) 99 17 Volatility, in % 2 253 28 Buyback probability, in % 4 50 100 59 Gap risk, in % 3 0 3 1 Credit spread, in bp 153 182 177 of which non-recourse liabilities 3,197 of which 3,183 Vendor price Price, in % 0 101 97 of which 14 Market comparable Price, in % 0 87 9 Other liabilities 2,491 of which failed sales 454 of which 379 Market comparable Price, in % 0 106 90 of which 68 Discounted cash flow Credit spread, in bp 571 1,687 1,425 Discount rate, in % 7 23 15 Total level 3 liabilities at fair value 21,555 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 2015 2014 Unfunded Unfunded Fair value and unfunded commitments (CHF million) Debt funds 2 0 2 0 7 106 113 0 Equity funds 79 1,606 1 1,685 0 102 1,842 2 1,944 0 Equity funds sold short 0 (6) (6) 0 0 (42) (42) 0 Total funds held in trading assets and liabilities 81 1,600 1,681 0 109 1,906 2,015 0 Debt funds 184 76 260 1 296 187 483 1 Equity funds 0 0 0 0 0 0 0 0 Others 0 35 35 0 0 50 50 0 Hedge funds 184 111 3 295 1 296 237 4 533 1 Debt funds 11 0 11 17 17 0 17 15 Equity funds 437 0 437 115 585 0 585 123 Real estate funds 282 0 282 76 302 0 302 98 Others 312 0 312 141 382 0 382 158 Private equities 1,042 0 1,042 349 1,286 0 1,286 394 Equity method investments 5 660 196 856 100 1,196 157 1,353 220 Total funds held in other investments 5 1,886 307 2,193 450 2,778 394 3,172 615 Total fair value 5 1,967 6 1,907 7 3,874 450 8 2,887 6 2,300 7 5,187 615 8 1 40% 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, 23% is redeemable on a monthly basis with a notice period primarily of less than 30 days, and 6% 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 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, 5% is redeemable on demand with a notice period primarily of less than 30 days, 5% is redeemable on an annual basis with a notice period of more than 60 days, and 3% is redeemable on a monthly basis with a notice period of more than 30 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 Prior period has been corrected. 6 Includes CHF 464 million and CHF 612 million attributable to noncontrolling interests in 2015 and 2014, respectively. 7 Includes CHF 9 million and CHF 138 million attributable to noncontrolling interests in 2015 and 2014, respectively. 8 Includes CHF 176 million and CHF 185 million attributable to noncontrolling interests in 2015 and 2014, respectively. |
Nonrecurring fair value changes | Nonrecurring fair value changes end of 2015 2014 Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) Assets held-for-sale recorded at fair value on a nonrecurring basis 0.1 1.4 of which level 2 0.1 1.2 of which level 3 0.0 0.2 |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Difference between the aggregate fair value and the aggregate unpaid principal balances of loans and financial instruments end of 2015 2014 Aggregate Aggregate Aggregate Aggregate Loans (CHF million) Non-interest-earning loans 1,628 5,019 (3,391) 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 83,565 83,397 168 104,283 104,027 256 Loans 20,820 22,289 (1,469) 22,913 23,782 (869) Other assets 1 23,906 30,308 (6,402) 26,088 33,091 (7,003) Due to banks and customer deposits (913) (826) (87) (914) (873) (41) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (32,398) (32,381) (17) (54,732) (54,661) (71) Short-term borrowings (3,112) (3,263) 151 (3,861) (3,918) 57 Long-term debt (80,931) (85,335) 4,404 (81,166) (81,322) 156 Other liabilities (984) (2,619) 1,635 (1,268) (2,767) 1,499 1 Primarily loans held-for-sale. Gains and losses on financial instruments in 2015 2014 2013 Net Net Net Financial instruments (CHF million) Interest-bearing deposits with banks 2 1 8 1 10 1 of which related to credit risk (1) (2) (3) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,279 1 913 1 1,143 1 Other investments 242 3 370 3 126 3 of which related to credit risk 0 5 11 Loans 439 1 10 2 1,470 1 of which related to credit risk (236) (151) 26 Other assets 111 1 1,302 1 2,058 1 of which related to credit risk (511) 387 604 Due to banks and customer deposits 4 2 (59) 2 0 of which related to credit risk 19 (17) (5) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 55 2 205 2 (67) 1 Short-term borrowings 439 2 152 2 (256) 2 Long-term debt 5,317 2 858 2 (2,759) 2 of which related to credit risk 4 207 599 (384) Other liabilities 316 3 (169) 2 441 2 of which related to credit risk (93) (156) 112 1 Primarily recognized in net interest income. 2 Primarily recognized in trading revenues. 3 Primarily recognized in other revenues. 4 Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF (108) million and CHF 261 million in 2015, respectively, CHF 336 million and CHF 261 million in 2014, respectively, and CHF (268) million and CHF (111) million in 2013, respectively. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying value and fair value of financial instruments not carried at fair value Carrying end of Level 1 Level 2 Level 3 Total 2015 (CHF million) Financial assets Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions 39,485 0 39,485 0 39,485 Loans 248,326 0 250,639 6,150 256,789 Other financial assets 1 148,491 92,547 54,359 1,893 148,799 Financial liabilities Due to banks and deposits 359,614 206,475 153,545 0 360,020 Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions 14,200 0 14,401 0 14,401 Short-term borrowings 5,546 0 5,545 0 5,545 Long-term debt 116,676 0 117,321 778 118,099 Other financial liabilities 2 63,921 32 63,440 578 64,050 2014 (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. |
Bank | |
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 89 0 – 89 Interest-bearing deposits with banks 0 2 0 – 2 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 83,407 158 – 83,565 Debt 811 493 0 – 1,304 of which corporates 0 261 0 – 261 Equity 27,141 66 0 – 27,207 Securities received as collateral 27,952 559 0 – 28,511 Debt 27,932 48,050 4,564 – 80,546 of which foreign governments 27,710 3,737 285 – 31,732 of which corporates 13 15,765 1,746 – 17,524 of which RMBS 0 22,302 814 – 23,116 of which CMBS 0 3,924 215 – 4,139 of which CDO 0 2,317 1,298 – 3,615 Equity 64,393 5,222 1,487 – 71,102 Derivatives 2,625 265,362 4,831 (244,239) 28,579 of which interest rate products 657 167,269 791 – – of which foreign exchange products 104 59,742 383 – – of which equity/index-related products 1,857 20,053 936 – – of which credit derivatives 0 16,267 1,568 – – Other 2,034 4,569 4,266 – 10,869 Trading assets 96,984 323,203 15,148 (244,239) 191,096 Debt 1,322 1,142 148 – 2,612 of which foreign governments 1,322 0 0 – 1,322 of which corporates 0 281 0 – 281 of which RMBS 0 602 148 – 750 of which CMBS 0 259 0 – 259 Equity 2 84 0 – 86 Investment securities 1,324 1,226 148 – 2,698 Private equity 0 0 1,033 – 1,033 of which equity funds 0 0 428 – 428 Hedge funds 0 98 197 – 295 of which debt funds 0 68 192 – 260 Other equity investments 0 79 1,149 – 1,228 of which private 0 70 1,149 – 1,219 Life finance instruments 0 2 1,669 – 1,671 Other investments 0 179 4,048 – 4,227 Loans 0 11,870 8,950 – 20,820 of which commercial and industrial loans 0 5,811 5,735 – 11,546 of which financial institutions 0 4,102 1,729 – 5,831 Other intangible assets (mortgage servicing rights) 0 0 112 – 112 Other assets 687 18,863 7,087 (1,011) 25,626 of which loans held-for-sale 0 14,378 6,768 – 21,146 Total assets at fair value 126,947 439,398 35,651 (245,250) 356,746 Less other investments - equity at fair value attributable to noncontrolling interests 0 (18) (583) – (601) Less assets consolidated under ASU 2009-17 2 0 (9,212) (3,558) – (12,770) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 126,947 430,168 31,510 (245,250) 343,375 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 0 490 0 – 490 Customer deposits 0 3,402 254 – 3,656 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 32,398 0 – 32,398 Debt 811 493 0 – 1,304 of which corporates 0 261 0 – 261 Equity 27,141 66 0 – 27,207 Obligation to return securities received as collateral 27,952 559 0 – 28,511 Debt 4,100 4,289 16 – 8,405 of which foreign governments 4,050 491 0 – 4,541 of which corporates 30 3,597 16 – 3,643 Equity 16,899 160 45 – 17,104 Derivatives 3,062 270,135 4,554 (254,206) 23,545 of which interest rate products 671 160,026 578 – – of which foreign exchange products 82 70,382 329 – – of which equity/index-related products 2,299 22,515 1,347 – – of which credit derivatives 0 15,522 1,757 – – Trading liabilities 24,061 274,584 4,615 (254,206) 49,054 Short-term borrowings 0 3,040 72 – 3,112 Long-term debt 0 65,879 14,123 – 80,002 of which treasury debt over two years 0 4,590 0 – 4,590 of which structured notes over one year and up to two years 0 6,396 364 – 6,760 of which structured notes over two years 0 38,066 9,924 – 47,990 of which other debt instruments over two years 0 1,435 638 – 2,073 of which other subordinated bonds 0 4,547 0 – 4,547 of which non-recourse liabilities 0 10,642 3,197 – 13,839 Other liabilities 0 9,999 2,483 (737) 11,745 of which failed sales 0 530 454 – 984 Total liabilities at fair value 52,013 390,351 21,547 (254,943) 208,968 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 58,003 4,465 – 94,405 of which foreign governments 31,708 4,869 454 – 37,031 of which corporates 28 22,507 1,435 – 23,970 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 86,532 6,395 1,566 – 94,493 Derivatives 4,467 616,012 6,823 (589,323) 37,979 of which interest rate products 1,616 467,002 1,803 – – of which foreign exchange products 118 89,102 301 – – of which equity/index-related products 2,711 26,904 1,063 – – of which credit derivatives 0 24,451 2,569 – – Other 2,987 7,123 4,326 – 14,436 Trading assets 125,923 687,533 17,180 (589,323) 241,313 Debt 1,962 309 0 – 2,271 of which foreign governments 1,962 0 0 – 1,962 of which corporates 0 309 0 – 309 Equity 2 103 3 – 108 Investment securities 1,964 412 3 – 2,379 Private equity 0 0 1,268 – 1,268 of which equity funds 0 0 567 – 567 Hedge funds 0 219 314 – 533 of which debt funds 0 181 302 – 483 Other equity investments 77 75 1,855 – 2,007 of which private 0 70 1,855 – 1,925 Life finance instruments 0 0 1,834 – 1,834 Other investments 77 294 5,271 – 5,642 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 23,371 7,468 (975) 32,321 of which loans held-for-sale 0 16,107 6,851 – 22,958 Total assets at fair value 156,450 830,505 39,422 (590,298) 436,079 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 156,375 821,249 35,446 (590,298) 422,772 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 0 832 0 – 832 Customer deposits 0 3,151 100 – 3,251 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 19,075 122 2 – 19,199 Derivatives 4,594 620,144 6,414 (594,277) 36,875 of which interest rate products 1,585 458,730 1,202 – – of which foreign exchange products 234 101,461 560 – – of which equity/index-related products 2,744 27,266 1,466 – – of which credit derivatives 0 23,479 2,760 – – Trading liabilities 35,347 625,180 6,417 (594,277) 72,667 Short-term borrowings 0 3,766 95 – 3,861 Long-term debt 0 65,652 14,608 – 80,260 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 14,601 3,358 (1,026) 16,933 of which failed sales 0 652 616 – 1,268 Total liabilities at fair value 61,376 768,739 24,578 (595,303) 259,390 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 2015 2014 Transfers Transfers Transfers Transfers Assets (CHF million) Debt 85 187 1,108 533 Equity 566 1,257 513 391 Derivatives 4,328 24 5,785 500 Trading assets 4,979 1,468 7,406 1,424 Liabilities (CHF million) Debt 108 79 861 658 Equity 85 139 133 90 Derivatives 4,552 114 6,073 87 Trading liabilities 4,745 332 7,067 835 |
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 (41) 0 0 259 (141) 0 0 0 0 4 158 Securities received as collateral 0 0 0 4 (4) 0 0 0 0 0 0 0 0 Debt 4,465 1,591 (1,463) 2,950 (2,974) 0 0 (30) 221 0 0 (196) 4,564 of which corporates 1,435 823 (467) 1,281 (1,388) 0 0 (17) 189 0 0 (110) 1,746 of which RMBS 612 492 (615) 1,064 (772) 0 0 (6) 29 0 0 10 814 of which CMBS 257 127 (83) 207 (265) 0 0 (2) (24) 0 0 (2) 215 of which CDO 1,421 72 (252) 379 (364) 0 0 (6) 51 0 0 (3) 1,298 Equity 1,566 749 (702) 1,228 (1,087) 0 0 (34) (228) 0 0 (5) 1,487 Derivatives 6,823 2,310 (1,243) 0 0 1,493 (3,875) 11 (545) 0 0 (143) 4,831 of which interest rate products 1,803 53 (282) 0 0 304 (719) 6 (341) 0 0 (33) 791 of which equity/index-related products 1,063 530 (362) 0 0 366 (680) 10 32 0 0 (23) 936 of which credit derivatives 2,569 1,574 (599) 0 0 405 (1,776) (5) (547) 0 0 (53) 1,568 Other 4,326 1,157 (896) 4,085 (4,276) 0 (292) (7) 182 0 0 (13) 4,266 Trading assets 17,180 5,807 (4,304) 8,263 (8,337) 1,493 (4,167) (60) (370) 0 0 (357) 15,148 Investment securities 3 8 (97) 320 (102) 0 (36) 6 39 0 0 7 148 Equity 3,437 1 (424) 200 (786) 0 0 0 (18) 70 57 (158) 2,379 Life finance instruments 1,834 0 0 201 (361) 0 0 0 (1) 0 0 (4) 1,669 Other investments 5,271 1 (424) 401 (1,147) 0 0 0 (19) 70 57 (162) 4,048 Loans 9,353 1,347 (1,153) 686 (1,055) 3,519 (3,371) 1 (207) (4) (14) (152) 8,950 of which commercial and industrial loans 5,853 985 (365) 69 (687) 2,205 (2,072) 1 (85) (4) (14) (151) 5,735 of which financial institutions 1,494 329 (266) 296 (213) 811 (639) 0 (85) 0 0 2 1,729 Other intangible assets (mortgage servicing rights) 70 0 0 18 0 0 0 0 9 0 14 1 112 Other assets 7,468 4,025 (3,937) 4,244 (3,691) 784 (1,309) (8) (208) 0 (5) (276) 7,087 of which loans held-for-sale 2 6,851 4,016 (3,841) 4,137 (3,410) 784 (1,309) (13) (178) 0 (3) (266) 6,768 Total assets at fair value 39,422 11,188 (9,956) 13,936 (14,336) 6,055 (9,024) (61) (756) 66 52 (935) 35,651 Liabilities (CHF million) Customer deposits 100 12 (16) 0 0 213 (28) 0 (18) 0 0 (9) 254 Obligation to return securities received as collateral 0 0 0 4 (4) 0 0 0 0 0 0 0 0 Trading liabilities 6,417 2,515 (1,891) 63 (57) 1,460 (3,098) 20 (697) 0 (18) (99) 4,615 of which interest rate derivatives 1,202 109 (400) 0 0 140 (343) 13 (127) 0 0 (16) 578 of which foreign exchange derivatives 560 19 (36) 0 0 20 (76) 1 (151) 0 0 (8) 329 of which equity/index-related derivatives 1,466 297 (796) 0 0 689 (349) 48 3 0 0 (11) 1,347 of which credit derivatives 2,760 1,860 (628) 0 0 330 (2,098) (43) (362) 0 0 (62) 1,757 Short-term borrowings 95 98 (37) 0 0 371 (442) (1) (10) 0 0 (2) 72 Long-term debt 14,608 2,603 (4,819) 0 0 7,386 (4,874) (16) (801) 0 (5) 41 14,123 of which structured notes over two years 10,267 1,117 (3,293) 0 0 5,464 (3,104) (7) (566) 0 0 46 9,924 of which non-recourse liabilities 2,952 1,197 (902) 0 0 912 (807) (3) (148) 0 0 (4) 3,197 Other liabilities 3,358 249 (1,238) 184 (218) 10 (244) 11 18 8 403 (58) 2,483 of which failed sales 616 14 (18) 132 (127) 0 0 2 (160) 0 0 (5) 454 Total liabilities at fair value 24,578 5,477 (8,001) 251 (279) 9,440 (8,686) 14 (1,508) 8 380 (127) 21,547 Net assets/(liabilities) at fair value 14,844 5,711 (1,955) 13,685 (14,057) (3,385) (338) (75) 752 58 (328) (808) 14,104 1 For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. 2 Includes unrealized losses recorded in trading revenues of CHF (308) 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 (151) 0 0 0 0 0 0 0 0 24 77 Debt 5,069 1,260 (3,018) 5,554 (5,435) 0 0 (60) 535 0 0 560 4,465 of which corporates 2,128 392 (756) 1,161 (2,004) 0 0 (68) 402 0 0 180 1,435 of which RMBS 436 625 (676) 732 (659) 0 0 11 81 0 0 62 612 of which CMBS 417 105 (392) 415 (282) 0 0 0 (58) 0 0 52 257 of which CDO 1,567 112 (697) 2,593 (2,402) 0 0 (8) 61 0 0 195 1,421 Equity 595 939 (469) 727 (554) 0 0 35 196 0 0 97 1,566 Derivatives 5,217 2,156 (1,168) 0 0 2,330 (3,334) 110 941 0 0 571 6,823 of which interest rate products 1,574 70 (40) 0 0 197 (574) 13 393 0 0 170 1,803 of which equity/index-related products 1,240 132 (534) 0 0 405 (417) 120 (26) 0 0 143 1,063 of which credit derivatives 1,138 1,891 (575) 0 0 536 (899) (28) 379 0 0 127 2,569 Other 2,829 863 (878) 4,168 (3,288) 0 (201) 17 404 0 0 412 4,326 Trading assets 13,710 5,218 (5,533) 10,449 (9,277) 2,330 (3,535) 102 2,076 0 0 1,640 17,180 Investment securities 2 0 0 0 0 0 0 0 0 0 0 1 3 Equity 5,363 2 (22) 727 (3,512) 0 0 0 22 0 534 323 3,437 Life finance instruments 1,600 0 0 204 (333) 0 0 0 179 0 0 184 1,834 Other investments 6,963 2 (22) 931 (3,845) 0 0 0 201 0 534 507 5,271 Loans 7,998 500 (601) 1,024 (2,012) 4,878 (3,168) 3 (173) 0 (2) 906 9,353 of which commercial and industrial loans 5,309 253 (349) 368 (1,098) 3,346 (2,428) 1 (118) 0 (4) 573 5,853 of which financial institutions 1,322 156 (163) 16 (422) 943 (482) 0 (33) 0 5 152 1,494 Other intangible assets (mortgage servicing rights) 42 0 0 29 0 0 0 0 (7) 0 0 6 70 Other assets 6,159 3,165 (3,205) 7,852 (6,713) 845 (1,448) 165 (5) 0 0 653 7,468 of which loans held-for-sale 5,615 3,154 (3,174) 7,486 (6,382) 845 (1,448) 169 (2) 0 (1) 589 6,851 Total assets at fair value 35,078 8,885 (9,512) 20,285 (21,847) 8,053 (8,151) 270 2,092 0 532 3,737 39,422 Liabilities (CHF million) Customer deposits 55 0 0 0 0 45 (19) 0 16 0 0 3 100 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 114 0 (127) 0 0 0 0 0 0 0 0 13 0 Trading liabilities 5,564 2,471 (1,655) 36 (39) 1,526 (2,778) 251 469 0 0 572 6,417 of which interest rate derivatives 1,129 56 (109) 0 0 72 (499) 1 429 0 0 123 1,202 of which foreign exchange derivatives 938 0 (2) 0 0 5 (239) (4) (205) 0 0 67 560 of which equity/index-related derivatives 1,896 478 (941) 0 0 656 (890) 273 (201) 0 0 195 1,466 of which credit derivatives 1,230 1,906 (587) 0 0 473 (885) (16) 496 0 0 143 2,760 Short-term borrowings 165 67 (74) 0 0 382 (456) (3) 0 0 0 14 95 Long-term debt 9,780 2,441 (3,475) 0 0 8,432 (3,870) 144 (338) 0 0 1,494 14,608 of which structured notes over two years 6,217 1,468 (1,931) 0 0 5,930 (2,027) (6) (406) 0 0 1,022 10,267 of which non-recourse liabilities 2,552 924 (1,007) 0 0 1,170 (1,153) 155 10 0 0 301 2,952 Other liabilities 2,859 121 (133) 530 (1,215) 647 (233) 11 114 3 359 295 3,358 of which failed sales 1,143 76 (50) 292 (949) 0 0 0 29 0 (2) 77 616 Total liabilities at fair value 18,537 5,100 (5,464) 566 (1,254) 11,032 (7,356) 403 261 3 359 2,391 24,578 Net assets/(liabilities) at fair value 16,541 3,785 (4,048) 19,719 (20,593) (2,979) (795) (133) 1,831 (3) 173 1,346 14,844 1 For all transfers to level 3 or out of level 3, the Bank determines and discloses as level 3 events only gains or losses through the last day of the reporting period. |
Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | Gains and losses on assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) in 2015 2014 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues 677 (270) 407 1 1,698 170 1,868 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date 80 7 87 (834) 23 (811) 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 158 Discounted cash flow Funding spread, in bp 350 475 361 Debt 4,564 of which corporates 1,746 of which 240 Option model Correlation, in % (87) 99 17 of which 836 Market comparable Price, in % 0 128 29 of which 285 Discounted cash flow Credit spread, in bp 134 1,408 493 of which RMBS 814 Discounted cash flow Discount rate, in % 1 36 8 Prepayment rate, in % 0 27 9 Default rate, in % 0 20 3 Loss severity, in % 0 100 50 of which CMBS 215 Discounted cash flow Capitalization rate, in % 7 8 7 Discount rate, in % 0 23 8 Prepayment rate, in % 0 16 3 Default rate, in % 0 32 1 Loss severity, in % 0 75 4 of which CDO 1,298 of which 66 Vendor price Price, in % 0 100 96 of which 329 Discounted cash flow Discount rate, in % 1 25 11 Prepayment rate, in % 0 20 14 Credit spread, in bp 293 336 309 Default rate, in % 0 10 2 Loss severity, in % 0 100 46 of which 807 Market comparable Price, in % 214 214 214 Equity 1,487 of which 342 Option model Volatility, in % 2 253 29 of which 471 Market comparable EBITDA multiple 3 12 8 Price, in % 0 202 96 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Derivatives 4,831 of which interest rate products 791 Option model Correlation, in % 17 100 63 Prepayment rate, in % 1 36 16 Volatility skew, in % (8) 0 (2) Mean reversion, in % 2 5 10 10 Credit spread, in bp 130 1,687 330 of which equity/index-related products 936 of which 778 Option model Correlation, in % (87) 99 23 Volatility, in % 0 253 26 of which 109 Market comparable EBITDA multiple 4 10 7 Price, in % 97 97 97 of which credit derivatives 1,568 Discounted cash flow Credit spread, in bp 1 2,349 331 Recovery rate, in % 0 60 23 Discount rate, in % 2 50 19 Default rate, in % 1 35 6 Loss severity, in % 15 100 64 Correlation, in % 43 97 85 Prepayment rate, in % 0 12 4 Funding spread, in bp 61 68 67 Other 4,266 of which 2,859 Market comparable Price, in % 0 106 45 of which 865 Discounted cash flow Market implied life expectancy, in years 3 18 8 Trading assets 15,148 Investment securities 148 – – – – – Private equity 1,033 – 3 – 3 – 3 – 3 – 3 Hedge funds 197 – 3 – 3 – 3 – 3 – 3 Other equity investments 1,149 – 3 – 3 – 3 – 3 – 3 Life finance instruments 1,669 Discounted cash flow Market implied life expectancy, in years 2 20 8 Other investments 4,048 Loans 8,950 of which commercial and industrial loans 5,735 of which 3,799 Discounted cash flow Credit spread, in bp 70 2,528 474 of which 1,146 Market comparable Price, in % 0 106 65 of which financial institutions 1,729 of which 1,451 Discounted cash flow Credit spread, in bp 84 826 359 of which 109 Market comparable Price, in % 0 100 98 Other intangible assets (mortgage servicing rights) 112 – – – – – Other assets 7,087 of which loans held-for-sale 6,768 of which 3,594 Vendor price Price, in % 0 101 97 of which 722 Discounted cash flow Credit spread, in bp 99 3,220 515 Recovery rate, in % 1 1 1 of which 2,251 Market comparable Price, in % 0 104 76 Total level 3 assets at fair value 35,651 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 net asset value. Refer to "Fair value, unfunded commitments and term of redemption conditions" 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 1,268 – 3 – 3 – 3 – 3 – 3 Hedge funds 314 – 3 – 3 – 3 – 3 – 3 Other equity investments 1,855 of which private 1,855 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 5,271 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 39,422 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 net asset value. Refer to "Fair value, unfunded commitments and term of redemption conditions" 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 254 – – – – – Trading liabilities 4,615 of which interest rate derivatives 578 Option model Basis spread, in bp (7) 53 25 Correlation, in % 17 100 75 Mean reversion, in % 2 5 10 8 Prepayment rate, in % 0 36 9 Gap risk, in % 3 20 20 20 Funding spread, in bp 218 218 218 of which foreign exchange derivatives 329 Option model Correlation, in % (10) 70 54 Prepayment rate, in % 24 36 30 of which equity/index-related derivatives 1,347 Option model Correlation, in % (87) 99 17 Volatility, in % 2 253 26 Buyback probability, in % 4 50 100 59 of which credit derivatives 1,757 Discounted cash flow Credit spread, in bp 1 1,687 275 Discount rate, in % 2 50 19 Default rate, in % 1 33 5 Recovery rate, in % 8 60 27 Loss severity, in % 15 100 64 Correlation, in % 17 95 80 Funding spread, in bp 51 68 68 Prepayment rate, in % 0 12 5 Short-term borrowings 72 – – – – – Long-term debt 14,123 of which structured notes over two years 9,924 Option model Correlation, in % (87) 99 17 Volatility, in % 2 253 28 Buyback probability, in % 4 50 100 59 Gap risk, in % 3 0 3 1 Credit spread, in bp 153 182 177 of which non-recourse liabilities 3,197 of which 3,183 Vendor price Price, in % 0 101 97 of which 14 Market comparable Price, in % 0 87 9 Other liabilities 2,483 of which failed sales 454 of which 379 Market comparable Price, in % 0 106 90 of which 68 Discounted cash flow Credit spread, in bp 571 1,687 1,425 Discount rate, in % 7 23 15 Total level 3 liabilities at fair value 21,547 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 between collateral settlement dates. 4 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. 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 3,358 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 24,578 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 between collateral settlement dates. 4 Estimate of the probability of structured notes being put back to the Bank at the option of the investor over the remaining life of the financial instruments. |
Fair value, unfunded commitments and term of redemption conditions | Fair value, unfunded commitments and term of redemption conditions end of 2015 2014 Unfunded Unfunded Fair value and unfunded commitments (CHF million) Debt funds 2 0 2 0 7 106 113 0 Equity funds 79 1,606 1 1,685 0 102 1,842 2 1,944 0 Equity funds sold short 0 (6) (6) 0 0 (42) (42) 0 Total funds held in trading assets and liabilities 81 1,600 1,681 0 109 1,906 2,015 0 Debt funds 184 76 260 1 296 187 483 1 Equity funds 0 0 0 0 0 0 0 0 Others 0 35 35 0 0 50 50 0 Hedge funds 184 111 3 295 1 296 237 4 533 1 Debt funds 11 0 11 17 17 0 17 15 Equity funds 428 0 428 114 567 0 567 122 Real estate funds 282 0 282 76 302 0 302 98 Others 312 0 312 141 382 0 382 158 Private equities 1,033 0 1,033 348 1,268 0 1,268 393 Equity method investments 5 660 196 856 100 1,196 157 1,353 220 Total funds held in other investments 5 1,877 307 2,184 449 2,760 394 3,154 614 Total fair value 5 1,958 6 1,907 7 3,865 449 8 2,869 6 2,300 7 5,169 614 8 1 40% 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, 23% is redeemable on a monthly basis with a notice period primarily of less than 30 days, and 6% 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 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, 5% is redeemable on demand with a notice period primarily of less than 30 days, 5% is redeemable on an annual basis with a notice period of more than 60 days, and 3% is redeemable on a monthly basis with a notice period of more than 30 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 Prior period has been corrected. 6 Includes CHF 464 million and CHF 612 million attributable to noncontrolling interests in 2015 and 2014, respectively. 7 Includes CHF 9 million and CHF 138 million attributable to noncontrolling interests in 2015 and 2014, respectively. 8 Includes CHF 176 million and CHF 185 million attributable to noncontrolling interests in 2015 and 2014, respectively. |
Nonrecurring fair value changes | Nonrecurring fair value changes end of 2015 2014 Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) Assets held-for-sale recorded at fair value on a nonrecurring basis 0.1 1.4 of which level 2 0.1 1.2 of which level 3 0.0 0.2 |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Difference between the aggregate fair value and the aggregate unpaid principal balances of loans and financial instruments end of 2015 2014 Aggregate Aggregate Aggregate Aggregate Loans (CHF million) Non-interest-earning loans 1,628 5,019 (3,391) 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 83,565 83,397 168 104,283 104,027 256 Loans 20,820 22,289 (1,469) 22,913 23,782 (869) Other assets 1 23,906 30,308 (6,402) 26,088 33,091 (7,003) Due to banks and customer deposits (913) (826) (87) (914) (873) (41) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (32,398) (32,381) (17) (54,732) (54,661) (71) Short-term borrowings (3,112) (3,263) 151 (3,861) (3,918) 57 Long-term debt (80,002) (84,351) 4,349 (80,260) (80,344) 84 Other liabilities (984) (2,619) 1,635 (1,268) (2,767) 1,499 1 Primarily loans held-for-sale. Gains and losses on financial instruments in 2015 2014 2013 Net Net Net Financial instruments (CHF million) Interest-bearing deposits with banks (38) 2 9 1 10 1 of which related to credit risk 1 3 (3) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,279 1 913 1 1,143 1 Other investments 240 3 373 3 126 3 of which related to credit risk 0 5 11 Loans 439 1 10 2 1,470 1 of which related to credit risk (236) (151) 26 Other assets 111 1 1,302 1 2,058 1 of which related to credit risk (511) 387 604 Due to banks and customer deposits 4 2 (59) 2 0 of which related to credit risk 19 (17) (5) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 55 2 205 2 (67) 1 Short-term borrowings 439 2 152 2 (256) 2 Long-term debt 5,398 2 678 2 (2,738) 2 of which related to credit risk 4 224 527 (334) Other liabilities 314 3 (175) 2 413 2 of which related to credit risk (95) (162) 112 1 Primarily recognized in net interest income. 2 Primarily recognized in trading revenues. 3 Primarily recognized in other revenues. 4 Changes in fair value related to credit risk are due to the change in the Bank's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying value and fair value of financial instruments not carried at fair value Carrying end of Level 1 Level 2 Level 3 Total 2015 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 39,871 0 39,872 0 39,872 Loans 231,395 4 232,391 6,150 238,545 Other financial assets 1 150,743 90,740 58,456 1,796 150,992 Financial liabilities Due to banks and deposits 349,015 197,645 151,774 0 349,419 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 14,200 0 14,401 0 14,401 Short-term borrowings 5,546 0 5,545 0 5,545 Long-term debt 112,091 0 112,638 778 113,416 Other financial liabilities 2 63,970 32 63,496 578 64,106 2014 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 58,925 0 58,925 0 58,925 Loans 230,340 0 232,271 3,678 235,949 Other financial assets 1 149,925 79,170 69,554 1,482 150,206 Financial liabilities Due to banks and deposits 379,992 208,759 171,230 0 379,989 Central bank 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 92,687 0 92,908 1,201 94,109 Other financial liabilities 2 84,874 15 84,146 585 84,746 1 Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. 2 Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables. |
Assets pledged and collateral (
Assets pledged and collateral (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Assets pledged and collateral | Assets pledged end of 2015 2014 Assets pledged (CHF million) Total assets pledged or assigned as collateral 137,330 153,982 of which encumbered 91,278 103,245 |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2015 2014 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 422,269 444,852 of which sold or repledged 186,132 218,752 1 1 Prior period has been corrected. |
Schedule of Other Assets Pledged and Collateral | Other information end of 2015 2014 Other information (CHF million) Cash and securities restricted under foreign banking regulations 24,592 26,286 Swiss National Bank required minimum liquidity reserves 2,014 2,202 |
Bank | |
Assets pledged and collateral | Assets pledged end of 2015 2014 Assets pledged (CHF million) Total assets pledged or assigned as collateral 130,983 148,345 of which encumbered 91,278 103,245 |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2015 2014 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 422,659 444,852 of which sold or repledged 186,298 218,752 1 1 Prior period has been corrected. |
Schedule of Other Assets Pledged and Collateral | Other information end of 2015 2014 Other information (CHF million) Cash and securities restricted under foreign banking regulations 24,592 26,286 Swiss National Bank required minimum liquidity reserves 1,890 2,051 |
Capital adequacy (Tables)
Capital adequacy (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
BIS statistics | BIS statistics – Basel III end of 2015 2014 Eligible capital (CHF million) CET1 capital 42,072 43,322 Additional tier 1 capital 10,991 6,482 Tier 1 capital 53,063 49,804 Tier 2 capital 9,619 10,947 Total eligible capital 62,682 60,751 Risk-weighted assets (CHF million) Credit risk 193,198 192,663 Market risk 29,799 34,468 Operational risk 66,438 58,413 Non-counterparty risk 5,515 5,866 Risk-weighted assets 294,950 291,410 Capital ratios (%) CET1 ratio 14.3 14.9 Tier 1 ratio 18.0 17.1 Total capital ratio 21.3 20.8 |
Bank | |
BIS statistics | BIS statistics – Basel III end of 2015 2014 Eligible capital (CHF million) CET1 capital 40,013 40,853 Additional tier 1 capital 10,557 6,261 Total tier 1 capital 50,570 47,114 Tier 2 capital 9,672 10,997 Total eligible capital 60,242 58,111 Risk-weighted assets (CHF million) Credit risk 185,574 184,531 Market risk 29,755 34,439 Operational risk 66,438 58,413 Non-counterparty risk 5,180 5,611 Risk-weighted assets 286,947 282,994 Capital ratios (%) CET1 ratio 13.9 14.4 Tier 1 ratio 17.6 16.6 Total capital ratio 21.0 20.5 |
Assets under management (Tables
Assets under management (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Assets under management and net new assets | Assets under management end of 2015 2014 Assets under management (CHF billion) Assets in collective investment instruments managed by Credit Suisse 186.9 157.2 Assets with discretionary mandates 223.1 271.8 Other assets under management 804.1 939.7 Assets under management (including double counting) 1,214.1 1,368.7 of which double counting 48.0 47.4 Changes in assets under management 2015 2014 Assets under management (CHF billion) Assets under management at beginning of period 1 1,368.7 1,277.6 Net new assets/(net asset outflows) 46.9 2 27.9 3 Market movements, interest, dividends and foreign exchange (26.9) 92.5 of which market movements, interest and dividends 4 9.8 43.6 of which foreign exchange (36.7) 48.9 Other effects (174.6) 2,5 (29.3) Assets under management at end of period 1,214.1 1,368.7 1 Including double counting. 2 Updated since the 4Q15 Earnings Release to reflect a reclassification within the components of the growth in assets under management. 3 Includes CHF (2.0) billion net asset outflows from discontinued operations. 4 Net of commissions and other expenses and net of interest expenses charged. 5 Effective as of July 1, 2015, the Group updated its assets under management policy primarily to introduce more specific criteria and indicators to evaluate whether client assets qualify as assets under management. The introduction of this updated policy resulted in a reclassification of CHF 46.4 billion of assets under management to assets under custody within client assets, which was reflected as a structural effect in the third quarter of 2015. |
Bank | |
Assets under management and net new assets | Assets under management end of 2015 2014 Assets under management (CHF billion) Assets in collective investment instruments managed by Credit Suisse 186.9 157.2 Assets with discretionary mandates 220.3 269.1 Other assets under management 789.7 924.8 Assets under management (including double counting) 1,196.9 1,351.1 of which double counting 46.8 46.3 |
Changes in assets under management | Changes in assets under management 2015 2014 Assets under management (CHF billion) Assets under management at beginning of period 1 1,351.1 1,265.1 Net new assets/(net asset outflows) 46.4 27.2 2 Market movements, interest, dividends and foreign exchange (26.6) 87.4 of which market movements, interest and dividends 3 10.0 38.6 of which foreign exchange (36.6) 48.8 Other effects (174.0) 4 (28.6) Assets under management at end of period 1,196.9 1,351.1 1 Including double counting. 2 Includes CHF (2.0) billion net asset outflows from discontinued operations. 3 Net of commissions and other expenses and net of interest expenses charged. 4 Effective as of July 1, 2015, the Group updated its assets under management policy primarily to introduce more specific criteria and indicators to evaluate whether client assets qualify as assets under management. The introduction of this updated policy resulted in a reclassification of CHF 45.9 billion of assets under management to assets under custody within client assets, which has been reflected as a structural effect in the third quarter of 2015. |
Litigation (Tables)
Litigation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Litigation provisions | Litigation provisions 2015 CHF million Balance at beginning of period 1,022 Increase in litigation accruals 1,255 Decrease in litigation accruals (134) Decrease for settlements and other cash payments (541) Foreign exchange translation 3 Balance at end of period 1,605 |
Significant subsidiaries and 89
Significant subsidiaries and equity method investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Significant subsidiaries and equity method investments | Significant subsidiaries Equity Nominal as of December 31, 2015 Credit Suisse Group AG 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Credit Suisse AG Zurich, Switzerland CHF 4,399.7 100 Credit Suisse Trust AG Zurich, Switzerland CHF 5.0 100 Credit Suisse Trust Holdings Limited St. Peter Port, Guernsey GBP 2.0 100 CS LP Holding AG Zug, Switzerland CHF 0.1 100 Fides Treasury Services AG Zurich, Switzerland CHF 2.0 100 Inreska Limited St. Peter Port, Guernsey GBP 3.0 100 Neue Aargauer Bank AG Aarau, Switzerland CHF 134.1 88 Savoy Hotel Baur en Ville AG Zurich, Switzerland CHF 7.5 Credit Suisse AG 100 AJP Cayman Ltd. George Town, Cayman Islands JPY 8,025.6 100 Asset Management Finance LLC Wilmington, United States USD 341.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 CJSC Bank Credit Suisse (Moscow) Moscow, Russia USD 37.8 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliários S.A. São Paulo, Brazil BRL 5.0 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Cayman) Management Limited George Town, Cayman Islands USD 0.0 100 Credit Suisse (Channel Islands) Limited St. Peter Port, Guernsey USD 6.1 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Gibraltar) Limited Gibraltar, Gibraltar GBP 5.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 139.6 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Monaco) S.A.M. Monte Carlo, Monaco EUR 18.0 100 Credit Suisse (Poland) SP. z o.o Warsaw, Poland PLN 20.0 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 Significant subsidiaries (continued) Equity Nominal 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 42.0 100 1 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 4,184.7 100 2 Credit Suisse International London, United Kingdom USD 12,366.1 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. New York, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.8 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Principal Investments Limited George Town, Cayman Islands JPY 3,324.0 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,881.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, Inc Wilmington, United States USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.1 99 PT Credit Suisse Securities Indonesia Jakarta, Indonesia IDR 235,000.0 98 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 71 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 300.0 1 43% of voting rights held by Credit Suisse Group AG, Guernsey Branch. 2 80% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity as of December 31, 2015 Credit Suisse Group AG 100 1 Credit Suisse Group Finance (Guernsey) Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group (Guernsey) I Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group (Guernsey) II Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group (Guernsey) IV Limited St. Peter Port, Guernsey 100 Credit Suisse Group Funding (Guernsey) Limited St. Peter Port, Guernsey 50 Swisscard AECS GmbH Horgen, Switzerland 25 SECB Swiss Euro Clearing Bank GmbH Frankfurt, Germany Credit Suisse AG 33 Credit Suisse Founder Securities Limited Beijing, China 23 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 20 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 5 2 York Capital Management Global Advisors, LLC New York, United States 0 2 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 1 Deconsolidated under US GAAP as the Group is not the primary beneficiary. 2 The Group holds a significant noncontrolling interest. |
Bank | |
Significant subsidiaries and equity method investments | Significant subsidiaries Equity Nominal as of December 31, 2015 Credit Suisse AG 100 AJP Cayman Ltd. George Town, Cayman Islands JPY 8,025.6 100 Asset Management Finance LLC Wilmington, United States USD 341.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 CJSC Bank Credit Suisse (Moscow) Moscow, Russia USD 37.8 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) Distribuidora de Titulos e Valores Mobiliários S.A. São Paulo, Brazil BRL 5.0 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Cayman) Management Limited George Town, Cayman Islands USD 0.0 100 Credit Suisse (Channel Islands) Limited St. Peter Port, Guernsey USD 6.1 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Gibraltar) Limited Gibraltar, Gibraltar GBP 5.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 139.6 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Monaco) S.A.M. Monte Carlo, Monaco EUR 18.0 100 Credit Suisse (Poland) Sp. z o.o Warsaw, Poland PLN 20.0 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft GmbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 Significant subsidiaries (continued) Equity Nominal 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 42.0 100 1 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 4,184.7 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. New York, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.8 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Principal Investments Limited George Town, Cayman Islands JPY 3,324.0 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,881.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, Inc Wilmington, United States USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.1 99 PT Credit Suisse Securities Indonesia Jakarta, Indonesia IDR 235,000.0 98 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 98 2 Credit Suisse International London, United Kingdom USD 12,366.1 71 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 300.0 1 43% of voting rights held by Credit Suisse Group AG, Guernsey Branch. 2 Remaining 2% held directly by Credit Suisse Group AG. 80% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity as of December 31, 2015 Credit Suisse AG 33 Credit Suisse Founder Securities Limited Beijing, China 23 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 20 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 5 1 York Capital Management Global Advisors, LLC New York, United States 0 1 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 1 The Bank holds a significant noncontrolling interest. |
Subsidiary guarantee informat90
Subsidiary guarantee information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Subsidiary guarantee information | |
Condensed Financial Statements [Table Text Block] | Condensed consolidating statements of operations Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 7,010 11,847 18,857 277 207 19,341 Interest expense (4,285) (5,705) (9,990) (330) 278 (10,042) Net interest income 2,725 6,142 8,867 (53) 485 9,299 Commissions and fees 3,919 7,927 11,846 18 180 12,044 Trading revenues (968) 2,266 1,298 28 14 1,340 Other revenues 476 724 1,200 (2,969) 2 2,883 1,114 Net revenues 6,152 17,059 23,211 (2,976) 3,562 23,797 Provision for credit losses 5 271 276 0 48 324 Compensation and benefits 3,805 7,718 11,523 76 (53) 11,546 General and administrative expenses 2,242 6,372 8,614 (110) 70 8,574 Commission expenses 276 1,338 1,614 1 8 1,623 Goodwill impairment 0 3,797 3,797 0 0 3,797 Restructuring expenses 193 132 325 0 30 355 Total other operating expenses 2,711 11,639 14,350 (109) 108 14,349 Total operating expenses 6,516 19,357 25,873 (33) 55 25,895 Income/(loss) from continuing operations before taxes (369) (2,569) (2,938) (2,943) 3,459 (2,422) Income tax expense/(benefit) (4) 443 439 1 83 523 Net income/(loss) (365) (3,012) (3,377) (2,944) 3,376 (2,945) Net income/(loss) attributable to noncontrolling interests (17) 10 (7) 0 6 (1) Net income/(loss) attributable to shareholders (348) (3,022) (3,370) (2,944) 3,370 (2,944) 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income Bank 1 1 Comprehensive income (CHF million) Net income/(loss) (365) (3,012) (3,377) (2,944) 3,376 (2,945) Gains/(losses) on cash flow hedges 0 24 24 (8) 0 16 Foreign currency translation 56 (1,203) (1,147) (3) (6) (1,156) Unrealized gains/(losses) on securities (2) (4) (6) 0 2 (4) Actuarial gains/(losses) 24 20 44 0 (705) (661) Net prior service credit/(cost) (14) 0 (14) 0 169 155 Other comprehensive income/(loss), net of tax 64 (1,163) (1,099) (11) (540) (1,650) Comprehensive income/(loss) (301) (4,175) (4,476) (2,955) 2,836 (4,595) Comprehensive income/(loss) attributable to noncontrolling interests (26) 0 (26) 0 7 (19) Comprehensive income/(loss) attributable to shareholders (275) (4,175) (4,450) (2,955) 2,829 (4,576) 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 6,379 12,206 18,585 228 248 19,061 Interest expense (3,885) (6,023) (9,908) (316) 197 (10,027) Net interest income 2,494 6,183 8,677 (88) 445 9,034 Commissions and fees 4,142 8,745 12,887 7 157 13,051 Trading revenues 137 1,653 1,790 159 77 2,026 Other revenues 1,386 849 2,235 1,750 2 (1,854) 2,131 Net revenues 8,159 17,430 25,589 1,828 (1,175) 26,242 Provision for credit losses 0 125 125 0 61 186 Compensation and benefits 3,510 7,872 11,382 53 (101) 11,334 General and administrative expenses 2,594 6,979 9,573 (101) 62 9,534 Commission expenses 253 1,295 1,548 0 13 1,561 Total other operating expenses 2,847 8,274 11,121 (101) 75 11,095 Total operating expenses 6,357 16,146 22,503 (48) (26) 22,429 Income/(loss) from continuing operations before taxes 1,802 1,159 2,961 1,876 (1,210) 3,627 Income tax expense 710 589 1,299 1 105 1,405 Income/(loss) from continuing operations 1,092 570 1,662 1,875 (1,315) 2,222 Income from discontinued operations, net of tax 0 102 102 0 0 102 Net income/(loss) 1,092 672 1,764 1,875 (1,315) 2,324 Net income attributable to noncontrolling interests 406 39 445 0 4 449 Net income/(loss) attributable to shareholders 686 633 1,319 1,875 (1,319) 1,875 of which from continuing operations 686 531 1,217 1,875 (1,319) 1,773 of which from discontinued operations 0 102 102 0 0 102 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) 1,092 672 1,764 1,875 (1,315) 2,324 Gains/(losses) on cash flow hedges 0 (27) (27) 7 0 (20) Foreign currency translation 2,078 206 2,284 (1) 4 2,287 Unrealized gains/(losses) on securities 0 21 21 0 (9) 12 Actuarial gains/(losses) (109) 167 58 0 (1,311) (1,253) Net prior service credit/(cost) 14 0 14 0 (77) (63) Other comprehensive income/(loss), net of tax 1,983 367 2,350 6 (1,393) 963 Comprehensive income/(loss) 3,075 1,039 4,114 1,881 (2,708) 3,287 Comprehensive income/(loss) attributable to noncontrolling interests 520 94 614 0 (74) 540 Comprehensive income/(loss) attributable to shareholders 2,555 945 3,500 1,881 (2,634) 2,747 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 6,574 12,443 19,017 62 477 19,556 Interest expense (3,946) (7,361) (11,307) (60) (74) (11,441) Net interest income 2,628 5,082 7,710 2 403 8,115 Commissions and fees 3,767 9,290 13,057 4 165 13,226 Trading revenues (222) 2,977 2,755 (23) 7 2,739 Other revenues 1,361 431 1,792 2,288 2 (2,304) 1,776 Net revenues 7,534 17,780 25,314 2,271 (1,729) 25,856 Provision for credit losses 4 89 93 0 74 167 Compensation and benefits 3,380 7,807 11,187 59 10 11,256 General and administrative expenses 2,854 5,788 8,642 (135) 80 8,587 Commission expenses 227 1,499 1,726 1 11 1,738 Goodwill impairment (9) 21 12 0 0 12 Total other operating expenses 3,072 7,308 10,380 (134) 91 10,337 Total operating expenses 6,452 15,115 21,567 (75) 101 21,593 Income/(loss) from continuing operations before taxes 1,078 2,576 3,654 2,346 (1,904) 4,096 Income tax expense 123 1,047 1,170 20 86 1,276 Income/(loss) from continuing operations 955 1,529 2,484 2,326 (1,990) 2,820 Income from discontinued operations, net of tax 66 79 145 0 0 145 Net income/(loss) 1,021 1,608 2,629 2,326 (1,990) 2,965 Net income/(loss) attributable to noncontrolling interests 575 94 669 0 (30) 639 Net income/(loss) attributable to shareholders 446 1,514 1,960 2,326 (1,960) 2,326 of which from continuing operations 380 1,435 1,815 2,326 (1,960) 2,181 of which from discontinued operations 66 79 145 0 0 145 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) 1,021 1,608 2,629 2,326 (1,990) 2,965 Gains/(losses) on cash flow hedges 0 2 2 16 0 18 Foreign currency translation (627) (1,607) (2,234) 0 1,213 (1,021) Unrealized gains/(losses) on securities (3) (15) (18) 0 (14) (32) Actuarial gains/(losses) 138 (181) (43) 0 1,087 1,044 Net prior service credit/(cost) 0 0 0 0 (95) (95) Other comprehensive income/(loss), net of tax (492) (1,801) (2,293) 16 2,191 (86) Comprehensive income/(loss) 529 (193) 336 2,342 201 2,879 Comprehensive income/(loss) attributable to noncontrolling interests 471 163 634 0 (109) 525 Comprehensive income/(loss) attributable to shareholders 58 (356) (298) 2,342 310 2,354 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets Bank 1 1 Assets (CHF million) Cash and due from banks 5,496 85,025 90,521 942 865 92,328 Interest-bearing deposits with banks 70 4,883 4,953 5 (4,091) 867 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 105,469 17,967 123,436 0 (387) 123,049 Securities received as collateral 27,274 1,237 28,511 0 0 28,511 Trading assets 59,297 131,799 191,096 0 (359) 190,737 Investment securities 1,009 1,689 2,698 4,092 (3,700) 3,090 Other investments 2,693 4,094 6,787 46,795 (46,561) 7,021 Net loans 13,000 241,915 254,915 139 17,941 272,995 Premises and equipment 899 3,540 4,439 0 205 4,644 Goodwill 731 3,198 3,929 0 879 4,808 Other intangible assets 152 44 196 0 0 196 Brokerage receivables 17,630 16,910 34,540 0 2 34,542 Other assets 24,382 33,528 57,910 228 (121) 58,017 Total assets 258,102 545,829 803,931 52,201 (35,327) 820,805 Liabilities and equity (CHF million) Due to banks 62 21,398 21,460 2,152 (2,558) 21,054 Customer deposits 1 331,699 331,700 0 11,005 342,705 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 77,028 (30,430) 46,598 0 0 46,598 Obligation to return securities received as collateral 27,274 1,237 28,511 0 0 28,511 Trading liabilities 11,062 37,992 49,054 0 (83) 48,971 Short-term borrowings 43,518 (34,861) 8,657 300 (300) 8,657 Long-term debt 39,127 152,967 192,094 5,025 489 197,608 Brokerage payables 28,399 11,053 39,452 0 0 39,452 Other liabilities 13,209 28,506 41,715 342 174 42,231 Total liabilities 239,680 519,561 759,241 7,819 8,727 775,787 Total shareholders' equity 17,684 25,722 43,406 44,382 (43,406) 44,382 Noncontrolling interests 738 546 1,284 0 (648) 636 Total equity 18,422 26,268 44,690 44,382 (44,054) 45,018 Total liabilities and equity 258,102 545,829 803,931 52,201 (35,327) 820,805 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 1 Assets (CHF million) Cash and due from banks 4,617 73,383 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 153,308 9,900 163,208 0 0 163,208 Securities received as collateral 26,754 100 26,854 0 0 26,854 Trading assets 75,038 166,275 241,313 0 (182) 241,131 Investment securities 3 2,376 2,379 3,981 (3,569) 2,791 Other investments 3,517 4,950 8,467 46,392 (46,246) 8,613 Net loans 17,823 238,105 255,928 350 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 24,998 45,513 70,511 221 (174) 70,558 Total assets 332,874 571,975 904,849 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 113,361 (43,242) 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 35,636 (9,715) 25,921 0 0 25,921 Long-term debt 68,762 104,185 172,947 4,930 21 177,898 Brokerage payables 44,025 12,952 56,977 0 0 56,977 Other liabilities 11,837 38,811 50,648 345 (23) 50,970 Total liabilities 313,606 546,602 860,208 7,902 8,351 876,461 Total shareholders' equity 18,111 24,784 42,895 43,959 (42,895) 43,959 Noncontrolling interests 1,157 589 1,746 0 (704) 1,042 Total equity 19,268 25,373 44,641 43,959 (43,599) 45,001 Total liabilities and equity 332,874 571,975 904,849 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 9,846 5,079 14,925 129 2 14 15,068 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks (1) (928) (929) (5) 1,283 349 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 46,481 (9,903) 36,578 0 386 36,964 Purchase of investment securities 0 (376) (376) 0 0 (376) Proceeds from sale of investment securities 1 18 19 0 0 19 Maturities of investment securities 68 819 887 0 21 908 Investments in subsidiaries and other investments (375) (180) (555) (5,310) 5,271 (594) Proceeds from sale of other investments 1,243 652 1,895 18 25 1,938 (Increase)/decrease in loans 4,112 (8,053) (3,941) 210 (1,715) (5,446) Proceeds from sales of loans 0 1,579 1,579 0 0 1,579 Capital expenditures for premises and equipment and other intangible assets (322) (765) (1,087) 0 (15) (1,102) Proceeds from sale of premises and equipment and other intangible assets 3 10 13 0 0 13 Other, net 33 369 402 0 7 409 Net cash provided by/(used in) investing activities of continuing operations 51,243 (16,758) 34,485 (5,087) 5,263 34,661 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits (34) (28,723) (28,757) (475) 83 (29,149) Increase/(decrease) in short-term borrowings 8,649 (26,797) (18,148) 300 (300) (18,148) Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (35,303) 13,154 (22,149) 0 0 (22,149) Issuances of long-term debt 8,511 68,372 76,883 0 975 77,858 Repayments of long-term debt (41,555) (7,364) (48,919) (30) (416) (49,365) Issuances of common shares 0 0 0 6,035 0 6,035 Sale of treasury shares 0 0 0 3 18,749 18,752 Repurchase of treasury shares 0 0 0 (1,044) (18,717) (19,761) Dividends paid 0 (10) (10) (415) (2) (427) Other, net (497) 5,286 4,789 608 (5,211) 186 Net cash provided by/(used in) financing activities of continuing operations (60,229) 23,918 (36,311) 4,982 (4,839) (36,168) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 19 (597) (578) 1 (5) (582) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 879 11,642 12,521 25 433 12,979 Cash and due from banks at beginning of period 4,617 73,383 78,000 917 432 79,349 Cash and due from banks at end of period 5,496 85,025 90,521 942 865 92,328 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 150 million and CHF 35 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. 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 (12,139) (6,061) (18,200) 609 2 (29) (17,620) Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks 1,221 (1,948) (727) 0 1,002 275 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions (8,986) 20,663 11,677 0 8 11,685 Purchase of investment securities 0 (1,060) (1,060) (2,217) 2,217 (1,060) Proceeds from sale of investment securities 103 15 118 0 812 930 Maturities of investment securities 0 187 187 0 153 340 Investments in subsidiaries and other investments (643) (585) (1,228) (1,352) 1,316 (1,264) Proceeds from sale of other investments 1,218 301 1,519 3 31 1,553 (Increase)/decrease in loans 2,746 (26,436) (23,690) 2,482 (2,396) (23,604) Proceeds from sales of loans 0 1,255 1,255 0 0 1,255 Capital expenditures for premises and equipment and other intangible assets (317) (726) (1,043) 0 (13) (1,056) Proceeds from sale of premises and equipment and other intangible assets 0 1 1 0 0 1 Other, net (11) 612 601 (10) 15 606 Net cash provided by/(used in) investing activities of continuing operations (4,669) (7,721) (12,390) (1,094) 3,145 (10,339) Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits (168) 27,305 27,137 (669) (428) 26,040 Increase/(decrease) in short-term borrowings 17,914 (14,405) 3,509 0 0 3,509 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (3,894) (27,107) (31,001) 0 0 (31,001) Issuances of long-term debt 6,607 67,543 74,150 2,217 (2,208) 74,159 Repayments of long-term debt (2,559) (35,312) (37,871) 0 1,400 (36,471) Issuances of common shares 0 0 0 297 0 297 Sale of treasury shares 0 0 0 0 9,394 9,394 Repurchase of treasury shares 0 0 0 (742) (9,455) (10,197) Dividends paid (1,128) 1,044 (84) (1,125) (43) (1,252) Other, net (791) 303 (488) 609 (1,313) (1,192) Net cash provided by/(used in) financing activities of continuing operations 15,981 19,371 35,352 587 (2,653) 33,286 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 486 5,131 5,617 20 153 5,790 Net cash provided by/(used in) discontinued operations (CHF million) Net cash provided by/(used in) discontinued operations (8) (452) (460) 0 0 (460) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (349) 10,268 9,919 122 616 10,657 Cash and due from banks at beginning of period 4,966 63,115 68,081 795 (184) 68,692 Cash and due from banks at end of period 4,617 73,383 78,000 917 432 79,349 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 150 million and CHF 113 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. Condensed consolidating statements of cash flows (continued) Bank 1 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 6,565 15,452 22,017 400 2 (343) 22,074 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks (1) 444 443 0 95 538 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions (2,517) 19,637 17,120 0 0 17,120 Purchase of investment securities (165) (511) (676) (1,402) 1,401 (677) Proceeds from sale of investment securities 107 69 176 0 0 176 Maturities of investment securities 0 673 673 0 159 832 Investments in subsidiaries and other investments 232 (1,570) (1,338) (2,458) 2,004 (1,792) Proceeds from sale of other investments 2,139 1,026 3,165 481 91 3,737 (Increase)/decrease in loans 5,589 (14,166) (8,577) 1,228 (1,777) (9,126) Proceeds from sales of loans 0 1,483 1,483 0 0 1,483 Capital expenditures for premises and equipment and other intangible assets (238) (657) (895) 0 (8) (903) Proceeds from sale of premises and equipment and other intangible assets 0 9 9 0 0 9 Other, net (87) 202 115 0 7 122 Net cash provided by/(used in) investing activities of continuing operations 5,059 6,639 11,698 (2,151) 1,972 11,519 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 95 22,535 22,630 (500) 333 22,463 Increase/(decrease) in short-term borrowings 20,660 (14,658) 6,002 0 0 6,002 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (28,474) (7,873) (36,347) 0 0 (36,347) Issuances of long-term debt 687 37,227 37,914 2,292 (1,116) 39,090 Repayments of long-term debt (4,219) (50,997) (55,216) 0 81 (55,135) Issuances of common shares 0 0 0 976 0 976 Sale of treasury shares 0 0 0 58 9,706 9,764 Repurchase of treasury shares 0 0 0 (217) (9,985) (10,202) Dividends paid (178) (305) (483) (154) 73 (564) Excess tax benefits related to share-based compensation 0 0 0 1 (1) 0 Other, net (163) 899 736 75 (1,279) (468) Net cash provided by/(used in) financing activities of continuing operations (11,592) (13,172) (24,764) 2,531 (2,188) (24,421) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (73) (1,146) (1,219) (4) 7 (1,216) Net cash provided by/(used in) discontinued operations (CHF million) Net cash provided by/(used in) discontinued operations 0 (1,027) (1,027) 0 0 (1,027) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (41) 6,746 6,705 776 (552) 6,929 Cash and due from banks at beginning of period 5,007 56,369 61,376 19 368 61,763 Cash and due from banks at end of period 4,966 63,115 68,081 795 (184) 68,692 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 161 million and CHF 208 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. |
Summary of significant accoun91
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2015yearmonthday | |
Accounting Policies [Line Items] | |
Voting rights percentage threshold used to consolidate subsidiaries | 50.00% |
Classification of cash equivalents, original maturities period (in months) | month | 3 |
Discontinued hedge, expected period beyond contract date for forecasted transaction to not occur while carried at fair value (in months) | month | 2 |
Threshold period for determining whether unrealized loss on equity securities is other-than-temporary (in months) | month | 6 |
Threshold percentage for determining whether unrealized loss on equity securities is other-than-temporary | 20.00% |
Equity method of accounting, low end of range of voting interest (as a percent) | 20.00% |
Equity method of accounting, high end of range of voting interest (as a percent) | 50.00% |
Equity method of accounting for limited partnership interests, threshold voting interest (as a percent) | 5.00% |
Real estate held for investment purposes, useful life, low end of range (in years) | year | 40 |
Real estate held for investment purposes, useful life, high end of range (in years) | year | 67 |
Number of loan portfolio segments | 2 |
Actuarial gains and losses threshold over the PBO or market value of plan assets which is amortized (as a percent) | 10.00% |
Non-performing loan classification, past due (in days) | day | 90 |
Non-performing loan classification subprime residential loans, past due (in days) | day | 120 |
Non-performing subprime residential loans typical period for transferring servicing (in days) | day | 30 |
Bank | |
Accounting Policies [Line Items] | |
Actuarial gains and losses threshold over the PBO or market value of plan assets which is amortized (as a percent) | 10.00% |
Summary of significant accoun92
Summary of significant accounting policies (Details 2) | 12 Months Ended |
Dec. 31, 2015 | |
Premises | Minimum | |
Premises and equipment disclosures | |
Useful life | 40 years |
Premises | Maximum | |
Premises and equipment disclosures | |
Useful life | 67 years |
Rented premises improvements | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years |
Other tangible fixed assets | Minimum | |
Premises and equipment disclosures | |
Useful life | 3 years |
Other tangible fixed assets | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years |
Capitalized software | Maximum | |
Premises and equipment disclosures | |
Useful life | 7 years |
Recently issued accounting st93
Recently issued accounting standards (Details) SFr in Millions | Jan. 01, 2016CHF (SFr) |
Accounting Standards Update 2015-03 [Member] | |
Accounting change | |
Cumulative effect of accounting changes, increase/(decrease) in total assets and total liabilities | SFr 541 |
Accounting Standards Update 2016-01 [Member] | |
Accounting change | |
Cumulative effect of accounting changes, reclassification from retained earnings to AOCI, net of tax | SFr 475 |
Business developments (Details
Business developments (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Subsidiary, Sale of Stock [Line Items] | |||
Sale of Stock, Number of Shares Issued in Transaction | 318,983,898 | ||
Issuances of common shares | SFr 6,035 | SFr 297 | SFr 976 |
Private Placement [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Sale of Stock, Transaction Date | Nov. 19, 2015 | ||
Sale of Stock, Description of Transaction | On November 19, 2015, the Group held an Extraordinary General Meeting, at which shareholders approved two capital increases. The Group completed the first capital increase by way of a private placement of 58,000,000 newly issued shares to a number of qualified investors. | ||
Sale of Stock, Number of Shares Issued in Transaction | 58,000,000 | ||
Rights Offering [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Sale of Stock, Transaction Date | Dec. 3, 2015 | ||
Sale of Stock, Description of Transaction | Credit Suisse completed the second capital increase by way of a rights offering. By the end of the rights exercise period on December 3, 2015, 99.0% of the rights had been exercised and 258,445,328 newly issued shares were subscribed. The Group sold in the market the remaining 2,538,570 newly issued shares that were not subscribed. | ||
Sale of Stock, Number of Shares Issued in Transaction | 258,445,328 | ||
Sold in the market [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Sale of Stock, Number of Shares Issued in Transaction | 2,538,570 |
Business developments (Detail95
Business developments (Details 3) - CHF (SFr) shares in Millions, SFr in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Feb. 08, 2016 | Dec. 31, 2014 | Nov. 04, 2013 | |
Crescent Holding GmbH | Shareholder registered in share register [Member] | ||||
Related party disclosures | ||||
Shares held by related party | 88 | |||
Investment Owned, Face Amount | SFr 4 | |||
Portion of registered Group shares held by related party (as a percent) | 5.51% | |||
Investment Owned, Investment Additional Information | Participation was lower than the disclosure threshold of 5%. | |||
Chase Nominees Ltd. | Shareholder registered in share register [Member] | ||||
Related party disclosures | ||||
Shares held by related party | 313 | 276 | ||
Investment Owned, Face Amount | SFr 13 | SFr 11 | ||
Portion of registered Group shares held by related party (as a percent) | 15.99% | 17.17% | ||
Investment Owned, Investment Additional Information | Nominee holdings exceeding 2% are registered with a right to vote only if the nominee confirms that no individual shareholder holds more than 0.5% of the outstanding share capital or if the nominee discloses the identity of any beneficial owner holding more than 0.5% of the outstanding capital. | |||
Harris Associates LP | ||||
Related party disclosures | ||||
Shares held by related party | 81.5 | |||
Portion of registered Group shares held by related party (as a percent) | 5.17% | |||
Norges Bank | ||||
Related party disclosures | ||||
Shares held by related party | 98.5 | |||
Portion of registered Group shares held by related party (as a percent) | 5.03% |
Business developments (Detail96
Business developments (Details 4) - Additional measures and adjusted financial objectives | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Event [Line Items] | |
Subsequent Event, Date | Mar. 23, 2016 |
Subsequent Event, Description | Subsequent events On March 23, 2016, the Group announced a number of additional measures and adjusted financial objectives beyond those announced on October 21, 2015 to further lower its cost base, accelerate the risk-weighted assets and leverage reduction initiatives in the reshaping of the Global Markets business and further strengthen its capital position. The additional measures and new financial objectives include: - increasing the gross savings target of CHF 3.5 billion by year-end 2018 to CHF 4.3 billion. The net cost savings target in the same time period has increased from CHF 2.0 billion to at least CHF 3.0 billion. These measures are expected to lead to an absolute cost base of CHF 18.0 billion or less by year-end 2018; - setting a gross cost savings target for the Group of CHF 1.7 billion by year-end 2016; - reducing the risk-weighted assets target in the Global Markets division from approximately USD 83 - 85 billion to USD 60 billion and the leverage exposure target from approximately USD 380 billion to USD 290 billion by year-end 2016; - exiting the Distressed Credit, European Securitized Products trading and Long-Term Illiquid Financing businesses in Global Markets; - the assets from businesses the Group is exiting and other business reductions in Global Markets will predominantly be transferred to the Strategic Resolution Unit over the course of 2016 and the Group is consolidating foreign exchange trading into its trading operations within Swiss Universal Bank; and - disposals of real estate and non-core businesses and other actions to increase CET1 capital by at least CHF 1 billion during 2016. The cost reduction program is based on the 2015 cost base and measured on constant foreign exchange rates and based on an expense run rate excluding major litigation expenses, goodwill impairment charges and estimated restructuring costs of CHF 2.0 billion (previously announced CHF 1.3 billion), but including other costs to achieve the savings, which do not meet the accounting definition of restructuring costs. Implementation of these strategy measures will lead to a recasting of prior period segment results, principally in respect of the Global Markets business and the Strategic Resolution Unit, and an assessment of certain balance sheet items. |
Discontinued operations (Detail
Discontinued operations (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income/(loss) from discontinued operations | |||
Income tax expense/(benefit) | SFr 0 | SFr 40 | SFr 75 |
Income/(loss) from discontinued operations, net of tax | 0 | 102 | 145 |
Operations-related | |||
Income/(loss) from discontinued operations | |||
Net revenues | 31 | 233 | |
Operating expenses | 35 | 158 | |
Income tax expense/(benefit) | 1 | 38 | |
Income/(loss) from discontinued operations, net of tax | (5) | 37 | |
Transaction-related [Member] | |||
Income/(loss) from discontinued operations | |||
Operating expenses | 54 | 93 | |
Gain/(loss) on disposal | 200 | 237 | |
Income tax expense/(benefit) | 39 | 36 | |
Income/(loss) from discontinued operations, net of tax | 107 | 108 | |
PBWM Germany | |||
Income/(loss) from discontinued operations | |||
Income/(loss) from discontinued operations, net of tax | 55 | (13) | |
PBWM Germany | Operations-related | |||
Income/(loss) from discontinued operations | |||
Net revenues | 27 | 52 | |
Operating expenses | 33 | 71 | |
Income tax expense/(benefit) | 0 | (6) | |
Income/(loss) from discontinued operations, net of tax | (6) | (13) | |
PBWM Germany | Transaction-related [Member] | |||
Income/(loss) from discontinued operations | |||
Operating expenses | 48 | ||
Gain/(loss) on disposal | 109 | ||
Income/(loss) from discontinued operations, net of tax | 61 | ||
ETF business | |||
Income/(loss) from discontinued operations | |||
Income/(loss) from discontinued operations, net of tax | 115 | ||
ETF business | Operations-related | |||
Income/(loss) from discontinued operations | |||
Net revenues | 29 | ||
Operating expenses | 23 | ||
Income tax expense/(benefit) | 5 | ||
Income/(loss) from discontinued operations, net of tax | 1 | ||
ETF business | Transaction-related [Member] | |||
Income/(loss) from discontinued operations | |||
Operating expenses | 11 | ||
Gain/(loss) on disposal | 146 | ||
Income tax expense/(benefit) | 21 | ||
Income/(loss) from discontinued operations, net of tax | 114 | ||
Strategic Partners | |||
Income/(loss) from discontinued operations | |||
Income/(loss) from discontinued operations, net of tax | 44 | ||
Strategic Partners | Operations-related | |||
Income/(loss) from discontinued operations | |||
Net revenues | 33 | ||
Operating expenses | 8 | ||
Income tax expense/(benefit) | 10 | ||
Income/(loss) from discontinued operations, net of tax | 15 | ||
Strategic Partners | Transaction-related [Member] | |||
Income/(loss) from discontinued operations | |||
Operating expenses | 22 | ||
Gain/(loss) on disposal | 91 | ||
Income tax expense/(benefit) | 40 | ||
Income/(loss) from discontinued operations, net of tax | 29 | ||
CFIG | |||
Income/(loss) from discontinued operations | |||
Income/(loss) from discontinued operations, net of tax | 49 | 2 | |
CFIG | Operations-related | |||
Income/(loss) from discontinued operations | |||
Net revenues | 0 | 114 | |
Operating expenses | 0 | 51 | |
Income tax expense/(benefit) | 0 | 29 | |
Income/(loss) from discontinued operations, net of tax | 0 | 34 | |
CFIG | Transaction-related [Member] | |||
Income/(loss) from discontinued operations | |||
Operating expenses | 0 | 56 | |
Gain/(loss) on disposal | 91 | ||
Income tax expense/(benefit) | 42 | (24) | |
Income/(loss) from discontinued operations, net of tax | 49 | (32) | |
Bank | |||
Income/(loss) from discontinued operations | |||
Income tax expense/(benefit) | 0 | 40 | 75 |
Income/(loss) from discontinued operations, net of tax | SFr 0 | 102 | 145 |
Bank | Operations-related | |||
Income/(loss) from discontinued operations | |||
Net revenues | 31 | 233 | |
Operating expenses | 35 | 158 | |
Income tax expense/(benefit) | 1 | 38 | |
Income/(loss) from discontinued operations, net of tax | (5) | 37 | |
Bank | Transaction-related [Member] | |||
Income/(loss) from discontinued operations | |||
Operating expenses | 54 | 93 | |
Gain/(loss) on disposal | 200 | 237 | |
Income tax expense/(benefit) | 39 | 36 | |
Income/(loss) from discontinued operations, net of tax | 107 | 108 | |
Bank | PBWM Germany | |||
Income/(loss) from discontinued operations | |||
Income/(loss) from discontinued operations, net of tax | 55 | (13) | |
Bank | PBWM Germany | Operations-related | |||
Income/(loss) from discontinued operations | |||
Net revenues | 27 | 52 | |
Operating expenses | 33 | 71 | |
Income tax expense/(benefit) | 0 | (6) | |
Income/(loss) from discontinued operations, net of tax | (6) | (13) | |
Bank | PBWM Germany | Transaction-related [Member] | |||
Income/(loss) from discontinued operations | |||
Operating expenses | 48 | ||
Gain/(loss) on disposal | 109 | ||
Income/(loss) from discontinued operations, net of tax | 61 | ||
Bank | ETF business | |||
Income/(loss) from discontinued operations | |||
Income/(loss) from discontinued operations, net of tax | 115 | ||
Bank | ETF business | Operations-related | |||
Income/(loss) from discontinued operations | |||
Net revenues | 29 | ||
Operating expenses | 23 | ||
Income tax expense/(benefit) | 5 | ||
Income/(loss) from discontinued operations, net of tax | 1 | ||
Bank | ETF business | Transaction-related [Member] | |||
Income/(loss) from discontinued operations | |||
Operating expenses | 11 | ||
Gain/(loss) on disposal | 146 | ||
Income tax expense/(benefit) | 21 | ||
Income/(loss) from discontinued operations, net of tax | 114 | ||
Bank | Strategic Partners | |||
Income/(loss) from discontinued operations | |||
Income/(loss) from discontinued operations, net of tax | 44 | ||
Bank | Strategic Partners | Operations-related | |||
Income/(loss) from discontinued operations | |||
Net revenues | 33 | ||
Operating expenses | 8 | ||
Income tax expense/(benefit) | 10 | ||
Income/(loss) from discontinued operations, net of tax | 15 | ||
Bank | Strategic Partners | Transaction-related [Member] | |||
Income/(loss) from discontinued operations | |||
Operating expenses | 22 | ||
Gain/(loss) on disposal | 91 | ||
Income tax expense/(benefit) | 40 | ||
Income/(loss) from discontinued operations, net of tax | 29 | ||
Bank | CFIG | |||
Income/(loss) from discontinued operations | |||
Income/(loss) from discontinued operations, net of tax | 49 | 2 | |
Bank | CFIG | Operations-related | |||
Income/(loss) from discontinued operations | |||
Net revenues | 0 | 114 | |
Operating expenses | 0 | 51 | |
Income tax expense/(benefit) | 0 | 29 | |
Income/(loss) from discontinued operations, net of tax | 0 | 34 | |
Bank | CFIG | Transaction-related [Member] | |||
Income/(loss) from discontinued operations | |||
Operating expenses | 0 | 56 | |
Gain/(loss) on disposal | 91 | ||
Income tax expense/(benefit) | 42 | (24) | |
Income/(loss) from discontinued operations, net of tax | SFr 49 | SFr (32) |
Segment information (Details)
Segment information (Details) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015CHF (SFr)BusinessDivision | Dec. 31, 2014CHF (SFr) | Dec. 31, 2013CHF (SFr) | |
Segment Reporting Information | |||
Net revenues | SFr 23,797 | SFr 26,242 | SFr 25,856 |
Number of segments | BusinessDivision | 6 | ||
Income/(loss) from continuing operations before taxes | SFr (2,422) | 3,627 | 4,096 |
Switzerland | |||
Segment Reporting Information | |||
Net revenues | 8,548 | 8,247 | 8,035 |
Income/(loss) from continuing operations before taxes | 1,746 | 401 | 642 |
EMEA | |||
Segment Reporting Information | |||
Net revenues | 3,846 | 4,358 | 4,744 |
Income/(loss) from continuing operations before taxes | (1,464) | (562) | 157 |
Americas | |||
Segment Reporting Information | |||
Net revenues | 8,470 | 11,097 | 10,810 |
Income/(loss) from continuing operations before taxes | (2,877) | 3,739 | 3,365 |
Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 2,933 | 2,540 | 2,267 |
Income/(loss) from continuing operations before taxes | 173 | 49 | (68) |
Swiss Universal Bank | |||
Segment Reporting Information | |||
Net revenues | 5,563 | 5,721 | 5,612 |
Income/(loss) from continuing operations before taxes | 1,659 | 1,976 | 1,740 |
International Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 4,394 | 4,751 | 4,929 |
Income/(loss) from continuing operations before taxes | 709 | 1,212 | 1,217 |
Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 3,839 | 3,335 | 3,018 |
Income/(loss) from continuing operations before taxes | 377 | 900 | 752 |
Global Markets | |||
Segment Reporting Information | |||
Net revenues | 7,391 | 8,613 | 8,974 |
Income/(loss) from continuing operations before taxes | (1,944) | 2,657 | 3,012 |
Investment Banking & Capital Markets | |||
Segment Reporting Information | |||
Net revenues | 1,752 | 2,106 | 2,014 |
Income/(loss) from continuing operations before taxes | (353) | 508 | 581 |
Corporate Center | |||
Segment Reporting Information | |||
Net revenues | 445 | 548 | (321) |
Income/(loss) from continuing operations before taxes | (360) | (53) | (648) |
Strategic Resolution Unit | |||
Segment Reporting Information | |||
Net revenues | 413 | 1,168 | 1,630 |
Income/(loss) from continuing operations before taxes | (2,510) | (3,573) | (2,558) |
Bank | |||
Segment Reporting Information | |||
Net revenues | 23,211 | 25,589 | 25,314 |
Net revenues of non-consolidated affiliate entities | 644 | 656 | 659 |
Income/(loss) from continuing operations before taxes | (2,938) | 2,961 | 3,654 |
Income from continuing operatings before taxes of non-consolidated affiliate entities | 279 | 264 | 243 |
Bank | Switzerland | |||
Segment Reporting Information | |||
Net revenues | 7,967 | 7,585 | 7,479 |
Income/(loss) from continuing operations before taxes | 1,315 | (179) | 300 |
Bank | EMEA | |||
Segment Reporting Information | |||
Net revenues | 3,819 | 4,301 | 4,797 |
Income/(loss) from continuing operations before taxes | (1,493) | (621) | 195 |
Bank | Americas | |||
Segment Reporting Information | |||
Net revenues | 8,514 | 11,173 | 10,831 |
Income/(loss) from continuing operations before taxes | (2,909) | 3,723 | 3,301 |
Bank | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 2,911 | 2,530 | 2,207 |
Income/(loss) from continuing operations before taxes | 149 | 38 | (142) |
Bank | Adjustments | |||
Segment Reporting Information | |||
Net revenues | (141) | (105) | (863) |
Income/(loss) from continuing operations before taxes | (876) | (719) | (1,090) |
Bank | Swiss Universal Bank | |||
Segment Reporting Information | |||
Net revenues | 5,563 | 5,721 | 5,612 |
Income/(loss) from continuing operations before taxes | 1,659 | 1,976 | 1,740 |
Bank | International Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 4,394 | 4,751 | 4,929 |
Income/(loss) from continuing operations before taxes | 709 | 1,212 | 1,217 |
Bank | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 3,839 | 3,335 | 3,018 |
Income/(loss) from continuing operations before taxes | 377 | 900 | 752 |
Bank | Global Markets | |||
Segment Reporting Information | |||
Net revenues | 7,391 | 8,613 | 8,974 |
Income/(loss) from continuing operations before taxes | (1,944) | 2,657 | 3,012 |
Bank | Investment Banking & Capital Markets | |||
Segment Reporting Information | |||
Net revenues | 1,752 | 2,106 | 2,014 |
Income/(loss) from continuing operations before taxes | (353) | 508 | 581 |
Bank | Strategic Resolution Unit | |||
Segment Reporting Information | |||
Net revenues | 413 | 1,168 | 1,630 |
Income/(loss) from continuing operations before taxes | SFr (2,510) | SFr (3,573) | SFr (2,558) |
Segment information (Details 2)
Segment information (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information | ||
Total assets | SFr 820,805 | SFr 921,462 |
Americas | ||
Segment Reporting Information | ||
Total assets | 355,542 | 428,253 |
Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 81,659 | 93,231 |
EMEA | ||
Segment Reporting Information | ||
Total assets | 162,232 | 188,420 |
Switzerland | ||
Segment Reporting Information | ||
Total assets | 221,372 | 211,558 |
Swiss Universal Bank | ||
Segment Reporting Information | ||
Total assets | 218,306 | 213,888 |
International Wealth Management | ||
Segment Reporting Information | ||
Total assets | 94,033 | 92,466 |
Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 85,929 | 105,574 |
Global Markets | ||
Segment Reporting Information | ||
Total assets | 262,201 | 365,580 |
Investment Banking & Capital Markets | ||
Segment Reporting Information | ||
Total assets | 19,800 | 14,928 |
Corporate Center | ||
Segment Reporting Information | ||
Total assets | 62,872 | 21,562 |
Strategic Resolution Unit | ||
Segment Reporting Information | ||
Total assets | 77,664 | 107,464 |
Bank | ||
Segment Reporting Information | ||
Total assets | 803,931 | 904,849 |
Total assets of non-consolidated affiliate entities | 27,600 | 25,700 |
Bank | Americas | ||
Segment Reporting Information | ||
Total assets | 355,481 | 428,195 |
Bank | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 81,642 | 93,221 |
Bank | EMEA | ||
Segment Reporting Information | ||
Total assets | 162,093 | 187,921 |
Bank | Switzerland | ||
Segment Reporting Information | ||
Total assets | 204,715 | 195,512 |
Bank | Adjustments | ||
Segment Reporting Information | ||
Total assets | 45,998 | 4,949 |
Bank | Swiss Universal Bank | ||
Segment Reporting Information | ||
Total assets | 218,306 | 213,888 |
Bank | International Wealth Management | ||
Segment Reporting Information | ||
Total assets | 94,033 | 92,466 |
Bank | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 85,929 | 105,574 |
Bank | Global Markets | ||
Segment Reporting Information | ||
Total assets | 262,201 | 365,580 |
Bank | Investment Banking & Capital Markets | ||
Segment Reporting Information | ||
Total assets | 19,800 | 14,928 |
Bank | Strategic Resolution Unit | ||
Segment Reporting Information | ||
Total assets | SFr 77,664 | SFr 107,464 |
Net interest income (Details)
Net interest income (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net interest income | |||
Loans | SFr 5,413 | SFr 5,077 | SFr 4,843 |
Investment securities | 65 | 39 | 45 |
Trading assets | 9,046 | 9,503 | 10,057 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,625 | 2,317 | 2,517 |
Other | 2,192 | 2,125 | 2,094 |
Interest and dividend income | 19,341 | 19,061 | 19,556 |
Deposits | (884) | (1,045) | (978) |
Short-term borrowings | (105) | (119) | (132) |
Trading liabilities | (3,854) | (3,938) | (5,083) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,264) | (1,042) | (1,156) |
Long-term debt | (3,728) | (3,594) | (3,846) |
Other | (207) | (289) | (246) |
Interest expense | (10,042) | (10,027) | (11,441) |
Net interest income | 9,299 | 9,034 | 8,115 |
Bank | |||
Net interest income | |||
Loans | 4,957 | 4,606 | 4,319 |
Investment securities | 63 | 27 | 28 |
Trading assets | 9,045 | 9,507 | 10,058 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,622 | 2,317 | 2,517 |
Other | 2,170 | 2,128 | 2,095 |
Interest and dividend income | 18,857 | 18,585 | 19,017 |
Deposits | (864) | (1,035) | (958) |
Short-term borrowings | (105) | (119) | (67) |
Trading liabilities | (3,855) | (3,938) | (5,083) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,264) | (1,042) | (1,155) |
Long-term debt | (3,696) | (3,484) | (3,796) |
Other | (206) | (290) | (248) |
Interest expense | (9,990) | (9,908) | (11,307) |
Net interest income | SFr 8,867 | SFr 8,677 | SFr 7,710 |
Commissions and fees (Details)
Commissions and fees (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commissions and fees | |||
Lending business | SFr 1,578 | SFr 1,752 | SFr 1,814 |
Investment and portfolio management | 3,436 | 3,734 | 3,944 |
Other securities business | 65 | 94 | 106 |
Fiduciary business | 3,501 | 3,828 | 4,050 |
Underwriting | 1,644 | 1,878 | 1,647 |
Brokerage | 3,648 | 3,696 | 3,933 |
Underwriting and brokerage | 5,292 | 5,574 | 5,580 |
Other services | 1,673 | 1,897 | 1,782 |
Commissions and fees | 12,044 | 13,051 | 13,226 |
Bank | |||
Commissions and fees | |||
Lending business | 1,532 | 1,711 | 1,774 |
Investment and portfolio management | 3,319 | 3,630 | 3,854 |
Other securities business | 66 | 94 | 101 |
Fiduciary business | 3,385 | 3,724 | 3,955 |
Underwriting | 1,659 | 1,911 | 1,681 |
Brokerage | 3,616 | 3,669 | 3,901 |
Underwriting and brokerage | 5,275 | 5,580 | 5,582 |
Other services | 1,654 | 1,872 | 1,746 |
Commissions and fees | SFr 11,846 | SFr 12,887 | SFr 13,057 |
Trading revenues (Details)
Trading revenues (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trading revenues | |||
Trading revenues | SFr 1,340 | SFr 2,026 | SFr 2,739 |
Interest rate products | |||
Trading revenues | |||
Trading revenues | 2,965 | 5,888 | 1,025 |
Foreign exchange products | |||
Trading revenues | |||
Trading revenues | (1,121) | (4,398) | 1,203 |
Equity/index-related products | |||
Trading revenues | |||
Trading revenues | (259) | 275 | 956 |
Credit products | |||
Trading revenues | |||
Trading revenues | 1 | 265 | (879) |
Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | (46) | (228) | 340 |
Other trading securities | |||
Trading revenues | |||
Trading revenues | (200) | 224 | 94 |
Bank | |||
Trading revenues | |||
Trading revenues | 1,298 | 1,790 | 2,755 |
Bank | Interest rate products | |||
Trading revenues | |||
Trading revenues | 2,947 | 5,661 | 1,048 |
Bank | Foreign exchange products | |||
Trading revenues | |||
Trading revenues | (1,127) | (4,405) | 1,201 |
Bank | Equity/index-related products | |||
Trading revenues | |||
Trading revenues | (276) | 273 | 952 |
Bank | Credit products | |||
Trading revenues | |||
Trading revenues | 1 | 265 | (879) |
Bank | Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | (46) | (228) | 340 |
Bank | Other trading securities | |||
Trading revenues | |||
Trading revenues | SFr (201) | SFr 224 | SFr 93 |
Other revenues (Details)
Other revenues (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Revenues | |||
Noncontrolling interests without SEI | SFr 9 | SFr 436 | SFr 658 |
Loans held-for-sale | (19) | (4) | (5) |
Long-lived assets held-for-sale | 36 | 392 | 30 |
Equity method investments | 243 | 252 | 251 |
Other investments | 144 | 312 | 315 |
Other | 701 | 743 | 527 |
Other revenues | 1,114 | 2,131 | 1,776 |
Bank | |||
Other Revenues | |||
Noncontrolling interests without SEI | 3 | 451 | 695 |
Loans held-for-sale | (19) | (4) | (5) |
Long-lived assets held-for-sale | 34 | 391 | 30 |
Equity method investments | 210 | 239 | 240 |
Other investments | 147 | 276 | 255 |
Other | 825 | 882 | 577 |
Other revenues | SFr 1,200 | SFr 2,235 | SFr 1,792 |
Provision for credit losses (De
Provision for credit losses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Provision for credit losses | |||
Provision for loan losses | SFr 295 | SFr 145 | SFr 166 |
Provision for lending-related and other exposures | 29 | 41 | 1 |
Provision for credit losses | 324 | 186 | 167 |
Bank | |||
Provision for credit losses | |||
Provision for loan losses | 248 | 85 | 91 |
Provision for lending-related and other exposures | 28 | 40 | 2 |
Provision for credit losses | SFr 276 | SFr 125 | SFr 93 |
Compensation and benefits (Deta
Compensation and benefits (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and benefits | |||
Salaries and variable compensation | SFr 10,051 | SFr 9,884 | SFr 9,678 |
Social security | 788 | 793 | 778 |
Other | 707 | 657 | 800 |
Compensation and benefits | 11,546 | 11,334 | 11,256 |
Pension and other post-retirement expense | 359 | 361 | 490 |
Severance and other compensation expense related to headcount reductions | 89 | 275 | 216 |
Bank | |||
Compensation and benefits | |||
Salaries and variable compensation | 9,826 | 9,685 | 9,455 |
Social security | 771 | 775 | 763 |
Other | 926 | 922 | 969 |
Compensation and benefits | 11,523 | 11,382 | 11,187 |
Pension and other post-retirement expense | 579 | 624 | 658 |
Severance and other compensation expense related to headcount reductions | SFr 89 | SFr 274 | SFr 216 |
General and administrative e106
General and administrative expenses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
General and Administrative Expenses | |||
Occupancy expenses | SFr 1,022 | SFr 1,177 | SFr 1,186 |
IT, machinery, etc. | 1,268 | 1,446 | 1,517 |
Provisions and losses | 1,158 | 2,783 | 2,136 |
Travel and entertainment | 381 | 353 | 355 |
Professional services | 3,241 | 2,381 | 1,952 |
Amortization and impairment of other intangible assets | 19 | 24 | 25 |
Other | 1,485 | 1,370 | 1,416 |
General and administrative expenses | 8,574 | 9,534 | 8,587 |
Bank | |||
General and Administrative Expenses | |||
Occupancy expenses | 1,004 | 1,161 | 1,168 |
IT, machinery, etc. | 1,254 | 1,436 | 1,508 |
Provisions and losses | 1,157 | 2,782 | 2,136 |
Travel and entertainment | 366 | 339 | 342 |
Professional services | 3,188 | 2,338 | 1,912 |
Amortization and impairment of other intangible assets | 19 | 24 | 25 |
Other | 1,626 | 1,493 | 1,551 |
General and administrative expenses | SFr 8,614 | SFr 9,573 | SFr 8,642 |
Restructuring expenses (Details
Restructuring expenses (Details) SFr in Millions | 12 Months Ended |
Dec. 31, 2015CHF (SFr) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | SFr 355 |
General and Administrative Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 46 |
Compensation and benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 309 |
of which severance | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 191 |
of which accelerated deferred compensation | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 87 |
of which pensions | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 31 |
Swiss Universal Bank | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 39 |
International Wealth Management | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 33 |
Asia Pacific | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 3 |
Global Markets | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 105 |
Investment Banking & Capital Markets | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 22 |
Strategic Resolution Unit | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 153 |
Bank | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 325 |
Bank | General and Administrative Expense [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 46 |
Bank | Compensation and benefits | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 279 |
Bank | of which severance | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 191 |
Bank | of which accelerated deferred compensation | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 87 |
Bank | of which pensions | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 1 |
Bank | Adjustments | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | (30) |
Bank | Swiss Universal Bank | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 39 |
Bank | International Wealth Management | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 33 |
Bank | Asia Pacific | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 3 |
Bank | Global Markets | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 105 |
Bank | Investment Banking & Capital Markets | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | 22 |
Bank | Strategic Resolution Unit | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring expenses | SFr 153 |
Restructuring provision (Detail
Restructuring provision (Details 2) SFr in Millions | 12 Months Ended |
Dec. 31, 2015CHF (SFr) | |
Restructuring provision | |
Restructuring Reserve, Beginning Balance | SFr 0 |
Restructuring expenses | 355 |
Utilization | 38 |
Restructuring Reserve, Ending Balance | 199 |
General and Administrative Expense [Member] | |
Restructuring provision | |
Restructuring Reserve, Beginning Balance | 0 |
Restructuring expenses | 46 |
Utilization | 34 |
Restructuring Reserve, Ending Balance | 12 |
Severance | |
Restructuring provision | |
Restructuring Reserve, Beginning Balance | 0 |
Restructuring expenses | 191 |
Utilization | 4 |
Restructuring Reserve, Ending Balance | 187 |
Unsettled share-based compensation obligations classified as a component of total shareholders equity | |
Restructuring provision | |
Restructuring expenses | 23 |
Unsettled cash-based compensation obligations classified as compensation liabilities | |
Restructuring provision | |
Restructuring expenses | 64 |
Unsettled pension obligation classified as a component of total shareholders equity | |
Restructuring provision | |
Restructuring expenses | 31 |
Excluding unsettled compensation and pension obligations [Member] | |
Restructuring provision | |
Restructuring expenses | 237 |
Bank | |
Restructuring provision | |
Restructuring Reserve, Beginning Balance | 0 |
Restructuring expenses | 325 |
Utilization | 38 |
Restructuring Reserve, Ending Balance | 199 |
Bank | General and Administrative Expense [Member] | |
Restructuring provision | |
Restructuring Reserve, Beginning Balance | 0 |
Restructuring expenses | 46 |
Utilization | 34 |
Restructuring Reserve, Ending Balance | 12 |
Bank | Severance | |
Restructuring provision | |
Restructuring Reserve, Beginning Balance | 0 |
Restructuring expenses | 191 |
Utilization | 4 |
Restructuring Reserve, Ending Balance | 187 |
Bank | Unsettled share-based compensation obligations classified as a component of total shareholders equity | |
Restructuring provision | |
Restructuring expenses | 23 |
Bank | Unsettled cash-based compensation obligations classified as compensation liabilities | |
Restructuring provision | |
Restructuring expenses | 64 |
Bank | Unsettled pension obligation classified as a component of total shareholders equity | |
Restructuring provision | |
Restructuring expenses | 1 |
Bank | Excluding unsettled compensation and pension obligations [Member] | |
Restructuring provision | |
Restructuring expenses | SFr 237 |
Earnings per share (Details)
Earnings per share (Details) - CHF (SFr) SFr / shares in Units, shares in Millions, SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income/(loss) attributable to shareholders | |||
Income/(loss) from continuing operations | SFr (2,944) | SFr 1,773 | SFr 2,181 |
Income/(loss) from discontinued operations, net of tax | 0 | 102 | 145 |
Net income/(loss) attributable to shareholders | (2,944) | 1,875 | 2,326 |
Preferred securities dividends | (53) | (236) | |
Net income attributable to shareholders for basic earnings per share | (2,944) | 1,822 | 2,090 |
Available for common shares | (2,958) | 1,743 | 1,873 |
Available for unvested share-based payment awards | 14 | 79 | 148 |
Available for mandatory convertible securities | 69 | ||
Net income/(loss) attributable to shareholders for diluted earnings per share | (2,944) | 1,822 | 2,090 |
Available for common shares | (2,958) | 1,743 | 1,874 |
Available for unvested share-based payment awards | SFr 14 | SFr 79 | 148 |
Available for mandatory convertible securities | SFr 68 | ||
Weighted-average shares outstanding | |||
Weighted-average shares outstanding for basic earnings per share available for common shares (in shares) | 1,706.3 | 1,665.1 | 1,581.6 |
Dilutive share options and warrants (in shares) | 0 | 0.8 | 1.4 |
Dilutive share awards (in shares) | 0 | 12.2 | 1.2 |
Weighted-average shares outstanding for diluted earnings per share available for common shares (in shares) | 1,706.3 | 1,678.1 | 1,584.2 |
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards (in shares) | 25.7 | 72.7 | 125 |
Weighted-average shares outstanding for basic/diluted earnings per share available for mandatory convertible securities | 63 | ||
Basic earnings per share available for common shares (CHF) | |||
Basic earnings/(loss) per share from continuing operations (in CHF per share) | SFr (1.73) | SFr 0.99 | SFr 1.10 |
Basic earnings/(loss) per share from discontinued operations (in CHF per share) | 0 | 0.06 | 0.08 |
Basic earnings/(loss) per share (in CHF per share) | (1.73) | 1.05 | 1.18 |
Diluted earnings per share available for common shares (CHF) | |||
Diluted earnings/(loss) per share from continuing operations (in CHF per share) | (1.73) | 0.98 | 1.10 |
Diluted earnings/(loss) per share from discontinued operations (in CHF per share) | 0 | 0.06 | 0.08 |
Diluted earnings/(loss) per share (in CHF per share) | SFr (1.73) | SFr 1.04 | SFr 1.18 |
Weighted-average potential dilutive common shares | 7.6 | 8.9 | 35.9 |
Weighted-average share options and warrants (antidilutive) | 0.9 | ||
Weighted-average share awards (antidilutive) | 47.8 |
Securities borrowed, lent an110
Securities borrowed, lent and subject to repurchase agreements (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Securities borrowed or purchased under agreements to resell | ||
Central bank funds sold and securities purchased under resale agreements | SFr 78,474 | SFr 100,169 |
Deposits paid for securities borrowed | 44,575 | 63,039 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions, total | 123,049 | 163,208 |
Securities lent or sold under agreements to repurchase | ||
Central bank funds purchased and securities sold under repurchase agreements | 36,754 | 60,752 |
Deposits received for securities lent | 9,844 | 9,367 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions, total | 46,598 | 70,119 |
Bank | ||
Securities borrowed or purchased under agreements to resell | ||
Central bank funds sold and securities purchased under resale agreements | 78,861 | 100,169 |
Deposits paid for securities borrowed | 44,575 | 63,039 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions, total | 123,436 | 163,208 |
Securities lent or sold under agreements to repurchase | ||
Central bank funds purchased and securities sold under repurchase agreements | 36,754 | 60,752 |
Deposits received for securities lent | 9,844 | 9,367 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions, total | SFr 46,598 | SFr 70,119 |
Trading assets and liabiliti111
Trading assets and liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Trading Assets and Liabilities | ||
Trading assets | SFr 190,737 | SFr 241,131 |
Trading liabilities | 48,971 | 72,655 |
Debt securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 80,542 | 94,391 |
Equity securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 70,961 | 94,294 |
Derivative instruments | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 28,365 | 38,012 |
Trading liabilities | 23,486 | 36,871 |
Other trading securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 10,869 | 14,434 |
Short positions | ||
Schedule of Trading Assets and Liabilities | ||
Trading liabilities | 25,485 | 35,784 |
Bank | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 191,096 | 241,313 |
Trading liabilities | 49,054 | 72,667 |
Bank | Debt securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 80,546 | 94,405 |
Bank | Equity securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 71,102 | 94,493 |
Bank | Derivative instruments | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 28,579 | 37,979 |
Trading liabilities | 23,545 | 36,868 |
Bank | Other trading securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 10,869 | 14,436 |
Bank | Short positions | ||
Schedule of Trading Assets and Liabilities | ||
Trading liabilities | SFr 25,509 | SFr 35,799 |
Trading assets and liabiliti112
Trading assets and liabilities (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Cash collateral - netted | ||
Cash collateral paid | SFr 31,887 | SFr 33,404 |
Cash collateral received | 21,942 | 28,147 |
Cash collateral - not netted | ||
Cash collateral paid | 7,921 | 10,905 |
Cash collateral received | 13,989 | 17,043 |
Bank | ||
Cash collateral - netted | ||
Cash collateral paid | 32,127 | 33,716 |
Cash collateral received | 22,027 | 28,505 |
Cash collateral - not netted | ||
Cash collateral paid | 7,987 | 10,909 |
Cash collateral received | SFr 13,991 | SFr 16,776 |
Investment securities (Details)
Investment securities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Investment securities disclosures | ||
Securities available-for-sale | SFr 3,090 | SFr 2,791 |
Total investment securities | 3,090 | 2,791 |
Bank | ||
Investment securities disclosures | ||
Securities available-for-sale | 2,698 | 2,379 |
Total investment securities | SFr 2,698 | SFr 2,379 |
Investment securities (Details
Investment securities (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale securities | ||
Amortized cost | SFr 3,015 | SFr 2,702 |
Gross unrealized gains, Securities | 75 | 90 |
Gross unrealized losses, Securities | 0 | 1 |
Fair value | 3,090 | 2,791 |
Debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2,949 | 2,619 |
Gross unrealized gains, Debt securities | 55 | 65 |
Gross unrealized losses, Debt securities | 0 | 1 |
Fair value, Debt securities | 3,004 | 2,683 |
Debt securities issued by the Swiss federal, cantonal or local government entities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 273 | 286 |
Gross unrealized gains, Debt securities | 21 | 18 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 294 | 304 |
Debt securities issued by foreign governments | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 1,382 | 2,020 |
Gross unrealized gains, Debt securities | 34 | 47 |
Gross unrealized losses, Debt securities | 0 | 1 |
Fair value, Debt securities | 1,416 | 2,066 |
Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 285 | 313 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 285 | 313 |
Residential mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 750 | 0 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 750 | 0 |
Commercial mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 259 | 0 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 259 | 0 |
Equity securities | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 66 | 83 |
Gross unrealized gains, Equity securities | 20 | 25 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 86 | 108 |
Banks, trust and insurance companies | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 65 | 73 |
Gross unrealized gains, Equity securities | 20 | 25 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 85 | 98 |
Industry and all other | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 1 | 10 |
Gross unrealized gains, Equity securities | 0 | 0 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 1 | 10 |
Bank | ||
Available-for-sale securities | ||
Amortized cost | 2,648 | 2,311 |
Gross unrealized gains, Securities | 50 | 68 |
Gross unrealized losses, Securities | 0 | 0 |
Fair value | 2,698 | 2,379 |
Bank | Debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2,582 | 2,228 |
Gross unrealized gains, Debt securities | 30 | 43 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 2,612 | 2,271 |
Bank | Debt securities issued by foreign governments | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 1,292 | 1,919 |
Gross unrealized gains, Debt securities | 30 | 43 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 1,322 | 1,962 |
Bank | Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 281 | 309 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 281 | 309 |
Bank | Residential mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 750 | 0 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 750 | 0 |
Bank | Commercial mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 259 | 0 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 259 | 0 |
Bank | Equity securities | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 66 | 83 |
Gross unrealized gains, Equity securities | 20 | 25 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 86 | 108 |
Bank | Banks, trust and insurance companies | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 65 | 72 |
Gross unrealized gains, Equity securities | 20 | 25 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | 85 | 97 |
Bank | Industry and all other | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 1 | 11 |
Gross unrealized gains, Equity securities | 0 | 0 |
Gross unrealized losses, Equity securities | 0 | 0 |
Fair value, Equity securities | SFr 1 | SFr 11 |
Investment securities (Detai115
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 (Detai116
Investment securities (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | SFr 1 | SFr 915 | SFr 163 |
Realized gains | 0 | 17 | 7 |
Realized losses | 0 | (1) | 0 |
Equity securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 17 | 15 | 13 |
Realized gains | 2 | 1 | 1 |
Realized losses | 0 | 0 | 0 |
Bank | Debt securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 1 | 103 | 163 |
Realized gains | 0 | 0 | 7 |
Bank | Equity securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 17 | 15 | 13 |
Realized gains | SFr 2 | SFr 1 | SFr 1 |
Investment securities (Detai117
Investment securities (Details 5) - Debt securities - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale debt securities amortized cost disclosures | ||
Due within 1 year, amortized cost | SFr 366 | |
Due from 1 to 5 years, amortized cost | 1,420 | |
Due from 5 to 10 years, amortized cost | 147 | |
Due after 10 years, amortized cost | 1,016 | |
Total, amortized cost | 2,949 | SFr 2,619 |
Available-for-sale debt securities fair value disclosures | ||
Due within 1 year, fair value | 366 | |
Due from 1 to 5 years, fair value | 1,459 | |
Due from 5 to 10 years, fair value | 161 | |
Due after 10 years, fair value | 1,018 | |
Total, fair value | SFr 3,004 | 2,683 |
Available-for-sale debt securities average yield disclosures | ||
Due within 1 year, average yield (as a percent) | 0.43% | |
Due from 1 to 5 years, average yield (as a percent) | 0.91% | |
Due from 5 to 10 years, average yield (as a percent) | 1.12% | |
Due after 10 years, average yield (as a percent) | 2.97% | |
Total, average yield (as a percent) | 1.57% | |
Bank | ||
Available-for-sale debt securities amortized cost disclosures | ||
Due within 1 year, amortized cost | SFr 271 | |
Due from 1 to 5 years, amortized cost | 1,302 | |
Due from 5 to 10 years, amortized cost | 1 | |
Due after 10 years, amortized cost | 1,008 | |
Total, amortized cost | 2,582 | 2,228 |
Available-for-sale debt securities fair value disclosures | ||
Due within 1 year, fair value | 271 | |
Due from 1 to 5 years, fair value | 1,333 | |
Due from 5 to 10 years, fair value | 0 | |
Due after 10 years, fair value | 1,008 | |
Total, fair value | SFr 2,612 | SFr 2,271 |
Available-for-sale debt securities average yield disclosures | ||
Due within 1 year, average yield (as a percent) | 0.15% | |
Due from 1 to 5 years, average yield (as a percent) | 0.78% | |
Due from 5 to 10 years, average yield (as a percent) | 14.74% | |
Due after 10 years, average yield (as a percent) | 2.98% | |
Total, average yield (as a percent) | 1.57% |
Other investments (Details)
Other investments (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other investments | |||
Other investments | SFr 7,021 | SFr 8,613 | |
Equity method investments | |||
Other investments | |||
Other investments | 2,876 | 3,453 | |
Non-marketable equity securities | |||
Other investments | |||
Other investments | 2,000 | 2,717 | |
Real estate held for investment | |||
Other investments | |||
Other investments | 412 | 547 | |
Accumulated depreciation, real estate held for investment | 365 | 354 | SFr 340 |
Impairment charges | 21 | 10 | 48 |
Real estate held for investment | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 38 | 42 | |
Real estate held for investment | Residential Foreclosed or Repossessed Real Estate [Member] | |||
Other investments | |||
Other investments | 36 | 42 | |
Life finance instruments | |||
Other investments | |||
Other investments | 1,733 | 1,896 | |
Bank | |||
Other investments | |||
Other investments | 6,787 | 8,467 | |
Bank | Equity method investments | |||
Other investments | |||
Other investments | 2,728 | 3,397 | |
Bank | Non-marketable equity securities | |||
Other investments | |||
Other investments | 1,951 | 2,667 | |
Bank | Real estate held for investment | |||
Other investments | |||
Other investments | 375 | 507 | |
Accumulated depreciation, real estate held for investment | 319 | 304 | 289 |
Impairment charges | 21 | 10 | SFr 48 |
Bank | Real estate held for investment | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 37 | 39 | |
Bank | Real estate held for investment | Residential Foreclosed or Repossessed Real Estate [Member] | |||
Other investments | |||
Other investments | 36 | 39 | |
Bank | Life finance instruments | |||
Other investments | |||
Other investments | SFr 1,733 | SFr 1,896 |
Loans, allowance for loan lo119
Loans, allowance for loan losses and credit quality (Details) SFr in Millions | 12 Months Ended | |||
Dec. 31, 2015CHF (SFr)portfolio | Dec. 31, 2014CHF (SFr) | Dec. 31, 2013CHF (SFr) | Dec. 31, 2012CHF (SFr) | |
Loans | ||||
Number of portfolio segments | portfolio | 2 | |||
Gross loans | SFr 274,006 | SFr 273,421 | ||
of which held at amortized cost | 253,186 | 250,508 | SFr 228,557 | |
of which held at fair value | 20,820 | 22,913 | ||
Net (unearned income)/deferred expenses | (145) | (112) | ||
allowance for loan losses | (866) | (758) | (869) | SFr (922) |
Net loans | 272,995 | 272,551 | ||
Impaired loan portfolio | ||||
Non-performing loans | 983 | 753 | ||
Non-interest-earning loans | 272 | 279 | ||
Total non-performing and non-interest-earning loans | 1,255 | 1,032 | ||
Restructured loans | 282 | 171 | ||
Potential problem loans | 436 | 187 | ||
Total other impaired loans | 718 | 358 | ||
Gross impaired loans | 1,973 | 1,390 | ||
Foreign | ||||
Loans | ||||
Gross loans | 118,235 | 117,654 | ||
Switzerland | ||||
Loans | ||||
Gross loans | 155,771 | 155,767 | ||
Corporate and institutional | ||||
Loans | ||||
Gross loans | 129,130 | 130,478 | ||
of which held at amortized cost | 108,331 | 107,582 | 96,087 | |
allowance for loan losses | (650) | (507) | (602) | (634) |
Impaired loan portfolio | ||||
Non-performing loans | 474 | 328 | ||
Non-interest-earning loans | 205 | 168 | ||
Total non-performing and non-interest-earning loans | 679 | 496 | ||
Restructured loans | 264 | 167 | ||
Potential problem loans | 383 | 145 | ||
Total other impaired loans | 647 | 312 | ||
Gross impaired loans | 1,326 | 808 | ||
Real estate | ||||
Loans | ||||
Gross loans | 26,451 | 29,198 | ||
of which held at amortized cost | 25,678 | 28,175 | ||
Impaired loan portfolio | ||||
Non-performing loans | 53 | 50 | ||
Non-interest-earning loans | 19 | 16 | ||
Total non-performing and non-interest-earning loans | 72 | 66 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 29 | 9 | ||
Total other impaired loans | 29 | 9 | ||
Gross impaired loans | 101 | 75 | ||
Commercial and industrial loans | ||||
Loans | ||||
Gross loans | 77,767 | 75,046 | ||
of which held at amortized cost | 66,219 | 63,376 | ||
Impaired loan portfolio | ||||
Non-performing loans | 333 | 190 | ||
Non-interest-earning loans | 136 | 116 | ||
Total non-performing and non-interest-earning loans | 469 | 306 | ||
Restructured loans | 263 | 167 | ||
Potential problem loans | 319 | 133 | ||
Total other impaired loans | 582 | 300 | ||
Gross impaired loans | 1,051 | 606 | ||
Financial institutions | ||||
Loans | ||||
Gross loans | 21,334 | 22,343 | ||
of which held at amortized cost | 15,505 | 14,623 | ||
Impaired loan portfolio | ||||
Non-performing loans | 88 | 88 | ||
Non-interest-earning loans | 50 | 36 | ||
Total non-performing and non-interest-earning loans | 138 | 124 | ||
Restructured loans | 1 | 0 | ||
Potential problem loans | 35 | 3 | ||
Total other impaired loans | 36 | 3 | ||
Gross impaired loans | 174 | 127 | ||
Governments and public institutions | ||||
Loans | ||||
Gross loans | 3,578 | 3,891 | ||
of which held at amortized cost | 929 | 1,408 | ||
Consumer | ||||
Loans | ||||
Gross loans | 144,876 | 142,943 | ||
of which held at amortized cost | 144,855 | 142,926 | 132,470 | |
allowance for loan losses | (216) | (251) | (267) | (288) |
Impaired loan portfolio | ||||
Non-performing loans | 509 | 425 | ||
Non-interest-earning loans | 67 | 111 | ||
Total non-performing and non-interest-earning loans | 576 | 536 | ||
Restructured loans | 18 | 4 | ||
Potential problem loans | 53 | 42 | ||
Total other impaired loans | 71 | 46 | ||
Gross impaired loans | 647 | 582 | ||
Mortgages | ||||
Loans | ||||
Gross loans | 103,164 | 98,802 | ||
of which held at amortized cost | 103,164 | 98,802 | ||
Impaired loan portfolio | ||||
Non-performing loans | 197 | 189 | ||
Non-interest-earning loans | 17 | 19 | ||
Total non-performing and non-interest-earning loans | 214 | 208 | ||
Restructured loans | 18 | 4 | ||
Potential problem loans | 49 | 39 | ||
Total other impaired loans | 67 | 43 | ||
Gross impaired loans | 281 | 251 | ||
Loans collateralized by securities | ||||
Loans | ||||
Gross loans | 37,946 | 39,818 | ||
of which held at amortized cost | 37,946 | 39,818 | ||
Impaired loan portfolio | ||||
Non-performing loans | 108 | 11 | ||
Non-interest-earning loans | 27 | 75 | ||
Total non-performing and non-interest-earning loans | 135 | 86 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 3 | 2 | ||
Total other impaired loans | 3 | 2 | ||
Gross impaired loans | 138 | 88 | ||
Consumer finance | ||||
Loans | ||||
Gross loans | 3,766 | 4,323 | ||
of which held at amortized cost | 3,745 | 4,306 | ||
Impaired loan portfolio | ||||
Non-performing loans | 204 | 225 | ||
Non-interest-earning loans | 23 | 17 | ||
Total non-performing and non-interest-earning loans | 227 | 242 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 1 | 1 | ||
Total other impaired loans | 1 | 1 | ||
Gross impaired loans | 228 | 243 | ||
Bank | ||||
Loans | ||||
Gross loans | 255,839 | 256,691 | ||
of which held at amortized cost | 235,019 | 233,778 | 212,540 | |
of which held at fair value | 20,820 | 22,913 | ||
Net (unearned income)/deferred expenses | (200) | (166) | ||
allowance for loan losses | (724) | (597) | (691) | (721) |
Net loans | 254,915 | 255,928 | ||
Impaired loan portfolio | ||||
Non-performing loans | 810 | 564 | ||
Non-interest-earning loans | 251 | 257 | ||
Total non-performing and non-interest-earning loans | 1,061 | 821 | ||
Restructured loans | 282 | 171 | ||
Potential problem loans | 373 | 140 | ||
Total other impaired loans | 655 | 311 | ||
Gross impaired loans | 1,716 | 1,132 | ||
Bank | Foreign | ||||
Loans | ||||
Gross loans | 118,110 | 117,480 | ||
Bank | Switzerland | ||||
Loans | ||||
Gross loans | 137,729 | 139,211 | ||
Bank | Corporate and institutional | ||||
Loans | ||||
Gross loans | 128,348 | 130,870 | ||
of which held at amortized cost | 107,548 | 107,974 | 96,939 | |
allowance for loan losses | (611) | (466) | (557) | (578) |
Impaired loan portfolio | ||||
Non-performing loans | 452 | 309 | ||
Non-interest-earning loans | 188 | 148 | ||
Total non-performing and non-interest-earning loans | 640 | 457 | ||
Restructured loans | 264 | 167 | ||
Potential problem loans | 344 | 115 | ||
Total other impaired loans | 608 | 282 | ||
Gross impaired loans | 1,248 | 739 | ||
Bank | Real estate | ||||
Loans | ||||
Gross loans | 23,561 | 26,279 | ||
of which held at amortized cost | 22,789 | 25,256 | ||
Impaired loan portfolio | ||||
Non-performing loans | 51 | 49 | ||
Non-interest-earning loans | 19 | 15 | ||
Total non-performing and non-interest-earning loans | 70 | 64 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 11 | 9 | ||
Total other impaired loans | 11 | 9 | ||
Gross impaired loans | 81 | 73 | ||
Bank | Commercial and industrial loans | ||||
Loans | ||||
Gross loans | 74,967 | 72,191 | ||
of which held at amortized cost | 63,420 | 60,521 | ||
Impaired loan portfolio | ||||
Non-performing loans | 314 | 172 | ||
Non-interest-earning loans | 119 | 98 | ||
Total non-performing and non-interest-earning loans | 433 | 270 | ||
Restructured loans | 263 | 167 | ||
Potential problem loans | 298 | 103 | ||
Total other impaired loans | 561 | 270 | ||
Gross impaired loans | 994 | 540 | ||
Bank | Financial institutions | ||||
Loans | ||||
Gross loans | 26,375 | 28,654 | ||
of which held at amortized cost | 20,545 | 20,934 | ||
Impaired loan portfolio | ||||
Non-performing loans | 87 | 88 | ||
Non-interest-earning loans | 50 | 35 | ||
Total non-performing and non-interest-earning loans | 137 | 123 | ||
Restructured loans | 1 | 0 | ||
Potential problem loans | 35 | 3 | ||
Total other impaired loans | 36 | 3 | ||
Gross impaired loans | 173 | 126 | ||
Bank | Governments and public institutions | ||||
Loans | ||||
Gross loans | 3,445 | 3,746 | ||
of which held at amortized cost | 794 | 1,263 | ||
Bank | Consumer | ||||
Loans | ||||
Gross loans | 127,491 | 125,821 | ||
of which held at amortized cost | 127,471 | 125,804 | 115,601 | |
allowance for loan losses | (113) | (131) | SFr (134) | SFr (143) |
Impaired loan portfolio | ||||
Non-performing loans | 358 | 255 | ||
Non-interest-earning loans | 63 | 109 | ||
Total non-performing and non-interest-earning loans | 421 | 364 | ||
Restructured loans | 18 | 4 | ||
Potential problem loans | 29 | 25 | ||
Total other impaired loans | 47 | 29 | ||
Gross impaired loans | 468 | 393 | ||
Bank | Mortgages | ||||
Loans | ||||
Gross loans | 88,566 | 84,527 | ||
of which held at amortized cost | 88,566 | 84,527 | ||
Impaired loan portfolio | ||||
Non-performing loans | 173 | 166 | ||
Non-interest-earning loans | 13 | 17 | ||
Total non-performing and non-interest-earning loans | 186 | 183 | ||
Restructured loans | 18 | 4 | ||
Potential problem loans | 25 | 23 | ||
Total other impaired loans | 43 | 27 | ||
Gross impaired loans | 229 | 210 | ||
Bank | Loans collateralized by securities | ||||
Loans | ||||
Gross loans | 37,833 | 39,712 | ||
of which held at amortized cost | 37,833 | 39,712 | ||
Impaired loan portfolio | ||||
Non-performing loans | 108 | 11 | ||
Non-interest-earning loans | 27 | 75 | ||
Total non-performing and non-interest-earning loans | 135 | 86 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 3 | 2 | ||
Total other impaired loans | 3 | 2 | ||
Gross impaired loans | 138 | 88 | ||
Bank | Consumer finance | ||||
Loans | ||||
Gross loans | 1,092 | 1,582 | ||
of which held at amortized cost | 1,072 | 1,565 | ||
Impaired loan portfolio | ||||
Non-performing loans | 77 | 78 | ||
Non-interest-earning loans | 23 | 17 | ||
Total non-performing and non-interest-earning loans | 100 | 95 | ||
Restructured loans | 0 | 0 | ||
Potential problem loans | 1 | 0 | ||
Total other impaired loans | 1 | 0 | ||
Gross impaired loans | SFr 101 | SFr 95 |
Loans, allowance for loan lo120
Loans, allowance for loan losses and credit quality (Details 2) SFr in Millions | 12 Months Ended | |||||
Dec. 31, 2015CHF (SFr)dayyear | Dec. 31, 2014CHF (SFr) | Dec. 31, 2013CHF (SFr) | Dec. 31, 2015CHF (SFr) | Dec. 31, 2014CHF (SFr) | Dec. 31, 2013CHF (SFr) | |
Allowance for loan losses | ||||||
Balance at beginning of period | SFr 758 | SFr 869 | SFr 922 | |||
Change in scope of consolidation | 0 | 0 | (1) | |||
Net movements recognized in statements of operations | 295 | 145 | 166 | |||
Gross write-offs | (229) | (349) | (286) | |||
Recoveries | 28 | 41 | 54 | |||
Net write-offs | (201) | (308) | (232) | |||
Provisions for interest | 18 | 20 | 26 | |||
Foreign currency translation impact and other adjustments, net | (4) | 32 | (12) | |||
Balance at end of period | 866 | 758 | 869 | |||
Allowance for loan losses | ||||||
Balance at end of period | 866 | 758 | 869 | SFr 866 | SFr 758 | SFr 869 |
of which individually evaluated for impairment | 650 | 540 | 654 | |||
of which collectively evaluated for impairment | 216 | 218 | 215 | |||
Gross loans held at amortized cost | ||||||
Gross loans held at amortized cost | 253,186 | 250,508 | 228,557 | |||
of which individually evaluated for impairment | 1,973 | 1,390 | 1,489 | |||
of which collectively evaluated for impairment | 251,213 | 249,118 | 227,068 | |||
Loans held at amortized cost | ||||||
Purchases | 4,683 | 4,308 | 4,611 | |||
Reclassifications from loans held-for-sale | 355 | 397 | 275 | |||
Reclassifications to loans held-for-sale | 2,376 | 1,861 | 996 | |||
Sales | SFr 373 | 272 | 698 | |||
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 507 | 602 | 634 | |||
Change in scope of consolidation | 0 | 0 | (1) | |||
Net movements recognized in statements of operations | 229 | 79 | 90 | |||
Gross write-offs | (111) | (241) | (163) | |||
Recoveries | 16 | 24 | 30 | |||
Net write-offs | (95) | (217) | (133) | |||
Provisions for interest | 12 | 19 | 21 | |||
Foreign currency translation impact and other adjustments, net | (3) | 24 | (9) | |||
Balance at end of period | 650 | 507 | 602 | |||
Allowance for loan losses | ||||||
Balance at end of period | 507 | 507 | 602 | 650 | 507 | 602 |
of which individually evaluated for impairment | 480 | 338 | 437 | |||
of which collectively evaluated for impairment | 170 | 169 | 165 | |||
Gross loans held at amortized cost | ||||||
Gross loans held at amortized cost | 108,331 | 107,582 | 96,087 | |||
of which individually evaluated for impairment | 1,326 | 808 | 920 | |||
of which collectively evaluated for impairment | 107,005 | 106,774 | 95,167 | |||
Loans held at amortized cost | ||||||
Purchases | 4,294 | 4,127 | 4,611 | |||
Reclassifications from loans held-for-sale | 355 | 397 | 275 | |||
Reclassifications to loans held-for-sale | 735 | 806 | 996 | |||
Sales | 373 | 272 | 698 | |||
Consumer | ||||||
Allowance for loan losses | ||||||
Balance at beginning of period | 251 | 267 | 288 | |||
Change in scope of consolidation | 0 | 0 | 0 | |||
Net movements recognized in statements of operations | 66 | 66 | 76 | |||
Gross write-offs | (118) | (108) | (123) | |||
Recoveries | 12 | 17 | 24 | |||
Net write-offs | (106) | (91) | (99) | |||
Provisions for interest | 6 | 1 | 5 | |||
Foreign currency translation impact and other adjustments, net | (1) | 8 | (3) | |||
Balance at end of period | 216 | 251 | 267 | |||
Allowance for loan losses | ||||||
Balance at end of period | 251 | 251 | 267 | 216 | 251 | 267 |
of which individually evaluated for impairment | 170 | 202 | 217 | |||
of which collectively evaluated for impairment | 46 | 49 | 50 | |||
Gross loans held at amortized cost | ||||||
Gross loans held at amortized cost | 144,855 | 142,926 | 132,470 | |||
of which individually evaluated for impairment | 647 | 582 | 569 | |||
of which collectively evaluated for impairment | 144,208 | 142,344 | 131,901 | |||
Loans held at amortized cost | ||||||
Purchases | 389 | 181 | 0 | |||
Reclassifications from loans held-for-sale | 0 | 0 | 0 | |||
Reclassifications to loans held-for-sale | 1,641 | 1,055 | 0 | |||
Sales | 0 | 0 | 0 | |||
Bank | ||||||
Allowance for loan losses | ||||||
Balance at beginning of period | 597 | 691 | 721 | |||
Change in scope of consolidation | 0 | 0 | (1) | |||
Net movements recognized in statements of operations | 248 | 85 | 91 | |||
Gross write-offs | (158) | (267) | (185) | |||
Recoveries | 22 | 36 | 50 | |||
Net write-offs | (136) | (231) | (135) | |||
Provisions for interest | 19 | 22 | 25 | |||
Foreign currency translation impact and other adjustments, net | (4) | 30 | (10) | |||
Balance at end of period | 724 | 597 | 691 | |||
Allowance for loan losses | ||||||
Balance at end of period | 724 | 597 | 721 | 724 | 597 | 691 |
of which individually evaluated for impairment | 539 | 413 | 511 | |||
of which collectively evaluated for impairment | 185 | 184 | 180 | |||
Gross loans held at amortized cost | ||||||
Gross loans held at amortized cost | 235,019 | 233,778 | 212,540 | |||
of which individually evaluated for impairment | 1,716 | 1,132 | 1,194 | |||
of which collectively evaluated for impairment | 233,303 | 232,646 | 211,346 | |||
Loans held at amortized cost | ||||||
Purchases | 4,683 | 4,308 | 4,611 | |||
Reclassifications from loans held-for-sale | 355 | 397 | 275 | |||
Reclassifications to loans held-for-sale | 2,376 | 1,861 | 996 | |||
Sales | 373 | 272 | 698 | |||
Bank | Corporate and institutional | ||||||
Allowance for loan losses | ||||||
Balance at beginning of period | 466 | 557 | 578 | |||
Change in scope of consolidation | 0 | 0 | (1) | |||
Net movements recognized in statements of operations | 227 | 78 | 84 | |||
Gross write-offs | (107) | (232) | (147) | |||
Recoveries | 16 | 24 | 30 | |||
Net write-offs | (91) | (208) | (117) | |||
Provisions for interest | 12 | 19 | 20 | |||
Foreign currency translation impact and other adjustments, net | (3) | 20 | (7) | |||
Balance at end of period | 611 | 466 | 557 | |||
Allowance for loan losses | ||||||
Balance at end of period | 611 | 466 | 578 | 611 | 466 | 557 |
of which individually evaluated for impairment | 455 | 309 | 407 | |||
of which collectively evaluated for impairment | 156 | 157 | 150 | |||
Gross loans held at amortized cost | ||||||
Gross loans held at amortized cost | 107,548 | 107,974 | 96,939 | |||
of which individually evaluated for impairment | 1,248 | 739 | 840 | |||
of which collectively evaluated for impairment | 106,300 | 107,235 | 96,099 | |||
Loans held at amortized cost | ||||||
Purchases | 4,294 | 4,127 | 4,611 | |||
Reclassifications from loans held-for-sale | 355 | 397 | 275 | |||
Reclassifications to loans held-for-sale | 735 | 806 | 996 | |||
Sales | 373 | 272 | 698 | |||
Bank | Consumer | ||||||
Allowance for loan losses | ||||||
Balance at beginning of period | 131 | 134 | 143 | |||
Change in scope of consolidation | 0 | 0 | 0 | |||
Net movements recognized in statements of operations | 21 | 7 | 7 | |||
Gross write-offs | (51) | (35) | (38) | |||
Recoveries | 6 | 12 | 20 | |||
Net write-offs | (45) | (23) | (18) | |||
Provisions for interest | 7 | 3 | 5 | |||
Foreign currency translation impact and other adjustments, net | (1) | 10 | (3) | |||
Balance at end of period | 113 | 131 | 134 | |||
Allowance for loan losses | ||||||
Balance at end of period | 113 | 131 | 143 | 113 | 131 | 134 |
of which individually evaluated for impairment | 84 | 104 | 104 | |||
of which collectively evaluated for impairment | 29 | 27 | 30 | |||
Gross loans held at amortized cost | ||||||
Gross loans held at amortized cost | 127,471 | 125,804 | 115,601 | |||
of which individually evaluated for impairment | 468 | 393 | 354 | |||
of which collectively evaluated for impairment | SFr 127,003 | SFr 125,411 | SFr 115,247 | |||
Loans held at amortized cost | ||||||
Purchases | 389 | 181 | 0 | |||
Reclassifications from loans held-for-sale | 0 | 0 | 0 | |||
Reclassifications to loans held-for-sale | 1,641 | 1,055 | 0 | |||
Sales | SFr 0 | SFr 0 | SFr 0 |
Loans, allowance for loan lo121
Loans, allowance for loan losses and credit quality (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | SFr 253,186 | SFr 250,508 | SFr 228,557 |
Value of collateral | 228,134 | 225,619 | |
Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 250,716 | 248,182 | |
Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 2,470 | 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 | 1,092 | 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 | 217 | 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 | 116 | 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 | 1,045 | 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 | 193,006 | 186,633 | |
Value of collateral | 178,649 | 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 | 58,462 | 62,640 | |
Value of collateral | 48,422 | 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 | 1,718 | 1,235 | |
Value of collateral | 1,063 | 650 | |
Corporate and institutional | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 108,331 | 107,582 | 96,087 |
Corporate and institutional | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 106,911 | 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 | 1,420 | 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 | 622 | 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 | 157 | 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 | 72 | 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 | 569 | 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 | 65,664 | 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 | 41,561 | 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 | 1,106 | 715 | |
Real estate | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 25,678 | 28,175 | |
Real estate | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 25,595 | 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 | 83 | 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 | 24 | 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 | 3 | 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 | 1 | 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 | 55 | 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 | 19,454 | 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 | 6,126 | 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 | 98 | 68 | |
Commercial and industrial loans | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 66,219 | 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 | 65,129 | 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 | 1,090 | 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 | 507 | 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 | 109 | 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 | 69 | 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 | 405 | 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 | 32,995 | 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 | 32,365 | 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 | 859 | 541 | |
Financial institutions | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 15,505 | 14,623 | |
Financial institutions | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 15,259 | 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 | 246 | 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 | 90 | 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 | 45 | 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 | 2 | 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 | 109 | 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 | 12,391 | 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 | 2,965 | 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 | 149 | 106 | |
Governments and public institutions | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 929 | 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 | 928 | 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 | 1 | 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 | 1 | 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 | 824 | 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 | 105 | 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 | 144,855 | 142,926 | 132,470 |
Consumer | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 143,805 | 141,951 | |
Consumer | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,050 | 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 | 470 | 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 | 60 | 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 | 44 | 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 | 476 | 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 | 127,342 | 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 | 16,901 | 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 | 612 | 520 | |
Mortgages | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 103,164 | 98,802 | |
Mortgages | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 102,895 | 98,519 | |
Mortgages | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 269 | 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 | 80 | 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 | 17 | 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 | 162 | 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 | 89,966 | 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 | 12,950 | 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 | 248 | 193 | |
Loans collateralized by securities | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 37,946 | 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 | 37,589 | 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 | 357 | 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 | 214 | 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 | 7 | 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 | 135 | 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 | 36,129 | 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 | 1,679 | 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 | 138 | 86 | |
Consumer finance | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 3,745 | 4,306 | |
Consumer finance | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 3,321 | 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 | 424 | 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 | 176 | 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 | 36 | 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 | 33 | 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 | 179 | 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 | 1,247 | 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 | 2,272 | 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 | 226 | 241 | |
Bank | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 235,019 | 233,778 | 212,540 |
Value of collateral | 208,626 | 206,303 | |
Bank | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 232,856 | 231,914 | |
Bank | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 2,163 | 1,864 | |
Bank | 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 | 1,025 | 1,049 | |
Bank | Past due 31 - 60 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 183 | 37 | |
Bank | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 98 | 73 | |
Bank | 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 | 857 | 705 | |
Bank | Investment grade | AAA to BBB | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 184,008 | 179,801 | |
Value of collateral | 166,086 | 162,598 | |
Bank | 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 | 49,542 | 52,992 | |
Value of collateral | 41,583 | 43,141 | |
Bank | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,469 | 985 | |
Value of collateral | 957 | 564 | |
Bank | Corporate and institutional | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 107,548 | 107,974 | 96,939 |
Bank | Corporate and institutional | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 106,179 | 106,731 | |
Bank | Corporate and institutional | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,369 | 1,243 | |
Bank | 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 | 613 | 748 | |
Bank | 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 | 153 | 16 | |
Bank | 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 | 70 | 41 | |
Bank | 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 | 533 | 438 | |
Bank | 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 | 67,573 | 68,384 | |
Bank | 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 | 38,947 | 38,942 | |
Bank | 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 | 1,028 | 648 | |
Bank | Real estate | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 22,789 | 25,256 | |
Bank | Real estate | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 22,708 | 25,167 | |
Bank | Real estate | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 81 | 89 | |
Bank | 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 | 24 | 23 | |
Bank | 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 | 3 | 1 | |
Bank | Real estate | Past due 61 - 90 days | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 0 | 4 | |
Bank | 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 | 54 | 61 | |
Bank | 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 | 17,717 | 19,169 | |
Bank | 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 | 4,995 | 6,020 | |
Bank | 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 | 77 | 67 | |
Bank | Commercial and industrial loans | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 63,420 | 60,521 | |
Bank | Commercial and industrial loans | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 62,379 | 59,555 | |
Bank | 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 | 1,041 | 966 | |
Bank | 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 | 498 | 659 | |
Bank | 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 | 105 | 15 | |
Bank | 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 | 68 | 37 | |
Bank | 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 | 370 | 255 | |
Bank | 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 | 31,720 | 30,156 | |
Bank | 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 | 30,898 | 29,890 | |
Bank | 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 | 802 | 475 | |
Bank | Financial institutions | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 20,545 | 20,934 | |
Bank | Financial institutions | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 20,299 | 20,771 | |
Bank | Financial institutions | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 246 | 163 | |
Bank | 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 | 90 | 41 | |
Bank | 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 | 45 | 0 | |
Bank | 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 | 2 | 0 | |
Bank | 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 | 109 | 122 | |
Bank | 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 | 17,445 | 18,209 | |
Bank | 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 | 2,951 | 2,619 | |
Bank | 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 | 149 | 106 | |
Bank | Governments and public institutions | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 794 | 1,263 | |
Bank | Governments and public institutions | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 793 | 1,238 | |
Bank | 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 | 1 | 25 | |
Bank | 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 | 1 | 25 | |
Bank | 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 | |
Bank | 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 | |
Bank | 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 | |
Bank | 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 | 691 | 850 | |
Bank | 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 | 103 | 413 | |
Bank | 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 | |
Bank | Consumer | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 127,471 | 125,804 | SFr 115,601 |
Bank | Consumer | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 126,677 | 125,183 | |
Bank | Consumer | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 794 | 621 | |
Bank | 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 | 412 | 301 | |
Bank | 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 | 30 | 21 | |
Bank | 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 | 28 | 32 | |
Bank | 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 | 324 | 267 | |
Bank | 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 | 116,435 | 111,417 | |
Bank | 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 | 10,595 | 14,050 | |
Bank | Consumer | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 441 | 337 | |
Bank | Mortgages | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 88,566 | 84,527 | |
Bank | Mortgages | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 88,326 | 84,269 | |
Bank | Mortgages | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 240 | 258 | |
Bank | 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 | 78 | 97 | |
Bank | 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 | 16 | 13 | |
Bank | 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 | 8 | 8 | |
Bank | 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 | 138 | 140 | |
Bank | 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 | 79,664 | 72,844 | |
Bank | 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 | 8,697 | 11,527 | |
Bank | Mortgages | Non-investment grade | D | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 205 | 156 | |
Bank | Loans collateralized by securities | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 37,833 | 39,712 | |
Bank | Loans collateralized by securities | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 37,476 | 39,542 | |
Bank | 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 | 357 | 170 | |
Bank | 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 | 214 | 81 | |
Bank | 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 | 7 | 1 | |
Bank | 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 | |
Bank | 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 | 135 | 87 | |
Bank | 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 | 36,028 | 37,338 | |
Bank | 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 | 1,667 | 2,288 | |
Bank | 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 | 138 | 86 | |
Bank | Consumer finance | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 1,072 | 1,565 | |
Bank | Consumer finance | Current | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 875 | 1,372 | |
Bank | Consumer finance | Past due | |||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | |||
Gross loans held at amortized cost | 197 | 193 | |
Bank | 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 | 120 | 123 | |
Bank | 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 | 7 | 7 | |
Bank | 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 | 19 | 23 | |
Bank | 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 | 51 | 40 | |
Bank | 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 | 743 | 1,235 | |
Bank | 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 | 231 | 235 | |
Bank | 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 98 | SFr 95 |
Loans, allowance for loan lo122
Loans, allowance for loan losses and credit quality (Details 4) SFr in Millions | 12 Months Ended | |
Dec. 31, 2015CHF (SFr)dayquarter | Dec. 31, 2014CHF (SFr) | |
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | SFr 1,255 | SFr 1,032 |
Restructured loans | 282 | 171 |
Potential problem loans | 436 | 187 |
Total other impaired loans | 718 | 358 |
Gross impaired loans | 1,973 | 1,390 |
Non-interest-earning loans | 272 | 279 |
Non-performing loans | 983 | 753 |
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | SFr 68 | 80 |
Minimum | ||
Gross impaired loans by category | ||
Loan provision threshold, as percentage of loan notional amount, at which loans are written down to net book value | 80.00% | |
Number of days of default on interest or principal considered to assess credit worthiness | day | 90 | |
Maximum | ||
Gross impaired loans by category | ||
Period of anticipated repayment after which loan is written down to net book value (in quarters) | quarter | 2 | |
Corporate and institutional | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | SFr 679 | 496 |
Restructured loans | 264 | 167 |
Potential problem loans | 383 | 145 |
Total other impaired loans | 647 | 312 |
Gross impaired loans | 1,326 | 808 |
Non-interest-earning loans | 205 | 168 |
Non-performing loans | 474 | 328 |
Real estate | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 72 | 66 |
Restructured loans | 0 | 0 |
Potential problem loans | 29 | 9 |
Total other impaired loans | 29 | 9 |
Gross impaired loans | 101 | 75 |
Non-interest-earning loans | 19 | 16 |
Non-performing loans | 53 | 50 |
Commercial and industrial loans | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 469 | 306 |
Restructured loans | 263 | 167 |
Potential problem loans | 319 | 133 |
Total other impaired loans | 582 | 300 |
Gross impaired loans | 1,051 | 606 |
Non-interest-earning loans | 136 | 116 |
Non-performing loans | 333 | 190 |
Financial institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 138 | 124 |
Restructured loans | 1 | 0 |
Potential problem loans | 35 | 3 |
Total other impaired loans | 36 | 3 |
Gross impaired loans | 174 | 127 |
Non-interest-earning loans | 50 | 36 |
Non-performing loans | 88 | 88 |
Consumer | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 576 | 536 |
Restructured loans | 18 | 4 |
Potential problem loans | 53 | 42 |
Total other impaired loans | 71 | 46 |
Gross impaired loans | 647 | 582 |
Non-interest-earning loans | 67 | 111 |
Non-performing loans | 509 | 425 |
Mortgages | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 214 | 208 |
Restructured loans | 18 | 4 |
Potential problem loans | 49 | 39 |
Total other impaired loans | 67 | 43 |
Gross impaired loans | 281 | 251 |
Non-interest-earning loans | 17 | 19 |
Non-performing loans | 197 | 189 |
Loans collateralized by securities | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 135 | 86 |
Restructured loans | 0 | 0 |
Potential problem loans | 3 | 2 |
Total other impaired loans | 3 | 2 |
Gross impaired loans | 138 | 88 |
Non-interest-earning loans | 27 | 75 |
Non-performing loans | 108 | 11 |
Consumer finance | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 227 | 242 |
Restructured loans | 0 | 0 |
Potential problem loans | 1 | 1 |
Total other impaired loans | 1 | 1 |
Gross impaired loans | 228 | 243 |
Non-interest-earning loans | 23 | 17 |
Non-performing loans | 204 | 225 |
Bank | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 1,061 | 821 |
Restructured loans | 282 | 171 |
Potential problem loans | 373 | 140 |
Total other impaired loans | 655 | 311 |
Gross impaired loans | 1,716 | 1,132 |
Non-interest-earning loans | 251 | 257 |
Non-performing loans | 810 | 564 |
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | 57 | 66 |
Bank | Corporate and institutional | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 640 | 457 |
Restructured loans | 264 | 167 |
Potential problem loans | 344 | 115 |
Total other impaired loans | 608 | 282 |
Gross impaired loans | 1,248 | 739 |
Non-interest-earning loans | 188 | 148 |
Non-performing loans | 452 | 309 |
Bank | Real estate | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 70 | 64 |
Restructured loans | 0 | 0 |
Potential problem loans | 11 | 9 |
Total other impaired loans | 11 | 9 |
Gross impaired loans | 81 | 73 |
Non-interest-earning loans | 19 | 15 |
Non-performing loans | 51 | 49 |
Bank | Commercial and industrial loans | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 433 | 270 |
Restructured loans | 263 | 167 |
Potential problem loans | 298 | 103 |
Total other impaired loans | 561 | 270 |
Gross impaired loans | 994 | 540 |
Non-interest-earning loans | 119 | 98 |
Non-performing loans | 314 | 172 |
Bank | Financial institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 137 | 123 |
Restructured loans | 1 | 0 |
Potential problem loans | 35 | 3 |
Total other impaired loans | 36 | 3 |
Gross impaired loans | 173 | 126 |
Non-interest-earning loans | 50 | 35 |
Non-performing loans | 87 | 88 |
Bank | Consumer | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 421 | 364 |
Restructured loans | 18 | 4 |
Potential problem loans | 29 | 25 |
Total other impaired loans | 47 | 29 |
Gross impaired loans | 468 | 393 |
Non-interest-earning loans | 63 | 109 |
Non-performing loans | 358 | 255 |
Bank | Mortgages | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 186 | 183 |
Restructured loans | 18 | 4 |
Potential problem loans | 25 | 23 |
Total other impaired loans | 43 | 27 |
Gross impaired loans | 229 | 210 |
Non-interest-earning loans | 13 | 17 |
Non-performing loans | 173 | 166 |
Bank | Loans collateralized by securities | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 135 | 86 |
Restructured loans | 0 | 0 |
Potential problem loans | 3 | 2 |
Total other impaired loans | 3 | 2 |
Gross impaired loans | 138 | 88 |
Non-interest-earning loans | 27 | 75 |
Non-performing loans | 108 | 11 |
Bank | Consumer finance | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 100 | 95 |
Restructured loans | 0 | 0 |
Potential problem loans | 1 | 0 |
Total other impaired loans | 1 | 0 |
Gross impaired loans | 101 | 95 |
Non-interest-earning loans | 23 | 17 |
Non-performing loans | SFr 77 | SFr 78 |
Loans, allowance for loan lo123
Loans, allowance for loan losses and credit quality (Details 5) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Recorded investment | |||
Recorded investment, with a specific allowance | SFr 1,610 | SFr 1,297 | |
Recorded investment, without specific allowance | 363 | 93 | |
Gross impaired loans | 1,973 | 1,390 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 1,543 | 1,225 | |
Unpaid principal balance, without specific allowance | 363 | 93 | |
Unpaid principal balance | 1,906 | 1,318 | |
Associated specific allowance | 650 | 540 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,349 | 1,381 | SFr 1,486 |
Average recorded investment, without specific allowance | 205 | 113 | 147 |
Average recorded investment | 1,554 | 1,494 | 1,633 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 11 | 14 | 19 |
Interest income recognized, without specific allowance | 8 | 13 | 8 |
Interest income recognized | 19 | 27 | 27 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 7 | 8 | 12 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 0 |
Interest income recognized on a cash basis | 8 | 9 | 12 |
Corporate and institutional | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 1,063 | 793 | |
Recorded investment, without specific allowance | 263 | 15 | |
Gross impaired loans | 1,326 | 808 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 1,034 | 754 | |
Unpaid principal balance, without specific allowance | 263 | 15 | |
Unpaid principal balance | 1,297 | 769 | |
Associated specific allowance | 480 | 338 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 849 | 874 | 956 |
Average recorded investment, without specific allowance | 114 | 27 | 72 |
Average recorded investment | 963 | 901 | 1,028 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 8 | 10 | 14 |
Interest income recognized, without specific allowance | 4 | 7 | 5 |
Interest income recognized | 12 | 17 | 19 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 4 | 4 | 8 |
Interest income recognized on a cash basis, without specific allowance | 1 | 0 | 0 |
Interest income recognized on a cash basis | 5 | 4 | 8 |
Real estate | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 76 | 68 | |
Recorded investment, without specific allowance | 25 | 7 | |
Gross impaired loans | 101 | 75 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 72 | 64 | |
Unpaid principal balance, without specific allowance | 25 | 7 | |
Associated specific allowance | 10 | 7 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 74 | 75 | 72 |
Average recorded investment, without specific allowance | 12 | 9 | 11 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 1 |
Interest income recognized, without specific allowance | 1 | 4 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Commercial and industrial loans | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 815 | 599 | |
Recorded investment, without specific allowance | 236 | 7 | |
Gross impaired loans | 1,051 | 606 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 796 | 570 | |
Unpaid principal balance, without specific allowance | 236 | 7 | |
Associated specific allowance | 387 | 259 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 626 | 667 | 748 |
Average recorded investment, without specific allowance | 98 | 18 | 59 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 7 | 10 | 12 |
Interest income recognized, without specific allowance | 3 | 3 | 5 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 3 | 4 | 6 |
Interest income recognized on a cash basis, without specific allowance | 1 | 0 | 0 |
Financial institutions | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 172 | 126 | |
Recorded investment, without specific allowance | 2 | 1 | |
Gross impaired loans | 174 | 127 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 166 | 120 | |
Unpaid principal balance, without specific allowance | 2 | 1 | |
Associated specific allowance | 83 | 72 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 149 | 127 | 136 |
Average recorded investment, without specific allowance | 4 | 0 | 2 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 0 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Governments and public institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 0 | 5 | 0 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Consumer | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 547 | 504 | |
Recorded investment, without specific allowance | 100 | 78 | |
Gross impaired loans | 647 | 582 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 509 | 471 | |
Unpaid principal balance, without specific allowance | 100 | 78 | |
Unpaid principal balance | 609 | 549 | |
Associated specific allowance | 170 | 202 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 500 | 507 | 530 |
Average recorded investment, without specific allowance | 91 | 86 | 75 |
Average recorded investment | 591 | 593 | 605 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 3 | 4 | 5 |
Interest income recognized, without specific allowance | 4 | 6 | 3 |
Interest income recognized | 7 | 10 | 8 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 3 | 4 | 4 |
Interest income recognized on a cash basis, without specific allowance | 0 | 1 | 0 |
Interest income recognized on a cash basis | 3 | 5 | 4 |
Mortgages | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 209 | 205 | |
Recorded investment, without specific allowance | 72 | 46 | |
Gross impaired loans | 281 | 251 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 196 | 194 | |
Unpaid principal balance, without specific allowance | 71 | 46 | |
Associated specific allowance | 26 | 27 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 190 | 205 | 204 |
Average recorded investment, without specific allowance | 51 | 36 | 26 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 2 | 2 | 3 |
Interest income recognized, without specific allowance | 4 | 5 | 3 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 2 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Loans collateralized by securities | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 117 | 63 | |
Recorded investment, without specific allowance | 21 | 25 | |
Gross impaired loans | 138 | 88 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 112 | 60 | |
Unpaid principal balance, without specific allowance | 22 | 25 | |
Associated specific allowance | 15 | 53 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 82 | 65 | 70 |
Average recorded investment, without specific allowance | 33 | 29 | 27 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 1 | 2 |
Interest income recognized, without specific allowance | 0 | 1 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 1 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 1 | 0 |
Consumer finance | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 221 | 236 | |
Recorded investment, without specific allowance | 7 | 7 | |
Gross impaired loans | 228 | 243 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 201 | 217 | |
Unpaid principal balance, without specific allowance | 7 | 7 | |
Associated specific allowance | 129 | 122 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 228 | 237 | 256 |
Average recorded investment, without specific allowance | 7 | 21 | 22 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 1,362 | 1,040 | |
Recorded investment, without specific allowance | 354 | 92 | |
Gross impaired loans | 1,716 | 1,132 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 1,316 | 990 | |
Unpaid principal balance, without specific allowance | 354 | 90 | |
Unpaid principal balance | 1,670 | 1,080 | |
Associated specific allowance | 539 | 413 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,108 | 1,112 | 1,183 |
Average recorded investment, without specific allowance | 196 | 106 | 139 |
Average recorded investment | 1,304 | 1,218 | 1,322 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 10 | 14 | 19 |
Interest income recognized, without specific allowance | 7 | 13 | 8 |
Interest income recognized | 17 | 27 | 27 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 4 | 8 | 12 |
Interest income recognized on a cash basis, without specific allowance | 0 | 1 | 0 |
Interest income recognized on a cash basis | 4 | 9 | 12 |
Bank | Corporate and institutional | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 988 | 723 | |
Recorded investment, without specific allowance | 260 | 16 | |
Gross impaired loans | 1,248 | 739 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 963 | 689 | |
Unpaid principal balance, without specific allowance | 260 | 15 | |
Unpaid principal balance | 1,223 | 704 | |
Associated specific allowance | 455 | 309 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 782 | 803 | 872 |
Average recorded investment, without specific allowance | 110 | 26 | 71 |
Average recorded investment | 892 | 829 | 943 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 8 | 10 | 14 |
Interest income recognized, without specific allowance | 4 | 7 | 5 |
Interest income recognized | 12 | 17 | 19 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 4 | 8 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | 2 | 4 | 8 |
Bank | Real estate | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 57 | 65 | |
Recorded investment, without specific allowance | 24 | 8 | |
Gross impaired loans | 81 | 73 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 52 | 62 | |
Unpaid principal balance, without specific allowance | 24 | 7 | |
Associated specific allowance | 7 | 7 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 67 | 74 | 67 |
Average recorded investment, without specific allowance | 9 | 9 | 11 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 1 |
Interest income recognized, without specific allowance | 1 | 4 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Commercial and industrial loans | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 760 | 533 | |
Recorded investment, without specific allowance | 234 | 7 | |
Gross impaired loans | 994 | 540 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 745 | 507 | |
Unpaid principal balance, without specific allowance | 234 | 7 | |
Associated specific allowance | 365 | 230 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 566 | 597 | 669 |
Average recorded investment, without specific allowance | 97 | 17 | 58 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 7 | 10 | 12 |
Interest income recognized, without specific allowance | 3 | 3 | 5 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 4 | 6 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Financial institutions | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 171 | 125 | |
Recorded investment, without specific allowance | 2 | 1 | |
Gross impaired loans | 173 | 126 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 166 | 120 | |
Unpaid principal balance, without specific allowance | 2 | 1 | |
Associated specific allowance | 83 | 72 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 149 | 127 | 136 |
Average recorded investment, without specific allowance | 4 | 0 | 2 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 0 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Governments and public institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 0 | 5 | 0 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Bank | Consumer | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 374 | 317 | |
Recorded investment, without specific allowance | 94 | 76 | |
Gross impaired loans | 468 | 393 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 353 | 301 | |
Unpaid principal balance, without specific allowance | 94 | 75 | |
Unpaid principal balance | 447 | 376 | |
Associated specific allowance | 84 | 104 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 326 | 309 | 311 |
Average recorded investment, without specific allowance | 86 | 80 | 68 |
Average recorded investment | 412 | 389 | 379 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 2 | 4 | 5 |
Interest income recognized, without specific allowance | 3 | 6 | 3 |
Interest income recognized | 5 | 10 | 8 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 4 | 4 |
Interest income recognized on a cash basis, without specific allowance | 0 | 1 | 0 |
Interest income recognized on a cash basis | 2 | 5 | 4 |
Bank | Mortgages | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 163 | 166 | |
Recorded investment, without specific allowance | 66 | 44 | |
Gross impaired loans | 229 | 210 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 153 | 154 | |
Unpaid principal balance, without specific allowance | 65 | 43 | |
Associated specific allowance | 19 | 19 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 152 | 163 | 154 |
Average recorded investment, without specific allowance | 46 | 30 | 19 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 2 | 3 |
Interest income recognized, without specific allowance | 3 | 5 | 3 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 2 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Loans collateralized by securities | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 117 | 63 | |
Recorded investment, without specific allowance | 21 | 25 | |
Gross impaired loans | 138 | 88 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 112 | 60 | |
Unpaid principal balance, without specific allowance | 22 | 25 | |
Associated specific allowance | 14 | 53 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 82 | 65 | 70 |
Average recorded investment, without specific allowance | 33 | 29 | 27 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 1 | 2 |
Interest income recognized, without specific allowance | 0 | 1 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 1 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 1 | 0 |
Bank | Consumer finance | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 94 | 88 | |
Recorded investment, without specific allowance | 7 | 7 | |
Gross impaired loans | 101 | 95 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 88 | 87 | |
Unpaid principal balance, without specific allowance | 7 | 7 | |
Associated specific allowance | 51 | 32 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | 92 | 81 | 87 |
Average recorded investment, without specific allowance | 7 | 21 | 22 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 0 |
Interest income recognized on a cash basis, without specific allowance | SFr 0 | SFr 0 | SFr 0 |
Loans, allowance for loan lo124
Loans, allowance for loan losses and credit quality (Details 6) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015CHF (SFr)contract | Dec. 31, 2014CHF (SFr)contract | Dec. 31, 2013CHF (SFr)contract | |
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 16 | 11 | 6 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 222 | SFr 294 | SFr 28 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 225 | SFr 242 | SFr 25 |
Mortgages | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 1 | 1 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 13 | SFr 4 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 13 | SFr 4 | SFr 0 |
Loans collateralized by securities | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 1 | 0 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 0 |
Consumer finance | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 0 | 1 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 1 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 0 |
Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 13 | 10 | 5 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 207 | SFr 290 | SFr 27 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 210 | SFr 238 | SFr 25 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 1 | ||
Restructured loans, subsequently defaulted, Recorded Investment | SFr 65 | ||
Financial institutions | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 1 | 0 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 2 | SFr 0 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 2 | SFr 0 | SFr 0 |
Bank | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 16 | 11 | 6 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 222 | SFr 294 | SFr 28 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 225 | SFr 242 | SFr 25 |
Bank | Mortgages | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 1 | 1 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 13 | SFr 4 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 13 | SFr 4 | SFr 0 |
Bank | Loans collateralized by securities | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 1 | 0 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 0 |
Bank | Consumer finance | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 0 | 1 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 1 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 0 | SFr 0 |
Bank | Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 13 | 10 | 5 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 207 | SFr 290 | SFr 27 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 210 | SFr 238 | SFr 25 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 1 | ||
Restructured loans, subsequently defaulted, Recorded Investment | SFr 65 | ||
Bank | Financial institutions | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 1 | 0 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 2 | SFr 0 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 2 | SFr 0 | SFr 0 |
Premises and equipment (Details
Premises and equipment (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Premises and equipment disclosures | |||
Buildings and improvements | SFr 2,326 | SFr 2,303 | |
Land | 417 | 420 | |
Leasehold improvements | 2,064 | 2,180 | |
Software | 5,908 | 6,484 | |
Equipment | 2,035 | 2,390 | |
Premises and equipment | 12,750 | 13,777 | |
Accumulated depreciation | (8,106) | (9,136) | |
Total premises and equipment, net | 4,644 | 4,641 | |
Depreciation and impairment | |||
Depreciation | 1,012 | 1,232 | SFr 1,236 |
Impairment | 24 | 23 | 65 |
Bank | |||
Premises and equipment disclosures | |||
Buildings and improvements | 2,110 | 2,087 | |
Land | 394 | 396 | |
Leasehold improvements | 2,045 | 2,162 | |
Software | 5,889 | 6,476 | |
Equipment | 1,946 | 2,304 | |
Premises and equipment | 12,384 | 13,425 | |
Accumulated depreciation | (7,945) | (8,984) | |
Total premises and equipment, net | 4,439 | 4,441 | |
Depreciation and impairment | |||
Depreciation | 1,002 | 1,224 | 1,227 |
Impairment | SFr 24 | SFr 23 | SFr 65 |
Goodwill (Details)
Goodwill (Details) - CHF (SFr) SFr in Millions | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gross amount of goodwill | ||||
Balance at beginning of period | SFr 8,738 | SFr 8,093 | ||
Goodwill acquired during the period | 22 | |||
Foreign currency translation impact | (16) | 661 | ||
Other | (23) | (38) | ||
Balance at end of period | 8,699 | 8,738 | SFr 8,093 | |
Accumulated impairment | ||||
Balance at beginning of period | 94 | 94 | ||
Goodwill impairment | 3,797 | 0 | 12 | |
Balance at end of period | 3,891 | 94 | 94 | |
Net book value | ||||
Net book value | 4,808 | 8,644 | ||
Swiss Universal Bank | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 570 | 541 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | (2) | 29 | ||
Other | (1) | 0 | ||
Balance at end of period | 567 | 570 | 541 | |
Accumulated impairment | ||||
Balance at beginning of period | 0 | 0 | ||
Goodwill impairment | 0 | |||
Balance at end of period | 0 | 0 | 0 | |
Net book value | ||||
Net book value | 567 | 570 | ||
International Wealth Management | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 1,557 | 1,443 | ||
Goodwill acquired during the period | 22 | |||
Foreign currency translation impact | (7) | 126 | ||
Other | (1) | (34) | ||
Balance at end of period | 1,549 | 1,557 | 1,443 | |
Accumulated impairment | ||||
Balance at beginning of period | 0 | 0 | ||
Goodwill impairment | 0 | |||
Balance at end of period | 0 | 0 | 0 | |
Net book value | ||||
Net book value | 1,549 | 1,557 | ||
Asia Pacific | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 2,306 | 2,134 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | (4) | 172 | ||
Other | (8) | 0 | ||
Balance at end of period | 2,294 | 2,306 | 2,134 | |
Accumulated impairment | ||||
Balance at beginning of period | 16 | 16 | ||
Goodwill impairment | 756 | |||
Balance at end of period | 772 | 16 | 16 | |
Net book value | ||||
Net book value | 1,522 | 2,290 | ||
Global Markets | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 3,263 | 3,011 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | (3) | 254 | ||
Other | (10) | (2) | ||
Balance at end of period | 3,250 | 3,263 | 3,011 | |
Accumulated impairment | ||||
Balance at beginning of period | 58 | 58 | ||
Goodwill impairment | SFr 1,473 | 2,661 | ||
Balance at end of period | 2,719 | 58 | 58 | |
Net book value | ||||
Net book value | 531 | 3,205 | ||
Investment Banking & Capital Markets | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 1,030 | 952 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | 0 | 80 | ||
Other | (3) | (2) | ||
Balance at end of period | 1,027 | 1,030 | 952 | |
Accumulated impairment | ||||
Balance at beginning of period | 8 | 8 | ||
Goodwill impairment | 380 | |||
Balance at end of period | 388 | 8 | 8 | |
Net book value | ||||
Net book value | 639 | 1,022 | ||
Strategic Resolution Unit | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 12 | 12 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | 0 | 0 | ||
Other | 0 | 0 | ||
Balance at end of period | 12 | 12 | 12 | |
Accumulated impairment | ||||
Balance at beginning of period | 12 | 12 | ||
Goodwill impairment | 0 | |||
Balance at end of period | 12 | 12 | 12 | |
Net book value | ||||
Net book value | 0 | 0 | ||
Investment Banking (reporting unit prior to reorganization) | ||||
Accumulated impairment | ||||
Goodwill impairment | SFr 2,324 | |||
Bank | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 7,860 | 7,215 | ||
Goodwill acquired during the period | 22 | |||
Foreign currency translation impact | (17) | 661 | ||
Other | (23) | (38) | ||
Balance at end of period | 7,820 | 7,860 | 7,215 | |
Accumulated impairment | ||||
Balance at beginning of period | 94 | 94 | ||
Goodwill impairment | 3,797 | 0 | 12 | |
Balance at end of period | 3,891 | 94 | 94 | |
Net book value | ||||
Net book value | 3,929 | 7,766 | ||
Bank | Swiss Universal Bank | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 456 | 427 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | (2) | 29 | ||
Other | (1) | 0 | ||
Balance at end of period | 453 | 456 | 427 | |
Accumulated impairment | ||||
Balance at beginning of period | 0 | 0 | ||
Goodwill impairment | 0 | |||
Balance at end of period | 0 | 0 | 0 | |
Net book value | ||||
Net book value | 453 | 456 | ||
Bank | International Wealth Management | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 1,495 | 1,381 | ||
Goodwill acquired during the period | 22 | |||
Foreign currency translation impact | (7) | 126 | ||
Other | (1) | (34) | ||
Balance at end of period | 1,487 | 1,495 | 1,381 | |
Accumulated impairment | ||||
Balance at beginning of period | 0 | 0 | ||
Goodwill impairment | 0 | |||
Balance at end of period | 0 | 0 | 0 | |
Net book value | ||||
Net book value | 1,487 | 1,495 | ||
Bank | Asia Pacific | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 2,058 | 1,886 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | (4) | 172 | ||
Other | (8) | 0 | ||
Balance at end of period | 2,046 | 2,058 | 1,886 | |
Accumulated impairment | ||||
Balance at beginning of period | 16 | 16 | ||
Goodwill impairment | 756 | |||
Balance at end of period | 772 | 16 | 16 | |
Net book value | ||||
Net book value | 1,274 | 2,042 | ||
Bank | Global Markets | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 2,919 | 2,667 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | (4) | 254 | ||
Other | (10) | (2) | ||
Balance at end of period | 2,905 | 2,919 | 2,667 | |
Accumulated impairment | ||||
Balance at beginning of period | 58 | 58 | ||
Goodwill impairment | 2,661 | |||
Balance at end of period | 2,719 | 58 | 58 | |
Net book value | ||||
Net book value | 186 | 2,861 | ||
Bank | Investment Banking & Capital Markets | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 920 | 842 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | 0 | 80 | ||
Other | (3) | (2) | ||
Balance at end of period | 917 | 920 | 842 | |
Accumulated impairment | ||||
Balance at beginning of period | 8 | 8 | ||
Goodwill impairment | 380 | |||
Balance at end of period | 388 | 8 | 8 | |
Net book value | ||||
Net book value | 529 | 912 | ||
Bank | Strategic Resolution Unit | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 12 | 12 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | 0 | 0 | ||
Other | 0 | 0 | ||
Balance at end of period | 12 | 12 | 12 | |
Accumulated impairment | ||||
Balance at beginning of period | 12 | 12 | ||
Goodwill impairment | 0 | |||
Balance at end of period | 12 | 12 | SFr 12 | |
Net book value | ||||
Net book value | SFr 0 | SFr 0 |
Other intangible assets (Detail
Other intangible assets (Details 1) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other intangible assets | |||
Gross carrying amount | SFr 145 | SFr 239 | |
Accumulated amortization | (97) | (119) | |
Net carrying amount | 48 | 120 | |
Non-amortizing other intangible assets | 148 | 129 | |
Other intangible assets (mortgage servicing rights), at fair value | 112 | 70 | |
Total other intangible assets, net | 196 | 249 | |
Aggregate amortization expenses and impairment losses | |||
Aggregate amortization | 18 | 22 | SFr 24 |
Impairment | 16 | 1 | 8 |
of which related to restructuring expenses | 15 | ||
Estimated amortization expenses | |||
In the next 12 months | 8 | ||
Year two | 8 | ||
Year three | 8 | ||
Year four | 5 | ||
Year five | 3 | ||
Discontinued operations | |||
Aggregate amortization expenses and impairment losses | |||
Impairment | 0 | 0 | 7 |
Tradenames / trademarks | |||
Other intangible assets | |||
Gross carrying amount | 27 | 27 | |
Accumulated amortization | (25) | (24) | |
Net carrying amount | 2 | 3 | |
Client relationships | |||
Other intangible assets | |||
Gross carrying amount | 113 | 201 | |
Accumulated amortization | (70) | (92) | |
Net carrying amount | 43 | 109 | |
Other | |||
Other intangible assets | |||
Gross carrying amount | 5 | 11 | |
Accumulated amortization | (2) | (3) | |
Net carrying amount | 3 | 8 | |
Total other intangible assets, gross | 293 | 368 | |
Bank | |||
Other intangible assets | |||
Gross carrying amount | 145 | 239 | |
Accumulated amortization | (98) | (119) | |
Net carrying amount | 47 | 120 | |
Non-amortizing other intangible assets | 149 | 129 | |
Other intangible assets (mortgage servicing rights), at fair value | 112 | 70 | |
Total other intangible assets, net | 196 | 249 | |
Aggregate amortization expenses and impairment losses | |||
Aggregate amortization | 18 | 22 | 24 |
Impairment | 16 | 1 | 8 |
of which related to restructuring expenses | 15 | ||
Estimated amortization expenses | |||
In the next 12 months | 8 | ||
Year two | 8 | ||
Year three | 8 | ||
Year four | 5 | ||
Year five | 3 | ||
Bank | Discontinued operations | |||
Aggregate amortization expenses and impairment losses | |||
Impairment | 0 | 0 | SFr 7 |
Bank | Tradenames / trademarks | |||
Other intangible assets | |||
Gross carrying amount | 27 | 27 | |
Accumulated amortization | (25) | (24) | |
Net carrying amount | 2 | 3 | |
Bank | Client relationships | |||
Other intangible assets | |||
Gross carrying amount | 113 | 201 | |
Accumulated amortization | (70) | (92) | |
Net carrying amount | 43 | 109 | |
Bank | Other | |||
Other intangible assets | |||
Gross carrying amount | 5 | 11 | |
Accumulated amortization | (3) | (3) | |
Net carrying amount | 2 | 8 | |
Total other intangible assets, gross | SFr 294 | SFr 368 |
Other assets and other liabi128
Other assets and other liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other assets | ||
Cash collateral on derivative instruments | SFr 7,921 | SFr 10,905 |
Cash collateral on non-derivative transactions | 327 | 3,238 |
Derivative instruments used for hedging | 186 | 1,539 |
Assets held-for-sale | 26,061 | 26,544 |
of which loans | 25,839 | 25,911 |
of which real estate | 182 | 535 |
of which long-lived assets | 40 | 98 |
Assets held for separate accounts | 1,307 | 5,650 |
Interest and fees receivable | 5,658 | 6,237 |
Deferred tax assets | 6,179 | 6,077 |
Prepaid expenses | 448 | 517 |
Failed purchases | 2,770 | 3,138 |
Other | 7,160 | 6,713 |
Other assets | 58,017 | 70,558 |
Other liabilities | ||
Cash collateral on derivative instruments | 13,989 | 17,043 |
Cash collateral on non-derivative transactions | 518 | 797 |
Derivative instruments used for hedging | 110 | 469 |
Provisions | 1,851 | 1,358 |
of which off-balance sheet risk | 88 | 103 |
Restructuring liabilities | 199 | 0 |
Liabilities held for separate accounts | 1,307 | 5,650 |
Interest and fees payable | 6,011 | 6,531 |
Current tax liabilities | 608 | 821 |
Deferred tax liabilities | 54 | 47 |
Failed sales | 1,551 | 1,313 |
Other | 16,033 | 16,941 |
Other liabilities | 42,231 | 50,970 |
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 1,135 | 1,103 |
Loans held in trusts, consolidated as a result of failed sales, included in loans held-for-sale | 60 | 226 |
Foreclosed or repossessed real estate | 31 | 169 |
Foreclosed or repossessed residential real estate | 3 | 2 |
Bank | ||
Other assets | ||
Cash collateral on derivative instruments | 7,987 | 10,909 |
Cash collateral on non-derivative transactions | 327 | 3,238 |
Derivative instruments used for hedging | 186 | 1,539 |
Assets held-for-sale | 26,061 | 26,544 |
of which loans | 25,839 | 25,911 |
of which real estate | 182 | 535 |
of which long-lived assets | 40 | 98 |
Assets held for separate accounts | 1,307 | 5,650 |
Interest and fees receivable | 5,643 | 6,229 |
Deferred tax assets | 6,068 | 6,064 |
Prepaid expenses | 442 | 511 |
Failed purchases | 2,770 | 3,138 |
Other | 7,119 | 6,689 |
Other assets | 57,910 | 70,511 |
Other liabilities | ||
Cash collateral on derivative instruments | 13,991 | 16,776 |
Cash collateral on non-derivative transactions | 518 | 797 |
Derivative instruments used for hedging | 110 | 469 |
Provisions | 1,841 | 1,347 |
of which off-balance sheet risk | 87 | 102 |
Restructuring liabilities | 199 | 0 |
Liabilities held for separate accounts | 1,307 | 5,650 |
Interest and fees payable | 5,926 | 6,465 |
Current tax liabilities | 577 | 782 |
Deferred tax liabilities | 41 | 33 |
Failed sales | 1,551 | 1,313 |
Other | 15,654 | 17,016 |
Other liabilities | 41,715 | 50,648 |
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 1,135 | 1,103 |
Loans held in trusts, consolidated as a result of failed sales, included in loans held-for-sale | 60 | 226 |
Foreclosed or repossessed real estate | 31 | 169 |
Foreclosed or repossessed residential real estate | SFr 3 | SFr 2 |
Deposits (Details)
Deposits (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits | ||
Non-interest-bearing demand deposits | SFr 6,949 | SFr 10,524 |
Interest-bearing demand deposits | 160,362 | 167,408 |
Savings deposits | 62,913 | 77,527 |
Time deposits | 133,535 | 139,608 |
Total deposits | 363,759 | 395,067 |
of which due to banks | 21,054 | 26,009 |
of which customer deposits | 342,705 | 369,058 |
Concentration risk, time deposits in Swiss franc equivalent amounts of USD 100,000 | 133,223 | 139,493 |
Overdrawn deposits not included in total deposits, reclassified as loans | 2 | 11 |
Foreign | ||
Deposits | ||
Non-interest-bearing demand deposits | 3,779 | 4,581 |
Interest-bearing demand deposits | 33,627 | 31,984 |
Savings deposits | 5 | 29 |
Time deposits | 101,268 | 121,958 |
Total deposits | 138,679 | 158,552 |
Switzerland | ||
Deposits | ||
Non-interest-bearing demand deposits | 3,170 | 5,943 |
Interest-bearing demand deposits | 126,735 | 135,424 |
Savings deposits | 62,908 | 77,498 |
Time deposits | 32,267 | 17,650 |
Total deposits | 225,080 | 236,515 |
Bank | ||
Deposits | ||
Non-interest-bearing demand deposits | 6,937 | 10,523 |
Interest-bearing demand deposits | 157,311 | 164,155 |
Savings deposits | 54,620 | 69,233 |
Time deposits | 134,292 | 140,164 |
Total deposits | 353,160 | 384,075 |
of which due to banks | 21,460 | 26,506 |
of which customer deposits | 331,700 | 357,569 |
Concentration risk, time deposits in Swiss franc equivalent amounts of USD 100,000 | 133,988 | 140,057 |
Overdrawn deposits not included in total deposits, reclassified as loans | 2 | 10 |
Bank | Foreign | ||
Deposits | ||
Non-interest-bearing demand deposits | 3,780 | 4,582 |
Interest-bearing demand deposits | 33,975 | 32,297 |
Savings deposits | 5 | 29 |
Time deposits | 101,280 | 121,977 |
Total deposits | 139,040 | 158,885 |
Bank | Switzerland | ||
Deposits | ||
Non-interest-bearing demand deposits | 3,157 | 5,941 |
Interest-bearing demand deposits | 123,336 | 131,858 |
Savings deposits | 54,615 | 69,204 |
Time deposits | 33,012 | 18,187 |
Total deposits | SFr 214,120 | SFr 225,190 |
Long-term debt (Details)
Long-term debt (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Long-term debt | ||
Senior | SFr 157,986 | SFr 139,267 |
Subordinated | 24,796 | 25,179 |
Non-recourse liabilities from consolidated VIEs | 14,826 | 13,452 |
Long-term debt | 197,608 | 177,898 |
of which reported at fair value | 80,931 | 81,166 |
Structured notes | ||
Long-term debt | ||
Long-term debt | 54,848 | 50,469 |
Bank | ||
Long-term debt | ||
Senior | 153,372 | 135,196 |
Subordinated | 23,896 | 24,299 |
Non-recourse liabilities from consolidated VIEs | 14,826 | 13,452 |
Long-term debt | 192,094 | 172,947 |
of which reported at fair value | 80,002 | 80,260 |
Bank | Structured notes | ||
Long-term debt | ||
Long-term debt | SFr 54,848 | SFr 50,469 |
Long-term debt (Details 2)
Long-term debt (Details 2) SFr in Millions, ¥ in Billions | Dec. 31, 2015CHF (SFr) | Dec. 31, 2015JPY (¥) | Dec. 31, 2014CHF (SFr) |
Long-term debt by maturities | |||
Next twelve months | SFr 22,338 | ||
Year two | 29,206 | ||
Year three | 31,351 | ||
Year four | 21,439 | ||
Year five | 19,718 | ||
Thereafter | 73,556 | ||
Long-term debt | 197,608 | SFr 177,898 | |
Structured notes | |||
Long-term debt by maturities | |||
Next twelve months | 10,428 | ||
Year two | 7,343 | ||
Year three | 7,987 | ||
Year four | 4,404 | ||
Year five | 5,528 | ||
Thereafter | 19,158 | ||
Long-term debt | 54,848 | 50,469 | |
Structured notes | Equity | |||
Long-term debt by maturities | |||
Long-term debt | 35,594 | 35,309 | |
Structured notes | Fixed income | |||
Long-term debt by maturities | |||
Long-term debt | 11,534 | 8,321 | |
Structured notes | Credit | |||
Long-term debt by maturities | |||
Long-term debt | 5,261 | 5,244 | |
Structured notes | Other | |||
Long-term debt by maturities | |||
Long-term debt | 2,459 | 1,595 | |
Group parent company | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 0 | ||
Year three | 290 | ||
Year four | 0 | ||
Year five | 0 | ||
Thereafter | 4,735 | ||
Long-term debt | SFr 5,025 | 4,930 | |
Group parent company | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.00% | 6.00% | |
Group parent company | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.30% | 6.30% | |
Group parent company | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.50% | 7.50% | |
Group parent company | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | SFr 0 | ||
Year two | 0 | ||
Year three | 290 | ||
Year four | 0 | ||
Year five | 0 | ||
Thereafter | 4,735 | ||
Long-term debt | 5,025 | ||
Bank | |||
Long-term debt by maturities | |||
Next twelve months | 21,819 | ||
Year two | 28,650 | ||
Year three | 30,936 | ||
Year four | 21,011 | ||
Year five | 19,178 | ||
Thereafter | 70,500 | ||
Long-term debt | SFr 192,094 | 172,947 | |
Bank | Senior notes. | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Senior notes. | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 15.50% | 15.50% | |
Bank | Senior notes. | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Senior notes. | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 15.20% | 15.20% | |
Bank | Senior notes. | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes. | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 14.80% | 14.80% | |
Bank | Senior notes. | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes. | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 14.10% | 14.10% | |
Bank | Senior notes. | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes. | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.40% | 4.40% | |
Bank | Senior notes. | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Senior notes. | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 9.30% | 9.30% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.10% | 1.10% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.00% | 7.00% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.90% | 4.90% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 13.30% | 13.30% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.50% | 0.50% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.90% | 0.90% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.00% | 7.00% | |
Bank | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 5.70% | 5.70% | |
Bank | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.20% | 8.20% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 5.40% | 5.40% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.80% | 2.80% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.00% | 4.00% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.10% | 4.10% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.50% | 10.50% | |
Bank | Structured notes | |||
Long-term debt by maturities | |||
Next twelve months | SFr 10,428 | ||
Year two | 7,343 | ||
Year three | 7,987 | ||
Year four | 4,404 | ||
Year five | 5,528 | ||
Thereafter | 19,158 | ||
Long-term debt | 54,848 | 50,469 | |
Bank | Structured notes | Equity | |||
Long-term debt by maturities | |||
Long-term debt | 35,594 | 35,309 | |
Bank | Structured notes | Fixed income | |||
Long-term debt by maturities | |||
Long-term debt | 11,534 | 8,321 | |
Bank | Structured notes | Credit | |||
Long-term debt by maturities | |||
Long-term debt | 5,261 | 5,244 | |
Bank | Structured notes | Other | |||
Long-term debt by maturities | |||
Long-term debt | 2,459 | SFr 1,595 | |
Bank | Fixed rate | Senior notes. | |||
Long-term debt by maturities | |||
Next twelve months | 4,233 | ||
Year two | 11,874 | ||
Year three | 10,779 | ||
Year four | 13,813 | ||
Year five | 8,648 | ||
Thereafter | 27,318 | ||
Long-term debt | 76,665 | ||
Bank | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 171 | ||
Year three | 10,489 | ||
Year four | 0 | ||
Year five | 3,422 | ||
Thereafter | 9,519 | ||
Long-term debt | 23,601 | ||
Bank | Fixed rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 85 | ||
Year two | 998 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 3 | ||
Thereafter | 563 | ||
Long-term debt | 1,649 | ||
Bank | Variable rate | Senior notes. | |||
Long-term debt by maturities | |||
Next twelve months | 17,428 | ||
Year two | 15,496 | ||
Year three | 9,668 | ||
Year four | 7,009 | ||
Year five | 6,163 | ||
Thereafter | 20,943 | ||
Long-term debt | 76,707 | ||
Bank | Variable rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 50 | ||
Year three | 0 | ||
Year four | 187 | ||
Year five | 58 | ||
Thereafter | 0 | ||
Long-term debt | 295 | ||
Bank | Variable rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 73 | ||
Year two | 61 | ||
Year three | 0 | ||
Year four | 2 | ||
Year five | 884 | ||
Thereafter | 12,157 | ||
Long-term debt | 13,177 | ||
Credit Suisse AG | |||
Long-term debt by maturities | |||
Maximum principal amount of notes that can be issued | ¥ | ¥ 500 | ||
Group subsidiaries | |||
Long-term debt by maturities | |||
Next twelve months | 22,338 | ||
Year two | 29,206 | ||
Year three | 31,061 | ||
Year four | 21,439 | ||
Year five | 19,718 | ||
Thereafter | 68,821 | ||
Long-term debt | SFr 192,583 | ||
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 15.50% | 15.50% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 15.20% | 15.20% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 14.80% | 14.80% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 14.10% | 14.10% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.40% | 4.40% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Group subsidiaries | Senior notes. | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 9.30% | 9.30% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.10% | 1.10% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.00% | 7.00% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.90% | 4.90% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 13.30% | 13.30% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.50% | 0.50% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.90% | 0.90% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.00% | 7.00% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 5.70% | 5.70% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.20% | 8.20% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 5.40% | 5.40% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.80% | 2.80% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.00% | 4.00% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.10% | 4.10% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.50% | 10.50% | |
Group subsidiaries | Fixed rate | Senior notes. | |||
Long-term debt by maturities | |||
Next twelve months | SFr 4,752 | ||
Year two | 12,430 | ||
Year three | 11,194 | ||
Year four | 14,241 | ||
Year five | 9,187 | ||
Thereafter | 29,475 | ||
Long-term debt | 81,279 | ||
Group subsidiaries | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 171 | ||
Year three | 10,199 | ||
Year four | 0 | ||
Year five | 3,423 | ||
Thereafter | 5,683 | ||
Long-term debt | 19,476 | ||
Group subsidiaries | Fixed rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 85 | ||
Year two | 998 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 3 | ||
Thereafter | 563 | ||
Long-term debt | 1,649 | ||
Group subsidiaries | Variable rate | Senior notes. | |||
Long-term debt by maturities | |||
Next twelve months | 17,428 | ||
Year two | 15,496 | ||
Year three | 9,668 | ||
Year four | 7,009 | ||
Year five | 6,163 | ||
Thereafter | 20,943 | ||
Long-term debt | 76,707 | ||
Group subsidiaries | Variable rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 50 | ||
Year three | 0 | ||
Year four | 187 | ||
Year five | 58 | ||
Thereafter | 0 | ||
Long-term debt | 295 | ||
Group subsidiaries | Variable rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 73 | ||
Year two | 61 | ||
Year three | 0 | ||
Year four | 2 | ||
Year five | 884 | ||
Thereafter | 12,157 | ||
Long-term debt | SFr 13,177 |
Accumulated other comprehens132
Accumulated other comprehensive income (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | SFr (15,003) | ||
Balance | (16,635) | SFr (15,003) | |
Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | (31) | (11) | SFr (29) |
Increase/(decrease) | 0 | (11) | 6 |
Increase/(decrease) due to equity method investments | (15) | 4 | 13 |
Reclassification adjustments, included in net income | 31 | (13) | (1) |
Total increase/(decrease) | 16 | (20) | 18 |
Balance | (15) | (31) | (11) |
Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | (11,478) | (13,674) | (12,767) |
Increase/(decrease) | (1,142) | 2,196 | (991) |
Increase/(decrease) due to equity method investments | (1) | 0 | 0 |
Reclassification adjustments, included in net income | 6 | 0 | 84 |
Total increase/(decrease) | (1,137) | 2,196 | (907) |
Balance | (12,615) | (11,478) | (13,674) |
Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | 64 | 52 | 84 |
Increase/(decrease) | (3) | 25 | (27) |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | (1) | (13) | (5) |
Total increase/(decrease) | (4) | 12 | (32) |
Balance | 60 | 64 | 52 |
Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | (4,010) | (2,757) | (3,801) |
Increase/(decrease) | (1,031) | (1,440) | 750 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 369 | 187 | 294 |
Total increase/(decrease) | (662) | (1,253) | 1,044 |
Balance | (4,672) | (4,010) | (2,757) |
Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | 452 | 515 | 610 |
Increase/(decrease) | 238 | 20 | 0 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | (83) | (83) | (95) |
Total increase/(decrease) | 155 | (63) | (95) |
Balance | 607 | 452 | 515 |
Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | (15,003) | (15,875) | (15,903) |
Increase/(decrease) | (1,938) | 790 | (262) |
Increase/(decrease) due to equity method investments | (16) | 4 | 13 |
Reclassification adjustments, included in net income | 322 | 78 | 277 |
Total increase/(decrease) | (1,632) | 872 | 28 |
Balance | (16,635) | (15,003) | (15,875) |
Bank | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | (12,224) | ||
Balance | (13,304) | (12,224) | |
Bank | Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | (18) | 9 | 7 |
Increase/(decrease) | 0 | (11) | 6 |
Increase/(decrease) due to equity method investments | 0 | ||
Reclassification adjustments, included in net income | 24 | (16) | (4) |
Total increase/(decrease) | 24 | (27) | 2 |
Balance | 6 | (18) | 9 |
Bank | Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | (11,623) | (13,738) | (11,540) |
Increase/(decrease) | (1,133) | 2,115 | (2,281) |
Increase/(decrease) due to equity method investments | (1) | ||
Reclassification adjustments, included in net income | 6 | 0 | 83 |
Total increase/(decrease) | (1,128) | 2,115 | (2,198) |
Balance | (12,751) | (11,623) | (13,738) |
Bank | Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | 56 | 35 | 53 |
Increase/(decrease) | (5) | 21 | (13) |
Increase/(decrease) due to equity method investments | 0 | ||
Reclassification adjustments, included in net income | (1) | 0 | (5) |
Total increase/(decrease) | (6) | 21 | (18) |
Balance | 50 | 56 | 35 |
Bank | Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | (656) | (714) | (670) |
Increase/(decrease) | (30) | 14 | (102) |
Increase/(decrease) due to equity method investments | 0 | ||
Reclassification adjustments, included in net income | 74 | 44 | 58 |
Total increase/(decrease) | 44 | 58 | (44) |
Balance | (612) | (656) | (714) |
Bank | Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | 17 | 3 | 3 |
Increase/(decrease) | (1) | 20 | 0 |
Increase/(decrease) due to equity method investments | 0 | ||
Reclassification adjustments, included in net income | (13) | (6) | 0 |
Total increase/(decrease) | (14) | 14 | 0 |
Balance | 3 | 17 | 3 |
Bank | Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance | (12,224) | (14,405) | (12,147) |
Increase/(decrease) | (1,169) | 2,159 | (2,390) |
Increase/(decrease) due to equity method investments | (1) | ||
Reclassification adjustments, included in net income | 90 | 22 | 132 |
Total increase/(decrease) | (1,080) | 2,181 | (2,258) |
Balance | SFr (13,304) | SFr (12,224) | SFr (14,405) |
Accumulated other comprehens133
Accumulated other comprehensive income (Details 2) - SFr / shares | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Common shares issued | ||||||
Common Stock, Shares, Issued, Beginning Balance | 1,607,168,947 | 1,596,119,349 | 1,320,829,922 | |||
Issuance of common shares | 350,210,297 | 11,049,598 | 275,289,427 | |||
of which reserved for share-based compensation | 0 | 11,049,598 | 37,773,125 | |||
Common Stock, Shares, Issued, Ending Balance | 1,957,379,244 | 1,607,168,947 | 1,596,119,349 | |||
Treasury shares | ||||||
Treasury Stock, Shares, Beginning Balance | 7,666,658 | 5,183,154 | 27,036,831 | |||
Sale of treasury shares | 766,096,105 | 357,696,773 | 401,126,114 | |||
Repurchase of treasury shares | 808,768,832 | 386,266,557 | 385,369,391 | |||
Share-based compensation, net of tax | 44,429,161 | 26,086,280 | 6,096,954 | |||
Treasury Stock, Shares, Ending Balance | 5,910,224 | 7,666,658 | 5,183,154 | |||
Common shares outstanding | 1,951,469,020 | [1] | 1,599,502,289 | [2] | 1,590,936,195 | |
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | ||||
Authorized shares (in shares) | [3] | 2,666,152,845 | 2,299,616,660 | |||
Unissued shares (in shares) | 680,000,000 | 680,000,000 | ||||
Capital Instrument Reserved | ||||||
Common shares issued | ||||||
Issuance of common shares | 0 | 0 | 199,964,015 | |||
Treasury shares | ||||||
Sale of treasury shares | 0 | 0 | 33,488,655 | |||
Unissued shares (in shares) | 515,145,579 | 498,874,240 | ||||
Bank | ||||||
Common shares issued | ||||||
Common Stock, Shares, Issued, Beginning Balance | [4] | 4,399,680,200 | ||||
Common Stock, Shares, Issued, Ending Balance | [4] | 4,399,680,200 | 4,399,680,200 | |||
Treasury shares | ||||||
Common shares outstanding | [4] | 4,399,680,200 | 4,399,680,200 | |||
Par value (in CHF per share) | [4] | SFr 1 | SFr 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. 515'145'579 of these shares were reserved for capital instruments. | |||||
[2] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 680,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 498'874'240 of these shares were reserved for capital instruments. | |||||
[3] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). | |||||
[4] | The Bank's total share capital is fully paid and consists of 4'399'680'200 registered shares as of December 31, 2015. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding. |
Accumulated other comprehens134
Accumulated other comprehensive income (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification adjustments, included in net income | |||
Income tax expense | SFr 523 | SFr 1,405 | SFr 1,276 |
Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 31 | (13) | (1) |
Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 6 | 0 | 84 |
Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Sale of subsidiaries | 0 | 0 | 84 |
of which net releases | 84 | ||
Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (1) | (13) | (5) |
Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 369 | 187 | 294 |
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 | 472 | 243 | 390 |
Income tax expense | (103) | (56) | (96) |
Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (83) | (83) | (95) |
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 | (110) | (108) | (120) |
Income tax expense | 27 | 25 | 25 |
Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 322 | 78 | 277 |
Bank | |||
Reclassification adjustments, included in net income | |||
Income tax expense | 439 | 1,299 | 1,170 |
Bank | Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 24 | (16) | (4) |
Bank | Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 6 | 0 | 83 |
Bank | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Sale of subsidiaries | 0 | 0 | 83 |
of which net releases | 84 | ||
Bank | Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (1) | 0 | (5) |
Bank | Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 74 | 44 | 58 |
Bank | Actuarial gains/(losses) | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income, before tax | 98 | 62 | 92 |
Income tax expense | (24) | (18) | (34) |
Bank | Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (13) | (6) | 0 |
Bank | Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | SFr 90 | SFr 22 | SFr 132 |
Offsetting of financial asse135
Offsetting of financial assets and financial liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 268,000 | SFr 620,900 |
Offsetting | (245,100) | (590,000) |
of which counterparty netting | (223,000) | (561,600) |
of which cash collateral netting | (22,100) | (28,400) |
Total net derivatives subject to enforceable master netting agreements | 22,900 | 30,900 |
Total derivatives not subject to enforceable master netting agreements | 5,700 | 8,600 |
Total net derivatives presented in the consolidated balance sheets | 28,600 | 39,500 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 92,000 | 119,300 |
Securities purchased under resale agreements, offsetting | (19,600) | (28,000) |
Securities purchased under resale agreements, net | 72,400 | 91,300 |
Securities borrowing transactions, gross | 21,400 | 27,800 |
Securities borrowing transactions, offsetting | (3,900) | (6,900) |
Securities borrowing transactions, net | 17,500 | 20,900 |
Total subject to enforceable master netting agreements, gross | 113,400 | 147,100 |
Total subject to enforceable master netting agreements, offsetting | (23,500) | (34,900) |
Total subject to enforceable master netting agreements, net | 89,900 | 112,200 |
Total not subject to enforceable master netting agreements | 33,100 | 51,000 |
Total, gross | 146,500 | 198,100 |
Total, net | 123,000 | 163,200 |
of which reported at fair value | 83,565 | 104,283 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 22,900 | 30,900 |
Derivatives, financial instruments | 6,200 | 6,500 |
Derivatives, cash collateral received/pledged | 800 | 100 |
Derivatives, net exposure | 15,900 | 24,300 |
Securities purchased under resale agreements, net | 72,400 | 91,300 |
Securities purchased under resale agreements, financial instruments | 72,400 | 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 | 17,500 | 20,900 |
Securities borrowing transactions, financial instruments | 17,100 | 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 | 112,800 | 143,100 |
Total financial assets subject to enforceable, financial instruments | 95,700 | 118,100 |
Total financial assets subject to enforceable, cash collateral received/pledged | 800 | 100 |
Total financial assets subject to enforceable, net exposure | 16,300 | 24,900 |
Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 28,400 | 38,000 |
Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 200 | 1,500 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 19,500 | 264,000 |
Offsetting | (19,000) | (261,700) |
Total net derivatives subject to enforceable master netting agreements | 500 | 2,300 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 500 | 2,300 |
OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 239,200 | 343,900 |
Offsetting | (217,100) | (316,400) |
Total net derivatives subject to enforceable master netting agreements | 22,100 | 27,500 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 22,100 | 27,500 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 9,300 | 13,000 |
Offsetting | (9,000) | (11,900) |
Total net derivatives subject to enforceable master netting agreements | 300 | 1,100 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 300 | 1,100 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 168,700 | 471,400 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 15,700 | 257,700 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 153,000 | 213,600 |
Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 0 | 100 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 58,400 | 87,000 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 58,100 | 86,900 |
Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 300 | 100 |
Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 20,900 | 27,200 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 12,000 | 14,800 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 8,900 | 12,400 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 17,300 | 26,300 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 3,800 | 6,300 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 13,500 | 20,000 |
Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 2,700 | 9,000 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 2,600 | 8,600 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 400 |
Bank | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 267,900 | 621,000 |
Offsetting | (245,100) | (590,300) |
of which counterparty netting | (223,000) | (561,600) |
of which cash collateral netting | (22,100) | (28,700) |
Total net derivatives subject to enforceable master netting agreements | 22,800 | 30,700 |
Total derivatives not subject to enforceable master netting agreements | 6,000 | 8,800 |
Total net derivatives presented in the consolidated balance sheets | 28,800 | 39,500 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 92,400 | 119,300 |
Securities purchased under resale agreements, offsetting | (19,600) | (28,000) |
Securities purchased under resale agreements, net | 72,800 | 91,300 |
Securities borrowing transactions, gross | 21,400 | 27,800 |
Securities borrowing transactions, offsetting | (3,900) | (6,900) |
Securities borrowing transactions, net | 17,500 | 20,900 |
Total subject to enforceable master netting agreements, gross | 113,800 | 147,100 |
Total subject to enforceable master netting agreements, offsetting | (23,500) | (34,900) |
Total subject to enforceable master netting agreements, net | 90,300 | 112,200 |
Total not subject to enforceable master netting agreements | 33,100 | 51,000 |
Total, gross | 146,900 | 198,100 |
Total, net | 123,400 | 163,200 |
of which reported at fair value | 83,565 | 104,283 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 22,800 | 30,700 |
Derivatives, financial instruments | 6,200 | 6,500 |
Derivatives, cash collateral received/pledged | 800 | 100 |
Derivatives, net exposure | 15,800 | 24,100 |
Securities purchased under resale agreements, net | 72,800 | 91,300 |
Securities purchased under resale agreements, financial instruments | 72,800 | 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 | 17,500 | 20,900 |
Securities borrowing transactions, financial instruments | 17,100 | 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 | 113,100 | 142,900 |
Total financial assets subject to enforceable, financial instruments | 96,100 | 118,100 |
Total financial assets subject to enforceable, cash collateral received/pledged | 800 | 100 |
Total financial assets subject to enforceable, net exposure | 16,200 | 24,700 |
Bank | Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 28,600 | 38,000 |
Bank | Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 200 | 1,500 |
Bank | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 19,500 | 264,100 |
Offsetting | (19,000) | (261,700) |
Total net derivatives subject to enforceable master netting agreements | 500 | 2,400 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 500 | 2,400 |
Bank | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 239,200 | 343,900 |
Offsetting | (217,100) | (316,700) |
Total net derivatives subject to enforceable master netting agreements | 22,100 | 27,200 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 22,100 | 27,200 |
Bank | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 9,200 | 13,000 |
Offsetting | (9,000) | (11,900) |
Total net derivatives subject to enforceable master netting agreements | 200 | 1,100 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 200 | 1,100 |
Bank | Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 168,600 | 471,500 |
Bank | Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 15,700 | 257,800 |
Bank | Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 152,900 | 213,600 |
Bank | Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 0 | 100 |
Bank | Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 58,400 | 87,000 |
Bank | Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 58,100 | 86,900 |
Bank | Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 300 | 100 |
Bank | Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 20,900 | 27,200 |
Bank | Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 12,000 | 14,800 |
Bank | Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 8,900 | 12,400 |
Bank | Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 17,300 | 26,300 |
Bank | Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 3,800 | 6,300 |
Bank | Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 13,500 | 20,000 |
Bank | Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 2,700 | 9,000 |
Bank | Other products | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 0 | 0 |
Bank | Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 2,700 | 8,600 |
Bank | Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 0 | SFr 400 |
Offsetting of financial asse136
Offsetting of financial assets and financial liabilities (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 272,000 | SFr 623,300 |
Offsetting | (254,900) | (595,000) |
of which counterparty netting | (223,000) | (561,600) |
of which cash collateral netting | (31,900) | (33,400) |
Total net derivatives subject to enforceable master netting agreements | 17,100 | 28,300 |
Total derivatives not subject to enforceable master netting agreements | 6,500 | 9,100 |
Total net derivatives presented in the consolidated balance sheets | 23,600 | 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 | 43,200 | 69,900 |
Securities sold under repurchase agreements, offsetting | (21,400) | (31,900) |
Securities sold under repurchase agreements, net | 21,800 | 38,000 |
Securities lending transactions, gross | 9,800 | 10,800 |
Securities lending transactions, offsetting | (2,100) | (3,000) |
Securities lending transactions, net | 7,700 | 7,800 |
Obligation to return securities received as collateral, at fair value, gross | 19,400 | 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 | 19,400 | 18,800 |
Total subject to enforceable master netting agreements, gross | 72,400 | 99,500 |
Total subject to enforceable master netting agreements, offsetting | (23,500) | (34,900) |
Total subject to enforceable master netting agreements, net | 48,900 | 64,600 |
Total not subject to enforceable master netting agreements | 26,200 | 32,400 |
Total, gross | 98,600 | 131,900 |
Total, net | 75,100 | 97,000 |
of which reported at fair value | 32,398 | 54,732 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 17,100 | 28,300 |
Derivatives, financial instruments | 3,400 | 8,500 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 13,700 | 19,800 |
Securities sold under repurchase agreements, net | 21,800 | 38,000 |
Securities sold under repurchase agreements, financial instruments | 21,800 | 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 | 7,700 | 7,800 |
Securities lending transactions, financial instruments | 7,400 | 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 | 19,400 | 18,800 |
Obligation to return securities received as collateral, financial instruments | 18,500 | 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 | 66,000 | 92,900 |
Total financial liabilities subject to enforceable, financial instruments | 51,100 | 72,200 |
Total financial liabilities subject to enforceable, cash collateral received/pledged | 0 | 0 |
Total financial liabilities subject to enforceable, net exposure | 14,900 | 20,700 |
Trading Liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 23,500 | 36,900 |
Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 100 | 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 | (23,500) | (34,900) |
Total, gross | 70,100 | 105,000 |
Total, net | 46,600 | 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 | 28,500 | 26,900 |
Total, net | 28,500 | 26,900 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 18,500 | 256,100 |
Offsetting | (18,500) | (255,800) |
Total net derivatives subject to enforceable master netting agreements | 0 | 300 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 0 | 300 |
OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 241,900 | 352,700 |
Offsetting | (226,500) | (326,100) |
Total net derivatives subject to enforceable master netting agreements | 15,400 | 26,600 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 15,400 | 26,600 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 11,600 | 14,500 |
Offsetting | (9,900) | (13,100) |
Total net derivatives subject to enforceable master netting agreements | 1,700 | 1,400 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 1,700 | 1,400 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 161,000 | 460,400 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,500 | 250,000 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 146,500 | 210,400 |
Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 0 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 68,500 | 99,200 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 68,200 | 99,000 |
Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 300 | 200 |
Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 24,500 | 29,000 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 13,300 | 15,000 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 11,200 | 14,000 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 16,400 | 25,600 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,000 | 6,100 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 12,400 | 19,500 |
Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,600 | 9,100 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,500 | 8,800 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 100 | 300 |
Bank | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 272,200 | 623,600 |
Offsetting | (255,100) | (595,300) |
of which counterparty netting | (223,000) | (561,600) |
of which cash collateral netting | (32,100) | (33,700) |
Total net derivatives subject to enforceable master netting agreements | 17,100 | 28,300 |
Total derivatives not subject to enforceable master netting agreements | 6,500 | 9,100 |
Total net derivatives presented in the consolidated balance sheets | 23,600 | 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 | 43,200 | 69,900 |
Securities sold under repurchase agreements, offsetting | (21,400) | (31,900) |
Securities sold under repurchase agreements, net | 21,800 | 38,000 |
Securities lending transactions, gross | 9,800 | 10,800 |
Securities lending transactions, offsetting | (2,100) | (3,000) |
Securities lending transactions, net | 7,700 | 7,800 |
Obligation to return securities received as collateral, at fair value, gross | 19,400 | 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 | 19,400 | 18,800 |
Total subject to enforceable master netting agreements, gross | 72,400 | 99,500 |
Total subject to enforceable master netting agreements, offsetting | (23,500) | (34,900) |
Total subject to enforceable master netting agreements, net | 48,900 | 64,600 |
Total not subject to enforceable master netting agreements | 26,200 | 32,400 |
Total, gross | 98,600 | 131,900 |
Total, net | 75,100 | 97,000 |
of which reported at fair value | 32,398 | 54,732 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 17,100 | 28,300 |
Derivatives, financial instruments | 3,400 | 8,500 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 13,700 | 19,800 |
Securities sold under repurchase agreements, net | 21,800 | 38,000 |
Securities sold under repurchase agreements, financial instruments | 21,800 | 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 | 7,700 | 7,800 |
Securities lending transactions, financial instruments | 7,400 | 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 | 19,400 | 18,800 |
Obligation to return securities received as collateral, financial instruments | 18,500 | 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 | 66,000 | 92,900 |
Total financial liabilities subject to enforceable, financial instruments | 51,100 | 72,200 |
Total financial liabilities subject to enforceable, cash collateral received/pledged | 0 | 0 |
Total financial liabilities subject to enforceable, net exposure | 14,900 | 20,700 |
Bank | Trading Liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 23,500 | 36,900 |
Bank | Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 100 | 500 |
Bank | Securities sold under repurchase agreements and securities | ||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Total subject to enforceable master netting agreements, offsetting | (23,500) | (34,900) |
Total, gross | 70,100 | 105,000 |
Total, net | 46,600 | 70,100 |
Bank | Obligation to return securities received as collateral | ||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Total subject to enforceable master netting agreements, offsetting | 0 | 0 |
Total, gross | 28,500 | 26,900 |
Total, net | 28,500 | 26,900 |
Bank | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 18,600 | 256,200 |
Offsetting | (18,600) | (255,800) |
Total net derivatives subject to enforceable master netting agreements | 0 | 400 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 0 | 400 |
Bank | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 241,900 | 352,800 |
Offsetting | (226,700) | (326,400) |
Total net derivatives subject to enforceable master netting agreements | 15,200 | 26,400 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 15,200 | 26,400 |
Bank | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 11,700 | 14,600 |
Offsetting | (9,800) | (13,100) |
Total net derivatives subject to enforceable master netting agreements | 1,900 | 1,500 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 1,900 | 1,500 |
Bank | Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 160,800 | 460,400 |
Bank | Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,500 | 250,100 |
Bank | Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 146,300 | 210,300 |
Bank | Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 0 |
Bank | Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 68,500 | 99,200 |
Bank | Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 68,200 | 99,000 |
Bank | Foreign exchange derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 300 | 200 |
Bank | Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 24,700 | 29,300 |
Bank | Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 13,500 | 15,300 |
Bank | Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 11,200 | 14,000 |
Bank | Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 16,400 | 25,600 |
Bank | Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,000 | 6,100 |
Bank | Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 12,400 | 19,500 |
Bank | Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,800 | 9,100 |
Bank | Other products | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 100 | 0 |
Bank | Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,500 | 8,700 |
Bank | Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 200 | SFr 400 |
Tax (Details)
Tax (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income from continuing operations before taxes (CHF) | |||
Switzerland | SFr 1,746 | SFr 401 | SFr 642 |
Foreign | (4,168) | 3,226 | 3,454 |
Income/(loss) from continuing operations before taxes | (2,422) | 3,627 | 4,096 |
Current and deferred taxes | |||
Switzerland | 28 | 99 | 12 |
Foreign | 463 | 622 | 569 |
Current income tax expense | 491 | 721 | 581 |
Switzerland | 196 | (321) | 22 |
Foreign | (164) | 1,005 | 673 |
Deferred income tax expense | 32 | 684 | 695 |
Income tax expense | 523 | 1,405 | 1,276 |
Income tax expense/(benefit) on discontinued operations | 0 | 40 | 75 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Gains/(losses) on cash flow hedges | (4) | 4 | 1 |
Cumulative translation adjustment | (14) | (117) | 44 |
Unrealized gains/(losses) on securities | (2) | 5 | (12) |
Actuarial gains/(losses), Tax | (174) | (375) | 388 |
Net prior service credit/(cost) | 37 | (11) | (25) |
Share-based compensation and treasury shares | 25 | 71 | 0 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Income tax expense computed at the statutory tax rate of 22% | SFr (533) | SFr 798 | SFr 901 |
Swiss statutory rate (as a percent) | 22.00% | 22.00% | 22.00% |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | SFr (715) | SFr 314 | SFr 189 |
of which foreign tax rate expense/(benefit) in respect of profits earned in higher/lower tax jurisdictions | (715) | 314 | 189 |
of which total foreign tax expense | 299 | 1,627 | 1,242 |
Changes in tax law and rates | 347 | 151 | 184 |
Non-deductible amortization of other intangible assets and goodwill impairment | 1,432 | 6 | 25 |
Other non-deductible expenses | 391 | 666 | 492 |
of which non-deductible interest expenses | 219 | 179 | 247 |
of which non-taxable offshore expenses | 9 | ||
of which non-deductible bank levy costs and other non-deductible compensation expenses | 69 | 59 | 93 |
of which non-deductible provision accruals | 50 | 390 | 103 |
of which non-deductible other expenses | 53 | 38 | |
Additional taxable income | 16 | 4 | 2 |
Lower taxed income | (276) | (272) | (381) |
of which tax benefit related to exempt offshore income | 34 | 56 | |
of which tax benefit in respect to non-taxable dividend income | 59 | 84 | 45 |
of which tax benefit related to non-taxable foreign exchange gains | 49 | 18 | |
of which tax benefit related to tax credits | 67 | ||
of which tax benefit related non-taxable life insurance income | 58 | 56 | 61 |
of which swiss income tax benefit as a result of foreign branch earnings beneficially impact the earnings mix | 41 | ||
of which tax benefit of a reversal deferred tax liability | 49 | ||
of which tax benefit from tax deductible goodwill amortization | 19 | ||
of which tax benefit from tax taxed at lower than statutory rate | 16 | 35 | |
of which exempt income | 50 | ||
(Income)/loss taxable to non-controlling interests | 6 | (163) | (252) |
Changes in deferred tax valuation allowance | (103) | 1,064 | 385 |
Tax deductible impairments of Swiss subsidiary investments | (258) | (555) | (268) |
Change in recognition of outside basis difference | 262 | (450) | 0 |
Other | (46) | (158) | (1) |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 48 | 7 | 44 |
of which tax expense relating to non-recoverable foreign and withholding taxes | 27 | 56 | |
of which tax benefit from tax settlement | 189 | ||
of which tax benefit from accrual adjustment | 30 | ||
of which tax (benefit)/charge from the impact of prior year adjustments | 28 | ||
Income tax expense | 523 | 1,405 | 1,276 |
US | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit following the change in tax status of an entity | 36 | ||
Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) from continuing operations before taxes | 1,746 | 401 | 642 |
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | 155 | 57 | |
UK | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 175 | 184 | |
of which tax benefit from the release of valuation allowances on deferred tax assets | 162 | ||
of which valuation allowance deferred tax assets increases reassessment | 662 | 278 | |
UK and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
of which valuation allowance deferred tax assets increases reassessment | 256 | ||
UK and Japan | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 143 | ||
UK, Germany, Italy and Switzerland | |||
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 | 427 | ||
UK and Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 109 | ||
Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 88 | ||
Europe and Asia | |||
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 | 249 | ||
Spain | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 25 | ||
New York | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | (11) | 151 | |
New York City | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 189 | ||
Brazil | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | (16) | ||
Other countries | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 10 | ||
Bank | |||
Income from continuing operations before taxes (CHF) | |||
Switzerland | 1,315 | (179) | 300 |
Foreign | (4,253) | 3,140 | 3,354 |
Income/(loss) from continuing operations before taxes | (2,938) | 2,961 | 3,654 |
Current and deferred taxes | |||
Switzerland | (25) | 56 | (52) |
Foreign | 462 | 624 | 564 |
Current income tax expense | 437 | 680 | 512 |
Switzerland | 166 | (384) | (15) |
Foreign | (164) | 1,003 | 673 |
Deferred income tax expense | 2 | 619 | 658 |
Income tax expense | 439 | 1,299 | 1,170 |
Income tax expense/(benefit) on discontinued operations | 0 | 40 | 75 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Gains/(losses) on cash flow hedges | (4) | 4 | 1 |
Cumulative translation adjustment | (14) | (117) | 44 |
Unrealized gains/(losses) on securities | (3) | 7 | (8) |
Actuarial gains/(losses), Tax | 14 | (27) | 99 |
Net prior service credit/(cost) | (9) | 9 | 0 |
Share-based compensation and treasury shares | 28 | 68 | 1 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Income tax expense computed at the statutory tax rate of 22% | SFr (646) | SFr 651 | SFr 804 |
Swiss statutory rate (as a percent) | 22.00% | 22.00% | 22.00% |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | SFr (731) | SFr 347 | SFr 248 |
of which foreign tax rate expense/(benefit) in respect of profits earned in higher/lower tax jurisdictions | (731) | 347 | 248 |
of which total foreign tax expense | 298 | 1,627 | 1,237 |
Changes in tax law and rates | 347 | 151 | 184 |
Non-deductible amortization of other intangible assets and goodwill impairment | 1,432 | 6 | 25 |
Other non-deductible expenses | 389 | 666 | 493 |
of which non-deductible interest expenses | 219 | 179 | 247 |
of which non-taxable offshore expenses | 9 | ||
of which non-deductible bank levy costs and other non-deductible compensation expenses | 69 | 59 | 93 |
of which non-deductible provision accruals | 50 | 390 | 103 |
of which non-deductible other expenses | 51 | 38 | |
Additional taxable income | 15 | 2 | (5) |
Lower taxed income | (272) | (265) | (374) |
of which tax benefit related to exempt offshore income | 34 | 56 | |
of which tax benefit in respect to non-taxable dividend income | 59 | 84 | 45 |
of which tax benefit related to non-taxable foreign exchange gains | 49 | 18 | |
of which tax benefit related to tax credits | 67 | ||
of which tax benefit related non-taxable life insurance income | 58 | 56 | 61 |
of which swiss income tax benefit as a result of foreign branch earnings beneficially impact the earnings mix | 41 | ||
of which tax benefit of a reversal deferred tax liability | 49 | ||
of which tax benefit from tax deductible goodwill amortization | 19 | ||
of which tax benefit from tax taxed at lower than statutory rate | 16 | 35 | |
of which exempt income | 50 | ||
(Income)/loss taxable to non-controlling interests | 7 | (173) | (297) |
Changes in deferred tax valuation allowance | (108) | 1,071 | 381 |
Tax deductible impairments of Swiss subsidiary investments | (258) | (555) | (268) |
Change in recognition of outside basis difference | 262 | (450) | 0 |
Other | 2 | (152) | (21) |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 48 | 4 | 41 |
of which tax expense relating to non-recoverable foreign and withholding taxes | 26 | 41 | |
of which tax benefit from tax settlement | 189 | ||
of which tax benefit from accrual adjustment | 33 | ||
of which tax (benefit)/charge from the impact of prior year adjustments | 28 | ||
Income tax expense | 439 | 1,299 | 1,170 |
Bank | US | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the change in the tax status | 36 | ||
Bank | Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) from continuing operations before taxes | 1,315 | (179) | 300 |
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | 109 | 57 | |
Bank | UK | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 175 | 184 | |
of which tax benefit from the release of valuation allowances on deferred tax assets | 162 | ||
of which valuation allowance deferred tax assets increases reassessment | 662 | 278 | |
Bank | UK and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
of which valuation allowance deferred tax assets increases reassessment | 251 | ||
Bank | UK and Japan | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 143 | ||
Bank | UK, Germany, Italy and Switzerland | |||
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 | 434 | ||
Bank | UK and Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 109 | ||
Bank | Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 88 | ||
Bank | Europe and Asia | |||
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 | SFr 246 | ||
Bank | Spain | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax benefit from the release of valuation allowances on deferred tax assets | 25 | ||
Bank | New York | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | (11) | SFr 151 | |
Bank | New York City | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 189 | ||
Bank | Brazil | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | (16) | ||
Bank | Other countries | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | SFr 10 |
Tax (Details 2)
Tax (Details 2) SFr in Millions | 12 Months Ended | |||||
Dec. 31, 2015CHF (SFr) | Dec. 31, 2014CHF (SFr) | Dec. 31, 2013CHF (SFr) | Dec. 31, 2015CHF (SFr) | Dec. 31, 2014CHF (SFr) | Dec. 31, 2013CHF (SFr) | |
Tax effect of temporary differences | ||||||
Compensation and benefits | SFr 2,425 | SFr 2,373 | ||||
Loans | 326 | 231 | ||||
Investment securities | 548 | 882 | ||||
Provisions | 1,718 | 1,658 | ||||
Derivatives | 117 | 121 | ||||
Real estate | 340 | 277 | ||||
Net operating loss carry-forwards | 5,838 | 6,232 | ||||
Net operating loss carry-forwards, after allocation of valuation allowances | 1,754 | 1,814 | ||||
Other | 116 | 99 | ||||
Gross deferred tax assets before valuation allowance | 11,428 | 11,873 | ||||
Less valuation allowance | SFr (3,905) | SFr (4,107) | SFr (2,554) | (3,905) | (4,107) | SFr (2,705) |
Gross deferred tax assets net of valuation allowance | 7,523 | 7,766 | ||||
Compensation and benefits | (211) | (164) | ||||
Loans | (31) | (40) | ||||
Investment securities | (282) | (619) | ||||
Provisions | (449) | (448) | ||||
Business combinations | (1) | (1) | ||||
Derivatives | (187) | (168) | ||||
Leasing | (18) | (23) | ||||
Real estate | (66) | (62) | ||||
Other | (153) | (211) | ||||
Gross deferred tax liabilities | (1,398) | (1,736) | ||||
Net deferred tax assets | 6,125 | 6,030 | ||||
Net deferred tax assets change | 95 | |||||
Net deferred tax increase/(decrease), prior year adjustments | (127) | |||||
Income tax effects allocated directly to equity share-based compensation pension plan remeasurement | 164 | |||||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (94) | |||||
Net deferred tax assets increase/(decrease) related to temporary differences and taxable income | 207 | |||||
Net operating loss carry-forwards | ||||||
Due to expire within 1 year | 5,304 | |||||
Due to expire within 2 to 5 years | 7,662 | |||||
Due to expire within 6 to 10 years | 7,135 | |||||
Due to expire within 11 to 20 years | 2,981 | |||||
Amount due to expire | 23,082 | |||||
Amount not due to expire | 15,694 | |||||
Total net operating loss carry-forwards | 38,776 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 4,107 | 2,705 | 2,554 | |||
Net changes | (202) | 1,402 | 151 | |||
Balance at end of period | SFr 3,905 | 4,107 | 2,705 | |||
Net operating loss carryforward period as per US tax law (in years) | 20 | |||||
Net operating loss carryforward period as per Swiss tax law (in years) | 7 | |||||
Tax benefits associated with share-based compensation | ||||||
Tax benefits recorded in the consolidated statements of operations | SFr 448 | 505 | 483 | |||
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | (28) | (70) | (24) | |||
Tax benefits in respect of tax on dividend equivalent payments | 0 | 1 | 22 | |||
Windfall deductions and dividend equivalents not resulting in a reduction of income taxes payable | 1,100 | 1,100 | ||||
Tax benefit that will be recorded when benefit of deductions for dividend equivalent payments is realized | 239 | |||||
Movements in gross unrecognized tax benefits | ||||||
Balance at beginning of period | 389 | 423 | 420 | |||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 44 | 2 | 4 | |||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | (3) | (47) | (8) | |||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 15 | 39 | 46 | |||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | 0 | (10) | 0 | |||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (22) | (24) | (5) | |||
Other (including foreign currency translation) | (54) | 6 | (34) | |||
Balance at end of period | 369 | 389 | 423 | |||
of which, if recognized, would affect the effective tax rate | 369 | 389 | 417 | |||
Interest and penalties | ||||||
Interest and penalties recognized in the consolidated statements of operations, Recoveries | (13) | (16) | (7) | |||
Interest and penalties recognized in the consolidated balance sheets | 86 | 86 | 69 | |||
US, UK and Switzerland | ||||||
Tax effect of temporary differences | ||||||
Less valuation allowance | (3,196) | (3,184) | (3,196) | (3,184) | ||
Net deferred tax assets | 5,515 | 5,592 | ||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 3,184 | |||||
Balance at end of period | 3,196 | 3,184 | ||||
Switzerland, Brazil and Hong Kong | ||||||
Tax effect of temporary differences | ||||||
Tax benefit from the remeasurement and release of valuation allowances on deferred tax assets | 162 | |||||
New York, UK and Japan | ||||||
Tax effect of temporary differences | ||||||
Write-down of net deferred tax assets as a result of changes to corporation tax rates | (217) | |||||
Bank | ||||||
Tax effect of temporary differences | ||||||
Compensation and benefits | 2,316 | 2,361 | ||||
Loans | 326 | 231 | ||||
Investment securities | 547 | 882 | ||||
Provisions | 1,718 | 1,658 | ||||
Derivatives | 117 | 119 | ||||
Real estate | 340 | 277 | ||||
Net operating loss carry-forwards | 5,831 | 6,232 | ||||
Net operating loss carry-forwards, after allocation of valuation allowances | 1,753 | 1,816 | ||||
Other | 113 | 95 | ||||
Gross deferred tax assets before valuation allowance | 11,308 | 11,855 | ||||
Less valuation allowance | (3,898) | (4,107) | (2,550) | (3,898) | (4,107) | (2,704) |
Gross deferred tax assets net of valuation allowance | 7,410 | 7,748 | ||||
Compensation and benefits | (211) | (164) | ||||
Loans | (31) | (40) | ||||
Investment securities | (273) | (611) | ||||
Provisions | (449) | (447) | ||||
Business combinations | (1) | (1) | ||||
Derivatives | (187) | (168) | ||||
Leasing | (18) | (23) | ||||
Real estate | (66) | (62) | ||||
Other | (147) | (201) | ||||
Gross deferred tax liabilities | (1,383) | (1,717) | ||||
Net deferred tax assets | 6,027 | 6,031 | ||||
Net deferred tax assets change | (4) | |||||
Net deferred tax increase/(decrease), prior year adjustments | (127) | |||||
Income tax effects allocated directly to equity share-based compensation pension plan remeasurement | 65 | |||||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (94) | |||||
Net deferred tax assets increase/(decrease) related to temporary differences and taxable income | 207 | |||||
Net operating loss carry-forwards | ||||||
Due to expire within 1 year | 5,304 | |||||
Due to expire within 2 to 5 years | 7,662 | |||||
Due to expire within 6 to 10 years | 7,055 | |||||
Due to expire within 11 to 20 years | 2,981 | |||||
Amount due to expire | 23,002 | |||||
Amount not due to expire | 15,694 | |||||
Total net operating loss carry-forwards | 38,696 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 4,107 | 2,704 | 2,550 | |||
Net changes | (209) | 1,403 | 154 | |||
Balance at end of period | SFr 3,898 | 4,107 | 2,704 | |||
Net operating loss carryforward period as per US tax law (in years) | 20 | |||||
Net operating loss carryforward period as per Swiss tax law (in years) | 7 | |||||
Tax benefits associated with share-based compensation | ||||||
Tax benefits recorded in the consolidated statements of operations | SFr 447 | 506 | 481 | |||
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | (28) | (69) | (24) | |||
Tax benefits in respect of tax on dividend equivalent payments | 0 | 1 | 22 | |||
Windfall deductions and dividend equivalents not resulting in a reduction of income taxes payable | 1,100 | 1,100 | ||||
Tax benefit that will be recorded when benefit of deductions for dividend equivalent payments is realized | 239 | |||||
Movements in gross unrecognized tax benefits | ||||||
Balance at beginning of period | 382 | 416 | 416 | |||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 44 | 2 | 4 | |||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | (3) | (47) | (8) | |||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 15 | 37 | 43 | |||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | 0 | (10) | 0 | |||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (22) | (24) | (5) | |||
Other (including foreign currency translation) | (56) | 8 | (34) | |||
Balance at end of period | 360 | 382 | 416 | |||
of which, if recognized, would affect the effective tax rate | 360 | 382 | 410 | |||
Interest and penalties | ||||||
Interest and penalties recognized in the consolidated statements of operations, Recoveries | (13) | SFr (21) | SFr (6) | |||
Interest and penalties recognized in the consolidated balance sheets | 85 | SFr 85 | SFr 64 | |||
Bank | Switzerland, Brazil and Hong Kong | ||||||
Tax effect of temporary differences | ||||||
Tax benefit from the remeasurement and release of valuation allowances on deferred tax assets | SFr 162 | |||||
Bank | New York, UK and Japan | ||||||
Tax effect of temporary differences | ||||||
Write-down of net deferred tax assets as a result of changes to corporation tax rates | SFr (217) |
Tax (Details 3)
Tax (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net deferred tax assets | ||
Deferred tax assets | SFr 6,179 | SFr 6,077 |
Net operating loss carry-forwards | 5,838 | 6,232 |
Net operating loss carry-forwards, after allocation of valuation allowances | 1,754 | 1,814 |
Temporary differences | 4,425 | 4,263 |
Deferred tax liabilities | 54 | 47 |
Deferred Tax Assets (Liabilities), Net | 6,125 | 6,030 |
Net deferred tax assets change | 95 | |
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (94) | |
Accumulated undistributed earnings from foreign subsidiaries | 4,500 | |
Minimum | ||
Net deferred tax assets | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 0 | |
Maximum | ||
Net deferred tax assets | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 41 | |
Bank | ||
Net deferred tax assets | ||
Deferred tax assets | 6,068 | 6,064 |
Net operating loss carry-forwards | 5,831 | 6,232 |
Net operating loss carry-forwards, after allocation of valuation allowances | 1,753 | 1,816 |
Temporary differences | 4,315 | 4,248 |
Deferred tax liabilities | 41 | 33 |
Deferred Tax Assets (Liabilities), Net | 6,027 | SFr 6,031 |
Net deferred tax assets change | (4) | |
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (94) | |
Accumulated undistributed earnings from foreign subsidiaries | 4,000 | |
Bank | Minimum | ||
Net deferred tax assets | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 0 | |
Bank | Maximum | ||
Net deferred tax assets | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | SFr 41 |
Deferred compensation expense (
Deferred compensation expense (Details) shares in Millions | 12 Months Ended | |||
Dec. 31, 2015CHF (SFr)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014CHF (SFr)shares | Dec. 31, 2013CHF (SFr)shares | |
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 2,372,000,000 | SFr 2,392,000,000 | SFr 2,242,000,000 | |
Total shares delivered | ||||
Total shares delivered (in shares) | shares | 44.4 | 44.4 | 37.1 | 33.7 |
Minimum total compensation of certain employees to whom share awards are granted | SFr 250,000 | $ 250,000 | ||
Moratorium period on early retirement, determined from grant date (in years) | 2 years | 2 years | ||
Discontinued operations | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 0 | SFr (8,000,000) | SFr (21,000,000) | |
2011 Partner Asset Facility (PAF2) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 2,000,000 | 7,000,000 | 77,000,000 | |
Adjustable Performance Plan cash awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 0 | 0 | 4,000,000 | |
Restricted Cash Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 39,000,000 | 92,000,000 | 145,000,000 | |
Other Cash Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 414,000,000 | 404,000,000 | 434,000,000 | |
2008 Partner Asset Facility (PAF) awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 34,000,000 | 87,000,000 | 93,000,000 | |
Plus Bond awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 22,000,000 | 36,000,000 | 37,000,000 | |
Contingent Capital Awards (CCA) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 430,000,000 | 214,000,000 | ||
Capital Opportunity Facility (COF) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 16,000,000 | 13,000,000 | ||
Performance shares | Performance share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 563,000,000 | 611,000,000 | 590,000,000 | |
Stock compensation plan | Share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 852,000,000 | 939,000,000 | 814,000,000 | |
Stock compensation plan | Scaled Incentive Share Unit (SISU) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 0 | (3,000,000) | 41,000,000 | |
Stock compensation plan | Incentive Share Unit (ISU) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 0 | 0 | (3,000,000) | |
Stock compensation plan | Adjustable Performance Plan share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 0 | 0 | 31,000,000 | |
Bank | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 2,351,000,000 | 2,376,000,000 | 2,216,000,000 | |
Bank | Discontinued operations | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 0 | (8,000,000) | (21,000,000) | |
Bank | 2011 Partner Asset Facility (PAF2) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 2,000,000 | 7,000,000 | 77,000,000 | |
Bank | Adjustable Performance Plan cash awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 0 | 0 | 4,000,000 | |
Bank | Restricted Cash Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 39,000,000 | 92,000,000 | 145,000,000 | |
Bank | Other Cash Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 398,000,000 | 394,000,000 | 430,000,000 | |
Bank | 2008 Partner Asset Facility (PAF) awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 34,000,000 | 87,000,000 | 93,000,000 | |
Bank | Plus Bond awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 22,000,000 | 36,000,000 | 37,000,000 | |
Bank | Contingent Capital Awards (CCA) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 429,000,000 | 213,000,000 | ||
Bank | Capital Opportunity Facility (COF) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 16,000,000 | 13,000,000 | ||
Bank | Performance shares | Performance share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 562,000,000 | SFr 610,000,000 | SFr 580,000,000 | |
Bank | Stock compensation plan | ||||
Total shares delivered | ||||
Total shares delivered (in shares) | shares | 43.8 | 43.8 | 36.5 | 32.6 |
Bank | Stock compensation plan | Share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 849,000,000 | SFr 935,000,000 | SFr 806,000,000 | |
Bank | Stock compensation plan | Scaled Incentive Share Unit (SISU) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 0 | (3,000,000) | 38,000,000 | |
Bank | Stock compensation plan | Incentive Share Unit (ISU) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 0 | 0 | (3,000,000) | |
Bank | Stock compensation plan | Adjustable Performance Plan share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 0 | SFr 0 | SFr 30,000,000 |
Estimated unrecognized deferred
Estimated unrecognized deferred compensation (Details 2) SFr in Millions | 12 Months Ended |
Dec. 31, 2015CHF (SFr) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 1,144 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 3 months 19 days |
Other Cash Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 176 |
Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 230 |
Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 165 |
Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 573 |
Bank | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 1,118 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 2 months 14 days |
Bank | Other Cash Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 155 |
Bank | Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 230 |
Bank | Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 164 |
Bank | Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 569 |
Share-based awards (Details 3)
Share-based awards (Details 3) - CHF (SFr) SFr / shares in Units, shares in Millions, SFr in Millions | 1 Months Ended | 12 Months Ended | ||
Jan. 19, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 1,144 | |||
Performance shares | Performance share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Each performance share award granted entitles the holder of the award to receive one Group share. Performance share awards vest over three years, such that the performance share awards vest equally on each of the three anniversaries of the grant date. Performance share awards granted for 2015 are subject to a negative adjustment in the event of a divisional loss by the division in which the employees worked as of December 31, 2015, or a negative ROE of the Group, whichever results in a larger adjustment. For employees in corporate functions and the Strategic Resolution Unit, the negative adjustment only applies in the event of a negative ROE of the Group and is not linked to the performance of the divisions. The basis for the ROE calculation may vary from year to year, depending on the Compensation Committee's determination for the year in which the performance shares are granted. Outstanding performance share awards granted in previous years are subject to a negative adjustment in the event of a negative strategic ROE of the Group, which is calculated based on Core Results, adjusted for the goodwill impairment charge related to the re-organization of the former Investment Banking division. | |||
Vesting period | 3 years | |||
Method of Measuring Cost of Award | Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted performance shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. | |||
Total estimated unrecognized compensation expense | SFr 165 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 21.01 | SFr 26.89 | SFr 25.51 | SFr 23.90 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 16.11 | 28.13 | 26.44 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 26.24 | 25.27 | 23.90 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 21.75 | 26.28 | 24.92 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 21.01 | SFr 26.89 | SFr 25.51 | |
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 | 55.9 | 48.2 | 41.4 | 23.3 |
Granted (in shares) | 32.5 | 24.3 | 26.6 | |
Settled (in shares) | (23.4) | (16) | (7.6) | |
Forfeited (in shares) | (1.4) | (1.5) | (0.9) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 55.9 | 48.2 | 41.4 | |
of which vested (in shares) | 3.3 | 3.3 | 2.7 | |
of which unvested (in shares) | 52.6 | 44.9 | 38.7 | |
Performance shares | Performance share awards | Grant Date, January 19, 2016 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 429 | |||
Method of Measuring Cost of Award | The number of performance share awards granted to employees was determined by dividing the deferred component of variable compensation being granted as performance share awards by the average price of a Group share over the twelve business days ended January 18, 2016. The fair value of each performance share award was CHF 18.62, the Group share price on the grant date. While performance share awards granted between January 1, 2014 and December 31, 2015 did not include the right to receive dividend equivalents, performance share awards granted after January 1, 2016 include the right to receive dividend equivalents, upon vesting. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 18.62 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 21.3 | |||
Performance shares | Performance share awards | Grant Date, January 19, 2016 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 386 | |||
Performance shares | Performance share awards | Grant Date, January 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 529 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 16.94 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 30.7 | |||
Performance shares | Performance share awards | Grant Date, January 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 663 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 28.13 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 24.2 | |||
Stock compensation plan | Share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Each share award granted entitles the holder of the award to receive one Group share, subject to service conditions. Share awards vest over three years, such that the share awards vest equally on each of the three anniversaries of the grant date. The value of the share awards is solely dependent on the Group share price at the time of delivery. | |||
Vesting period | 3 years | |||
Method of Measuring Cost of Award | Includes an adjustment for share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. | |||
Total estimated unrecognized compensation expense | SFr 573 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 21.58 | SFr 28.64 | SFr 30.09 | SFr 34.28 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 16.67 | 27.60 | 26.43 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 29 | 30.43 | 34.09 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 24.29 | 32.20 | 31.80 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 21.58 | SFr 28.64 | SFr 30.09 | |
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 | 80.3 | 77.1 | 72.9 | 55.8 |
Granted (in shares) | 47.5 | 37.6 | 40.4 | |
Settled (in shares) | (40.3) | (29.5) | (20) | |
Forfeited (in shares) | (4) | (3.9) | (3.3) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 80.3 | 77.1 | 72.9 | |
of which vested (in shares) | 4.7 | 6.2 | 5.8 | |
of which unvested (in shares) | 75.6 | 70.9 | 67.1 | |
Stock compensation plan | Share awards | Grant Date, January 19, 2016 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 549 | |||
Method of Measuring Cost of Award | The number of share awards granted to employees was determined by dividing the deferred component of variable compensation being granted as share awards by the average price of a Group share over the twelve business days ended January 18, 2016. The fair value of each share award was CHF 18.62, the Group share price on the grant date. While share awards granted between January 1, 2014 and December 31, 2015 did not include the right to receive dividend equivalents, share awards granted after January 1, 2016 include the right to receive dividend equivalents, upon vesting. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 18.62 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 28.8 | |||
Stock compensation plan | Share awards | Grant Date, January 19, 2016 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 521 | |||
Stock compensation plan | Share awards | Grant Date, January 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 642 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 16.94 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 37.2 | |||
Stock compensation plan | Share awards | Grant Date, January 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 827 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 28.13 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 30.2 | |||
Stock compensation plan | Adjustable Performance Plan share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | In July 2012, the Group executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective unvested Adjustable Performance Plan cash awards into Adjustable Performance Plan share. Each Adjustable Performance Plan share award contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original Adjustable Performance Plan cash award. | |||
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 | 7.3 | 14.5 | 30.8 |
Granted (in shares) | 0.3 | 0.8 | 1.2 | |
Settled (in shares) | (7.6) | (7.6) | (17.2) | |
Forfeited (in shares) | 0 | (0.4) | (0.3) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 0 | 7.3 | 14.5 | |
of which vested (in shares) | 0 | 1.1 | 1.2 | |
of which unvested (in shares) | 0 | 6.2 | 13.3 | |
Stock compensation plan | Special awards and blocked shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The Group's share awards include other awards, such as blocked shares and special awards, which may be granted to new employees. Other share awards entitle the holder to receive one Group share, are subject to continued employment with the Group, contain restrictive covenants and cancellation provisions and generally vest between zero and five years. | |||
Stock compensation plan | Special awards and blocked shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 0 years | |||
Stock compensation plan | Special awards and blocked shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Stock compensation plan | European Union and blocked share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | In order to comply with Capital Requirements Directive IV requirements, employees who hold key roles in respect of certain Group subsidiaries receive shares that are subject to transfer restrictions for 50% of the amount that would have been paid to them in cash. These shares are vested at the time of grant but remain blocked, that is, subject to transfer restrictions, for six months to three years from the date of grant, depending on the location. | |||
Stock compensation plan | European Union and blocked share awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 6 months | |||
Stock compensation plan | European Union and blocked share awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, January 19, 2016 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 0.6 | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, January 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 36 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 1.6 | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, January 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 18 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 0.6 | |||
Bank | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 1,118 | |||
Bank | Performance shares | Performance share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Method of Measuring Cost of Award | Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. | |||
Total estimated unrecognized compensation expense | SFr 164 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 21.01 | SFr 26.89 | SFr 25.51 | SFr 23.90 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 16.11 | 28.13 | 26.44 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 26.25 | 25.27 | 23.90 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 21.78 | 26.28 | 24.92 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 21.01 | SFr 26.89 | SFr 25.51 | |
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 | 55.3 | 47.5 | 40.7 | 22.9 |
Granted (in shares) | 32.1 | 24 | 26.2 | |
Settled (in shares) | (23) | (15.8) | (7.5) | |
Forfeited (in shares) | (1.3) | (1.4) | (0.9) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 55.3 | 47.5 | 40.7 | |
of which vested (in shares) | 3.3 | 3.2 | 2.7 | |
of which unvested (in shares) | 52 | 44.3 | 38 | |
Bank | Performance shares | Performance share awards | Grant Date, January 19, 2016 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 427 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 21.2 | |||
Bank | Performance shares | Performance share awards | Grant Date, January 19, 2016 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 384 | |||
Bank | Performance shares | Performance share awards | Grant Date, January 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 523 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 30.3 | |||
Bank | Performance shares | Performance share awards | Grant Date, January 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 654 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 23.9 | |||
Bank | Stock compensation plan | Share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Method of Measuring Cost of Award | Includes an adjustment for performance share awards granted in the fourth quarter of 2015 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on November 19, 2015. The number of deferred share-based awards held by each individual was increased by 2.89%. The terms and conditions of the adjusted shares were the same as the existing share-based awards thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. | |||
Total estimated unrecognized compensation expense | SFr 569 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 21.56 | SFr 28.63 | SFr 30.07 | SFr 34.27 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 16.49 | 27.60 | 26.43 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 29.02 | 30.41 | 34.12 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 24.03 | 32.24 | 32.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 21.56 | SFr 28.63 | SFr 30.07 | |
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 | 78.9 | 76.5 | 72.2 | 55.1 |
Granted (in shares) | 46.1 | 37.3 | 40 | |
Settled (in shares) | (39.8) | (29.1) | (19.6) | |
Forfeited (in shares) | (3.9) | (3.9) | (3.3) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 78.9 | 76.5 | 72.2 | |
of which vested (in shares) | 4.7 | 6.1 | 5.8 | |
of which unvested (in shares) | 74.2 | 70.4 | 66.4 | |
Bank | Stock compensation plan | Share awards | Grant Date, January 19, 2016 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 547 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 28.7 | |||
Bank | Stock compensation plan | Share awards | Grant Date, January 19, 2016 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 518 | |||
Bank | Stock compensation plan | Share awards | Grant Date, January 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 636 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 36.9 | |||
Bank | Stock compensation plan | Share awards | Grant Date, January 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 824 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 30.1 | |||
Bank | 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 | 0 | 7.1 | 14 | 29.7 |
Granted (in shares) | 0.3 | 0.8 | 1.1 | |
Settled (in shares) | (7.4) | (7.3) | (16.5) | |
Forfeited (in shares) | 0 | (0.4) | (0.3) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 0 | 7.1 | 14 | |
of which vested (in shares) | 0 | 1.1 | 1.2 | |
of which unvested (in shares) | 0 | 6 | 12.8 | |
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, January 19, 2016 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 12 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 0.6 | |||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, January 2015 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 35 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 1.5 | |||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, January 2014 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 15 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 0.5 |
ISU-type awards (Details 4)
ISU-type awards (Details 4) - Stock compensation plan - SFr / shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Incentive Share Unit (ISU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Incentive Share Units (ISU) were the main form of share-based deferred compensation for all employees from 2006 to 2009. For 2009, ISUs were used for the deferred compensation awards granted to employees up to and including vice presidents. An ISU is similar to a share, but offers additional upside depending on the development of the Group share price, compared to predefined targets set on the grant date. For each ISU granted, the employee will receive at least one Group share (ISU base unit) over a three-year vesting period and could receive additional shares (ISU leverage unit) at the end of the three-year vesting period. | ||
ISU base unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
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 | 1.2 | 3.6 |
Settled (in shares) | (0.2) | (0.1) | (1.8) |
Forfeited (in shares) | (0.2) | (0.5) | (0.6) |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 0.2 | 0.6 | 1.2 |
of which vested (in shares) | 0.1 | 0.1 | 0.1 |
of which unvested (in shares) | 0.1 | 0.5 | 1.1 |
ISU leverage unit | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Minimum Predefined Target Price | SFr 53.71 | ||
Bank | Incentive Share Unit (ISU) | |||
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 | 1.2 | 3.6 |
Settled (in shares) | (0.2) | (0.1) | (1.8) |
Forfeited (in shares) | (0.2) | (0.5) | (0.6) |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 0.2 | 0.6 | 1.2 |
of which vested (in shares) | 0.1 | 0.1 | 0.1 |
of which unvested (in shares) | 0.1 | 0.5 | 1.1 |
Cash-based awards (Details 5)
Cash-based awards (Details 5) SFr in Millions | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2014CHF (SFr) | Dec. 31, 2015CHF (SFr) | Dec. 31, 2013CHF (SFr) | Jan. 19, 2016CHF (SFr) | Dec. 31, 2014CHF (SFr) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | SFr 1,144 | ||||
Contingent Capital Awards (CCA) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | CCA were granted in January 2016, 2015 and 2014 as part of 2015, 2014 and 2013 deferred variable compensation and have rights and risks similar to those of certain contingent capital instruments issued by the Group in the market. CCA provide a conditional right to receive semi-annual cash payments of interest equivalents at a rate of 4.23%, 4.85% and 4.75% per annum over the six-month Swiss franc London Interbank Offered Rate (LIBOR) or 5.41%, 5.75% and 5.33% per annum over the six-month US dollar LIBOR, for Swiss franc and US-denominated awards for 2016, 2015 and 2014, respectively, until settled. The rate was set in line with market conditions at the time of grant and existing high-trigger and low trigger contingent capital instruments that the Group has issued. For CCA granted in January 2016, employees who received compensation in Swiss francs received CCA denominated in Swiss francs and all other employees received CCA denominated in US dollars. CCA are scheduled to vest on the third anniversary of the grant date and will be expensed over three years from the grant date. However, because CCA qualify as going-concern loss-absorbing capital of the Group, the timing and form of distribution upon settlement is subject to approval by the Swiss Financial Market Supervisory Authority FINMA (FINMA). At settlement, employees will receive either a contingent capital instrument or a cash payment based on the fair value of the CCA. The fair value will be determined by the Group. In the case of a cash settlement, the CCA award currency denomination will be converted into the local currency of each respective employee. The Group intends to grant CCA as one of its annual deferred variable compensation awards in future years. CCA have loss-absorbing features such that prior to settlement, the principal amount of the CCA would be written down to zero if any of the following trigger events were to occur: the Group's reported common equity tier 1 (CET1) ratio falls below 7%; or FINMA determines that cancellation of the CCA and other similar contingent capital instruments is necessary, or that the Group requires public sector capital support, in either case to prevent it from becoming insolvent or otherwise failing. | ||||
Estimated unrecognized compensation expense | SFr 230 | ||||
Amount of PAF2 converted to other share plans | SFr 516 | ||||
Contingent Capital Awards (CCA) | Grant Date, January 19, 2016 | Subsequent Event | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 226 | ||||
Contingent Capital Awards (CCA) | Grant Date, January 19, 2016 | Subsequent Event | Forecast/Estimate | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | 259 | ||||
Contingent Capital Awards (CCA) | Grant Date, January 2015 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 360 | ||||
Contingent Capital Awards (CCA) | Grant Date, March, 2014 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Amount reallocated by employees outside of Investment Banking | 684 | ||||
Contingent Capital Awards (CCA) | Grant Date, January 2014 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 391 | ||||
Contingent Capital Awards (CCA) | Cliff vesting [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||||
Plus Bond awards | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | Managing directors and directors in the former Investment Banking division received a portion of 2012 deferred variable compensation in the form of Plus Bond awards. The Plus Bond award is essentially a fixed income instrument, denominated in US dollars, which provides a coupon payment that is commensurate with market-based pricing. Plus Bond award holders are entitled to receive semi-annual cash payments on their adjusted award amounts at the rate of LIBOR plus 7.875% per annum until settlement. The Plus Bond will settle in the summer of 2016 based on the amount of the initial award less portfolio losses, if any, in excess of a first loss portion retained by the Group of USD 600 million. The value of the Plus Bond awards is based on the performance of a portfolio of unrated and sub-investment-grade asset-backed securities (ABS) that are held in inventory by various trading desks. While the Plus Bond award is a cash-based instrument, the Group reserves the right to settle the award in Group shares based on the share price at the time of final distribution. In addition, subject to oversight procedures, the Group retains the right to prepay all or a portion of the Plus Bond award in cash at any time and, in the event of certain regulatory developments or changes in capital treatment, exchange the award into Group shares. The Plus Bond award plan contributes to a reduction of the Group's risk-weighted assets and constitutes a risk transfer from the Group to the Plus Bond award holders. | ||||
Plus Bond awards | Grant Date, January 2013 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Amount reallocated by employees outside of Investment Banking | SFr 38 | ||||
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 | ||||
Restricted Cash Awards | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | Managing directors and directors in the former Investment Banking division received the cash component of their 2012 variable compensation in the form of Restricted Cash Awards. These awards are cash payments made on the grant date, but are subject to a pro-rata repayment by the employee in the event of voluntary resignation or termination for cause within three years of the award grant. The Restricted Cash Award is reported as part of the deferred compensation award for the Group even though the award is fully settled at grant date. The expense recognition will occur over the three-year vesting period, subject to service conditions. | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||||
Restricted Cash Awards | Grant Date, January 2013 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 299 | ||||
Capital Opportunity Facility (COF) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021. | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 7 years | ||||
Amount of PAF2 converted to other share plans | SFr 168 | ||||
2008 Partner Asset Facility (PAF) awards | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | As part of the 2008 annual compensation process, the Group granted employees in the former Investment Banking division with the corporate title of managing director or director the majority of the deferred compensation in the form of 2008 Partner Asset Facility (PAF) awards, denominated in US dollars. The PAF awards are indexed to, and represent a first-loss interest in, a specified pool of illiquid assets (Asset Pool) that originated in the former Investment Banking division. The notional value of the Asset Pool was based on the fair market value of the assets within the Asset Pool on December 31, 2008, and those assets will remain static throughout the contractual term of the award or until liquidated. The PAF holders will participate in the potential gains on the Asset Pool if the assets within the pool are liquidated at prices above the initial fair market value. If the assets within the Asset Pool are liquidated at prices below the initial fair market value, the PAF holders will bear the first loss on the Asset Pool. As a result, a significant portion of risk positions associated with the Asset Pool has been transferred to the employees and removed from the Group's risk-weighted assets, resulting in a reduction in capital usage. The PAF awards, which have a contractual term of eight years, are fully vested. Each PAF holder will receive a semi-annual cash interest payment of LIBOR plus 250 basis points applied to the notional value of the PAF award granted throughout the contractual term of the award. Beginning in the fifth year after the grant date, the PAF holders will receive an annual cash payment equal to 20% of the notional value of the PAF awards if the fair market value of the Asset Pool in that year has not declined below the initial fair market value of the Asset Pool. In the final year of the contractual term, the PAF holders will receive a final settlement in cash equal to the notional value, less all previous cash payments made to the PAF holder, plus any related gains or less any related losses on the liquidation of the Asset Pool. | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 8 years | ||||
2011 Partner Asset Facility (PAF2) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | As part of the 2011 annual compensation process, the Group awarded a portion of deferred variable compensation for senior employees in the form of 2011 Partner Asset Facility (PAF2) units. PAF2 units are essentially fixed income structured notes that are exposed to a portion of the credit risk that arises in the Group's derivative activities, including both current and possible future swaps and other derivative transactions. The value of the award (for both the interest accrual and the final redemption) will be reduced if the amount of realized credit losses from a specific reference portfolio exceeds a pre-defined threshold. The Group will bear the first USD 500 million of such losses and the PAF2 holders will bear any losses in excess of USD 500 million, up to the full amount of the deferred compensation awarded. As a result, the PAF2 plan is a transfer of risk from the Group to employees. Employees at the managing director and director levels, including certain members of the Executive Board, received PAF2 awards. The PAF2 awards vested in the first quarter of 2012. | ||||
Number of employees impacted by PAF2 conversion | 5,084 | ||||
2011 Partner Asset Facility Conversion (PAF2) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Description | PAF2 awards were linked to a portfolio of the Group's credit exposures, providing risk offset and capital relief. Due to regulatory changes, this capital relief would no longer be available. As a result, the Group restructured the awards in March 2014, requiring PAF2 holders to reallocate the exposure of their awards from the pool of counterparty credit risks in the original PAF2 structure to one of the following options, or a combination thereof: i) Capital Opportunity Facility (COF): participants elect for their award to be referenced to a COF. The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021; and ii) CCA: participants elect to receive CCA, with similar terms to the instruments granted as part of the 2013 compensation awards. The principal differences between the two forms of CCA are that these CCA are expected to settle approximately one year earlier and provide semi-annual cash payments of interest equivalents at slightly lower rates. Settlement is expected to occur in the first half of 2016, subject to regulatory approvals. | ||||
Bank | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | SFr 1,118 | ||||
Bank | Contingent Capital Awards (CCA) | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | 230 | ||||
Bank | Contingent Capital Awards (CCA) | Grant Date, January 19, 2016 | Subsequent Event | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 217 | ||||
Bank | Contingent Capital Awards (CCA) | Grant Date, January 19, 2016 | Subsequent Event | Forecast/Estimate | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Estimated unrecognized compensation expense | SFr 249 | ||||
Bank | Contingent Capital Awards (CCA) | Grant Date, January 2015 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 355 | ||||
Bank | Contingent Capital Awards (CCA) | Grant Date, January 2014 | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 391 | ||||
Bank | Contingent Capital Awards (CCA) | Cliff vesting [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||||
Bank | Plus Bond awards | Cliff vesting [Member] | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years |
APP Cash awards (Details 7)
APP Cash awards (Details 7) SFr in Millions | 12 Months Ended |
Dec. 31, 2015CHF (SFr) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Estimated unrecognized compensation expense | SFr 1,144 |
Adjustable Performance Plan cash awards | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Deferred Compensation Arrangement with Individual, Description | The Adjustable Performance Plan is a deferred compensation plan for the Executive Board, managing directors and directors. The Group introduced and granted Adjustable Performance Plan cash awards as part of deferred compensation for 2009 (2009 Adjustable Performance Plan) and 2010 (2010 Adjustable Performance Plan). The 2009 Adjustable Performance Plan cash awards were fully vested and expensed as of December 31, 2012 and were delivered in the first half of 2013. The 2010 Adjustable Performance Plan cash awards vested over a four-year period, with the final payout value subject to an upward or downward adjustment, depending on the financial performance of the specific business areas and the Group ROE. The adjustments were determined on an annual basis, increasing or decreasing the outstanding balances by a percentage equal to the reported ROE, unless the division that granted the awards incurred a pre-tax loss. In this case, outstanding awards in that division were subject to a negative adjustment of 15% for every CHF 1 billion of loss, unless a negative ROE applied for that year and was greater than the divisional adjustment. For employees in corporate functions, as well as for all Executive Board members, all outstanding 2010 Adjustable Performance Plan cash awards were linked to the Group's adjusted profit or loss and the Group ROE, but were not dependent upon the adjusted profit or loss of the business areas that they supported. |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 4 years |
Bank | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Estimated unrecognized compensation expense | SFr 1,118 |
Related parties (Details)
Related parties (Details) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015CHF (SFr)memberyear | Dec. 31, 2014CHF (SFr)member | Dec. 31, 2013CHF (SFr) | |
Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 5 | SFr 10 | SFr 8 |
Additions | 21 | 3 | 4 |
Reductions | 0 | (8) | (2) |
Balance at end of period | SFr 26 | SFr 5 | 10 |
Loans to members of the Executive Board, number of members | member | 7 | 3 | |
Loans to members of the Executive Board, term (in years) | year | 10 | ||
Highest loan outstanding with an individual Executive Board member | SFr 8 | ||
Members of the Board of Directors | |||
Activity in loans to related parties | |||
Balance at beginning of period | 16 | SFr 55 | 41 |
Additions | 1 | 6 | 16 |
Reductions | (9) | (45) | (2) |
Balance at end of period | SFr 8 | SFr 16 | 55 |
Loans to members of the Board of Directors, number of members | member | 3 | 3 | |
Loans made by Group or any of its subsidiaries to equity method investees | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 13 | SFr 10 | 12 |
Net borrowings/(repayments) | 122 | 3 | (2) |
Balance at end of period | 135 | 13 | 10 |
Bank | |||
Activity in loans to related parties | |||
Balance at beginning of period | 6,453 | ||
Balance at end of period | 5,154 | 6,453 | |
Bank | Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | 5 | 10 | 8 |
Additions | 21 | 3 | 4 |
Reductions | 0 | (8) | (2) |
Balance at end of period | SFr 26 | SFr 5 | 10 |
Loans to members of the Executive Board, number of members | member | 6 | 2 | |
Bank | Members of the Board of Directors | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 16 | SFr 55 | 41 |
Additions | 1 | 6 | 16 |
Reductions | (9) | (45) | (2) |
Balance at end of period | SFr 8 | SFr 16 | SFr 55 |
Loans to members of the Board of Directors, number of members | member | 3 | 3 |
Related parties (Details 2)
Related parties (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | SFr 1,580 | SFr 3,131 |
Other unconsolidated SPEs | ||
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | 80 | 80 |
Bank | ||
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | SFr 1,580 | SFr 3,131 |
Related parties (Details 3)
Related parties (Details 3) SFr in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015CHF (SFr) | Dec. 31, 2015USD ($) | Dec. 31, 2014CHF (SFr) | |
Capital transactions | |||
Recorded investment, with a specific allowance | SFr 1,610 | SFr 1,297 | |
Qatar Investment Authority (QIA) and The Olayan Group | Tier 1 capital instrument | |||
Capital transactions | |||
Related Party Transaction, Arms Length, Basis of Transactions | Tier 1 capital instruments Beginning in February 2011, the Group entered into agreements with entities affiliated with Qatar Investment Authority (QIA) and The Olayan Group, each of which has significant holdings of Group shares and other Group financial products. The agreements were amended in 2012 and 2013 and, as a result, QIA and The Olayan Group agreed to purchase new tier 1 high-trigger capital instruments (new Tier 1 Capital Notes) in exchange for their holdings of previously issued notes. The following new Tier 1 Capital Notes were outstanding as of December 31, 2015: USD 1.725 billion 9.5%, held by an affiliate of The Olayan Group; USD 1.72 billion 9.5%, held by an affiliate of QIA; and CHF 2.5 billion 9.0%, held by an affiliate of QIA. Under their terms, the new Tier 1 Capital Notes will be converted into Group ordinary shares if the Group's reported CET1 ratio, as determined under Basel Committee on Banking Supervision (BCBS) regulations as of the end of any calendar quarter, falls below 7% (or any lower applicable minimum threshold), unless FINMA, at the Group's request, has agreed on or prior to the publication of the Group's quarterly results that actions, circumstances or events have restored, or will imminently restore, the ratio to above the applicable threshold. The new Tier 1 Capital Notes will also be converted if FINMA determines that conversion is necessary, or that the Group requires public sector capital support, to prevent the Group from becoming insolvent, bankrupt or unable to pay a material amount of the Group's debts, or other similar circumstances. In addition, conversion of the new Tier 1 Capital Notes issued to the entities affiliated with The Olayan Group will be triggered if, in the event of a request by FINMA for an interim report prior to the end of any calendar quarter, the Group's reported CET1 ratio, as of the end of any such interim period, falls below 5%. The conversion price will be the higher of a given floor price per share (subject to customary adjustments) or the daily volume weighted average sales price of the Group's ordinary shares over a five-day period preceding the notice of conversion. The new Tier 1 Capital Notes are deeply subordinated, perpetual and callable by the Group no earlier than 2018 and in certain other circumstances with FINMA approval. Interest, which is payable on the USD 1.725 billion and the USD 1.72 billion new Tier 1 Capital Notes at a fixed rate of 9.5% and on the CHF 2.5 billion new Tier 1 Capital Notes at a fixed rate of 9.0%, will reset after the first call date. Interest payments will generally be discretionary (unless triggered), subject to suspension in certain circumstances and non-cumulative. At the time of the original transaction, the Group determined that this was a material transaction and deemed QIA and The Olayan Group to be related parties of the Group's current Board of Directors member Jassim Bin Hamad J.J. Al Thani and the Group's then Board of Directors member Aziz R.D. Syriani, respectively, for purposes of evaluating the terms and corporate governance of the original transaction. At that time, the Board of Directors (except for Mr. Bin Hamad J.J. Al Thani and Mr. Syriani, who abstained from participating in the determination process) determined that the terms of the original transaction, given its size, the nature of the contingent capital instrument, for which there was no established market, and the terms of the notes issued and held by QIA and The Olayan Group, were fair. As of April 26, 2013, Mr. Syriani retired from the Board and no other person affiliated with The Olayan Group has been elected as a member of the Board of Directors. | ||
Affiliate of The Olayan Group | Tier 1 capital instrument | Tier 1 Capital Instrument, USD | |||
Capital transactions | |||
Subordinated debt | $ | $ 1,725 | ||
Subordinated debt interest rate | 9.50% | ||
Affiliate of Qatar Investment Authority [Member] | Tier 1 capital instrument | Tier 1 Capital Instrument, CHF | |||
Capital transactions | |||
Subordinated debt | SFr 2,500 | ||
Subordinated debt interest rate | 9.00% | ||
Affiliate of Qatar Investment Authority [Member] | Tier 1 capital instrument | Tier 1 Capital Instrument, USD | |||
Capital transactions | |||
Subordinated debt | $ | $ 1,720 | ||
Subordinated debt interest rate | 9.50% | ||
Bank | |||
Capital transactions | |||
Recorded investment, with a specific allowance | SFr 1,362 | SFr 1,040 |
Related parties (Details 4)
Related parties (Details 4) - Bank - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Assets | |||
Cash and due from banks | SFr 1,345 | SFr 2 | |
Interest-bearing deposits with banks | 4,091 | 2,862 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 387 | 0 | |
Trading assets | 143 | 220 | |
Net loans | 5,154 | 6,453 | |
Other assets | 89 | 27 | |
Total assets | 11,209 | 9,564 | |
Liabilities | |||
Due to banks/customer deposits | 1,838 | 1,916 | |
Trading liabilities | 87 | 15 | |
Long-term debt | 4,092 | 4,042 | |
Other liabilities | 232 | 224 | |
Total liabilities | 6,249 | 6,197 | |
Related party revenues and expenses | |||
Interest and dividend income | 5 | 70 | SFr 45 |
Interest expense | (269) | (223) | (55) |
Net interest income | (264) | (153) | (10) |
Commissions and fees | 4 | (11) | (21) |
Other revenues | 169 | 178 | 172 |
Net revenues | (91) | 14 | 141 |
Total operating expenses | 193 | 165 | SFr 288 |
Related party guarantees | |||
Guarantees | 65 | 2 | |
Credit guarantees and similar instruments | |||
Related party guarantees | |||
Guarantees | 0 | 1 | |
Performance guarantees and similar instruments | |||
Related party guarantees | |||
Guarantees | 0 | 1 | |
Other guarantees | |||
Related party guarantees | |||
Guarantees | SFr 65 | SFr 0 |
Pension and other post-retir150
Pension and other post-retirement benefits (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Total benefit costs | ||||
Total benefit costs | SFr 228 | SFr 177 | SFr 358 | |
Fair value of plan assets | ||||
Beginning of the measurement period | SFr 19,314 | 19,511 | ||
End of the measurement period | 19,314 | 19,511 | ||
Funded status recognized | ||||
Funded status of the plan - overfunded/(underfunded) | (320) | 133 | ||
Amounts recognized in AOCI | ||||
Actuarial gains/(losses) | (4,672) | (4,010) | ||
Prior service credit/(cost) | 607 | 452 | ||
Total | (4,065) | (3,558) | ||
Amounts recognized in other comprehensive income | ||||
Actuarial gains/(losses), Tax | 174 | 375 | (388) | |
Actuarial gains/(losses), Net | (1,038) | (1,453) | ||
Prior service credit/(cost), Net | 238 | 20 | ||
Amortization of actuarial losses/ (gains), Net | 351 | 152 | ||
Amortization of prior service cost/(credit), Net | (81) | (76) | ||
Immediate recognition due to curtailment/settlement, Net | 24 | 41 | ||
Total amounts recognized in other comprehensive income, Net | (506) | (1,316) | ||
Defined benefit pension plans | ||||
Amounts recognized in AOCI | ||||
Actuarial gains/(losses) | (4,629) | (3,960) | ||
Prior service credit/(cost) | 604 | 435 | ||
Total | (4,025) | (3,525) | ||
Amounts recognized in other comprehensive income | ||||
Actuarial gains/(losses), Gross | (1,312) | (1,861) | ||
Actuarial gains/(losses), Tax | 276 | 424 | ||
Actuarial gains/(losses), Net | (1,036) | (1,437) | ||
Prior service credit/(cost), Gross | 302 | 0 | ||
Prior service credit/(cost), Tax | (64) | 0 | ||
Prior service credit/(cost), Net | 238 | 0 | ||
Amortization of actuarial losses/(gains), Gross | 435 | 189 | ||
Amortization of actuarial losses/(gains), Tax | (93) | (43) | ||
Amortization of actuarial losses/ (gains), Net | 342 | 146 | ||
Amortization of prior service cost/(credit), Gross | (85) | (88) | ||
Amortization of prior service cost/(credit), Tax | 18 | 18 | ||
Amortization of prior service cost/(credit), Net | (67) | (70) | ||
Immediate recognition due to curtailment/settlement, Gross | 30 | 51 | ||
Immediate recognition due to curtailment/settlement, Tax | (6) | (10) | ||
Immediate recognition due to curtailment/settlement, Net | 24 | 41 | ||
Total amounts recognized in other comprehensive income, Gross | (630) | (1,709) | ||
Total amounts recognized in other comprehensive income, Tax | 131 | 389 | ||
Total amounts recognized in other comprehensive income, Net | (499) | SFr (1,320) | ||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | ||||
Amortization of actuarial losses/(gains) | 322 | |||
Amortization of prior service cost/(credit) | (91) | |||
Total | SFr 231 | |||
Defined benefit pension plans | Forecast/Estimate | ||||
Contributions disclosures | ||||
Contribution to be made by the entity in next fiscal year | 396 | |||
Defined benefit pension plans - Switzerland | ||||
Defined benefit plan, Disclosure | ||||
Employees participating in defined benefit plans (as a percent) | 75.00% | 77.00% | ||
Value of plan assets (as a percent) | 81.00% | 80.00% | ||
Pension benefit obligation (as a percent) | 82.00% | 81.00% | ||
Total benefit costs | ||||
Service costs on benefit obligation | SFr 298 | SFr 253 | 347 | |
Interest costs on benefit obligation | 189 | 338 | 304 | |
Expected return on plan assets | (592) | (547) | (575) | |
Amortization of recognized prior service cost/(credit) | (85) | (88) | (92) | |
Amortization of recognized actuarial losses/(gains) | 351 | 137 | 258 | |
Net periodic benefit costs | 161 | 93 | 242 | |
Settlement losses/(gains) | 24 | 44 | 40 | |
Curtailment losses/(gains) | (2) | (9) | (28) | |
Special termination benefits | 9 | 17 | 19 | |
Total benefit costs | 192 | 145 | 273 | |
PBO | ||||
Beginning of the measurement period | 16,088 | 15,661 | 13,473 | |
Plan participant contributions | 198 | 200 | ||
Service costs | 298 | 253 | 347 | |
Interest costs | 189 | 338 | 304 | |
Plan amendments | (302) | 0 | ||
Settlements | (77) | (169) | ||
Curtailments | (9) | (16) | ||
Special termination benefits | 9 | 17 | ||
Actuarial losses/(gains) | 818 | 2,280 | ||
Benefit payments | (697) | (715) | ||
Exchange rate losses/(gains) | 0 | 0 | ||
End of the measurement period | 16,088 | 15,661 | 13,473 | |
Fair value of plan assets | ||||
Beginning of the measurement period | 15,602 | 15,635 | 14,912 | |
Actual return on plan assets | 134 | 970 | ||
Employer contributions | 409 | 437 | ||
Plan participant contributions | 198 | 200 | ||
Settlements | (77) | (169) | ||
Benefit payments | (697) | (715) | ||
Exchange rate gains/(losses) | 0 | 0 | ||
End of the measurement period | 15,602 | 15,635 | SFr 14,912 | |
Funded status recognized | ||||
Funded status of the plan - overfunded/(underfunded) | (486) | (26) | ||
Total funded status recognized in the consolidated balance sheet at December 31 | (486) | (26) | ||
Total amount recognized | ||||
Noncurrent assets | 0 | 0 | ||
Current liabilities | 0 | 0 | ||
Noncurrent liabilities | (486) | (26) | ||
Total amount recognized in the consolidated balance sheet at December 31 | (486) | (26) | ||
ABO | ||||
End of the measurement period | 15,160 | 15,110 | ||
Funded status of the plan - overfunded/(underfunded), basis ABO | SFr 442 | SFr 525 | ||
Net benefit pension cost (%) | ||||
Discount rate (as a percent) | 1.25% | 2.60% | 2.20% | |
Salary increases (as a percent) | 1.00% | 1.20% | 1.20% | |
Expected long-term rate of return on plan assets (as a percent) | 4.00% | 3.75% | 4.00% | |
Benefit obligation (%) | ||||
Discount rate (as a percent) | 0.90% | 1.25% | 2.60% | |
Salary increases (as a percent) | 1.00% | 1.00% | 1.20% | |
Defined benefit pension plans - Switzerland, saving section | ||||
Defined benefit plan, Disclosure | ||||
Employee contributions, number of contribution levels | 3 | |||
Defined benefit pension plans - Switzerland, saving section | Minimum | ||||
Defined benefit plan, Disclosure | ||||
Employee contributions (as a percent) | 5.00% | |||
Employer contributions (as a percent) | 7.50% | |||
Defined benefit pension plans - Switzerland, saving section | Maximum | ||||
Defined benefit plan, Disclosure | ||||
Employee contributions (as a percent) | 14.00% | |||
Employer contributions (as a percent) | 25.00% | |||
Defined benefit pension plans - International | ||||
Total benefit costs | ||||
Service costs on benefit obligation | SFr 21 | SFr 19 | SFr 24 | |
Interest costs on benefit obligation | 129 | 134 | 122 | |
Expected return on plan assets | (195) | (178) | (161) | |
Amortization of recognized prior service cost/(credit) | 0 | 0 | 0 | |
Amortization of recognized actuarial losses/(gains) | 84 | 52 | 79 | |
Net periodic benefit costs | 39 | 27 | 64 | |
Settlement losses/(gains) | (1) | (2) | 0 | |
Curtailment losses/(gains) | 0 | 0 | 0 | |
Special termination benefits | 0 | 0 | 0 | |
Total benefit costs | 38 | 25 | 64 | |
PBO | ||||
Beginning of the measurement period | 3,366 | 3,539 | 2,843 | |
Plan participant contributions | 0 | 0 | ||
Service costs | 21 | 19 | 24 | |
Interest costs | 129 | 134 | 122 | |
Plan amendments | 0 | 0 | ||
Settlements | 0 | (4) | ||
Curtailments | 0 | 0 | ||
Special termination benefits | 2 | 1 | ||
Actuarial losses/(gains) | (97) | 463 | ||
Benefit payments | (113) | (109) | ||
Exchange rate losses/(gains) | (115) | 192 | ||
End of the measurement period | 3,366 | 3,539 | 2,843 | |
Fair value of plan assets | ||||
Beginning of the measurement period | 3,712 | 3,876 | 3,007 | |
Actual return on plan assets | 62 | 637 | ||
Employer contributions | 19 | 135 | ||
Plan participant contributions | 0 | 0 | ||
Settlements | 0 | (2) | ||
Benefit payments | (113) | (109) | ||
Exchange rate gains/(losses) | (132) | 208 | ||
End of the measurement period | 3,712 | 3,876 | SFr 3,007 | |
Funded status recognized | ||||
Funded status of the plan - overfunded/(underfunded) | 346 | 337 | ||
Total funded status recognized in the consolidated balance sheet at December 31 | 346 | 337 | ||
Total amount recognized | ||||
Noncurrent assets | 825 | 822 | ||
Current liabilities | (9) | (8) | ||
Noncurrent liabilities | (470) | (477) | ||
Total amount recognized in the consolidated balance sheet at December 31 | 346 | 337 | ||
ABO | ||||
End of the measurement period | SFr 3,315 | SFr 3,469 | ||
Net benefit pension cost (%) | ||||
Discount rate (as a percent) | 3.82% | 4.71% | 4.47% | |
Salary increases (as a percent) | 4.19% | 4.31% | 4.02% | |
Expected long-term rate of return on plan assets (as a percent) | 6.00% | 6.16% | 6.18% | |
Benefit obligation (%) | ||||
Discount rate (as a percent) | 4.05% | 3.82% | 4.71% | |
Salary increases (as a percent) | 3.56% | 4.19% | 4.31% | |
Other post-retirement defined benefit plans | ||||
Amounts recognized in AOCI | ||||
Actuarial gains/(losses) | SFr (43) | SFr (50) | ||
Prior service credit/(cost) | 3 | 17 | ||
Total | (40) | (33) | ||
Amounts recognized in other comprehensive income | ||||
Actuarial gains/(losses), Gross | (4) | (25) | ||
Actuarial gains/(losses), Tax | 2 | 9 | ||
Actuarial gains/(losses), Net | (2) | (16) | ||
Prior service credit/(cost), Gross | 0 | 32 | ||
Prior service credit/(cost), Tax | 0 | (12) | ||
Prior service credit/(cost), Net | 0 | 20 | ||
Amortization of actuarial losses/(gains), Gross | 14 | 9 | ||
Amortization of actuarial losses/(gains), Tax | (5) | (3) | ||
Amortization of actuarial losses/ (gains), Net | 9 | 6 | ||
Amortization of prior service cost/(credit), Gross | (23) | (9) | ||
Amortization of prior service cost/(credit), Tax | 9 | 3 | ||
Amortization of prior service cost/(credit), Net | (14) | (6) | ||
Immediate recognition due to curtailment/settlement, Gross | 0 | 0 | ||
Immediate recognition due to curtailment/settlement, Tax | 0 | 0 | ||
Immediate recognition due to curtailment/settlement, Net | 0 | 0 | ||
Total amounts recognized in other comprehensive income, Gross | (13) | 7 | ||
Total amounts recognized in other comprehensive income, Tax | 6 | (3) | ||
Total amounts recognized in other comprehensive income, Net | (7) | 4 | ||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | ||||
Amortization of actuarial losses/(gains) | 6 | |||
Amortization of prior service cost/(credit) | 0 | |||
Total | 6 | |||
Other post-retirement defined benefit plans | Forecast/Estimate | ||||
Contributions disclosures | ||||
Contribution to be made by the entity in next fiscal year | 11 | |||
Other post-retirement defined benefit plans - International | ||||
Total benefit costs | ||||
Service costs on benefit obligation | 0 | 0 | SFr 0 | |
Interest costs on benefit obligation | 7 | 7 | 8 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of recognized prior service cost/(credit) | (23) | (9) | 0 | |
Amortization of recognized actuarial losses/(gains) | 14 | 9 | 13 | |
Net periodic benefit costs | (2) | 7 | 21 | |
Settlement losses/(gains) | 0 | 0 | 0 | |
Curtailment losses/(gains) | 0 | 0 | 0 | |
Special termination benefits | 0 | 0 | 0 | |
Total benefit costs | (2) | 7 | 21 | |
PBO | ||||
Beginning of the measurement period | 180 | 178 | 168 | |
Plan participant contributions | 0 | 0 | ||
Service costs | 0 | 0 | 0 | |
Interest costs | 7 | 7 | 8 | |
Plan amendments | 0 | (32) | ||
Settlements | 0 | 0 | ||
Curtailments | 0 | 0 | ||
Special termination benefits | 0 | 0 | ||
Actuarial losses/(gains) | 4 | 25 | ||
Benefit payments | (10) | (8) | ||
Exchange rate losses/(gains) | 1 | 18 | ||
End of the measurement period | 180 | 178 | 168 | |
Fair value of plan assets | ||||
Beginning of the measurement period | SFr 0 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 10 | 8 | ||
Plan participant contributions | 0 | 0 | ||
Settlements | 0 | 0 | ||
Benefit payments | (10) | (8) | ||
Exchange rate gains/(losses) | 0 | 0 | ||
End of the measurement period | 0 | 0 | SFr 0 | |
Funded status recognized | ||||
Funded status of the plan - overfunded/(underfunded) | (180) | (178) | ||
Total funded status recognized in the consolidated balance sheet at December 31 | (180) | (178) | ||
Total amount recognized | ||||
Noncurrent assets | 0 | 0 | ||
Current liabilities | (11) | (10) | ||
Noncurrent liabilities | (169) | (168) | ||
Total amount recognized in the consolidated balance sheet at December 31 | (180) | (178) | ||
ABO | ||||
End of the measurement period | SFr 180 | SFr 178 | ||
Net benefit pension cost (%) | ||||
Discount rate (as a percent) | 4.20% | 5.10% | 4.30% | |
Benefit obligation (%) | ||||
Discount rate (as a percent) | 4.50% | 4.20% | 5.10% | |
Health care cost assumptions | ||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.00% | 8.00% | 8.00% | |
Weighted-average rate of health care benefit decrease (as a percent) | 5.00% | |||
Increase in post-retirement expenses due 1% increase in health care cost trend rate assumption | SFr 0.2 | SFr 0.2 | SFr 1.3 | |
Increase in accumulated post-retirement defined benefit obligation due 1% increase in health care cost trend rate assumption | 4 | 5 | 23 | |
Decrease in post-retirement expenses due to 1% decrease in health care cost trend rate assumption | 0.2 | 0.3 | 1 | |
Decrease in post-retirement defined benefit obligation due to 1% decrease in health care cost trend rate assumption | 4 | 4 | 19 | |
Other post-retirement defined benefit plans - International | Forecast/Estimate | ||||
Health care cost assumptions | ||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.30% | |||
Bank | ||||
Total benefit costs | ||||
Total benefit costs | 36 | 32 | 85 | |
Funded status recognized | ||||
Funded status of the plan - overfunded/(underfunded) | 166 | 159 | ||
Amounts recognized in AOCI | ||||
Actuarial gains/(losses) | (612) | (656) | ||
Prior service credit/(cost) | 3 | 17 | ||
Total | (609) | (639) | ||
Amounts recognized in other comprehensive income | ||||
Actuarial gains/(losses), Tax | (14) | 27 | (99) | |
Actuarial gains/(losses), Net | (30) | 14 | ||
Prior service credit/(cost), Net | 20 | |||
Amortization of actuarial losses/ (gains), Net | 74 | 44 | ||
Amortization of prior service cost/(credit), Net | (14) | (6) | ||
Immediate recognition due to curtailment/settlement, Net | (1) | |||
Total amounts recognized in other comprehensive income, Net | 29 | 72 | ||
Bank | Defined benefit pension plans - Switzerland | ||||
Total benefit costs | ||||
Entity's calculated amortization | 252 | 48 | 158 | |
Entity's calculated reduction compared to group plan contribution | SFr 206 | 277 | 131 | |
PBO | ||||
Entity contribution to the group plan (as a percent) | 95.00% | |||
Funded status recognized | ||||
Bank's calculated share in total overfunding/(under)funding of the Group plan on an PBO basis | SFr (462) | (25) | ||
Bank | Defined benefit pension plans - Switzerland | Forecast/Estimate | ||||
Contributions disclosures | ||||
Contributions by the entity to the group plan | SFr 356 | |||
Bank | Defined benefit pension plans - Switzerland, saving section | Minimum | ||||
Defined benefit plan, Disclosure | ||||
Employer contributions (as a percent) | 7.50% | |||
Bank | Defined benefit pension plans - Switzerland, saving section | Maximum | ||||
Defined benefit plan, Disclosure | ||||
Employer contributions (as a percent) | 25.00% | |||
Bank | Defined benefit pension plans - International | ||||
Total benefit costs | ||||
Service costs on benefit obligation | SFr 21 | 19 | 24 | |
Interest costs on benefit obligation | 129 | 134 | 122 | |
Expected return on plan assets | (195) | (178) | (161) | |
Amortization of recognized prior service cost/(credit) | 0 | 0 | 0 | |
Amortization of recognized actuarial losses/(gains) | 84 | 52 | 79 | |
Net periodic benefit costs | 39 | 27 | 64 | |
Settlement losses/(gains) | (1) | (2) | 0 | |
Total benefit costs | 38 | 25 | 64 | |
PBO | ||||
Beginning of the measurement period | 3,366 | 3,539 | 2,843 | |
Service costs | 21 | 19 | 24 | |
Interest costs | 129 | 134 | 122 | |
Plan amendments | 0 | 0 | ||
Settlements | 0 | (4) | ||
Special termination benefits | 2 | 1 | ||
Actuarial losses/(gains) | (97) | 463 | ||
Benefit payments | (113) | (109) | ||
Exchange rate losses/(gains) | (115) | 192 | ||
End of the measurement period | 3,366 | 3,539 | 2,843 | |
Fair value of plan assets | ||||
Beginning of the measurement period | 3,712 | 3,876 | 3,007 | |
Actual return on plan assets | 62 | 637 | ||
Employer contributions | 19 | 135 | ||
Settlements | 0 | (2) | ||
Benefit payments | (113) | (109) | ||
Exchange rate gains/(losses) | (132) | 208 | ||
End of the measurement period | 3,712 | 3,876 | SFr 3,007 | |
Funded status recognized | ||||
Funded status of the plan - overfunded/(underfunded) | 346 | 337 | ||
Total funded status recognized in the consolidated balance sheet at December 31 | 346 | 337 | ||
Total amount recognized | ||||
Noncurrent assets | 825 | 822 | ||
Current liabilities | (9) | (8) | ||
Noncurrent liabilities | (470) | (477) | ||
Total amount recognized in the consolidated balance sheet at December 31 | 346 | 337 | ||
ABO | ||||
End of the measurement period | 3,315 | 3,469 | ||
Amounts recognized in AOCI | ||||
Actuarial gains/(losses) | (569) | (606) | ||
Prior service credit/(cost) | 0 | 0 | ||
Total | (569) | (606) | ||
Amounts recognized in other comprehensive income | ||||
Actuarial gains/(losses), Gross | (36) | (5) | ||
Actuarial gains/(losses), Tax | 8 | 35 | ||
Actuarial gains/(losses), Net | (28) | 30 | ||
Prior service credit/(cost), Gross | 0 | |||
Prior service credit/(cost), Tax | 0 | |||
Prior service credit/(cost), Net | 0 | |||
Amortization of actuarial losses/(gains), Gross | 84 | 52 | ||
Amortization of actuarial losses/(gains), Tax | (19) | (14) | ||
Amortization of actuarial losses/ (gains), Net | 65 | 38 | ||
Amortization of prior service cost/(credit), Gross | 0 | 0 | ||
Amortization of prior service cost/(credit), Tax | 0 | 0 | ||
Amortization of prior service cost/(credit), Net | 0 | 0 | ||
Immediate recognition due to curtailment/settlement, Gross | (1) | |||
Immediate recognition due to curtailment/settlement, Tax | 0 | |||
Immediate recognition due to curtailment/settlement, Net | (1) | |||
Total amounts recognized in other comprehensive income, Gross | 47 | 47 | ||
Total amounts recognized in other comprehensive income, Tax | (11) | 21 | ||
Total amounts recognized in other comprehensive income, Net | 36 | SFr 68 | ||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | ||||
Amortization of actuarial losses/(gains) | 33 | |||
Total | SFr 33 | |||
Net benefit pension cost (%) | ||||
Discount rate (as a percent) | 3.82% | 4.71% | 4.47% | |
Salary increases (as a percent) | 4.19% | 4.31% | 4.02% | |
Expected long-term rate of return on plan assets (as a percent) | 6.00% | 6.16% | 6.18% | |
Benefit obligation (%) | ||||
Discount rate (as a percent) | 4.05% | 3.82% | 4.71% | |
Salary increases (as a percent) | 3.56% | 4.19% | 4.31% | |
Bank | Defined benefit pension plans - International | Forecast/Estimate | ||||
Contributions disclosures | ||||
Contribution to be made by the entity in next fiscal year | 21 | |||
Bank | Other post-retirement defined benefit plans - International | ||||
Total benefit costs | ||||
Service costs on benefit obligation | SFr 0 | SFr 0 | SFr 0 | |
Interest costs on benefit obligation | 7 | 7 | 8 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization of recognized prior service cost/(credit) | (23) | (9) | 0 | |
Amortization of recognized actuarial losses/(gains) | 14 | 9 | 13 | |
Net periodic benefit costs | (2) | 7 | 21 | |
Settlement losses/(gains) | 0 | 0 | 0 | |
Total benefit costs | (2) | 7 | 21 | |
PBO | ||||
Beginning of the measurement period | 180 | 178 | 168 | |
Service costs | 0 | 0 | 0 | |
Interest costs | 7 | 7 | 8 | |
Plan amendments | 0 | (32) | ||
Settlements | 0 | 0 | ||
Special termination benefits | 0 | 0 | ||
Actuarial losses/(gains) | 4 | 25 | ||
Benefit payments | (10) | (8) | ||
Exchange rate losses/(gains) | 1 | 18 | ||
End of the measurement period | 180 | 178 | 168 | |
Fair value of plan assets | ||||
Beginning of the measurement period | 0 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | ||
Employer contributions | 10 | 8 | ||
Settlements | 0 | 0 | ||
Benefit payments | (10) | (8) | ||
Exchange rate gains/(losses) | 0 | 0 | ||
End of the measurement period | 0 | 0 | SFr 0 | |
Funded status recognized | ||||
Funded status of the plan - overfunded/(underfunded) | (180) | (178) | ||
Total funded status recognized in the consolidated balance sheet at December 31 | (180) | (178) | ||
Total amount recognized | ||||
Noncurrent assets | 0 | 0 | ||
Current liabilities | (11) | (10) | ||
Noncurrent liabilities | (169) | (168) | ||
Total amount recognized in the consolidated balance sheet at December 31 | (180) | (178) | ||
ABO | ||||
End of the measurement period | 180 | 178 | ||
Amounts recognized in AOCI | ||||
Actuarial gains/(losses) | (43) | (50) | ||
Prior service credit/(cost) | 3 | 17 | ||
Total | (40) | (33) | ||
Amounts recognized in other comprehensive income | ||||
Actuarial gains/(losses), Gross | (4) | (25) | ||
Actuarial gains/(losses), Tax | 2 | 9 | ||
Actuarial gains/(losses), Net | (2) | (16) | ||
Prior service credit/(cost), Gross | 32 | |||
Prior service credit/(cost), Tax | (12) | |||
Prior service credit/(cost), Net | 20 | |||
Amortization of actuarial losses/(gains), Gross | 14 | 9 | ||
Amortization of actuarial losses/(gains), Tax | (5) | (3) | ||
Amortization of actuarial losses/ (gains), Net | 9 | 6 | ||
Amortization of prior service cost/(credit), Gross | (23) | (9) | ||
Amortization of prior service cost/(credit), Tax | 9 | 3 | ||
Amortization of prior service cost/(credit), Net | (14) | (6) | ||
Immediate recognition due to curtailment/settlement, Gross | 0 | |||
Immediate recognition due to curtailment/settlement, Tax | 0 | |||
Immediate recognition due to curtailment/settlement, Net | 0 | |||
Total amounts recognized in other comprehensive income, Gross | (13) | 7 | ||
Total amounts recognized in other comprehensive income, Tax | 6 | (3) | ||
Total amounts recognized in other comprehensive income, Net | (7) | SFr 4 | ||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | ||||
Amortization of actuarial losses/(gains) | 6 | |||
Total | SFr 6 | |||
Net benefit pension cost (%) | ||||
Discount rate (as a percent) | 4.20% | 5.10% | 4.30% | |
Benefit obligation (%) | ||||
Discount rate (as a percent) | 4.50% | 4.20% | 5.10% | |
Health care cost assumptions | ||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.00% | 8.00% | 8.00% | |
Weighted-average rate of health care benefit decrease (as a percent) | 5.00% | |||
Increase in post-retirement expenses due 1% increase in health care cost trend rate assumption | SFr 0.2 | SFr 0.2 | SFr 1.3 | |
Increase in accumulated post-retirement defined benefit obligation due 1% increase in health care cost trend rate assumption | 4 | 5 | 23 | |
Decrease in post-retirement expenses due to 1% decrease in health care cost trend rate assumption | 0.2 | 0.3 | 1 | |
Decrease in post-retirement defined benefit obligation due to 1% decrease in health care cost trend rate assumption | SFr 4 | SFr 4 | SFr 19 | |
Bank | Other post-retirement defined benefit plans - International | Forecast/Estimate | ||||
Contributions disclosures | ||||
Contribution to be made by the entity in next fiscal year | SFr 11 | |||
Health care cost assumptions | ||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.30% |
Pension and other post-retir151
Pension and other post-retirement benefits (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
PBO | SFr 16,088 | SFr 15,661 | SFr 13,473 |
ABO | 15,160 | 15,110 | |
Defined benefit pension plans - Switzerland | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 16,088 | 15,661 | |
ABO | 15,160 | 15,110 | |
Fair value of plan assets | 15,602 | 15,635 | |
Defined benefit pension plans - Switzerland | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 0 | 0 | |
ABO | 0 | 0 | |
Fair value of plan assets | 0 | 0 | |
Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
PBO | 3,366 | 3,539 | 2,843 |
ABO | 3,315 | 3,469 | |
Defined benefit pension plans - International | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,630 | 1,671 | |
ABO | 1,600 | 1,637 | |
Fair value of plan assets | 1,152 | 1,187 | |
Defined benefit pension plans - International | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,613 | 1,655 | |
ABO | 1,589 | 1,627 | |
Fair value of plan assets | 1,137 | 1,173 | |
Bank | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
PBO | 3,366 | 3,539 | SFr 2,843 |
ABO | 3,315 | 3,469 | |
Bank | Defined benefit pension plans - International | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,630 | 1,671 | |
ABO | 1,600 | 1,637 | |
Fair value of plan assets | 1,152 | 1,187 | |
Bank | Defined benefit pension plans - International | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,613 | 1,655 | |
ABO | 1,589 | 1,627 | |
Fair value of plan assets | SFr 1,137 | SFr 1,173 |
Pension and other post-retir152
Pension and other post-retirement benefits (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined benefit plan, Disclosure | |||
Plan assets at fair value | SFr 19,314 | SFr 19,511 | |
Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 15,602 | 15,635 | SFr 14,912 |
Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,712 | 3,876 | 3,007 |
Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,559 | 7,053 | |
Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,313 | 6,457 | |
Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,246 | 596 | |
Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 10,433 | 8,620 | |
Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 8,463 | 5,782 | |
Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,970 | 2,838 | |
Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,322 | 3,838 | 2,140 |
Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,826 | 3,396 | 1,862 |
Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 496 | 442 | 278 |
Group debt securities | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 83 | 134 | |
Group equity securities and options | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 131 | 131 | |
Cash and cash equivalents | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,153 | 2,983 | |
Cash and cash equivalents | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 242 | 279 | |
Cash and cash equivalents | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 982 | 2,983 | |
Cash and cash equivalents | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 32 | 191 | |
Cash and cash equivalents | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 171 | 0 | |
Cash and cash equivalents | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 210 | 88 | |
Cash and cash equivalents | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Cash and cash equivalents | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Debt securities | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,126 | 3,360 | |
Debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,926 | 2,046 | |
Debt securities | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 725 | 421 | |
Debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 890 | 189 | |
Debt securities | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,399 | 2,939 | |
Debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 744 | 1,590 | |
Debt securities | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2 | 0 | |
Debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 292 | 267 | |
Governments debt securities | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 14 | 338 | |
Governments debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 375 | 570 | |
Governments debt securities | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3 | 338 | |
Governments debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 368 | 8 | |
Governments debt securities | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 11 | 0 | |
Governments debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 7 | 562 | |
Governments debt securities | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Governments debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Corporate debt securities | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,112 | 3,022 | |
Corporate debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,551 | 1,476 | |
Corporate debt securities | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 722 | 83 | |
Corporate debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 522 | 181 | |
Corporate debt securities | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,388 | 2,939 | |
Corporate debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 737 | 1,028 | |
Corporate debt securities | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 294 | 267 | 177 |
Corporate debt securities | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2 | 0 | |
Corporate debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 292 | 267 | |
Equity securities | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 5,597 | 4,767 | |
Equity securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 936 | 882 | |
Equity securities | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,351 | 2,545 | |
Equity securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 339 | 216 | |
Equity securities | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,246 | 2,222 | |
Equity securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 520 | 666 | |
Equity securities | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 77 | 0 | |
Equity securities | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Equity securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 77 | 0 | |
Real estate | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,803 | 1,680 | |
Real estate | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 647 | 534 | |
Real estate | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,204 | 1,263 | 1,219 |
Real estate | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,156 | 1,146 | |
Real estate - direct | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,156 | 1,146 | |
Real estate - direct | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - direct | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - direct | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,156 | 1,146 | 1,123 |
Real estate - direct | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,156 | 1,146 | |
Real estate - indirect | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 647 | 534 | |
Real estate - indirect | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 135 | 117 | |
Real estate - indirect | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - indirect | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - indirect | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 647 | 534 | |
Real estate - indirect | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 87 | 0 | |
Real estate - indirect | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 48 | 117 | 96 |
Real estate - indirect | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - indirect | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 48 | 117 | |
Alternative investments | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,923 | 2,845 | |
Alternative investments | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 372 | 444 | |
Alternative investments | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 255 | 508 | |
Alternative investments | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (15) | 0 | |
Alternative investments | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 87 | |
Alternative investments | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 308 | 386 | |
Alternative investments | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,747 | 2,308 | 744 |
Alternative investments | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,668 | 2,250 | |
Alternative investments | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 79 | 58 | |
Private equity - alternative investments | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 739 | 692 | |
Private equity - alternative investments | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Private equity - alternative investments | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Private equity - alternative investments | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 739 | 692 | 607 |
Private equity - alternative investments | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 739 | 692 | |
Hedge funds | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,135 | 953 | |
Hedge funds | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 157 | 169 | |
Hedge funds | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 78 | 111 | |
Hedge funds | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,214 | 1,011 | 3 |
Hedge funds | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,135 | 953 | |
Hedge funds | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 79 | 58 | |
Other alternative investments | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,049 | 1,200 | |
Other alternative investments | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 215 | 275 | |
Other alternative investments | Level 1 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 255 | 508 | |
Other alternative investments | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (15) | 0 | |
Other alternative investments | Level 2 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 87 | |
Other alternative investments | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 230 | 275 | |
Other alternative investments | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 794 | 605 | 134 |
Other alternative investments | Level 3 | Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 794 | 605 | |
Other alternative investments | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other investments, plan assets | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 101 | 108 | |
Other investments, plan assets | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other investments, plan assets | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 101 | 108 | |
Other investments, plan assets | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,712 | 3,876 | 3,007 |
Bank | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,246 | 596 | |
Bank | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,970 | 2,838 | |
Bank | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 496 | 442 | 278 |
Bank | Cash and cash equivalents | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 242 | 279 | |
Bank | Cash and cash equivalents | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 32 | 191 | |
Bank | Cash and cash equivalents | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 210 | 88 | |
Bank | Cash and cash equivalents | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,926 | 2,046 | |
Bank | Debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 890 | 189 | |
Bank | Debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 744 | 1,590 | |
Bank | Debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 292 | 267 | |
Bank | Governments debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 375 | 570 | |
Bank | Governments debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 368 | 8 | |
Bank | Governments debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 7 | 562 | |
Bank | Governments debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Corporate debt securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,551 | 1,476 | |
Bank | Corporate debt securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 522 | 181 | |
Bank | Corporate debt securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 737 | 1,028 | |
Bank | Corporate debt securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 292 | 267 | 177 |
Bank | Equity securities | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 936 | 882 | |
Bank | Equity securities | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 339 | 216 | |
Bank | Equity securities | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 520 | 666 | |
Bank | Equity securities | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 77 | 0 | |
Bank | Real estate - indirect | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 135 | 117 | |
Bank | Real estate - indirect | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Real estate - indirect | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 87 | 0 | |
Bank | Real estate - indirect | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 48 | 117 | 94 |
Bank | Alternative investments | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 372 | 444 | |
Bank | Alternative investments | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (15) | 0 | |
Bank | Alternative investments | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 308 | 386 | |
Bank | Alternative investments | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 79 | 58 | 7 |
Bank | Hedge funds | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 157 | 169 | |
Bank | Hedge funds | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Hedge funds | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 78 | 111 | |
Bank | Hedge funds | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 79 | 58 | 3 |
Bank | Other alternative investments | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 215 | 275 | |
Bank | Other alternative investments | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (15) | 0 | |
Bank | Other alternative investments | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 230 | 275 | |
Bank | Other alternative investments | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | SFr 4 |
Bank | Other investments, plan assets | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 101 | 108 | |
Bank | Other investments, plan assets | Level 1 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Other investments, plan assets | Level 2 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 101 | 108 | |
Bank | Other investments, plan assets | Level 3 | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | SFr 0 | SFr 0 |
Pension and other post-retir153
Pension and other post-retirement benefits (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | SFr 19,511 | |
End of the measurement period | 19,314 | SFr 19,511 |
Defined benefit pension plans | Level 1 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 7,053 | |
End of the measurement period | 4,559 | 7,053 |
Defined benefit pension plans | Level 2 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 8,620 | |
End of the measurement period | 10,433 | 8,620 |
Defined benefit pension plans | Level 3 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 3,838 | 2,140 |
Transfers In | 85 | 1,380 |
Transfers Out | (99) | (7) |
On assets still held at reporting date | 142 | 98 |
On assets sold during the period | (35) | 16 |
Purchases, sales, settlements | 390 | 180 |
Foreign currency translation impact | 1 | 31 |
End of the measurement period | 4,322 | 3,838 |
Defined benefit pension plans | Level 3 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 267 | 177 |
Transfers In | 2 | 2 |
Transfers Out | (12) | 0 |
On assets still held at reporting date | 2 | (13) |
On assets sold during the period | 0 | 17 |
Purchases, sales, settlements | 35 | 65 |
Foreign currency translation impact | 0 | 19 |
End of the measurement period | 294 | 267 |
Defined benefit pension plans | Level 3 | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
Transfers In | 77 | |
Transfers Out | 0 | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | 0 | |
Foreign currency translation impact | 0 | |
End of the measurement period | 77 | 0 |
Defined benefit pension plans | Level 3 | Real estate | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,263 | 1,219 |
Transfers In | 0 | 0 |
Transfers Out | (87) | (2) |
On assets still held at reporting date | 39 | 32 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | (12) | 3 |
Foreign currency translation impact | 1 | 11 |
End of the measurement period | 1,204 | 1,263 |
Defined benefit pension plans | Level 3 | Real estate - direct | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,146 | 1,123 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 26 | 23 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | (16) | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,156 | 1,146 |
Defined benefit pension plans | Level 3 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 117 | 96 |
Transfers In | 0 | 0 |
Transfers Out | (87) | (2) |
On assets still held at reporting date | 13 | 9 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 4 | 3 |
Foreign currency translation impact | 1 | 11 |
End of the measurement period | 48 | 117 |
Defined benefit pension plans | Level 3 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,308 | 744 |
Transfers In | 6 | 1,378 |
Transfers Out | 0 | (5) |
On assets still held at reporting date | 101 | 79 |
On assets sold during the period | (35) | (1) |
Purchases, sales, settlements | 367 | 112 |
Foreign currency translation impact | 0 | 1 |
End of the measurement period | 2,747 | 2,308 |
Defined benefit pension plans | Level 3 | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 692 | 607 |
Transfers In | 0 | 0 |
Transfers Out | 0 | (1) |
On assets still held at reporting date | 11 | 40 |
On assets sold during the period | (26) | 0 |
Purchases, sales, settlements | 62 | 46 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 739 | 692 |
Defined benefit pension plans | Level 3 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,011 | 3 |
Transfers In | 6 | 953 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 37 | (10) |
On assets sold during the period | 9 | (1) |
Purchases, sales, settlements | 151 | 65 |
Foreign currency translation impact | 0 | 1 |
End of the measurement period | 1,214 | 1,011 |
Defined benefit pension plans | Level 3 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 605 | 134 |
Transfers In | 0 | 425 |
Transfers Out | 0 | (4) |
On assets still held at reporting date | 53 | 49 |
On assets sold during the period | (18) | 0 |
Purchases, sales, settlements | 154 | 1 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 794 | 605 |
Defined benefit pension plans - Switzerland | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 15,635 | 14,912 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 15,602 | 15,635 |
Defined benefit pension plans - Switzerland | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 3,360 | |
End of the measurement period | 4,126 | 3,360 |
Defined benefit pension plans - Switzerland | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 3,022 | |
End of the measurement period | 4,112 | 3,022 |
Defined benefit pension plans - Switzerland | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 338 | |
End of the measurement period | 14 | 338 |
Defined benefit pension plans - Switzerland | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 4,767 | |
End of the measurement period | 5,597 | 4,767 |
Defined benefit pension plans - Switzerland | Real estate | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,680 | |
End of the measurement period | 1,803 | 1,680 |
Defined benefit pension plans - Switzerland | Real estate - direct | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,146 | |
End of the measurement period | 1,156 | 1,146 |
Defined benefit pension plans - Switzerland | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 534 | |
End of the measurement period | 647 | 534 |
Defined benefit pension plans - Switzerland | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,845 | |
End of the measurement period | 2,923 | 2,845 |
Defined benefit pension plans - Switzerland | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 692 | |
End of the measurement period | 739 | 692 |
Defined benefit pension plans - Switzerland | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 953 | |
End of the measurement period | 1,135 | 953 |
Defined benefit pension plans - Switzerland | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,200 | |
End of the measurement period | 1,049 | 1,200 |
Defined benefit pension plans - Switzerland | Level 1 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 6,457 | |
End of the measurement period | 3,313 | 6,457 |
Defined benefit pension plans - Switzerland | Level 1 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 421 | |
End of the measurement period | 725 | 421 |
Defined benefit pension plans - Switzerland | Level 1 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 83 | |
End of the measurement period | 722 | 83 |
Defined benefit pension plans - Switzerland | Level 1 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 338 | |
End of the measurement period | 3 | 338 |
Defined benefit pension plans - Switzerland | Level 1 | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,545 | |
End of the measurement period | 1,351 | 2,545 |
Defined benefit pension plans - Switzerland | Level 1 | Real estate | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Real estate - direct | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 508 | |
End of the measurement period | 255 | 508 |
Defined benefit pension plans - Switzerland | Level 1 | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 1 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 508 | |
End of the measurement period | 255 | 508 |
Defined benefit pension plans - Switzerland | Level 2 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 5,782 | |
End of the measurement period | 8,463 | 5,782 |
Defined benefit pension plans - Switzerland | Level 2 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,939 | |
End of the measurement period | 3,399 | 2,939 |
Defined benefit pension plans - Switzerland | Level 2 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,939 | |
End of the measurement period | 3,388 | 2,939 |
Defined benefit pension plans - Switzerland | Level 2 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 11 | 0 |
Defined benefit pension plans - Switzerland | Level 2 | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,222 | |
End of the measurement period | 4,246 | 2,222 |
Defined benefit pension plans - Switzerland | Level 2 | Real estate | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 534 | |
End of the measurement period | 647 | 534 |
Defined benefit pension plans - Switzerland | Level 2 | Real estate - direct | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 2 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 534 | |
End of the measurement period | 647 | 534 |
Defined benefit pension plans - Switzerland | Level 2 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 87 | |
End of the measurement period | 0 | 87 |
Defined benefit pension plans - Switzerland | Level 2 | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 2 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 2 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 87 | |
End of the measurement period | 0 | 87 |
Defined benefit pension plans - Switzerland | Level 3 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 3,396 | 1,862 |
Transfers In | 2 | 1,378 |
Transfers Out | 0 | (2) |
On assets still held at reporting date | 126 | 111 |
On assets sold during the period | (34) | 0 |
Purchases, sales, settlements | 336 | 47 |
Exchange rate gains/(losses) on investments | 0 | 0 |
End of the measurement period | 3,826 | 3,396 |
Defined benefit pension plans - Switzerland | Level 3 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 2 | 0 |
Defined benefit pension plans - Switzerland | Level 3 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 2 | 0 |
Defined benefit pension plans - Switzerland | Level 3 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 3 | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 3 | Real estate | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,146 | |
End of the measurement period | 1,156 | 1,146 |
Defined benefit pension plans - Switzerland | Level 3 | Real estate - direct | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,146 | |
End of the measurement period | 1,156 | 1,146 |
Defined benefit pension plans - Switzerland | Level 3 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - Switzerland | Level 3 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,250 | |
End of the measurement period | 2,668 | 2,250 |
Defined benefit pension plans - Switzerland | Level 3 | Private equity - alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 692 | |
End of the measurement period | 739 | 692 |
Defined benefit pension plans - Switzerland | Level 3 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 953 | |
End of the measurement period | 1,135 | 953 |
Defined benefit pension plans - Switzerland | Level 3 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 605 | |
End of the measurement period | 794 | 605 |
Defined benefit pension plans - International | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 3,876 | 3,007 |
Foreign currency translation impact | (132) | 208 |
End of the measurement period | 3,712 | 3,876 |
Defined benefit pension plans - International | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,046 | |
End of the measurement period | 1,926 | 2,046 |
Defined benefit pension plans - International | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,476 | |
End of the measurement period | 1,551 | 1,476 |
Defined benefit pension plans - International | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 570 | |
End of the measurement period | 375 | 570 |
Defined benefit pension plans - International | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 882 | |
End of the measurement period | 936 | 882 |
Defined benefit pension plans - International | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 117 | |
End of the measurement period | 135 | 117 |
Defined benefit pension plans - International | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 444 | |
End of the measurement period | 372 | 444 |
Defined benefit pension plans - International | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 169 | |
End of the measurement period | 157 | 169 |
Defined benefit pension plans - International | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 275 | |
End of the measurement period | 215 | 275 |
Defined benefit pension plans - International | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 108 | |
End of the measurement period | 101 | 108 |
Defined benefit pension plans - International | Level 1 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 596 | |
End of the measurement period | 1,246 | 596 |
Defined benefit pension plans - International | Level 1 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 189 | |
End of the measurement period | 890 | 189 |
Defined benefit pension plans - International | Level 1 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 181 | |
End of the measurement period | 522 | 181 |
Defined benefit pension plans - International | Level 1 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 8 | |
End of the measurement period | 368 | 8 |
Defined benefit pension plans - International | Level 1 | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 216 | |
End of the measurement period | 339 | 216 |
Defined benefit pension plans - International | Level 1 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - International | Level 1 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | (15) | 0 |
Defined benefit pension plans - International | Level 1 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - International | Level 1 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | (15) | 0 |
Defined benefit pension plans - International | Level 1 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - International | Level 2 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,838 | |
End of the measurement period | 1,970 | 2,838 |
Defined benefit pension plans - International | Level 2 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,590 | |
End of the measurement period | 744 | 1,590 |
Defined benefit pension plans - International | Level 2 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,028 | |
End of the measurement period | 737 | 1,028 |
Defined benefit pension plans - International | Level 2 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 562 | |
End of the measurement period | 7 | 562 |
Defined benefit pension plans - International | Level 2 | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 666 | |
End of the measurement period | 520 | 666 |
Defined benefit pension plans - International | Level 2 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 87 | 0 |
Defined benefit pension plans - International | Level 2 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 386 | |
End of the measurement period | 308 | 386 |
Defined benefit pension plans - International | Level 2 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 111 | |
End of the measurement period | 78 | 111 |
Defined benefit pension plans - International | Level 2 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 275 | |
End of the measurement period | 230 | 275 |
Defined benefit pension plans - International | Level 2 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 108 | |
End of the measurement period | 101 | 108 |
Defined benefit pension plans - International | Level 3 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 442 | 278 |
Transfers In | 83 | 2 |
Transfers Out | (99) | (5) |
On assets still held at reporting date | 16 | (13) |
On assets sold during the period | (1) | 16 |
Purchases, sales, settlements | 54 | 133 |
Foreign currency translation impact | 1 | 31 |
End of the measurement period | 496 | 442 |
Defined benefit pension plans - International | Level 3 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 267 | |
End of the measurement period | 292 | 267 |
Defined benefit pension plans - International | Level 3 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 267 | |
End of the measurement period | 292 | 267 |
Defined benefit pension plans - International | Level 3 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - International | Level 3 | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 77 | 0 |
Defined benefit pension plans - International | Level 3 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 117 | |
End of the measurement period | 48 | 117 |
Defined benefit pension plans - International | Level 3 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 58 | |
End of the measurement period | 79 | 58 |
Defined benefit pension plans - International | Level 3 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 58 | |
End of the measurement period | 79 | 58 |
Defined benefit pension plans - International | Level 3 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Defined benefit pension plans - International | Level 3 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 3,876 | 3,007 |
Foreign currency translation impact | (132) | 208 |
End of the measurement period | 3,712 | 3,876 |
Bank | Defined benefit pension plans - International | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,046 | |
End of the measurement period | 1,926 | 2,046 |
Bank | Defined benefit pension plans - International | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,476 | |
End of the measurement period | 1,551 | 1,476 |
Bank | Defined benefit pension plans - International | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 570 | |
End of the measurement period | 375 | 570 |
Bank | Defined benefit pension plans - International | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 882 | |
End of the measurement period | 936 | 882 |
Bank | Defined benefit pension plans - International | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 117 | |
End of the measurement period | 135 | 117 |
Bank | Defined benefit pension plans - International | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 444 | |
End of the measurement period | 372 | 444 |
Bank | Defined benefit pension plans - International | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 169 | |
End of the measurement period | 157 | 169 |
Bank | Defined benefit pension plans - International | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 275 | |
End of the measurement period | 215 | 275 |
Bank | Defined benefit pension plans - International | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 108 | |
End of the measurement period | 101 | 108 |
Bank | Defined benefit pension plans - International | Level 1 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 596 | |
End of the measurement period | 1,246 | 596 |
Bank | Defined benefit pension plans - International | Level 1 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 189 | |
End of the measurement period | 890 | 189 |
Bank | Defined benefit pension plans - International | Level 1 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 181 | |
End of the measurement period | 522 | 181 |
Bank | Defined benefit pension plans - International | Level 1 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 8 | |
End of the measurement period | 368 | 8 |
Bank | Defined benefit pension plans - International | Level 1 | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 216 | |
End of the measurement period | 339 | 216 |
Bank | Defined benefit pension plans - International | Level 1 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | Level 1 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | (15) | 0 |
Bank | Defined benefit pension plans - International | Level 1 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | Level 1 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | (15) | 0 |
Bank | Defined benefit pension plans - International | Level 1 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | Level 2 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 2,838 | |
End of the measurement period | 1,970 | 2,838 |
Bank | Defined benefit pension plans - International | Level 2 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,590 | |
End of the measurement period | 744 | 1,590 |
Bank | Defined benefit pension plans - International | Level 2 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 1,028 | |
End of the measurement period | 737 | 1,028 |
Bank | Defined benefit pension plans - International | Level 2 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 562 | |
End of the measurement period | 7 | 562 |
Bank | Defined benefit pension plans - International | Level 2 | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 666 | |
End of the measurement period | 520 | 666 |
Bank | Defined benefit pension plans - International | Level 2 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 87 | 0 |
Bank | Defined benefit pension plans - International | Level 2 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 386 | |
End of the measurement period | 308 | 386 |
Bank | Defined benefit pension plans - International | Level 2 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 111 | |
End of the measurement period | 78 | 111 |
Bank | Defined benefit pension plans - International | Level 2 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 275 | |
End of the measurement period | 230 | 275 |
Bank | Defined benefit pension plans - International | Level 2 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 108 | |
End of the measurement period | 101 | 108 |
Bank | Defined benefit pension plans - International | Level 3 | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 442 | 278 |
Transfers In | 83 | 2 |
Transfers Out | (99) | (4) |
On assets still held at reporting date | 15 | (14) |
On assets sold during the period | (1) | 16 |
Purchases, sales, settlements | 54 | 133 |
Foreign currency translation impact | 2 | 31 |
End of the measurement period | 496 | 442 |
Bank | Defined benefit pension plans - International | Level 3 | Debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 267 | |
End of the measurement period | 292 | 267 |
Bank | Defined benefit pension plans - International | Level 3 | Corporate debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 267 | 177 |
Transfers In | 0 | 2 |
Transfers Out | (12) | 0 |
On assets still held at reporting date | 2 | (13) |
On assets sold during the period | 0 | 17 |
Purchases, sales, settlements | 35 | 65 |
Foreign currency translation impact | 0 | 19 |
End of the measurement period | 292 | 267 |
Bank | Defined benefit pension plans - International | Level 3 | Governments debt securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | Level 3 | Equity securities | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
Transfers In | 77 | |
Transfers Out | 0 | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | 0 | |
Foreign currency translation impact | 0 | |
End of the measurement period | 77 | 0 |
Bank | Defined benefit pension plans - International | Level 3 | Real estate - indirect | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 117 | 94 |
Transfers In | 0 | 0 |
Transfers Out | (87) | 0 |
On assets still held at reporting date | 12 | 9 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 4 | 3 |
Foreign currency translation impact | 2 | 11 |
End of the measurement period | 48 | 117 |
Bank | Defined benefit pension plans - International | Level 3 | Alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 58 | 7 |
Transfers In | 6 | 0 |
Transfers Out | 0 | (4) |
On assets still held at reporting date | 1 | (10) |
On assets sold during the period | (1) | (1) |
Purchases, sales, settlements | 15 | 65 |
Foreign currency translation impact | 0 | 1 |
End of the measurement period | 79 | 58 |
Bank | Defined benefit pension plans - International | Level 3 | Hedge funds | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 58 | 3 |
Transfers In | 6 | 0 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 1 | (10) |
On assets sold during the period | (1) | (1) |
Purchases, sales, settlements | 15 | 65 |
Foreign currency translation impact | 0 | 1 |
End of the measurement period | 79 | 58 |
Bank | Defined benefit pension plans - International | Level 3 | Other alternative investments | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | 4 |
Transfers In | 0 | |
Transfers Out | (4) | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | 0 | |
Foreign currency translation impact | 0 | |
End of the measurement period | 0 | 0 |
Bank | Defined benefit pension plans - International | Level 3 | Other investments, plan assets | ||
Plan assets measured at fair value on a recurring basis | ||
Beginning of the measurement period | 0 | |
End of the measurement period | SFr 0 | SFr 0 |
Pension and other post-retir154
Pension and other post-retirement benefits (Details 5) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined benefit pension plans - Switzerland | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
Defined benefit pension plans - Switzerland | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
Defined benefit pension plans - Switzerland | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 7.40% | 19.10% | |
Defined benefit pension plans - Switzerland | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 10.00% | ||
Defined benefit pension plans - Switzerland | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 26.40% | 21.50% | |
Defined benefit pension plans - Switzerland | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 32.00% | ||
Defined benefit pension plans - Switzerland | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 35.90% | 30.50% | |
Defined benefit pension plans - Switzerland | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 30.00% | ||
Defined benefit pension plans - Switzerland | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 11.60% | 10.70% | |
Defined benefit pension plans - Switzerland | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 10.00% | ||
Defined benefit pension plans - Switzerland | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 18.70% | 18.20% | |
Defined benefit pension plans - Switzerland | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 18.00% | ||
Defined benefit pension plans - Switzerland | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.00% | 0.00% | |
Defined benefit pension plans - Switzerland | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.00% | ||
Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
Defined benefit pension plans - International | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
Defined benefit pension plans - International | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 6.50% | 7.20% | |
Defined benefit pension plans - International | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.30% | ||
Defined benefit pension plans - International | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 51.90% | 52.70% | |
Defined benefit pension plans - International | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 56.60% | ||
Defined benefit pension plans - International | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 25.20% | 22.80% | |
Defined benefit pension plans - International | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 23.00% | ||
Defined benefit pension plans - International | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 3.60% | 3.00% | |
Defined benefit pension plans - International | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 4.20% | ||
Defined benefit pension plans - International | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 10.00% | 11.50% | |
Defined benefit pension plans - International | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 13.10% | ||
Defined benefit pension plans - International | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.80% | 2.80% | |
Defined benefit pension plans - International | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.80% | ||
Bank | Defined benefit pension plans - International | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
Bank | Defined benefit pension plans - International | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
Bank | Defined benefit pension plans - International | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 6.50% | 7.20% | |
Bank | Defined benefit pension plans - International | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.30% | ||
Bank | Defined benefit pension plans - International | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 51.90% | 52.70% | |
Bank | Defined benefit pension plans - International | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 56.60% | ||
Bank | Defined benefit pension plans - International | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 25.20% | 22.80% | |
Bank | Defined benefit pension plans - International | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 23.00% | ||
Bank | Defined benefit pension plans - International | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 3.60% | 3.00% | |
Bank | Defined benefit pension plans - International | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 4.20% | ||
Bank | Defined benefit pension plans - International | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 10.00% | 11.50% | |
Bank | Defined benefit pension plans - International | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 13.10% | ||
Bank | Defined benefit pension plans - International | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.80% | 2.80% | |
Bank | Defined benefit pension plans - International | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.80% |
Pension and other post-retir155
Pension and other post-retirement benefits (Details 6) SFr in Millions | Dec. 31, 2015CHF (SFr) |
Defined benefit pension plans | |
Estimated future benefit payments | |
Next twelve months | SFr 1,122 |
Year two | 943 |
Year three | 932 |
Year four | 927 |
Year five | 938 |
For five years thereafter | 4,870 |
Other post-retirement defined benefit plans | |
Estimated future benefit payments | |
Next twelve months | 11 |
Year two | 12 |
Year three | 12 |
Year four | 13 |
Year five | 13 |
For five years thereafter | 62 |
Bank | Defined benefit pension plans - International | |
Estimated future benefit payments | |
Next twelve months | 82 |
Year two | 92 |
Year three | 98 |
Year four | 106 |
Year five | 122 |
For five years thereafter | 722 |
Bank | Other post-retirement defined benefit plans - International | |
Estimated future benefit payments | |
Next twelve months | 11 |
Year two | 12 |
Year three | 12 |
Year four | 13 |
Year five | 13 |
For five years thereafter | SFr 62 |
Pension and other post-retir156
Pension and other post-retirement benefits (Details 7) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | SFr 157 | SFr 182 | SFr 179 |
Bank | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | 156 | 181 | 178 |
Contributions made by the Entity to the group defined benefit plan | SFr 389 | SFr 415 | SFr 390 |
Derivatives and hedging acti157
Derivatives and hedging activities (Details) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair value of derivative instruments | ||
Notional amount | SFr 33,606.2 | SFr 51,055.1 |
Positive replacement value (PRV) | 273.7 | 629.5 |
Negative replacement value (NRV) | SFr 278.5 | 632.4 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 5 years | |
Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | SFr 33,533 | 50,980.3 |
Positive replacement value (PRV) | 272.4 | 626.9 |
Negative replacement value (NRV) | 277.4 | 630.7 |
Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 28,811.5 | 44,019.6 |
Positive replacement value (PRV) | 168.6 | 470.3 |
Negative replacement value (NRV) | 161.4 | 461.5 |
Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 7,229.5 | 11,940.2 |
Positive replacement value (PRV) | 1 | 5.3 |
Negative replacement value (NRV) | 1.2 | 5.6 |
Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 16,737.7 | 26,379 |
Positive replacement value (PRV) | 118.3 | 398.6 |
Negative replacement value (NRV) | 112.8 | 391.9 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 2,856 | 3,582.9 |
Positive replacement value (PRV) | 49.2 | 66.2 |
Negative replacement value (NRV) | 47.4 | 63.9 |
Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 1,789.9 | 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 | 198.4 | 589.1 |
Positive replacement value (PRV) | 0.1 | 0.2 |
Negative replacement value (NRV) | 0 | 0.1 |
Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 3,119.4 | 4,603.4 |
Positive replacement value (PRV) | 60.2 | 89.5 |
Negative replacement value (NRV) | 70.8 | 102.3 |
Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1,498.4 | 2,132.9 |
Positive replacement value (PRV) | 16.6 | 32.2 |
Negative replacement value (NRV) | 16.9 | 33.4 |
Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 1,050.7 | 1,430.9 |
Positive replacement value (PRV) | 30.5 | 40 |
Negative replacement value (NRV) | 40.8 | 51 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 534.8 | 1,008.4 |
Positive replacement value (PRV) | 12.8 | 17.2 |
Negative replacement value (NRV) | 12.8 | 17.7 |
Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 22.5 | 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 | 13 | 7.9 |
Positive replacement value (PRV) | 0.3 | 0.1 |
Negative replacement value (NRV) | 0.3 | 0.2 |
Not designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 831.9 | 1,287.5 |
Positive replacement value (PRV) | 17.8 | 27 |
Negative replacement value (NRV) | 17.3 | 26.2 |
Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 722.5 | 947.6 |
Positive replacement value (PRV) | 22.6 | 30.4 |
Negative replacement value (NRV) | 25.7 | 31 |
Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1.3 | 4.2 |
Positive replacement value (PRV) | 0 | 0.7 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 203.8 | 289.3 |
Positive replacement value (PRV) | 5.1 | 6.2 |
Negative replacement value (NRV) | 6.7 | 6.7 |
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 193.1 | 236.8 |
Positive replacement value (PRV) | 8.4 | 10.8 |
Negative replacement value (NRV) | 7.5 | 9.9 |
Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 39.9 | 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 | 284.4 | 370.9 |
Positive replacement value (PRV) | 9.1 | 12.7 |
Negative replacement value (NRV) | 11.4 | 14.3 |
Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 47.7 | 122.2 |
Positive replacement value (PRV) | 3.2 | 9.7 |
Negative replacement value (NRV) | 2.2 | 9.7 |
Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 6.3 | 17.8 |
Positive replacement value (PRV) | 0.1 | 0.9 |
Negative replacement value (NRV) | 0.1 | 0.9 |
Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 19.6 | 44.4 |
Positive replacement value (PRV) | 2.6 | 6.7 |
Negative replacement value (NRV) | 1.7 | 6.6 |
Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 8.8 | 44.6 |
Positive replacement value (PRV) | 0.4 | 1.7 |
Negative replacement value (NRV) | 0.3 | 1.8 |
Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 11.9 | 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 | 1.1 | 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 | 73.2 | 74.8 |
Positive replacement value (PRV) | 1.3 | 2.6 |
Negative replacement value (NRV) | 1.1 | 1.7 |
Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 54.3 | 51.1 |
Positive replacement value (PRV) | 1.3 | 2.6 |
Negative replacement value (NRV) | 1 | 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 | 54.3 | 51.1 |
Positive replacement value (PRV) | 1.3 | 2.6 |
Negative replacement value (NRV) | 1 | 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 | 18.9 | 23.7 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.1 | 0.4 |
Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 10.7 | 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 | 8.2 | 9.5 |
Positive replacement value (PRV) | 0 | 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) | 0 | 0 |
Bank | ||
Fair value of derivative instruments | ||
Notional amount | 33,605.2 | 51,055 |
Positive replacement value (PRV) | 273.9 | 629.8 |
Negative replacement value (NRV) | SFr 278.7 | 632.7 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 5 years | |
Bank | Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | SFr 33,537 | 50,984.8 |
Positive replacement value (PRV) | 272.7 | 627.3 |
Negative replacement value (NRV) | 277.8 | 631.2 |
Bank | Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 28,813.8 | 44,022.6 |
Positive replacement value (PRV) | 168.7 | 470.4 |
Negative replacement value (NRV) | 161.3 | 461.5 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 7,229.5 | 11,940.2 |
Positive replacement value (PRV) | 1 | 5.3 |
Negative replacement value (NRV) | 1.2 | 5.6 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 16,740 | 26,382 |
Positive replacement value (PRV) | 118.4 | 398.7 |
Negative replacement value (NRV) | 112.8 | 392 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 2,856 | 3,582.9 |
Positive replacement value (PRV) | 49.2 | 66.2 |
Negative replacement value (NRV) | 47.3 | 63.8 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 1,789.9 | 1,528.4 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 198.4 | 589.1 |
Positive replacement value (PRV) | 0.1 | 0.2 |
Negative replacement value (NRV) | 0 | 0.1 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 3,120.2 | 4,604 |
Positive replacement value (PRV) | 60.2 | 89.5 |
Negative replacement value (NRV) | 70.8 | 102.3 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1,499.1 | 2,133.5 |
Positive replacement value (PRV) | 16.6 | 32.2 |
Negative replacement value (NRV) | 16.9 | 33.4 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 1,050.8 | 1,430.9 |
Positive replacement value (PRV) | 30.5 | 40 |
Negative replacement value (NRV) | 40.8 | 51 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 534.8 | 1,008.4 |
Positive replacement value (PRV) | 12.8 | 17.2 |
Negative replacement value (NRV) | 12.8 | 17.7 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 22.5 | 23.3 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 13 | 7.9 |
Positive replacement value (PRV) | 0.3 | 0.1 |
Negative replacement value (NRV) | 0.3 | 0.2 |
Bank | Not designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 831.9 | 1,287.5 |
Positive replacement value (PRV) | 17.8 | 27 |
Negative replacement value (NRV) | 17.3 | 26.2 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 723.4 | 948.5 |
Positive replacement value (PRV) | 22.8 | 30.7 |
Negative replacement value (NRV) | 26.2 | 31.5 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1.3 | 4.2 |
Positive replacement value (PRV) | 0 | 0.7 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 203.9 | 289.3 |
Positive replacement value (PRV) | 5 | 6.2 |
Negative replacement value (NRV) | 6.7 | 6.7 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 193.9 | 237.7 |
Positive replacement value (PRV) | 8.7 | 11.1 |
Negative replacement value (NRV) | 8 | 10.4 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 39.9 | 46.4 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 284.4 | 370.9 |
Positive replacement value (PRV) | 9.1 | 12.7 |
Negative replacement value (NRV) | 11.4 | 14.3 |
Bank | Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 47.7 | 122.2 |
Positive replacement value (PRV) | 3.2 | 9.7 |
Negative replacement value (NRV) | 2.2 | 9.7 |
Bank | Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 6.3 | 17.8 |
Positive replacement value (PRV) | 0.1 | 0.9 |
Negative replacement value (NRV) | 0.1 | 0.9 |
Bank | Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 19.6 | 44.4 |
Positive replacement value (PRV) | 2.6 | 6.7 |
Negative replacement value (NRV) | 1.7 | 6.6 |
Bank | Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 8.8 | 44.6 |
Positive replacement value (PRV) | 0.4 | 1.7 |
Negative replacement value (NRV) | 0.3 | 1.8 |
Bank | Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 11.9 | 13.3 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 1.1 | 2.1 |
Positive replacement value (PRV) | 0.1 | 0.4 |
Negative replacement value (NRV) | 0.1 | 0.4 |
Bank | Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 68.2 | 70.2 |
Positive replacement value (PRV) | 1.2 | 2.5 |
Negative replacement value (NRV) | 0.9 | 1.5 |
Bank | Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 49.3 | 46.5 |
Positive replacement value (PRV) | 1.2 | 2.5 |
Negative replacement value (NRV) | 0.8 | 1.1 |
Bank | Designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 49.3 | 46.5 |
Positive replacement value (PRV) | 1.2 | 2.5 |
Negative replacement value (NRV) | 0.8 | 1.1 |
Bank | Designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 18.9 | 23.7 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.1 | 0.4 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 10.7 | 14.2 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.1 | 0.3 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 8.2 | 9.5 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0.1 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | SFr 0 | SFr 0 |
Derivatives and hedging acti158
Derivatives and hedging activities (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair value hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | SFr (117) | SFr (228) | SFr 428 |
Gains/(losses) recognized in income on hedged items | 101 | 224 | (426) |
Net gains/(losses) on the ineffective portion | (16) | (4) | 2 |
Fair value hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | (117) | (231) | 437 |
Gains/(losses) recognized in income on hedged items | 101 | 227 | (435) |
Fair value hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | 0 | 3 | (9) |
Gains/(losses) recognized in income on hedged items | 0 | (3) | 9 |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Net gains/(losses) on the ineffective portion | (12) | (1) | 1 |
Gains/(losses) recognized in AOCI on derivatives | (11) | (3) | 20 |
Gains/(losses) reclassified from AOCI into income | (24) | 13 | 0 |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | (1) | ||
Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 21 | 40 | 7 |
Gains/(losses) reclassified from AOCI into income | 37 | 21 | 3 |
Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (32) | (43) | 13 |
Gains/(losses) reclassified from AOCI into income | (61) | (8) | (3) |
Net investment hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 440 | (1,672) | 504 |
Gains/(losses) reclassified from AOCI into income | 0 | 0 | 2 |
Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 440 | (1,672) | 504 |
Gains/(losses) reclassified from AOCI into income | 0 | 0 | 2 |
Bank | Fair value hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | (94) | (139) | 369 |
Gains/(losses) recognized in income on hedged items | 76 | 133 | (366) |
Net gains/(losses) on the ineffective portion | (18) | (6) | 3 |
Bank | Fair value hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | (94) | (142) | 378 |
Gains/(losses) recognized in income on hedged items | 76 | 136 | (375) |
Bank | Fair value hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | 0 | 3 | (9) |
Gains/(losses) recognized in income on hedged items | 0 | (3) | 9 |
Bank | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Net gains/(losses) on the ineffective portion | (12) | (1) | 1 |
Gains/(losses) recognized in AOCI on derivatives | 4 | (7) | 7 |
Gains/(losses) reclassified from AOCI into income | (16) | 16 | 3 |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | 4 | ||
Bank | Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 21 | 40 | 7 |
Gains/(losses) reclassified from AOCI into income | 37 | 21 | 3 |
Bank | Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (17) | (47) | 0 |
Gains/(losses) reclassified from AOCI into income | (53) | (5) | 0 |
Bank | Net investment hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 443 | (1,672) | 504 |
Gains/(losses) reclassified from AOCI into income | 0 | 0 | 2 |
Bank | Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 443 | (1,672) | 504 |
Gains/(losses) reclassified from AOCI into income | SFr 0 | SFr 0 | SFr 2 |
Derivatives and hedging acti159
Derivatives and hedging activities (Details 3) - CHF (SFr) SFr in Billions | Dec. 31, 2015 | Dec. 31, 2014 |
Contingent credit risk | ||
Current net exposure | SFr 15.1 | SFr 16.4 |
Collateral posted | 12.8 | 13.1 |
Additional collateral required in a one-notch downgrade event | 1.2 | 1.3 |
Additional collateral required in a two-notch downgrade event | 3.1 | 3.7 |
Additional collateral required in a three-notch downgrade event | 4.2 | 5.1 |
Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 13.2 | 14 |
Collateral posted | 12.3 | 12.2 |
Additional collateral required in a one-notch downgrade event | 0.7 | 0.7 |
Additional collateral required in a two-notch downgrade event | 1.8 | 2.2 |
Additional collateral required in a three-notch downgrade event | 2.1 | 2.7 |
Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.5 | 0.8 |
Collateral posted | 0.5 | 0.9 |
Additional collateral required in a one-notch downgrade event | 0.4 | 0.5 |
Additional collateral required in a two-notch downgrade event | 0.7 | 0.8 |
Additional collateral required in a three-notch downgrade event | 1.3 | 1.4 |
Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 1.4 | 1.6 |
Additional collateral required in a one-notch downgrade event | 0.1 | 0.1 |
Additional collateral required in a two-notch downgrade event | 0.6 | 0.7 |
Additional collateral required in a three-notch downgrade event | 0.8 | 1 |
Bank | ||
Contingent credit risk | ||
Current net exposure | 15.1 | 16.4 |
Collateral posted | 12.8 | 13.1 |
Additional collateral required in a one-notch downgrade event | 1.2 | 1.3 |
Additional collateral required in a two-notch downgrade event | 3.1 | 3.7 |
Additional collateral required in a three-notch downgrade event | 4.2 | 5.1 |
Bank | Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 13.2 | 14 |
Collateral posted | 12.3 | 12.2 |
Additional collateral required in a one-notch downgrade event | 0.7 | 0.7 |
Additional collateral required in a two-notch downgrade event | 1.8 | 2.2 |
Additional collateral required in a three-notch downgrade event | 2.1 | 2.7 |
Bank | Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.5 | 0.8 |
Collateral posted | 0.5 | 0.9 |
Additional collateral required in a one-notch downgrade event | 0.4 | 0.5 |
Additional collateral required in a two-notch downgrade event | 0.7 | 0.8 |
Additional collateral required in a three-notch downgrade event | 1.3 | 1.4 |
Bank | Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 1.4 | 1.6 |
Additional collateral required in a one-notch downgrade event | 0.1 | 0.1 |
Additional collateral required in a two-notch downgrade event | 0.6 | 0.7 |
Additional collateral required in a three-notch downgrade event | SFr 0.8 | SFr 1 |
Derivatives and hedging acti160
Derivatives and hedging activities (Details 4) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Credit protection sold/purchased | ||
Credit protection sold | SFr (378.3) | SFr (586) |
Credit protection purchased | 356 | 564.9 |
Net credit protection (sold)/purchased | (22.3) | (21.1) |
Other protection purchased | 80.4 | 114.5 |
Fair value of credit protection sold | (2.5) | 7.8 |
Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (7.8) | (12.6) |
Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (71.1) | (109.2) |
Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (281.3) | (388.2) |
Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (25.9) | (88.6) |
Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (48.5) | (83.5) |
Credit protection purchased | 44.9 | 80.2 |
Net credit protection (sold)/purchased | (3.6) | (3.3) |
Other protection purchased | 7.1 | 9.7 |
Fair value of credit protection sold | (1.1) | (1.1) |
Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (329.8) | (502.5) |
Credit protection purchased | 311.1 | 484.7 |
Net credit protection (sold)/purchased | (18.7) | (17.8) |
Other protection purchased | 73.3 | 104.8 |
Fair value of credit protection sold | (1.4) | 8.9 |
Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (288.7) | (428.7) |
Credit protection purchased | 276.9 | 413.9 |
Net credit protection (sold)/purchased | (11.8) | (14.8) |
Other protection purchased | 58.5 | 88.9 |
Fair value of credit protection sold | 0.5 | 6.7 |
Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (89.6) | (157.3) |
Credit protection purchased | 79.1 | 151 |
Net credit protection (sold)/purchased | (10.5) | (6.3) |
Other protection purchased | 21.9 | 25.6 |
Fair value of credit protection sold | (3) | 1.1 |
Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (264.8) | (370.4) |
Credit protection purchased | 249.7 | 353.9 |
Net credit protection (sold)/purchased | (15.1) | (16.5) |
Other protection purchased | 42.6 | 46.2 |
Fair value of credit protection sold | (2.2) | 4.6 |
Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.1) | (78) |
Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (196.4) | (253.9) |
Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (16.3) | (38.5) |
Single-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (47.5) | (76.2) |
Credit protection purchased | 43.9 | 73 |
Net credit protection (sold)/purchased | (3.6) | (3.2) |
Other protection purchased | 6.1 | 8.6 |
Fair value of credit protection sold | (1.1) | (1.1) |
Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (217.3) | (294.2) |
Credit protection purchased | 205.8 | 280.9 |
Net credit protection (sold)/purchased | (11.5) | (13.3) |
Other protection purchased | 36.5 | 37.6 |
Fair value of credit protection sold | (1.1) | 5.7 |
Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (199.6) | (266.5) |
Credit protection purchased | 188.6 | 254 |
Net credit protection (sold)/purchased | (11) | (12.5) |
Other protection purchased | 26.9 | 32.7 |
Fair value of credit protection sold | 1 | 4.5 |
Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (65.2) | (103.9) |
Credit protection purchased | 61.1 | 99.9 |
Net credit protection (sold)/purchased | (4.1) | (4) |
Other protection purchased | 15.7 | 13.5 |
Fair value of credit protection sold | (3.2) | 0.1 |
Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (113.5) | (215.6) |
Credit protection purchased | 106.3 | 211 |
Net credit protection (sold)/purchased | (7.2) | (4.6) |
Other protection purchased | 37.8 | 68.3 |
Fair value of credit protection sold | (0.3) | 3.2 |
Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (19) | (31.2) |
Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (84.9) | (134.3) |
Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (9.6) | (50.1) |
Multi-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (1) | (7.3) |
Credit protection purchased | 1 | 7.2 |
Net credit protection (sold)/purchased | 0 | (0.1) |
Other protection purchased | 1 | 1.1 |
Fair value of credit protection sold | 0 | 0 |
Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (112.5) | (208.3) |
Credit protection purchased | 105.3 | 203.8 |
Net credit protection (sold)/purchased | (7.2) | (4.5) |
Other protection purchased | 36.8 | 67.2 |
Fair value of credit protection sold | (0.3) | 3.2 |
Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (89.1) | (162.2) |
Credit protection purchased | 88.3 | 159.9 |
Net credit protection (sold)/purchased | (0.8) | (2.3) |
Other protection purchased | 31.6 | 56.2 |
Fair value of credit protection sold | (0.5) | 2.2 |
Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (24.4) | (53.4) |
Credit protection purchased | 18 | 51.1 |
Net credit protection (sold)/purchased | (6.4) | (2.3) |
Other protection purchased | 6.2 | 12.1 |
Fair value of credit protection sold | 0.2 | 1 |
Bank | ||
Credit protection sold/purchased | ||
Credit protection sold | (378.3) | (586) |
Credit protection purchased | 356 | 564.9 |
Net credit protection (sold)/purchased | (22.3) | (21.1) |
Other protection purchased | 80.4 | 114.5 |
Fair value of credit protection sold | (2.5) | 7.8 |
Bank | Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (7.8) | (12.6) |
Bank | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (71.1) | (109.2) |
Bank | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (281.3) | (388.2) |
Bank | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (25.9) | (88.6) |
Bank | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (48.5) | (83.5) |
Credit protection purchased | 44.9 | 80.2 |
Net credit protection (sold)/purchased | (3.6) | (3.3) |
Other protection purchased | 7.1 | 9.7 |
Fair value of credit protection sold | (1.1) | (1.1) |
Bank | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (329.8) | (502.5) |
Credit protection purchased | 311.1 | 484.7 |
Net credit protection (sold)/purchased | (18.7) | (17.8) |
Other protection purchased | 73.3 | 104.8 |
Fair value of credit protection sold | (1.4) | 8.9 |
Bank | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (288.7) | (428.7) |
Credit protection purchased | 276.9 | 413.9 |
Net credit protection (sold)/purchased | (11.8) | (14.8) |
Other protection purchased | 58.5 | 88.9 |
Fair value of credit protection sold | 0.5 | 6.7 |
Bank | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (89.6) | (157.3) |
Credit protection purchased | 79.1 | 151 |
Net credit protection (sold)/purchased | (10.5) | (6.3) |
Other protection purchased | 21.9 | 25.6 |
Fair value of credit protection sold | (3) | 1.1 |
Bank | Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (264.8) | (370.4) |
Credit protection purchased | 249.7 | 353.9 |
Net credit protection (sold)/purchased | (15.1) | (16.5) |
Other protection purchased | 42.6 | 46.2 |
Fair value of credit protection sold | (2.2) | 4.6 |
Bank | Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.1) | (78) |
Bank | Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (196.4) | (253.9) |
Bank | Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (16.3) | (38.5) |
Bank | Single-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (47.5) | (76.2) |
Credit protection purchased | 43.9 | 73 |
Net credit protection (sold)/purchased | (3.6) | (3.2) |
Other protection purchased | 6.1 | 8.6 |
Fair value of credit protection sold | (1.1) | (1.1) |
Bank | Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (217.3) | (294.2) |
Credit protection purchased | 205.8 | 280.9 |
Net credit protection (sold)/purchased | (11.5) | (13.3) |
Other protection purchased | 36.5 | 37.6 |
Fair value of credit protection sold | (1.1) | 5.7 |
Bank | Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (199.6) | (266.5) |
Credit protection purchased | 188.6 | 254 |
Net credit protection (sold)/purchased | (11) | (12.5) |
Other protection purchased | 26.9 | 32.7 |
Fair value of credit protection sold | 1 | 4.5 |
Bank | Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (65.2) | (103.9) |
Credit protection purchased | 61.1 | 99.9 |
Net credit protection (sold)/purchased | (4.1) | (4) |
Other protection purchased | 15.7 | 13.5 |
Fair value of credit protection sold | (3.2) | 0.1 |
Bank | Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (113.5) | (215.6) |
Credit protection purchased | 106.3 | 211 |
Net credit protection (sold)/purchased | (7.2) | (4.6) |
Other protection purchased | 37.8 | 68.3 |
Fair value of credit protection sold | (0.3) | 3.2 |
Bank | Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (19) | (31.2) |
Bank | Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (84.9) | (134.3) |
Bank | Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (9.6) | (50.1) |
Bank | Multi-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (1) | (7.3) |
Credit protection purchased | 1 | 7.2 |
Net credit protection (sold)/purchased | 0 | (0.1) |
Other protection purchased | 1 | 1.1 |
Fair value of credit protection sold | 0 | 0 |
Bank | Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (112.5) | (208.3) |
Credit protection purchased | 105.3 | 203.8 |
Net credit protection (sold)/purchased | (7.2) | (4.5) |
Other protection purchased | 36.8 | 67.2 |
Fair value of credit protection sold | (0.3) | 3.2 |
Bank | Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (89.1) | (162.2) |
Credit protection purchased | 88.3 | 159.9 |
Net credit protection (sold)/purchased | (0.8) | (2.3) |
Other protection purchased | 31.6 | 56.2 |
Fair value of credit protection sold | (0.5) | 2.2 |
Bank | Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (24.4) | (53.4) |
Credit protection purchased | 18 | 51.1 |
Net credit protection (sold)/purchased | (6.4) | (2.3) |
Other protection purchased | 6.2 | 12.1 |
Fair value of credit protection sold | SFr 0.2 | SFr 1 |
Derivatives and hedging acti161
Derivatives and hedging activities (Details 5) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Credit Derivatives [Line Items] | ||
Credit protection sold | SFr 378.3 | SFr 586 |
Credit protection purchased | 356 | 564.9 |
Other protection purchased | 80.4 | 114.5 |
Other instruments | 17.2 | 22.1 |
Total credit derivatives | 831.9 | 1,287.5 |
Bank | ||
Credit Derivatives [Line Items] | ||
Credit protection sold | 378.3 | 586 |
Credit protection purchased | 356 | 564.9 |
Other protection purchased | 80.4 | 114.5 |
Other instruments | 17.2 | 22.1 |
Total credit derivatives | SFr 831.9 | SFr 1,287.5 |
Guarantees and commitments (Det
Guarantees and commitments (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Guarantees | ||
Maturity less than 1 year | SFr 34,698 | SFr 47,842 |
Maturity between 1 to 3 years | 13,349 | 8,965 |
Maturity between 3 to 5 years | 4,507 | 2,679 |
Maturity greater than 5 years | 2,515 | 2,920 |
Total gross amount | 55,069 | 62,406 |
Total net amount | 53,956 | 61,293 |
Carrying value | 910 | 1,071 |
Collateral received | 8,406 | 19,907 |
Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 2,916 | 2,495 |
Maturity between 1 to 3 years | 744 | 733 |
Maturity between 3 to 5 years | 284 | 257 |
Maturity greater than 5 years | 458 | 601 |
Total gross amount | 4,402 | 4,086 |
Total net amount | 4,193 | 3,846 |
Carrying value | 25 | 30 |
Collateral received | 1,729 | 1,657 |
Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 4,295 | 4,899 |
Maturity between 1 to 3 years | 1,992 | 1,284 |
Maturity between 3 to 5 years | 627 | 1,203 |
Maturity greater than 5 years | 85 | 106 |
Total gross amount | 6,999 | 7,492 |
Total net amount | 6,100 | 6,625 |
Carrying value | 78 | 43 |
Collateral received | 3,144 | 3,188 |
Securities lending indemnifications | ||
Guarantees | ||
Maturity less than 1 year | 0 | 12,257 |
Maturity between 1 to 3 years | 0 | 0 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 0 | 12,257 |
Total net amount | 0 | 12,257 |
Carrying value | 0 | 0 |
Collateral received | 0 | 12,257 |
Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 23,529 | 24,599 |
Maturity between 1 to 3 years | 10,061 | 6,157 |
Maturity between 3 to 5 years | 3,149 | 986 |
Maturity greater than 5 years | 1,450 | 1,816 |
Total gross amount | 38,189 | 33,558 |
Total net amount | 38,189 | 33,558 |
Carrying value | 755 | 954 |
Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 3,958 | 3,592 |
Maturity between 1 to 3 years | 552 | 791 |
Maturity between 3 to 5 years | 447 | 233 |
Maturity greater than 5 years | 522 | 397 |
Total gross amount | 5,479 | 5,013 |
Total net amount | 5,474 | 5,007 |
Carrying value | 52 | 44 |
Collateral received | 3,533 | 2,805 |
Bank | ||
Guarantees | ||
Maturity less than 1 year | 34,538 | 47,619 |
Maturity between 1 to 3 years | 13,250 | 8,885 |
Maturity between 3 to 5 years | 4,482 | 2,646 |
Maturity greater than 5 years | 2,499 | 2,899 |
Total gross amount | 54,769 | 62,049 |
Total net amount | 53,656 | 60,936 |
Carrying value | 905 | 1,067 |
Collateral received | 8,323 | 19,839 |
Bank | Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 2,908 | 2,488 |
Maturity between 1 to 3 years | 743 | 733 |
Maturity between 3 to 5 years | 285 | 257 |
Maturity greater than 5 years | 451 | 593 |
Total gross amount | 4,387 | 4,071 |
Total net amount | 4,178 | 3,832 |
Carrying value | 24 | 30 |
Collateral received | 1,727 | 1,654 |
Bank | Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 4,201 | 4,798 |
Maturity between 1 to 3 years | 1,929 | 1,219 |
Maturity between 3 to 5 years | 603 | 1,178 |
Maturity greater than 5 years | 81 | 97 |
Total gross amount | 6,814 | 7,292 |
Total net amount | 5,915 | 6,425 |
Carrying value | 75 | 40 |
Collateral received | 3,104 | 3,155 |
Bank | Securities lending indemnifications | ||
Guarantees | ||
Maturity less than 1 year | 0 | 12,257 |
Maturity between 1 to 3 years | 0 | 0 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 0 | 12,257 |
Total net amount | 0 | 12,257 |
Carrying value | 0 | 0 |
Collateral received | 0 | 12,257 |
Bank | Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 23,528 | 24,599 |
Maturity between 1 to 3 years | 10,061 | 6,157 |
Maturity between 3 to 5 years | 3,149 | 981 |
Maturity greater than 5 years | 1,451 | 1,815 |
Total gross amount | 38,189 | 33,552 |
Total net amount | 38,189 | 33,552 |
Carrying value | 755 | 954 |
Bank | Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 3,901 | 3,477 |
Maturity between 1 to 3 years | 517 | 776 |
Maturity between 3 to 5 years | 445 | 230 |
Maturity greater than 5 years | 516 | 394 |
Total gross amount | 5,379 | 4,877 |
Total net amount | 5,374 | 4,870 |
Carrying value | 51 | 43 |
Collateral received | SFr 3,492 | SFr 2,773 |
Guarantees and commitments (163
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 | 0.6 |
Bank | ||
Guarantees | ||
Amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | 6 | |
Group's share in amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 0.5 | SFr 0.5 |
Guarantees and commitments (164
Guarantees and commitments (Details 5) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Lease commitments | |||
In one year | SFr 564 | ||
In two years | 547 | ||
In three years | 518 | ||
In four years | 483 | ||
In five years | 458 | ||
Thereafter | 3,461 | ||
Future operating lease commitments | 6,031 | ||
Less minimum non-cancellable sublease rentals | 202 | ||
Total net future minimum lease commitments | 5,829 | ||
Rental expense for operating leases | |||
Minimum rental expense | 558 | SFr 572 | SFr 642 |
Sublease rental income | (92) | (81) | (85) |
Total net expenses for operating leases | 466 | 491 | 557 |
Bank | |||
Lease commitments | |||
In one year | 563 | ||
In two years | 546 | ||
In three years | 517 | ||
In four years | 483 | ||
In five years | 458 | ||
Thereafter | 3,460 | ||
Future operating lease commitments | 6,027 | ||
Less minimum non-cancellable sublease rentals | 200 | ||
Total net future minimum lease commitments | 5,827 | ||
Rental expense for operating leases | |||
Minimum rental expense | 558 | 572 | 642 |
Sublease rental income | (92) | (81) | (85) |
Total net expenses for operating leases | SFr 466 | SFr 491 | SFr 557 |
Guarantees and commitments (165
Guarantees and commitments (Details 6) - Other transactions - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Date | During 2015, 2014 and 2013 | ||
Sale Leaseback Transaction, Description | own property | ||
Sale Leaseback Transaction, Lease Terms | The Group entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between two and eighteen years, between two and ten years and between five and ten years, respectively. | ||
Sale Leaseback Transaction, Rent Expense, Total Expected During Lease Term | SFr 80 | SFr 17 | SFr 78 |
Bank | |||
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Date | During 2015, 2014 and 2013 | ||
Sale Leaseback Transaction, Description | own property | ||
Sale Leaseback Transaction, Lease Terms | The Bank entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between two and eighteen years, between two and ten years and between five and ten years, respectively. | ||
Sale Leaseback Transaction, Rent Expense, Total Expected During Lease Term | SFr 67 | SFr 17 | SFr 78 |
Guarantees and commitments (166
Guarantees and commitments (Details 7) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other commitments | ||
Maturity less than 1 year | SFr 38,410 | SFr 43,773 |
Maturity between 1 to 3 years | 45,493 | 33,560 |
Maturity between 3 to 5 years | 44,791 | 46,534 |
Maturity greater than 5 years | 13,808 | 11,219 |
Total gross amount | 142,502 | 135,086 |
Total net amount | 138,587 | 130,139 |
Collateral received | 65,798 | 68,020 |
Unused revocable credit limits | 98,495 | 100,905 |
Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 4,022 | 4,722 |
Maturity between 1 to 3 years | 4 | 11 |
Maturity between 3 to 5 years | 3 | 1 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 4,029 | 4,734 |
Total net amount | 3,935 | 4,575 |
Collateral received | 2,468 | 2,769 |
Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 33,890 | 30,023 |
Maturity between 1 to 3 years | 45,365 | 32,781 |
Maturity between 3 to 5 years | 44,759 | 46,490 |
Maturity greater than 5 years | 13,639 | 10,996 |
Total gross amount | 137,653 | 120,290 |
Total net amount | 133,833 | 115,502 |
Collateral received | 63,276 | 56,959 |
Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 48 | 8,292 |
Maturity between 1 to 3 years | 0 | 0 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 48 | 8,292 |
Total net amount | 48 | 8,292 |
Collateral received | 48 | 8,292 |
Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 450 | 736 |
Maturity between 1 to 3 years | 124 | 768 |
Maturity between 3 to 5 years | 29 | 43 |
Maturity greater than 5 years | 169 | 223 |
Total gross amount | 772 | 1,770 |
Total net amount | 771 | 1,770 |
Collateral received | 6 | 0 |
Bank | ||
Other commitments | ||
Maturity less than 1 year | 38,248 | 43,637 |
Maturity between 1 to 3 years | 45,414 | 33,530 |
Maturity between 3 to 5 years | 44,787 | 46,484 |
Maturity greater than 5 years | 13,754 | 11,188 |
Total gross amount | 142,203 | 134,839 |
Total net amount | 138,289 | 129,892 |
Collateral received | 65,797 | 68,019 |
Unused revocable credit limits | 95,025 | 97,608 |
Bank | Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 4,020 | 4,717 |
Maturity between 1 to 3 years | 4 | 11 |
Maturity between 3 to 5 years | 3 | 1 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 4,027 | 4,729 |
Total net amount | 3,932 | 4,570 |
Collateral received | 2,468 | 2,769 |
Bank | Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 33,776 | 29,938 |
Maturity between 1 to 3 years | 45,286 | 32,751 |
Maturity between 3 to 5 years | 44,755 | 46,440 |
Maturity greater than 5 years | 13,586 | 10,965 |
Total gross amount | 137,403 | 120,094 |
Total net amount | 133,583 | 115,306 |
Collateral received | 63,275 | 56,958 |
Bank | Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 48 | 8,292 |
Maturity between 1 to 3 years | 0 | 0 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 48 | 8,292 |
Total net amount | 48 | 8,292 |
Collateral received | 48 | 8,292 |
Bank | Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 404 | 690 |
Maturity between 1 to 3 years | 124 | 768 |
Maturity between 3 to 5 years | 29 | 43 |
Maturity greater than 5 years | 168 | 223 |
Total gross amount | 725 | 1,724 |
Total net amount | 726 | 1,724 |
Collateral received | SFr 6 | SFr 0 |
Transfers of financial asset167
Transfers of financial assets and variable interest entities (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | SFr 1 | SFr 7 | SFr 4 |
Proceeds from transfer of assets | 9,813 | 5,335 | 5,574 |
Cash received on interests that continue to be held | 148 | 102 | 70 |
RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 5 | 13 | (8) |
Proceeds from transfer of assets | 20,062 | 22,728 | 24,523 |
Purchases of previously transferred financial assets or their underlying collateral | (1) | (4) | (10) |
Servicing fees | 3 | 2 | 4 |
Cash received on interests that continue to be held | 457 | 444 | 486 |
Other asset-backed financing activities | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 24 | 29 | 15 |
Proceeds from transfer of assets | 1,740 | 1,819 | 915 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | 0 | (213) |
Cash received on interests that continue to be held | 3 | 17 | 633 |
Bank | CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 1 | 7 | 4 |
Proceeds from transfer of assets | 9,813 | 5,335 | 5,574 |
Cash received on interests that continue to be held | 148 | 102 | 70 |
Bank | RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 5 | 13 | (8) |
Proceeds from transfer of assets | 20,062 | 22,728 | 24,523 |
Purchases of previously transferred financial assets or their underlying collateral | (1) | (4) | (10) |
Servicing fees | 3 | 2 | 4 |
Cash received on interests that continue to be held | 457 | 444 | 486 |
Bank | Other asset-backed financing activities | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 24 | 29 | 15 |
Proceeds from transfer of assets | 1,740 | 1,819 | 915 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | 0 | (213) |
Cash received on interests that continue to be held | SFr 3 | SFr 17 | SFr 633 |
Transfers of financial asset168
Transfers of financial assets and variable interest entities (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | SFr 40,625 | SFr 41,216 |
Total assets of SPE | 56,118 | 53,354 |
RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 54,164 | 49,884 |
Total assets of SPE | 55,833 | 50,017 |
Other asset-backed financing activities | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 21,653 | 26,176 |
Total assets of SPE | 22,787 | 26,176 |
Bank | CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 40,625 | 41,216 |
Total assets of SPE | 56,118 | 53,354 |
Bank | RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 54,164 | 49,884 |
Total assets of SPE | 55,833 | 50,017 |
Bank | Other asset-backed financing activities | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 21,653 | 26,176 |
Total assets of SPE | SFr 22,787 | SFr 26,176 |
Transfers of financial asset169
Transfers of financial assets and variable interest entities (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 1,512 | SFr 1,341 | SFr 633 |
Weighted-average life, in years | 8 years 2 months 14 days | 4 years 1 month 5 days | 7 years 3 months 18 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) | 1.70% | 1.00% | 1.60% |
Expected credit losses (rate per annum), in % (as a percent) | 0.70% | 1.00% | 0.00% |
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) | 7.20% | 11.00% | 11.60% |
Expected credit losses (rate per annum), in % (as a percent) | 5.90% | 2.20% | 7.50% |
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 1,442 | SFr 1,242 | SFr 476 |
CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 70 | 100 | 156 |
RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 2,110 | SFr 4,023 | SFr 2,993 |
Weighted-average life, in years | 9 years | 7 years 8 months 11 days | 7 years 8 months 11 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) | 1.10% | 1.50% | 2.00% |
Cash flow discount rate (rate per annum), in % (as a percent) | 1.70% | 1.90% | 0.00% |
Expected credit losses (rate per annum), in % (as a percent) | 0.50% | 0.40% | 0.00% |
RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 30.10% | 23.00% | 31.00% |
Cash flow discount rate (rate per annum), in % (as a percent) | 33.70% | 17.80% | 45.90% |
Expected credit losses (rate per annum), in % (as a percent) | 15.90% | 15.30% | 45.80% |
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 1,695 | SFr 3,791 | SFr 2,879 |
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 415 | 232 | 114 |
Bank | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed rate assumed used for projecting payments over the life of a residential mortgage loan (as a percent) | 100.00% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans in the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans after the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Constant prepayment rate assumed using a 100% prepayment assumption (as a percent) | 6.00% | ||
Bank | CMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 1,512 | SFr 1,341 | SFr 633 |
Weighted-average life, in years | 8 years 2 months 14 days | 4 years 1 month 5 days | 7 years 3 months 18 days |
Bank | CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 1.70% | 1.00% | 1.60% |
Expected credit losses (rate per annum), in % (as a percent) | 0.70% | 1.00% | 0.00% |
Bank | CMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 7.20% | 11.00% | 11.60% |
Expected credit losses (rate per annum), in % (as a percent) | 5.90% | 2.20% | 7.50% |
Bank | CMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 1,442 | SFr 1,242 | SFr 476 |
Bank | CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 70 | 100 | 156 |
Bank | RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 2,110 | SFr 4,023 | SFr 2,993 |
Weighted-average life, in years | 9 years | 7 years 8 months 11 days | 7 years 8 months 11 days |
Bank | RMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 1.10% | 1.50% | 2.00% |
Cash flow discount rate (rate per annum), in % (as a percent) | 1.70% | 1.90% | 0.00% |
Expected credit losses (rate per annum), in % (as a percent) | 0.50% | 0.40% | 0.00% |
Bank | RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 30.10% | 23.00% | 31.00% |
Cash flow discount rate (rate per annum), in % (as a percent) | 33.70% | 17.80% | 45.90% |
Expected credit losses (rate per annum), in % (as a percent) | 15.90% | 15.30% | 45.80% |
Bank | RMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 1,695 | SFr 3,791 | SFr 2,879 |
Bank | RMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 415 | SFr 232 | SFr 114 |
Transfers of financial asset170
Transfers of financial assets and variable interest entities (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 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 1,007 | SFr 1,168 |
Weighted-average life, in years | 6 years 8 months 12 days | 5 years 7 months 7 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (18.1) | SFr (14) |
Impact on fair value from 20% adverse change in cash flow discount rate | (35.6) | (27.4) |
Impact on fair value from 10% adverse change in expected credit losses | (8) | (7.1) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (15.9) | 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) | 2.10% | 1.60% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.90% | 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) | 13.30% | 22.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 12.70% | 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 73 | 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 2,274 | SFr 2,394 |
Weighted-average life, in years | 9 years 8 months 12 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 | (57.6) | (56.4) |
Impact on fair value from 10% adverse change in cash flow discount rate | (63.1) | (43.8) |
Impact on fair value from 20% adverse change in cash flow discount rate | (122.5) | (85.3) |
Impact on fair value from 10% adverse change in expected credit losses | (32.3) | (25.3) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (63.2) | 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) | 1.50% | 1.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.30% | 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) | 37.10% | 36.60% |
Cash flow discount rate per annum, in % (as a percent) | 35.50% | 44.00% |
Expected credit losses rate (rate per annum), in % (as a percent) | 34.30% | 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 581 | 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 56 | SFr 212 |
Weighted-average life, in years | 2 years 6 months 1 day | 3 years 7 months 6 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (0.7) | SFr (1.2) |
Impact on fair value from 20% adverse change in cash flow discount rate | (1.5) | (2.4) |
Impact on fair value from 10% adverse change in expected credit losses | (0.7) | (0.4) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (1.5) | 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) | 5.70% | 0.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.20% | 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) | 14.20% | 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 55 | SFr 146 |
Bank | CMBS | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 1,007 | SFr 1,168 |
Weighted-average life, in years | 6 years 8 months 12 days | 5 years 7 months 7 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (18.1) | SFr (14) |
Impact on fair value from 20% adverse change in cash flow discount rate | (35.6) | (27.4) |
Impact on fair value from 10% adverse change in expected credit losses | (8) | (7.1) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (15.9) | SFr (14) |
Bank | CMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 2.10% | 1.60% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.90% | 1.00% |
Bank | CMBS | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 13.30% | 22.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 12.70% | 22.20% |
Bank | CMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 73 | SFr 79 |
Bank | RMBS | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 2,274 | SFr 2,394 |
Weighted-average life, in years | 9 years 8 months 12 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 | (57.6) | (56.4) |
Impact on fair value from 10% adverse change in cash flow discount rate | (63.1) | (43.8) |
Impact on fair value from 20% adverse change in cash flow discount rate | (122.5) | (85.3) |
Impact on fair value from 10% adverse change in expected credit losses | (32.3) | (25.3) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (63.2) | SFr (49.4) |
Bank | RMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 1.00% | 1.00% |
Cash flow discount rate per annum, in % (as a percent) | 1.50% | 1.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.30% | 0.00% |
Bank | RMBS | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 37.10% | 36.60% |
Cash flow discount rate per annum, in % (as a percent) | 35.50% | 44.00% |
Expected credit losses rate (rate per annum), in % (as a percent) | 34.30% | 41.70% |
Bank | RMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 581 | SFr 246 |
Bank | 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 56 | SFr 212 |
Weighted-average life, in years | 2 years 6 months 1 day | 3 years 7 months 6 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (0.7) | SFr (1.2) |
Impact on fair value from 20% adverse change in cash flow discount rate | (1.5) | (2.4) |
Impact on fair value from 10% adverse change in expected credit losses | (0.7) | (0.4) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (1.5) | SFr (0.7) |
Bank | 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) | 5.70% | 0.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.20% | 1.40% |
Bank | 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) | 14.20% | 13.10% |
Bank | 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 55 | SFr 146 |
Transfers of financial asset171
Transfers of financial assets and variable interest entities (Details 5) - CHF (SFr) SFr in Millions | Dec. 31, 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 0 | 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 | 0 | (26) |
RMBS | Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 266 | 0 |
RMBS | 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 | (266) | 0 |
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 | 155 | 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 | 122 | 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 | (277) | (390) |
Bank | 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 | 0 | 26 |
Bank | 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 | 0 | (26) |
Bank | RMBS | Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 266 | 0 |
Bank | RMBS | 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 | (266) | 0 |
Bank | 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 | 155 | 138 |
Bank | 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 | 122 | 252 |
Bank | 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 (277) | SFr (390) |
Transfers of financial asset172
Transfers of financial assets and variable interest entities (Details 6) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | SFr 703 | |
Gross cash proceeds received for assets derecognized | 775 | |
Fair value of transferred assets | 773 | |
Gross derivative assets recorded | 268,000 | SFr 620,900 |
Gross derivative liabilities recorded | 272,000 | 623,300 |
Interest rate derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 168,700 | 471,400 |
Gross derivative liabilities recorded | 161,000 | 460,400 |
Foreign exchange derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 58,400 | 87,000 |
Gross derivative liabilities recorded | 68,500 | 99,200 |
Equity/index-related derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 20,900 | 27,200 |
Gross derivative liabilities recorded | 24,500 | 29,000 |
Credit derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 17,300 | 26,300 |
Gross derivative liabilities recorded | 16,400 | 25,600 |
Other products | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 2,700 | 9,000 |
Gross derivative liabilities recorded | 1,600 | 9,100 |
Sales with total return swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | 395 | |
Gross cash proceeds received for assets derecognized | 397 | |
Fair value of transferred assets | 398 | |
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 | 375 | |
Derivatives related to Transfers of Assets accounted for as sale | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 553 | |
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 assets recorded | 7 | |
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 | 546 | |
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 assets recorded | 7 | |
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 | 546 | |
Bank | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | 703 | |
Gross cash proceeds received for assets derecognized | 775 | |
Fair value of transferred assets | 773 | |
Gross derivative assets recorded | 267,900 | 621,000 |
Gross derivative liabilities recorded | 272,200 | 623,600 |
Bank | Interest rate derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 168,600 | 471,500 |
Gross derivative liabilities recorded | 160,800 | 460,400 |
Bank | Foreign exchange derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 58,400 | 87,000 |
Gross derivative liabilities recorded | 68,500 | 99,200 |
Bank | Equity/index-related derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 20,900 | 27,200 |
Gross derivative liabilities recorded | 24,700 | 29,300 |
Bank | Credit derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 17,300 | 26,300 |
Gross derivative liabilities recorded | 16,400 | 25,600 |
Bank | Other products | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 2,700 | 9,000 |
Gross derivative liabilities recorded | 1,800 | SFr 9,100 |
Bank | Sales with total return swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | 395 | |
Gross cash proceeds received for assets derecognized | 397 | |
Fair value of transferred assets | 398 | |
Bank | 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 | 375 | |
Bank | Derivatives related to Transfers of Assets accounted for as sale | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 553 | |
Gross derivative liabilities recorded | 7 | |
Bank | 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 assets recorded | 7 | |
Gross derivative liabilities recorded | 7 | |
Bank | Derivatives related to Transfers of Assets accounted for as sale | Other products | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 546 | |
Bank | 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 assets recorded | 7 | |
Gross derivative liabilities recorded | 7 | |
Bank | Derivatives related to Transfers of Assets accounted for as sale | Sales with longevity swaps | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | SFr 546 |
Transfers of financial asset173
Transfers of financial assets and variable interest entities (Details 7) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | SFr 58,100 | |
Securities lending transactions | 12,000 | |
Obligation to return securities received as collateral, at fair value | 28,511 | SFr 26,854 |
Total | 98,600 | |
Governments debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 21,100 | |
Securities lending transactions | 3,100 | |
Obligation to return securities received as collateral, at fair value | 500 | |
Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 15,200 | |
Securities lending transactions | 400 | |
Obligation to return securities received as collateral, at fair value | 100 | |
Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 21,600 | |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 100 | |
Securities lending transactions | 8,200 | |
Obligation to return securities received as collateral, at fair value | 27,900 | |
Other | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 100 | |
Securities lending transactions | 300 | |
Maturity on Demand [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 7,700 | |
Securities lending transactions | 6,000 | |
Obligation to return securities received as collateral, at fair value | 26,200 | |
Total | 39,900 | |
Maturity Less than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 29,900 | |
Securities lending transactions | 3,600 | |
Obligation to return securities received as collateral, at fair value | 2,300 | |
Total | 35,800 | |
Maturity 30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 8,100 | |
Securities lending transactions | 1,800 | |
Obligation to return securities received as collateral, at fair value | 0 | |
Total | 9,900 | |
Maturity Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 12,400 | |
Securities lending transactions | 600 | |
Obligation to return securities received as collateral, at fair value | 0 | |
Total | 13,000 | |
Bank | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 58,100 | |
Securities lending transactions | 12,000 | |
Obligation to return securities received as collateral, at fair value | 28,511 | SFr 26,854 |
Total | 98,600 | |
Bank | Governments debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 21,100 | |
Securities lending transactions | 3,100 | |
Obligation to return securities received as collateral, at fair value | 500 | |
Bank | Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 15,200 | |
Securities lending transactions | 400 | |
Obligation to return securities received as collateral, at fair value | 100 | |
Bank | Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 21,600 | |
Bank | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 100 | |
Securities lending transactions | 8,200 | |
Obligation to return securities received as collateral, at fair value | 27,900 | |
Bank | Other | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 100 | |
Securities lending transactions | 300 | |
Bank | Maturity on Demand [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 7,700 | |
Securities lending transactions | 6,000 | |
Obligation to return securities received as collateral, at fair value | 26,200 | |
Total | 39,900 | |
Bank | Maturity Less than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 29,900 | |
Securities lending transactions | 3,600 | |
Obligation to return securities received as collateral, at fair value | 2,300 | |
Total | 35,800 | |
Bank | Maturity 30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 8,100 | |
Securities lending transactions | 1,800 | |
Obligation to return securities received as collateral, at fair value | 0 | |
Total | 9,900 | |
Bank | Maturity Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 12,400 | |
Securities lending transactions | 600 | |
Obligation to return securities received as collateral, at fair value | 0 | |
Total | SFr 13,000 |
Transfers of financial asset174
Transfers of financial assets and variable interest entities (Details 8) SFr in Millions | 12 Months Ended | |||
Dec. 31, 2015CHF (SFr)year | Dec. 31, 2014CHF (SFr)yearday | Dec. 31, 2013CHF (SFr) | Dec. 31, 2012CHF (SFr) | |
VIE Disclosures | ||||
Percentage of control in which Group is determined to have power (percent) | 50.00% | |||
Minimum percentage of outstanding issuances held by primary beneficiary used under the previous consolidation model | 50.00% | |||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 92,328 | SFr 79,349 | SFr 68,692 | SFr 61,763 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 123,049 | 163,208 | ||
Trading assets | 190,737 | 241,131 | ||
Investment securities | 3,090 | 2,791 | ||
Other investments | 7,021 | 8,613 | ||
Net loans | 272,995 | 272,551 | ||
Premises and equipment | 4,644 | 4,641 | ||
Other assets | 58,017 | 70,558 | ||
of which loans held-for-sale | 25,839 | 25,911 | ||
Customer deposits | 342,705 | 369,058 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 46,598 | 70,119 | ||
Trading liabilities | 48,971 | 72,655 | ||
Short-term borrowings | 8,657 | 25,921 | ||
Long-term debt | 197,608 | 177,898 | ||
Other liabilities | SFr 42,231 | SFr 50,970 | ||
CP Conduit | ||||
VIE Disclosures | ||||
Average maturity of CP (in days) | day | 49 | |||
Average maturity of conduit's assets (in years) | year | 3.3 | 1.8 | ||
Consolidated VIEs | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 1,693 | SFr 1,493 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 53 | 660 | ||
Trading assets | 2,372 | 4,261 | ||
Investment securities | 1,009 | 0 | ||
Other investments | 1,986 | 2,105 | ||
Net loans | 1,312 | 245 | ||
Premises and equipment | 327 | 452 | ||
Other assets | 14,451 | 16,134 | ||
of which loans held-for-sale | 11,275 | 12,569 | ||
Total assets of consolidated VIEs | 23,203 | 25,350 | ||
Customer deposits | 0 | 3 | ||
Trading liabilities | 27 | 35 | ||
Short-term borrowings | 81 | 9,384 | ||
Long-term debt | 14,826 | 13,452 | ||
Other liabilities | 836 | 1,728 | ||
Total liabilities of consolidated VIEs | 15,770 | 24,602 | ||
Consolidated VIEs | Collateralized debt obligations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 1,351 | 1,122 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 283 | 615 | ||
Investment securities | 0 | |||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 10,839 | 8,726 | ||
of which loans held-for-sale | 10,790 | 8,689 | ||
Total assets of consolidated VIEs | 12,473 | 10,463 | ||
Customer deposits | 0 | |||
Trading liabilities | 8 | 6 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 12,428 | 10,318 | ||
Other liabilities | 51 | 27 | ||
Total liabilities of consolidated VIEs | 12,487 | 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 | 53 | 660 | ||
Trading assets | 49 | 57 | ||
Investment securities | 0 | |||
Other investments | 0 | 0 | ||
Net loans | 0 | 12 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 123 | 262 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 225 | 991 | ||
Customer deposits | 0 | |||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 9,384 | ||
Long-term debt | 0 | 18 | ||
Other liabilities | 3 | 29 | ||
Total liabilities of consolidated VIEs | 3 | 9,431 | ||
Consolidated VIEs | Financial intermediation - Securitizations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 21 | 16 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 0 | 250 | ||
Investment securities | 1,009 | |||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1,671 | 4,741 | ||
of which loans held-for-sale | 469 | 3,500 | ||
Total assets of consolidated VIEs | 2,701 | 5,007 | ||
Customer deposits | 0 | |||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 81 | 0 | ||
Long-term debt | 2,128 | 2,418 | ||
Other liabilities | 3 | 573 | ||
Total liabilities of consolidated VIEs | 2,212 | 2,991 | ||
Consolidated VIEs | Financial intermediation - Funds | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 9 | 187 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 941 | 1,715 | ||
Investment securities | 0 | |||
Other investments | 0 | 30 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 0 | 3 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 950 | 1,935 | ||
Customer deposits | 0 | |||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 125 | 216 | ||
Other liabilities | 1 | 124 | ||
Total liabilities of consolidated VIEs | 126 | 340 | ||
Consolidated VIEs | Financial intermediation - Loans | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 93 | 109 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 1,001 | 867 | ||
Investment securities | 0 | |||
Other investments | 1,553 | 1,651 | ||
Net loans | 27 | 24 | ||
Premises and equipment | 327 | 452 | ||
Other assets | 83 | 197 | ||
of which loans held-for-sale | 16 | 24 | ||
Total assets of consolidated VIEs | 3,084 | 3,300 | ||
Customer deposits | 0 | |||
Trading liabilities | 18 | 23 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 136 | 99 | ||
Other liabilities | 135 | 146 | ||
Total liabilities of consolidated VIEs | 289 | 268 | ||
Consolidated VIEs | Financial intermediation - Other | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 219 | 59 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 98 | 757 | ||
Investment securities | 0 | |||
Other investments | 433 | 424 | ||
Net loans | 1,285 | 209 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1,735 | 2,205 | ||
of which loans held-for-sale | 0 | 356 | ||
Total assets of consolidated VIEs | 3,770 | 3,654 | ||
Customer deposits | 3 | |||
Trading liabilities | 1 | 6 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 9 | 383 | ||
Other liabilities | 643 | 829 | ||
Total liabilities of consolidated VIEs | 653 | 1,221 | ||
Bank | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 90,521 | 78,000 | SFr 68,081 | SFr 61,376 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 123,436 | 163,208 | ||
Trading assets | 191,096 | 241,313 | ||
Investment securities | 2,698 | 2,379 | ||
Other investments | 6,787 | 8,467 | ||
Net loans | 254,915 | 255,928 | ||
Premises and equipment | 4,439 | 4,441 | ||
Other assets | 57,910 | 70,511 | ||
of which loans held-for-sale | 25,839 | 25,911 | ||
Customer deposits | 331,700 | 357,569 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 46,598 | 70,119 | ||
Trading liabilities | 49,054 | 72,667 | ||
Short-term borrowings | 8,657 | 25,921 | ||
Long-term debt | 192,094 | 172,947 | ||
Other liabilities | SFr 41,715 | SFr 50,648 | ||
Bank | CP Conduit | ||||
VIE Disclosures | ||||
Average maturity of CP (in days) | day | 49 | |||
Average maturity of conduit's assets (in years) | year | 3.3 | 1.8 | ||
Bank | Consolidated VIEs | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 1,693 | SFr 1,493 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 53 | 660 | ||
Trading assets | 2,372 | 4,261 | ||
Investment securities | 1,009 | 0 | ||
Other investments | 1,986 | 2,105 | ||
Net loans | 1,312 | 245 | ||
Premises and equipment | 299 | 422 | ||
Other assets | 14,450 | 16,132 | ||
of which loans held-for-sale | 11,275 | 12,569 | ||
Total assets of consolidated VIEs | 23,174 | 25,318 | ||
Customer deposits | 0 | 3 | ||
Trading liabilities | 27 | 35 | ||
Short-term borrowings | 81 | 9,384 | ||
Long-term debt | 14,826 | 13,452 | ||
Other liabilities | 835 | 1,727 | ||
Total liabilities of consolidated VIEs | 15,769 | 24,601 | ||
Bank | Consolidated VIEs | Collateralized debt obligations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 1,351 | 1,122 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 283 | 615 | ||
Investment securities | 0 | |||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 10,839 | 8,726 | ||
of which loans held-for-sale | 10,790 | 8,689 | ||
Total assets of consolidated VIEs | 12,473 | 10,463 | ||
Customer deposits | 0 | |||
Trading liabilities | 8 | 6 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 12,428 | 10,318 | ||
Other liabilities | 51 | 27 | ||
Total liabilities of consolidated VIEs | 12,487 | 10,351 | ||
Bank | 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 | 53 | 660 | ||
Trading assets | 49 | 57 | ||
Investment securities | 0 | |||
Other investments | 0 | 0 | ||
Net loans | 0 | 12 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 123 | 262 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 225 | 991 | ||
Customer deposits | 0 | |||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 9,384 | ||
Long-term debt | 0 | 18 | ||
Other liabilities | 3 | 29 | ||
Total liabilities of consolidated VIEs | 3 | 9,431 | ||
Bank | Consolidated VIEs | Financial intermediation - Securitizations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 21 | 16 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 0 | 250 | ||
Investment securities | 1,009 | |||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1,671 | 4,741 | ||
of which loans held-for-sale | 469 | 3,500 | ||
Total assets of consolidated VIEs | 2,701 | 5,007 | ||
Customer deposits | 0 | |||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 81 | 0 | ||
Long-term debt | 2,128 | 2,418 | ||
Other liabilities | 3 | 573 | ||
Total liabilities of consolidated VIEs | 2,212 | 2,991 | ||
Bank | Consolidated VIEs | Financial intermediation - Funds | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 9 | 187 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 941 | 1,715 | ||
Investment securities | 0 | |||
Other investments | 0 | 30 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 0 | 3 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 950 | 1,935 | ||
Customer deposits | 0 | |||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 125 | 216 | ||
Other liabilities | 1 | 124 | ||
Total liabilities of consolidated VIEs | 126 | 340 | ||
Bank | Consolidated VIEs | Financial intermediation - Loans | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 93 | 109 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 1,001 | 867 | ||
Investment securities | 0 | |||
Other investments | 1,553 | 1,651 | ||
Net loans | 27 | 24 | ||
Premises and equipment | 299 | 422 | ||
Other assets | 82 | 195 | ||
of which loans held-for-sale | 16 | 24 | ||
Total assets of consolidated VIEs | 3,055 | 3,268 | ||
Customer deposits | 0 | |||
Trading liabilities | 18 | 23 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 136 | 99 | ||
Other liabilities | 134 | 146 | ||
Total liabilities of consolidated VIEs | 288 | 268 | ||
Bank | Consolidated VIEs | Financial intermediation - Other | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 219 | 59 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Trading assets | 98 | 757 | ||
Investment securities | 0 | |||
Other investments | 433 | 424 | ||
Net loans | 1,285 | 209 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1,735 | 2,205 | ||
of which loans held-for-sale | 0 | 356 | ||
Total assets of consolidated VIEs | 3,770 | 3,654 | ||
Customer deposits | 3 | |||
Trading liabilities | 1 | 6 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 9 | 383 | ||
Other liabilities | 643 | 828 | ||
Total liabilities of consolidated VIEs | SFr 653 | SFr 1,220 |
Transfers of financial asset175
Transfers of financial assets and variable interest entities (Details 9) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Non-consolidated VIEs | ||
Trading assets | SFr 190,737 | SFr 241,131 |
Net loans | 272,995 | 272,551 |
Other assets | 58,017 | 70,558 |
Other liabilities | 42,231 | 50,970 |
Non-consolidated VIEs | ||
Non-consolidated VIEs | ||
Trading assets | 7,415 | 7,508 |
Net loans | 11,054 | 12,757 |
Other assets | 185 | 213 |
Total variable interest assets, non-consolidated VIEs | 18,654 | 20,478 |
Maximum exposure to loss | 31,166 | 31,686 |
Non-consolidated VIE assets | 252,921 | 253,888 |
Non-consolidated VIEs | Collateralized debt obligations | ||
Non-consolidated VIEs | ||
Trading assets | 90 | 179 |
Net loans | 36 | 211 |
Other assets | 0 | 0 |
Total variable interest assets, non-consolidated VIEs | 126 | 390 |
Maximum exposure to loss | 126 | 752 |
Non-consolidated VIE assets | 6,590 | 8,604 |
Non-consolidated VIEs | Financial intermediation - Securitizations | ||
Non-consolidated VIEs | ||
Trading assets | 6,021 | 5,009 |
Net loans | 1,508 | 2,307 |
Other assets | 11 | 4 |
Total variable interest assets, non-consolidated VIEs | 7,540 | 7,320 |
Maximum exposure to loss | 12,986 | 12,830 |
Non-consolidated VIE assets | 113,530 | 120,243 |
Non-consolidated VIEs | Financial intermediation - Funds | ||
Non-consolidated VIEs | ||
Trading assets | 871 | 1,201 |
Net loans | 2,734 | 3,213 |
Other assets | 13 | 20 |
Total variable interest assets, non-consolidated VIEs | 3,618 | 4,434 |
Maximum exposure to loss | 3,618 | 4,589 |
Non-consolidated VIE assets | 54,112 | 56,413 |
Non-consolidated VIEs | Financial intermediation - Loans | ||
Non-consolidated VIEs | ||
Trading assets | 425 | 494 |
Net loans | 5,053 | 5,482 |
Other assets | 0 | 0 |
Total variable interest assets, non-consolidated VIEs | 5,478 | 5,976 |
Maximum exposure to loss | 11,866 | 11,157 |
Non-consolidated VIE assets | 41,824 | 45,268 |
Non-consolidated VIEs | Financial intermediation - Other | ||
Non-consolidated VIEs | ||
Trading assets | 8 | 625 |
Net loans | 1,723 | 1,544 |
Other assets | 161 | 189 |
Total variable interest assets, non-consolidated VIEs | 1,892 | 2,358 |
Maximum exposure to loss | 2,570 | 2,358 |
Non-consolidated VIE assets | 36,865 | 23,360 |
Bank | ||
Non-consolidated VIEs | ||
Trading assets | 191,096 | 241,313 |
Net loans | 254,915 | 255,928 |
Other assets | 57,910 | 70,511 |
Other liabilities | 41,715 | 50,648 |
Bank | Non-consolidated VIEs | ||
Non-consolidated VIEs | ||
Trading assets | 7,415 | 7,508 |
Net loans | 10,954 | 12,657 |
Other assets | 185 | 213 |
Total variable interest assets, non-consolidated VIEs | 18,554 | 20,378 |
Maximum exposure to loss | 31,066 | 31,586 |
Non-consolidated VIE assets | 227,519 | 242,698 |
Bank | Non-consolidated VIEs | Collateralized debt obligations | ||
Non-consolidated VIEs | ||
Trading assets | 90 | 179 |
Net loans | 36 | 211 |
Other assets | 0 | 0 |
Total variable interest assets, non-consolidated VIEs | 126 | 390 |
Maximum exposure to loss | 126 | 752 |
Non-consolidated VIE assets | 6,590 | 8,604 |
Bank | Non-consolidated VIEs | Financial intermediation - Securitizations | ||
Non-consolidated VIEs | ||
Trading assets | 6,021 | 5,009 |
Net loans | 1,508 | 2,307 |
Other assets | 11 | 4 |
Total variable interest assets, non-consolidated VIEs | 7,540 | 7,320 |
Maximum exposure to loss | 12,986 | 12,830 |
Non-consolidated VIE assets | 113,530 | 120,243 |
Bank | Non-consolidated VIEs | Financial intermediation - Funds | ||
Non-consolidated VIEs | ||
Trading assets | 871 | 1,201 |
Net loans | 2,634 | 3,113 |
Other assets | 13 | 20 |
Total variable interest assets, non-consolidated VIEs | 3,518 | 4,334 |
Maximum exposure to loss | 3,518 | 4,489 |
Non-consolidated VIE assets | 54,112 | 56,413 |
Bank | Non-consolidated VIEs | Financial intermediation - Loans | ||
Non-consolidated VIEs | ||
Trading assets | 425 | 494 |
Net loans | 5,053 | 5,482 |
Other assets | 0 | 0 |
Total variable interest assets, non-consolidated VIEs | 5,478 | 5,976 |
Maximum exposure to loss | 11,866 | 11,157 |
Non-consolidated VIE assets | 41,824 | 45,268 |
Bank | Non-consolidated VIEs | Financial intermediation - Other | ||
Non-consolidated VIEs | ||
Trading assets | 8 | 625 |
Net loans | 1,723 | 1,544 |
Other assets | 161 | 189 |
Total variable interest assets, non-consolidated VIEs | 1,892 | 2,358 |
Maximum exposure to loss | 2,570 | 2,358 |
Non-consolidated VIE assets | SFr 11,463 | SFr 12,170 |
Financial instruments (Details
Financial instruments (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and Due from Banks | SFr 89 | SFr 304 |
Interest-bearing deposits with banks | 2 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,565 | 104,283 |
Securities received as collateral | 28,511 | 26,854 |
Trading assets | 190,737 | 241,131 |
Investment securities | 3,090 | 2,791 |
Other investments | 4,237 | 5,654 |
Loans | 20,820 | 22,913 |
Other intangible assets (mortgage servicing rights), at fair value | 112 | 70 |
Other assets | 25,627 | 32,320 |
Netting impact | (245,100) | (590,000) |
Recurring basis | ||
Assets | ||
Cash and Due from Banks | 89 | 304 |
Interest-bearing deposits with banks | 2 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,565 | 104,283 |
Securities received as collateral | 28,511 | 26,854 |
Trading assets | 190,737 | 241,131 |
Investment securities | 3,090 | 2,791 |
Other investments | 4,237 | 5,654 |
Loans | 20,820 | 22,913 |
Loans - of which commercial and industrial | 11,546 | 11,669 |
Loans - of which financial institutions | 5,831 | 7,721 |
Other intangible assets (mortgage servicing rights), at fair value | 112 | 70 |
Other assets | 25,627 | 32,320 |
Other assets - of which loans held-for-sale | 21,146 | 22,958 |
Netting impact | (245,254) | (590,011) |
Total assets at fair value | 356,790 | 436,320 |
Less other investments - equity at fair value attributable to noncontrolling interests | (601) | (1,029) |
Less assets consolidated under ASU 2009-17 | (12,770) | (12,278) |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 343,419 | 423,013 |
Recurring basis | Private equity | ||
Assets | ||
Other investments | 1,042 | 1,286 |
Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 437 | 585 |
Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 295 | 533 |
Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 260 | 483 |
Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 1,229 | 2,001 |
Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 1,219 | 1,920 |
Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,671 | 1,834 |
Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 1,304 | 902 |
Trading assets | 80,542 | 94,391 |
Investment securities | 3,004 | 2,683 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 31,732 | 37,031 |
Investment securities | 1,416 | 2,066 |
Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 261 | 745 |
Trading assets | 17,520 | 23,956 |
Investment securities | 285 | 313 |
Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 23,116 | 22,762 |
Investment securities | 750 | |
Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 4,139 | 5,550 |
Investment securities | 259 | |
Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 3,615 | 4,606 |
Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 27,207 | 25,952 |
Trading assets | 70,961 | 94,294 |
Investment securities | 86 | 108 |
Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 28,365 | 38,012 |
Netting impact | (244,105) | (588,917) |
Recurring basis | Other | ||
Assets | ||
Trading assets | 10,869 | 14,434 |
Recurring basis | Other assets | ||
Assets | ||
Netting impact | (1,149) | (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 | 27,952 | 26,029 |
Trading assets | 96,843 | 125,723 |
Investment securities | 1,540 | 2,370 |
Other investments | 0 | 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), at fair value | 0 | 0 |
Other assets | 687 | 2,457 |
Other assets - of which loans held-for-sale | 0 | 0 |
Total assets at fair value | 127,022 | 156,656 |
Less other investments - equity at fair value attributable to noncontrolling interests | 0 | (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 | 127,022 | 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 | 0 | 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 | 811 | 121 |
Trading assets | 27,932 | 31,937 |
Investment securities | 1,538 | 2,368 |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 27,710 | 31,708 |
Investment securities | 1,322 | 2,066 |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | 0 |
Trading assets | 13 | 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 | 27,141 | 25,908 |
Trading assets | 64,252 | 86,333 |
Investment securities | 2 | 2 |
Level 1 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 2,625 | 4,467 |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 657 | 1,616 |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 104 | 118 |
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 1,857 | 2,711 |
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 0 | 0 |
Level 1 | Recurring basis | Other | ||
Assets | ||
Trading assets | 2,034 | 2,986 |
Level 2 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 89 | 304 |
Interest-bearing deposits with banks | 2 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,407 | 104,206 |
Securities received as collateral | 559 | 825 |
Trading assets | 322,851 | 687,145 |
Investment securities | 1,402 | 418 |
Other investments | 179 | 294 |
Loans | 11,870 | 13,560 |
Loans - of which commercial and industrial | 5,811 | 5,816 |
Loans - of which financial institutions | 4,102 | 6,227 |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 19,002 | 23,489 |
Other assets - of which loans held-for-sale | 14,378 | 16,107 |
Total assets at fair value | 439,361 | 830,241 |
Less other investments - equity at fair value attributable to noncontrolling interests | (18) | (133) |
Less assets consolidated under ASU 2009-17 | (9,212) | (9,123) |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 430,131 | 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 | 98 | 219 |
Level 2 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 68 | 181 |
Level 2 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 79 | 75 |
Level 2 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 70 | 70 |
Level 2 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 2 | 0 |
Level 2 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 493 | 781 |
Trading assets | 48,046 | 57,989 |
Investment securities | 1,318 | 315 |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 3,737 | 4,869 |
Investment securities | 94 | 0 |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 261 | 745 |
Trading assets | 15,761 | 22,493 |
Investment securities | 285 | 313 |
Level 2 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 22,302 | 22,150 |
Investment securities | 602 | |
Level 2 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 3,924 | 5,293 |
Investment securities | 259 | |
Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 2,317 | 3,185 |
Level 2 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 66 | 44 |
Trading assets | 5,222 | 6,395 |
Investment securities | 84 | 103 |
Level 2 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 265,014 | 615,639 |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 167,173 | 466,890 |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 59,740 | 89,101 |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 19,803 | 26,644 |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 16,267 | 24,451 |
Level 2 | Recurring basis | Other | ||
Assets | ||
Trading assets | 4,569 | 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 | 158 | 77 |
Securities received as collateral | 0 | 0 |
Trading assets | 15,148 | 17,180 |
Investment securities | 148 | 3 |
Other investments | 4,058 | 5,283 |
Loans | 8,950 | 9,353 |
Loans - of which commercial and industrial | 5,735 | 5,853 |
Loans - of which financial institutions | 1,729 | 1,494 |
Other intangible assets (mortgage servicing rights), at fair value | 112 | 70 |
Other assets | 7,087 | 7,468 |
Other assets - of which loans held-for-sale | 6,768 | 6,851 |
Total assets at fair value | 35,661 | 39,434 |
Less other investments - equity at fair value attributable to noncontrolling interests | (583) | (821) |
Less assets consolidated under ASU 2009-17 | (3,558) | (3,155) |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 31,520 | 35,458 |
Level 3 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 1,042 | 1,286 |
Level 3 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 437 | 585 |
Level 3 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 197 | 314 |
Level 3 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 192 | 302 |
Level 3 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 1,150 | 1,849 |
Level 3 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 1,149 | 1,850 |
Level 3 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,669 | 1,834 |
Level 3 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 0 | 0 |
Trading assets | 4,564 | 4,465 |
Investment securities | 148 | 0 |
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 285 | 454 |
Investment securities | 0 | 0 |
Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | 0 |
Trading assets | 1,746 | 1,435 |
Investment securities | 0 | 0 |
Level 3 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 814 | 612 |
Investment securities | 148 | |
Level 3 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 215 | 257 |
Investment securities | 0 | |
Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 1,298 | 1,421 |
Level 3 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 0 | 0 |
Trading assets | 1,487 | 1,566 |
Investment securities | 0 | 3 |
Level 3 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 4,831 | 6,823 |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 791 | 1,803 |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 383 | 301 |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 936 | 1,063 |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 1,568 | 2,569 |
Level 3 | Recurring basis | Other | ||
Assets | ||
Trading assets | 4,266 | 4,326 |
Bank | ||
Assets | ||
Cash and Due from Banks | 89 | 304 |
Interest-bearing deposits with banks | 2 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,565 | 104,283 |
Securities received as collateral | 28,511 | 26,854 |
Trading assets | 191,096 | 241,313 |
Investment securities | 2,698 | 2,379 |
Other investments | 4,227 | 5,642 |
Loans | 20,820 | 22,913 |
Other intangible assets (mortgage servicing rights), at fair value | 112 | 70 |
Other assets | 25,626 | 32,321 |
Netting impact | (245,100) | (590,300) |
Bank | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 89 | 304 |
Interest-bearing deposits with banks | 2 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,565 | 104,283 |
Securities received as collateral | 28,511 | 26,854 |
Trading assets | 191,096 | 241,313 |
Investment securities | 2,698 | 2,379 |
Other investments | 4,227 | 5,642 |
Loans | 20,820 | 22,913 |
Loans - of which commercial and industrial | 11,546 | 11,669 |
Loans - of which financial institutions | 5,831 | 7,721 |
Other intangible assets (mortgage servicing rights), at fair value | 112 | 70 |
Other assets | 25,626 | 32,321 |
Other assets - of which loans held-for-sale | 21,146 | 22,958 |
Netting impact | (245,250) | (590,298) |
Total assets at fair value | 356,746 | 436,079 |
Less other investments - equity at fair value attributable to noncontrolling interests | (601) | (1,029) |
Less assets consolidated under ASU 2009-17 | (12,770) | (12,278) |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 343,375 | 422,772 |
Bank | Recurring basis | Private equity | ||
Assets | ||
Other investments | 1,033 | 1,268 |
Bank | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 428 | 567 |
Bank | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 295 | 533 |
Bank | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 260 | 483 |
Bank | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 1,228 | 2,007 |
Bank | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 1,219 | 1,925 |
Bank | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,671 | 1,834 |
Bank | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 1,304 | 902 |
Trading assets | 80,546 | 94,405 |
Investment securities | 2,612 | 2,271 |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 31,732 | 37,031 |
Investment securities | 1,322 | 1,962 |
Bank | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 261 | 745 |
Trading assets | 17,524 | 23,970 |
Investment securities | 281 | 309 |
Bank | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 23,116 | 22,762 |
Investment securities | 750 | |
Bank | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 4,139 | 5,550 |
Investment securities | 259 | |
Bank | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 3,615 | 4,606 |
Bank | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 27,207 | 25,952 |
Trading assets | 71,102 | 94,493 |
Investment securities | 86 | 108 |
Bank | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 28,579 | 37,979 |
Netting impact | (244,239) | (589,323) |
Bank | Recurring basis | Other | ||
Assets | ||
Trading assets | 10,869 | 14,436 |
Bank | Recurring basis | Other assets | ||
Assets | ||
Netting impact | (1,011) | (975) |
Bank | Level 1 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Securities received as collateral | 27,952 | 26,029 |
Trading assets | 96,984 | 125,923 |
Investment securities | 1,324 | 1,964 |
Other investments | 0 | 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), at fair value | 0 | 0 |
Other assets | 687 | 2,457 |
Other assets - of which loans held-for-sale | 0 | 0 |
Total assets at fair value | 126,947 | 156,450 |
Less other investments - equity at fair value attributable to noncontrolling interests | 0 | (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 | 126,947 | 156,375 |
Bank | Level 1 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 0 | 77 |
Bank | Level 1 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 811 | 121 |
Trading assets | 27,932 | 31,937 |
Investment securities | 1,322 | 1,962 |
Bank | Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 27,710 | 31,708 |
Investment securities | 1,322 | 1,962 |
Bank | Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | 0 |
Trading assets | 13 | 28 |
Investment securities | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 0 | 0 |
Investment securities | 0 | |
Bank | Level 1 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 0 | 0 |
Investment securities | 0 | |
Bank | Level 1 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 0 | 0 |
Bank | Level 1 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 27,141 | 25,908 |
Trading assets | 64,393 | 86,532 |
Investment securities | 2 | 2 |
Bank | Level 1 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 2,625 | 4,467 |
Bank | Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 657 | 1,616 |
Bank | Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 104 | 118 |
Bank | Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 1,857 | 2,711 |
Bank | Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 0 | 0 |
Bank | Level 1 | Recurring basis | Other | ||
Assets | ||
Trading assets | 2,034 | 2,987 |
Bank | Level 2 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 89 | 304 |
Interest-bearing deposits with banks | 2 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,407 | 104,206 |
Securities received as collateral | 559 | 825 |
Trading assets | 323,203 | 687,533 |
Investment securities | 1,226 | 412 |
Other investments | 179 | 294 |
Loans | 11,870 | 13,560 |
Loans - of which commercial and industrial | 5,811 | 5,816 |
Loans - of which financial institutions | 4,102 | 6,227 |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 18,863 | 23,371 |
Other assets - of which loans held-for-sale | 14,378 | 16,107 |
Total assets at fair value | 439,398 | 830,505 |
Less other investments - equity at fair value attributable to noncontrolling interests | (18) | (133) |
Less assets consolidated under ASU 2009-17 | (9,212) | (9,123) |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 430,168 | 821,249 |
Bank | Level 2 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 2 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 2 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 98 | 219 |
Bank | Level 2 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 68 | 181 |
Bank | Level 2 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 79 | 75 |
Bank | Level 2 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 70 | 70 |
Bank | Level 2 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 2 | 0 |
Bank | Level 2 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 493 | 781 |
Trading assets | 48,050 | 58,003 |
Investment securities | 1,142 | 309 |
Bank | Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 3,737 | 4,869 |
Investment securities | 0 | 0 |
Bank | Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 261 | 745 |
Trading assets | 15,765 | 22,507 |
Investment securities | 281 | 309 |
Bank | Level 2 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 22,302 | 22,150 |
Investment securities | 602 | |
Bank | Level 2 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 3,924 | 5,293 |
Investment securities | 259 | |
Bank | Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 2,317 | 3,185 |
Bank | Level 2 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 66 | 44 |
Trading assets | 5,222 | 6,395 |
Investment securities | 84 | 103 |
Bank | Level 2 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 265,362 | 616,012 |
Bank | Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 167,269 | 467,002 |
Bank | Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 59,742 | 89,102 |
Bank | Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 20,053 | 26,904 |
Bank | Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 16,267 | 24,451 |
Bank | Level 2 | Recurring basis | Other | ||
Assets | ||
Trading assets | 4,569 | 7,123 |
Bank | 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 | 158 | 77 |
Securities received as collateral | 0 | 0 |
Trading assets | 15,148 | 17,180 |
Investment securities | 148 | 3 |
Other investments | 4,048 | 5,271 |
Loans | 8,950 | 9,353 |
Loans - of which commercial and industrial | 5,735 | 5,853 |
Loans - of which financial institutions | 1,729 | 1,494 |
Other intangible assets (mortgage servicing rights), at fair value | 112 | 70 |
Other assets | 7,087 | 7,468 |
Other assets - of which loans held-for-sale | 6,768 | 6,851 |
Total assets at fair value | 35,651 | 39,422 |
Less other investments - equity at fair value attributable to noncontrolling interests | (583) | (821) |
Less assets consolidated under ASU 2009-17 | (3,558) | (3,155) |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 31,510 | 35,446 |
Bank | Level 3 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 1,033 | 1,268 |
Bank | Level 3 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 428 | 567 |
Bank | Level 3 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 197 | 314 |
Bank | Level 3 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 192 | 302 |
Bank | Level 3 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 1,149 | 1,855 |
Bank | Level 3 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 1,149 | 1,855 |
Bank | Level 3 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,669 | 1,834 |
Bank | Level 3 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 0 | 0 |
Trading assets | 4,564 | 4,465 |
Investment securities | 148 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 285 | 454 |
Investment securities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | 0 |
Trading assets | 1,746 | 1,435 |
Investment securities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 814 | 612 |
Investment securities | 148 | |
Bank | Level 3 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 215 | 257 |
Investment securities | 0 | |
Bank | Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 1,298 | 1,421 |
Bank | Level 3 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 0 | 0 |
Trading assets | 1,487 | 1,566 |
Investment securities | 0 | 3 |
Bank | Level 3 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 4,831 | 6,823 |
Bank | Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 791 | 1,803 |
Bank | Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 383 | 301 |
Bank | Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 936 | 1,063 |
Bank | Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 1,568 | 2,569 |
Bank | Level 3 | Recurring basis | Other | ||
Assets | ||
Trading assets | SFr 4,266 | SFr 4,326 |
Financial instruments (Detai177
Financial instruments (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities | ||
Due to banks | SFr 482 | SFr 823 |
Customer deposits | 3,663 | 3,261 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,398 | 54,732 |
Obligation to return securities received as collateral | 28,511 | 26,854 |
Trading liabilities | 48,971 | 72,655 |
Short-term borrowings | 3,112 | 3,861 |
Long-term debt | 80,931 | 81,166 |
Other liabilities | 11,754 | 16,938 |
Netting impact | (254,900) | (595,000) |
Recurring basis | ||
Liabilities | ||
Due to banks | 482 | 823 |
Customer deposits | 3,663 | 3,261 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,398 | 54,732 |
Obligation to return securities received as collateral | 28,511 | 26,854 |
Trading liabilities | 48,971 | 72,655 |
Short-term borrowings | 3,112 | 3,861 |
Long-term debt | 80,931 | 81,166 |
Other liabilities | 11,754 | 16,938 |
Netting impact | (254,879) | (595,137) |
Total liabilities at fair value | 209,822 | 260,290 |
Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 4,590 | 8,616 |
Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 6,760 | |
Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 47,990 | 41,350 |
Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,073 | |
Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 5,476 | |
Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 13,839 | 13,078 |
Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 984 | 1,268 |
Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 1,304 | 902 |
Trading liabilities | 8,405 | 16,593 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 4,541 | 12,287 |
Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 261 | 745 |
Trading liabilities | 3,643 | 3,939 |
Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 27,207 | 25,952 |
Trading liabilities | 17,080 | 19,184 |
Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 23,486 | 36,878 |
Netting impact | (253,918) | (593,917) |
Recurring basis | Other liabilities | ||
Liabilities | ||
Netting impact | (961) | (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 | 27,952 | 26,029 |
Trading liabilities | 24,037 | 35,332 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities at fair value | 51,989 | 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 one year and up to two years | ||
Liabilities | ||
Long-term debt | 0 | |
Level 1 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Level 1 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 0 | |
Level 1 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 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 | 811 | 121 |
Trading liabilities | 4,100 | 11,678 |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 4,050 | 11,530 |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 30 | 21 |
Level 1 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 27,141 | 25,908 |
Trading liabilities | 16,875 | 19,060 |
Level 1 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 3,062 | 4,594 |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 671 | 1,585 |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 82 | 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 | 2,299 | 2,744 |
Level 2 | Recurring basis | ||
Liabilities | ||
Due to banks | 482 | 823 |
Customer deposits | 3,409 | 3,161 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,398 | 54,732 |
Obligation to return securities received as collateral | 559 | 825 |
Trading liabilities | 274,237 | 624,823 |
Short-term borrowings | 3,040 | 3,766 |
Long-term debt | 66,808 | 66,558 |
Other liabilities | 10,224 | 14,795 |
Total liabilities at fair value | 391,157 | 769,483 |
Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 4,590 | 8,616 |
Level 2 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 6,396 | |
Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 38,066 | 31,083 |
Level 2 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 1,435 | |
Level 2 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 5,476 | |
Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 10,642 | 10,126 |
Level 2 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 530 | 652 |
Level 2 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 493 | 781 |
Trading liabilities | 4,289 | 4,914 |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 491 | 757 |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 261 | 745 |
Trading liabilities | 3,597 | 3,917 |
Level 2 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 66 | 44 |
Trading liabilities | 160 | 122 |
Level 2 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 269,788 | 619,787 |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 160,181 | 458,894 |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 70,381 | 101,461 |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 15,522 | 23,479 |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 22,015 | 26,746 |
Level 3 | Recurring basis | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 254 | 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 | 4,615 | 6,417 |
Short-term borrowings | 72 | 95 |
Long-term debt | 14,123 | 14,608 |
Other liabilities | 2,491 | 3,363 |
Total liabilities at fair value | 21,555 | 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 one year and up to two years | ||
Liabilities | ||
Long-term debt | 364 | |
Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 9,924 | 10,267 |
Level 3 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 638 | |
Level 3 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | |
Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 3,197 | 2,952 |
Level 3 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 454 | 616 |
Level 3 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 16 | 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 | 16 | 1 |
Level 3 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 45 | 2 |
Level 3 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 4,554 | 6,414 |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 578 | 1,202 |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 329 | 560 |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 1,757 | 2,760 |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 1,347 | 1,466 |
Bank | ||
Liabilities | ||
Due to banks | 490 | 832 |
Customer deposits | 3,656 | 3,251 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,398 | 54,732 |
Obligation to return securities received as collateral | 28,511 | 26,854 |
Trading liabilities | 49,054 | 72,667 |
Short-term borrowings | 3,112 | 3,861 |
Long-term debt | 80,002 | 80,260 |
Other liabilities | 11,745 | 16,933 |
Netting impact | (255,100) | (595,300) |
Bank | Recurring basis | ||
Liabilities | ||
Due to banks | 490 | 832 |
Customer deposits | 3,656 | 3,251 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,398 | 54,732 |
Obligation to return securities received as collateral | 28,511 | 26,854 |
Trading liabilities | 49,054 | 72,667 |
Short-term borrowings | 3,112 | 3,861 |
Long-term debt | 80,002 | 80,260 |
Other liabilities | 11,745 | 16,933 |
Netting impact | (254,943) | (595,303) |
Total liabilities at fair value | 208,968 | 259,390 |
Bank | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 4,590 | 8,616 |
Bank | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 6,760 | |
Bank | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 47,990 | 41,350 |
Bank | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,073 | |
Bank | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 4,547 | |
Bank | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 13,839 | 13,078 |
Bank | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 984 | 1,268 |
Bank | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 1,304 | 902 |
Trading liabilities | 8,405 | 16,593 |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 4,541 | 12,287 |
Bank | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 261 | 745 |
Trading liabilities | 3,643 | 3,939 |
Bank | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 27,207 | 25,952 |
Trading liabilities | 17,104 | 19,199 |
Bank | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 23,545 | 36,875 |
Netting impact | (254,206) | (594,277) |
Bank | Recurring basis | Other liabilities | ||
Liabilities | ||
Netting impact | (737) | (1,026) |
Bank | Level 1 | Recurring basis | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 0 | 0 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 27,952 | 26,029 |
Trading liabilities | 24,061 | 35,347 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities at fair value | 52,013 | 61,376 |
Bank | Level 1 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Level 1 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Level 1 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Level 1 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 811 | 121 |
Trading liabilities | 4,100 | 11,678 |
Bank | Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 4,050 | 11,530 |
Bank | Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 30 | 21 |
Bank | Level 1 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 27,141 | 25,908 |
Trading liabilities | 16,899 | 19,075 |
Bank | Level 1 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 3,062 | 4,594 |
Bank | Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 671 | 1,585 |
Bank | Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 82 | 234 |
Bank | Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Bank | Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 2,299 | 2,744 |
Bank | Level 2 | Recurring basis | ||
Liabilities | ||
Due to banks | 490 | 832 |
Customer deposits | 3,402 | 3,151 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,398 | 54,732 |
Obligation to return securities received as collateral | 559 | 825 |
Trading liabilities | 274,584 | 625,180 |
Short-term borrowings | 3,040 | 3,766 |
Long-term debt | 65,879 | 65,652 |
Other liabilities | 9,999 | 14,601 |
Total liabilities at fair value | 390,351 | 768,739 |
Bank | Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 4,590 | 8,616 |
Bank | Level 2 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 6,396 | |
Bank | Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 38,066 | 31,083 |
Bank | Level 2 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 1,435 | |
Bank | Level 2 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 4,547 | |
Bank | Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 10,642 | 10,126 |
Bank | Level 2 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 530 | 652 |
Bank | Level 2 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 493 | 781 |
Trading liabilities | 4,289 | 4,914 |
Bank | Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 491 | 757 |
Bank | Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 261 | 745 |
Trading liabilities | 3,597 | 3,917 |
Bank | Level 2 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 66 | 44 |
Trading liabilities | 160 | 122 |
Bank | Level 2 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 270,135 | 620,144 |
Bank | Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 160,026 | 458,730 |
Bank | Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 70,382 | 101,461 |
Bank | Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 15,522 | 23,479 |
Bank | Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 22,515 | 27,266 |
Bank | Level 3 | Recurring basis | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 254 | 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 | 4,615 | 6,417 |
Short-term borrowings | 72 | 95 |
Long-term debt | 14,123 | 14,608 |
Other liabilities | 2,483 | 3,358 |
Total liabilities at fair value | 21,547 | 24,578 |
Bank | Level 3 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 3 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 364 | |
Bank | Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 9,924 | 10,267 |
Bank | Level 3 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 638 | |
Bank | Level 3 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 3,197 | 2,952 |
Bank | Level 3 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 454 | 616 |
Bank | Level 3 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 16 | 1 |
Bank | Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 16 | 1 |
Bank | Level 3 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | 0 |
Trading liabilities | 45 | 2 |
Bank | Level 3 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 4,554 | 6,414 |
Bank | Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 578 | 1,202 |
Bank | Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 329 | 560 |
Bank | Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 1,757 | 2,760 |
Bank | Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | SFr 1,347 | SFr 1,466 |
Financial instruments (Detai178
Financial instruments (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets measured at fair value on a recurring basis for level 3 | ||
Transfers in, assets | SFr 11,188 | SFr 8,885 |
Transfers out, assets | (9,956) | (9,512) |
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 | 204 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | (41) | (151) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 259 | 0 |
Settlements, assets | (141) | 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 | 4 | 24 |
Balance at end of period, assets | 158 | 77 |
Recurring basis | Securities received as collateral | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 0 | |
Transfers in, assets | 0 | |
Transfers out, assets | 0 | |
Purchases, assets | 4 | |
Sales, assets | (4) | |
Issuances, assets | 0 | |
Settlements, assets | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 0 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | |
Foreign currency translation impact, assets | 0 | |
Balance at end of period, assets | 0 | 0 |
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 | 5,807 | 5,218 |
Transfers out, assets | (4,304) | (5,533) |
Purchases, assets | 8,263 | 10,449 |
Sales, assets | (8,337) | (9,277) |
Issuances, assets | 1,493 | 2,330 |
Settlements, assets | (4,167) | (3,535) |
Gain (loss) on transfers in/out included in trading revenues, assets | (60) | 102 |
Gain (loss) on all other activity included in trading revenues, assets | (370) | 2,076 |
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 | (357) | 1,640 |
Balance at end of period, assets | 15,148 | 17,180 |
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 | 1,591 | 1,260 |
Transfers out, assets | (1,463) | (3,018) |
Purchases, assets | 2,950 | 5,554 |
Sales, assets | (2,974) | (5,435) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (30) | (60) |
Gain (loss) on all other activity included in trading revenues, assets | 221 | 535 |
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 | (196) | 560 |
Balance at end of period, assets | 4,564 | 4,465 |
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 | 823 | 392 |
Transfers out, assets | (467) | (756) |
Purchases, assets | 1,281 | 1,161 |
Sales, assets | (1,388) | (2,004) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (17) | (68) |
Gain (loss) on all other activity included in trading revenues, assets | 189 | 402 |
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 | (110) | 180 |
Balance at end of period, assets | 1,746 | 1,435 |
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 | 492 | 625 |
Transfers out, assets | (615) | (676) |
Purchases, assets | 1,064 | 732 |
Sales, assets | (772) | (659) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (6) | 11 |
Gain (loss) on all other activity included in trading revenues, assets | 29 | 81 |
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 | 10 | 62 |
Balance at end of period, assets | 814 | 612 |
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 | 127 | 105 |
Transfers out, assets | (83) | (392) |
Purchases, assets | 207 | 415 |
Sales, assets | (265) | (282) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (2) | 0 |
Gain (loss) on all other activity included in trading revenues, assets | (24) | (58) |
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 | (2) | 52 |
Balance at end of period, assets | 215 | 257 |
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 | 72 | 112 |
Transfers out, assets | (252) | (697) |
Purchases, assets | 379 | 2,593 |
Sales, assets | (364) | (2,402) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (6) | (8) |
Gain (loss) on all other activity included in trading revenues, assets | 51 | 61 |
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) | 195 |
Balance at end of period, assets | 1,298 | 1,421 |
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 | 749 | 939 |
Transfers out, assets | (702) | (469) |
Purchases, assets | 1,228 | 727 |
Sales, assets | (1,087) | (554) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (34) | 35 |
Gain (loss) on all other activity included in trading revenues, assets | (228) | 196 |
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) | 97 |
Balance at end of period, assets | 1,487 | 1,566 |
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 | 2,310 | 2,156 |
Transfers out, assets | (1,243) | (1,168) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 1,493 | 2,330 |
Settlements, assets | (3,875) | (3,334) |
Gain (loss) on transfers in/out included in trading revenues, assets | 11 | 110 |
Gain (loss) on all other activity included in trading revenues, assets | (545) | 941 |
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 | (143) | 571 |
Balance at end of period, assets | 4,831 | 6,823 |
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 | 53 | 70 |
Transfers out, assets | (282) | (40) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 304 | 197 |
Settlements, assets | (719) | (574) |
Gain (loss) on transfers in/out included in trading revenues, assets | 6 | 13 |
Gain (loss) on all other activity included in trading revenues, assets | (341) | 393 |
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 | (33) | 170 |
Balance at end of period, assets | 791 | 1,803 |
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 | 1,574 | 1,891 |
Transfers out, assets | (599) | (575) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 405 | 536 |
Settlements, assets | (1,776) | (899) |
Gain (loss) on transfers in/out included in trading revenues, assets | (5) | (28) |
Gain (loss) on all other activity included in trading revenues, assets | (547) | 379 |
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 | (53) | 127 |
Balance at end of period, assets | 1,568 | 2,569 |
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 | 530 | 132 |
Transfers out, assets | (362) | (534) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 366 | 405 |
Settlements, assets | (680) | (417) |
Gain (loss) on transfers in/out included in trading revenues, assets | 10 | 120 |
Gain (loss) on all other activity included in trading revenues, assets | 32 | (26) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | (23) | 143 |
Balance at end of period, assets | 936 | 1,063 |
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 | 1,157 | 863 |
Transfers out, assets | (896) | (878) |
Purchases, assets | 4,085 | 4,168 |
Sales, assets | (4,276) | (3,288) |
Issuances, assets | 0 | 0 |
Settlements, assets | (292) | (201) |
Gain (loss) on transfers in/out included in trading revenues, assets | (7) | 17 |
Gain (loss) on all other activity included in trading revenues, assets | 182 | 404 |
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) | 412 |
Balance at end of period, assets | 4,266 | 4,326 |
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 | 8 | 0 |
Transfers out, assets | (97) | 0 |
Purchases, assets | 320 | 0 |
Sales, assets | (102) | 0 |
Issuances, assets | 0 | 0 |
Settlements, assets | (36) | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 39 | 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 | 7 | 1 |
Balance at end of period, assets | 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 | 1 | 2 |
Transfers out, assets | (424) | (22) |
Purchases, assets | 441 | 978 |
Sales, assets | (1,190) | (3,884) |
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 | (19) | 201 |
Gain (loss) on transfers in/out included in other revenues, assets | 70 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 59 | 531 |
Foreign currency translation impact, assets | (163) | 508 |
Balance at end of period, assets | 4,058 | 5,283 |
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 | 201 | 204 |
Sales, assets | (361) | (333) |
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 | (1) | 179 |
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 | (4) | 184 |
Balance at end of period, assets | 1,669 | 1,834 |
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 | 1 | 2 |
Transfers out, assets | (424) | (22) |
Purchases, assets | 240 | 774 |
Sales, assets | (829) | (3,551) |
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 | (18) | 22 |
Gain (loss) on transfers in/out included in other revenues, assets | 70 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 59 | 531 |
Foreign currency translation impact, assets | (159) | 324 |
Balance at end of period, assets | 2,389 | 3,449 |
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 | 1,347 | 500 |
Transfers out, assets | (1,153) | (601) |
Purchases, assets | 686 | 1,024 |
Sales, assets | (1,055) | (2,012) |
Issuances, assets | 3,519 | 4,878 |
Settlements, assets | (3,371) | (3,168) |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 3 |
Gain (loss) on all other activity included in trading revenues, assets | (207) | (173) |
Gain (loss) on transfers in/out included in other revenues, assets | (4) | 0 |
Gain (loss) on all other activity included in other revenues, assets | (14) | (2) |
Foreign currency translation impact, assets | (152) | 906 |
Balance at end of period, assets | 8,950 | 9,353 |
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 | 985 | 253 |
Transfers out, assets | (365) | (349) |
Purchases, assets | 69 | 368 |
Sales, assets | (687) | (1,098) |
Issuances, assets | 2,205 | 3,346 |
Settlements, assets | (2,072) | (2,428) |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 1 |
Gain (loss) on all other activity included in trading revenues, assets | (85) | (118) |
Gain (loss) on transfers in/out included in other revenues, assets | (4) | 0 |
Gain (loss) on all other activity included in other revenues, assets | (14) | (4) |
Foreign currency translation impact, assets | (151) | 573 |
Balance at end of period, assets | 5,735 | 5,853 |
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 | 329 | 156 |
Transfers out, assets | (266) | (163) |
Purchases, assets | 296 | 16 |
Sales, assets | (213) | (422) |
Issuances, assets | 811 | 943 |
Settlements, assets | (639) | (482) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | (85) | (33) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 5 |
Foreign currency translation impact, assets | 2 | 152 |
Balance at end of period, assets | 1,729 | 1,494 |
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 | 18 | 29 |
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 | 9 | (7) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 14 | 0 |
Foreign currency translation impact, assets | 1 | 6 |
Balance at end of period, assets | 112 | 70 |
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 | 4,025 | 3,165 |
Transfers out, assets | (3,937) | (3,205) |
Purchases, assets | 4,244 | 7,852 |
Sales, assets | (3,691) | (6,713) |
Issuances, assets | 784 | 845 |
Settlements, assets | (1,309) | (1,448) |
Gain (loss) on transfers in/out included in trading revenues, assets | (8) | 165 |
Gain (loss) on all other activity included in trading revenues, assets | (208) | (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 | (276) | 653 |
Balance at end of period, assets | 7,087 | 7,468 |
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 | 4,016 | 3,154 |
Transfers out, assets | (3,841) | (3,174) |
Purchases, assets | 4,137 | 7,486 |
Sales, assets | (3,410) | (6,382) |
Issuances, assets | 784 | 845 |
Settlements, assets | (1,309) | (1,448) |
Gain (loss) on transfers in/out included in trading revenues, assets | (13) | 169 |
Gain (loss) on all other activity included in trading revenues, assets | (178) | (2) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (3) | (1) |
Foreign currency translation impact, assets | (266) | 589 |
Balance at end of period, assets | 6,768 | 6,851 |
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 | (308) | |
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 | 11,188 | 8,885 |
Transfers out, assets | (9,956) | (9,512) |
Purchases, assets | 13,976 | 20,332 |
Sales, assets | (14,379) | (21,886) |
Issuances, assets | 6,055 | 8,053 |
Settlements, assets | (9,024) | (8,151) |
Gain (loss) on transfers in/out included in trading revenues, assets | (61) | 270 |
Gain (loss) on all other activity included in trading revenues, assets | (756) | 2,092 |
Gain (loss) on transfers in/out included in other revenues, assets | 66 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 54 | 529 |
Foreign currency translation impact, assets | (936) | 3,738 |
Balance at end of period, assets | 35,661 | 39,434 |
Bank | Recurring basis | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 77 | 204 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | (41) | (151) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 259 | 0 |
Settlements, assets | (141) | 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 | 4 | 24 |
Balance at end of period, assets | 158 | 77 |
Bank | Recurring basis | Securities received as collateral | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 0 | |
Transfers in, assets | 0 | |
Transfers out, assets | 0 | |
Purchases, assets | 4 | |
Sales, assets | (4) | |
Issuances, assets | 0 | |
Settlements, assets | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 0 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | |
Foreign currency translation impact, assets | 0 | |
Balance at end of period, assets | 0 | 0 |
Bank | 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 | 5,807 | 5,218 |
Transfers out, assets | (4,304) | (5,533) |
Purchases, assets | 8,263 | 10,449 |
Sales, assets | (8,337) | (9,277) |
Issuances, assets | 1,493 | 2,330 |
Settlements, assets | (4,167) | (3,535) |
Gain (loss) on transfers in/out included in trading revenues, assets | (60) | 102 |
Gain (loss) on all other activity included in trading revenues, assets | (370) | 2,076 |
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 | (357) | 1,640 |
Balance at end of period, assets | 15,148 | 17,180 |
Bank | Recurring basis | Trading assets | Debt securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 4,465 | 5,069 |
Transfers in, assets | 1,591 | 1,260 |
Transfers out, assets | (1,463) | (3,018) |
Purchases, assets | 2,950 | 5,554 |
Sales, assets | (2,974) | (5,435) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (30) | (60) |
Gain (loss) on all other activity included in trading revenues, assets | 221 | 535 |
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 | (196) | 560 |
Balance at end of period, assets | 4,564 | 4,465 |
Bank | Recurring basis | Trading assets | Debt securities | Corporate debt securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,435 | 2,128 |
Transfers in, assets | 823 | 392 |
Transfers out, assets | (467) | (756) |
Purchases, assets | 1,281 | 1,161 |
Sales, assets | (1,388) | (2,004) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (17) | (68) |
Gain (loss) on all other activity included in trading revenues, assets | 189 | 402 |
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 | (110) | 180 |
Balance at end of period, assets | 1,746 | 1,435 |
Bank | Recurring basis | Trading assets | Debt securities | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 612 | 436 |
Transfers in, assets | 492 | 625 |
Transfers out, assets | (615) | (676) |
Purchases, assets | 1,064 | 732 |
Sales, assets | (772) | (659) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (6) | 11 |
Gain (loss) on all other activity included in trading revenues, assets | 29 | 81 |
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 | 10 | 62 |
Balance at end of period, assets | 814 | 612 |
Bank | Recurring basis | Trading assets | Debt securities | CMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 257 | 417 |
Transfers in, assets | 127 | 105 |
Transfers out, assets | (83) | (392) |
Purchases, assets | 207 | 415 |
Sales, assets | (265) | (282) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (2) | 0 |
Gain (loss) on all other activity included in trading revenues, assets | (24) | (58) |
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 | (2) | 52 |
Balance at end of period, assets | 215 | 257 |
Bank | Recurring basis | Trading assets | Debt securities | Collateralized debt obligations | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,421 | 1,567 |
Transfers in, assets | 72 | 112 |
Transfers out, assets | (252) | (697) |
Purchases, assets | 379 | 2,593 |
Sales, assets | (364) | (2,402) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (6) | (8) |
Gain (loss) on all other activity included in trading revenues, assets | 51 | 61 |
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) | 195 |
Balance at end of period, assets | 1,298 | 1,421 |
Bank | Recurring basis | Trading assets | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,566 | 595 |
Transfers in, assets | 749 | 939 |
Transfers out, assets | (702) | (469) |
Purchases, assets | 1,228 | 727 |
Sales, assets | (1,087) | (554) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (34) | 35 |
Gain (loss) on all other activity included in trading revenues, assets | (228) | 196 |
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) | 97 |
Balance at end of period, assets | 1,487 | 1,566 |
Bank | Recurring basis | Trading assets | Derivative instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 6,823 | 5,217 |
Transfers in, assets | 2,310 | 2,156 |
Transfers out, assets | (1,243) | (1,168) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 1,493 | 2,330 |
Settlements, assets | (3,875) | (3,334) |
Gain (loss) on transfers in/out included in trading revenues, assets | 11 | 110 |
Gain (loss) on all other activity included in trading revenues, assets | (545) | 941 |
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 | (143) | 571 |
Balance at end of period, assets | 4,831 | 6,823 |
Bank | Recurring basis | Trading assets | Derivative instruments | Interest rate derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,803 | 1,574 |
Transfers in, assets | 53 | 70 |
Transfers out, assets | (282) | (40) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 304 | 197 |
Settlements, assets | (719) | (574) |
Gain (loss) on transfers in/out included in trading revenues, assets | 6 | 13 |
Gain (loss) on all other activity included in trading revenues, assets | (341) | 393 |
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 | (33) | 170 |
Balance at end of period, assets | 791 | 1,803 |
Bank | Recurring basis | Trading assets | Derivative instruments | Credit derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 2,569 | 1,138 |
Transfers in, assets | 1,574 | 1,891 |
Transfers out, assets | (599) | (575) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 405 | 536 |
Settlements, assets | (1,776) | (899) |
Gain (loss) on transfers in/out included in trading revenues, assets | (5) | (28) |
Gain (loss) on all other activity included in trading revenues, assets | (547) | 379 |
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 | (53) | 127 |
Balance at end of period, assets | 1,568 | 2,569 |
Bank | Recurring basis | Trading assets | Derivative instruments | Equity/Index-related products | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,063 | 1,240 |
Transfers in, assets | 530 | 132 |
Transfers out, assets | (362) | (534) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 366 | 405 |
Settlements, assets | (680) | (417) |
Gain (loss) on transfers in/out included in trading revenues, assets | 10 | 120 |
Gain (loss) on all other activity included in trading revenues, assets | 32 | (26) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Foreign currency translation impact, assets | (23) | 143 |
Balance at end of period, assets | 936 | 1,063 |
Bank | Recurring basis | Trading assets | Other | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 4,326 | 2,829 |
Transfers in, assets | 1,157 | 863 |
Transfers out, assets | (896) | (878) |
Purchases, assets | 4,085 | 4,168 |
Sales, assets | (4,276) | (3,288) |
Issuances, assets | 0 | 0 |
Settlements, assets | (292) | (201) |
Gain (loss) on transfers in/out included in trading revenues, assets | (7) | 17 |
Gain (loss) on all other activity included in trading revenues, assets | 182 | 404 |
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) | 412 |
Balance at end of period, assets | 4,266 | 4,326 |
Bank | 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 | 8 | 0 |
Transfers out, assets | (97) | 0 |
Purchases, assets | 320 | 0 |
Sales, assets | (102) | 0 |
Issuances, assets | 0 | 0 |
Settlements, assets | (36) | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 6 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 39 | 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 | 7 | 1 |
Balance at end of period, assets | 148 | 3 |
Bank | Recurring basis | Other investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 5,271 | 6,963 |
Transfers in, assets | 1 | 2 |
Transfers out, assets | (424) | (22) |
Purchases, assets | 401 | 931 |
Sales, assets | (1,147) | (3,845) |
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 | (19) | 201 |
Gain (loss) on transfers in/out included in other revenues, assets | 70 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 57 | 534 |
Foreign currency translation impact, assets | (162) | 507 |
Balance at end of period, assets | 4,048 | 5,271 |
Bank | Recurring basis | Other investments | Life finance instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,834 | 1,600 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 201 | 204 |
Sales, assets | (361) | (333) |
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 | (1) | 179 |
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 | (4) | 184 |
Balance at end of period, assets | 1,669 | 1,834 |
Bank | Recurring basis | Other investments | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 3,437 | 5,363 |
Transfers in, assets | 1 | 2 |
Transfers out, assets | (424) | (22) |
Purchases, assets | 200 | 727 |
Sales, assets | (786) | (3,512) |
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 | (18) | 22 |
Gain (loss) on transfers in/out included in other revenues, assets | 70 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 57 | 534 |
Foreign currency translation impact, assets | (158) | 323 |
Balance at end of period, assets | 2,379 | 3,437 |
Bank | 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 | 1,347 | 500 |
Transfers out, assets | (1,153) | (601) |
Purchases, assets | 686 | 1,024 |
Sales, assets | (1,055) | (2,012) |
Issuances, assets | 3,519 | 4,878 |
Settlements, assets | (3,371) | (3,168) |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 3 |
Gain (loss) on all other activity included in trading revenues, assets | (207) | (173) |
Gain (loss) on transfers in/out included in other revenues, assets | (4) | 0 |
Gain (loss) on all other activity included in other revenues, assets | (14) | (2) |
Foreign currency translation impact, assets | (152) | 906 |
Balance at end of period, assets | 8,950 | 9,353 |
Bank | 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 | 985 | 253 |
Transfers out, assets | (365) | (349) |
Purchases, assets | 69 | 368 |
Sales, assets | (687) | (1,098) |
Issuances, assets | 2,205 | 3,346 |
Settlements, assets | (2,072) | (2,428) |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 1 |
Gain (loss) on all other activity included in trading revenues, assets | (85) | (118) |
Gain (loss) on transfers in/out included in other revenues, assets | (4) | 0 |
Gain (loss) on all other activity included in other revenues, assets | (14) | (4) |
Foreign currency translation impact, assets | (151) | 573 |
Balance at end of period, assets | 5,735 | 5,853 |
Bank | 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 | 329 | 156 |
Transfers out, assets | (266) | (163) |
Purchases, assets | 296 | 16 |
Sales, assets | (213) | (422) |
Issuances, assets | 811 | 943 |
Settlements, assets | (639) | (482) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | (85) | (33) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 5 |
Foreign currency translation impact, assets | 2 | 152 |
Balance at end of period, assets | 1,729 | 1,494 |
Bank | 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 | 18 | 29 |
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 | 9 | (7) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 14 | 0 |
Foreign currency translation impact, assets | 1 | 6 |
Balance at end of period, assets | 112 | 70 |
Bank | 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 | 4,025 | 3,165 |
Transfers out, assets | (3,937) | (3,205) |
Purchases, assets | 4,244 | 7,852 |
Sales, assets | (3,691) | (6,713) |
Issuances, assets | 784 | 845 |
Settlements, assets | (1,309) | (1,448) |
Gain (loss) on transfers in/out included in trading revenues, assets | (8) | 165 |
Gain (loss) on all other activity included in trading revenues, assets | (208) | (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 | (276) | 653 |
Balance at end of period, assets | 7,087 | 7,468 |
Bank | Recurring basis | Other assets - of which loans held-for-sale | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 6,851 | 5,615 |
Transfers in, assets | 4,016 | 3,154 |
Transfers out, assets | (3,841) | (3,174) |
Purchases, assets | 4,137 | 7,486 |
Sales, assets | (3,410) | (6,382) |
Issuances, assets | 784 | 845 |
Settlements, assets | (1,309) | (1,448) |
Gain (loss) on transfers in/out included in trading revenues, assets | (13) | 169 |
Gain (loss) on all other activity included in trading revenues, assets | (178) | (2) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (3) | (1) |
Foreign currency translation impact, assets | (266) | 589 |
Balance at end of period, assets | 6,768 | 6,851 |
Bank | Recurring basis | Other assets - of which loans held-for-sale | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Gain (loss) on all other activity included in trading revenues, assets | (308) | |
Bank | Recurring basis | Assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 39,422 | 35,078 |
Transfers in, assets | 11,188 | 8,885 |
Transfers out, assets | (9,956) | (9,512) |
Purchases, assets | 13,936 | 20,285 |
Sales, assets | (14,336) | (21,847) |
Issuances, assets | 6,055 | 8,053 |
Settlements, assets | (9,024) | (8,151) |
Gain (loss) on transfers in/out included in trading revenues, assets | (61) | 270 |
Gain (loss) on all other activity included in trading revenues, assets | (756) | 2,092 |
Gain (loss) on transfers in/out included in other revenues, assets | 66 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 52 | 532 |
Foreign currency translation impact, assets | (935) | 3,737 |
Balance at end of period, assets | SFr 35,651 | SFr 39,422 |
Financial instruments (Detai179
Financial instruments (Details 5) - Recurring basis - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 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 0 | SFr 114 |
Transfers in, liabilities | 0 | |
Transfers out, liabilities | (127) | |
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 | 13 | |
Balance at end of period, liabilities | 0 | |
Obligation to return securities received as collateral | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 0 | |
Transfers in, liabilities | 0 | |
Transfers out, liabilities | 0 | |
Purchases, liabilities | 4 | |
Sales, liabilities | (4) | |
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 | 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 | 100 | 55 |
Transfers in, liabilities | 12 | 0 |
Transfers out, liabilities | (16) | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 213 | 45 |
Settlements, liabilities | (28) | (19) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | (18) | 16 |
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) | 3 |
Balance at end of period, liabilities | 254 | 100 |
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 | 2,515 | 2,471 |
Transfers out, liabilities | (1,891) | (1,655) |
Purchases, liabilities | 63 | 36 |
Sales, liabilities | (57) | (39) |
Issuances, liabilities | 1,460 | 1,526 |
Settlements, liabilities | (3,098) | (2,778) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 20 | 251 |
Gain (loss) on all other activity included in trading revenues, liabilities | (697) | 469 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | (18) | 0 |
Foreign currency translation impact, liabilities | (99) | 572 |
Balance at end of period, liabilities | 4,615 | 6,417 |
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 | 109 | 56 |
Transfers out, liabilities | (400) | (109) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 140 | 72 |
Settlements, liabilities | (343) | (499) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 13 | 1 |
Gain (loss) on all other activity included in trading revenues, liabilities | (127) | 429 |
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 | (16) | 123 |
Balance at end of period, liabilities | 578 | 1,202 |
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 | 19 | 0 |
Transfers out, liabilities | (36) | (2) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 20 | 5 |
Settlements, liabilities | (76) | (239) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 1 | (4) |
Gain (loss) on all other activity included in trading revenues, liabilities | (151) | (205) |
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) | 67 |
Balance at end of period, liabilities | 329 | 560 |
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 | 1,860 | 1,906 |
Transfers out, liabilities | (628) | (587) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 330 | 473 |
Settlements, liabilities | (2,098) | (885) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (43) | (16) |
Gain (loss) on all other activity included in trading revenues, liabilities | (362) | 496 |
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 | (62) | 143 |
Balance at end of period, liabilities | 1,757 | 2,760 |
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 | 297 | 478 |
Transfers out, liabilities | (796) | (941) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 689 | 656 |
Settlements, liabilities | (349) | (890) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 48 | 273 |
Gain (loss) on all other activity included in trading revenues, liabilities | 3 | (201) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (11) | 195 |
Balance at end of period, liabilities | 1,347 | 1,466 |
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 | 98 | 67 |
Transfers out, liabilities | (37) | (74) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 371 | 382 |
Settlements, liabilities | (442) | (456) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (1) | (3) |
Gain (loss) on all other activity included in trading revenues, liabilities | (10) | 0 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (2) | 14 |
Balance at end of period, liabilities | 72 | 95 |
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 | 2,603 | 2,441 |
Transfers out, liabilities | (4,819) | (3,475) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 7,386 | 8,432 |
Settlements, liabilities | (4,874) | (3,870) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (16) | 144 |
Gain (loss) on all other activity included in trading revenues, liabilities | (801) | (338) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | (5) | 0 |
Foreign currency translation impact, liabilities | 41 | 1,494 |
Balance at end of period, liabilities | 14,123 | 14,608 |
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 | 1,117 | 1,468 |
Transfers out, liabilities | (3,293) | (1,931) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 5,464 | 5,930 |
Settlements, liabilities | (3,104) | (2,027) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (7) | (6) |
Gain (loss) on all other activity included in trading revenues, liabilities | (566) | (406) |
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 | 46 | 1,022 |
Balance at end of period, liabilities | 9,924 | 10,267 |
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 | 1,197 | 924 |
Transfers out, liabilities | (902) | (1,007) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 912 | 1,170 |
Settlements, liabilities | (807) | (1,153) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (3) | 155 |
Gain (loss) on all other activity included in trading revenues, liabilities | (148) | 10 |
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 | (4) | 301 |
Balance at end of period, liabilities | 3,197 | 2,952 |
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 | 249 | 121 |
Transfers out, liabilities | (1,240) | (133) |
Purchases, liabilities | 184 | 530 |
Sales, liabilities | (218) | (1,215) |
Issuances, liabilities | 10 | 649 |
Settlements, liabilities | (245) | (233) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 11 | 11 |
Gain (loss) on all other activity included in trading revenues, liabilities | 18 | 114 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 8 | 3 |
Gain (loss) on all other activity included in other revenues, liabilities | 408 | 361 |
Foreign currency translation impact, liabilities | (57) | 294 |
Balance at end of period, liabilities | 2,491 | 3,363 |
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 | 14 | 76 |
Transfers out, liabilities | (18) | (50) |
Purchases, liabilities | 132 | 292 |
Sales, liabilities | (127) | (949) |
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 | (160) | 29 |
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 | (5) | 77 |
Balance at end of period, liabilities | 454 | 616 |
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 | 5,477 | 5,100 |
Transfers out, liabilities | (8,003) | (5,464) |
Purchases, liabilities | 251 | 566 |
Sales, liabilities | (279) | (1,254) |
Issuances, liabilities | 9,440 | 11,034 |
Settlements, liabilities | (8,687) | (7,356) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 14 | 403 |
Gain (loss) on all other activity included in trading revenues, liabilities | (1,508) | 261 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 8 | 3 |
Gain (loss) on all other activity included in other revenues, liabilities | 385 | 361 |
Foreign currency translation impact, liabilities | (126) | 2,390 |
Balance at end of period, liabilities | 21,555 | 24,583 |
Bank | 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 | 0 | 114 |
Transfers in, liabilities | 0 | |
Transfers out, liabilities | (127) | |
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 | 13 | |
Balance at end of period, liabilities | 0 | |
Bank | Obligation to return securities received as collateral | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 0 | |
Transfers in, liabilities | 0 | |
Transfers out, liabilities | 0 | |
Purchases, liabilities | 4 | |
Sales, liabilities | (4) | |
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 | 0 |
Bank | Due to banks and customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 100 | 55 |
Transfers in, liabilities | 12 | 0 |
Transfers out, liabilities | (16) | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 213 | 45 |
Settlements, liabilities | (28) | (19) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | (18) | 16 |
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) | 3 |
Balance at end of period, liabilities | 254 | 100 |
Bank | 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 | 2,515 | 2,471 |
Transfers out, liabilities | (1,891) | (1,655) |
Purchases, liabilities | 63 | 36 |
Sales, liabilities | (57) | (39) |
Issuances, liabilities | 1,460 | 1,526 |
Settlements, liabilities | (3,098) | (2,778) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 20 | 251 |
Gain (loss) on all other activity included in trading revenues, liabilities | (697) | 469 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | (18) | 0 |
Foreign currency translation impact, liabilities | (99) | 572 |
Balance at end of period, liabilities | 4,615 | 6,417 |
Bank | 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 | 109 | 56 |
Transfers out, liabilities | (400) | (109) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 140 | 72 |
Settlements, liabilities | (343) | (499) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 13 | 1 |
Gain (loss) on all other activity included in trading revenues, liabilities | (127) | 429 |
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 | (16) | 123 |
Balance at end of period, liabilities | 578 | 1,202 |
Bank | 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 | 19 | 0 |
Transfers out, liabilities | (36) | (2) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 20 | 5 |
Settlements, liabilities | (76) | (239) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 1 | (4) |
Gain (loss) on all other activity included in trading revenues, liabilities | (151) | (205) |
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) | 67 |
Balance at end of period, liabilities | 329 | 560 |
Bank | 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 | 1,860 | 1,906 |
Transfers out, liabilities | (628) | (587) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 330 | 473 |
Settlements, liabilities | (2,098) | (885) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (43) | (16) |
Gain (loss) on all other activity included in trading revenues, liabilities | (362) | 496 |
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 | (62) | 143 |
Balance at end of period, liabilities | 1,757 | 2,760 |
Bank | Trading Liabilities | Equity/Index-related products | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,466 | 1,896 |
Transfers in, liabilities | 297 | 478 |
Transfers out, liabilities | (796) | (941) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 689 | 656 |
Settlements, liabilities | (349) | (890) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 48 | 273 |
Gain (loss) on all other activity included in trading revenues, liabilities | 3 | (201) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (11) | 195 |
Balance at end of period, liabilities | 1,347 | 1,466 |
Bank | 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 | 98 | 67 |
Transfers out, liabilities | (37) | (74) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 371 | 382 |
Settlements, liabilities | (442) | (456) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (1) | (3) |
Gain (loss) on all other activity included in trading revenues, liabilities | (10) | 0 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | (2) | 14 |
Balance at end of period, liabilities | 72 | 95 |
Bank | 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 | 2,603 | 2,441 |
Transfers out, liabilities | (4,819) | (3,475) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 7,386 | 8,432 |
Settlements, liabilities | (4,874) | (3,870) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (16) | 144 |
Gain (loss) on all other activity included in trading revenues, liabilities | (801) | (338) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | (5) | 0 |
Foreign currency translation impact, liabilities | 41 | 1,494 |
Balance at end of period, liabilities | 14,123 | 14,608 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 10,267 | 6,217 |
Transfers in, liabilities | 1,117 | 1,468 |
Transfers out, liabilities | (3,293) | (1,931) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 5,464 | 5,930 |
Settlements, liabilities | (3,104) | (2,027) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (7) | (6) |
Gain (loss) on all other activity included in trading revenues, liabilities | (566) | (406) |
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 | 46 | 1,022 |
Balance at end of period, liabilities | 9,924 | 10,267 |
Bank | 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 | 1,197 | 924 |
Transfers out, liabilities | (902) | (1,007) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 912 | 1,170 |
Settlements, liabilities | (807) | (1,153) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (3) | 155 |
Gain (loss) on all other activity included in trading revenues, liabilities | (148) | 10 |
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 | (4) | 301 |
Balance at end of period, liabilities | 3,197 | 2,952 |
Bank | Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,358 | 2,859 |
Transfers in, liabilities | 249 | 121 |
Transfers out, liabilities | (1,238) | (133) |
Purchases, liabilities | 184 | 530 |
Sales, liabilities | (218) | (1,215) |
Issuances, liabilities | 10 | 647 |
Settlements, liabilities | (244) | (233) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 11 | 11 |
Gain (loss) on all other activity included in trading revenues, liabilities | 18 | 114 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 8 | 3 |
Gain (loss) on all other activity included in other revenues, liabilities | 403 | 359 |
Foreign currency translation impact, liabilities | (58) | 295 |
Balance at end of period, liabilities | 2,483 | 3,358 |
Bank | Other liabilities | Other liabilities - of which failed sales | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 616 | 1,143 |
Transfers in, liabilities | 14 | 76 |
Transfers out, liabilities | (18) | (50) |
Purchases, liabilities | 132 | 292 |
Sales, liabilities | (127) | (949) |
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 | (160) | 29 |
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 | (5) | 77 |
Balance at end of period, liabilities | 454 | 616 |
Bank | Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 24,578 | 18,537 |
Transfers in, liabilities | 5,477 | 5,100 |
Transfers out, liabilities | (8,001) | (5,464) |
Purchases, liabilities | 251 | 566 |
Sales, liabilities | (279) | (1,254) |
Issuances, liabilities | 9,440 | 11,032 |
Settlements, liabilities | (8,686) | (7,356) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 14 | 403 |
Gain (loss) on all other activity included in trading revenues, liabilities | (1,508) | 261 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 8 | 3 |
Gain (loss) on all other activity included in other revenues, liabilities | 380 | 359 |
Foreign currency translation impact, liabilities | (127) | 2,391 |
Balance at end of period, liabilities | SFr 21,547 | SFr 24,578 |
Financial instruments (Detai180
Financial instruments (Details 6) - Recurring basis - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 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 | 5,711 | 3,785 |
Transfers out, net assets/liabilities | (1,953) | (4,048) |
Purchases, net assets/liabilities | 13,725 | 19,766 |
Sales, net assets/liabilities | (14,100) | (20,632) |
Issuances, net assets/liabilities | (3,385) | (2,981) |
Settlements, net assets/liabilities | (337) | (795) |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | (75) | (133) |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | 752 | 1,831 |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | 58 | (3) |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | (331) | 168 |
Foreign currency translation impact, net assets/liabilities | (810) | 1,348 |
Balance at beginning of period, net assets/liabilities | 14,106 | 14,851 |
Bank | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | 14,844 | 16,541 |
Transfers in, net assets/liabilities | 5,711 | 3,785 |
Transfers out, net assets/liabilities | (1,955) | (4,048) |
Purchases, net assets/liabilities | 13,685 | 19,719 |
Sales, net assets/liabilities | (14,057) | (20,593) |
Issuances, net assets/liabilities | (3,385) | (2,979) |
Settlements, net assets/liabilities | (338) | (795) |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | (75) | (133) |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | 752 | 1,831 |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | 58 | (3) |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | (328) | 173 |
Foreign currency translation impact, net assets/liabilities | (808) | 1,346 |
Balance at beginning of period, net assets/liabilities | SFr 14,104 | SFr 14,844 |
Financial instruments (Detai181
Financial instruments (Details 7) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | SFr 404 | SFr 1,863 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | 93 | (816) |
Transfers into level 3 assets | 11,188 | 8,885 |
Transfers out of level 3 assets | 9,956 | 9,512 |
Trading revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 677 | 1,698 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | 80 | (834) |
Other revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | (273) | 165 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | 13 | 18 |
Bank | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 407 | 1,868 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | 87 | (811) |
Bank | Trading revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 677 | 1,698 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | 80 | (834) |
Bank | Other revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | (270) | 170 |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | SFr 7 | SFr 23 |
Financial instruments (Detai182
Financial instruments (Details 8) - Nonrecurring basis - CHF (SFr) SFr in Billions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets and liabilities recorded at fair value | ||
Loans | SFr 0.1 | SFr 1.4 |
Level 2 | ||
Assets and liabilities recorded at fair value | ||
Loans | 0.1 | 1.2 |
Level 3 | ||
Assets and liabilities recorded at fair value | ||
Loans | 0 | 0.2 |
Bank | ||
Assets and liabilities recorded at fair value | ||
Loans | 0.1 | 1.4 |
Bank | Level 2 | ||
Assets and liabilities recorded at fair value | ||
Loans | 0.1 | 1.2 |
Bank | Level 3 | ||
Assets and liabilities recorded at fair value | ||
Loans | SFr 0 | SFr 0.2 |
Financial instruments (Detai183
Financial instruments (Details 9) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financial instruments | ||
Cash and Due from Banks | SFr 89 | SFr 304 |
Interest-bearing deposits with banks | 2 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,565 | 104,283 |
Loans | 20,820 | 22,913 |
Other assets | 25,627 | 32,320 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (32,398) | (54,732) |
Short-term borrowings | (3,112) | (3,861) |
Long-term debt | (80,931) | (81,166) |
Other liabilities | (11,754) | (16,938) |
Aggregate fair value | ||
Loans | ||
Non-interest-earning loans | 1,628 | 1,147 |
Financial instruments | ||
Interest-bearing deposits with banks | 2 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,565 | 104,283 |
Loans | 20,820 | 22,913 |
Other assets | 23,906 | 26,088 |
Due to banks and customer deposits | (913) | (914) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (32,398) | (54,732) |
Short-term borrowings | (3,112) | (3,861) |
Long-term debt | (80,931) | (81,166) |
Other liabilities | (984) | (1,268) |
Aggregate unpaid principal | ||
Loans | ||
Non-interest-earning loans | 5,019 | 3,816 |
Financial instruments | ||
Interest-bearing deposits with banks | 2 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,397 | 104,027 |
Loans | 22,289 | 23,782 |
Other assets | 30,308 | 33,091 |
Due to banks and customer deposits | (826) | (873) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (32,381) | (54,661) |
Short-term borrowings | (3,263) | (3,918) |
Long-term debt | (85,335) | (81,322) |
Other liabilities | (2,619) | (2,767) |
Difference | ||
Loans | ||
Non-interest-earning loans, Difference | (3,391) | (2,669) |
Financial instruments | ||
Interest-bearing deposits with banks | 0 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 168 | 256 |
Loans | (1,469) | (869) |
Other assets | (6,402) | (7,003) |
Due to banks and customer deposits | (87) | (41) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (17) | (71) |
Short-term borrowings | 151 | 57 |
Long-term debt | 4,404 | 156 |
Other liabilities | 1,635 | 1,499 |
Bank | ||
Financial instruments | ||
Cash and Due from Banks | 89 | 304 |
Interest-bearing deposits with banks | 2 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,565 | 104,283 |
Loans | 20,820 | 22,913 |
Other assets | 25,626 | 32,321 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (32,398) | (54,732) |
Short-term borrowings | (3,112) | (3,861) |
Long-term debt | (80,002) | (80,260) |
Other liabilities | (11,745) | (16,933) |
Bank | Aggregate fair value | ||
Loans | ||
Non-interest-earning loans | 1,628 | 1,147 |
Financial instruments | ||
Interest-bearing deposits with banks | 2 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,565 | 104,283 |
Loans | 20,820 | 22,913 |
Other assets | 23,906 | 26,088 |
Due to banks and customer deposits | (913) | (914) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (32,398) | (54,732) |
Short-term borrowings | (3,112) | (3,861) |
Long-term debt | (80,002) | (80,260) |
Other liabilities | (984) | (1,268) |
Bank | Aggregate unpaid principal | ||
Loans | ||
Non-interest-earning loans | 5,019 | 3,816 |
Financial instruments | ||
Interest-bearing deposits with banks | 2 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,397 | 104,027 |
Loans | 22,289 | 23,782 |
Other assets | 30,308 | 33,091 |
Due to banks and customer deposits | (826) | (873) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (32,381) | (54,661) |
Short-term borrowings | (3,263) | (3,918) |
Long-term debt | (84,351) | (80,344) |
Other liabilities | (2,619) | (2,767) |
Bank | Difference | ||
Loans | ||
Non-interest-earning loans, Difference | (3,391) | (2,669) |
Financial instruments | ||
Interest-bearing deposits with banks | 0 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 168 | 256 |
Loans | (1,469) | (869) |
Other assets | (6,402) | (7,003) |
Due to banks and customer deposits | (87) | (41) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (17) | (71) |
Short-term borrowings | 151 | 57 |
Long-term debt | 4,349 | 84 |
Other liabilities | SFr 1,635 | SFr 1,499 |
Financial instruments (Detai184
Financial instruments (Details 10) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest-bearing deposits with banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | SFr 2 | SFr 8 | SFr 10 |
Net gains/(losses) of which related to credit risk - on assets | (1) | (2) | (3) |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1,279 | 913 | 1,143 |
Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 242 | 370 | 126 |
Net gains/(losses) of which related to credit risk - on assets | 0 | 5 | 11 |
Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 439 | 10 | 1,470 |
Net gains/(losses) of which related to credit risk - on assets | (236) | (151) | 26 |
Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 111 | 1,302 | 2,058 |
Net gains/(losses) of which related to credit risk - on assets | (511) | 387 | 604 |
Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 4 | (59) | 0 |
Net gains/(losses) of which related to credit risk - on liabilities | 19 | (17) | (5) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 55 | 205 | (67) |
Short-term borrowings. | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 439 | 152 | (256) |
Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 5,317 | 858 | (2,759) |
Net gains/(losses) of which related to credit risk - on liabilities | 207 | 599 | (384) |
Fair Value, Option, Credit Risk, Changes in debt valuation adjustments on structured notes | 261 | 261 | (111) |
Vanilla debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) of which related to credit risk - on liabilities | (108) | 336 | (268) |
Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 316 | (169) | 441 |
Net gains/(losses) of which related to credit risk - on liabilities | (93) | (156) | 112 |
Bank | Interest-bearing deposits with banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (38) | 9 | 10 |
Net gains/(losses) of which related to credit risk - on assets | 1 | 3 | (3) |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1,279 | 913 | 1,143 |
Bank | Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 240 | 373 | 126 |
Net gains/(losses) of which related to credit risk - on assets | 0 | 5 | 11 |
Bank | Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 439 | 10 | 1,470 |
Net gains/(losses) of which related to credit risk - on assets | (236) | (151) | 26 |
Bank | Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 111 | 1,302 | 2,058 |
Net gains/(losses) of which related to credit risk - on assets | (511) | 387 | 604 |
Bank | Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 4 | (59) | 0 |
Net gains/(losses) of which related to credit risk - on liabilities | 19 | (17) | (5) |
Bank | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 55 | 205 | (67) |
Bank | Short-term borrowings. | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 439 | 152 | (256) |
Bank | Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 5,398 | 678 | (2,738) |
Net gains/(losses) of which related to credit risk - on liabilities | 224 | 527 | (334) |
Bank | Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 314 | (175) | 413 |
Net gains/(losses) of which related to credit risk - on liabilities | SFr (95) | SFr (162) | SFr 112 |
Financial instruments (Detai185
Financial instruments (Details 11) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 1,967 | SFr 2,887 |
Redeemable | 1,907 | 2,300 |
Total fair value | 3,874 | 5,187 |
Unfunded commitments | 450 | 615 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 464 | 612 |
Redeemable attributable to non-controlling interest | 9 | 138 |
Unfunded commitments attributable to non-controlling interest | SFr 176 | 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 81 | 109 |
Redeemable | 1,600 | 1,906 |
Total fair value | 1,681 | 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 | 2 | 7 |
Redeemable | 0 | 106 |
Total fair value | 2 | 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 | 79 | 102 |
Redeemable | 1,606 | 1,842 |
Total fair value | 1,685 | 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 | 40.00% | 42.00% |
Percentage of investment subject to monthly redemption | 23.00% | 16.00% |
Percentage of investment subject to quarterly redemption | 6.00% | 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 | (6) | (42) |
Total fair value | (6) | (42) |
Unfunded commitments | 0 | 0 |
Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1,886 | 2,778 |
Redeemable | 307 | 394 |
Total fair value | 2,193 | 3,172 |
Unfunded commitments | 450 | 615 |
Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 184 | 296 |
Redeemable | 111 | 237 |
Total fair value | 295 | 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 | 5.00% | |
Percentage of investment subject to monthly redemption | 3.00% | |
Percentage of investment subject to quarterly redemption | 87.00% | 87.00% |
Percentage of investment subject to annual redemption | 5.00% | 11.00% |
Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 1,042 | SFr 1,286 |
Redeemable | 0 | 0 |
Total fair value | 1,042 | 1,286 |
Unfunded commitments | 349 | 394 |
Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 660 | 1,196 |
Redeemable | 196 | 157 |
Total fair value | 856 | 1,353 |
Unfunded commitments | 100 | 220 |
Funds held in other investments | Debt funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 184 | 296 |
Redeemable | 76 | 187 |
Total fair value | 260 | 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 | 11 | 17 |
Redeemable | 0 | 0 |
Total fair value | 11 | 17 |
Unfunded commitments | 17 | 15 |
Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | 0 | 0 |
Total fair value | 0 | 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 | 437 | 585 |
Redeemable | 0 | 0 |
Total fair value | 437 | 585 |
Unfunded commitments | 115 | 123 |
Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 282 | 302 |
Redeemable | 0 | 0 |
Total fair value | 282 | 302 |
Unfunded commitments | 76 | 98 |
Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | 35 | 50 |
Total fair value | 35 | 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 | 312 | 382 |
Redeemable | 0 | 0 |
Total fair value | 312 | 382 |
Unfunded commitments | 141 | 158 |
Bank | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1,958 | 2,869 |
Redeemable | 1,907 | 2,300 |
Total fair value | 3,865 | 5,169 |
Unfunded commitments | 449 | 614 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 464 | 612 |
Redeemable attributable to non-controlling interest | 9 | 138 |
Unfunded commitments attributable to non-controlling interest | 176 | 185 |
Bank | Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 81 | 109 |
Redeemable | 1,600 | 1,906 |
Total fair value | 1,681 | 2,015 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in trading assets and liabilities | Debt funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 2 | 7 |
Redeemable | 0 | 106 |
Total fair value | 2 | 113 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in trading assets and liabilities | Equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 79 | 102 |
Redeemable | 1,606 | 1,842 |
Total fair value | 1,685 | 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 | 40.00% | 42.00% |
Percentage of investment subject to monthly redemption | 23.00% | 16.00% |
Percentage of investment subject to quarterly redemption | 6.00% | 14.00% |
Percentage of investment subject to annual redemption | 31.00% | 28.00% |
Bank | Funds held in trading assets and liabilities | Equity funds sold short | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 0 | SFr 0 |
Redeemable | (6) | (42) |
Total fair value | (6) | (42) |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1,877 | 2,760 |
Redeemable | 307 | 394 |
Total fair value | 2,184 | 3,154 |
Unfunded commitments | 449 | 614 |
Bank | Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 184 | 296 |
Redeemable | 111 | 237 |
Total fair value | 295 | 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 | 5.00% | |
Percentage of investment subject to monthly redemption | 3.00% | |
Percentage of investment subject to quarterly redemption | 87.00% | 87.00% |
Percentage of investment subject to annual redemption | 5.00% | 11.00% |
Bank | Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 1,033 | SFr 1,268 |
Redeemable | 0 | 0 |
Total fair value | 1,033 | 1,268 |
Unfunded commitments | 348 | 393 |
Bank | Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 660 | 1,196 |
Redeemable | 196 | 157 |
Total fair value | 856 | 1,353 |
Unfunded commitments | 100 | 220 |
Bank | Funds held in other investments | Debt funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 184 | 296 |
Redeemable | 76 | 187 |
Total fair value | 260 | 483 |
Unfunded commitments | 1 | 1 |
Bank | Funds held in other investments | Debt funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 11 | 17 |
Redeemable | 0 | 0 |
Total fair value | 11 | 17 |
Unfunded commitments | 17 | 15 |
Bank | Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | 0 | 0 |
Total fair value | 0 | 0 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | Equity funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 428 | 567 |
Redeemable | 0 | 0 |
Total fair value | 428 | 567 |
Unfunded commitments | 114 | 122 |
Bank | Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 282 | 302 |
Redeemable | 0 | 0 |
Total fair value | 282 | 302 |
Unfunded commitments | 76 | 98 |
Bank | Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | 0 |
Redeemable | 35 | 50 |
Total fair value | 35 | 50 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | Others | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 312 | 382 |
Redeemable | 0 | 0 |
Total fair value | 312 | 382 |
Unfunded commitments | SFr 141 | SFr 158 |
Financial instruments (Detai186
Financial instruments (Details 14) - Recurring basis - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | SFr 4,979 | SFr 7,406 |
Transfers out of level 1 to level 2, Trading assets | 1,468 | 1,424 |
Transfers to level 1 out of level 2, Trading liabilities | 4,745 | 7,067 |
Transfers out of level 1 to level 2, Trading liabilities | 332 | 835 |
Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 85 | 1,108 |
Transfers out of level 1 to level 2, Trading assets | 187 | 533 |
Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 566 | 513 |
Transfers out of level 1 to level 2, Trading assets | 1,257 | 391 |
Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 4,328 | 5,785 |
Transfers out of level 1 to level 2, Trading assets | 24 | 500 |
Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 108 | 861 |
Transfers out of level 1 to level 2, Trading liabilities | 79 | 658 |
Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 85 | 133 |
Transfers out of level 1 to level 2, Trading liabilities | 139 | 90 |
Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 4,552 | 6,073 |
Transfers out of level 1 to level 2, Trading liabilities | 114 | 87 |
Bank | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 4,979 | 7,406 |
Transfers out of level 1 to level 2, Trading assets | 1,468 | 1,424 |
Transfers to level 1 out of level 2, Trading liabilities | 4,745 | 7,067 |
Transfers out of level 1 to level 2, Trading liabilities | 332 | 835 |
Bank | Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 85 | 1,108 |
Transfers out of level 1 to level 2, Trading assets | 187 | 533 |
Bank | Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 566 | 513 |
Transfers out of level 1 to level 2, Trading assets | 1,257 | 391 |
Bank | Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 4,328 | 5,785 |
Transfers out of level 1 to level 2, Trading assets | 24 | 500 |
Bank | Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 108 | 861 |
Transfers out of level 1 to level 2, Trading liabilities | 79 | 658 |
Bank | Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 85 | 133 |
Transfers out of level 1 to level 2, Trading liabilities | 139 | 90 |
Bank | Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 4,552 | 6,073 |
Transfers out of level 1 to level 2, Trading liabilities | SFr 114 | SFr 87 |
Financial instruments (Detai187
Financial instruments (Details 15) - Recurring basis SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015CHF (SFr) | Dec. 31, 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 158 | SFr 77 | 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) | 475 | 350 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 361 | 350 | |
Securities received as collateral | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 0 | SFr 0 | |
Trading assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 15,148 | 17,180 | 13,710 |
Trading assets | Debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,564 | 4,465 | 5,069 |
Trading assets | Debt securities | Corporate debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,746 | 1,435 | 2,128 |
Trading assets | Debt securities | Corporate debt securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 240 | SFr 201 | |
Trading assets | Debt securities | Corporate debt securities | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | ||
Correlation (in %) | (87.00%) | (88.00%) | |
Trading assets | Debt securities | Corporate debt securities | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | ||
Correlation (in %) | 99.00% | 97.00% | |
Trading assets | Debt securities | Corporate debt securities | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 68.00% | ||
Correlation (in %) | 17.00% | 17.00% | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 285 | SFr 1,051 | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 134 | 9 | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,408 | 1,644 | |
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 493 | 361 | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 836 | SFr 180 | |
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 %) | 128.00% | 124.00% | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 29.00% | 67.00% | |
Trading assets | Debt securities | RMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 814 | SFr 612 | 436 |
Trading assets | Debt securities | RMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 1.00% | 1.00% | |
Default rate (in %) | 0.00% | 1.00% | |
Loss severity (in %) | 0.00% | 0.00% | |
Trading assets | Debt securities | RMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Prepayment rate (in %) | 27.00% | 29.00% | |
Discount rate (in %) | 36.00% | 31.00% | |
Default rate (in %) | 20.00% | 19.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Trading assets | Debt securities | RMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Prepayment rate (in %) | 9.00% | 8.00% | |
Discount rate (in %) | 8.00% | 9.00% | |
Default rate (in %) | 3.00% | 3.00% | |
Loss severity (in %) | 50.00% | 50.00% | |
Trading assets | Debt securities | CMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 215 | SFr 257 | 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% | 0.00% | |
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 %) | 8.00% | 10.00% | |
Prepayment rate (in %) | 16.00% | 20.00% | |
Discount rate (in %) | 23.00% | 28.00% | |
Default rate (in %) | 32.00% | 21.00% | |
Loss severity (in %) | 75.00% | 35.00% | |
Trading assets | Debt securities | CMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | 8.00% | |
Prepayment rate (in %) | 3.00% | 12.00% | |
Discount rate (in %) | 8.00% | 9.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 4.00% | 3.00% | |
Trading assets | Debt securities | Collateralized debt obligations | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,298 | SFr 1,421 | 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 329 | SFr 286 | |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 293 | ||
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 1.00% | 3.00% | |
Default rate (in %) | 0.00% | 0.00% | |
Loss severity (in %) | 0.00% | 3.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 336 | ||
Prepayment rate (in %) | 20.00% | 20.00% | |
Discount rate (in %) | 25.00% | 23.00% | |
Default rate (in %) | 10.00% | 7.00% | |
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) | 309 | ||
Prepayment rate (in %) | 14.00% | 17.00% | |
Discount rate (in %) | 11.00% | 7.00% | |
Default rate (in %) | 2.00% | 2.00% | |
Loss severity (in %) | 46.00% | 35.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 66 | SFr 89 | |
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 %) | 96.00% | 95.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 807 | SFr 837 | |
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 214.00% | 93.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 214.00% | 196.00% | |
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 214.00% | 191.00% | |
Trading assets | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,487 | SFr 1,566 | 595 |
Trading assets | Equity securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 342 | ||
Trading assets | Equity securities | Option model | Minimum | |||
Unobservable input | |||
Volatility (in %) | 2.00% | ||
Trading assets | Equity securities | Option model | Maximum | |||
Unobservable input | |||
Volatility (in %) | 253.00% | ||
Trading assets | Equity securities | Option model | Weighted average | |||
Unobservable input | |||
Volatility (in %) | 29.00% | ||
Trading assets | Equity securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 26 | ||
Trading assets | Equity securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | ||
Discount rate (in %) | 15.00% | ||
Trading assets | Equity securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | ||
Discount rate (in %) | 15.00% | ||
Trading assets | Equity securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 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 471 | SFr 765 | |
Trading assets | Equity securities | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 3 | 3 | |
Price (in %) | 0.00% | 1.00% | |
Trading assets | Equity securities | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 12 | 13 | |
Price (in %) | 202.00% | 163.00% | |
Trading assets | Equity securities | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 8 | 9 | |
Price (in %) | 96.00% | 51.00% | |
Trading assets | Derivative instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 4,831 | SFr 6,823 | 5,217 |
Trading assets | Derivative instruments | Interest rate derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 791 | SFr 1,803 | 1,574 |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 17.00% | 9.00% | |
Credit spread (in bp) | 130 | 229 | |
Mean reversion (in %) | 5.00% | 5.00% | |
Prepayment rate (in %) | 1.00% | 0.00% | |
Volatility skew (in %) | (8.00%) | (9.00%) | |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 100.00% | 100.00% | |
Credit spread (in bp) | 1,687 | 1,218 | |
Mean reversion (in %) | 10.00% | 10.00% | |
Prepayment rate (in %) | 36.00% | 33.00% | |
Volatility skew (in %) | 0.00% | 3.00% | |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 63.00% | 76.00% | |
Credit spread (in bp) | 330 | 1,046 | |
Mean reversion (in %) | 10.00% | 10.00% | |
Prepayment rate (in %) | 16.00% | 24.00% | |
Volatility skew (in %) | (2.00%) | (1.00%) | |
Trading assets | Derivative instruments | Credit derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,568 | SFr 2,569 | 1,138 |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 61 | 51 | |
Correlation (in %) | 43.00% | 46.00% | |
Credit spread (in bp) | 1 | 1 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 2.00% | 1.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 15.00% | 10.00% | |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 68 | 106 | |
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 2,349 | 6,087 | |
Prepayment rate (in %) | 12.00% | 9.00% | |
Recovery rate (in %) | 60.00% | 75.00% | |
Discount rate (in %) | 50.00% | 38.00% | |
Default rate (in %) | 35.00% | 43.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 67 | 80 | |
Correlation (in %) | 85.00% | 83.00% | |
Credit spread (in bp) | 331 | 614 | |
Prepayment rate (in %) | 4.00% | 4.00% | |
Recovery rate (in %) | 23.00% | 20.00% | |
Discount rate (in %) | 19.00% | 18.00% | |
Default rate (in %) | 6.00% | 7.00% | |
Loss severity (in %) | 64.00% | 65.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 936 | SFr 1,063 | 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 778 | ||
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (87.00%) | (88.00%) | |
Volatility (in %) | 0.00% | 0.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 99.00% | 97.00% | |
Volatility (in %) | 253.00% | 276.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 23.00% | 8.00% | |
Volatility (in %) | 26.00% | 27.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 109 | ||
Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 4 | ||
Price (in %) | 97.00% | ||
Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 10 | ||
Price (in %) | 97.00% | ||
Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 7 | ||
Price (in %) | 97.00% | ||
Trading assets | Other | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 4,266 | SFr 4,326 | 2,829 |
Trading assets | Other | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 865 | SFr 770 | |
Trading assets | Other | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 3 | 3 | |
Trading assets | Other | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 18 | 20 | |
Trading assets | Other | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 8 | 9 | |
Trading assets | Other | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 2,859 | SFr 3,493 | |
Trading assets | Other | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Trading assets | Other | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 106.00% | 104.00% | |
Trading assets | Other | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 45.00% | 50.00% | |
Investment securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 148 | SFr 3 | 2 |
Other investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,058 | 5,283 | 6,969 |
Other investments | Private equity | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,042 | 1,286 | |
Other investments | Hedge funds | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 197 | 314 | |
Other investments | Other equity investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,150 | 1,849 | |
Other investments | Life finance instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,669 | SFr 1,834 | 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) | 20 | 21 | |
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 | ||
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 | ||
Other investments | Other equity investments - of which private | Discounted cash flow | Minimum | |||
Unobservable input | |||
Contingent probability (in %) | 69.00% | ||
Other investments | Other equity investments - of which private | Discounted cash flow | Maximum | |||
Unobservable input | |||
Contingent probability (in %) | 69.00% | ||
Other investments | Other equity investments - of which private | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Contingent probability (in %) | 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 | ||
Other investments | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 2,389 | 3,449 | 5,369 |
Loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 8,950 | 9,353 | 7,998 |
Loans - of which commercial and industrial | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 5,735 | 5,853 | 5,309 |
Loans - of which commercial and industrial | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,799 | SFr 5,011 | |
Loans - of which commercial and industrial | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 70 | 34 | |
Recovery rate (in %) | 0.00% | ||
Loans - of which commercial and industrial | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 2,528 | 2,528 | |
Recovery rate (in %) | 100.00% | ||
Loans - of which commercial and industrial | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 474 | 462 | |
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 1,146 | SFr 650 | |
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 %) | 106.00% | 100.00% | |
Loans - of which commercial and industrial | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 65.00% | 82.00% | |
Loans - of which financial institutions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,729 | SFr 1,494 | 1,322 |
Loans - of which financial institutions | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,451 | ||
Loans - of which financial institutions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 84 | 60 | |
Loans - of which financial institutions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 826 | 813 | |
Loans - of which financial institutions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 359 | 304 | |
Loans - of which financial institutions | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 109 | ||
Loans - of which financial institutions | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | ||
Loans - of which financial institutions | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Loans - of which financial institutions | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 98.00% | ||
Other intangible assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 112 | SFr 70 | 42 |
Other assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 7,087 | 7,468 | 6,159 |
Other assets - of which loans held-for-sale | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 6,768 | 6,851 | 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 722 | SFr 1,321 | |
Other assets - of which loans held-for-sale | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 99 | 146 | |
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) | 3,220 | 2,047 | |
Recovery rate (in %) | 1.00% | 39.00% | |
Other assets - of which loans held-for-sale | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 515 | 334 | |
Recovery rate (in %) | 1.00% | 30.00% | |
Other assets - of which loans held-for-sale | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,594 | SFr 2,654 | |
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 %) | 101.00% | 109.00% | |
Other assets - of which loans held-for-sale | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 97.00% | 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 2,251 | SFr 2,430 | |
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 %) | 104.00% | 100.00% | |
Other assets - of which loans held-for-sale | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 76.00% | 67.00% | |
Assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 35,661 | SFr 39,434 | 35,084 |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 158 | SFr 77 | 204 |
Bank | 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 | |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 475 | 350 | |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 361 | 350 | |
Bank | Securities received as collateral | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 0 | SFr 0 | |
Bank | Trading assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 15,148 | 17,180 | 13,710 |
Bank | Trading assets | Debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,564 | 4,465 | 5,069 |
Bank | Trading assets | Debt securities | Corporate debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,746 | 1,435 | 2,128 |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 240 | SFr 201 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | ||
Correlation (in %) | (87.00%) | (88.00%) | |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | ||
Correlation (in %) | 99.00% | 97.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 68.00% | ||
Correlation (in %) | 17.00% | 17.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 285 | SFr 1,051 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 134 | 9 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,408 | 1,644 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 493 | 361 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 836 | SFr 180 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 128.00% | 124.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 29.00% | 67.00% | |
Bank | Trading assets | Debt securities | RMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 814 | SFr 612 | 436 |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 1.00% | 1.00% | |
Default rate (in %) | 0.00% | 1.00% | |
Loss severity (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Prepayment rate (in %) | 27.00% | 29.00% | |
Discount rate (in %) | 36.00% | 31.00% | |
Default rate (in %) | 20.00% | 19.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Prepayment rate (in %) | 9.00% | 8.00% | |
Discount rate (in %) | 8.00% | 9.00% | |
Default rate (in %) | 3.00% | 3.00% | |
Loss severity (in %) | 50.00% | 50.00% | |
Bank | Trading assets | Debt securities | CMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 215 | SFr 257 | 417 |
Bank | 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% | 0.00% | |
Default rate (in %) | 0.00% | 0.00% | |
Loss severity (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 8.00% | 10.00% | |
Prepayment rate (in %) | 16.00% | 20.00% | |
Discount rate (in %) | 23.00% | 28.00% | |
Default rate (in %) | 32.00% | 21.00% | |
Loss severity (in %) | 75.00% | 35.00% | |
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | 8.00% | |
Prepayment rate (in %) | 3.00% | 12.00% | |
Discount rate (in %) | 8.00% | 9.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 4.00% | 3.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,298 | SFr 1,421 | 1,567 |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 329 | SFr 286 | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 293 | ||
Prepayment rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 1.00% | 3.00% | |
Default rate (in %) | 0.00% | 0.00% | |
Loss severity (in %) | 0.00% | 3.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 336 | ||
Prepayment rate (in %) | 20.00% | 20.00% | |
Discount rate (in %) | 25.00% | 23.00% | |
Default rate (in %) | 10.00% | 7.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 309 | ||
Prepayment rate (in %) | 14.00% | 17.00% | |
Discount rate (in %) | 11.00% | 7.00% | |
Default rate (in %) | 2.00% | 2.00% | |
Loss severity (in %) | 46.00% | 35.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 66 | SFr 89 | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 96.00% | 95.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 807 | SFr 837 | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 214.00% | 93.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 214.00% | 196.00% | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 214.00% | 191.00% | |
Bank | Trading assets | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,487 | SFr 1,566 | 595 |
Bank | Trading assets | Equity securities | Option model | Minimum | |||
Unobservable input | |||
Volatility (in %) | 2.00% | ||
Bank | Trading assets | Equity securities | Option model | Maximum | |||
Unobservable input | |||
Volatility (in %) | 253.00% | ||
Bank | Trading assets | Equity securities | Option model | Weighted average | |||
Unobservable input | |||
Volatility (in %) | 29.00% | ||
Bank | Trading assets | Equity securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 26 | ||
Bank | Trading assets | Equity securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | ||
Discount rate (in %) | 15.00% | ||
Bank | Trading assets | Equity securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | ||
Discount rate (in %) | 15.00% | ||
Bank | Trading assets | Equity securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 7.00% | ||
Discount rate (in %) | 15.00% | ||
Bank | Trading assets | Equity securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 471 | SFr 765 | |
Bank | Trading assets | Equity securities | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 3 | 3 | |
Price (in %) | 0.00% | 1.00% | |
Bank | Trading assets | Equity securities | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 12 | 13 | |
Price (in %) | 202.00% | 163.00% | |
Bank | Trading assets | Equity securities | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 8 | 9 | |
Price (in %) | 96.00% | 51.00% | |
Bank | Trading assets | Equity securities | Corporate debt securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 342 | ||
Bank | Trading assets | Derivative instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,831 | SFr 6,823 | 5,217 |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 791 | SFr 1,803 | 1,574 |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 17.00% | 9.00% | |
Credit spread (in bp) | 130 | 229 | |
Mean reversion (in %) | 5.00% | 5.00% | |
Prepayment rate (in %) | 1.00% | 0.00% | |
Volatility skew (in %) | (8.00%) | (9.00%) | |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 100.00% | 100.00% | |
Credit spread (in bp) | 1,687 | 1,218 | |
Mean reversion (in %) | 10.00% | 10.00% | |
Prepayment rate (in %) | 36.00% | 33.00% | |
Volatility skew (in %) | 0.00% | 3.00% | |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 63.00% | 76.00% | |
Credit spread (in bp) | 330 | 1,046 | |
Mean reversion (in %) | 10.00% | 10.00% | |
Prepayment rate (in %) | 16.00% | 24.00% | |
Volatility skew (in %) | (2.00%) | (1.00%) | |
Bank | Trading assets | Derivative instruments | Credit derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,568 | SFr 2,569 | 1,138 |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 61 | 51 | |
Correlation (in %) | 43.00% | 46.00% | |
Credit spread (in bp) | 1 | 1 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 2.00% | 1.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 15.00% | 10.00% | |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 68 | 106 | |
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 2,349 | 6,087 | |
Prepayment rate (in %) | 12.00% | 9.00% | |
Recovery rate (in %) | 60.00% | 75.00% | |
Discount rate (in %) | 50.00% | 38.00% | |
Default rate (in %) | 35.00% | 43.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 67 | 80 | |
Correlation (in %) | 85.00% | 83.00% | |
Credit spread (in bp) | 331 | 614 | |
Prepayment rate (in %) | 4.00% | 4.00% | |
Recovery rate (in %) | 23.00% | 20.00% | |
Discount rate (in %) | 19.00% | 18.00% | |
Default rate (in %) | 6.00% | 7.00% | |
Loss severity (in %) | 64.00% | 65.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 936 | SFr 1,063 | 1,240 |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 778 | ||
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (87.00%) | (88.00%) | |
Volatility (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 99.00% | 97.00% | |
Volatility (in %) | 253.00% | 276.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 23.00% | 8.00% | |
Volatility (in %) | 26.00% | 27.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 109 | ||
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 4 | ||
Price (in %) | 97.00% | ||
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 10 | ||
Price (in %) | 97.00% | ||
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 7 | ||
Price (in %) | 97.00% | ||
Bank | Trading assets | Other | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 4,266 | SFr 4,326 | 2,829 |
Bank | Trading assets | Other | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 865 | SFr 770 | |
Bank | Trading assets | Other | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 3 | 3 | |
Bank | Trading assets | Other | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 18 | 20 | |
Bank | Trading assets | Other | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 8 | 9 | |
Bank | Trading assets | Other | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 2,859 | SFr 3,493 | |
Bank | Trading assets | Other | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Other | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 106.00% | 104.00% | |
Bank | Trading assets | Other | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 45.00% | 50.00% | |
Bank | Investment securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 148 | SFr 3 | 2 |
Bank | Other investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 4,048 | 5,271 | 6,963 |
Bank | Other investments | Private equity | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,033 | 1,268 | |
Bank | Other investments | Hedge funds | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 197 | 314 | |
Bank | Other investments | Other equity investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,149 | 1,855 | |
Bank | Other investments | Life finance instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,669 | SFr 1,834 | 1,600 |
Bank | Other investments | Life finance instruments | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 2 | 2 | |
Bank | Other investments | Life finance instruments | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 20 | 21 | |
Bank | Other investments | Life finance instruments | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 8 | 8 | |
Bank | Other investments | Other equity investments - of which private | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,855 | ||
Bank | 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 | ||
Bank | Other investments | Other equity investments - of which private | Discounted cash flow | Minimum | |||
Unobservable input | |||
Contingent probability (in %) | 69.00% | ||
Bank | Other investments | Other equity investments - of which private | Discounted cash flow | Maximum | |||
Unobservable input | |||
Contingent probability (in %) | 69.00% | ||
Bank | Other investments | Other equity investments - of which private | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Contingent probability (in %) | 69.00% | ||
Bank | 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 | ||
Bank | Other investments | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 2,379 | 3,437 | 5,363 |
Bank | Loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 8,950 | 9,353 | 7,998 |
Bank | Loans - of which commercial and industrial | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 5,735 | 5,853 | 5,309 |
Bank | Loans - of which commercial and industrial | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,799 | SFr 5,011 | |
Bank | Loans - of which commercial and industrial | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 70 | 34 | |
Recovery rate (in %) | 0.00% | ||
Bank | Loans - of which commercial and industrial | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 2,528 | 2,528 | |
Recovery rate (in %) | 100.00% | ||
Bank | Loans - of which commercial and industrial | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 474 | 462 | |
Recovery rate (in %) | 68.00% | ||
Bank | Loans - of which commercial and industrial | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,146 | SFr 650 | |
Bank | Loans - of which commercial and industrial | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Loans - of which commercial and industrial | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 106.00% | 100.00% | |
Bank | Loans - of which commercial and industrial | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 65.00% | 82.00% | |
Bank | Loans - of which financial institutions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,729 | SFr 1,494 | 1,322 |
Bank | Loans - of which financial institutions | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,451 | ||
Bank | Loans - of which financial institutions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 84 | 60 | |
Bank | Loans - of which financial institutions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 826 | 813 | |
Bank | Loans - of which financial institutions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 359 | 304 | |
Bank | Loans - of which financial institutions | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 109 | ||
Bank | Loans - of which financial institutions | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | ||
Bank | Loans - of which financial institutions | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Bank | Loans - of which financial institutions | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 98.00% | ||
Bank | Other intangible assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 112 | SFr 70 | 42 |
Bank | Other assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 7,087 | 7,468 | 6,159 |
Bank | Other assets - of which loans held-for-sale | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 6,768 | 6,851 | 5,615 |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 722 | SFr 1,321 | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 99 | 146 | |
Recovery rate (in %) | 1.00% | 1.00% | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 3,220 | 2,047 | |
Recovery rate (in %) | 1.00% | 39.00% | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 515 | 334 | |
Recovery rate (in %) | 1.00% | 30.00% | |
Bank | Other assets - of which loans held-for-sale | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,594 | SFr 2,654 | |
Bank | Other assets - of which loans held-for-sale | Vendor price | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Other assets - of which loans held-for-sale | Vendor price | Maximum | |||
Unobservable input | |||
Price (in %) | 101.00% | 109.00% | |
Bank | Other assets - of which loans held-for-sale | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 97.00% | 99.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 2,251 | SFr 2,430 | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 104.00% | 100.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 76.00% | 67.00% | |
Bank | Assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 35,651 | SFr 39,422 | SFr 35,078 |
Financial instruments (Detai188
Financial instruments (Details 16) - Recurring basis SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015CHF (SFr) | Dec. 31, 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 | |
Obligation to return securities received as collateral | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 0 | 0 | |
Due to banks and customer deposits | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 254 | 100 | 55 |
Trading Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 4,615 | 6,417 | 5,564 |
Trading Liabilities | Interest rate derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 578 | SFr 1,202 | 1,129 |
Trading Liabilities | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Basis spread (in bp) | (7) | (11) | |
Funding spread (in bp) | 218 | ||
Correlation (in %) | 17.00% | 9.00% | |
Gap risk (in %) | 20.00% | 20.00% | |
Mean reversion (in %) | 5.00% | 5.00% | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Trading Liabilities | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Basis spread (in bp) | 53 | 85 | |
Funding spread (in bp) | 218 | ||
Correlation (in %) | 100.00% | 100.00% | |
Gap risk (in %) | 20.00% | 20.00% | |
Mean reversion (in %) | 10.00% | 10.00% | |
Prepayment rate (in %) | 36.00% | 33.00% | |
Trading Liabilities | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Basis spread (in bp) | 25 | 44 | |
Funding spread (in bp) | 218 | ||
Correlation (in %) | 75.00% | 78.00% | |
Gap risk (in %) | 20.00% | 20.00% | |
Mean reversion (in %) | 8.00% | 9.00% | |
Prepayment rate (in %) | 9.00% | 21.00% | |
Trading Liabilities | Foreign exchange derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 329 | SFr 560 | 938 |
Trading Liabilities | Foreign exchange derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (10.00%) | (10.00%) | |
Prepayment rate (in %) | 24.00% | 22.00% | |
Trading Liabilities | Foreign exchange derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 70.00% | 70.00% | |
Prepayment rate (in %) | 36.00% | 33.00% | |
Trading Liabilities | Foreign exchange derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 54.00% | 50.00% | |
Prepayment rate (in %) | 30.00% | 28.00% | |
Trading Liabilities | Credit derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,757 | SFr 2,760 | 1,230 |
Trading Liabilities | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 51 | 51 | |
Correlation (in %) | 17.00% | 9.00% | |
Credit spread (in bp) | 1 | 1 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 8.00% | 0.00% | |
Discount rate (in %) | 2.00% | 2.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 15.00% | 10.00% | |
Trading Liabilities | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 68 | 82 | |
Correlation (in %) | 95.00% | 94.00% | |
Credit spread (in bp) | 1,687 | 6,087 | |
Prepayment rate (in %) | 12.00% | 12.00% | |
Recovery rate (in %) | 60.00% | 75.00% | |
Discount rate (in %) | 50.00% | 34.00% | |
Default rate (in %) | 33.00% | 43.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Trading Liabilities | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 68 | 64 | |
Correlation (in %) | 80.00% | 57.00% | |
Credit spread (in bp) | 275 | 508 | |
Prepayment rate (in %) | 5.00% | 4.00% | |
Recovery rate (in %) | 27.00% | 28.00% | |
Discount rate (in %) | 19.00% | 17.00% | |
Default rate (in %) | 5.00% | 7.00% | |
Loss severity (in %) | 64.00% | 65.00% | |
Trading Liabilities | Equity/Index-related products | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,347 | SFr 1,466 | 1,896 |
Trading Liabilities | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (87.00%) | (88.00%) | |
Skew (in %) | 44.00% | ||
Volatility (in %) | 2.00% | 1.00% | |
Trading Liabilities | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 99.00% | 97.00% | |
Skew (in %) | 260.00% | ||
Volatility (in %) | 253.00% | 276.00% | |
Trading Liabilities | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 59.00% | 68.00% | |
Correlation (in %) | 17.00% | 17.00% | |
Skew (in %) | 110.00% | ||
Volatility (in %) | 26.00% | 27.00% | |
Short-term borrowings. | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 72 | SFr 95 | 165 |
Long-term debt | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 14,123 | 14,608 | 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 | SFr 9,924 | 10,267 | 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 | ||
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 %) | (87.00%) | (88.00%) | |
Credit spread (in bp) | 153 | ||
Gap risk (in %) | 0.00% | 0.00% | |
Volatility (in %) | 2.00% | 4.00% | |
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% | |
Credit spread (in bp) | 182 | ||
Gap risk (in %) | 3.00% | 3.00% | |
Volatility (in %) | 253.00% | 276.00% | |
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 59.00% | 68.00% | |
Correlation (in %) | 17.00% | 18.00% | |
Credit spread (in bp) | 177 | ||
Gap risk (in %) | 1.00% | 0.00% | |
Volatility (in %) | 28.00% | 30.00% | |
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 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 228 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 597 | ||
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 | ||
Long-term debt | Long-term debt - of which nonrecourse liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 3,197 | SFr 2,952 | 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 3,183 | SFr 2,766 | |
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 %) | 101.00% | 109.00% | |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 97.00% | 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 14 | SFr 90 | |
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 %) | 87.00% | 100.00% | |
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 9.00% | 7.00% | |
Other liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 2,491 | SFr 3,363 | 2,861 |
Other liabilities | Other liabilities - of which failed sales | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 454 | 616 | 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 68 | SFr 124 | |
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 571 | 852 | |
Recovery rate (in %) | 39.00% | ||
Discount rate (in %) | 7.00% | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,687 | 1,286 | |
Recovery rate (in %) | 39.00% | ||
Discount rate (in %) | 23.00% | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,425 | 912 | |
Recovery rate (in %) | 39.00% | ||
Discount rate (in %) | 15.00% | ||
Other liabilities | Other liabilities - of which failed sales | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 379 | SFr 450 | |
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 %) | 106.00% | 103.00% | |
Other liabilities | Other liabilities - of which failed sales | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 90.00% | 63.00% | |
Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 21,555 | SFr 24,583 | 18,539 |
Bank | 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 | 0 | 114 | |
Bank | Obligation to return securities received as collateral | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 0 | 0 | |
Bank | Due to banks and customer deposits | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 254 | 100 | 55 |
Bank | Trading Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 4,615 | 6,417 | 5,564 |
Bank | Trading Liabilities | Interest rate derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 578 | SFr 1,202 | 1,129 |
Bank | Trading Liabilities | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Basis spread (in bp) | (7) | (11) | |
Correlation (in %) | 17.00% | 9.00% | |
Gap risk (in %) | 20.00% | 20.00% | |
Mean reversion (in %) | 5.00% | 5.00% | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Bank | Trading Liabilities | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Basis spread (in bp) | 53 | 85 | |
Correlation (in %) | 100.00% | 100.00% | |
Gap risk (in %) | 20.00% | 20.00% | |
Mean reversion (in %) | 10.00% | 10.00% | |
Prepayment rate (in %) | 36.00% | 33.00% | |
Bank | Trading Liabilities | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Basis spread (in bp) | 25 | 44 | |
Correlation (in %) | 75.00% | 78.00% | |
Gap risk (in %) | 20.00% | 20.00% | |
Mean reversion (in %) | 8.00% | 9.00% | |
Prepayment rate (in %) | 9.00% | 21.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 329 | SFr 560 | 938 |
Bank | Trading Liabilities | Foreign exchange derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (10.00%) | (10.00%) | |
Prepayment rate (in %) | 24.00% | 22.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 70.00% | 70.00% | |
Prepayment rate (in %) | 36.00% | 33.00% | |
Bank | Trading Liabilities | Foreign exchange derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 54.00% | 50.00% | |
Prepayment rate (in %) | 30.00% | 28.00% | |
Bank | Trading Liabilities | Credit derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,757 | SFr 2,760 | 1,230 |
Bank | Trading Liabilities | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 51 | 51 | |
Correlation (in %) | 17.00% | 9.00% | |
Credit spread (in bp) | 1 | 1 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 8.00% | 0.00% | |
Discount rate (in %) | 2.00% | 2.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 15.00% | 10.00% | |
Bank | Trading Liabilities | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 68 | 82 | |
Correlation (in %) | 95.00% | 94.00% | |
Credit spread (in bp) | 1,687 | 6,087 | |
Prepayment rate (in %) | 12.00% | 12.00% | |
Recovery rate (in %) | 60.00% | 75.00% | |
Discount rate (in %) | 50.00% | 34.00% | |
Default rate (in %) | 33.00% | 43.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading Liabilities | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 68 | 64 | |
Correlation (in %) | 80.00% | 57.00% | |
Credit spread (in bp) | 275 | 508 | |
Prepayment rate (in %) | 5.00% | 4.00% | |
Recovery rate (in %) | 27.00% | 28.00% | |
Discount rate (in %) | 19.00% | 17.00% | |
Default rate (in %) | 5.00% | 7.00% | |
Loss severity (in %) | 64.00% | 65.00% | |
Bank | Trading Liabilities | Equity/Index-related products | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,347 | SFr 1,466 | 1,896 |
Bank | Trading Liabilities | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (87.00%) | (88.00%) | |
Skew (in %) | 44.00% | ||
Volatility (in %) | 2.00% | 1.00% | |
Bank | Trading Liabilities | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 99.00% | 97.00% | |
Skew (in %) | 260.00% | ||
Volatility (in %) | 253.00% | 276.00% | |
Bank | Trading Liabilities | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 59.00% | 68.00% | |
Correlation (in %) | 17.00% | 17.00% | |
Skew (in %) | 110.00% | ||
Volatility (in %) | 26.00% | 27.00% | |
Bank | Trading Liabilities | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Funding spread (in bp) | 218 | ||
Bank | Trading Liabilities | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Funding spread (in bp) | 218 | ||
Bank | Trading Liabilities | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Funding spread (in bp) | 218 | ||
Bank | Short-term borrowings. | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 72 | SFr 95 | 165 |
Bank | Long-term debt | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 14,123 | 14,608 | 9,780 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 9,924 | 10,267 | 6,217 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 8,002 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (87.00%) | (88.00%) | |
Credit spread (in bp) | 153 | ||
Gap risk (in %) | 0.00% | 0.00% | |
Volatility (in %) | 2.00% | 4.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 99.00% | 99.00% | |
Credit spread (in bp) | 182 | ||
Gap risk (in %) | 3.00% | 3.00% | |
Volatility (in %) | 253.00% | 276.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 59.00% | 68.00% | |
Correlation (in %) | 17.00% | 18.00% | |
Credit spread (in bp) | 177 | ||
Gap risk (in %) | 1.00% | 0.00% | |
Volatility (in %) | 28.00% | 30.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 515 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 228 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 597 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 455 | ||
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 3,197 | SFr 2,952 | 2,552 |
Bank | 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 3,183 | SFr 2,766 | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Maximum | |||
Unobservable input | |||
Price (in %) | 101.00% | 109.00% | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in %) | 97.00% | 99.00% | |
Bank | 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 14 | SFr 90 | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 87.00% | 100.00% | |
Bank | Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 9.00% | 7.00% | |
Bank | Other liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 2,483 | SFr 3,358 | 2,859 |
Bank | Other liabilities | Other liabilities - of which failed sales | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 454 | 616 | 1,143 |
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 68 | SFr 124 | |
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 571 | 852 | |
Recovery rate (in %) | 39.00% | ||
Discount rate (in %) | 7.00% | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,687 | 1,286 | |
Recovery rate (in %) | 39.00% | ||
Discount rate (in %) | 23.00% | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,425 | 912 | |
Recovery rate (in %) | 39.00% | ||
Discount rate (in %) | 15.00% | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 379 | SFr 450 | |
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 106.00% | 103.00% | |
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 90.00% | 63.00% | |
Bank | Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 21,547 | SFr 24,578 | SFr 18,537 |
Financial instruments (Detai189
Financial instruments (Details 17) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | SFr 83,565 | SFr 104,283 |
Investment securities | 3,090 | 2,791 |
Loans | 20,820 | 22,913 |
Other assets | 25,627 | 32,320 |
Financial liabilities | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,398 | 54,732 |
Short-term borrowings | 3,112 | 3,861 |
Long-term debt | 80,931 | 81,166 |
Other liabilities | 11,754 | 16,938 |
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 | 39,485 | 58,925 |
Loans | 248,326 | 245,866 |
Other assets | 148,491 | 148,473 |
Financial liabilities | ||
Due to banks and deposits | 359,614 | 390,984 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,200 | 15,387 |
Short-term borrowings | 5,546 | 22,061 |
Long-term debt | 116,676 | 96,732 |
Other liabilities | 63,921 | 85,066 |
Estimate of fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 39,485 | 58,925 |
Loans | 256,789 | 252,647 |
Other assets | 148,799 | 148,813 |
Financial liabilities | ||
Due to banks and deposits | 360,020 | 390,983 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,401 | 15,387 |
Short-term borrowings | 5,545 | 22,064 |
Long-term debt | 118,099 | 98,306 |
Other liabilities | 64,050 | 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 | 92,547 | 80,520 |
Financial liabilities | ||
Due to banks and deposits | 206,475 | 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 | 32 | 15 |
Estimate of fair value | Level 2 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 39,485 | 58,925 |
Loans | 250,639 | 248,969 |
Other assets | 54,359 | 66,714 |
Financial liabilities | ||
Due to banks and deposits | 153,545 | 173,501 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,401 | 15,387 |
Short-term borrowings | 5,545 | 22,064 |
Long-term debt | 117,321 | 97,105 |
Other liabilities | 63,440 | 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 | 6,150 | 3,678 |
Other assets | 1,893 | 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 | 778 | 1,201 |
Other liabilities | 578 | 586 |
Bank | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 83,565 | 104,283 |
Investment securities | 2,698 | 2,379 |
Loans | 20,820 | 22,913 |
Other assets | 25,626 | 32,321 |
Financial liabilities | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,398 | 54,732 |
Short-term borrowings | 3,112 | 3,861 |
Long-term debt | 80,002 | 80,260 |
Other liabilities | 11,745 | 16,933 |
Bank | Carrying value of financial instruments not carried at fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 39,871 | 58,925 |
Loans | 231,395 | 230,340 |
Other assets | 150,743 | 149,925 |
Financial liabilities | ||
Due to banks and deposits | 349,015 | 379,992 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,200 | 15,387 |
Short-term borrowings | 5,546 | 22,061 |
Long-term debt | 112,091 | 92,687 |
Other liabilities | 63,970 | 84,874 |
Bank | Estimate of fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 39,872 | 58,925 |
Loans | 238,545 | 235,949 |
Other assets | 150,992 | 150,206 |
Financial liabilities | ||
Due to banks and deposits | 349,419 | 379,989 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,401 | 15,387 |
Short-term borrowings | 5,545 | 22,064 |
Long-term debt | 113,416 | 94,109 |
Other liabilities | 64,106 | 84,746 |
Bank | Estimate of fair value | Level 1 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 4 | 0 |
Other assets | 90,740 | 79,170 |
Financial liabilities | ||
Due to banks and deposits | 197,645 | 208,759 |
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 | 32 | 15 |
Bank | Estimate of fair value | Level 2 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 39,872 | 58,925 |
Loans | 232,391 | 232,271 |
Other assets | 58,456 | 69,554 |
Financial liabilities | ||
Due to banks and deposits | 151,774 | 171,230 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,401 | 15,387 |
Short-term borrowings | 5,545 | 22,064 |
Long-term debt | 112,638 | 92,908 |
Other liabilities | 63,496 | 84,146 |
Bank | Estimate of fair value | Level 3 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 6,150 | 3,678 |
Other assets | 1,796 | 1,482 |
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 | 778 | 1,201 |
Other liabilities | SFr 578 | SFr 585 |
Assets pledged and collatera190
Assets pledged and collateral (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | SFr 137,330 | SFr 153,982 |
of which encumbered | 91,278 | 103,245 |
Fair value of collateral received with the right to sell or repledge | 422,269 | 444,852 |
of which sold or repledged | 186,132 | 218,752 |
Other information | ||
Cash and securities restricted under foreign banking regulations | 24,592 | 26,286 |
Swiss National Bank required minimum liquidity reserves | 2,014 | 2,202 |
Bank | ||
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | 130,983 | 148,345 |
of which encumbered | 91,278 | 103,245 |
Fair value of collateral received with the right to sell or repledge | 422,659 | 444,852 |
of which sold or repledged | 186,298 | 218,752 |
Other information | ||
Cash and securities restricted under foreign banking regulations | 24,592 | 26,286 |
Swiss National Bank required minimum liquidity reserves | SFr 1,890 | SFr 2,051 |
Capital adequacy (Details)
Capital adequacy (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Capital ratios % | ||
Description of Other Regulatory Limitations | Dividend restrictions Certain of the Group's subsidiaries are subject to legal restrictions governing the amount of dividends they can pay (for example, pursuant to corporate law as defined by the Swiss Code of Obligations). Under the Swiss Code of Obligations, dividends may be paid out only if and to the extent the corporation has distributable profits from previous business years, or if the free reserves of the corporation are sufficient to allow distribution of a dividend. In addition, at least 5% of the annual net profits must be retained and booked as general legal reserves for so long as these reserves amount to less than 20% of the paid-in share capital. The reserves currently exceed this 20% threshold. Furthermore, dividends may be paid out only after shareholder approval at the Annual General Meeting. | |
Basel III | ||
Eligible capital | ||
CET1 capital | SFr 42,072 | SFr 43,322 |
Additional tier 1 capital | 10,991 | 6,482 |
Tier 1 capital | 53,063 | 49,804 |
Tier 2 capital | 9,619 | 10,947 |
Total eligible capital | 62,682 | 60,751 |
Risk-weighted assets | ||
Risk-weighted assets | SFr 294,950 | SFr 291,410 |
Capital ratios % | ||
CET1 ratio (as a percent) | 14.30% | 14.90% |
Tier 1 ratio (as a percent) | 18.00% | 17.10% |
Total capital ratio (as a percent) | 21.30% | 20.80% |
Credit risk | Basel III | ||
Risk-weighted assets | ||
Risk-weighted assets | SFr 193,198 | SFr 192,663 |
Market risk | Basel III | ||
Risk-weighted assets | ||
Risk-weighted assets | 29,799 | 34,468 |
Non-counterparty risk | Basel III | ||
Risk-weighted assets | ||
Risk-weighted assets | 5,515 | 5,866 |
Operational risk | Basel III | ||
Risk-weighted assets | ||
Risk-weighted assets | 66,438 | 58,413 |
Bank | Basel III | ||
Eligible capital | ||
CET1 capital | 40,013 | 40,853 |
Additional tier 1 capital | 10,557 | 6,261 |
Tier 1 capital | 50,570 | 47,114 |
Tier 2 capital | 9,672 | 10,997 |
Total eligible capital | 60,242 | 58,111 |
Risk-weighted assets | ||
Risk-weighted assets | SFr 286,947 | SFr 282,994 |
Capital ratios % | ||
CET1 ratio (as a percent) | 13.90% | 14.40% |
Tier 1 ratio (as a percent) | 17.60% | 16.60% |
Total capital ratio (as a percent) | 21.00% | 20.50% |
Bank | Credit risk | Basel III | ||
Risk-weighted assets | ||
Risk-weighted assets | SFr 185,574 | SFr 184,531 |
Bank | Market risk | Basel III | ||
Risk-weighted assets | ||
Risk-weighted assets | 29,755 | 34,439 |
Bank | Non-counterparty risk | Basel III | ||
Risk-weighted assets | ||
Risk-weighted assets | 5,180 | 5,611 |
Bank | Operational risk | Basel III | ||
Risk-weighted assets | ||
Risk-weighted assets | SFr 66,438 | SFr 58,413 |
Assets under management (Detail
Assets under management (Details) - CHF (SFr) SFr in Billions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets under management [Line Items] | |||
Assets in collective investment instruments managed by Credit Suisse | SFr 186.9 | SFr 157.2 | |
Assets with discretionary mandates | 223.1 | 271.8 | |
Other assets under management | 804.1 | 939.7 | |
Assets under management (including double counting) | 1,214.1 | 1,368.7 | SFr 1,277.6 |
of which double counting | 48 | 47.4 | |
Bank | |||
Assets under management [Line Items] | |||
Assets in collective investment instruments managed by Credit Suisse | 186.9 | 157.2 | |
Assets with discretionary mandates | 220.3 | 269.1 | |
Other assets under management | 789.7 | 924.8 | |
Assets under management (including double counting) | 1,196.9 | 1,351.1 | SFr 1,265.1 |
of which double counting | SFr 46.8 | SFr 46.3 |
Assets under management (Det193
Assets under management (Details 2) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in Assets under management | ||
Assets under management at beginning of period | SFr 1,368.7 | SFr 1,277.6 |
Net new assets/(net asset outflows) | 46.9 | 27.9 |
Market movements, interest, dividends and foreign exchange | (26.9) | 92.5 |
of which market movements, interest and dividends | 9.8 | 43.6 |
of which foreign exchange | (36.7) | 48.9 |
Other effects | (174.6) | (29.3) |
Assets under management at end of period | 1,214.1 | 1,368.7 |
Impact of the updated AuM Policy | 46.4 | |
Discontinued operations | ||
Changes in Assets under management | ||
Net new assets/(net asset outflows) | (2) | |
Bank | ||
Changes in Assets under management | ||
Assets under management at beginning of period | 1,351.1 | 1,265.1 |
Net new assets/(net asset outflows) | 46.4 | 27.2 |
Market movements, interest, dividends and foreign exchange | (26.6) | 87.4 |
of which market movements, interest and dividends | 10 | 38.6 |
of which foreign exchange | (36.6) | 48.8 |
Other effects | (174) | (28.6) |
Assets under management at end of period | 1,196.9 | 1,351.1 |
Impact of the updated AuM Policy | SFr 45.9 | |
Bank | Discontinued operations | ||
Changes in Assets under management | ||
Net new assets/(net asset outflows) | SFr (2) |
Litigation (Details)
Litigation (Details) € in Millions, SFr in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015CHF (SFr) | Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | |
Pending Litigation | ||||
Litigation provisions | ||||
Balance at beginning of period | SFr | SFr 1,022 | |||
Increases in litigation accruals | SFr | 1,255 | |||
Decreases in litigation accruals | SFr | (134) | |||
Decreases for settlement and other cash payments | SFr | (541) | |||
Foreign exchange translation | SFr | 3 | |||
Balance at end of period | SFr | 1,605 | |||
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 2,200 | |||
Credit Suisse Securities (USA) LLC | Enron-related litigation | Connecticut Resources Recovery Authority v. Lay, et al | US District Court for the Southern District of Texas (SDT) | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | $ 130 | |||
Credit Suisse Securities (USA) LLC | Enron-related litigation | Connecticut Resources Recovery Authority v. Lay, et al | US District Court for the Southern District of Texas (SDT) | Maximum | ||||
Litigation disclosures | ||||
Estimated damages | 180 | |||
Credit Suisse Securities (USA) LLC | Enron-related litigation | Silvercreek Management Inc v. Citigroup, Inc., et al | US District Court for the Southern District of Texas (SDT) | ||||
Litigation disclosures | ||||
Estimated damages | 280 | |||
Credit Suisse Securities (USA) LLC | Refco-related litigation - SPhinX action | Joint Official Liquidators of various SPinX Funds and the trustee of the SPinX Trust | New York state court | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | 800 | |||
of which deposits at Refco | 263 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Class action litigations | IndyMac Mortgage-Backed Securities Litigation | US District Court for the Southern District of New York (SDNY) | ||||
Litigation disclosures | ||||
Fines, judgments and settlements paid | 340 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Class action litigations | New Jersey Carpenters Health Fund v. Home Equity Mortgage Trust 2006-5 | US District Court for the Southern District of New York (SDNY) | ||||
Litigation disclosures | ||||
Litigation Settlement, Amount | 110 | |||
Value of RMBS issued by third party underwritten by CSS LLC | 1,600 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | The Charles Schwab Corporation | California state court | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 25 | |||
RMBS issued by third party, amount related to settlement by CSS LLC | 100 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Massachusetts Mutual Life Insurance Company | US District Court for the District of Massachusetts | ||||
Litigation disclosures | ||||
RMBS offerings by third party | $ 110 | |||
Percentage of RMBS issued by third party underwritten by CSS LLC | 97.00% | 97.00% | 97.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 107 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | The Union Central Life Insurance Company | US District Court for the Southern District of New York (SDNY) | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 65 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | IKB Deutsche Industriebank AG | Supreme Court for the State of New York, New York County (SCNY) | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 97 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Deposit Insurance Corporation as receiver for Citizens National Bank and Strategic Capital Bank | US District Court for the Southern District of New York (SDNY) | ||||
Litigation disclosures | ||||
RMBS offerings by third party | $ 141 | |||
Percentage of RMBS issued by third party underwritten by CSS LLC | 20.00% | 20.00% | 20.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 28 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Phoenix Light SF Ltd. | Supreme Court for the State of New York, New York County (SCNY) | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 362 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Royal Park Investments SA/NV | Supreme Court for the State of New York, New York County (SCNY) | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 360 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Deposit Insurance Corporation as receiver for Colonial Bank | Circuit court of Montgomery County, Alabama | ||||
Litigation disclosures | ||||
RMBS offerings by third party | $ 311 | |||
Percentage of RMBS issued by third party underwritten by CSS LLC | 49.00% | 49.00% | 49.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 153 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Deposit Insurance Corporation as receiver for Colonial Bank | US District Court for the Middle District of Alabama | ||||
Litigation disclosures | ||||
RMBS offerings by third party | $ 283 | |||
Percentage of RMBS issued by third party underwritten by CSS LLC | 12.00% | 12.00% | 12.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 34 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Deposit Insurance Corporation as receiver for Colonial Bank | US District Court for the Southern District of New York (SDNY) | ||||
Litigation disclosures | ||||
RMBS offerings by third party | $ 394 | |||
Percentage of RMBS issued by third party underwritten by CSS LLC | 23.00% | 23.00% | 23.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 92 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | 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 | Deutsche Zentral-Genossenschaftsbank AG, New York Branch | Supreme Court for the State of New York, New York County (SCNY) | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 111 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Home Loan Banks of Seattle, San Francisco and Boston - Seatle action | Various state courts | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 249 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Home Loan Banks of Seattle, San Francisco and Boston - San Francisco action | Various state courts | ||||
Litigation disclosures | ||||
RMBS offerings by third party | $ 9,500 | |||
Percentage of RMBS issued by third party underwritten by CSS LLC | 18.00% | 18.00% | 18.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 1,700 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Home Loan Banks of Seattle, San Francisco and Boston - Boston action | Various state courts | ||||
Litigation disclosures | ||||
RMBS offerings by third party | $ 5,700 | |||
Percentage of RMBS issued by third party underwritten by CSS LLC | 6.00% | 6.00% | 6.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 333 | $ 373 | ||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | 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 Southern District of New York (SDNY) | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 229 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Commerzbank AG, London Branch | Supreme Court for the State of New York, New York County (SCNY) | ||||
Litigation disclosures | ||||
RMBS offerings by third party | $ 1,900 | |||
Percentage of RMBS issued by third party underwritten by CSS LLC | 6.00% | 6.00% | 6.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 121 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | CMFG Life Insurance Company | US District Court for the Western District of Wisconsin | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 70 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Tennessee Consolidated Retirement System | Tennessee State Court | ||||
Litigation disclosures | ||||
RMBS offerings by third party | $ 644 | |||
Percentage of RMBS issued by third party underwritten by CSS LLC | 4.00% | 4.00% | 4.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 24 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions - dismissed case | Federal Deposit Insurance Corporation as receiver for Colonial Bank | US District Court for the Central District of California | ||||
Litigation disclosures | ||||
RMBS offerings by third party | $ 259 | |||
Percentage of RMBS issued by third party underwritten by CSS LLC | 5.00% | 5.00% | 5.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 12 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Monoline insurer disputes | MBIA Insurance Corp. | Supreme Court for the State of New York, New York County (SCNY) | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 770 | |||
Original principal balance of loans demanded to be repurchased | 549 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Monoline insurer disputes | Assured Guaranty Corp. | Supreme Court for the State of New York, New York County (SCNY) | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 570 | |||
Original principal balance of loans demanded to be repurchased | 2,200 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Monoline insurer disputes | Financial Guaranty Insurance Company | Supreme Court for the State of New York, New York County (SCNY) | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 240 | |||
Original principal balance of loans demanded to be repurchased | 37 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Monoline insurer disputes | CIFG Assurance North America, Inc. | Supreme Court for the State of New York, New York County (SCNY) | ||||
Litigation disclosures | ||||
Guaranteed payments on a credit default swap | 396 | |||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Mortgage Trust Series 2006-5 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | 500 | |||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Mortgage Trust Series 2006-1, 2006-3 and 2006-4 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | 730 | |||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Loan Trust Series 2006-HE7 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | 341 | |||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2006-8 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | 436 | |||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-1 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | 420 | |||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-2 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | 495 | |||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-3 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | 206 | |||
Bank parent company and other subsidiaries | Bank loan litigation | Homeowners in four real estate developments Tamarack Resort, Yellowstone Club, Lake Las Vegas and Ginn Sur Mer | US District Court for the District of Idaho | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | 24,000 | |||
Bank parent company and other subsidiaries | Bank loan litigation | Highland Capital Management LP | Texas State Court | ||||
Litigation disclosures | ||||
Litigation Settlement, Amount | 287 | |||
Credit Suisse AG | Alternative Trading Systems | US Securities and Exchange Commission, NY Attorney General | ||||
Litigation disclosures | ||||
Litigation Settlement, Amount | $ 84.3 | |||
Credit Suisse AG | ATA litigation | US District Court for the Eastern District of New York (EDNY) | ||||
Litigation disclosures | ||||
Number of Plaintiffs | 200 | 200 | 200 | |
Credit Suisse International [Member] | Caspian Energy litigation | Rosserlane Consultants Limited And Swingbrook Developments Limited | English Court | ||||
Litigation disclosures | ||||
Investment in Kyurovdag Oil and Energy Field, Held by Plaintiff | 51.00% | 51.00% | 51.00% | |
Sale price of investment | $ 245 | |||
Credit Suisse International [Member] | Caspian Energy litigation | Rosserlane Consultants Limited And Swingbrook Developments Limited | English Court | Minimum | ||||
Litigation disclosures | ||||
Sale price of investment | 700 | |||
Credit Suisse International [Member] | Icelandic bank litigation | Winding up committees of the Icelandic banks Kaupting and Landsbank | District Court of Reykjavik Iceland | ||||
Litigation disclosures | ||||
Claw back claims | € | € 170 | |||
Claim for enforcement of certain securities | 226 | |||
Credit Suisse Securities Europe Limited [Member] | Fondazione MPS litigation | Fondazione Monte dei Paschi di Siena | Civil Court of Milan, Italy | ||||
Litigation disclosures | ||||
Estimated damages | € | 3,000 | |||
Purchase price paid by plaintiff | € | 9,000 | |||
Purchase price funded by rights offer and issuance of unredeemable securities | € | 5,000 | |||
Purchase price funded by rights offer of which invested by plaintiff | € | 2,900 | |||
Purchase price funded by issuance of unredeemable securities, of which invested by plaintiff | € | 490 | |||
Credit Suisse Securities Europe Limited [Member] | Icelandic bank litigation | Winding up committees of the Icelandic banks Kaupting and Landsbank | District Court of Reykjavik Iceland | ||||
Litigation disclosures | ||||
Claw back claims | $ 16 | € 22 |
Significant subsidiaries and195
Significant subsidiaries and equity method investments (Details) - 12 months ended Dec. 31, 2015 € in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, ZAR in Millions, TRY in Millions, THB in Millions, SGD in Millions, SFr in Millions, SAR in Millions, RUB in Millions, PLN in Millions, MYR in Millions, MXN in Millions, IDR in Millions, HKD in Millions, CAD in Millions, BRL in Millions, AUD in Millions, $ in Millions | CHF (SFr) | USD ($) | GBP (£) | JPY (¥) | BRL | MXN | AUD | EUR (€) | HKD | PLN | SGD | INR (₨) | CAD | ZAR | MYR | RUB | THB | IDR | SAR | TRY |
BANK-now AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 30 | |||||||||||||||||||
Credit Suisse Group Finance (U.S.) Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 100 | |||||||||||||||||||
Credit Suisse Trust AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 5 | |||||||||||||||||||
Credit Suisse Trust Holdings Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | £ 2 | |||||||||||||||||||
CS LP Holdings AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Fides Treasury Services AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 2 | |||||||||||||||||||
Inreska Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | 3 | |||||||||||||||||||
Neue Aargauer Bank AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 134.1 | |||||||||||||||||||
Savoy Hotel Baur en Ville AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 88.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 7.5 | |||||||||||||||||||
Credit Suisse AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 4,399.7 | |||||||||||||||||||
AJP Cayman Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ¥ | ¥ 8,025.6 | |||||||||||||||||||
Banco Credit Suisse (Brasil) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | BRL | BRL 53.6 | |||||||||||||||||||
Banco Credit Suisse (Mexico), S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | MXN | MXN 1,716.7 | |||||||||||||||||||
Banco de Investimentos Credit Suisse (Brasil) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | BRL | 164.8 | |||||||||||||||||||
Boston Re Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 2 | |||||||||||||||||||
CJSC Bank Credit Suisse (Moscow) | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 37.8 | |||||||||||||||||||
Column Financial, Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse (Australia) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | AUD | AUD 34.1 | |||||||||||||||||||
Credit Suisse (Brasil) Distribuidora de Titulos e Valoes Mobiliarios S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | BRL | 5 | |||||||||||||||||||
Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliarios | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | BRL | 98.4 | |||||||||||||||||||
Credit Suisse (Cayman) Management Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse (Deutschland) Aktiengesellschaft | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | € 130 | |||||||||||||||||||
Credit Suisse (Gibraltar) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | 5 | |||||||||||||||||||
Credit Suisse (Channel Islands) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 6.1 | |||||||||||||||||||
Credit Suisse (Hong Kong) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | HKD | HKD 13,758 | |||||||||||||||||||
Credit Suisse Istanbul Menkul Degerler A.S. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | TRY | TRY 6.8 | |||||||||||||||||||
Credit Suisse (Italy) S.P.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | 139.6 | |||||||||||||||||||
Credit Suisse (Luxembourg) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 230.9 | |||||||||||||||||||
Credit Suisse (Monaco) S.A.M. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | 18 | |||||||||||||||||||
Credit Suisse (Poland) SP. z o.o | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | PLN | PLN 20 | |||||||||||||||||||
Credit Suisse (Qatar) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 29 | |||||||||||||||||||
Credit Suisse (Singapore) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SGD | SGD 743.3 | |||||||||||||||||||
Credit Suisse (UK) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | 245.2 | |||||||||||||||||||
Credit Suisse (USA), Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Fund Service Luxembourg SA | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 1.5 | |||||||||||||||||||
Credit Suisse Asset Management (UK) Holding Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | 144.2 | |||||||||||||||||||
Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | 6.1 | |||||||||||||||||||
Credit Suisse Asset Management International Holding Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 20 | |||||||||||||||||||
Credit Suisse Asset Management Investments Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Credit Suisse Asset Management Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | £ 45 | |||||||||||||||||||
Credit Suisse Asset Management, LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 1,086.8 | |||||||||||||||||||
Credit Suisse Atlas I Investments (Luxembourg) S.a.r.l. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Business Analytics (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | ₨ 40 | |||||||||||||||||||
Credit Suisse Capital LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 937.6 | |||||||||||||||||||
Credit Suisse Energy LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Equities (Australia) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | AUD | 62.5 | |||||||||||||||||||
Credit Suisse Finance (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | 1,050.1 | |||||||||||||||||||
Credit Suisse First Boston (Latam Holdings) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 23.8 | |||||||||||||||||||
Credit Suisse First Boston Finance B.V. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | € 0 | |||||||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 356.6 | |||||||||||||||||||
Credit Suisse First Boston Next Fund, Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 10 | |||||||||||||||||||
Credit Suisse Fund Management S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.3 | |||||||||||||||||||
Credit Suisse Funds AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 7 | |||||||||||||||||||
Credit Suisse Hedging-Griffo Corretora de Valores S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | BRL | BRL 29.6 | |||||||||||||||||||
Credit Suisse Holding Europe (Luxembourg) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 32.6 | |||||||||||||||||||
Credit Suisse Holdings (Australia) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | AUD | AUD 42 | |||||||||||||||||||
Credit Suisse Holdings (USA), Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 4,184.7 | |||||||||||||||||||
Voting rights held by other subsidiary in % | 43.00% | |||||||||||||||||||
Credit Suisse International | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 12,366.1 | |||||||||||||||||||
Equity interest held by other subsidiary in % | 98.00% | |||||||||||||||||||
Voting rights held by other subsidiary in % | 80.00% | |||||||||||||||||||
Credit Suisse International (Bank) | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 98.00% | |||||||||||||||||||
Nominal capital | 12,366.1 | |||||||||||||||||||
Equity interest held by other subsidiary in % | 98.00% | |||||||||||||||||||
Voting rights held by other subsidiary in % | 80.00% | |||||||||||||||||||
Remaining voting interests held by parent in % | 2.00% | |||||||||||||||||||
Credit Suisse Leasing 92A, L.P. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 43.9 | |||||||||||||||||||
Credit Suisse Life and Pensions AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 15 | |||||||||||||||||||
Credit Suisse Life (Bermuda) Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 1 | |||||||||||||||||||
Credit Suisse Loan Funding LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Management LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 896.8 | |||||||||||||||||||
Credit Suisse Principal Investments Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ¥ | 3,324 | |||||||||||||||||||
Credit Suisse Prime Securities Services (USA) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 263.3 | |||||||||||||||||||
Credit Suisse Private Equity, LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 42.2 | |||||||||||||||||||
Credit Suisse PSL GmbH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0 | |||||||||||||||||||
Credit Suisse Securities (Canada), Inc | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | CAD | CAD 3.4 | |||||||||||||||||||
Credit Suisse Securities (Europe) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 3,859.3 | |||||||||||||||||||
Credit Suisse Securities (Hong Kong) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | HKD | HKD 2,080.9 | |||||||||||||||||||
Credit Suisse Securities (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | 2,214.7 | |||||||||||||||||||
Credit Suisse Securities (Japan) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ¥ | ¥ 78,100 | |||||||||||||||||||
Credit Suisse Securities (Johannesburg) (Proprietary) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ZAR | ZAR 0 | |||||||||||||||||||
Credit Suisse Securities (Malaysia) Sdn. Bhd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | MYR | MYR 100 | |||||||||||||||||||
Credit Suisse Securities (Moscow) | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | RUB | RUB 97.1 | |||||||||||||||||||
Credit Suisse Securities (Singapore) Pte Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SGD | SGD 30 | |||||||||||||||||||
Credit Suisse Securities (Thailand) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | THB | THB 500 | |||||||||||||||||||
Credit Suisse Securities (USA) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 1,881.7 | |||||||||||||||||||
Credit Suisse Services (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | ₨ 0.1 | |||||||||||||||||||
CSAM Americas Holding Corp. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
DLJ Merchant Banking Funding, Inc | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
CS Non-Traditional Products Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0.1 | |||||||||||||||||||
DLJ Mortgage Capital, Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Merban Equity AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Merchant Holding, Inc | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
SPS Holding Corporation | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0.1 | |||||||||||||||||||
PT Credit Suisse Securities Indonesia | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 99.00% | |||||||||||||||||||
Nominal capital | IDR | IDR 235,000 | |||||||||||||||||||
Credit Suisse Hypotheken AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 98.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Asset Management Finance LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 341.8 | |||||||||||||||||||
Credit Suisse Saudi Arabia | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 71.00% | |||||||||||||||||||
Nominal capital | SAR | SAR 300 | |||||||||||||||||||
Credit Suisse Founder Securities Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 33.00% | |||||||||||||||||||
E.L. and C. Baillieu Stockbroking (Holdings) Pty Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 23.00% | |||||||||||||||||||
ICBC Credit Suisse Asset Management Co., Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 20.00% | |||||||||||||||||||
York Capital Management Global Advisors, LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 5.00% | |||||||||||||||||||
Holding Verde Empreendimentos e Participacoes S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 0.00% | |||||||||||||||||||
Credit Suisse Group Finance (Guernsey) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Credit Suisse Group (Guernsey) I Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Credit Suisse Group (Guernsey) II Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Credit Suisse Group (Guernsey) IV Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Credit Suisse Group Funding (Guernsey) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Swisscard AECS GmBH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 50.00% | |||||||||||||||||||
SECB Swiss Euro Clearing Bank GmbH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 25.00% |
Subsidiary guarantee informa196
Subsidiary guarantee information (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed consolidating statements of operations | |||
Interest and dividend income | SFr 19,341 | SFr 19,061 | SFr 19,556 |
Interest expense | (10,042) | (10,027) | (11,441) |
Net interest income | 9,299 | 9,034 | 8,115 |
Commissions and fees | 12,044 | 13,051 | 13,226 |
Trading revenues | 1,340 | 2,026 | 2,739 |
Other revenues | 1,114 | 2,131 | 1,776 |
Net revenues | 23,797 | 26,242 | 25,856 |
Provision for credit losses | 324 | 186 | 167 |
Compensation and benefits | 11,546 | 11,334 | 11,256 |
General and administrative expenses | 8,574 | 9,534 | 8,587 |
Commission expenses | 1,623 | 1,561 | 1,738 |
Goodwill impairment | 3,797 | 0 | 12 |
Restructuring expenses | 355 | ||
Total other operating expenses | 14,349 | 11,095 | 10,337 |
Total operating expenses | 25,895 | 22,429 | 21,593 |
Income tax expense | 523 | 1,405 | 1,276 |
Income/(loss) from continuing operations | (2,945) | 2,222 | 2,820 |
Income/(loss) from discontinued operations, net of tax | 0 | 102 | 145 |
Net income/(loss) | (2,945) | 2,324 | 2,965 |
Net income/(loss) attributable to noncontrolling interests | (1) | 449 | 639 |
Net income/(loss) attributable to shareholders | (2,944) | 1,875 | 2,326 |
of which from continuing operations | (2,944) | 1,773 | 2,181 |
of which from discontinued operations | 0 | 102 | 145 |
Income/(loss) from continuing operations before taxes | (2,422) | 3,627 | 4,096 |
Credit Suisse (USA), Inc - Consolidated | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 7,010 | 6,379 | 6,574 |
Interest expense | (4,285) | (3,885) | (3,946) |
Net interest income | 2,725 | 2,494 | 2,628 |
Commissions and fees | 3,919 | 4,142 | 3,767 |
Trading revenues | (968) | 137 | (222) |
Other revenues | 476 | 1,386 | 1,361 |
Net revenues | 6,152 | 8,159 | 7,534 |
Provision for credit losses | 5 | 0 | 4 |
Compensation and benefits | 3,805 | 3,510 | 3,380 |
General and administrative expenses | 2,242 | 2,594 | 2,854 |
Commission expenses | 276 | 253 | 227 |
Goodwill impairment | 0 | (9) | |
Restructuring expenses | 193 | ||
Total other operating expenses | 2,711 | 2,847 | 3,072 |
Total operating expenses | 6,516 | 6,357 | 6,452 |
Income tax expense | (4) | 710 | 123 |
Income/(loss) from continuing operations | 1,092 | 955 | |
Income/(loss) from discontinued operations, net of tax | 0 | 66 | |
Net income/(loss) | (365) | 1,092 | 1,021 |
Net income/(loss) attributable to noncontrolling interests | (17) | 406 | 575 |
Net income/(loss) attributable to shareholders | (348) | 686 | 446 |
of which from continuing operations | 686 | 380 | |
of which from discontinued operations | 0 | 66 | |
Income/(loss) from continuing operations before taxes | (369) | 1,802 | 1,078 |
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 11,847 | 12,206 | 12,443 |
Interest expense | (5,705) | (6,023) | (7,361) |
Net interest income | 6,142 | 6,183 | 5,082 |
Commissions and fees | 7,927 | 8,745 | 9,290 |
Trading revenues | 2,266 | 1,653 | 2,977 |
Other revenues | 724 | 849 | 431 |
Net revenues | 17,059 | 17,430 | 17,780 |
Provision for credit losses | 271 | 125 | 89 |
Compensation and benefits | 7,718 | 7,872 | 7,807 |
General and administrative expenses | 6,372 | 6,979 | 5,788 |
Commission expenses | 1,338 | 1,295 | 1,499 |
Goodwill impairment | 3,797 | 21 | |
Restructuring expenses | 132 | ||
Total other operating expenses | 11,639 | 8,274 | 7,308 |
Total operating expenses | 19,357 | 16,146 | 15,115 |
Income tax expense | 443 | 589 | 1,047 |
Income/(loss) from continuing operations | 570 | 1,529 | |
Income/(loss) from discontinued operations, net of tax | 102 | 79 | |
Net income/(loss) | (3,012) | 672 | 1,608 |
Net income/(loss) attributable to noncontrolling interests | 10 | 39 | 94 |
Net income/(loss) attributable to shareholders | (3,022) | 633 | 1,514 |
of which from continuing operations | 531 | 1,435 | |
of which from discontinued operations | 102 | 79 | |
Income/(loss) from continuing operations before taxes | (2,569) | 1,159 | 2,576 |
Bank | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 18,857 | 18,585 | 19,017 |
Interest expense | (9,990) | (9,908) | (11,307) |
Net interest income | 8,867 | 8,677 | 7,710 |
Commissions and fees | 11,846 | 12,887 | 13,057 |
Trading revenues | 1,298 | 1,790 | 2,755 |
Other revenues | 1,200 | 2,235 | 1,792 |
Net revenues | 23,211 | 25,589 | 25,314 |
Provision for credit losses | 276 | 125 | 93 |
Compensation and benefits | 11,523 | 11,382 | 11,187 |
General and administrative expenses | 8,614 | 9,573 | 8,642 |
Commission expenses | 1,614 | 1,548 | 1,726 |
Goodwill impairment | 3,797 | 0 | 12 |
Restructuring expenses | 325 | ||
Total other operating expenses | 14,350 | 11,121 | 10,380 |
Total operating expenses | 25,873 | 22,503 | 21,567 |
Income tax expense | 439 | 1,299 | 1,170 |
Income/(loss) from continuing operations | (3,377) | 1,662 | 2,484 |
Income/(loss) from discontinued operations, net of tax | 0 | 102 | 145 |
Net income/(loss) | (3,377) | 1,764 | 2,629 |
Net income/(loss) attributable to noncontrolling interests | (7) | 445 | 669 |
Net income/(loss) attributable to shareholders | (3,370) | 1,319 | 1,960 |
of which from continuing operations | (3,370) | 1,217 | 1,815 |
of which from discontinued operations | 0 | 102 | 145 |
Income/(loss) from continuing operations before taxes | (2,938) | 2,961 | 3,654 |
Group parent company | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 277 | 228 | 62 |
Interest expense | (330) | (316) | (60) |
Net interest income | (53) | (88) | 2 |
Commissions and fees | 18 | 7 | 4 |
Trading revenues | 28 | 159 | (23) |
Other revenues | (2,969) | 1,750 | 2,288 |
Net revenues | (2,976) | 1,828 | 2,271 |
Provision for credit losses | 0 | 0 | 0 |
Compensation and benefits | 76 | 53 | 59 |
General and administrative expenses | (110) | (101) | (135) |
Commission expenses | 1 | 0 | 1 |
Goodwill impairment | 0 | 0 | |
Restructuring expenses | 0 | ||
Total other operating expenses | (109) | (101) | (134) |
Total operating expenses | (33) | (48) | (75) |
Income tax expense | 1 | 1 | 20 |
Income/(loss) from continuing operations | 1,875 | 2,326 | |
Income/(loss) from discontinued operations, net of tax | 0 | 0 | |
Net income/(loss) | (2,944) | 1,875 | 2,326 |
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Net income/(loss) attributable to shareholders | (2,944) | 1,875 | 2,326 |
of which from continuing operations | 1,875 | 2,326 | |
of which from discontinued operations | 0 | 0 | |
Income/(loss) from continuing operations before taxes | (2,943) | 1,876 | 2,346 |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 207 | 248 | 477 |
Interest expense | 278 | 197 | (74) |
Net interest income | 485 | 445 | 403 |
Commissions and fees | 180 | 157 | 165 |
Trading revenues | 14 | 77 | 7 |
Other revenues | 2,883 | (1,854) | (2,304) |
Net revenues | 3,562 | (1,175) | (1,729) |
Provision for credit losses | 48 | 61 | 74 |
Compensation and benefits | (53) | (101) | 10 |
General and administrative expenses | 70 | 62 | 80 |
Commission expenses | 8 | 13 | 11 |
Goodwill impairment | 0 | 0 | |
Restructuring expenses | 30 | ||
Total other operating expenses | 108 | 75 | 91 |
Total operating expenses | 55 | (26) | 101 |
Income tax expense | 83 | 105 | 86 |
Income/(loss) from continuing operations | (1,315) | (1,990) | |
Income/(loss) from discontinued operations, net of tax | 0 | 0 | |
Net income/(loss) | 3,376 | (1,315) | (1,990) |
Net income/(loss) attributable to noncontrolling interests | 6 | 4 | (30) |
Net income/(loss) attributable to shareholders | 3,370 | (1,319) | (1,960) |
of which from continuing operations | (1,319) | (1,960) | |
of which from discontinued operations | 0 | 0 | |
Income/(loss) from continuing operations before taxes | SFr 3,459 | SFr (1,210) | SFr (1,904) |
Subsidiary guarantee informa197
Subsidiary guarantee information (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Comprehensive income | |||
Net income/(loss) | SFr (2,945) | SFr 2,324 | SFr 2,965 |
Gains/(losses) on cash flow hedges | 16 | (20) | 18 |
Foreign currency translation | (1,156) | 2,287 | (1,021) |
Unrealized gains/(losses) on securities | (4) | 12 | (32) |
Actuarial gains/(losses) | (661) | (1,253) | 1,044 |
Net prior service cost | 155 | (63) | (95) |
Other comprehensive income/(loss), net of tax | (1,650) | 963 | (86) |
Comprehensive income/(loss) | (4,595) | 3,287 | 2,879 |
Comprehensive income/(loss) attributable to noncontrolling interests | (19) | 540 | 525 |
Comprehensive income/(loss) attributable to shareholders | (4,576) | 2,747 | 2,354 |
Credit Suisse (USA), Inc - Consolidated | |||
Comprehensive income | |||
Net income/(loss) | (365) | 1,092 | 1,021 |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 |
Foreign currency translation | 56 | 2,078 | (627) |
Unrealized gains/(losses) on securities | (2) | 0 | (3) |
Actuarial gains/(losses) | 24 | (109) | 138 |
Net prior service cost | (14) | 14 | 0 |
Other comprehensive income/(loss), net of tax | 64 | 1,983 | (492) |
Comprehensive income/(loss) | (301) | 3,075 | 529 |
Comprehensive income/(loss) attributable to noncontrolling interests | (26) | 520 | 471 |
Comprehensive income/(loss) attributable to shareholders | (275) | 2,555 | 58 |
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | |||
Comprehensive income | |||
Net income/(loss) | (3,012) | 672 | 1,608 |
Gains/(losses) on cash flow hedges | 24 | (27) | 2 |
Foreign currency translation | (1,203) | 206 | (1,607) |
Unrealized gains/(losses) on securities | (4) | 21 | (15) |
Actuarial gains/(losses) | 20 | 167 | (181) |
Net prior service cost | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | (1,163) | 367 | (1,801) |
Comprehensive income/(loss) | (4,175) | 1,039 | (193) |
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 94 | 163 |
Comprehensive income/(loss) attributable to shareholders | (4,175) | 945 | (356) |
Bank | |||
Comprehensive income | |||
Net income/(loss) | (3,377) | 1,764 | 2,629 |
Gains/(losses) on cash flow hedges | 24 | (27) | 2 |
Foreign currency translation | (1,147) | 2,284 | (2,234) |
Unrealized gains/(losses) on securities | (6) | 21 | (18) |
Actuarial gains/(losses) | 44 | 58 | (43) |
Net prior service cost | (14) | 14 | 0 |
Other comprehensive income/(loss), net of tax | (1,099) | 2,350 | (2,293) |
Comprehensive income/(loss) | (4,476) | 4,114 | 336 |
Comprehensive income/(loss) attributable to noncontrolling interests | (26) | 614 | 634 |
Comprehensive income/(loss) attributable to shareholders | (4,450) | 3,500 | (298) |
Group parent company | |||
Comprehensive income | |||
Net income/(loss) | (2,944) | 1,875 | 2,326 |
Gains/(losses) on cash flow hedges | (8) | 7 | 16 |
Foreign currency translation | (3) | (1) | 0 |
Unrealized gains/(losses) on securities | 0 | 0 | 0 |
Actuarial gains/(losses) | 0 | 0 | 0 |
Net prior service cost | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | (11) | 6 | 16 |
Comprehensive income/(loss) | (2,955) | 1,881 | 2,342 |
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income/(loss) attributable to shareholders | (2,955) | 1,881 | 2,342 |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | |||
Comprehensive income | |||
Net income/(loss) | 3,376 | (1,315) | (1,990) |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 |
Foreign currency translation | (6) | 4 | 1,213 |
Unrealized gains/(losses) on securities | 2 | (9) | (14) |
Actuarial gains/(losses) | (705) | (1,311) | 1,087 |
Net prior service cost | 169 | (77) | (95) |
Other comprehensive income/(loss), net of tax | (540) | (1,393) | 2,191 |
Comprehensive income/(loss) | 2,836 | (2,708) | 201 |
Comprehensive income/(loss) attributable to noncontrolling interests | 7 | (74) | (109) |
Comprehensive income/(loss) attributable to shareholders | SFr 2,829 | SFr (2,634) | SFr 310 |
Subsidiary guarantee informa198
Subsidiary guarantee information (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | SFr 92,328 | SFr 79,349 | SFr 68,692 | SFr 61,763 |
Interest-bearing deposits with banks | 867 | 1,244 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 123,049 | 163,208 | ||
Securities received as collateral | 28,511 | 26,854 | ||
Trading assets | 190,737 | 241,131 | ||
Investment securities | 3,090 | 2,791 | ||
Net loans | 272,995 | 272,551 | ||
Premises and equipment | 4,644 | 4,641 | ||
Goodwill | 4,808 | 8,644 | ||
Other intangible assets | 196 | 249 | ||
Brokerage receivables | 34,542 | 41,629 | ||
Other assets | 58,017 | 70,558 | ||
Total assets | 820,805 | 921,462 | ||
Other investments | 7,021 | 8,613 | ||
Liabilities and equity | ||||
Due to banks | 21,054 | 26,009 | ||
Customer deposits | 342,705 | 369,058 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 46,598 | 70,119 | ||
Obligation to return securities received as collateral | 28,511 | 26,854 | ||
Trading liabilities | 48,971 | 72,655 | ||
Short-term borrowings | 8,657 | 25,921 | ||
Long-term debt | 197,608 | 177,898 | ||
Brokerage payables | 39,452 | 56,977 | ||
Other liabilities | 42,231 | 50,970 | ||
Total liabilities | 775,787 | 876,461 | ||
Total shareholders' equity | 44,382 | 43,959 | ||
Noncontrolling interests | 636 | 1,042 | ||
Total equity | 45,018 | 45,001 | 47,166 | 42,284 |
Total liabilities and equity | 820,805 | 921,462 | ||
Credit Suisse (USA), Inc - Consolidated | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 5,496 | 4,617 | 4,966 | 5,007 |
Interest-bearing deposits with banks | 70 | 69 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 105,469 | 153,308 | ||
Securities received as collateral | 27,274 | 26,754 | ||
Trading assets | 59,297 | 75,038 | ||
Investment securities | 1,009 | 3 | ||
Net loans | 13,000 | 17,823 | ||
Premises and equipment | 899 | 892 | ||
Goodwill | 731 | 731 | ||
Other intangible assets | 152 | 115 | ||
Brokerage receivables | 17,630 | 25,009 | ||
Other assets | 24,382 | 24,998 | ||
Total assets | 258,102 | 332,874 | ||
Other investments | 2,693 | 3,517 | ||
Liabilities and equity | ||||
Due to banks | 62 | 97 | ||
Customer deposits | 1 | 1 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 77,028 | 113,361 | ||
Obligation to return securities received as collateral | 27,274 | 26,754 | ||
Trading liabilities | 11,062 | 13,133 | ||
Short-term borrowings | 43,518 | 35,636 | ||
Long-term debt | 39,127 | 68,762 | ||
Brokerage payables | 28,399 | 44,025 | ||
Other liabilities | 13,209 | 11,837 | ||
Total liabilities | 239,680 | 313,606 | ||
Total shareholders' equity | 17,684 | 18,111 | ||
Noncontrolling interests | 738 | 1,157 | ||
Total equity | 18,422 | 19,268 | ||
Total liabilities and equity | 258,102 | 332,874 | ||
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 85,025 | 73,383 | 63,115 | 56,369 |
Interest-bearing deposits with banks | 4,883 | 4,035 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 17,967 | 9,900 | ||
Securities received as collateral | 1,237 | 100 | ||
Trading assets | 131,799 | 166,275 | ||
Investment securities | 1,689 | 2,376 | ||
Net loans | 241,915 | 238,105 | ||
Premises and equipment | 3,540 | 3,549 | ||
Goodwill | 3,198 | 7,035 | ||
Other intangible assets | 44 | 134 | ||
Brokerage receivables | 16,910 | 16,620 | ||
Other assets | 33,528 | 45,513 | ||
Total assets | 545,829 | 571,975 | ||
Other investments | 4,094 | 4,950 | ||
Liabilities and equity | ||||
Due to banks | 21,398 | 26,409 | ||
Customer deposits | 331,699 | 357,568 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (30,430) | (43,242) | ||
Obligation to return securities received as collateral | 1,237 | 100 | ||
Trading liabilities | 37,992 | 59,534 | ||
Short-term borrowings | (34,861) | (9,715) | ||
Long-term debt | 152,967 | 104,185 | ||
Brokerage payables | 11,053 | 12,952 | ||
Other liabilities | 28,506 | 38,811 | ||
Total liabilities | 519,561 | 546,602 | ||
Total shareholders' equity | 25,722 | 24,784 | ||
Noncontrolling interests | 546 | 589 | ||
Total equity | 26,268 | 25,373 | ||
Total liabilities and equity | 545,829 | 571,975 | ||
Bank | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 90,521 | 78,000 | 68,081 | 61,376 |
Interest-bearing deposits with banks | 4,953 | 4,104 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 123,436 | 163,208 | ||
Securities received as collateral | 28,511 | 26,854 | ||
Trading assets | 191,096 | 241,313 | ||
Investment securities | 2,698 | 2,379 | ||
Net loans | 254,915 | 255,928 | ||
Premises and equipment | 4,439 | 4,441 | ||
Goodwill | 3,929 | 7,766 | ||
Other intangible assets | 196 | 249 | ||
Brokerage receivables | 34,540 | 41,629 | ||
Other assets | 57,910 | 70,511 | ||
Total assets | 803,931 | 904,849 | ||
Other investments | 6,787 | 8,467 | ||
Liabilities and equity | ||||
Due to banks | 21,460 | 26,506 | ||
Customer deposits | 331,700 | 357,569 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 46,598 | 70,119 | ||
Obligation to return securities received as collateral | 28,511 | 26,854 | ||
Trading liabilities | 49,054 | 72,667 | ||
Short-term borrowings | 8,657 | 25,921 | ||
Long-term debt | 192,094 | 172,947 | ||
Brokerage payables | 39,452 | 56,977 | ||
Other liabilities | 41,715 | 50,648 | ||
Total liabilities | 759,241 | 860,208 | ||
Total shareholders' equity | 43,406 | 42,895 | ||
Noncontrolling interests | 1,284 | 1,746 | ||
Total equity | 44,690 | 44,641 | 43,632 | 42,883 |
Total liabilities and equity | 803,931 | 904,849 | ||
Group parent company | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 942 | 917 | 795 | 19 |
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 | 4,092 | 3,981 | ||
Net loans | 139 | 350 | ||
Premises and equipment | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Brokerage receivables | 0 | 0 | ||
Other assets | 228 | 221 | ||
Total assets | 52,201 | 51,861 | ||
Other investments | 46,795 | 46,392 | ||
Liabilities and equity | ||||
Due to banks | 2,152 | 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 | 300 | 0 | ||
Long-term debt | 5,025 | 4,930 | ||
Brokerage payables | 0 | 0 | ||
Other liabilities | 342 | 345 | ||
Total liabilities | 7,819 | 7,902 | ||
Total shareholders' equity | 44,382 | 43,959 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 44,382 | 43,959 | ||
Total liabilities and equity | 52,201 | 51,861 | ||
Other Group subsidiaries | Includes eliminations and consolidation adjustments | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 865 | 432 | SFr (184) | SFr 368 |
Interest-bearing deposits with banks | (4,091) | (2,860) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (387) | 0 | ||
Securities received as collateral | 0 | 0 | ||
Trading assets | (359) | (182) | ||
Investment securities | (3,700) | (3,569) | ||
Net loans | 17,941 | 16,273 | ||
Premises and equipment | 205 | 200 | ||
Goodwill | 879 | 878 | ||
Other intangible assets | 0 | 0 | ||
Brokerage receivables | 2 | 0 | ||
Other assets | (121) | (174) | ||
Total assets | (35,327) | (35,248) | ||
Other investments | (46,561) | (46,246) | ||
Liabilities and equity | ||||
Due to banks | (2,558) | (3,124) | ||
Customer deposits | 11,005 | 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 | (83) | (12) | ||
Short-term borrowings | (300) | 0 | ||
Long-term debt | 489 | 21 | ||
Brokerage payables | 0 | 0 | ||
Other liabilities | 174 | (23) | ||
Total liabilities | 8,727 | 8,351 | ||
Total shareholders' equity | (43,406) | (42,895) | ||
Noncontrolling interests | (648) | (704) | ||
Total equity | (44,054) | (43,599) | ||
Total liabilities and equity | SFr (35,327) | SFr (35,248) |
Subsidiary guarantee informa199
Subsidiary guarantee information (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | SFr 15,068 | SFr (17,620) | SFr 22,074 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 349 | 275 | 538 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 36,964 | 11,685 | 17,120 |
Purchase of investment securities | (376) | (1,060) | (677) |
Proceeds from sale of investment securities | 19 | 930 | 176 |
Maturities of investment securities | 908 | 340 | 832 |
Investments in subsidiaries and other investments | (594) | (1,264) | (1,792) |
Proceeds from sale of other investments | 1,938 | 1,553 | 3,737 |
Proceeds from sale of loans | 1,579 | 1,255 | 1,483 |
(Increase)/decrease in loans | (5,446) | (23,604) | (9,126) |
Capital expenditures for premises and equipment and other intangible assets | (1,102) | (1,056) | (903) |
Proceeds from sale of premises and equipment and other intangible assets | 13 | 1 | 9 |
Other, net | 409 | 606 | 122 |
Net cash provided by/(used in) investing activities of continuing operations | 34,661 | (10,339) | 11,519 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | (29,149) | 26,040 | 22,463 |
Increase/(decrease) in short-term borrowings | (18,148) | 3,509 | 6,002 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (22,149) | (31,001) | (36,347) |
Issuances of long-term debt | 77,858 | 74,159 | 39,090 |
Repayments of long-term debt | (49,365) | (36,471) | (55,135) |
Issuances of common shares | 6,035 | 297 | 976 |
Sale of treasury shares | 18,752 | 9,394 | 9,764 |
Repurchase of treasury shares | (19,761) | (10,197) | (10,202) |
Dividends paid/capital repayments | (427) | (1,252) | (564) |
Excess tax benefits on share based awards | 0 | ||
Other, net | 186 | (1,192) | (468) |
Net cash provided by/(used in) financing activities of continuing operations | (36,168) | 33,286 | (24,421) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (582) | 5,790 | (1,216) |
Net cash provided by/(used in) operating activities of discontinued operations | |||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | (460) | (1,027) |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 12,979 | 10,657 | 6,929 |
Cash and due from banks at beginning of period | 79,349 | 68,692 | 61,763 |
Cash and due from banks at end of period | 92,328 | 79,349 | 68,692 |
Credit Suisse (USA), Inc - Consolidated | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | 9,846 | (12,139) | 6,565 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (1) | 1,221 | (1) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 46,481 | (8,986) | (2,517) |
Purchase of investment securities | 0 | 0 | (165) |
Proceeds from sale of investment securities | 1 | 103 | 107 |
Maturities of investment securities | 68 | 0 | 0 |
Investments in subsidiaries and other investments | (375) | (643) | 232 |
Proceeds from sale of other investments | 1,243 | 1,218 | 2,139 |
Proceeds from sale of loans | 0 | 0 | 0 |
(Increase)/decrease in loans | 4,112 | 2,746 | 5,589 |
Capital expenditures for premises and equipment and other intangible assets | (322) | (317) | (238) |
Proceeds from sale of premises and equipment and other intangible assets | 3 | 0 | 0 |
Other, net | 33 | (11) | (87) |
Net cash provided by/(used in) investing activities of continuing operations | 51,243 | (4,669) | 5,059 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | (34) | (168) | 95 |
Increase/(decrease) in short-term borrowings | 8,649 | 17,914 | 20,660 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (35,303) | (3,894) | (28,474) |
Issuances of long-term debt | 8,511 | 6,607 | 687 |
Repayments of long-term debt | (41,555) | (2,559) | (4,219) |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | 0 | (1,128) | (178) |
Excess tax benefits on share based awards | 0 | ||
Other, net | (497) | (791) | (163) |
Net cash provided by/(used in) financing activities of continuing operations | (60,229) | 15,981 | (11,592) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | 19 | 486 | (73) |
Net cash provided by/(used in) operating activities of discontinued operations | |||
Net cash provided by/(used in) operating activities of discontinued operations | (8) | 0 | |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 879 | (349) | (41) |
Cash and due from banks at beginning of period | 4,617 | 4,966 | 5,007 |
Cash and due from banks at end of period | 5,496 | 4,617 | 4,966 |
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 | 5,079 | (6,061) | 15,452 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (928) | (1,948) | 444 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (9,903) | 20,663 | 19,637 |
Purchase of investment securities | (376) | (1,060) | (511) |
Proceeds from sale of investment securities | 18 | 15 | 69 |
Maturities of investment securities | 819 | 187 | 673 |
Investments in subsidiaries and other investments | (180) | (585) | (1,570) |
Proceeds from sale of other investments | 652 | 301 | 1,026 |
Proceeds from sale of loans | 1,579 | 1,255 | 1,483 |
(Increase)/decrease in loans | (8,053) | (26,436) | (14,166) |
Capital expenditures for premises and equipment and other intangible assets | (765) | (726) | (657) |
Proceeds from sale of premises and equipment and other intangible assets | 10 | 1 | 9 |
Other, net | 369 | 612 | 202 |
Net cash provided by/(used in) investing activities of continuing operations | (16,758) | (7,721) | 6,639 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | (28,723) | 27,305 | 22,535 |
Increase/(decrease) in short-term borrowings | (26,797) | (14,405) | (14,658) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,154 | (27,107) | (7,873) |
Issuances of long-term debt | 68,372 | 67,543 | 37,227 |
Repayments of long-term debt | (7,364) | (35,312) | (50,997) |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (10) | 1,044 | (305) |
Excess tax benefits on share based awards | 0 | ||
Other, net | 5,286 | 303 | 899 |
Net cash provided by/(used in) financing activities of continuing operations | 23,918 | 19,371 | (13,172) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (597) | 5,131 | (1,146) |
Net cash provided by/(used in) operating activities of discontinued operations | |||
Net cash provided by/(used in) operating activities of discontinued operations | (452) | (1,027) | |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 11,642 | 10,268 | 6,746 |
Cash and due from banks at beginning of period | 73,383 | 63,115 | 56,369 |
Cash and due from banks at end of period | 85,025 | 73,383 | 63,115 |
Bank | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | 14,925 | (18,200) | 22,017 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (929) | (727) | 443 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 36,578 | 11,677 | 17,120 |
Purchase of investment securities | (376) | (1,060) | (676) |
Proceeds from sale of investment securities | 19 | 118 | 176 |
Maturities of investment securities | 887 | 187 | 673 |
Investments in subsidiaries and other investments | (555) | (1,228) | (1,338) |
Proceeds from sale of other investments | 1,895 | 1,519 | 3,165 |
Proceeds from sale of loans | 1,579 | 1,255 | 1,483 |
(Increase)/decrease in loans | (3,941) | (23,690) | (8,577) |
Capital expenditures for premises and equipment and other intangible assets | (1,087) | (1,043) | (895) |
Proceeds from sale of premises and equipment and other intangible assets | 13 | 1 | 9 |
Other, net | 402 | 601 | 115 |
Net cash provided by/(used in) investing activities of continuing operations | 34,485 | (12,390) | 11,698 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | (28,757) | 27,137 | 22,630 |
Increase/(decrease) in short-term borrowings | (18,148) | 3,509 | 6,002 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (22,149) | (31,001) | (36,347) |
Issuances of long-term debt | 76,883 | 74,150 | 37,914 |
Repayments of long-term debt | (48,919) | (37,871) | (55,216) |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (10) | (84) | (483) |
Excess tax benefits on share based awards | 0 | ||
Other, net | 4,789 | (488) | 736 |
Net cash provided by/(used in) financing activities of continuing operations | (36,311) | 35,352 | (24,764) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (578) | 5,617 | (1,219) |
Net cash provided by/(used in) operating activities of discontinued operations | |||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | (460) | (1,027) |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 12,521 | 9,919 | 6,705 |
Cash and due from banks at beginning of period | 78,000 | 68,081 | 61,376 |
Cash and due from banks at end of period | 90,521 | 78,000 | 68,081 |
Group parent company | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | 129 | 609 | 400 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (5) | 0 | 0 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 |
Purchase of investment securities | 0 | (2,217) | (1,402) |
Proceeds from sale of investment securities | 0 | 0 | 0 |
Maturities of investment securities | 0 | 0 | 0 |
Investments in subsidiaries and other investments | (5,310) | (1,352) | (2,458) |
Proceeds from sale of other investments | 18 | 3 | 481 |
Proceeds from sale of loans | 0 | 0 | 0 |
(Increase)/decrease in loans | 210 | 2,482 | 1,228 |
Capital expenditures for premises and equipment and other intangible assets | 0 | 0 | 0 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | 0 |
Other, net | 0 | (10) | 0 |
Net cash provided by/(used in) investing activities of continuing operations | (5,087) | (1,094) | (2,151) |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | (475) | (669) | (500) |
Increase/(decrease) in short-term borrowings | 300 | 0 | 0 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 |
Issuances of long-term debt | 0 | 2,217 | 2,292 |
Repayments of long-term debt | (30) | 0 | 0 |
Issuances of common shares | 6,035 | 297 | 976 |
Sale of treasury shares | 3 | 0 | 58 |
Repurchase of treasury shares | (1,044) | (742) | (217) |
Dividends paid/capital repayments | (415) | (1,125) | (154) |
Excess tax benefits on share based awards | 1 | ||
Other, net | 608 | 609 | 75 |
Net cash provided by/(used in) financing activities of continuing operations | 4,982 | 587 | 2,531 |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | 1 | 20 | (4) |
Net cash provided by/(used in) operating activities of discontinued operations | |||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | 0 | |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 25 | 122 | 776 |
Cash and due from banks at beginning of period | 917 | 795 | 19 |
Cash and due from banks at end of period | 942 | 917 | 795 |
Group Parent company - subsidiary that holds a banking license | |||
Net increase/(decrease) in cash and due from banks | |||
Dividend income from investments | 150 | 150 | 161 |
Group Parent company - subsidiary that doesn't hold a banking license | |||
Net increase/(decrease) in cash and due from banks | |||
Dividend income from investments | 35 | 113 | 208 |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities of continuing operations | 14 | (29) | (343) |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 1,283 | 1,002 | 95 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 386 | 8 | 0 |
Purchase of investment securities | 0 | 2,217 | 1,401 |
Proceeds from sale of investment securities | 0 | 812 | 0 |
Maturities of investment securities | 21 | 153 | 159 |
Investments in subsidiaries and other investments | 5,271 | 1,316 | 2,004 |
Proceeds from sale of other investments | 25 | 31 | 91 |
Proceeds from sale of loans | 0 | 0 | 0 |
(Increase)/decrease in loans | (1,715) | (2,396) | (1,777) |
Capital expenditures for premises and equipment and other intangible assets | (15) | (13) | (8) |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | 0 |
Other, net | 7 | 15 | 7 |
Net cash provided by/(used in) investing activities of continuing operations | 5,263 | 3,145 | 1,972 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 83 | (428) | 333 |
Increase/(decrease) in short-term borrowings | (300) | 0 | 0 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 |
Issuances of long-term debt | 975 | (2,208) | (1,116) |
Repayments of long-term debt | (416) | 1,400 | 81 |
Issuances of common shares | 0 | 0 | 0 |
Sale of treasury shares | 18,749 | 9,394 | 9,706 |
Repurchase of treasury shares | (18,717) | (9,455) | (9,985) |
Dividends paid/capital repayments | (2) | (43) | 73 |
Excess tax benefits on share based awards | (1) | ||
Other, net | (5,211) | (1,313) | (1,279) |
Net cash provided by/(used in) financing activities of continuing operations | (4,839) | (2,653) | (2,188) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (5) | 153 | 7 |
Net cash provided by/(used in) operating activities of discontinued operations | |||
Net cash provided by/(used in) operating activities of discontinued operations | 0 | 0 | |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 433 | 616 | (552) |
Cash and due from banks at beginning of period | 432 | (184) | 368 |
Cash and due from banks at end of period | SFr 865 | SFr 432 | SFr (184) |
Significant valuation and in200
Significant valuation and income recognition differences between US GAAP and - Swiss GAAP banking law (Details) | 12 Months Ended |
Dec. 31, 2015year | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | |
Goodwill, maximum useful life (in years) | 5 |
Goodwill, maximum useful life for justified exceptional cases (in years) | 10 |
Intangible assets with indefinite lives, maximum useful life (in years) | 5 |
Intangible assets with indefinite lives, maximum useful life for justified exceptional cases (in years) | 10 |
Loan commitment notice period for Swiss GAAP (in weeks) | 6 |