Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2016shares | |
Document Information [Line Items] | |
Entity Registrant Name | CREDIT SUISSE GROUP AG |
Entity Central Index Key | 1,159,510 |
Trading Symbol | CS |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2016 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 2,081,363,765 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Consolidated statements of oper
Consolidated statements of operations - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Interest and dividend income | SFr 4,757 | SFr 4,585 | SFr 5,903 | SFr 9,342 | SFr 10,393 |
Interest expense | (2,758) | (2,574) | (3,034) | (5,332) | (5,372) |
Net interest income | 1,999 | 2,011 | 2,869 | 4,010 | 5,021 |
Commissions and fees | 2,796 | 2,675 | 3,259 | 5,471 | 6,238 |
Trading revenues | 94 | (271) | 498 | (177) | 1,888 |
Other revenues | 219 | 223 | 329 | 442 | 455 |
Net revenues | 5,108 | 4,638 | 6,955 | 9,746 | 13,602 |
Provision for credit losses | (28) | 150 | 51 | 122 | 81 |
Compensation and benefits | 2,734 | 2,482 | 2,914 | 5,216 | 5,890 |
General and administrative expenses | 1,760 | 1,848 | 1,928 | 3,608 | 3,666 |
Commission expenses | 352 | 387 | 406 | 739 | 798 |
Restructuring expenses | 91 | 255 | 346 | ||
Total other operating expenses | 2,203 | 2,490 | 2,334 | 4,693 | 4,464 |
Total operating expenses | 4,937 | 4,972 | 5,248 | 9,909 | 10,354 |
Income/(loss) from continuing operations before taxes | 199 | (484) | 1,656 | (285) | 3,167 |
Income tax expense | 21 | (179) | 590 | (158) | 1,067 |
Net income/(loss) | 178 | (305) | 1,066 | (127) | 2,100 |
Net income/(loss) attributable to noncontrolling interests | 8 | (3) | 15 | 5 | (5) |
Net income/(loss) attributable to shareholders | SFr 170 | SFr (302) | SFr 1,051 | SFr (132) | SFr 2,105 |
Basic earnings per share (CHF) | |||||
Basic earnings/(loss) per share (in CHF per share) | SFr 0.08 | SFr (0.15) | SFr 0.61 | SFr (0.07) | SFr 1.23 |
Diluted earnings per share (CHF) | |||||
Diluted earnings/(loss) per share (in CHF per share) | SFr 0.08 | SFr (0.15) | SFr 0.59 | SFr (0.07) | SFr 1.20 |
Consolidated statements of comp
Consolidated statements of comprehensive income - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Comprehensive income | |||||
Net income/(loss) | SFr 178 | SFr (305) | SFr 1,066 | SFr (127) | SFr 2,100 |
Gains/(losses) on cash flow hedges | 20 | 46 | 31 | 66 | 39 |
Foreign currency translation | 345 | (855) | (1,053) | (510) | (2,546) |
Unrealized gains/(losses) on securities | 2 | 5 | (12) | 7 | (2) |
Actuarial gains/(losses) | 82 | 105 | 92 | 187 | 181 |
Net prior service cost | (25) | (28) | (22) | (53) | (43) |
Gains/(losses) on liabilities related to credit risk | (69) | 1,266 | 1,197 | ||
Other comprehensive income/(loss), net of tax | 355 | 539 | (964) | 894 | (2,371) |
Comprehensive income/(loss) | 533 | 234 | 102 | 767 | (271) |
Comprehensive income/(loss) attributable to noncontrolling interests | 22 | (21) | (15) | 1 | (59) |
Comprehensive income/(loss) attributable to shareholders | SFr 511 | SFr 255 | SFr 117 | SFr 766 | SFr (212) |
Consolidated balance sheets
Consolidated balance sheets - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |||
Assets | ||||||
Cash and due from banks | SFr 114,049 | SFr 94,210 | SFr 92,328 | |||
of which reported at fair value | 318 | 193 | 89 | |||
Interest-bearing deposits with banks | 820 | 868 | 867 | |||
of which reported at fair value | 0 | 2 | 2 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 122,068 | 136,211 | 123,049 | |||
of which reported at fair value | 79,927 | 92,788 | 83,565 | |||
Securities received as collateral, at fair value | 25,993 | 25,760 | 28,511 | |||
of which encumbered | 22,046 | 21,377 | 27,940 | |||
Trading assets, at fair value | 177,619 | 187,550 | 190,737 | |||
of which encumbered | 58,393 | 59,810 | 62,559 | |||
Investment securities | 2,611 | 3,143 | 3,090 | |||
of which reported at fair value | 2,611 | 3,143 | 3,090 | |||
Other investments | 6,149 | 6,294 | 7,021 | |||
of which reported at fair value | 3,587 | 3,646 | 4,237 | |||
Net loans | 273,835 | 270,248 | 272,995 | |||
of which reported at fair value | 20,831 | 21,521 | 20,820 | |||
of which encumbered | 111 | 108 | 108 | |||
allowance for loan losses | (863) | (962) | (866) | |||
Premises and equipment | 4,693 | 4,609 | 4,644 | |||
Goodwill | 4,745 | 4,688 | 4,808 | |||
Other intangible assets | 191 | 186 | 196 | |||
of which reported at fair value | 111 | 106 | 112 | |||
Brokerage receivables | 42,108 | 35,504 | 34,542 | |||
Other assets | 46,283 | 44,627 | 58,017 | |||
of which reported at fair value | 13,439 | 13,308 | 25,627 | |||
of which encumbered | 50 | 421 | 671 | |||
Total assets | 821,164 | 813,898 | 820,805 | |||
Liabilities and equity | ||||||
Due to banks | 23,229 | 23,961 | 21,054 | |||
of which reported at fair value | 514 | 499 | 482 | |||
Customer deposits | 347,559 | 344,545 | 342,705 | |||
of which reported at fair value | 3,908 | 3,529 | 3,663 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,499 | 40,150 | 46,598 | |||
of which reported at fair value | 18,114 | 25,421 | 32,398 | |||
Obligation to return securities received as collateral, at fair value | 25,993 | 25,760 | 28,511 | |||
Trading liabilities, at fair value | 51,682 | 53,582 | 48,971 | |||
Short-term borrowings | 11,178 | 14,768 | 8,657 | |||
of which reported at fair value | 2,996 | 3,185 | 3,112 | |||
Long-term debt | 200,226 | 183,490 | 197,608 | |||
of which reported at fair value | 73,922 | 69,104 | 80,931 | |||
Brokerage payables | 43,944 | 41,880 | 39,452 | |||
Other liabilities | 39,525 | 40,315 | 42,231 | |||
of which reported at fair value | 10,104 | 10,867 | 11,754 | |||
Total liabilities | 775,835 | 768,451 | 775,787 | |||
Common shares | 84 | 78 | 78 | |||
Additional paid-in capital | 31,702 | 32,318 | 31,925 | |||
Retained earnings | 28,532 | 28,362 | 29,139 | |||
Treasury shares, at cost | (94) | (158) | (125) | |||
Accumulated other comprehensive income/(loss) | (15,262) | (15,603) | (16,635) | |||
Total shareholders' equity | 44,962 | 44,997 | 44,382 | |||
Noncontrolling interests | 367 | 450 | 636 | |||
Total equity | 45,329 | 45,447 | 45,018 | |||
Total liabilities and equity | SFr 821,164 | SFr 813,898 | SFr 820,805 | |||
Additional share information | ||||||
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | SFr 0.04 | |||
Authorized shares (in shares) | [1] | 2,797,379,244 | 2,666,152,845 | 2,666,152,845 | ||
Issued shares (in shares) | 2,089,897,378 | 1,957,379,244 | 1,957,379,244 | |||
Treasury shares (in shares) | 8,533,613 | 10,939,863 | 5,910,224 | |||
Common shares outstanding (in shares) | 2,081,363,765 | [2] | 1,946,439,381 | [3] | 1,951,469,020 | |
Consolidated VIEs | ||||||
Assets | ||||||
Cash and due from banks | SFr 489 | SFr 314 | SFr 1,693 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 53 | |||
Trading assets, at fair value | 3,475 | 3,144 | 2,372 | |||
Investment securities | 544 | 1,066 | 1,009 | |||
Other investments | 1,955 | 2,175 | 1,986 | |||
Net loans | 360 | 353 | 1,312 | |||
Premises and equipment | 282 | 288 | 327 | |||
Other assets | 2,503 | 3,778 | 14,451 | |||
Liabilities and equity | ||||||
Trading liabilities, at fair value | 137 | 22 | 27 | |||
Short-term borrowings | 1 | 34 | 81 | |||
Long-term debt | 1,780 | 2,147 | 14,826 | |||
Other liabilities | SFr 241 | SFr 1,115 | SFr 836 | |||
[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 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 518'996'021 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. 515'145'579 of these shares were reserved for capital instruments. |
Consolidated statements of chan
Consolidated statements of changes in equity - CHF (SFr) SFr in Millions | Total | Total shareholders' equity | Common shares | Additional paid-in capital | Retained earnings | Treasury shares, at cost | Accumulated other comprehensive income | Noncontrolling interests | ||
Balance at Dec. 31, 2014 | SFr 45,001 | SFr 43,959 | SFr 64 | SFr 27,007 | SFr 32,083 | SFr (192) | SFr (15,003) | SFr 1,042 | ||
Increase (decrease) in shareholders' equity | ||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (214) | (214) | ||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 45 | 45 | ||||||||
Net income/(loss) | 2,100 | 2,105 | 2,105 | (5) | ||||||
Total other comprehensive income/(loss), net of tax | (2,371) | (2,317) | (2,317) | (54) | ||||||
Issuance of common shares | 711 | 711 | 1 | 710 | ||||||
Sale of treasury shares | 7,435 | 7,435 | (3) | 7,438 | ||||||
Repurchase of treasury shares | (8,385) | (8,385) | (8,385) | |||||||
Share-based compensation, net of tax | 131 | 131 | (857) | 988 | ||||||
Financial instruments indexed to own shares | 140 | 140 | 140 | |||||||
Dividends paid | (1,137) | (1,137) | ||||||||
Dividends paid out of reserves from capital contributions | (1,137) | |||||||||
Change in scope of consolidation, net | 6 | 6 | ||||||||
Other | (2) | (2) | ||||||||
Balance at Jun. 30, 2015 | 43,460 | 42,642 | 65 | 25,860 | 34,188 | (151) | (17,320) | 818 | ||
Balance at Mar. 31, 2015 | 44,285 | 43,396 | 64 | 27,589 | 33,137 | (1,008) | (16,386) | 889 | ||
Increase (decrease) in shareholders' equity | ||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (92) | (92) | ||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 30 | 30 | ||||||||
Net income/(loss) | 1,066 | 1,051 | 1,051 | 15 | ||||||
Total other comprehensive income/(loss), net of tax | (964) | (934) | (934) | (30) | ||||||
Issuance of common shares | 711 | 711 | 1 | 710 | ||||||
Sale of treasury shares | 5,612 | 5,612 | 7 | 5,605 | ||||||
Repurchase of treasury shares | (5,719) | (5,719) | (5,719) | |||||||
Share-based compensation, net of tax | (262) | (262) | (1,233) | 971 | ||||||
Financial instruments indexed to own shares | (76) | (76) | (76) | |||||||
Dividends paid | (1,137) | (1,137) | ||||||||
Dividends paid out of reserves from capital contributions | (1,137) | |||||||||
Change in scope of consolidation, net | 6 | 6 | ||||||||
Balance at Jun. 30, 2015 | 43,460 | 42,642 | 65 | 25,860 | 34,188 | (151) | (17,320) | 818 | ||
Balance at Dec. 31, 2015 | 45,018 | 44,382 | 78 | 31,925 | 29,139 | (125) | (16,635) | 636 | ||
Increase (decrease) in shareholders' equity | ||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (10) | (10) | ||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 64 | 64 | ||||||||
Net income/(loss) | (305) | (302) | (302) | (3) | ||||||
Total other comprehensive income/(loss), net of tax | 539 | 557 | 557 | (18) | ||||||
Sale of treasury shares | 2,937 | 2,937 | (65) | 3,002 | ||||||
Repurchase of treasury shares | (3,047) | (3,047) | (3,047) | |||||||
Share-based compensation, net of tax | 495 | 495 | 483 | 12 | ||||||
Financial instruments indexed to own shares | (27) | (27) | (27) | |||||||
Change in scope of consolidation, net | (219) | (219) | ||||||||
Other | 2 | 2 | 2 | |||||||
Balance at Mar. 31, 2016 | 45,447 | 44,997 | 78 | 32,318 | 28,362 | (158) | (15,603) | 450 | ||
Balance at Dec. 31, 2015 | 45,018 | 44,382 | 78 | 31,925 | 29,139 | (125) | (16,635) | 636 | ||
Increase (decrease) in shareholders' equity | ||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | [1],[2] | (63) | (63) | |||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | [2] | 77 | 77 | |||||||
Net income/(loss) | (127) | (132) | (132) | 5 | ||||||
Total other comprehensive income/(loss), net of tax | 894 | 898 | 898 | (4) | ||||||
Issuance of common shares | 1,667 | 1,667 | 6 | 1,661 | ||||||
Sale of treasury shares | 9,158 | 9,158 | (36) | 9,194 | ||||||
Repurchase of treasury shares | (9,301) | (9,301) | (9,301) | |||||||
Share-based compensation, net of tax | (145) | (145) | (283) | [3] | 138 | |||||
Financial instruments indexed to own shares | [4] | (108) | (108) | (108) | ||||||
Dividends paid | (1,435) | (1,435) | ||||||||
Dividends paid out of reserves from capital contributions | [5] | (1,435) | ||||||||
Change in scope of consolidation, net | (255) | (255) | ||||||||
Other | (51) | (22) | (22) | (29) | ||||||
Balance at Jun. 30, 2016 | 45,329 | 44,962 | 84 | 31,702 | 28,532 | (94) | (15,262) | 367 | ||
Increase (decrease) in shareholders' equity | ||||||||||
Cumulative effect of accounting changes, net of tax | (475) | 475 | ||||||||
Balance at Mar. 31, 2016 | 45,447 | 44,997 | 78 | 32,318 | 28,362 | (158) | (15,603) | 450 | ||
Increase (decrease) in shareholders' equity | ||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | [1],[2] | (53) | (53) | |||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | [2] | 13 | 13 | |||||||
Net income/(loss) | 178 | 170 | 170 | 8 | ||||||
Total other comprehensive income/(loss), net of tax | 355 | 341 | 341 | 14 | ||||||
Issuance of common shares | 1,667 | 1,667 | 6 | 1,661 | ||||||
Sale of treasury shares | 6,221 | 6,221 | 29 | 6,192 | ||||||
Repurchase of treasury shares | (6,254) | (6,254) | (6,254) | |||||||
Share-based compensation, net of tax | (640) | (640) | (766) | [6] | 126 | |||||
Financial instruments indexed to own shares | [4] | (81) | (81) | (81) | ||||||
Dividends paid | (1,435) | (1,435) | ||||||||
Dividends paid out of reserves from capital contributions | [5] | (1,435) | ||||||||
Change in scope of consolidation, net | (36) | (36) | ||||||||
Other | (53) | (24) | (24) | (29) | ||||||
Balance at Jun. 30, 2016 | SFr 45,329 | SFr 44,962 | SFr 84 | SFr 31,702 | 28,532 | SFr (94) | (15,262) | SFr 367 | ||
Increase (decrease) in shareholders' equity | ||||||||||
Cumulative effect of accounting changes, net of tax | SFr (475) | SFr 475 | ||||||||
[1] | Distributions to owners in funds include the return of original capital invested and any related dividends. | |||||||||
[2] | Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership". | |||||||||
[3] | Includes a net tax charge of CHF (126) million from the excess recognized compensation expense over fair value of shares delivered. | |||||||||
[4] | 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. | |||||||||
[5] | Paid out of reserves from capital contributions. | |||||||||
[6] | Includes a net tax charge of CHF (146) million from the excess recognized compensation expense over fair value of shares delivered. |
Consolidated statements of cha6
Consolidated statements of changes in equity (Parenthetical) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Tax benefit (charge) from the excess fair value of compensation expense | SFr (146) | SFr (126) |
Consolidated statements of cash
Consolidated statements of cash flows - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities of continuing operations | ||
Net income/(loss) | SFr (127) | SFr 2,100 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | ||
Impairment, depreciation and amortization | 471 | 520 |
Provision for credit losses | 122 | 81 |
Deferred tax provision/(benefit) | (339) | 708 |
Share of net income/(loss) from equity method investments | 36 | (33) |
Trading assets and liabilities, net | 15,182 | 12,857 |
(Increase)/decrease in other assets | (9,341) | (8,431) |
Increase/(decrease) in other liabilities | 3,988 | (5,216) |
Other, net | (158) | 193 |
Total adjustments | 9,961 | 679 |
Net cash provided by/(used in) operating activities of continuing operations | 9,834 | 2,779 |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | 56 | 305 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 786 | 16,054 |
Purchase of investment securities | (60) | (272) |
Proceeds from sale of investment securities | 9 | 14 |
Maturities of investment securities | 213 | 342 |
Investments in subsidiaries and other investments | (378) | (335) |
Proceeds from sale of other investments | 591 | 951 |
(Increase)/decrease in loans | (2,083) | (3,677) |
Proceeds from sale of loans | 415 | 1,018 |
Capital expenditures for premises and equipment and other intangible assets | (582) | (474) |
Proceeds from sale of premises and equipment and other intangible assets | 53 | 11 |
Other, net | 51 | 195 |
Net cash provided by/(used in) investing activities of continuing operations | (929) | 14,132 |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 8,772 | 1,065 |
Increase/(decrease) in short-term borrowings | 3,049 | 1,110 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (13,622) | (7,873) |
Issuances of long-term debt | 35,677 | 47,503 |
Repayments of long-term debt | (20,718) | (29,565) |
Issuances of common shares | 725 | 1 |
Sale of treasury shares | 9,158 | 7,435 |
Repurchase of treasury shares | (9,301) | (8,385) |
Dividends paid/capital repayments | (493) | (427) |
Other, net | 41 | 384 |
Net cash provided by/(used in) financing activities of continuing operations | 13,288 | 11,248 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (472) | (3,454) |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 21,721 | 24,705 |
Cash and due from banks at beginning of period | 92,328 | 79,349 |
Cash and due from banks at end of period | 114,049 | 104,054 |
Cash paid for income taxes and interest | ||
Cash paid for income taxes | 234 | 683 |
Cash paid for interest | 5,072 | 5,601 |
Assets and liabilities sold in business divestitures | ||
Assets sold | 0 | 34 |
Liabilities sold | 0 | 7 |
Assets acquired and liabilities assumed in business acquisitions | ||
Fair value of assets acquired | SFr 0 | SFr 2 |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2016 | |
Summary of significant accounting policies | 1 Summary of significant accounting policies Basis of presentation The accompanying unaudited condensed consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). These condensed consolidated financial statements should be read in conjunction with the US GAAP consolidated financial statements and notes thereto for the year ended December 31, 2015 included in the Credit Suisse Annual Report 2015. > Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for a description of the Group’s significant accounting policies. Certain financial information, which is normally included in annual consolidated financial statements prepared in accordance with US GAAP, but not required for interim reporting purposes, has been condensed or omitted. Certain reclassifications have been made to the prior period’s consolidated financial statements to conform to the current period’s presentation. These condensed consolidated financial statements reflect, in the opinion of management, all adjustments that are necessary for a fair presentation of the condensed consolidated financial statements for the periods presented. The 1Q16 consolidated statements of operations and comprehensive income, the 1Q16 consolidated balance sheets and the 2Q16, 1Q16 and 2Q15 consolidated statements of changes in equity have been added for convenience of the reader and are not a required presentation under US GAAP. The results of operations for interim periods are not indicative of results for the entire year. In preparing these condensed consolidated financial statements, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recently issued accounting stan
Recently issued accounting standards | 6 Months Ended |
Jun. 30, 2016 | |
Recently issued accounting standards | 2 Recently issued accounting standards Recently adopted accounting standards The following provides the most relevant recently adopted accounting standards. > Refer to “Note 2 – Recently issued accounting standards” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for a description of accounting standards adopted in 2015. ASC Topic 718 – Compensation – Stock Compensation In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 Accounting Standards Codification (ASC) 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. 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, however, retrospective application was deemed immaterial and, as such, prior periods were not restated. 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 326 – Financial Instruments – Credit Losses In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments” (ASU 2016-13), an update to ASC Topic 326 – Financial Instruments – Credit Losses. The ASU is intended to improve financial reporting by requiring timelier recording of credit losses on financial assets measured at amortized cost basis (including, but not limited to loans), net investments in leases recognized as lessor and off-balance sheet credit exposures. The ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Group will now incorporate forward-looking information into its credit loss estimates. The ASU requires enhanced disclosures to help investors and other financial statement users to better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. As the Group is an SEC filer, ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019, and for the interim and annual reporting periods thereafter. Early application will be permitted for fiscal years, and interim periods within those fiscal years, 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 2016-13 on the Group’s financial position, results of operations and cash flows. ASC Topic 606 – Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (ASU 2014-09), 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. ASU 2014-19, as amended by ASU 2015-14 “Deferral of the Effective Date”, ASU 2016-08 “Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, ASU 2016-10 “Identifying Performance Obligations and Licensing”, ASU 2016-11 “Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting” and ASU 2016-12 “Narrow-Scope Improvements and Practical Expedients”, is effective for the annual reporting period beginning after December 15, 2017, and for the interim and annual reporting periods thereafter. The Group is currently evaluating the impact of the adoption of ASU 2014-09 and its amendments on the Group’s financial position, results of operations and cash flows. ASC Topic 718 – Compensation – Stock Compensation In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting” (ASU 2016-09), an update to ASC Topic 718 – Compensation—Stock Compensation. The amendments in ASU 2016-09 provide simplification updates for several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual reporting periods beginning after December 15, 2016, and for the interim and annual reporting periods thereafter. The Group is currently evaluating the impact of the adoption of ASU 2016-09 on the Group’s financial position, results of operations and cash flows. ASC Topic 842 – Leases In February 2016, the FASB issued ASU 2016-02, “Leases” (ASU 2016-02), creating ASC Topic 842 – Leases. 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. |
Business developments
Business developments | 6 Months Ended |
Jun. 30, 2016 | |
Business developments | 3 Business developments Implementation of our strategy As announced on March 23, 2016, we have implemented additional measures and adjusted financial objectives beyond those announced on October 21, 2015 to further lower our cost base, accelerate the risk-weighted assets and leverage reduction initiatives in the restructuring of our Global Markets business and further strengthen our capital position. The additional measures included exiting the distressed credit, European securitized products trading and long-term illiquid financing businesses and making other business reductions. The assets from these impacted businesses were transferred to the Strategic Resolution Unit in 2Q16. As also announced, in 2Q16 the Group consolidated its foreign exchange sales and trading business from Global Markets into its trading operations within Swiss Universal Bank. The results of the sales and trading business continue to be split between Swiss Universal Bank and International Wealth Management. A portion of the corporate loan portfolio managed by the Global Markets and Investment Banking & Capital Markets divisions was also transferred to the Strategic Resolution Unit in 2Q16. These transfers related to client lending relationship exits and exposure types that we do not consider consistent with the announced strategy. In 2Q16, we also transferred from Global Markets to the Corporate Center a portfolio of positions containing tax risk to the Group that is managed by the Group’s corporate tax function. As a result of the above strategic actions, prior period segment results have been reclassified to conform to the current presentation. These reclassifications had no impact on the net income/(loss) or the total shareholders’ equity of the Group. Funding and cost allocations In the ongoing process of implementing the Group’s strategy across our six business divisions, in 2Q16 the Group retroactively recalibrated, with effect as of the beginning of 1Q16, its methodology to allocate funding costs across the Group to incorporate net stable funding ratio (NSFR) requirements. 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. In the ongoing process of implementing the Group’s strategy across our six business divisions, in 2Q16, the Group recalibrated its methodology for the allocation of these corporate function costs to the operating expenses of the divisions, including a retroactive adjustment for 1Q16 in 2Q16. |
Discontinued operations
Discontinued operations | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued operations | 4 Discontinued operations There were no operations that were discontinued in 6M16 and 2015. > Refer to “Note 4 – Discontinued operations” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for further information. |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2016 | |
Segment information | 5 Segment information Overview 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 and the Corporate Center, which are managed and reported on a pre-tax basis. > Refer to “Note 5 – Segment information” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for further information on segment information, revenue sharing and cost allocation and funding. Net revenues and income before taxes in 2Q16 1Q16 2Q15 6M16 6M15 Net revenues (CHF million) Swiss Universal Bank 1,337 1,356 1,462 2,693 2,862 International Wealth Management 1,145 1,173 1,165 2,318 2,286 Asia Pacific 911 907 1,040 1,818 2,128 Global Markets 1,630 1,245 1,926 2,875 4,077 Investment Banking & Capital Markets 543 388 568 931 967 Strategic Resolution Unit (363) (541) 410 (904) 725 Corporate Center (95) 110 384 15 557 Net revenues 5,108 4,638 6,955 9,746 13,602 Income/(loss) from continuing operations before taxes (CHF million) Swiss Universal Bank 453 432 468 885 911 International Wealth Management 245 300 272 545 550 Asia Pacific 206 264 367 470 832 Global Markets 154 (198) 391 (44) 1,118 Investment Banking & Capital Markets 135 (62) 145 73 98 Strategic Resolution Unit (759) (1,253) (250) (2,012) (554) Corporate Center (235) 33 263 (202) 212 Income/(loss) from continuing operations before taxes 199 (484) 1,656 (285) 3,167 Total assets end of 2Q16 1Q16 4Q15 Total assets (CHF million) Swiss Universal Bank 224,866 222,653 220,359 International Wealth Management 90,156 85,766 96,085 Asia Pacific 92,194 90,218 85,929 Global Markets 239,419 237,716 234,276 Investment Banking & Capital Markets 22,064 20,772 18,712 Strategic Resolution Unit 98,058 105,286 100,823 Corporate Center 54,407 51,487 64,621 Total assets 821,164 813,898 820,805 |
Net interest income
Net interest income | 6 Months Ended |
Jun. 30, 2016 | |
Net interest income | 6 Net interest income in 2Q16 1Q16 2Q15 6M16 6M15 Net interest income (CHF million) Loans 1,374 1,389 1,315 2,763 2,632 Investment securities 16 17 18 33 31 Trading assets 2,292 2,086 3,330 4,378 5,283 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 710 704 679 1,414 1,329 Other 365 389 561 754 1,118 Interest and dividend income 4,757 4,585 5,903 9,342 10,393 Deposits (258) (244) (221) (502) (476) Short-term borrowings (22) (16) (28) (38) (62) Trading liabilities (1,202) (1,024) (1,511) (2,226) (2,306) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (377) (376) (325) (753) (640) Long-term debt (854) (858) (895) (1,712) (1,781) Other (45) (56) (54) (101) (107) Interest expense (2,758) (2,574) (3,034) (5,332) (5,372) Net interest income 1,999 2,011 2,869 4,010 5,021 |
Commissions and fees
Commissions and fees | 6 Months Ended |
Jun. 30, 2016 | |
Commissions and fees | 7 Commissions and fees in 2Q16 1Q16 2Q15 6M16 6M15 Commissions and fees (CHF million) Lending business 452 398 426 850 726 Investment and portfolio management 779 810 864 1,589 1,697 Other securities business 14 11 21 25 43 Fiduciary business 793 821 885 1,614 1,740 Underwriting 395 222 487 617 932 Brokerage 757 833 978 1,590 1,986 Underwriting and brokerage 1,152 1,055 1,465 2,207 2,918 Other services 399 401 483 800 854 Commissions and fees 2,796 2,675 3,259 5,471 6,238 |
Trading revenues
Trading revenues | 6 Months Ended |
Jun. 30, 2016 | |
Trading revenues | 8 Trading revenues in 2Q16 1Q16 2Q15 6M16 6M15 Trading revenues (CHF million) Interest rate products 2,918 1,719 1,569 4,637 4,163 Foreign exchange products (1,566) (582) 340 (2,148) (513) Equity/index-related products (844) (1,163) (1,126) (2,007) (1,285) Credit products (734) (534) (111) (1,268) (460) Commodity, emission and energy products 16 (3) 28 13 18 Other products 304 292 (202) 596 (35) Trading revenues 94 (271) 498 (177) 1,888 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. > Refer to “Note 8 – Trading revenues” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for further information on trading revenues and managing trading risks. |
Other revenues
Other revenues | 6 Months Ended |
Jun. 30, 2016 | |
Other revenues | 9 Other revenues in 2Q16 1Q16 2Q15 6M16 6M15 Other revenues (CHF million) Noncontrolling interests without SEI 1 0 14 1 (14) Loans held-for-sale (48) (9) (19) (57) (27) Long-lived assets held-for-sale (9) 33 1 24 3 Equity method investments 46 49 51 95 97 Other investments 31 (16) 93 15 21 Other 198 166 189 364 375 Other revenues 219 223 329 442 455 |
Provision for credit losses
Provision for credit losses | 6 Months Ended |
Jun. 30, 2016 | |
Provision for credit losses | 10 Provision for credit losses in 2Q16 1Q16 2Q15 6M16 6M15 Provision for credit losses (CHF million) Provision for loan losses (13) 126 36 113 67 Provision for lending-related and other exposures (15) 24 15 9 14 Provision for credit losses (28) 150 51 122 81 |
Compensation and benefits
Compensation and benefits | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and benefits | 11 Compensation and benefits in 2Q16 1Q16 2Q15 6M16 6M15 Compensation and benefits (CHF million) Salaries and variable compensation 2,367 2,166 2,474 4,533 5,091 Social security 211 147 274 358 465 Other 1 156 169 166 325 334 Compensation and benefits 2,734 2,482 2,914 5,216 5,890 1 Includes pension and other post-retirement expense of CHF 80 million, CHF 79 million, CHF 82 million, CHF 159 million and CHF 172 million in 2Q16, 1Q16, 2Q15, 6M16 and 6M15, respectively. |
General and administrative expe
General and administrative expenses | 6 Months Ended |
Jun. 30, 2016 | |
General and administrative expenses | 12 General and administrative expenses in 2Q16 1Q16 2Q15 6M16 6M15 General and administrative expenses (CHF million) Occupancy expenses 242 248 250 490 493 IT, machinery, etc. 278 297 296 575 612 Provisions and losses 91 78 131 169 204 Travel and entertainment 81 90 95 171 184 Professional services 739 804 744 1,543 1,376 Amortization and impairment of other intangible assets 2 2 5 4 11 Other 327 329 407 656 786 General and administrative expenses 1,760 1,848 1,928 3,608 3,666 |
Restructuring expenses
Restructuring expenses | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 13 Restructuring expenses In connection with the strategic review of the Group, restructuring expenses of CHF 91 million and CHF 255 million and CHF 346 million were recognized in 2Q16, 1Q16 and 6M16, respectively. Restructuring expenses primarily include termination costs, expenses in connection with the acceleration of certain deferred compensation awards and real estate contract termination costs. Restructuring expenses by segment in 2Q16 1Q16 6M16 Restructuring expenses by segment (CHF million) Swiss Universal Bank 4 40 44 International Wealth Management 15 8 23 Asia Pacific 10 1 11 Global Markets 50 100 150 Investment Banking & Capital Markets (8) 27 19 Strategic Resolution Unit 20 79 99 Total restructuring expenses 91 255 346 Restructuring expenses by type in 2Q16 1Q16 6M16 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 50 182 232 of which severance expenses 61 56 117 of which accelerated deferred compensation (21) 104 83 of which pension expenses 10 22 32 General and administrative-related expenses 41 73 114 Total restructuring expenses 91 255 346 Restructuring provision 2Q16 1Q16 Compen- General and Compen- General and Restructuring provision (CHF million) Balance at beginning of period 193 87 280 187 12 199 Net additional charges 1 61 41 102 56 73 129 Utilization (65) (18) (83) (50) 2 (48) Balance at end of period 189 110 299 193 87 280 6M16 General and Restructuring provision (CHF million) Balance at beginning of period 187 12 199 Net additional charges 117 114 231 1 Utilization (115) (16) (131) Balance at end of period 189 110 299 1 The following items for which expense accretion was accelerated in 2Q16, 1Q16 and 6M16 due to the restructuring of the Group are not included in the restructuring provision: unsettled share-based compensation of CHF (27) million, CHF 33 million, CHF 6 million, respectively, and unsettled pension obligations of CHF 4 million, CHF 23 million and CHF 27 million, respectively, which remain classified as a component of total shareholders’ equity; and unsettled cash-based deferred compensation of CHF 12 million, CHF 70 million and CHF 82 million, respectively, which remain classified as compensation liabilities. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings per share | 14 Earnings per share in 2Q16 1Q16 2Q15 6M16 6M15 Basic net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for basic earnings per share 170 (302) 1,051 (132) 2,105 Available for common shares 167 (302) 1,029 (135) 2,060 Available for unvested share-based payment awards 3 0 22 3 45 Diluted net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for diluted earnings per share 170 (302) 1,051 (132) 2,105 Available for common shares 167 (302) 1,029 (135) 2,061 Available for unvested share-based payment awards 3 0 22 3 44 Weighted-average shares outstanding (million) Weighted-average shares outstanding for basic earnings per share available for common shares 2,018.4 1,980.7 1,689.7 1,999.6 1,680.0 Dilutive share options and warrants 3.7 0.0 0.9 0.0 0.9 Dilutive share awards 43.0 0.0 44.6 0.0 37.7 Weighted-average shares outstanding for diluted earnings per share available for common shares 1 2,065.1 1,980.7 2 1,735.2 1,999.6 2 1,718.6 Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards 1.2 10.3 21.8 5.8 31.6 Earnings/(loss) per share available for common shares (CHF) Basic earnings/(loss) per share available for common shares 0.08 (0.15) 0.61 (0.07) 1.23 Diluted earnings/(loss) per share available for common shares 0.08 (0.15) 0.59 (0.07) 1.20 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 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 12.0 million, 7.5 million, 7.2 million, 9.8 million and 8.2 million for 2Q16, 1Q16, 2Q15, 6M16 and 6M15, respectively. 2 Due to the net losses in 1Q16 and 6M16, 2.3 million and 3.0 million, respectively, of weighted-average share options and warrants outstanding and 53.7 million and 48.4 million, respectively, of weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. |
Trading assets and liabilities
Trading assets and liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Trading assets and liabilities | 15 Trading assets and liabilities end of 2Q16 1Q16 4Q15 Trading assets (CHF million) Debt securities 66,658 72,864 80,542 Equity securities 69,814 73,763 70,961 Derivative instruments 1 29,488 29,792 28,365 Other 11,659 11,131 10,869 Trading assets 177,619 187,550 190,737 Trading liabilities (CHF million) Short positions 24,634 28,962 25,485 Derivative instruments 1 27,048 24,620 23,486 Trading liabilities 51,682 53,582 48,971 1 Amounts shown after counterparty and cash collateral netting. Cash collateral on derivative instruments end of 2Q16 1Q16 4Q15 Cash collateral – netted (CHF million) 1 Cash collateral paid 39,600 34,413 31,887 Cash collateral received 28,971 26,246 21,942 Cash collateral – not netted (CHF million) 2 Cash collateral paid 10,055 8,121 7,921 Cash collateral received 12,773 12,625 13,989 1 Recorded as cash collateral netting on derivative instruments in Note 22 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 19 – Other assets and other liabilities. |
Investment securities
Investment securities | 6 Months Ended |
Jun. 30, 2016 | |
Investment securities | 16 Investment securities end of 2Q16 1Q16 4Q15 Investment securities (CHF million) Securities available-for-sale 2,611 3,143 3,090 Total investment securities 2,611 3,143 3,090 Investment securities by type end of 2Q16 4Q15 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by Swiss federal, cantonal or local governmental entities 252 25 0 277 273 21 0 294 Debt securities issued by foreign governments 1,379 41 0 1,420 1,382 34 0 1,416 Corporate debt securities 283 0 0 283 285 0 0 285 Residential mortgage-backed securities 515 0 0 515 750 0 0 750 Commercial mortgage-backed securities 29 0 0 29 259 0 0 259 Debt securities available-for-sale 2,458 66 0 2,524 2,949 55 0 3,004 Banks, trust and insurance companies 66 21 0 87 65 20 0 85 Industry and all other 0 0 0 0 1 0 0 1 Equity securities available-for-sale 66 21 0 87 66 20 0 86 Securities available-for-sale 2,524 87 0 2,611 3,015 75 0 3,090 There were no unrealized losses on investment securities as of the end of 2Q16 and 4Q15. 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 6M16 6M15 Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 8 1 0 14 Realized gains 0 0 0 1 Amortized cost, fair value and average yield of debt securities Debt securities Average 2Q16 (CHF million) Due within 1 year 385 385 0.69 Due from 1 to 5 years 1,375 1,420 0.87 Due from 5 to 10 years 145 164 1.11 Due after 10 years 553 555 5.39 Total debt securities 2,458 2,524 1.87 |
Loans, allowance for loan losse
Loans, allowance for loan losses and credit quality | 6 Months Ended |
Jun. 30, 2016 | |
Loans, allowance for loan losses and credit quality | 17 Loans, allowance for loan losses and credit quality > Refer to “Note 19 – Loans, allowance for loan losses and credit quality” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for further information on loans, allowance for loan losses, credit quality, value of collateral and impaired loans. Loans end of 2Q16 1Q16 4Q15 Loans (CHF million) Mortgages 104,394 103,595 103,164 Loans collateralized by securities 36,385 35,068 37,946 Consumer finance 3,757 3,575 3,766 Consumer 144,536 142,238 144,876 Real estate 26,218 26,793 26,451 Commercial and industrial loans 81,240 77,627 77,767 Financial institutions 18,924 20,672 21,334 Governments and public institutions 3,928 4,040 3,578 Corporate & institutional 130,310 129,132 129,130 Gross loans 274,846 271,370 274,006 of which held at amortized cost 254,015 249,849 253,186 of which held at fair value 20,831 21,521 20,820 Net (unearned income)/deferred expenses (148) (160) (145) Allowance for loan losses (863) (962) (866) Net loans 273,835 270,248 272,995 Gross loans by location (CHF million) Switzerland 158,323 157,319 155,771 Foreign 116,523 114,051 118,235 Gross loans 274,846 271,370 274,006 Impaired loan portfolio (CHF million) Non-performing loans 1,426 1,046 983 Non-interest-earning loans 204 233 272 Non-performing and non-interest-earning loans 1,630 1,279 1,255 Restructured loans 257 288 282 Potential problem loans 417 645 436 Other impaired loans 674 933 718 Gross impaired loans 2,304 2,212 1,973 Allowance for loan losses by loan portfolio 2Q16 1Q16 2Q15 Corporate & Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 197 765 962 216 650 866 245 522 767 Net movements recognized in statements of operations 7 (20) (13) 0 126 126 16 20 36 Gross write-offs (22) (86) (108) (20) (19) (39) (57) (25) (82) Recoveries 2 9 11 3 20 23 4 2 6 Net write-offs (20) (77) (97) (17) 1 (16) (53) (23) (76) Provisions for interest 2 2 4 3 (1) 2 1 2 3 Foreign currency translation impact and other adjustments, net 1 6 7 (5) (11) (16) (2) (6) (8) Balance at end of period 187 676 863 197 765 962 207 515 722 of which individually evaluated for impairment 141 482 623 154 570 724 162 348 510 of which collectively evaluated for impairment 46 194 240 43 195 238 45 167 212 Gross loans held at amortized cost (CHF million) Balance at end of period 144,514 109,501 254,015 142,217 107,632 249,849 143,711 107,531 251,242 of which individually evaluated for impairment 1 650 1,654 2,304 658 1,554 2,212 650 920 1,570 of which collectively evaluated for impairment 143,864 107,847 251,711 141,559 106,078 247,637 143,061 106,611 249,672 1 Represents gross impaired loans both with and without a specific allowance. Allowance for loan losses by loan portfolio (continued) 6M16 6M15 Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 216 650 866 251 507 758 Net movements recognized in statements of operations 7 106 113 31 36 67 Gross write-offs (42) (105) (147) (78) (29) (107) Recoveries 5 29 34 6 9 15 Net write-offs (37) (76) (113) (72) (20) (92) Provisions for interest 5 1 6 2 10 12 Foreign currency translation impact and other adjustments, net (4) (5) (9) (5) (18) (23) Balance at end of period 187 676 863 207 515 722 1 Represents gross impaired loans both with and without a specific allowance. Purchases, reclassifications and sales in 2Q16 1Q16 2Q15 Corporate & Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 0 720 720 0 695 695 115 1,357 1,472 Reclassifications from loans held-for-sale 2 0 47 47 0 78 78 0 35 35 Reclassifications to loans held-for-sale 3 509 253 762 1,123 411 1,534 0 167 167 Sales 3 0 30 30 0 0 0 0 134 134 in 6M16 6M15 Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 0 1,415 1,415 231 2,348 2,579 Reclassifications from loans held-for-sale 2 0 125 125 0 158 158 Reclassifications to loans held-for-sale 3 1,632 664 2,296 0 373 373 Sales 3 0 30 30 0 214 214 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. Gross loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2Q16 (CHF million) Mortgages 91,986 12,171 237 104,394 Loans collateralized by securities 33,397 2,870 118 36,385 Consumer finance 1,317 2,203 215 3,735 Consumer 126,700 17,244 570 144,514 Real estate 19,683 5,802 88 25,573 Commercial and industrial loans 35,421 32,756 1,138 69,315 Financial institutions 10,974 2,486 136 13,596 Governments and public institutions 947 55 15 1,017 Corporate & institutional 67,025 41,099 1,377 109,501 Gross loans held at amortized cost 193,725 58,343 1,947 254,015 Value of collateral 1 177,989 49,214 1,044 228,247 4Q15 (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 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 Current Past due Up to 31–60 61–90 More than 2Q16 (CHF million) Mortgages 103,969 160 23 9 233 425 104,394 Loans collateralized by securities 36,058 166 28 7 126 327 36,385 Consumer finance 3,168 302 39 37 189 567 3,735 Consumer 143,195 628 90 53 548 1,319 144,514 Real estate 25,424 76 6 0 67 149 25,573 Commercial and industrial loans 67,508 742 89 225 751 1,807 69,315 Financial institutions 13,331 126 13 0 126 265 13,596 Governments and public institutions 1,011 6 0 0 0 6 1,017 Corporate & institutional 107,274 950 108 225 944 2,227 109,501 Gross loans held at amortized cost 250,469 1,578 198 278 1,492 3,546 254,015 4Q15 (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 Gross impaired loans by category Non-performing and Non- 2Q16 (CHF million) Mortgages 236 9 245 13 48 61 306 1 Loans collateralized by securities 122 5 127 0 0 0 127 Consumer finance 189 27 216 0 1 1 217 Consumer 547 41 588 13 49 62 650 Real estate 77 4 81 0 23 23 104 Commercial and industrial loans 719 109 828 244 302 546 1,374 Financial institutions 83 50 133 0 28 28 161 Governments and public institutions 0 0 0 0 15 15 15 Corporate & institutional 879 163 1,042 244 368 612 1,654 Gross impaired loans 1,426 204 1,630 257 417 674 2,304 4Q15 (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 1 As of the end of 2Q16 and 4Q15, CHF 72 million and CHF 68 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. Gross impaired loan detail end of 2Q16 4Q15 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 198 185 22 209 196 26 Loans collateralized by securities 124 116 8 117 112 15 Consumer finance 210 189 111 221 201 129 Consumer 532 490 141 547 509 170 Real estate 80 75 10 76 72 10 Commercial and industrial loans 978 958 406 815 796 387 Financial institutions 161 154 66 172 166 83 Corporate & institutional 1,219 1,187 482 1,063 1,034 480 Gross impaired loans with a specific allowance 1,751 1,677 623 1,610 1,543 650 Mortgages 108 108 – 72 71 – Loans collateralized by securities 3 3 – 21 22 – Consumer finance 7 7 – 7 7 – Consumer 118 118 – 100 100 – Real estate 24 24 – 25 25 – Commercial and industrial loans 396 396 – 236 236 – Financial institutions 0 0 – 2 2 – Governments and public institutions 15 15 – 0 0 – Corporate & institutional 435 435 – 263 263 – Gross impaired loans without specific allowance 553 553 – 363 363 – Gross impaired loans 2,304 2,230 623 1,973 1,906 650 of which consumer 650 608 141 647 609 170 of which corporate & institutional 1,654 1,622 482 1,326 1,297 480 Gross impaired loan detail (continued) in 2Q16 1Q16 2Q15 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 185 1 1 197 0 0 177 1 1 Loans collateralized by securities 121 0 0 113 0 0 39 0 0 Consumer finance 203 0 0 216 0 0 225 1 1 Consumer 509 1 1 526 0 0 441 2 2 Real estate 66 0 0 76 0 0 65 0 0 Commercial and industrial loans 1,034 2 0 902 3 1 597 2 1 Financial institutions 164 1 0 168 0 0 147 0 0 Governments and public institutions 5 0 0 0 0 0 0 0 0 Corporate & institutional 1,269 3 0 1,146 3 1 809 2 1 Gross impaired loans with a specific allowance 1,778 4 1 1,672 3 1 1,250 4 3 Mortgages 102 1 0 76 1 0 64 1 0 Loans collateralized by securities 18 0 0 25 0 0 42 1 0 Consumer finance 23 0 0 7 0 0 7 0 0 Consumer 143 1 0 108 1 0 113 2 0 Real estate 47 0 0 29 0 0 13 0 0 Commercial and industrial loans 307 1 0 219 2 0 35 0 0 Financial institutions 0 0 0 3 0 0 1 0 0 Governments and public institutions 8 0 0 0 0 0 0 0 0 Corporate & institutional 362 1 0 251 2 0 49 0 0 Gross impaired loans without specific allowance 505 2 0 359 3 0 162 2 0 Gross impaired loans 2,283 6 1 2,031 6 1 1,412 6 3 of which consumer 652 2 1 634 1 0 554 4 2 of which corporate & institutional 1,631 4 0 1,397 5 1 858 2 1 Gross impaired loan detail (continued) in 6M16 6M15 Interest Interest Gross impaired loan detail (CHF million) Mortgages 191 1 1 179 1 1 Loans collateralized by securities 118 0 0 49 0 0 Consumer finance 210 0 0 226 1 1 Consumer 519 1 1 454 2 2 Real estate 71 0 0 65 0 0 Commercial and industrial loans 976 5 1 573 3 2 Financial institutions 167 1 0 141 1 1 Governments and public institutions 2 0 0 0 0 0 Corporate & institutional 1,216 6 1 779 4 3 Gross impaired loans with a specific allowance 1,735 7 2 1,233 6 5 Mortgages 88 2 0 57 1 0 Loans collateralized by securities 22 0 0 32 1 0 Consumer finance 15 0 0 7 0 0 Consumer 125 2 0 96 2 0 Real estate 37 0 0 10 0 0 Commercial and industrial loans 267 3 0 24 0 0 Financial institutions 2 0 0 1 0 0 Governments and public institutions 4 0 0 0 0 0 Corporate & institutional 310 3 0 35 0 0 Gross impaired loans without specific allowance 435 5 0 131 2 0 Gross impaired loans 2,170 12 2 1,364 8 5 of which consumer 644 3 1 550 4 2 of which corporate & institutional 1,526 9 1 814 4 3 Restructured loans held at amortized cost in 2Q16 1Q16 2Q15 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million) Commercial and industrial loans 3 44 44 5 15 15 2 21 21 Total 3 44 44 5 15 15 2 21 21 in 6M16 6M15 Recorded Recorded Recorded Recorded Restructured loans (CHF million) Commercial and industrial loans 8 59 59 4 92 99 Total 8 59 59 4 92 99 In 2Q15 and 6M15, respectively, the Group reported the default of one loan within commercial and industrial loans with a recorded investment amount of CHF 65 million, which had been restructured within the previous 12 months. In 2Q16, 1Q16 and 6M16, the Group did not experience a default on any loan that had been restructured within the previous 12 months. In 6M16, the loan modifications of the Group included extended repayment terms, including the suspension of annual contractual credit limit reductions, cash margin requirements on new trade finance transactions, waiver of covenants, release of corporate guarantees and waiver of interest. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill | 18 Goodwill Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 603 1,523 2,258 3,172 1,011 12 8,579 Foreign currency translation impact 6 17 19 6 9 0 57 Balance at end of period 609 1,540 2,277 3,178 1,020 12 8,636 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 609 1,540 1,505 459 632 0 4,745 Investment Gross amount of goodwill (CHF million) Balance at beginning of period 610 1,573 2,294 3,183 1,027 12 8,699 Goodwill acquired during the year 5 0 0 0 0 0 5 Foreign currency translation impact (5) (28) (16) (5) (7) 0 (61) Other (1) (5) (1) 0 0 0 (7) Balance at end of period 609 1,540 2,277 3,178 1,020 12 8,636 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 609 1,540 1,505 459 632 0 4,745 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 June 30, 2016, the Group’s market capitalization was below book value. On March 23, 2016, the Group announced a number of strategy measures affecting its Global Markets and Strategic Resolution Unit segments, including business exits and other business reductions in Global Markets. During 2Q16, these strategy measures were implemented together with additional actions that also impacted the Group’s other business segments. The Group determined that these changes constituted triggering events. The Group’s reporting units were not changed as a result of this announcement and remain defined 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. In determining the estimated fair value, the Group relied upon its updated five-year strategic business plan which included significant management assumptions and estimates based on its view of current and future economic conditions and regulatory changes. Goodwill is tested for impairment before and immediately after a reorganization or restructuring of reporting units. As a result, the goodwill impairment test was performed as of March 31, 2016 under the old business structure and then again under the modified structure according to the announcement on March 23, 2016. The goodwill impairment analysis performed as of June 30, 2016 considered the impact from the additional actions in 2Q16 and the Group concluded that the estimated fair value for all of its reporting units with goodwill substantially exceeded their related carrying values and that no impairment was necessary. The Group engaged the services of an independent valuation specialist to assist in the valuation of the Global Markets reporting unit as of March 31, 2016. 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. |
Other assets and other liabilit
Other assets and other liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Other assets and other liabilities | 19 Other assets and other liabilities end of 2Q16 1Q16 4Q15 Other assets (CHF million) Cash collateral on derivative instruments 10,055 8,121 7,921 Cash collateral on non-derivative transactions 987 412 327 Derivative instruments used for hedging 168 294 186 Assets held-for-sale 12,972 13,187 26,061 of which loans 1 12,782 12,981 25,839 of which real estate 2 161 171 182 of which long-lived assets 29 35 40 Assets held for separate accounts 625 907 1,307 Interest and fees receivable 5,370 5,196 5,658 Deferred tax assets 6,319 6,341 6,179 Prepaid expenses 528 520 448 Failed purchases 2,923 2,885 2,770 Other 6,336 6,764 7,160 Other assets 46,283 44,627 58,017 Other liabilities (CHF million) Cash collateral on derivative instruments 12,773 12,625 13,989 Cash collateral on non-derivative transactions 360 420 518 Derivative instruments used for hedging 303 235 110 Deposits held-for-sale 2,420 2,690 0 Provisions 1,532 1,644 1,851 of which off-balance sheet risk 95 108 88 Restructuring liabilities 299 280 199 Liabilities held for separate accounts 625 907 1,307 Interest and fees payable 6,225 5,231 6,011 Current tax liabilities 757 841 608 Deferred tax liabilities 48 50 54 Failed sales 1,102 1,378 1,551 Other 13,081 14,014 16,033 Other liabilities 39,525 40,315 42,231 1 Included as of the end of 2Q16, 1Q16 and 4Q15 were CHF 802 million, CHF 968 million and CHF 1,135 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 72 million, CHF 73 million and CHF 60 million, respectively, in loans held in trusts, which were consolidated as a result of failed sales under US GAAP. 2 As of the end of 2Q16, 1Q16 and 4Q15, real estate held-for-sale included foreclosed or repossessed real estate of CHF 21 million, CHF 35 million and CHF 31 million, respectively, of which CHF 13 million, CHF 6 million and CHF 3 million, respectively were related to residential real estate. |
Long-term debt
Long-term debt | 6 Months Ended |
Jun. 30, 2016 | |
Long-term debt | 20 Long-term debt Long-term debt end of 2Q16 1Q16 4Q15 Long-term debt (CHF million) Senior 174,394 157,849 157,986 Subordinated 24,052 23,494 24,796 Non-recourse liabilities from consolidated VIEs 1,780 2,147 14,826 Long-term debt 200,226 183,490 197,608 of which reported at fair value 73,922 69,104 80,931 of which structured notes 60,446 55,006 54,848 Structured notes by product end of 2Q16 1Q16 4Q15 Structured notes (CHF million) Equity 35,490 33,421 35,594 Fixed income 16,398 13,805 11,534 Credit 5,618 5,505 5,261 Other 2,940 2,275 2,459 Total structured notes 60,446 55,006 54,848 |
Accumulated other comprehensive
Accumulated other comprehensive income | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated other comprehensive income | 21 Accumulated other comprehensive income and additional share information Accumulated other comprehensive income/(loss) Gains/ Accumu- 2Q16 (CHF million) Balance at beginning of period 31 (13,452) 65 (4,567) 579 1,741 (15,603) Increase/(decrease) 26 322 2 0 0 (69) 281 Increase/(decrease) due to equity method investments (3) 0 0 0 0 0 (3) Reclassification adjustments, included in net income/(loss) (3) 9 0 82 (25) 0 63 Total increase/(decrease) 20 331 2 82 (25) (69) 341 Balance at end of period 51 (13,121) 67 (4,485) 554 1,672 (15,262) 1Q16 (CHF million) Balance at beginning of period (15) (12,615) 60 (4,672) 607 – (16,635) Increase/(decrease) 47 (886) 5 22 0 1,266 454 Increase/(decrease) due to equity method investments (3) 0 0 0 0 0 (3) Reclassification adjustments, included in net income/(loss) 2 49 0 83 (28) 0 106 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 475 475 Total increase/(decrease) 46 (837) 5 105 (28) 1,741 1,032 Balance at end of period 31 (13,452) 65 (4,567) 579 1,741 (15,603) 2Q15 (CHF million) Balance at beginning of period (23) (12,947) 74 (3,921) 431 – (16,386) Increase/(decrease) 25 (1,027) (11) 6 0 – (1,007) Increase/(decrease) due to equity method investments (1) 0 0 0 0 – (1) Reclassification adjustments, included in net income/(loss) 7 4 (1) 86 (22) – 74 Total increase/(decrease) 31 (1,023) (12) 92 (22) – (934) Balance at end of period 8 (13,970) 62 (3,829) 409 – (17,320) 6M16 (CHF million) Balance at beginning of period (15) (12,615) 60 (4,672) 607 – (16,635) Increase/(decrease) 73 (564) 7 22 0 1,197 735 Increase/(decrease) due to equity method investments (6) 0 0 0 0 0 (6) Reclassification adjustments, included in net income/(loss) (1) 58 0 165 (53) 0 169 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 475 475 Total increase/(decrease) 66 (506) 7 187 (53) 1,672 1,373 Balance at end of period 51 (13,121) 67 (4,485) 554 1,672 (15,262) 6M15 (CHF million) Balance at beginning of period (31) (11,478) 64 (4,010) 452 – (15,003) Increase/(decrease) 43 (2,498) (1) 7 0 – (2,449) Increase/(decrease) due to equity method investments (17) 0 0 0 0 – (17) Reclassification adjustments, included in net income/(loss) 13 6 (1) 174 (43) – 149 Total increase/(decrease) 39 (2,492) (2) 181 (43) – (2,317) Balance at end of period 8 (13,970) 62 (3,829) 409 – (17,320) Details on significant reclassification adjustments in 2Q16 1Q16 2Q15 6M16 6M15 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 9 49 4 58 6 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 105 107 110 212 222 Tax expense/(benefit) (23) (24) (24) (47) (48) Net of tax 82 83 86 165 174 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 2 (32) (36) (29) (68) (57) Tax expense 7 8 7 15 14 Net of tax (25) (28) (22) (53) (43) 1 Includes net releases of CHF 3 million and CHF 52 million on the sale of Credit Suisse (Gibraltar) Limited in 2Q16 and 1Q16, respectively. These were reclassified from cumulative translation adjustments and included in net income in other revenues. 2 These components are included in the computation of total benefit costs. Refer to "Note 25 – Pension and other post-retirement benefits" for further information. Additional share information 2Q16 1Q16 2Q15 6M16 6M15 Common shares issued Balance at beginning of period 1,957,379,244 1,957,379,244 1,607,168,947 1,957,379,244 1,607,168,947 Issuance of common shares 132,518,134 0 31,226,399 132,518,134 31,226,399 of which share-based compensation 30,000,000 0 0 30,000,000 0 Balance at end of period 2,089,897,378 1,957,379,244 1,638,395,346 2,089,897,378 1,638,395,346 Treasury shares Balance at beginning of period (10,939,863) (5,910,224) (43,695,094) (5,910,224) (7,666,658) Sale of treasury shares 474,842,916 190,347,314 220,985,925 665,190,230 301,511,352 Repurchase of treasury shares (482,072,771) (196,089,371) (224,833,683) (678,162,142) (342,146,721) Share-based compensation 9,636,105 712,418 41,575,944 10,348,523 42,335,119 Balance at end of period (8,533,613) (10,939,863) (5,966,908) (8,533,613) (5,966,908) Common shares outstanding Balance at end of period 2,081,363,765 1 1,946,439,381 2 1,632,428,438 3 2,081,363,765 1 1,632,428,438 3 1 At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 518,996,021 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. 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. |
Offsetting of financial assets
Offsetting of financial assets and financial liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Offsetting of financial assets and financial liabilities | 22 Offsetting of financial assets and financial liabilities The disclosures set out in the tables below include derivatives, reverse repurchase and repurchase agreements, and securities lending and borrowing transactions that: – – Similar agreements include derivative clearing agreements, global master repurchase agreements and global master securities lending agreements. Derivatives The Group transacts bilateral OTC derivatives mainly under the 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 26 – 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 trading 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 2Q16 4Q15 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 28.1 24.0 15.7 14.5 OTC 191.8 187.5 153.0 146.5 Exchange-traded 0.1 0.2 0.0 0.0 Interest rate products 220.0 211.7 168.7 161.0 OTC-cleared 0.1 0.3 0.0 0.0 OTC 58.9 70.0 58.1 68.2 Exchange-traded 0.5 0.1 0.3 0.3 Foreign exchange products 59.5 70.4 58.4 68.5 OTC-cleared 0.1 0.3 0.0 0.0 OTC 11.6 13.8 12.0 13.3 Exchange-traded 12.2 15.2 8.9 11.2 Equity/index-related products 23.9 29.3 20.9 24.5 OTC-cleared 1.8 2.1 3.8 4.0 OTC 11.6 11.5 13.5 12.4 Credit derivatives 13.4 13.6 17.3 16.4 OTC-cleared 0.1 0.0 0.0 0.0 OTC 2.2 1.3 2.6 1.5 Exchange-traded 0.0 0.0 0.1 0.1 Other products 2.3 1.3 2.7 1.6 OTC-cleared 30.2 26.7 19.5 18.5 OTC 276.1 284.1 239.2 241.9 Exchange-traded 12.8 15.5 9.3 11.6 Total gross derivatives subject to enforceable master netting agreements 319.1 326.3 268.0 272.0 Offsetting (CHF billion) OTC-cleared (27.4) (26.2) (19.0) (18.5) OTC (255.2) (265.7) (217.1) (226.5) Exchange-traded (12.1) (13.4) (9.0) (9.9) Offsetting (294.7) (305.3) (245.1) (254.9) of which counterparty netting (265.7) (265.7) (223.0) (223.0) of which cash collateral netting (29.0) (39.6) (22.1) (31.9) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 2.8 0.5 0.5 0.0 OTC 20.9 18.4 22.1 15.4 Exchange-traded 0.7 2.1 0.3 1.7 Total net derivatives subject to enforceable master netting agreements 24.4 21.0 22.9 17.1 Total derivatives not subject to enforceable master netting agreements 1 5.3 6.3 5.7 6.5 Total net derivatives presented in the consolidated balance sheets 29.7 27.3 28.6 23.6 of which recorded in trading assets and trading liabilities 29.5 27.0 28.4 23.5 of which recorded in other assets and other liabilities 0.2 0.3 0.2 0.1 1 Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. Reverse repurchase and repurchase agreements and securities lending and borrowing transactions Reverse repurchase and repurchase agreements are generally covered by global master repurchase agreements with netting terms similar to ISDA Master Agreements. In certain situations, for example in the event of default, all contracts under the agreements are terminated and are settled net in one single payment. Transactions under such agreements are netted in the consolidated balance sheets if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same master netting agreement. The amounts offset are measured on the same basis as the underlying transaction (i.e., on an accrual basis or fair value basis). Securities lending and borrowing transactions are generally executed under global master securities lending agreements with netting terms similar to ISDA Master Agreements. In certain situations, for example in the event of default, all contracts under the agreement are terminated and are settled net in one single payment. Transactions under these agreements are netted in the consolidated balance sheets if they meet the same right of offset criteria as for reverse repurchase and repurchase agreements. In general, most securities lending and borrowing transactions do not meet the criterion of having the same settlement date specified at inception of the transaction, and therefore they are not eligible for netting in the consolidated balance sheets. However, securities lending and borrowing transactions with explicit maturity dates may be eligible for netting in the consolidated balance sheets. Reverse repurchase and repurchase agreements are collateralized principally by government securities, money market instruments and corporate bonds and have terms ranging from overnight to a longer or unspecified period of time. In the event of counterparty default, the reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. As is the case in the Group’s normal course of business, substantially all of the collateral received that may be sold or repledged was sold or repledged as of June 30, 2016 and December 31, 2015. 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 2Q16 4Q15 Gross Offsetting Net Gross Offsetting Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 80.7 (17.7) 63.0 92.0 (19.6) 72.4 Securities borrowing transactions 24.2 (4.6) 19.6 21.4 (3.9) 17.5 Total subject to enforceable master netting agreements 104.9 (22.3) 82.6 113.4 (23.5) 89.9 Total not subject to enforceable master netting agreements 1 39.5 – 39.5 33.1 – 33.1 Total 144.4 (22.3) 122.1 2 146.5 (23.5) 123.0 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 79,927 million and CHF 83,565 million of the total net amount as of the end of 2Q16 and 4Q15, 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 2Q16 4Q15 Gross Offsetting Net Gross Offsetting Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 42.1 (19.5) 22.6 43.2 (21.4) 21.8 Securities lending transactions 8.9 (2.8) 6.1 9.8 (2.1) 7.7 Obligation to return securities received as collateral, at fair value 16.9 0.0 16.9 19.4 0.0 19.4 Total subject to enforceable master netting agreements 67.9 (22.3) 45.6 72.4 (23.5) 48.9 Total not subject to enforceable master netting agreements 1 12.9 – 12.9 26.2 – 26.2 Total 80.8 (22.3) 58.5 98.6 (23.5) 75.1 of which securities sold under repurchase agreements and securities lending transactions 54.8 (22.3) 32.5 2 70.1 (23.5) 46.6 2 of which obligation to return securities received as collateral, at fair value 26.0 0.0 26.0 28.5 0.0 28.5 1 Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 18,114 million and CHF 32,398 million of the total net amount as of the end of 2Q16 and 4Q15, 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 2Q16 4Q15 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 24.4 6.1 0.1 18.2 22.9 6.2 0.8 15.9 Securities purchased under resale agreements 63.0 63.0 0.0 0.0 72.4 72.4 0.0 0.0 Securities borrowing transactions 19.6 19.1 0.0 0.5 17.5 17.1 0.0 0.4 Total financial assets subject to enforceable master netting agreements 107.0 88.2 0.1 18.7 112.8 95.7 0.8 16.3 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 21.0 5.6 0.0 15.4 17.1 3.4 0.0 13.7 Securities sold under repurchase agreements 22.6 22.6 0.0 0.0 21.8 21.8 0.0 0.0 Securities lending transactions 6.1 6.0 0.0 0.1 7.7 7.4 0.0 0.3 Obligation to return securities received as collateral, at fair value 16.9 16.4 0.0 0.5 19.4 18.5 0.0 0.9 Total financial liabilities subject to enforceable master netting agreements 66.6 50.6 0.0 16.0 66.0 51.1 0.0 14.9 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. Net exposure is subject to further credit mitigation through the transfer of the exposure to other market counterparties by the use of credit default swaps (CDS) and credit insurance contracts. Therefore, the net exposure presented in the table above is not representative of the Group’s counterparty exposure. |
Tax
Tax | 6 Months Ended |
Jun. 30, 2016 | |
Tax | 23 Tax The income tax expense of CHF 21 million recorded in 2Q16 mainly reflected the impact of the geographical mix of results. The quarterly income tax expense includes the impact of the continuous reassessment of the estimated annual effective tax rate as well as the impact of items that need to be recorded in the specific interim period in which they occur. Net deferred tax assets related to net operating losses, net deferred tax assets on temporary differences and net deferred tax liabilities are presented in the following manner. Nettable gross deferred tax liabilities are allocated on a pro-rata basis to gross deferred tax assets on net operating losses and gross deferred tax assets on temporary differences. This approach is aligned with the underlying treatment of netting gross deferred tax assets and liabilities under the Basel III framework. Valuation allowances have been allocated against such deferred tax assets on net operating losses first with any remainder allocated to such deferred tax assets on temporary differences. This presentation is considered the most appropriate disclosure given the underlying nature of the gross deferred tax balances. As of June 30, 2016, the Group had accumulated undistributed earnings from foreign subsidiaries of CHF 4.7 billion which are considered indefinitely reinvested. The Group would need to accrue and pay taxes on these undistributed earnings if such earnings were repatriated. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. The Group is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease between zero and CHF 7 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 US – 2010; the UK – 2009; and the Netherlands – 2005. Effective tax rate in 2Q16 1Q16 2Q15 6M16 6M15 Effective tax rate (%) 10.6 37.0 35.6 55.4 33.7 Tax expense reconciliation in 2Q16 CHF million Income tax expense computed at the Swiss statutory tax rate of 22% 44 Increase/(decrease) in income taxes resulting from Foreign tax rate differential 63 Other non-deductible expenses (109) Changes in deferred tax valuation allowance (46) Lower taxed income 60 Change in recognition of outside basis difference 145 Other (136) Income tax expense 21 Foreign tax rate differential 2Q16 included a foreign tax expense of CHF 63 million in respect of earnings in higher tax jurisdictions, such as the US, as well as earnings in lower tax jurisdictions, such as Singapore. Other non-deductible expenses 2Q16 included the reversal of the over-accrual of non-deductible interest expenses of CHF 81 million and non-deductible bank levy costs and other non-deductible expenses of CHF 28 million. Changes in deferred tax valuation allowance 2Q16 included the impact of the decrease of valuation allowances of CHF 61 million mainly in respect of two of the Group’s operating entities, both in the UK, and an increase of valuation allowances of CHF 15 million mainly in respect of one of the Group’s operating entities in Switzerland, related to estimated current year earnings. Lower taxed income 2Q16 included the partial reversal of the previously reported impacts of a beneficial earnings mix in one of the Group’s operating entities in Switzerland of CHF 22 million, CHF 16 million related to non-taxable life insurance income, CHF 12 million related to exempt income and CHF 10 million relating to non-taxable foreign exchange gains. Change in recognition of outside basis difference 2Q16 included a CHF 145 million income tax expense related to a change in the outside basis difference relating to Swiss subsidiary investments. Other 2Q16 included a tax benefit of CHF 95 million relating to the reassessment of deferred tax balances in one of the Group’s operating entities in Switzerland, a tax benefit of CHF 41 million from the reduction in own-credit revaluation gains, a tax benefit of CHF 15 million from prior year adjustments and a tax benefit of CHF 8 million relating to the decrease of tax contingency accruals. The remaining balance included various smaller items. Net deferred tax assets end of 2Q16 1Q16 Net deferred tax assets (CHF million) Deferred tax assets 6,319 6,341 of which net operating losses 2,594 2,348 of which deductible temporary differences 3,725 3,993 Deferred tax liabilities (48) (50) Net deferred tax assets 6,271 6,291 |
Employee deferred compensation
Employee deferred compensation | 6 Months Ended |
Jun. 30, 2016 | |
Employee deferred compensation | 24 Employee deferred compensation The Group’s current and previous deferred compensation plans include share awards, performance share awards, CCA, Capital Opportunity Facility awards, Plus Bond awards, Partner Asset Facilities awards, Restricted Cash Awards and other cash awards. > Refer to “Note 29 – Employee deferred compensation” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for further information. The following tables show the compensation expense for deferred compensation awards recognized in the consolidated statements of operations, the estimated unrecognized expense for deferred compensation awards granted in 2Q16 and prior periods and the remaining requisite service period over which the unrecognized expense will be recognized. The estimated unrecognized compensation expense was based on the fair value of each award on the grant date and included the current estimated outcome of relevant performance criteria and estimated future forfeitures but no estimate for future mark-to-market adjustments. Deferred compensation expense in 2Q16 1Q16 2Q15 6M16 6M15 Deferred compensation expense (CHF million) Share awards 141 195 209 336 446 Performance share awards 87 119 137 206 304 Contingent Capital Awards 43 19 75 62 196 Contingent Capital share awards 6 – – 6 – Capital Opportunity Facility awards 3 3 3 6 7 Plus Bond awards 1 0 5 5 5 11 2011 Partner Asset Facility awards 2 0 0 0 0 1 Restricted Cash Awards 0 0 11 0 21 2008 Partner Asset Facility awards 3 (8) (8) 10 (16) 22 Other cash awards 102 33 90 135 218 Total deferred compensation expense 374 366 540 740 1,226 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in 1Q13 and expensed over a three-year vesting period. 2 Compensation expense mainly includes the change in underlying fair value of the indexed assets prior to the CCA conversion. 3 Compensation expense mainly includes the change in underlying fair value of the indexed assets during the period. Estimated unrecognized deferred compensation end of 2Q16 Estimated unrecognized compensation expense (CHF million) Share awards 703 Performance share awards 308 Contingent Capital Awards 211 Contingent Capital share awards 58 Other cash awards 281 Total 1,561 Weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.2 2Q16 activity In 2Q16, the Group granted a special cash award of CHF 183 million, which will be expensed over a two-year period from the grant date. Share-based award activity 2Q16 6M16 Performance Contingent Performance Contingent Share-based award activities Balance at beginning of period 110.6 77.3 15.6 80.3 55.9 0.0 Granted 1.9 0.0 0.8 33.5 21.4 16.4 Settled (33.8) (26.3) (2.6) (35.0) (26.3) (2.6) Forfeited (6.4) (1.0) 0.0 (6.5) (1.0) 0.0 Balance at end of period 72.3 50.0 13.8 72.3 50.0 13.8 of which vested 5.1 3.0 0.3 5.1 3.0 0.3 of which unvested 67.2 47.0 13.5 67.2 47.0 13.5 |
Pension and other post-retireme
Pension and other post-retirement benefits | 6 Months Ended |
Jun. 30, 2016 | |
Pension and other post-retirement benefits | 25 Pension and other post-retirement benefits The Group expects to contribute CHF 643 million to the Swiss and international defined benefit plans and other post-retirement defined benefit plans in 2016. As of the end of 2Q16, CHF 451 million of contributions had been made. Components of total benefit costs in 2Q16 1Q16 2Q15 6M16 6M15 Total benefit costs (CHF million) Service costs on benefit obligation 78 77 80 155 159 Interest costs on benefit obligation 70 70 81 140 161 Expected return on plan assets (178) (178) (196) (356) (391) Amortization of recognized prior service cost/(credit) (29) (29) (28) (58) (55) Amortization of recognized actuarial losses 105 105 110 210 221 Net periodic benefit costs 46 45 47 91 95 Settlement losses 0 2 0 2 1 Curtailment losses/(gains) (3) (7) (1) (10) (2) Special termination benefits 3 1 3 4 4 Total benefit costs 46 41 49 87 98 |
Derivatives and hedging activit
Derivatives and hedging activities | 6 Months Ended |
Jun. 30, 2016 | |
Derivatives and hedging activities | 26 Derivatives and hedging activities > Refer to “Note 32 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for further information. Fair value of derivative instruments The tables below present gross derivative replacement values by type of contract and balance sheet location and whether the derivative is used for trading purposes or in a qualifying hedging relationship. Notional amounts have also been provided as an indication of the volume of derivative activity within the Group. Information on bifurcated embedded derivatives has not been included in these tables. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. > Refer to “Note 29 – 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 9,125.6 3.2 3.5 0.0 0.0 0.0 Swaps 14,860.7 151.8 146.2 46.2 1.6 1.3 Options bought and sold (OTC) 2,523.5 64.9 62.5 0.0 0.0 0.0 Futures 755.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 330.8 0.1 0.2 0.0 0.0 0.0 Interest rate products 27,596.5 220.0 212.4 46.2 1.6 1.3 Forwards 1,099.8 19.0 18.7 10.9 0.0 0.1 Swaps 933.7 32.7 43.5 0.0 0.0 0.0 Options bought and sold (OTC) 474.8 9.0 9.8 5.5 0.0 0.0 Futures 26.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 16.9 0.5 0.1 0.0 0.0 0.0 Foreign exchange products 2,552.0 61.2 72.1 16.4 0.0 0.1 Forwards 2.3 0.0 0.1 0.0 0.0 0.0 Swaps 175.4 4.7 7.0 0.0 0.0 0.0 Options bought and sold (OTC) 240.0 8.3 8.2 0.0 0.0 0.0 Futures 47.7 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 336.3 12.4 15.4 0.0 0.0 0.0 Equity/index-related products 801.7 25.4 30.7 0.0 0.0 0.0 Credit derivatives 2 813.3 13.6 14.0 0.0 0.0 0.0 Forwards 7.1 0.1 0.1 0.0 0.0 0.0 Swaps 20.1 2.2 1.5 0.0 0.0 0.0 Options bought and sold (OTC) 15.4 0.3 0.3 0.0 0.0 0.0 Futures 14.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.9 0.0 0.1 0.0 0.0 0.0 Other products 3 60.0 2.6 2.0 0.0 0.0 0.0 Total derivative instruments 31,823.5 322.8 331.2 62.6 1.6 1.4 The notional amount, PRV and NRV (trading and hedging) was CHF 31,886.1 billion, CHF 324.4 billion and CHF 332.6 billion, respectively, as of June 30, 2016. 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 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. Netting of derivative instruments > Refer to “Derivatives” in Note 22 – Offsetting of financial assets and financial liabilities for further information of the netting of derivative instruments. Fair value hedges in 2Q16 1Q16 2Q15 6M16 6M15 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products 689 1,218 (606) 1,907 (559) Foreign exchange products 0 0 0 0 2 Total 689 1,218 (606) 1,907 (557) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products (751) (1,320) 619 (2,071) 577 Foreign exchange products 0 0 0 0 (2) Total (751) (1,320) 619 (2,071) 575 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion (62) (102) 13 (164) 18 Represents gains/(losses) recognized in trading revenues. Cash flow hedges in 2Q16 1Q16 2Q15 6M16 6M15 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products 35 62 (5) 97 54 Foreign exchange products (4) (5) 29 (9) (21) Total 31 57 24 88 33 Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 8 1 8 1 9 1,2 16 1 18 1,2 Foreign exchange products (2) 2,3,4 (9) 3,4 (16) 2,3,4 (11) 2,3,4 (31) 2,3,4 Total 6 (1) (7) 5 (13) Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portion 2 (1) 32 (6) 31 (2) 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. As of the end of 2Q16, the maximum length of time over which the Group hedged its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was five years. The net gain associated with cash flow hedges expected to be reclassified from accumulated other comprehensive income/loss (AOCI) within the next 12 months is CHF 27 million. Net investment hedges in 2Q16 1Q16 2Q15 6M16 6M15 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products (232) (20) 321 (252) 808 Total (232) (20) 321 (252) 808 Represents gains/(losses) on effective portion. The Group includes all derivative instruments not included in hedge accounting relationships in its trading activities. > Refer to “Note 8 – Trading revenues” for gains and losses on trading activities by product type. Disclosures relating to contingent credit risk Certain of the Group’s derivative instruments contain provisions that require it to maintain a specified credit rating from each of the major credit rating agencies. If the ratings fall below the level specified in the contract, the counterparties to the agreements could request payment of additional collateral on those derivative instruments that are in a net liability position. Certain of the derivative contracts also provide for termination of the contract, generally upon a downgrade of either the Group or the counterparty, at the existing mark-to-market replacement value of the derivative contract. The following table provides the Group’s current net exposure from contingent credit risk relating to derivative contracts with bilateral counterparties and SPEs that include credit support agreements, the related collateral posted and the additional collateral required in a one-notch, 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 2Q16 4Q15 Special Special Contingent credit risk (CHF billion) Current net exposure 14.3 0.5 1.2 16.0 13.2 0.5 1.4 15.1 Collateral posted 13.3 0.5 – 13.8 12.3 0.5 – 12.8 Additional collateral required in a one-notch downgrade event 0.3 0.5 0.1 0.9 0.7 0.4 0.1 1.2 Additional collateral required in a two-notch downgrade event 1.5 0.8 0.6 2.9 1.8 0.7 0.6 3.1 Additional collateral required in a three-notch downgrade event 1.8 0.9 0.8 3.5 2.1 1.3 0.8 4.2 Credit derivatives > Refer to “Note 32 – Derivatives and hedging activities” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for further information on credit derivatives. Credit protection sold/purchased The following tables do not include all credit derivatives and differ from the credit derivatives in the “Fair value of derivative instruments” tables. This is due to the exclusion of certain credit derivative instruments under US GAAP, which defines a credit derivative as a derivative instrument (a) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit risk-related events specified in the contract. Certain cash collateralized debt obligations (CDOs) and other derivative instruments were excluded as they do not fall within the scope of US GAAP rules. Total return swaps (TRS) of CHF 8.8 billion and CHF 7.8 billion as of the end of 2Q16 and 4Q15, 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 2Q16 4Q15 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (183.4) 174.5 (8.9) 20.7 1.0 (199.6) 188.6 (11.0) 26.9 1.0 Non-investment grade (64.3) 62.2 (2.1) 11.8 (1.4) (65.2) 61.1 (4.1) 15.7 (3.2) Total single-name instruments (247.7) 236.7 (11.0) 32.5 (0.4) (264.8) 249.7 (15.1) 42.6 (2.2) of which sovereign (46.9) 42.9 (4.0) 7.1 (1.1) (47.5) 43.9 (3.6) 6.1 (1.1) of which non-sovereign (200.8) 193.8 (7.0) 25.4 0.7 (217.3) 205.8 (11.5) 36.5 (1.1) Multi-name instruments (CHF billion) Investment grade 2 (103.4) 101.4 (2.0) 32.0 (0.7) (89.1) 88.3 (0.8) 31.6 (0.5) Non-investment grade (21.6) 15.7 3 (5.9) 4.5 0.4 (24.4) 18.0 3 (6.4) 6.2 0.2 Total multi-name instruments (125.0) 117.1 (7.9) 36.5 (0.3) (113.5) 106.3 (7.2) 37.8 (0.3) of which sovereign (0.6) 0.6 0.0 0.8 0.0 (1.0) 1.0 0.0 1.0 0.0 of which non-sovereign (124.4) 116.5 (7.9) 35.7 (0.3) (112.5) 105.3 (7.2) 36.8 (0.3) Total instruments (CHF billion) Investment grade 2 (286.8) 275.9 (10.9) 52.7 0.3 (288.7) 276.9 (11.8) 58.5 0.5 Non-investment grade (85.9) 77.9 (8.0) 16.3 (1.0) (89.6) 79.1 (10.5) 21.9 (3.0) Total instruments (372.7) 353.8 (18.9) 69.0 (0.7) (378.3) 356.0 (22.3) 80.4 (2.5) of which sovereign (47.5) 43.5 (4.0) 7.9 (1.1) (48.5) 44.9 (3.6) 7.1 (1.1) of which non-sovereign (325.2) 310.3 (14.9) 61.1 0.4 (329.8) 311.1 (18.7) 73.3 (1.4) 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. Credit protection sold Credit protection sold is the maximum potential payout, which is based on the notional value of derivatives and represents the amount of future payments that the Group would be required to make as a result of credit risk-related events. Credit protection purchased Credit protection purchased represents those instruments where the underlying reference instrument is identical to the reference instrument of the credit protection sold. Other protection purchased In the normal course of business, the Group purchases protection to offset the risk of credit protection sold that may have similar, but not identical, reference instruments and may use similar, but not identical, products, which reduces the total credit derivative exposure. Other protection purchased is based on the notional value of the instruments. Fair value of credit protection sold The fair values of the credit protection sold give an indication of the amount of payment risk, as the negative fair values increase when the potential payment under the derivative contracts becomes more probable. 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 2Q16 4Q15 Credit derivatives (CHF billion) Credit protection sold 372.7 378.3 Credit protection purchased 353.8 356.0 Other protection purchased 69.0 80.4 Other instruments 1 17.8 17.2 Total credit derivatives 813.3 831.9 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 2Q16 (CHF billion) Single-name instruments 54.1 177.1 16.5 247.7 Multi-name instruments 17.6 98.8 8.6 125.0 Total instruments 71.7 275.9 25.1 372.7 4Q15 (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 |
Guarantees and commitments
Guarantees and commitments | 6 Months Ended |
Jun. 30, 2016 | |
Guarantees and commitments | 27 Guarantees and commitments Guarantees In the ordinary course of business, guarantees are provided that contingently obligate Credit Suisse to make payments to third parties if the counterparty fails to fulfill its obligation under a borrowing or other contractual arrangement. The total gross amount disclosed within the Guarantees table reflects the maximum potential payment under the guarantees. The carrying value represents the higher of the initial fair value (generally the related fee received or receivable) less cumulative amortization and the Group’s current best estimate of payments that will be required under existing guarantee arrangements. Guarantees provided by the Group are classified as follows: credit guarantees and similar instruments, performance guarantees and similar instruments, derivatives and other guarantees. The Group no longer provides guarantees for securities lending indemnifications. > Refer to “Guarantees” in V – Consolidated financial statements – Credit Suisse Group – Note 33 – Guarantees and commitments in the Credit Suisse Annual Report 2015 for a detailed description of guarantees. Guarantees Maturity Maturity Total Total 1 2Q16 (CHF million) Credit guarantees and similar instruments 2,100 1,120 3,220 2,991 10 1,729 Performance guarantees and similar instruments 4,481 2,547 7,028 6,155 90 2,932 Derivatives 2 28,755 7,474 36,229 36,229 1,158 – 3 Other guarantees 3,756 1,485 5,241 5,238 37 3,446 Total guarantees 39,092 12,626 51,718 50,613 1,295 8,107 4Q15 (CHF million) Credit guarantees and similar instruments 2,916 1,486 4,402 4,193 25 1,729 Performance guarantees and similar instruments 4,295 2,704 6,999 6,100 78 3,144 Derivatives 2 23,529 14,660 38,189 38,189 755 – 3 Other guarantees 3,958 1,521 5,479 5,474 52 3,533 Total guarantees 34,698 20,371 55,069 53,956 910 8,406 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not significant. Deposit-taking banks and securities dealers in Switzerland and certain other European countries are required to ensure the payout of privileged deposits in case of specified restrictions or compulsory liquidation of a deposit-taking bank. In Switzerland, deposit-taking banks and securities dealers jointly guarantee an amount of up to CHF 6 billion. Upon occurrence of a payout event triggered by a specified restriction of business imposed by FINMA or by the compulsory liquidation of another deposit-taking bank, the Group’s contribution will be calculated based on its share of privileged deposits in proportion to total privileged deposits. Based on FINMA’s estimate for the Group’s banking subsidiaries in Switzerland, the Group’s share in the deposit insurance guarantee program for the period July 1, 2015 to June 30, 2016 is CHF 0.6 billion. These deposit insurance guarantees were reflected in other guarantees. For the period July 1, 2016 to June 30, 2017, the Group’s share in this deposit insurance guarantee program based on FINMA’s estimate will be unchanged at CHF 0.6 billion. Representations and warranties on residential mortgage loans sold In connection with 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 the first six months of 2016, the Group received repurchase claims for residential mortgage loans that were not significant, and loans repurchased during this period and related losses were not significant. The balance of outstanding repurchase claims as of the end of 2Q16 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 31 – 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 include disposal-related contingencies in connection with the sale of assets or businesses, and other indemnifications. These guarantees are not reflected in the “Guarantees” table. > Refer to “Disposal-related contingencies and other indemnifications” in V – Consolidated financial statements – Credit Suisse Group – Note 33 – Guarantees and commitments in the Credit Suisse Annual Report 2015 for a description of these guarantees. Other commitments Other commitments of the Group are classified as follows: irrevocable commitments under documentary credits, irrevocable loan commitments, forward reverse repurchase agreements and other commitments. > Refer to “Other commitments” in V – Consolidated financial statements – Credit Suisse Group – Note 33 – Guarantees and commitments in the Credit Suisse Annual Report 2015 for a description of these commitments. Other commitments end of 2Q16 4Q15 Maturity Maturity Total Total 1 Maturity Maturity Total Total 1 Other commitments (CHF million) Irrevocable commitments under documentary credits 4,171 8 4,179 4,117 2,849 4,022 7 4,029 3,935 2,468 Irrevocable loan commitments 2 27,894 84,611 112,505 108,855 50,428 33,890 103,763 137,653 133,833 63,276 Forward reverse repurchase agreements 837 0 837 837 837 48 0 48 48 48 Other commitments 1,060 143 1,203 1,203 8 450 322 772 771 6 Total other commitments 33,962 84,762 118,724 115,012 54,122 38,410 104,092 142,502 138,587 65,798 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 98,321 million and CHF 98,495 million of unused credit limits as of the end of 2Q16 and 4Q15, respectively, which were revocable at the Group's sole discretion upon notice to the client. |
Transfers of financial assets a
Transfers of financial assets and variable interest entities | 6 Months Ended |
Jun. 30, 2016 | |
Transfers of financial assets and variable interest entities | 28 Transfers of financial assets and variable interest entities In the normal course of business, the Group enters into transactions with, and makes use of, special purpose entities (SPEs). An SPE is an entity in the form of a trust or other legal structure designed to fulfill a specific limited need of the company that organized it and is generally structured to isolate the SPE’s assets from creditors of other entities, including the Group. The principal uses of SPEs are to assist the Group and its clients in securitizing financial assets and creating investment products. The Group also uses SPEs for other client-driven activity, such as to facilitate financings, and Group tax or regulatory purposes. Transfers of financial assets Securitizations The majority of the Group’s securitization activities involve mortgages and mortgage-related securities and are predominantly transacted using SPEs. In a typical securitization, the SPE purchases assets financed by proceeds received from the SPE’s issuance of debt and equity instruments, certificates, commercial paper (CP) and other notes of indebtedness. These assets and liabilities are recorded on the balance sheet of the SPE and not reflected on the Group’s consolidated balance sheet, unless either the Group sold the assets to the entity and the accounting requirements for sale were not met or the Group consolidates the SPE. The Group purchases commercial and residential mortgages for the purpose of securitization and sells these mortgage loans to SPEs. These SPEs issue CMBS, RMBS and asset-backed securities (ABS) that are collateralized by the assets transferred to the SPE and that pay a return based on the returns on those assets. Investors in these mortgage-backed securities or ABS typically have recourse to the assets in the SPEs, unless a third-party guarantee has been received to further enhance the creditworthiness of the assets. The investors and the SPEs have no recourse to the Group’s assets. The Group is typically an underwriter of, and makes a market in, these securities. The Group also transacts in re-securitizations of previously issued RMBS securities. Typically, certificates issued out of an existing securitization vehicle are sold into a newly created and separate securitization vehicle. Often, these re-securitizations are initiated in order to repackage an existing security to give the investor a higher rated tranche. The Group also uses SPEs for other asset-backed financings relating to client-driven activity and for Group tax or regulatory purposes. Types of structures included in this category include managed CLOs, CLOs, leveraged finance, repack and other types of transactions, including life insurance structures, emerging market structures set up for financing, loan participation or loan origination purposes, and other alternative structures created for the purpose of investing in venture capital-like investments. CLOs are collateralized by loans transferred to the CLO vehicle and pay a return based on the returns on the loans. Leveraged finance structures are used to assist in the syndication of certain loans held by the Group, while repack structures are designed to give a client collateralized exposure to specific cash flows or credit risk backed by collateral purchased from the Group. In these asset-backed financing structures investors typically only have recourse to the collateral of the SPE and do not have recourse to the Group’s assets. When the Group transfers assets into an SPE, it must assess whether that transfer is accounted for as a sale of the assets. Transfers of assets may not meet sale requirements if the assets have not been legally isolated from the Group and/or if the Group’s continuing involvement is deemed to give it effective control over the assets. If the transfer is not deemed a sale, it is instead accounted for as a secured borrowing, with the transferred assets as collateral. Gains and losses on securitization transactions depend, in part, on the carrying values of mortgages and loans involved in the transfer and are allocated between the assets sold and any beneficial interests retained according to the relative fair values at the date of sale. The Group does not retain material servicing responsibilities from securitization activities. The following table provides the gains or losses and proceeds from the transfer of assets relating to 6M16 and 6M15 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 6M16 6M15 Gains and cash flows (CHF million) CMBS Net gain/(loss) 1 2 (2) Proceeds from transfer of assets 3,148 5,252 Cash received on interests that continue to be held 35 74 RMBS Net gain/(loss) 1 (1) 4 Proceeds from transfer of assets 4,898 8,416 Servicing fees 2 1 Cash received on interests that continue to be held 262 204 Other asset-backed financings Net gain 1 17 11 Proceeds from transfer of assets 1,305 2 636 Fees 3 61 – Cash received on interests that continue to be held 1 3 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 Excludes a net impact of CHF 3,109 million from transfers of assets prior to January 1, 2016 related to certain variable interest entities deconsolidated as a result of the adoption of ASU 2015-02, Amendments to the Consolidation Analysis, on January 1, 2016. 3 Represents management fees and performance fees earned for investment management services provided to managed CLOs. Continuing involvement in transferred financial assets The Group may have continuing involvement in the financial assets that are transferred to an SPE which may take several forms, including, but not limited to, servicing, recourse and guarantee arrangements, agreements to purchase or redeem transferred assets, derivative instruments, pledges of collateral and beneficial interests in the transferred assets. > Refer to “Transfer of financial assets” in V – Consolidated financial statements – Credit Suisse Group – Note 34 – Transfer of financial assets and variable interest entities in the Credit Suisse Annual Report 2015 for a detailed description of continuing involvement in transferred financial assets. The following table provides the outstanding principal balance of assets to which the Group continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of the end of 2Q16 and 4Q15, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2Q16 4Q15 CHF million CMBS Principal amount outstanding 35,114 40,625 Total assets of SPE 47,665 56,118 RMBS Principal amount outstanding 43,897 54,164 Total assets of SPE 43,987 55,833 Other asset-backed financings Principal amount outstanding 20,070 1 21,653 Total assets of SPE 34,466 1 22,787 Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties. 1 Includes a net impact of CHF 3,208 million in principal amount outstanding and of CHF 16,625 million in total assets of the SPE from transfers of assets prior to January 1, 2016 related to certain variable interest entities deconsolidated as a result of the adoption of ASU 2015-02, Amendments to the Consolidation Analysis, on January 1, 2016. Fair value of beneficial interests The fair value measurement of the beneficial interests held at the time of transfer and as of the reporting date that result from any continuing involvement is determined using fair value estimation techniques, such as the present value of estimated future cash flows that incorporate assumptions that market participants customarily use in these valuation techniques. The fair value of the assets or liabilities that result from any continuing involvement does not include any benefits from financial instruments that the Group may utilize to hedge the inherent risks. Key economic assumptions at the time of transfer > Refer to “Note 29 – Financial instruments” for information on fair value hierarchy levels. Key economic assumptions used in measuring fair value of beneficial interests at time of transfer at time of transfer, in 6M16 6M15 CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 42 1,300 997 1,018 of which level 2 42 1,228 975 826 of which level 3 0 71 22 192 Weighted-average life, in years 10.7 6.7 8.9 8.6 Prepayment speed assumption (rate per annum), in % 1 – 2 8.1 – 24.4 – 2 4.5 – 27.7 Cash flow discount rate (rate per annum), in % 3 2.4 – 4.9 1.4 – 18.6 2.0 – 5.7 1.7 – 13.6 Expected credit losses (rate per annum), in % 0.0 – 0.0 0.0 – 0.0 0.7 – 3.4 0.5 – 12.5 Transfers of assets in which the Group does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. Key economic assumptions as of the reporting date The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of the end of 2Q16 and 4Q15. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs end of 2Q16 4Q15 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 568 2,067 276 1,007 2,274 56 of which non-investment grade 86 584 50 73 581 55 Weighted-average life, in years 6.2 6.9 5.6 6.7 9.7 2.5 Prepayment speed assumption (rate per annum), in % 3 – 1.1 – 31.1 – – 1.0 – 37.1 – Impact on fair value from 10% adverse change – (28.7) – – (30.5) – Impact on fair value from 20% adverse change – (55.7) – – (57.6) – Cash flow discount rate (rate per annum), in % 4 1.6 – 16.1 0.6 – 39.1 1.3 – 21.8 2.1 – 13.3 1.5 – 35.5 5.7 – 21.2 Impact on fair value from 10% adverse change (7.7) (39.0) (5.2) (18.1) (63.1) (0.7) Impact on fair value from 20% adverse change (14.9) (75.9) (10.3) (35.6) (122.5) (1.5) Expected credit losses (rate per annum), in % 1.1 – 15.3 0.2 – 37.7 0.2 – 20.0 0.9 – 12.7 1.3 – 34.3 0.2 – 14.2 Impact on fair value from 10% adverse change (4.8) (27.8) (4.1) (8.0) (32.3) (0.7) Impact on fair value from 20% adverse change (9.5) (54.3) (8.1) (15.9) (63.2) (1.5) 1 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 2 CDOs and CLOs within this category are generally structured to be protected from prepayment risk. 3 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 4 The rate was based on the weighted-average yield on the beneficial interests. These sensitivities are hypothetical and do not reflect economic hedging activities. Changes in fair value based on a 10% or 20% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the beneficial interests is calculated without changing any other assumption. In practice, changes in one assumption may result in changes in other assumptions (for example, increases in market interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities. Transfers of financial assets where sale treatment was not achieved The following table provides the carrying amounts of transferred financial assets and the related liabilities where sale treatment was not achieved as of the end of 2Q16 and 4Q15. > Refer to “Note 30 – Assets pledged and collateral” for further information. Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2Q16 4Q15 CHF million RMBS Other assets 0 266 Liability to SPE, included in Other liabilities 0 (266) Other asset-backed financings Trading assets 214 155 Other assets 139 122 Liability to SPE, included in Other liabilities (353) (277) Transfers of financial assets accounted for as a sale US GAAP requires the disclosure of a transaction accounted for as a sale that comprises both of the following: a transfer of financial assets to a transferee and an agreement entered into in contemplation of the initial transfer with the transferee that results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In the ordinary course of business, the Group transfers a financial asset accounted for as a sale and, in some instances, enters into an agreement in contemplation of that initial transfer with the same counterparty to retain substantially all of the economics of that transferred financial asset. As of the end of 2Q16 and 4Q15, the Group had agreements in the form of TRS on equity securities and longevity swaps on life insurance policies. The following table presents information about the transfers of financial assets accounted for as sales with agreements that result in the Group retaining substantially all of the exposure to the economic return on the transferred assets at the date of sale and remain outstanding as of the end of 2Q16 and 4Q15, respectively, gross cash proceeds received for assets derecognized at the date of sale and the fair values of transferred assets and the aforementioned agreements as of the end of 2Q16 and 4Q15. Transfer of financial assets accounted for as sales – by transaction type at date of Gross cash 1 1 2Q16 (CHF million) Sales with longevity swaps 308 378 404 583 – Total transactions outstanding 308 378 404 583 2 0 4Q15 (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 3 7 3 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 As of the end of 2Q16, gross derivative assets of CHF 583 million were included in other products, as disclosed in Note 26 – Derivatives and hedging activities. 3 As of the end of 4Q15, gross derivative assets of CHF 7 million and CHF 546 million were included in equity/index-related products and other products, respectively, and gross derivative liabilites of CHF 7 million were included in equity/index-related products, as disclosed in Note 26 – Derivatives and hedging activities. Securities sold under repurchase agreements and securities lending transactions accounted for as secured borrowings For securities sold under repurchase agreements and securities lending transactions accounted for as secured borrowings, US GAAP requires the disclosure of the collateral pledged and the associated risks to which a transferor continues to be exposed after the transfer. This provides an understanding of the nature and risks of short-term collateralized financing obtained through these types of transactions. Securities sold under repurchase agreements and securities lending transactions represent collateralized financing transactions used to earn net interest income, increase liquidity or facilitate trading activities. These transactions are collateralized principally by government debt securities, corporate debt securities, asset-backed securities, equity securities and other collateral and have terms ranging from on demand to a longer period of time. In the event of the Group’s default or a decline in fair value of collateral pledged, the repurchase agreement or security lending transaction provides the counterparty with the right to liquidate the collateral held or request additional collateral. The following tables provide the gross obligation relating to securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral by the class of collateral pledged and by remaining contractual maturity as of the end of 2Q16 and 4Q15. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2Q16 4Q15 CHF billion Government debt securities 20.1 21.1 Corporate debt securities 12.6 15.2 Asset-backed securities 11.3 21.6 Equity securities 0.1 0.1 Other 0.1 0.1 Securities sold under repurchase agreements 44.2 58.1 Government debt securities 3.3 3.1 Corporate debt securities 0.5 0.4 Equity securities 6.4 8.2 Other 0.4 0.3 Securities lending transactions 10.6 12.0 Government debt securities 0.6 0.5 Corporate debt securities 0.4 0.1 Equity securities 25.0 27.9 Obligation to return securities received as collateral, at fair value 26.0 28.5 Total 80.8 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 2Q16 (CHF billion) Securities sold under repurchase agreements 5.2 22.1 8.0 8.9 44.2 Securities lending transactions 4.8 4.9 0.2 0.7 10.6 Obligation to return securities received as collateral, at fair value 23.7 2.3 0.0 0.0 26.0 Total 33.7 29.3 8.2 9.6 80.8 4Q15 (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 22 – 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: CDO/CLOs, CP conduits and financial intermediation. > Refer to “Variable interest entities” in V – Consolidated financial statements – Credit Suisse Group – Note 34 – Transfer of financial assets and variable interest entities in the Credit Suisse Annual Report 2015 for a detailed description of VIEs, CDOs, CP conduit or financial intermediation. Collateralized debt obligations The Group engages in CDO/CLO transactions to meet client and investor needs, earn fees and sell financial assets. The Group may act as underwriter, placement agent or asset manager and may warehouse assets prior to the closing of a transaction. Commercial paper conduit In 4Q15, the Group decided to stop issuing CP from an existing asset-backed CP conduit, Alpine Securitization Corp. (old Alpine), and all outstanding CP was fully repaid as of the end of 4Q15. As of the end of 2Q16, old Alpine did not have any third-party assets. In 2Q16, the Group established Alpine Securitization Ltd (Alpine), a multi-seller asset-backed CP conduit used for client and Group financing purposes. The Group acts as the administrator and provider of liquidity and credit enhancement facilities for Alpine. Alpine discloses to CP investors certain portfolio and asset data and submits its portfolio to rating agencies for public ratings. This CP conduit purchases assets such as loans and receivables or enters into reverse repurchase agreements and finances such activities through the issuance of CP backed by these assets. The CP conduit can enter into liquidity facilities with third-party entities pursuant to which it may purchase assets from these entities to provide them with liquidity and credit support. The financing transactions are structured to provide credit support to the CP conduit in the form of over-collateralization and other asset-specific enhancements. Alpine is a separate legal entity that is wholly owned by the Group. However, its assets are available to satisfy only the claims of its creditors. In addition, the Group, as administrator and liquidity facility provider, has significant exposure to and power over the activities of Alpine. Alpine is considered a VIE for accounting purposes and the Group is deemed the primary beneficiary and consolidates this entity. As of the end of 2Q16, Alpine did not have any CP outstanding, was rated A-1(sf) by Standard & Poor’s and P-1(sf) by Moody’s and had exposures in servicer advance receivables and credit card receivables. The Group’s commitment to this CP conduit consists of obligations under liquidity agreements. The liquidity agreements are asset-specific arrangements, which require the Group to purchase assets from the CP conduit in certain circumstances, including a lack of liquidity in the CP market such that the CP conduit cannot refinance its obligations or, in some cases, a default of an underlying asset. The asset-specific credit enhancements provided by the client seller of the assets remain unchanged as a result of such a purchase. In entering into such agreements, the Group reviews the credit risk associated with these transactions on the same basis that would apply to other extensions of credit. The Group’s economic risks associated with the CP conduit are included in the Group’s risk management framework including counterparty, economic risk capital and scenario analysis. Financial intermediation The Group has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. Financial intermediation consists of securitizations, funds, loans and other vehicles. Consolidated VIEs The Group has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Group consolidates all VIEs related to financial intermediation for which it was the primary beneficiary. The consolidated VIEs tables provide the carrying amounts and classifications of the assets and liabilities of consolidated VIEs as of the end of 2Q16 and 4Q15. Consolidated VIEs in which the Group was the primary beneficiary Financial intermediation CDO/ CP Securi- 2Q16 (CHF million) Cash and due from banks 54 99 88 151 85 12 489 Trading assets 0 0 88 928 1,080 1,379 3,475 Investment securities 0 0 544 0 0 0 544 Other investments 0 0 0 118 1,534 303 1,955 Net loans 0 0 0 0 29 331 360 Premises and equipment 0 0 0 0 282 0 282 Other assets 0 0 1,230 37 87 1,149 2,503 of which loans held-for-sale 0 0 240 0 10 1 251 Total assets of consolidated VIEs 54 99 1,950 1,234 3,097 3,174 9,608 Trading liabilities 0 0 0 119 18 0 137 Short-term borrowings 0 0 0 1 0 0 1 Long-term debt 68 0 1,490 81 138 3 1,780 Other liabilities 0 0 1 20 140 80 241 Total liabilities of consolidated VIEs 68 0 1,491 221 296 83 2,159 4Q15 (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 Non-consolidated VIEs The non-consolidated VIEs tables provide the carrying amounts and classification of the assets and liabilities of variable interests recorded in the Group’s consolidated balance sheets, maximum exposure to loss and total assets of the non-consolidated VIEs. Certain VIEs have not been included in the following table, including VIEs structured by third parties in which the Group’s interest is in the form of securities held in the Group’s inventory, certain single-asset financing vehicles not sponsored by the Group to which the Group provides financing but has very little risk of loss due to over-collateralization and guarantees, failed sales where the Group does not have any other holdings and other entities out of scope. > Refer to “Variable interest entities” in V – Consolidated financial statements – Credit Suisse Group – Note 34 – Transfer of financial assets and variable interest entities in the Credit Suisse Annual Report 2015 for further information on non-consolidated VIEs. Non-consolidated VIEs Financial intermediation CDO/ Securi- 2Q16 (CHF million) Trading assets 175 4,077 982 235 63 5,532 Net loans 4 505 2,834 4,078 1,257 8,678 Other assets 3 15 13 178 311 520 Total variable interest assets 182 4,597 3,829 4,491 1,631 14,730 Maximum exposure to loss 183 9,364 3,829 9,191 2,807 25,374 Non-consolidated VIE assets 4,511 80,982 62,007 32,314 39,089 218,903 4Q15 (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 |
Financial instruments
Financial instruments | 6 Months Ended |
Jun. 30, 2016 | |
Financial instruments | 29 Financial instruments The disclosure of the Group’s financial instruments below includes the following sections: – – – – Concentrations of credit risk Credit risk concentrations arise when a number of counterparties are engaged in similar business activities, are located in the same geographic region or when there are similar economic features that would cause their ability to meet contractual obligations to be similarly impacted by changes in economic conditions. > Refer to “Note 35 – Financial instruments” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for further information on the Group’s concentrations of credit risk. Fair value measurement A significant portion of the Group’s financial instruments are carried at fair value. Deterioration of financial markets could significantly impact the fair value of these financial instruments and the results of operations. > Refer to “Note 35 – Financial instruments” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for further information on fair value measurement of financial instruments and the definition of the levels of the fair value hierarchy. Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 318 0 – – 318 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 79,627 300 – – 79,927 Debt 465 564 0 – – 1,029 of which corporates 0 451 0 – – 451 Equity 24,915 49 0 – – 24,964 Securities received as collateral 25,380 613 0 – – 25,993 Debt 28,274 33,928 4,456 – – 66,658 of which foreign governments 28,159 5,213 308 – – 33,680 of which corporates 34 11,697 2,289 – – 14,020 of which RMBS 0 14,249 373 – – 14,622 of which CMBS 0 1,950 57 – – 2,007 of which CDO 0 794 1,429 – – 2,223 Equity 63,641 4,066 337 – 1,770 69,814 Derivatives 6,913 310,799 5,051 (293,275) – 29,488 of which interest rate products 2,873 216,354 782 – – – of which foreign exchange products 93 60,881 217 – – – of which equity/index-related products 3,944 20,243 1,181 – – – of which credit derivatives 0 12,055 1,580 – – – Other 2,949 3,863 4,847 – – 11,659 Trading assets 101,777 352,656 14,691 (293,275) 1,770 177,619 Debt 1,523 846 155 – – 2,524 of which foreign governments 1,325 94 0 – – 1,419 of which corporates 0 283 0 – – 283 of which RMBS 0 360 155 – – 515 of which CMBS 0 29 0 – – 29 Equity 2 85 0 – – 87 Investment securities 1,525 931 155 – – 2,611 Private equity 0 0 7 – 590 597 of which equity funds 0 0 0 – 237 237 Hedge funds 0 0 0 – 274 274 of which debt funds 0 0 0 – 238 238 Other equity investments 14 64 410 – 540 1,028 of which private 14 62 409 – 539 1,024 Life finance instruments 0 1 1,687 – – 1,688 Other investments 14 65 2,104 – 1,404 3,587 Loans 0 11,840 8,991 – – 20,831 of which commercial and industrial loans 0 6,086 5,837 – – 11,923 of which financial institutions 0 3,736 1,623 – – 5,359 Other intangible assets (mortgage servicing rights) 0 0 111 – – 111 Other assets 372 11,660 2,838 (1,431) – 13,439 of which loans held-for-sale 0 6,823 2,399 – – 9,222 Total assets at fair value 129,068 457,710 29,190 (294,706) 3,174 324,436 Less other investments - equity at fair value attributable to noncontrolling interests 0 0 (112) – (184) (296) Less assets consolidated under ASU 2009-17 3 (1) (1,028) (270) – – (1,299) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 129,067 456,682 28,808 (294,706) 2,990 322,841 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. 3 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) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 514 0 – – 514 Customer deposits 0 3,581 327 – – 3,908 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 18,114 0 – – 18,114 Debt 465 564 0 – – 1,029 of which corporates 0 451 0 – – 451 Equity 24,915 49 0 – – 24,964 Obligation to return securities received as collateral 25,380 613 0 – – 25,993 Debt 3,553 4,430 12 – – 7,995 of which foreign governments 3,488 639 0 – – 4,127 of which corporates 32 3,570 12 – – 3,614 Equity 16,438 189 5 – 5 16,637 Derivatives 7,693 318,813 4,716 (304,172) – 27,050 of which interest rate products 2,829 209,056 543 – – – of which foreign exchange products 75 71,636 436 – – – of which equity/index-related products 4,787 24,650 1,236 – – – of which credit derivatives 0 12,130 1,904 – – – Trading liabilities 27,684 323,432 4,733 (304,172) 5 51,682 Short-term borrowings 0 2,888 108 – – 2,996 Long-term debt 0 61,388 12,534 – – 73,922 of which treasury debt over two years 0 3,648 0 – – 3,648 of which structured notes over one year and up to two years 0 6,234 640 – – 6,874 of which structured notes over two years 0 42,183 11,289 – – 53,472 of which other debt instruments over two years 0 2,273 597 – – 2,870 of which other subordinated bonds 0 5,071 0 – – 5,071 of which non-recourse liabilities 0 1,773 8 – – 1,781 Other liabilities 0 9,428 1,839 (1,163) – 10,104 of which failed sales 0 564 505 – – 1,069 Total liabilities at fair value 53,064 419,958 19,541 (305,335) 5 187,233 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 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 48,047 4,563 – – 80,542 of which foreign governments 27,710 3,737 285 – – 31,732 of which corporates 13 15,762 1,745 – – 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 64,210 4,195 871 – 1,685 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 96,801 321,825 14,531 (244,105) 1,685 190,737 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 0 – 1,042 1,042 of which equity funds 0 0 0 – 437 437 Hedge funds 0 0 0 – 295 295 of which debt funds 0 0 0 – 260 260 Other equity investments 0 23 366 – 840 1,229 of which private 0 14 365 – 840 1,219 Life finance instruments 0 2 1,669 – – 1,671 Other investments 0 25 2,035 – 2,177 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 126,980 438,181 33,021 (245,254) 3,862 356,790 Less other investments - equity at fair value attributable to noncontrolling interests 0 (9) (119) – (473) (601) Less assets consolidated under ASU 2009-17 3 0 (9,212) (3,558) – – (12,770) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 126,980 428,960 29,344 (245,254) 3,389 343,419 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. 3 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) 1 Liabilities 2 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 16,875 154 45 – 6 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 24,037 274,231 4,615 (253,918) 6 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 51,989 391,151 21,555 (254,879) 6 209,822 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Transfers between level 1 and level 2 All transfers between level 1 and level 2 are reported through the last day of the reporting period. In 6M16, transfers to level 1 out of level 2 were from trading assets and trading liabilities. The transfers from trading assets and trading liabilities were primarily in exchange traded derivatives as prices became observable. In 6M16, transfers out of level 1 to level 2 were primarily from trading assets. The transfers were primarily in debt for which suitable closing prices were unobtainable as of the end of 6M16. Transfers between level 1 and level 2 in 6M16 6M15 Transfers Transfers Transfers Transfers Assets (CHF million) Debt 5 1,667 54 46 Equity 285 835 380 491 Derivatives 2,403 0 3,290 23 Trading assets 2,693 2,502 3,724 560 Liabilities (CHF million) Debt 2 33 88 21 Equity 16 48 53 82 Derivatives 3,007 8 3,310 80 Trading liabilities 3,025 89 3,451 183 Assets and liabilities measured at fair value on a recurring basis for level 3 Accumulated other 1 1 1 Foreign Assets (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 158 0 0 0 0 186 (40) 0 0 0 0 0 0 (4) 300 Securities received as collateral 0 0 0 18 (18) 0 0 0 0 0 0 0 0 0 0 Debt 4,563 543 (625) 2,617 (2,573) 0 0 (11) (62) 0 2 0 0 2 4,456 of which corporates 1,745 291 (178) 1,744 (1,349) 0 0 0 36 0 0 0 0 0 2,289 of which RMBS 814 142 (381) 365 (468) 0 0 (7) (82) 0 0 0 0 (10) 373 of which CMBS 215 10 (9) 42 (167) 0 0 0 (32) 0 0 0 0 (2) 57 of which CDO 1,298 48 (8) 433 (320) 0 0 0 (1) 0 1 0 0 (22) 1,429 Equity 871 86 (100) 383 (828) 0 0 (39) (27) 0 0 0 0 (9) 337 Derivatives 4,831 856 (529) 0 0 1,064 (1,688) 25 525 0 0 0 0 (33) 5,051 of which interest rate products 791 14 (34) 0 0 73 (101) 7 39 0 0 0 0 (7) 782 of which equity/index-related products 936 224 (104) 0 0 279 (286) 12 112 0 0 0 0 8 1,181 of which credit derivatives 1,568 618 (380) 0 0 514 (1,014) 8 287 0 0 0 0 (21) 1,580 Other 4,266 668 (516) 1,931 (1,448) 0 (189) (13) 216 0 0 0 0 (68) 4,847 Trading assets 14,531 2,153 (1,770) 4,931 (4,849) 1,064 (1,877) (38) 652 0 2 0 0 (108) 14,691 Investment securities 148 0 (36) 81 (13) 0 (85) (10) 72 0 0 0 0 (2) 155 Equity 366 7 (1) 52 (62) 0 0 0 23 0 19 0 0 13 417 Life finance instruments 1,669 0 0 96 (188) 0 0 0 136 0 0 0 0 (26) 1,687 Other investments 2,035 7 (1) 148 (250) 0 0 0 159 0 19 0 0 (13) 2,104 Loans 8,950 401 (367) 23 (383) 1,966 (1,443) (54) 1 0 0 0 0 (103) 8,991 of which commercial and industrial loans 5,735 220 (120) 0 (219) 1,299 (1,020) (18) 14 0 0 0 0 (54) 5,837 of which financial institutions 1,729 65 (34) 1 (141) 372 (306) 0 (35) 0 0 0 0 (28) 1,623 Other intangible assets (mortgage servicing rights) 112 0 0 6 0 0 0 0 0 0 (4) 0 0 (3) 111 Other assets 7,087 313 (973) 1,252 (4,853) 732 (590) (47) (168) 0 (3) 0 0 88 2,838 of which loans held-for-sale 2 6,768 204 (908) 1,077 (4,815) 732 (590) (73) (84) 0 (3) 0 0 91 2,399 Total assets at fair value 33,021 2,874 (3,147) 6,459 (10,366) 3,948 (4,035) (149) 716 0 14 0 0 (145) 29,190 Liabilities (CHF million) Customer deposits 254 0 (39) 0 0 126 (14) 0 0 0 0 0 0 0 327 Obligation to return securities received as collateral 0 0 0 18 (18) 0 0 0 0 0 0 0 0 0 0 Trading liabilities 4,615 775 (501) 27 (28) 838 (1,443) 71 459 0 (37) 0 0 (43) 4,733 of which interest rate derivatives 578 15 (24) 0 0 82 (93) 13 (22) 0 0 0 0 (6) 543 of which foreign exchange derivatives 329 4 (1) 0 0 8 (49) 1 148 0 0 0 0 (4) 436 of which equity/index-related derivatives 1,347 132 (183) 0 0 248 (198) 28 (141) 0 0 0 0 3 1,236 of which credit derivatives 1,757 620 (286) 0 0 364 (964) 26 411 0 0 0 0 (24) 1,904 Short-term borrowings 72 20 (8) 0 0 117 (100) 0 11 (3) 0 0 0 (1) 108 Long-term debt 14,123 1,285 (962) 0 0 2,539 (4,242) (94) 322 0 0 0 (229) (208) 12,534 of which structured notes over two years 9,924 956 (947) 0 0 2,353 (658) (95) 157 0 0 0 (229) (172) 11,289 of which non-recourse liabilities 3,197 0 0 0 0 25 (3,217) 0 25 0 0 0 0 (22) 8 Other liabilities 2,491 140 (116) 114 (43) 2 (548) (54) (68) (1) (53) 0 0 (25) 1,839 of which failed sales 454 27 (76) 105 (3) 0 0 0 7 0 0 0 0 (9) 505 Total liabilities at fair value 21,555 2,220 (1,626) 159 (89) 3,622 (6,347) (77) 724 (4) (90) 0 (229) (277) 19,541 Net assets/(liabilities) at fair value 11,466 654 (1,521) 6,300 (10,277) 326 2,312 (72) (8) 4 104 0 229 132 9,649 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 (71) 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 77 0 0 0 0 74 0 0 0 0 0 (5) 146 Debt 4,461 434 (681) 1,284 (1,661) 0 0 (5) 208 0 0 (350) 3,690 of which corporates 1,430 114 (131) 491 (672) 0 0 (4) 156 0 0 (147) 1,237 of which RMBS 612 259 (300) 476 (483) 0 0 (2) 58 0 0 (35) 585 of which CMBS 257 20 (47) 139 (169) 0 0 2 (31) 0 0 (13) 158 of which CDO 1,421 17 (161) 158 (203) 0 0 (1) 42 0 0 (78) 1,195 Equity 896 114 (273) 561 (222) 0 0 13 43 0 0 (56) 1,076 Derivatives 6,823 1,130 (593) 0 0 848 (2,786) (27) (172) 0 2 (369) 4,856 of which interest rate products 1,803 23 (198) 0 0 281 (364) (6) (301) 0 0 (97) 1,141 of which equity/index-related products 1,063 306 (91) 0 0 191 (503) 2 26 0 2 (58) 938 of which credit derivatives 2,569 656 (304) 0 0 170 (1,472) (24) (181) 0 0 (122) 1,292 Other 4,323 707 (540) 2,464 (2,871) 0 (116) 6 154 0 0 (231) 3,896 Trading assets 16,503 2,385 (2,087) 4,309 (4,754) 848 (2,902) (13) 233 0 2 (1,006) 13,518 Investment securities 3 0 (65) 215 (2) 0 (8) 7 1 0 0 (3) 148 Equity 549 0 0 34 (91) 0 0 0 0 0 (12) (42) 438 Life finance instruments 1,834 0 0 100 (163) 0 0 0 (45) 0 0 (101) 1,625 Other investments 2,383 0 0 134 (254) 0 0 0 (45) 0 (12) (143) 2,063 Loans 9,353 631 (750) 334 (665) 1,295 (1,391) 0 (5) 0 13 (546) 8,269 of which commercial and industrial loans 5,853 360 (154) 12 (502) 825 (763) 0 23 0 5 (353) 5,306 of which financial institutions 1,494 240 (132) 26 (21) 452 (132) 0 (28) 0 8 (87) 1,820 Other intangible assets (mortgage servicing rights) 70 0 0 10 0 0 0 0 6 0 0 (5) 81 Other assets 7,468 1,260 (2,460) 2,880 (2,359) 478 (960) (2) (131) 0 (13) (508) 5,653 of which loans held-for-sale 6,851 1,259 (2,415) 2,832 (2,242) 478 (960) 1 (21) 0 (13) (479) 5,291 Total assets at fair value 35,857 4,276 (5,362) 7,882 (8,034) 2,695 (5,261) (8) 59 0 (10) (2,216) 29,878 Liabilities (CHF million) Customer deposits 100 15 (20) 0 0 0 (28) 0 0 0 0 (9) 58 Trading liabilities 6,417 971 (1,039) 37 (18) 588 (2,054) 27 (175) (2) 1 (340) 4,413 of which interest rate derivatives 1,202 27 (233) 0 0 95 (142) (3) 17 0 1 (67) 897 of which foreign exchange derivatives 560 2 0 0 0 3 (43) 0 (210) 0 0 (27) 285 of which equity/index-related derivatives 1,466 44 (468) 0 0 129 (190) 43 214 0 0 (87) 1,151 of which credit derivatives 2,760 766 (332) 0 0 164 (1,567) (13) (188) (2) 0 (131) 1,457 Short-term borrowings 95 49 (10) 0 0 175 (90) 0 7 0 0 (8) 218 Long-term debt 14,608 1,189 (2,724) 0 0 4,926 (3,108) 6 (185) 0 0 (865) 13,847 of which structured notes over two years 10,267 454 (1,901) 0 0 3,688 (2,209) 8 (125) 0 0 (619) 9,563 of which non-recourse liabilities 2,952 626 (655) 0 0 552 (470) (2) (52) 0 0 (165) 2,786 Other liabilities 3,363 45 (1,129) 104 (72) 0 (178) 0 (83) 7 214 (201) 2,070 of which failed sales 616 4 (4) 91 (46) 0 0 2 (115) 0 0 (34) 514 Total liabilities at fair value 24,583 2,269 (4,922) 141 (90) 5,689 (5,458) 33 (436) 5 215 (1,423) 20,606 Net assets/(liabilities) at fair value 11,274 2,007 (440) 7,741 (7,944) (2,994) 197 (41) 495 (5) (225) (793) 9,272 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 6M16 6M15 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues (80) 108 28 1 454 (230) 224 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (294) 13 (281) (464) (21) (485) 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 6M16 were CHF 2,874 million, primarily from trading assets and loans. The transfers were primarily in the corporate credit and emerging markets businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 6M16 were CHF 3,147 million, primarily in trading assets and loans held-for-sale. The transfers out of level 3 assets were primarily in the corporate credit, emerging markets and prime services businesses due to increased availability of pricing information. Transfers into level 3 assets during 2Q16 were CHF 1,484 million, primarily from trading assets. The transfers were primarily in the corporate credit and emerging markets businesses due to limited observability of pricing data and reduced pricing information from external providers. Transfers out of level 3 assets during 2Q16 were CHF 1,289 million, primarily in trading assets. The transfers out of level 3 assets were primarily in the global credit, emerging markets and prime services businesses due to increased availability of pricing information. 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. > Refer to “Note 35 – Financial instruments” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for further information on the Group’s valuation control framework. The following information on the valuation techniques and significant unobservable inputs of the various financial instruments, and the sensitivity of fair value measurements to changes in significant unobservable inputs, should be read in conjunction with the tables “Quantitative information about level 3 assets at fair value” and “Quantitative information about level 3 liabilities at fair value”. Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions Securities purchased under resale agreements and securities sold under repurchase agreements are measured at fair value using discounted cash flow analysis. Future cash flows are discounted using observable market interest rate repurchase/resale curves for the applicable maturity and underlying collateral of the instruments. As such, the significant majority of both securities purchased under resale agreements and securities sold under repurchase agreements are included in level 2 of the fair value hierarchy. Structured resale and repurchase agreements include embedded derivatives, which are measured using the same techniques as described below for stand-alone derivative contracts held for trading purposes or used in hedge accounting relationships. If the value of the embedded derivative is determined using significant unobservable inputs, those structured resale and repurchase agreements are classified within level 3 of the fair value hierarchy. The significant unobservable input is funding spread. Securities purchased under resale agreements are usually fully collateralized or over collateralized by government securities, money market instruments, corporate bonds, or other debt instruments. In the event of counterparty default, the collateral service agreement provides the Group with the right to liquidate the collateral held. Debt securities Foreign governments and corporates Government debt securities typically have quoted prices in active markets and are categorized as level 1 instruments. For debt securities for which market prices are not available, valuations are based on yields reflecting credit rating, historical performance, delinquencies, loss severity, the maturity of the security, recent transactions in the market or other modeling techniques, which may involve judgment. Those securities where the price or model inputs are observable in the market are categorized as level 2 instruments, while those securities where prices are not observable and significant model inputs are unobservable are categorized as level 3 of the fair value hierarchy. Corporate bonds are priced to reflect current market levels either through recent market transactions or broker or dealer quotes. Where a market price for the particular security is not directly available, valuations are obtained based on yields reflected by other instruments in the specific or similar entity’s capital structure and adjusting for differences in seniority and maturity, benchmarking to a comparable security where market data is available (taking into consideration differences in credit, liquidity and maturity), or through the application of cash flow modeling techniques utilizing observable inputs, such as current interest rate curves and observable CDS spreads. Significant unobservable inputs may include price and correlation. For securities using market comparable price, the differentiation between level 2 and level 3 is based upon the relative significance of any yield adjustments as well as the accuracy of the comparison characteristics (i.e., the observable comparable security may be in the same country but a different industry and may have a different seniority level – the lower the comparability the more likely the security will be level 3). CMBS, RMBS and CDO securities Fair values of RMBS, CMBS and CDO may be available through quoted prices, which are often based on the prices at which similarly structured and collateralized securities trade between dealers and to and from customers. Fair values of RMBS, CMBS and CDO for which there are significant unobservable inputs are valued using capitalization rate and discount rate. Price may not be observable for fair value measurement purposes for many reasons, such as the length of time since the last executed transaction for the related security, use of a price from a similar instrument, or use of a price from an indicative quote. Fair values determined by market comparable price may include discounted cash flow models using the inputs prepayment rate, default rate, loss severity, discount rate and credit spread. Prices from similar observable instruments are used to calculate implied inputs which are then used to value unobservable instruments using discounted cash flow. The discounted cash flow price is then compared to the unobservable prices and assessed for reasonableness. For most structured debt securities, determination of fair value requires subjective assessment depending on liquidity, ownership concentration, and the current economic and competitive environment. Valuation is determined based on the Front Office’s own assumptions about how market participants would price the asset. Collateralized bond and loan obligations are split into various structured tranches and each tranche is valued based upon its individual rating and the underlying collateral supporting the structure. Valuation models are used to value both cash and synthetic CDOs. Equity securities The majority of the Group’s positions in equity securities are traded on public stock exchanges for which quoted prices are readily and regularly available and are therefore categorized as level 1 instruments. Level 2 and level 3 equities include fund-linked products, convertible bonds or equity securities with restrictions that are not traded in active markets. Significant unobservable inputs may include earnings before interest, taxes, depreciation and amortization (EBITDA) multiple. Derivatives Derivatives held for trading purposes or used in hedge accounting relationships include both OTC and exchange-traded derivatives. The fair values of exchange-traded derivatives measured using observable exchange prices are included in level 1 of the fair value hierarchy. For exchange-traded derivatives where the volume of trading is low, the observable exchange prices may not be considered executable at the reporting date. These derivatives are valued in the same manner as similar observable OTC derivatives and are included in level 2 of the fair value hierarchy. If the similar OTC derivative used for valuing the exchange-traded derivative is not observable, the exchange-traded derivative is included in level 3 of the fair value hierarchy. The fair values of OTC derivatives are determined on the basis of either industry standard models or internally developed proprietary models. Both model types use various observable and unobservable inputs in order to determine fair value. The inputs include those characteristics of the derivative that have a bearing on the economics of the instrument. The determination of the fair value of many derivatives involves only a limited degree of subjectivity because the required inputs are observable in the marketplace, while more complex derivatives may use unobservable inputs that rely on specific proprietary modeling assumptions. Where observable inputs (prices from exchanges, dealers, brokers or market consensus data providers) are not available, attempts are made to infer values from observable prices through model calibration (spot and forward rates, mean reversion, benchmark interest rate curves and volatility inputs for commonly traded option products). For inputs that cannot be derived from other sources, estimates from historical data may be made. OTC derivatives where the majority of the value is derived from market observable inputs are categorized as level 2 instruments, while those where the majority of the value is derived from unobservable inputs are categorized as level 3 of the fair value hierarchy. The valuation of derivatives includes an adjustment for the cost of funding uncollateralized OTC derivatives. Interest rate derivatives OTC vanilla interest rate products, such as interest rate swaps, swaptions, and caps and floors are valued by discounting the anticipated future cash flows. The future cash flows and discounting are derived from market standard yield curves and industry standard volatility inputs. Where applicable, exchange-traded prices are also used to value exchange-traded futures and options and can be used in yield curve construction. For more complex products, inputs include, but are not limited to correlation, volatility skew, prepayment rate, basis spread, gap risk and funding spread. Foreign exchange derivatives Foreign exchange derivatives include vanilla products such as spot, forward and option contracts where the anticipated discounted future cash flows are determined from foreign exchange forward curves and industry standard optionality modeling techniques. Where applicable, exchange-traded prices are also used for futures and option prices. For more complex products inputs include, but are not limited to prepayment rate and correlation. Equity and index-related derivatives Equity derivatives include a variety of products ranging from vanilla options and swaps to exotic structures with bespoke payoff profiles. The main inputs in the valuation of equity derivatives may include volatility, buyback probability, gap risk and correlation. Generally, the interrelationship between the volatility and correlation is positively correlated. Credit derivatives Credit derivatives include index and single name CDS in addition to more complex structured credit products. Vanilla products are valued using industry standard models and inputs that are generally market observable including credit spread and recovery rate. Complex structured credit derivatives are valued using proprietary models requiring unobser |
Assets pledged and collateral
Assets pledged and collateral | 6 Months Ended |
Jun. 30, 2016 | |
Assets pledged and collateral | 30 Assets pledged and collateral The Group pledges assets mainly for repurchase agreements and other securities financing. Certain pledged assets may be encumbered, meaning they have the right to be sold or repledged. The encumbered assets are disclosed on the consolidated balance sheet. Assets pledged end of 2Q16 4Q15 Assets pledged (CHF million) Total assets pledged or assigned as collateral 117,809 137,330 of which encumbered 80,600 91,278 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 2Q16 4Q15 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 386,480 422,269 of which sold or repledged 184,537 186,132 |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2016 | |
Litigation | 31 Litigation The Group is involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of its businesses. The Group’s material proceedings, related provisions and estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions are described in Note 39 – Litigation in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 and updated in subsequent quarterly reports (including those discussed below). Some of these proceedings have been brought on behalf of various classes of claimants and seek damages of material and/or indeterminate amounts. The Group accrues loss contingency litigation provisions and takes a charge to income in connection with certain proceedings when losses, additional losses or ranges of loss are probable and reasonably estimable. The Group also accrues litigation provisions for the estimated fees and expenses of external lawyers and other service providers in relation to such proceedings, including in cases for which it has not accrued a loss contingency provision. The Group accrues these fee and expense litigation provisions and takes a charge to income in connection therewith when such fees and expenses are probable and reasonably estimable. The Group reviews its legal proceedings each quarter to determine the adequacy of its litigation provisions and may increase or release provisions based on management’s judgment and the advice of counsel. The establishment of additional provisions or releases of litigation provisions may be necessary in the future as developments in such proceedings warrant. The specific matters described include (a) proceedings where the Group has accrued a loss contingency provision, given that it is probable that a loss may be incurred and such loss is reasonably estimable; and (b) proceedings where the Group has not accrued such a loss contingency provision for various reasons, including, but not limited to, the fact that any related losses are not reasonably estimable. The description of certain of the matters includes a statement that the Group has established a loss contingency provision and discloses the amount of such provision; for the other matters no such statement is made. With respect to the matters for which no such statement is made, either (a) the Group has not established a loss contingency provision, in which case the matter is treated as a contingent liability under the applicable accounting standard, or (b) the Group has established such a provision but believes that disclosure of that fact would violate confidentiality obligations to which the Group is subject or otherwise compromise attorney-client privilege, work product protection or other protections against disclosure or compromise the Group’s management of the matter. The future outflow of funds in respect of any matter for which the Group has accrued loss contingency provisions cannot be determined with certainty based on currently available information, and accordingly may ultimately prove to be substantially greater (or may be less) than the provision that is reflected on the Group’s balance sheet. It is inherently difficult to determine whether a loss is probable or even reasonably possible or to estimate the amount of any loss or loss range for many of the Group’s legal proceedings. Estimates, by their nature, are based on judgment and currently available information and involve a variety of factors, including, but not limited to, the type and nature of the proceeding, the progress of the matter, the advice of counsel, the Group’s defenses and its experience in similar matters, as well as its assessment of matters, including settlements, involving other defendants in similar or related cases or proceedings. Factual and legal determinations, many of which are complex, must be made before a loss, additional losses or ranges of loss can be reasonably estimated for any proceeding. Most matters pending against the Group seek damages of an indeterminate amount. While certain matters specify the damages claimed, such claimed amount may not represent the Group’s reasonably possible losses. For certain of the proceedings discussed the Group has disclosed the amount of damages claimed and certain other quantifiable information that is publicly available. The Group’s aggregate litigation provisions include estimates of losses, additional losses or ranges of loss for proceedings for which such losses are probable and can be reasonably estimated. The Group does not believe that it can estimate an aggregate range of reasonably possible losses for certain of its proceedings because of their complexity, the novelty of some of the claims, the early stage of the proceedings, the limited amount of discovery that has occurred and/or other factors. The Group’s estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions for the proceedings discussed in Note 39 referenced above and updated in quarterly reports (including below) for which the Group believes an estimate is possible is zero to CHF 2.1 billion. In 2Q16, the Group recorded net litigation provisions of CHF 86 million. After taking into account its litigation provisions, the Group believes, based on currently available information and advice of counsel, that the results of its legal proceedings, in the aggregate, will not have a material adverse effect on the Group’s financial condition. However, in light of the inherent uncertainties of such proceedings, including those brought by regulators or other governmental authorities, the ultimate cost to the Group of resolving such proceedings may exceed current litigation provisions and any excess may be material to its operating results for any particular period, depending, in part, upon the operating results for such period. Enron-related litigation On June 2, 2016, the Judicial Panel on Multidistrict Litigation entered an order granting plaintiffs' motion to remand the Silvercreek Management Inc. v. Citigroup, Inc., et al. case to the US District Court for the Southern District of New York (SDNY) for further proceedings. Mortgage-related matters The amounts disclosed below do not reflect actual realized plaintiff losses to date or anticipated future litigation exposure. Rather, unless otherwise stated, these amounts reflect the original unpaid principal balance amounts as alleged in these actions and do not include any reduction in principal amounts since issuance. Class action litigations On May 10, 2016, the SDNY granted its final approval of a settlement of USD 110 million relating to the New Jersey Carpenters Health Fund v. Home Equity Mortgage Trust 2006-5 class action and entered a final judgment and order of dismissal with prejudice in respect of this matter. Individual investor actions On May 4, 2016, the Washington state court presiding in the action brought by the Federal Home Loan Bank of Seattle granted Credit Suisse Securities (USA) LLC (CSS LLC) and its affiliates’ motion for partial summary judgment, dismissing with prejudice all claims related to certain RMBS, thus reducing the RMBS at issue against CSS LLC and its affiliates in the Seattle action from approximately USD 249 million to approximately USD 104 million. The July 2016 trial date for CSS LLC and its affiliates has been removed from the calendar, and a new trial date for a date in or after October 2016 is yet to be set. On June 1, 2016, following a settlement, a stipulation of dismissal with prejudice was filed with the US District Court for the Middle District of Alabama, which was entered by the court on June 8, 2016, discontinuing the action brought by the Federal Deposit Insurance Corporation (FDIC) as receiver for Colonial Bank relating to approximately USD 34 million of the RMBS at issue against CSS LLC (approximately 12% of the USD 283 million at issue against all defendants in the operative pleading). On June 8, 2016, following a settlement, the US Court of Appeals for the Ninth Circuit, presiding in the appeal of the action brought by the FDIC as receiver for Colonial Bank in the US District Court for the Central District of California (CDC), granted the stipulation withdrawing FDIC’s appeal of the CDC's dismissal with prejudice of all claims against CSS LLC, relating 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). Thus, the entire action is dismissed with prejudice. On June 13, 2016, the California state court presiding in the actions brought by the Federal Home Loan Bank of San Francisco dismissed with prejudice certain claims against CSS LLC and its affiliates, reducing the RMBS at issue against CSS LLC and its affiliates in the San Francisco actions from approximately USD 1.7 billion to approximately USD 1.6 billion (approximately 17% of the USD 9.5 billion at issue against all defendants in the operative pleadings, reduced to reflect dismissal of actions relating to certain certificates). On June 14, 2016, the court entered an order postponing the trial from August 2016 to October 2016. Refco-related litigation On June 15, 2016, following a settlement, the US Court of Appeals for the Second Circuit (Second Circuit), presiding in the appeal of the action brought by the Joint Official Liquidators of various SPhinX Funds and the trustee of the SPhinX Trust in the SDNY, granted the stipulation withdrawing the appeal, with prejudice, as to CSS LLC and another defendant in the action. Thus, the entire action against CSS LLC is dismissed with prejudice. Rates-related matters On May 11, 2016, the SDNY preliminarily approved plaintiffs’ settlement agreements with Credit Suisse AG, New York Branch, and six other financial institutions in the consolidated civil class action lawsuit relating to the alleged manipulation of the ISDAFIX rate for US dollars. The settlement provides for dismissal of the case with prejudice and a settlement payment of USD 50 million by Credit Suisse. The settlements remain subject to final court approval. On May 19, 2016, affiliates of Credit Suisse Group AG, along with several other financial institutions, filed a motion to dismiss a putative class action in the SDNY. The plaintiffs allege that the defendant financial institutions conspired to manipulate certain foreign exchange rates in violation of the US Employee Retirement Income Security Act of 1974. On May 23, 2016, in the multi-district litigation concerning US Dollar LIBOR, the Second Circuit reversed the decision of the SDNY dismissing plaintiffs’ Sherman Antitrust Act claims and remanded the claims to the SDNY for additional briefing on the issue of whether such claims have been adequately alleged. Additional putative class action complaints and another individual lawsuit were filed against Credit Suisse Group AG and affiliates, along with other financial institutions, relating to interest rate swaps (IRS). Similar to previously filed complaints, plaintiffs allege that dealer defendants conspired with trading platforms to prevent the development of IRS exchanges. The second individual lawsuit was brought by Javelin Capital Markets LLC, a swap execution facility, and an affiliate, which claim to have suffered lost profits as a result of defendants’ alleged conspiracy. All IRS actions, including the two individual actions, have been consolidated in a multi-district litigation in the SDNY. Plaintiffs have not yet filed a consolidated complaint. On July 1, 2016, Credit Suisse AG and Credit Suisse Group AG, along with other financial institutions, were named in a putative class action brought in the SDNY, alleging manipulation of the Singapore Interbank Offered Rate and Singapore Swap Offer Rate. Credit Suisse Group AG and affiliates, along with other financial institutions and individuals, have been named in several putative class action complaints filed in the SDNY relating to supranational, sub-sovereign, and agency (SSA) bonds. The complaints generally allege that defendants conspired to fix the prices of SSA bonds sold to and purchased from investors in the secondary market. ATA litigation On July 12, 2016, plaintiffs filed a second amended complaint in the US District Court for the Eastern District of New York against a number of banks, including Credit Suisse AG, alleging claims under the United States Anti-Terrorism Act (ATA). Credit Suisse AG plans to move to dismiss this version of the complaint on essentially the same grounds set forth in its previous motions to dismiss the earlier complaints. Mossack Fonseca matter Credit Suisse, along with many financial institutions, has received inquiries from governmental and regulatory authorities concerning banking relationships between financial institutions, their clients and the Panama-based law firm of Mossack Fonseca. Credit Suisse is conducting a review of these issues and has been cooperating with the authorities. |
Subsidiary guarantee informatio
Subsidiary guarantee information | 6 Months Ended |
Jun. 30, 2016 | |
Subsidiary guarantee information | 32 Subsidiary guarantee information Certain wholly-owned finance subsidiaries of the Group, including Credit Suisse Group Funding (Guernsey) Limited, which is a Guernsey incorporated non-cellular company limited by shares, have issued securities fully and unconditionally guaranteed by the Group. There are various legal and regulatory requirements, including the satisfaction of a solvency test under Guernsey law for the Guernsey subsidiary, applicable to some of the Group’s subsidiaries that may limit their ability to pay dividends or distributions and make loans and advances to the Group. On March 26, 2007, the Group and the Bank issued full, unconditional and several guarantees of Credit Suisse (USA), Inc.’s outstanding SEC-registered debt securities. In accordance with the guarantees, if Credit Suisse (USA), Inc. fails to make any timely payment under the agreements governing such debt securities, the holders of the debt securities may demand payment from either the Group or the Bank, without first proceeding against Credit Suisse (USA), Inc. The guarantee from the Group is subordinated to senior liabilities. Credit Suisse (USA), Inc. is an indirect, wholly owned subsidiary of the Group. As part of an announced program to evolve the Group’s legal entity structure to meet developing and future regulatory requirements and US Federal Reserve regulation on establishing Intermediate Holding Companies in the US for non-US banks, legal entities are re-parented as subsidiaries of Credit Suisse (USA), Inc. Prior periods are restated to conform to the current presentation to reflect the impact of such transactions. Condensed consolidating statements of operations Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 1,421 3,222 4,643 69 45 4,757 Interest expense (961) (1,778) (2,739) (82) 63 (2,758) Net interest income 460 1,444 1,904 (13) 108 1,999 Commissions and fees 909 1,819 2,728 7 61 2,796 Trading revenues (167) 264 97 13 (16) 94 Other revenues 198 36 234 158 2 (173) 219 Net revenues 1,400 3,563 4,963 165 (20) 5,108 Provision for credit losses (8) (26) (34) 0 6 (28) Compensation and benefits 790 1,960 2,750 13 (29) 2,734 General and administrative expenses 464 1,293 1,757 (19) 22 1,760 Commission expenses 60 290 350 1 1 352 Restructuring expenses 22 63 85 0 6 91 Total other operating expenses 546 1,646 2,192 (18) 29 2,203 Total operating expenses 1,336 3,606 4,942 (5) 0 4,937 Income/(loss) from continuing operations before taxes 72 (17) 55 170 (26) 199 Income tax expense 7 1 8 0 13 21 Net income/(loss) 65 (18) 47 170 (39) 178 Net income/(loss) attributable to noncontrolling interests 50 (41) 9 0 (1) 8 Net income/(loss) attributable to shareholders 15 23 38 170 (38) 170 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) 65 (18) 47 170 (39) 178 Gains/(losses) on cash flow hedges 0 22 22 (2) 0 20 Foreign currency translation 306 26 332 4 9 345 Unrealized gains/(losses) on securities 0 1 1 0 1 2 Actuarial gains/(losses) 6 4 10 0 72 82 Net prior service credit/(cost) 0 0 0 0 (25) (25) Gains/(losses) on liabilities relating to credit risk 6 (56) (50) (10) (9) (69) Other comprehensive income/(loss), net of tax 318 (3) 315 (8) 48 355 Comprehensive income/(loss) 383 (21) 362 162 9 533 Comprehensive income/(loss) attributable to noncontrolling interests 65 (32) 33 0 (11) 22 Comprehensive income attributable to shareholders 318 11 329 162 20 511 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 1,758 4,025 5,783 67 53 5,903 Interest expense (1,032) (1,983) (3,015) (80) 61 (3,034) Net interest income 726 2,042 2,768 (13) 114 2,869 Commissions and fees 1,083 2,124 3,207 5 47 3,259 Trading revenues (25) 517 492 5 1 498 Other revenues 177 162 339 1,029 2 (1,039) 329 Net revenues 1,961 4,845 6,806 1,026 (877) 6,955 Provision for credit losses 5 33 38 0 13 51 Compensation and benefits 927 1,983 2,910 16 (12) 2,914 General and administrative expenses 482 1,464 1,946 (41) 23 1,928 Commission expenses 67 337 404 1 1 406 Total other operating expenses 549 1,801 2,350 (40) 24 2,334 Total operating expenses 1,476 3,784 5,260 (24) 12 5,248 Income/(loss) from continuing operations before taxes 480 1,028 1,508 1,050 (902) 1,656 Income tax expense/(benefit) 301 262 563 (1) 28 590 Net income/(loss) 179 766 945 1,051 (930) 1,066 Net income/(loss) attributable to noncontrolling interests 24 (9) 15 0 0 15 Net income/(loss) attributable to shareholders 155 775 930 1,051 (930) 1,051 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 179 766 945 1,051 (930) 1,066 Gains/(losses) on cash flow hedges 0 30 30 1 0 31 Foreign currency translation (770) (283) (1,053) 2 (2) (1,053) Unrealized gains/(losses) on securities 0 (12) (12) 0 0 (12) Actuarial gains/(losses) 9 8 17 0 75 92 Net prior service credit/(cost) (3) (1) (4) 0 (18) (22) Other comprehensive income/(loss), net of tax (764) (258) (1,022) 3 55 (964) Comprehensive income/(loss) (585) 508 (77) 1,054 (875) 102 Comprehensive income/(loss) attributable to noncontrolling interests (13) (27) (40) 0 25 (15) Comprehensive income/(loss) attributable to shareholders (572) 535 (37) 1,054 (900) 117 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 3,096 6,018 9,114 140 88 9,342 Interest expense (2,010) (3,283) (5,293) (167) 128 (5,332) Net interest income 1,086 2,735 3,821 (27) 216 4,010 Commissions and fees 1,675 3,657 5,332 13 126 5,471 Trading revenues (933) 624 (309) 72 60 (177) Other revenues 427 58 485 (208) 2 165 442 Net revenues 2,255 7,074 9,329 (150) 567 9,746 Provision for credit losses (7) 114 107 0 15 122 Compensation and benefits 1,594 3,659 5,253 18 (55) 5,216 General and administrative expenses 948 2,673 3,621 (38) 25 3,608 Commission expenses 121 612 733 1 5 739 Restructuring expenses 142 176 318 0 28 346 Total other operating expenses 1,211 3,461 4,672 (37) 58 4,693 Total operating expenses 2,805 7,120 9,925 (19) 3 9,909 Income/(loss) from continuing operations before taxes (543) (160) (703) (131) 549 (285) Income tax expense/(benefit) (246) (47) (293) 1 134 (158) Net income/(loss) (297) (113) (410) (132) 415 (127) Net income/(loss) attributable to noncontrolling interests 72 (70) 2 0 3 5 Net income/(loss) attributable to shareholders (369) (43) (412) (132) 412 (132) 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) (297) (113) (410) (132) 415 (127) Gains/(losses) on cash flow hedges 0 68 68 (2) 0 66 Foreign currency translation (312) (192) (504) 6 (12) (510) Unrealized gains/(losses) on securities 0 5 5 0 2 7 Actuarial gains/(losses) 13 7 20 0 167 187 Net prior service credit/(cost) 0 0 0 0 (53) (53) Gains/(losses) on liabilities relating to credit risk 55 987 1,042 78 77 1,197 Other comprehensive income/(loss), net of tax (244) 875 631 82 181 894 Comprehensive income/(loss) (541) 762 221 (50) 596 767 Comprehensive income/(loss) attributable to noncontrolling interests 64 (76) (12) 0 13 1 Comprehensive income/(loss) attributable to shareholders (605) 838 233 (50) 583 766 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 3,453 6,693 10,146 136 111 10,393 Interest expense (2,097) (3,230) (5,327) (161) 116 (5,372) Net interest income 1,356 3,463 4,819 (25) 227 5,021 Commissions and fees 2,032 4,100 6,132 7 99 6,238 Trading revenues 54 1,844 1,898 (3) (7) 1,888 Other revenues 297 199 496 2,105 2 (2,146) 455 Net revenues 3,739 9,606 13,345 2,084 (1,827) 13,602 Provision for credit losses 5 53 58 0 23 81 Compensation and benefits 1,928 3,937 5,865 45 (20) 5,890 General and administrative expenses 920 2,780 3,700 (67) 33 3,666 Commission expenses 130 663 793 1 4 798 Total other operating expenses 1,050 3,443 4,493 (66) 37 4,464 Total operating expenses 2,978 7,380 10,358 (21) 17 10,354 Income/(loss) from continuing operations before taxes 756 2,173 2,929 2,105 (1,867) 3,167 Income tax expense 397 615 1,012 0 55 1,067 Net income/(loss) 359 1,558 1,917 2,105 (1,922) 2,100 Net income/(loss) attributable to noncontrolling interests 32 (33) (1) 0 (4) (5) Net income/(loss) attributable to shareholders 327 1,591 1,918 2,105 (1,918) 2,105 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 359 1,558 1,917 2,105 (1,922) 2,100 Gains/(losses) on cash flow hedges 0 52 52 (13) 0 39 Foreign currency translation (1,140) (1,402) (2,542) (1) (3) (2,546) Unrealized gains/(losses) on securities 0 (5) (5) 0 3 (2) Actuarial gains/(losses) 18 16 34 0 147 181 Net prior service credit/(cost) (7) 0 (7) 0 (36) (43) Other comprehensive income/(loss), net of tax (1,129) (1,339) (2,468) (14) 111 (2,371) Comprehensive income/(loss) (770) 219 (551) 2,091 (1,811) (271) Comprehensive income/(loss) attributable to noncontrolling interests (27) (67) (94) 0 35 (59) Comprehensive income/(loss) attributable to shareholders (743) 286 (457) 2,091 (1,846) (212) 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets Bank 1 1 Assets (CHF million) Cash and due from banks 2,658 109,342 112,000 799 1,250 114,049 Interest-bearing deposits with banks 3,388 965 4,353 5 (3,538) 820 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 86,062 36,374 122,436 0 (368) 122,068 Securities received as collateral 24,131 1,862 25,993 0 0 25,993 Trading assets 50,675 127,058 177,733 0 (114) 177,619 Investment securities 544 1,692 2,236 3,809 (3,434) 2,611 Other investments 1,288 4,597 5,885 47,606 (47,342) 6,149 Net loans 13,382 243,131 256,513 124 17,198 273,835 Premises and equipment 916 3,580 4,496 0 197 4,693 Goodwill 720 3,152 3,872 0 873 4,745 Other intangible assets 151 40 191 0 0 191 Brokerage receivables 20,021 22,085 42,106 0 2 42,108 Other assets 14,073 32,116 46,189 280 (186) 46,283 Total assets 218,009 585,994 804,003 52,623 (35,462) 821,164 Liabilities and equity (CHF million) Due to banks 141 23,555 23,696 2,496 (2,963) 23,229 Customer deposits 0 336,063 336,063 0 11,496 347,559 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 55,271 (22,772) 32,499 0 0 32,499 Obligation to return securities received as collateral 24,131 1,862 25,993 0 0 25,993 Trading liabilities 11,289 40,403 51,692 0 (10) 51,682 Short-term borrowings 42,265 (31,087) 11,178 300 (300) 11,178 Long-term debt 22,860 171,743 194,603 4,676 947 200,226 Brokerage payables 31,105 12,839 43,944 0 0 43,944 Other liabilities 12,507 26,829 39,336 189 0 39,525 Total liabilities 199,569 559,435 759,004 7,661 9,170 775,835 Total shareholders' equity 18,532 25,465 43,997 44,962 (43,997) 44,962 Noncontrolling interests (92) 1,094 1,002 0 (635) 367 Total equity 18,440 26,559 44,999 44,962 (44,632) 45,329 Total liabilities and equity 218,009 585,994 804,003 52,623 (35,462) 821,164 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 1 Assets (CHF million) Cash and due from banks 5,799 84,722 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 59,332 131,764 191,096 0 (359) 190,737 Investment securities 1,009 1,689 2,698 4,092 (3,700) 3,090 Other investments 3,080 3,707 6,787 46,795 (46,561) 7,021 Net loans 15,433 239,482 254,915 139 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 26,842 31,068 57,910 228 (121) 58,017 Total assets 263,720 540,211 803,931 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 11,097 37,957 49,054 0 (83) 48,971 Short-term borrowings 45,480 (36,823) 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 15,615 26,100 41,715 342 174 42,231 Total liabilities 244,083 515,158 759,241 7,819 8,727 775,787 Total shareholders' equity 19,396 24,010 43,406 44,382 (43,406) 44,382 Noncontrolling interests 241 1,043 1,284 0 (648) 636 Total equity 19,637 25,053 44,690 44,382 (44,054) 45,018 Total liabilities and equity 263,720 540,211 803,931 52,201 (35,327) 820,805 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 6,911 2,896 9,807 (35) 2 62 9,834 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks (3,345) 3,954 609 0 (553) 56 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 11,075 (10,271) 804 0 (18) 786 Purchase of investment securities 0 (60) (60) 0 0 (60) Proceeds from sale of investment securities 0 9 9 0 0 9 Maturities of investment securities 138 53 191 0 22 213 Investments in subsidiaries and other investments (152) (210) (362) (710) 694 (378) Proceeds from sale of other investments 1,456 (873) 583 0 8 591 (Increase)/decrease in loans 1,839 (4,665) (2,826) 15 728 (2,083) Proceeds from sales of loans 0 415 415 0 0 415 Capital expenditures for premises and equipment and other intangible assets (158) (422) (580) 0 (2) (582) Proceeds from sale of premises and equipment and other intangible assets 49 4 53 0 0 53 Other, net 7 44 51 2 (2) 51 Net cash provided by/(used in) investing activities of continuing operations 10,909 (12,022) (1,113) (693) 877 (929) Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 80 8,268 8,348 344 80 8,772 Increase/(decrease) in short-term borrowings 2,495 554 3,049 0 0 3,049 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (20,758) 7,136 (13,622) 0 0 (13,622) Issuances of long-term debt 0 35,441 35,441 0 236 35,677 Repayments of long-term debt (2,394) (18,118) (20,512) 0 (206) (20,718) Issuances of common shares 0 0 0 725 0 725 Sale of treasury shares 0 0 0 323 8,835 9,158 Repurchase of treasury shares 0 0 0 (455) (8,846) (9,301) Dividends paid 0 (10) (10) (493) 10 (493) Other, net (319) 869 550 153 (662) 41 Net cash provided by/(used in) financing activities of continuing operations (20,896) 34,140 13,244 597 (553) 13,288 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (65) (394) (459) (12) (1) (472) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (3,141) 24,620 21,479 (143) 385 21,721 Cash and due from banks at beginning of period 5,799 84,722 90,521 942 865 92,328 Cash and due from banks at end of period 2,658 109,342 112,000 799 1,250 114,049 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 145 million and CHF 41 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. Condensed consolidating statements of cash flows (continued) Bank 1 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 4,489 (1,415) 3,074 (80) 2 (215) 2,779 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks – (91) (91) (5) 401 305 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 14,240 1,417 15,657 0 397 16,054 Purchase of investment securities 0 (272) (272) 0 0 (272) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 10 322 332 0 10 342 Investments in subsidiaries and other investments (245) (63) (308) 0 (27) (335) Proceeds from sale of other investments 792 128 920 0 31 951 (Increase)/decrease in loans 1,886 (5,085) (3,199) 210 (688) (3,677) Proceeds from sales of loans 0 1,018 1,018 0 0 1,018 Capital expenditures for premises and equipment and other intangible assets (120) (348) (468) 0 (6) (474) Proceeds from sale of premises and equipment and other intangible assets 2 9 11 0 0 11 Other, net 13 179 192 6 (3) 195 Net cash provided by/(used in) investing activities of continuing operations 16,578 (2,772) 13,806 211 115 14,132 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 44 983 1,027 (161) 199 1,065 Increase/(decrease) in short-term borrowings 3,865 (2,755) 1,110 0 0 1,110 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (15,728) 7,855 (7,873) 0 0 (7,873) Issuances of long-term debt 2,199 44,756 46,955 0 548 47,503 Repayments of long-term debt (8,682) (20,638) (29,320) (30) (215) (29,565) Issuances of common shares 0 0 0 1 0 1 Sale of treasury shares 0 0 0 3 7,432 7,435 Repurchase of treasury shares 0 0 0 (1,004) (7,381) (8,385) Dividends paid 0 (10) (10) (415) (2) (427) Other, net (588) (420) (1,008) 1,217 175 384 Net cash provided by/(used in) financing activities of continuing operations (18,890) 29,771 10,881 (389) 756 11,248 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (302) (3,101) (3,403) (48) (3) (3,454) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 1,875 22,483 24,358 (306) 653 24,705 Cash and due from banks at beginning of period 4,950 73,050 78,000 917 432 79,349 Cash and due from banks at end of period 6,825 95,533 102,358 611 1,085 104,054 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 220 million and CHF 31 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. |
Summary of significant accoun40
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). These condensed consolidated financial statements should be read in conjunction with the US GAAP consolidated financial statements and notes thereto for the year ended December 31, 2015 included in the Credit Suisse Annual Report 2015. > Refer to “Note 1 – Summary of significant accounting policies” in V – Consolidated financial statements – Credit Suisse Group in the Credit Suisse Annual Report 2015 for a description of the Group’s significant accounting policies. Certain financial information, which is normally included in annual consolidated financial statements prepared in accordance with US GAAP, but not required for interim reporting purposes, has been condensed or omitted. Certain reclassifications have been made to the prior period’s consolidated financial statements to conform to the current period’s presentation. These condensed consolidated financial statements reflect, in the opinion of management, all adjustments that are necessary for a fair presentation of the condensed consolidated financial statements for the periods presented. The 1Q16 consolidated statements of operations and comprehensive income, the 1Q16 consolidated balance sheets and the 2Q16, 1Q16 and 2Q15 consolidated statements of changes in equity have been added for convenience of the reader and are not a required presentation under US GAAP. The results of operations for interim periods are not indicative of results for the entire year. In preparing these condensed consolidated financial statements, management is required to make estimates and assumptions which affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income before taxes in 2Q16 1Q16 2Q15 6M16 6M15 Net revenues (CHF million) Swiss Universal Bank 1,337 1,356 1,462 2,693 2,862 International Wealth Management 1,145 1,173 1,165 2,318 2,286 Asia Pacific 911 907 1,040 1,818 2,128 Global Markets 1,630 1,245 1,926 2,875 4,077 Investment Banking & Capital Markets 543 388 568 931 967 Strategic Resolution Unit (363) (541) 410 (904) 725 Corporate Center (95) 110 384 15 557 Net revenues 5,108 4,638 6,955 9,746 13,602 Income/(loss) from continuing operations before taxes (CHF million) Swiss Universal Bank 453 432 468 885 911 International Wealth Management 245 300 272 545 550 Asia Pacific 206 264 367 470 832 Global Markets 154 (198) 391 (44) 1,118 Investment Banking & Capital Markets 135 (62) 145 73 98 Strategic Resolution Unit (759) (1,253) (250) (2,012) (554) Corporate Center (235) 33 263 (202) 212 Income/(loss) from continuing operations before taxes 199 (484) 1,656 (285) 3,167 Total assets end of 2Q16 1Q16 4Q15 Total assets (CHF million) Swiss Universal Bank 224,866 222,653 220,359 International Wealth Management 90,156 85,766 96,085 Asia Pacific 92,194 90,218 85,929 Global Markets 239,419 237,716 234,276 Investment Banking & Capital Markets 22,064 20,772 18,712 Strategic Resolution Unit 98,058 105,286 100,823 Corporate Center 54,407 51,487 64,621 Total assets 821,164 813,898 820,805 |
Net interest income (Tables)
Net interest income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Net interest income | in 2Q16 1Q16 2Q15 6M16 6M15 Net interest income (CHF million) Loans 1,374 1,389 1,315 2,763 2,632 Investment securities 16 17 18 33 31 Trading assets 2,292 2,086 3,330 4,378 5,283 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 710 704 679 1,414 1,329 Other 365 389 561 754 1,118 Interest and dividend income 4,757 4,585 5,903 9,342 10,393 Deposits (258) (244) (221) (502) (476) Short-term borrowings (22) (16) (28) (38) (62) Trading liabilities (1,202) (1,024) (1,511) (2,226) (2,306) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (377) (376) (325) (753) (640) Long-term debt (854) (858) (895) (1,712) (1,781) Other (45) (56) (54) (101) (107) Interest expense (2,758) (2,574) (3,034) (5,332) (5,372) Net interest income 1,999 2,011 2,869 4,010 5,021 |
Commissions and fees (Tables)
Commissions and fees (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Commissions and fees | in 2Q16 1Q16 2Q15 6M16 6M15 Commissions and fees (CHF million) Lending business 452 398 426 850 726 Investment and portfolio management 779 810 864 1,589 1,697 Other securities business 14 11 21 25 43 Fiduciary business 793 821 885 1,614 1,740 Underwriting 395 222 487 617 932 Brokerage 757 833 978 1,590 1,986 Underwriting and brokerage 1,152 1,055 1,465 2,207 2,918 Other services 399 401 483 800 854 Commissions and fees 2,796 2,675 3,259 5,471 6,238 |
Trading revenues (Tables)
Trading revenues (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Trading revenues | in 2Q16 1Q16 2Q15 6M16 6M15 Trading revenues (CHF million) Interest rate products 2,918 1,719 1,569 4,637 4,163 Foreign exchange products (1,566) (582) 340 (2,148) (513) Equity/index-related products (844) (1,163) (1,126) (2,007) (1,285) Credit products (734) (534) (111) (1,268) (460) Commodity, emission and energy products 16 (3) 28 13 18 Other products 304 292 (202) 596 (35) Trading revenues 94 (271) 498 (177) 1,888 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. |
Other revenues (Tables)
Other revenues (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other revenues | in 2Q16 1Q16 2Q15 6M16 6M15 Other revenues (CHF million) Noncontrolling interests without SEI 1 0 14 1 (14) Loans held-for-sale (48) (9) (19) (57) (27) Long-lived assets held-for-sale (9) 33 1 24 3 Equity method investments 46 49 51 95 97 Other investments 31 (16) 93 15 21 Other 198 166 189 364 375 Other revenues 219 223 329 442 455 |
Provision for credit losses (Ta
Provision for credit losses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Provision for credit losses | in 2Q16 1Q16 2Q15 6M16 6M15 Provision for credit losses (CHF million) Provision for loan losses (13) 126 36 113 67 Provision for lending-related and other exposures (15) 24 15 9 14 Provision for credit losses (28) 150 51 122 81 |
Compensation and benefits (Tabl
Compensation and benefits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and benefits | in 2Q16 1Q16 2Q15 6M16 6M15 Compensation and benefits (CHF million) Salaries and variable compensation 2,367 2,166 2,474 4,533 5,091 Social security 211 147 274 358 465 Other 1 156 169 166 325 334 Compensation and benefits 2,734 2,482 2,914 5,216 5,890 1 Includes pension and other post-retirement expense of CHF 80 million, CHF 79 million, CHF 82 million, CHF 159 million and CHF 172 million in 2Q16, 1Q16, 2Q15, 6M16 and 6M15, respectively. |
General and administrative ex48
General and administrative expenses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
General and administrative expenses | in 2Q16 1Q16 2Q15 6M16 6M15 General and administrative expenses (CHF million) Occupancy expenses 242 248 250 490 493 IT, machinery, etc. 278 297 296 575 612 Provisions and losses 91 78 131 169 204 Travel and entertainment 81 90 95 171 184 Professional services 739 804 744 1,543 1,376 Amortization and impairment of other intangible assets 2 2 5 4 11 Other 327 329 407 656 786 General and administrative expenses 1,760 1,848 1,928 3,608 3,666 |
Restructuring expenses (Tables)
Restructuring expenses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses by segment in 2Q16 1Q16 6M16 Restructuring expenses by segment (CHF million) Swiss Universal Bank 4 40 44 International Wealth Management 15 8 23 Asia Pacific 10 1 11 Global Markets 50 100 150 Investment Banking & Capital Markets (8) 27 19 Strategic Resolution Unit 20 79 99 Total restructuring expenses 91 255 346 Restructuring expenses by type in 2Q16 1Q16 6M16 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 50 182 232 of which severance expenses 61 56 117 of which accelerated deferred compensation (21) 104 83 of which pension expenses 10 22 32 General and administrative-related expenses 41 73 114 Total restructuring expenses 91 255 346 |
Restructuring Provisions [Table Text Block] | Restructuring provision 2Q16 1Q16 Compen- General and Compen- General and Restructuring provision (CHF million) Balance at beginning of period 193 87 280 187 12 199 Net additional charges 1 61 41 102 56 73 129 Utilization (65) (18) (83) (50) 2 (48) Balance at end of period 189 110 299 193 87 280 6M16 General and Restructuring provision (CHF million) Balance at beginning of period 187 12 199 Net additional charges 117 114 231 1 Utilization (115) (16) (131) Balance at end of period 189 110 299 1 The following items for which expense accretion was accelerated in 2Q16, 1Q16 and 6M16 due to the restructuring of the Group are not included in the restructuring provision: unsettled share-based compensation of CHF (27) million, CHF 33 million, CHF 6 million, respectively, and unsettled pension obligations of CHF 4 million, CHF 23 million and CHF 27 million, respectively, which remain classified as a component of total shareholders’ equity; and unsettled cash-based deferred compensation of CHF 12 million, CHF 70 million and CHF 82 million, respectively, which remain 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) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings per share | in 2Q16 1Q16 2Q15 6M16 6M15 Basic net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for basic earnings per share 170 (302) 1,051 (132) 2,105 Available for common shares 167 (302) 1,029 (135) 2,060 Available for unvested share-based payment awards 3 0 22 3 45 Diluted net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for diluted earnings per share 170 (302) 1,051 (132) 2,105 Available for common shares 167 (302) 1,029 (135) 2,061 Available for unvested share-based payment awards 3 0 22 3 44 Weighted-average shares outstanding (million) Weighted-average shares outstanding for basic earnings per share available for common shares 2,018.4 1,980.7 1,689.7 1,999.6 1,680.0 Dilutive share options and warrants 3.7 0.0 0.9 0.0 0.9 Dilutive share awards 43.0 0.0 44.6 0.0 37.7 Weighted-average shares outstanding for diluted earnings per share available for common shares 1 2,065.1 1,980.7 2 1,735.2 1,999.6 2 1,718.6 Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards 1.2 10.3 21.8 5.8 31.6 Earnings/(loss) per share available for common shares (CHF) Basic earnings/(loss) per share available for common shares 0.08 (0.15) 0.61 (0.07) 1.23 Diluted earnings/(loss) per share available for common shares 0.08 (0.15) 0.59 (0.07) 1.20 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 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 12.0 million, 7.5 million, 7.2 million, 9.8 million and 8.2 million for 2Q16, 1Q16, 2Q15, 6M16 and 6M15, respectively. 2 Due to the net losses in 1Q16 and 6M16, 2.3 million and 3.0 million, respectively, of weighted-average share options and warrants outstanding and 53.7 million and 48.4 million, respectively, of weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. |
Trading assets and liabilities
Trading assets and liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Trading assets and liabilities | end of 2Q16 1Q16 4Q15 Trading assets (CHF million) Debt securities 66,658 72,864 80,542 Equity securities 69,814 73,763 70,961 Derivative instruments 1 29,488 29,792 28,365 Other 11,659 11,131 10,869 Trading assets 177,619 187,550 190,737 Trading liabilities (CHF million) Short positions 24,634 28,962 25,485 Derivative instruments 1 27,048 24,620 23,486 Trading liabilities 51,682 53,582 48,971 1 Amounts shown after counterparty and cash collateral netting. |
Cash collateral receivables and payables | Cash collateral on derivative instruments end of 2Q16 1Q16 4Q15 Cash collateral – netted (CHF million) 1 Cash collateral paid 39,600 34,413 31,887 Cash collateral received 28,971 26,246 21,942 Cash collateral – not netted (CHF million) 2 Cash collateral paid 10,055 8,121 7,921 Cash collateral received 12,773 12,625 13,989 1 Recorded as cash collateral netting on derivative instruments in Note 22 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 19 – Other assets and other liabilities. |
Investment securities (Tables)
Investment securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Gross unrealized losses on investment securities and the related fair value | end of 2Q16 1Q16 4Q15 Investment securities (CHF million) Securities available-for-sale 2,611 3,143 3,090 Total investment securities 2,611 3,143 3,090 Investment securities by type end of 2Q16 4Q15 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by Swiss federal, cantonal or local governmental entities 252 25 0 277 273 21 0 294 Debt securities issued by foreign governments 1,379 41 0 1,420 1,382 34 0 1,416 Corporate debt securities 283 0 0 283 285 0 0 285 Residential mortgage-backed securities 515 0 0 515 750 0 0 750 Commercial mortgage-backed securities 29 0 0 29 259 0 0 259 Debt securities available-for-sale 2,458 66 0 2,524 2,949 55 0 3,004 Banks, trust and insurance companies 66 21 0 87 65 20 0 85 Industry and all other 0 0 0 0 1 0 0 1 Equity securities available-for-sale 66 21 0 87 66 20 0 86 Securities available-for-sale 2,524 87 0 2,611 3,015 75 0 3,090 |
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 6M16 6M15 Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 8 1 0 14 Realized gains 0 0 0 1 |
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities Debt securities Average 2Q16 (CHF million) Due within 1 year 385 385 0.69 Due from 1 to 5 years 1,375 1,420 0.87 Due from 5 to 10 years 145 164 1.11 Due after 10 years 553 555 5.39 Total debt securities 2,458 2,524 1.87 |
Loans, allowance for loan los53
Loans, allowance for loan losses and credit quality (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Loans | Loans end of 2Q16 1Q16 4Q15 Loans (CHF million) Mortgages 104,394 103,595 103,164 Loans collateralized by securities 36,385 35,068 37,946 Consumer finance 3,757 3,575 3,766 Consumer 144,536 142,238 144,876 Real estate 26,218 26,793 26,451 Commercial and industrial loans 81,240 77,627 77,767 Financial institutions 18,924 20,672 21,334 Governments and public institutions 3,928 4,040 3,578 Corporate & institutional 130,310 129,132 129,130 Gross loans 274,846 271,370 274,006 of which held at amortized cost 254,015 249,849 253,186 of which held at fair value 20,831 21,521 20,820 Net (unearned income)/deferred expenses (148) (160) (145) Allowance for loan losses (863) (962) (866) Net loans 273,835 270,248 272,995 Gross loans by location (CHF million) Switzerland 158,323 157,319 155,771 Foreign 116,523 114,051 118,235 Gross loans 274,846 271,370 274,006 Impaired loan portfolio (CHF million) Non-performing loans 1,426 1,046 983 Non-interest-earning loans 204 233 272 Non-performing and non-interest-earning loans 1,630 1,279 1,255 Restructured loans 257 288 282 Potential problem loans 417 645 436 Other impaired loans 674 933 718 Gross impaired loans 2,304 2,212 1,973 |
Allowance for loan losses | Allowance for loan losses by loan portfolio 2Q16 1Q16 2Q15 Corporate & Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 197 765 962 216 650 866 245 522 767 Net movements recognized in statements of operations 7 (20) (13) 0 126 126 16 20 36 Gross write-offs (22) (86) (108) (20) (19) (39) (57) (25) (82) Recoveries 2 9 11 3 20 23 4 2 6 Net write-offs (20) (77) (97) (17) 1 (16) (53) (23) (76) Provisions for interest 2 2 4 3 (1) 2 1 2 3 Foreign currency translation impact and other adjustments, net 1 6 7 (5) (11) (16) (2) (6) (8) Balance at end of period 187 676 863 197 765 962 207 515 722 of which individually evaluated for impairment 141 482 623 154 570 724 162 348 510 of which collectively evaluated for impairment 46 194 240 43 195 238 45 167 212 Gross loans held at amortized cost (CHF million) Balance at end of period 144,514 109,501 254,015 142,217 107,632 249,849 143,711 107,531 251,242 of which individually evaluated for impairment 1 650 1,654 2,304 658 1,554 2,212 650 920 1,570 of which collectively evaluated for impairment 143,864 107,847 251,711 141,559 106,078 247,637 143,061 106,611 249,672 1 Represents gross impaired loans both with and without a specific allowance. Allowance for loan losses by loan portfolio (continued) 6M16 6M15 Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 216 650 866 251 507 758 Net movements recognized in statements of operations 7 106 113 31 36 67 Gross write-offs (42) (105) (147) (78) (29) (107) Recoveries 5 29 34 6 9 15 Net write-offs (37) (76) (113) (72) (20) (92) Provisions for interest 5 1 6 2 10 12 Foreign currency translation impact and other adjustments, net (4) (5) (9) (5) (18) (23) Balance at end of period 187 676 863 207 515 722 1 Represents gross impaired loans both with and without a specific allowance. |
Purchases, reclassifications and sales | Purchases, reclassifications and sales in 2Q16 1Q16 2Q15 Corporate & Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 0 720 720 0 695 695 115 1,357 1,472 Reclassifications from loans held-for-sale 2 0 47 47 0 78 78 0 35 35 Reclassifications to loans held-for-sale 3 509 253 762 1,123 411 1,534 0 167 167 Sales 3 0 30 30 0 0 0 0 134 134 in 6M16 6M15 Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 0 1,415 1,415 231 2,348 2,579 Reclassifications from loans held-for-sale 2 0 125 125 0 158 158 Reclassifications to loans held-for-sale 3 1,632 664 2,296 0 373 373 Sales 3 0 30 30 0 214 214 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. |
Gross loans held at amortized cost by internal counterparty rating | Gross loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2Q16 (CHF million) Mortgages 91,986 12,171 237 104,394 Loans collateralized by securities 33,397 2,870 118 36,385 Consumer finance 1,317 2,203 215 3,735 Consumer 126,700 17,244 570 144,514 Real estate 19,683 5,802 88 25,573 Commercial and industrial loans 35,421 32,756 1,138 69,315 Financial institutions 10,974 2,486 136 13,596 Governments and public institutions 947 55 15 1,017 Corporate & institutional 67,025 41,099 1,377 109,501 Gross loans held at amortized cost 193,725 58,343 1,947 254,015 Value of collateral 1 177,989 49,214 1,044 228,247 4Q15 (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 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 Up to 31–60 61–90 More than 2Q16 (CHF million) Mortgages 103,969 160 23 9 233 425 104,394 Loans collateralized by securities 36,058 166 28 7 126 327 36,385 Consumer finance 3,168 302 39 37 189 567 3,735 Consumer 143,195 628 90 53 548 1,319 144,514 Real estate 25,424 76 6 0 67 149 25,573 Commercial and industrial loans 67,508 742 89 225 751 1,807 69,315 Financial institutions 13,331 126 13 0 126 265 13,596 Governments and public institutions 1,011 6 0 0 0 6 1,017 Corporate & institutional 107,274 950 108 225 944 2,227 109,501 Gross loans held at amortized cost 250,469 1,578 198 278 1,492 3,546 254,015 4Q15 (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 |
Gross impaired loans by category | Gross impaired loans by category Non-performing and Non- 2Q16 (CHF million) Mortgages 236 9 245 13 48 61 306 1 Loans collateralized by securities 122 5 127 0 0 0 127 Consumer finance 189 27 216 0 1 1 217 Consumer 547 41 588 13 49 62 650 Real estate 77 4 81 0 23 23 104 Commercial and industrial loans 719 109 828 244 302 546 1,374 Financial institutions 83 50 133 0 28 28 161 Governments and public institutions 0 0 0 0 15 15 15 Corporate & institutional 879 163 1,042 244 368 612 1,654 Gross impaired loans 1,426 204 1,630 257 417 674 2,304 4Q15 (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 1 As of the end of 2Q16 and 4Q15, CHF 72 million and CHF 68 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. |
Gross impaired loan detail | Gross impaired loan detail end of 2Q16 4Q15 Unpaid Associated Unpaid Associated Gross impaired loan detail (CHF million) Mortgages 198 185 22 209 196 26 Loans collateralized by securities 124 116 8 117 112 15 Consumer finance 210 189 111 221 201 129 Consumer 532 490 141 547 509 170 Real estate 80 75 10 76 72 10 Commercial and industrial loans 978 958 406 815 796 387 Financial institutions 161 154 66 172 166 83 Corporate & institutional 1,219 1,187 482 1,063 1,034 480 Gross impaired loans with a specific allowance 1,751 1,677 623 1,610 1,543 650 Mortgages 108 108 – 72 71 – Loans collateralized by securities 3 3 – 21 22 – Consumer finance 7 7 – 7 7 – Consumer 118 118 – 100 100 – Real estate 24 24 – 25 25 – Commercial and industrial loans 396 396 – 236 236 – Financial institutions 0 0 – 2 2 – Governments and public institutions 15 15 – 0 0 – Corporate & institutional 435 435 – 263 263 – Gross impaired loans without specific allowance 553 553 – 363 363 – Gross impaired loans 2,304 2,230 623 1,973 1,906 650 of which consumer 650 608 141 647 609 170 of which corporate & institutional 1,654 1,622 482 1,326 1,297 480 Gross impaired loan detail (continued) in 2Q16 1Q16 2Q15 Interest Interest Interest Gross impaired loan detail (CHF million) Mortgages 185 1 1 197 0 0 177 1 1 Loans collateralized by securities 121 0 0 113 0 0 39 0 0 Consumer finance 203 0 0 216 0 0 225 1 1 Consumer 509 1 1 526 0 0 441 2 2 Real estate 66 0 0 76 0 0 65 0 0 Commercial and industrial loans 1,034 2 0 902 3 1 597 2 1 Financial institutions 164 1 0 168 0 0 147 0 0 Governments and public institutions 5 0 0 0 0 0 0 0 0 Corporate & institutional 1,269 3 0 1,146 3 1 809 2 1 Gross impaired loans with a specific allowance 1,778 4 1 1,672 3 1 1,250 4 3 Mortgages 102 1 0 76 1 0 64 1 0 Loans collateralized by securities 18 0 0 25 0 0 42 1 0 Consumer finance 23 0 0 7 0 0 7 0 0 Consumer 143 1 0 108 1 0 113 2 0 Real estate 47 0 0 29 0 0 13 0 0 Commercial and industrial loans 307 1 0 219 2 0 35 0 0 Financial institutions 0 0 0 3 0 0 1 0 0 Governments and public institutions 8 0 0 0 0 0 0 0 0 Corporate & institutional 362 1 0 251 2 0 49 0 0 Gross impaired loans without specific allowance 505 2 0 359 3 0 162 2 0 Gross impaired loans 2,283 6 1 2,031 6 1 1,412 6 3 of which consumer 652 2 1 634 1 0 554 4 2 of which corporate & institutional 1,631 4 0 1,397 5 1 858 2 1 Gross impaired loan detail (continued) in 6M16 6M15 Interest Interest Gross impaired loan detail (CHF million) Mortgages 191 1 1 179 1 1 Loans collateralized by securities 118 0 0 49 0 0 Consumer finance 210 0 0 226 1 1 Consumer 519 1 1 454 2 2 Real estate 71 0 0 65 0 0 Commercial and industrial loans 976 5 1 573 3 2 Financial institutions 167 1 0 141 1 1 Governments and public institutions 2 0 0 0 0 0 Corporate & institutional 1,216 6 1 779 4 3 Gross impaired loans with a specific allowance 1,735 7 2 1,233 6 5 Mortgages 88 2 0 57 1 0 Loans collateralized by securities 22 0 0 32 1 0 Consumer finance 15 0 0 7 0 0 Consumer 125 2 0 96 2 0 Real estate 37 0 0 10 0 0 Commercial and industrial loans 267 3 0 24 0 0 Financial institutions 2 0 0 1 0 0 Governments and public institutions 4 0 0 0 0 0 Corporate & institutional 310 3 0 35 0 0 Gross impaired loans without specific allowance 435 5 0 131 2 0 Gross impaired loans 2,170 12 2 1,364 8 5 of which consumer 644 3 1 550 4 2 of which corporate & institutional 1,526 9 1 814 4 3 |
Restructured loans held at amortized cost | Restructured loans held at amortized cost in 2Q16 1Q16 2Q15 Recorded Recorded Recorded Recorded Recorded Recorded Restructured loans (CHF million) Commercial and industrial loans 3 44 44 5 15 15 2 21 21 Total 3 44 44 5 15 15 2 21 21 in 6M16 6M15 Recorded Recorded Recorded Recorded Restructured loans (CHF million) Commercial and industrial loans 8 59 59 4 92 99 Total 8 59 59 4 92 99 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill | Investment Gross amount of goodwill (CHF million) Balance at beginning of period 603 1,523 2,258 3,172 1,011 12 8,579 Foreign currency translation impact 6 17 19 6 9 0 57 Balance at end of period 609 1,540 2,277 3,178 1,020 12 8,636 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 609 1,540 1,505 459 632 0 4,745 Investment Gross amount of goodwill (CHF million) Balance at beginning of period 610 1,573 2,294 3,183 1,027 12 8,699 Goodwill acquired during the year 5 0 0 0 0 0 5 Foreign currency translation impact (5) (28) (16) (5) (7) 0 (61) Other (1) (5) (1) 0 0 0 (7) Balance at end of period 609 1,540 2,277 3,178 1,020 12 8,636 Accumulated impairment (CHF million) Balance at beginning of period 0 0 772 2,719 388 12 3,891 Balance at end of period 0 0 772 2,719 388 12 3,891 Net book value (CHF million) Net book value 609 1,540 1,505 459 632 0 4,745 |
Other assets and other liabil55
Other assets and other liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other assets and other liabilities | end of 2Q16 1Q16 4Q15 Other assets (CHF million) Cash collateral on derivative instruments 10,055 8,121 7,921 Cash collateral on non-derivative transactions 987 412 327 Derivative instruments used for hedging 168 294 186 Assets held-for-sale 12,972 13,187 26,061 of which loans 1 12,782 12,981 25,839 of which real estate 2 161 171 182 of which long-lived assets 29 35 40 Assets held for separate accounts 625 907 1,307 Interest and fees receivable 5,370 5,196 5,658 Deferred tax assets 6,319 6,341 6,179 Prepaid expenses 528 520 448 Failed purchases 2,923 2,885 2,770 Other 6,336 6,764 7,160 Other assets 46,283 44,627 58,017 Other liabilities (CHF million) Cash collateral on derivative instruments 12,773 12,625 13,989 Cash collateral on non-derivative transactions 360 420 518 Derivative instruments used for hedging 303 235 110 Deposits held-for-sale 2,420 2,690 0 Provisions 1,532 1,644 1,851 of which off-balance sheet risk 95 108 88 Restructuring liabilities 299 280 199 Liabilities held for separate accounts 625 907 1,307 Interest and fees payable 6,225 5,231 6,011 Current tax liabilities 757 841 608 Deferred tax liabilities 48 50 54 Failed sales 1,102 1,378 1,551 Other 13,081 14,014 16,033 Other liabilities 39,525 40,315 42,231 1 Included as of the end of 2Q16, 1Q16 and 4Q15 were CHF 802 million, CHF 968 million and CHF 1,135 million, respectively, in restricted loans, which represented collateral on secured borrowings, and CHF 72 million, CHF 73 million and CHF 60 million, respectively, in loans held in trusts, which were consolidated as a result of failed sales under US GAAP. 2 As of the end of 2Q16, 1Q16 and 4Q15, real estate held-for-sale included foreclosed or repossessed real estate of CHF 21 million, CHF 35 million and CHF 31 million, respectively, of which CHF 13 million, CHF 6 million and CHF 3 million, respectively were related to residential real estate. |
Long-term debt (Tables)
Long-term debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Long-term debt | Long-term debt end of 2Q16 1Q16 4Q15 Long-term debt (CHF million) Senior 174,394 157,849 157,986 Subordinated 24,052 23,494 24,796 Non-recourse liabilities from consolidated VIEs 1,780 2,147 14,826 Long-term debt 200,226 183,490 197,608 of which reported at fair value 73,922 69,104 80,931 of which structured notes 60,446 55,006 54,848 |
Schedule of Structured notes | Structured notes by product end of 2Q16 1Q16 4Q15 Structured notes (CHF million) Equity 35,490 33,421 35,594 Fixed income 16,398 13,805 11,534 Credit 5,618 5,505 5,261 Other 2,940 2,275 2,459 Total structured notes 60,446 55,006 54,848 |
Accumulated other comprehensi57
Accumulated other comprehensive income (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accumulated other comprehensive income | Accumulated other comprehensive income/(loss) Gains/ Accumu- 2Q16 (CHF million) Balance at beginning of period 31 (13,452) 65 (4,567) 579 1,741 (15,603) Increase/(decrease) 26 322 2 0 0 (69) 281 Increase/(decrease) due to equity method investments (3) 0 0 0 0 0 (3) Reclassification adjustments, included in net income/(loss) (3) 9 0 82 (25) 0 63 Total increase/(decrease) 20 331 2 82 (25) (69) 341 Balance at end of period 51 (13,121) 67 (4,485) 554 1,672 (15,262) 1Q16 (CHF million) Balance at beginning of period (15) (12,615) 60 (4,672) 607 – (16,635) Increase/(decrease) 47 (886) 5 22 0 1,266 454 Increase/(decrease) due to equity method investments (3) 0 0 0 0 0 (3) Reclassification adjustments, included in net income/(loss) 2 49 0 83 (28) 0 106 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 475 475 Total increase/(decrease) 46 (837) 5 105 (28) 1,741 1,032 Balance at end of period 31 (13,452) 65 (4,567) 579 1,741 (15,603) 2Q15 (CHF million) Balance at beginning of period (23) (12,947) 74 (3,921) 431 – (16,386) Increase/(decrease) 25 (1,027) (11) 6 0 – (1,007) Increase/(decrease) due to equity method investments (1) 0 0 0 0 – (1) Reclassification adjustments, included in net income/(loss) 7 4 (1) 86 (22) – 74 Total increase/(decrease) 31 (1,023) (12) 92 (22) – (934) Balance at end of period 8 (13,970) 62 (3,829) 409 – (17,320) 6M16 (CHF million) Balance at beginning of period (15) (12,615) 60 (4,672) 607 – (16,635) Increase/(decrease) 73 (564) 7 22 0 1,197 735 Increase/(decrease) due to equity method investments (6) 0 0 0 0 0 (6) Reclassification adjustments, included in net income/(loss) (1) 58 0 165 (53) 0 169 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 475 475 Total increase/(decrease) 66 (506) 7 187 (53) 1,672 1,373 Balance at end of period 51 (13,121) 67 (4,485) 554 1,672 (15,262) 6M15 (CHF million) Balance at beginning of period (31) (11,478) 64 (4,010) 452 – (15,003) Increase/(decrease) 43 (2,498) (1) 7 0 – (2,449) Increase/(decrease) due to equity method investments (17) 0 0 0 0 – (17) Reclassification adjustments, included in net income/(loss) 13 6 (1) 174 (43) – 149 Total increase/(decrease) 39 (2,492) (2) 181 (43) – (2,317) Balance at end of period 8 (13,970) 62 (3,829) 409 – (17,320) |
Details on significant reclassification adjustments | Details on significant reclassification adjustments in 2Q16 1Q16 2Q15 6M16 6M15 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 9 49 4 58 6 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 105 107 110 212 222 Tax expense/(benefit) (23) (24) (24) (47) (48) Net of tax 82 83 86 165 174 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 2 (32) (36) (29) (68) (57) Tax expense 7 8 7 15 14 Net of tax (25) (28) (22) (53) (43) 1 Includes net releases of CHF 3 million and CHF 52 million on the sale of Credit Suisse (Gibraltar) Limited in 2Q16 and 1Q16, respectively. These were reclassified from cumulative translation adjustments and included in net income in other revenues. 2 These components are included in the computation of total benefit costs. Refer to "Note 25 – Pension and other post-retirement benefits" for further information. |
Additional share information | Additional share information 2Q16 1Q16 2Q15 6M16 6M15 Common shares issued Balance at beginning of period 1,957,379,244 1,957,379,244 1,607,168,947 1,957,379,244 1,607,168,947 Issuance of common shares 132,518,134 0 31,226,399 132,518,134 31,226,399 of which share-based compensation 30,000,000 0 0 30,000,000 0 Balance at end of period 2,089,897,378 1,957,379,244 1,638,395,346 2,089,897,378 1,638,395,346 Treasury shares Balance at beginning of period (10,939,863) (5,910,224) (43,695,094) (5,910,224) (7,666,658) Sale of treasury shares 474,842,916 190,347,314 220,985,925 665,190,230 301,511,352 Repurchase of treasury shares (482,072,771) (196,089,371) (224,833,683) (678,162,142) (342,146,721) Share-based compensation 9,636,105 712,418 41,575,944 10,348,523 42,335,119 Balance at end of period (8,533,613) (10,939,863) (5,966,908) (8,533,613) (5,966,908) Common shares outstanding Balance at end of period 2,081,363,765 1 1,946,439,381 2 1,632,428,438 3 2,081,363,765 1 1,632,428,438 3 1 At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 518,996,021 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. 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. |
Offsetting of financial asset58
Offsetting of financial assets and financial liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Offsetting of derivatives | Offsetting of derivatives end of 2Q16 4Q15 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 28.1 24.0 15.7 14.5 OTC 191.8 187.5 153.0 146.5 Exchange-traded 0.1 0.2 0.0 0.0 Interest rate products 220.0 211.7 168.7 161.0 OTC-cleared 0.1 0.3 0.0 0.0 OTC 58.9 70.0 58.1 68.2 Exchange-traded 0.5 0.1 0.3 0.3 Foreign exchange products 59.5 70.4 58.4 68.5 OTC-cleared 0.1 0.3 0.0 0.0 OTC 11.6 13.8 12.0 13.3 Exchange-traded 12.2 15.2 8.9 11.2 Equity/index-related products 23.9 29.3 20.9 24.5 OTC-cleared 1.8 2.1 3.8 4.0 OTC 11.6 11.5 13.5 12.4 Credit derivatives 13.4 13.6 17.3 16.4 OTC-cleared 0.1 0.0 0.0 0.0 OTC 2.2 1.3 2.6 1.5 Exchange-traded 0.0 0.0 0.1 0.1 Other products 2.3 1.3 2.7 1.6 OTC-cleared 30.2 26.7 19.5 18.5 OTC 276.1 284.1 239.2 241.9 Exchange-traded 12.8 15.5 9.3 11.6 Total gross derivatives subject to enforceable master netting agreements 319.1 326.3 268.0 272.0 Offsetting (CHF billion) OTC-cleared (27.4) (26.2) (19.0) (18.5) OTC (255.2) (265.7) (217.1) (226.5) Exchange-traded (12.1) (13.4) (9.0) (9.9) Offsetting (294.7) (305.3) (245.1) (254.9) of which counterparty netting (265.7) (265.7) (223.0) (223.0) of which cash collateral netting (29.0) (39.6) (22.1) (31.9) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 2.8 0.5 0.5 0.0 OTC 20.9 18.4 22.1 15.4 Exchange-traded 0.7 2.1 0.3 1.7 Total net derivatives subject to enforceable master netting agreements 24.4 21.0 22.9 17.1 Total derivatives not subject to enforceable master netting agreements 1 5.3 6.3 5.7 6.5 Total net derivatives presented in the consolidated balance sheets 29.7 27.3 28.6 23.6 of which recorded in trading assets and trading liabilities 29.5 27.0 28.4 23.5 of which recorded in other assets and other liabilities 0.2 0.3 0.2 0.1 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 2Q16 4Q15 Gross Offsetting Net Gross Offsetting Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 80.7 (17.7) 63.0 92.0 (19.6) 72.4 Securities borrowing transactions 24.2 (4.6) 19.6 21.4 (3.9) 17.5 Total subject to enforceable master netting agreements 104.9 (22.3) 82.6 113.4 (23.5) 89.9 Total not subject to enforceable master netting agreements 1 39.5 – 39.5 33.1 – 33.1 Total 144.4 (22.3) 122.1 2 146.5 (23.5) 123.0 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 79,927 million and CHF 83,565 million of the total net amount as of the end of 2Q16 and 4Q15, 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 2Q16 4Q15 Gross Offsetting Net Gross Offsetting Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 42.1 (19.5) 22.6 43.2 (21.4) 21.8 Securities lending transactions 8.9 (2.8) 6.1 9.8 (2.1) 7.7 Obligation to return securities received as collateral, at fair value 16.9 0.0 16.9 19.4 0.0 19.4 Total subject to enforceable master netting agreements 67.9 (22.3) 45.6 72.4 (23.5) 48.9 Total not subject to enforceable master netting agreements 1 12.9 – 12.9 26.2 – 26.2 Total 80.8 (22.3) 58.5 98.6 (23.5) 75.1 of which securities sold under repurchase agreements and securities lending transactions 54.8 (22.3) 32.5 2 70.1 (23.5) 46.6 2 of which obligation to return securities received as collateral, at fair value 26.0 0.0 26.0 28.5 0.0 28.5 1 Represents securities sold under repurchase agreements and securities lending transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 18,114 million and CHF 32,398 million of the total net amount as of the end of 2Q16 and 4Q15, respectively, are reported at fair value. |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets end of 2Q16 4Q15 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 24.4 6.1 0.1 18.2 22.9 6.2 0.8 15.9 Securities purchased under resale agreements 63.0 63.0 0.0 0.0 72.4 72.4 0.0 0.0 Securities borrowing transactions 19.6 19.1 0.0 0.5 17.5 17.1 0.0 0.4 Total financial assets subject to enforceable master netting agreements 107.0 88.2 0.1 18.7 112.8 95.7 0.8 16.3 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 21.0 5.6 0.0 15.4 17.1 3.4 0.0 13.7 Securities sold under repurchase agreements 22.6 22.6 0.0 0.0 21.8 21.8 0.0 0.0 Securities lending transactions 6.1 6.0 0.0 0.1 7.7 7.4 0.0 0.3 Obligation to return securities received as collateral, at fair value 16.9 16.4 0.0 0.5 19.4 18.5 0.0 0.9 Total financial liabilities subject to enforceable master netting agreements 66.6 50.6 0.0 16.0 66.0 51.1 0.0 14.9 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. |
Tax (Tables)
Tax (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Reconciliation of taxes computed at the Swiss statutory rate | Tax expense reconciliation in 2Q16 CHF million Income tax expense computed at the Swiss statutory tax rate of 22% 44 Increase/(decrease) in income taxes resulting from Foreign tax rate differential 63 Other non-deductible expenses (109) Changes in deferred tax valuation allowance (46) Lower taxed income 60 Change in recognition of outside basis difference 145 Other (136) Income tax expense 21 |
Effective tax rate | Effective tax rate in 2Q16 1Q16 2Q15 6M16 6M15 Effective tax rate (%) 10.6 37.0 35.6 55.4 33.7 |
Net deferred tax assets | Net deferred tax assets end of 2Q16 1Q16 Net deferred tax assets (CHF million) Deferred tax assets 6,319 6,341 of which net operating losses 2,594 2,348 of which deductible temporary differences 3,725 3,993 Deferred tax liabilities (48) (50) Net deferred tax assets 6,271 6,291 |
Employee deferred compensation
Employee deferred compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2Q16 1Q16 2Q15 6M16 6M15 Deferred compensation expense (CHF million) Share awards 141 195 209 336 446 Performance share awards 87 119 137 206 304 Contingent Capital Awards 43 19 75 62 196 Contingent Capital share awards 6 – – 6 – Capital Opportunity Facility awards 3 3 3 6 7 Plus Bond awards 1 0 5 5 5 11 2011 Partner Asset Facility awards 2 0 0 0 0 1 Restricted Cash Awards 0 0 11 0 21 2008 Partner Asset Facility awards 3 (8) (8) 10 (16) 22 Other cash awards 102 33 90 135 218 Total deferred compensation expense 374 366 540 740 1,226 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in 1Q13 and expensed over a three-year vesting period. 2 Compensation expense mainly includes the change in underlying fair value of the indexed assets prior to the CCA conversion. 3 Compensation expense mainly includes the change in underlying fair value of the indexed assets during the period. |
Additional information | Estimated unrecognized deferred compensation end of 2Q16 Estimated unrecognized compensation expense (CHF million) Share awards 703 Performance share awards 308 Contingent Capital Awards 211 Contingent Capital share awards 58 Other cash awards 281 Total 1,561 Weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.2 |
Share-based award activities | Share-based award activity 2Q16 6M16 Performance Contingent Performance Contingent Share-based award activities Balance at beginning of period 110.6 77.3 15.6 80.3 55.9 0.0 Granted 1.9 0.0 0.8 33.5 21.4 16.4 Settled (33.8) (26.3) (2.6) (35.0) (26.3) (2.6) Forfeited (6.4) (1.0) 0.0 (6.5) (1.0) 0.0 Balance at end of period 72.3 50.0 13.8 72.3 50.0 13.8 of which vested 5.1 3.0 0.3 5.1 3.0 0.3 of which unvested 67.2 47.0 13.5 67.2 47.0 13.5 |
Pension and other post-retire61
Pension and other post-retirement benefits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Components of total pension costs | Components of total benefit costs in 2Q16 1Q16 2Q15 6M16 6M15 Total benefit costs (CHF million) Service costs on benefit obligation 78 77 80 155 159 Interest costs on benefit obligation 70 70 81 140 161 Expected return on plan assets (178) (178) (196) (356) (391) Amortization of recognized prior service cost/(credit) (29) (29) (28) (58) (55) Amortization of recognized actuarial losses 105 105 110 210 221 Net periodic benefit costs 46 45 47 91 95 Settlement losses 0 2 0 2 1 Curtailment losses/(gains) (3) (7) (1) (10) (2) Special termination benefits 3 1 3 4 4 Total benefit costs 46 41 49 87 98 |
Derivatives and hedging activ62
Derivatives and hedging activities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 9,125.6 3.2 3.5 0.0 0.0 0.0 Swaps 14,860.7 151.8 146.2 46.2 1.6 1.3 Options bought and sold (OTC) 2,523.5 64.9 62.5 0.0 0.0 0.0 Futures 755.9 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 330.8 0.1 0.2 0.0 0.0 0.0 Interest rate products 27,596.5 220.0 212.4 46.2 1.6 1.3 Forwards 1,099.8 19.0 18.7 10.9 0.0 0.1 Swaps 933.7 32.7 43.5 0.0 0.0 0.0 Options bought and sold (OTC) 474.8 9.0 9.8 5.5 0.0 0.0 Futures 26.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 16.9 0.5 0.1 0.0 0.0 0.0 Foreign exchange products 2,552.0 61.2 72.1 16.4 0.0 0.1 Forwards 2.3 0.0 0.1 0.0 0.0 0.0 Swaps 175.4 4.7 7.0 0.0 0.0 0.0 Options bought and sold (OTC) 240.0 8.3 8.2 0.0 0.0 0.0 Futures 47.7 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 336.3 12.4 15.4 0.0 0.0 0.0 Equity/index-related products 801.7 25.4 30.7 0.0 0.0 0.0 Credit derivatives 2 813.3 13.6 14.0 0.0 0.0 0.0 Forwards 7.1 0.1 0.1 0.0 0.0 0.0 Swaps 20.1 2.2 1.5 0.0 0.0 0.0 Options bought and sold (OTC) 15.4 0.3 0.3 0.0 0.0 0.0 Futures 14.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.9 0.0 0.1 0.0 0.0 0.0 Other products 3 60.0 2.6 2.0 0.0 0.0 0.0 Total derivative instruments 31,823.5 322.8 331.2 62.6 1.6 1.4 The notional amount, PRV and NRV (trading and hedging) was CHF 31,886.1 billion, CHF 324.4 billion and CHF 332.6 billion, respectively, as of June 30, 2016. 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 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 hedges | Fair value hedges in 2Q16 1Q16 2Q15 6M16 6M15 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products 689 1,218 (606) 1,907 (559) Foreign exchange products 0 0 0 0 2 Total 689 1,218 (606) 1,907 (557) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products (751) (1,320) 619 (2,071) 577 Foreign exchange products 0 0 0 0 (2) Total (751) (1,320) 619 (2,071) 575 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion (62) (102) 13 (164) 18 Represents gains/(losses) recognized in trading revenues. |
Cash flow hedges | Cash flow hedges in 2Q16 1Q16 2Q15 6M16 6M15 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products 35 62 (5) 97 54 Foreign exchange products (4) (5) 29 (9) (21) Total 31 57 24 88 33 Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 8 1 8 1 9 1,2 16 1 18 1,2 Foreign exchange products (2) 2,3,4 (9) 3,4 (16) 2,3,4 (11) 2,3,4 (31) 2,3,4 Total 6 (1) (7) 5 (13) Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portion 2 (1) 32 (6) 31 (2) 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 2Q16 1Q16 2Q15 6M16 6M15 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products (232) (20) 321 (252) 808 Total (232) (20) 321 (252) 808 Represents gains/(losses) on effective portion. |
Credit protection sold/purchased | Credit protection sold/purchased end of 2Q16 4Q15 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (183.4) 174.5 (8.9) 20.7 1.0 (199.6) 188.6 (11.0) 26.9 1.0 Non-investment grade (64.3) 62.2 (2.1) 11.8 (1.4) (65.2) 61.1 (4.1) 15.7 (3.2) Total single-name instruments (247.7) 236.7 (11.0) 32.5 (0.4) (264.8) 249.7 (15.1) 42.6 (2.2) of which sovereign (46.9) 42.9 (4.0) 7.1 (1.1) (47.5) 43.9 (3.6) 6.1 (1.1) of which non-sovereign (200.8) 193.8 (7.0) 25.4 0.7 (217.3) 205.8 (11.5) 36.5 (1.1) Multi-name instruments (CHF billion) Investment grade 2 (103.4) 101.4 (2.0) 32.0 (0.7) (89.1) 88.3 (0.8) 31.6 (0.5) Non-investment grade (21.6) 15.7 3 (5.9) 4.5 0.4 (24.4) 18.0 3 (6.4) 6.2 0.2 Total multi-name instruments (125.0) 117.1 (7.9) 36.5 (0.3) (113.5) 106.3 (7.2) 37.8 (0.3) of which sovereign (0.6) 0.6 0.0 0.8 0.0 (1.0) 1.0 0.0 1.0 0.0 of which non-sovereign (124.4) 116.5 (7.9) 35.7 (0.3) (112.5) 105.3 (7.2) 36.8 (0.3) Total instruments (CHF billion) Investment grade 2 (286.8) 275.9 (10.9) 52.7 0.3 (288.7) 276.9 (11.8) 58.5 0.5 Non-investment grade (85.9) 77.9 (8.0) 16.3 (1.0) (89.6) 79.1 (10.5) 21.9 (3.0) Total instruments (372.7) 353.8 (18.9) 69.0 (0.7) (378.3) 356.0 (22.3) 80.4 (2.5) of which sovereign (47.5) 43.5 (4.0) 7.9 (1.1) (48.5) 44.9 (3.6) 7.1 (1.1) of which non-sovereign (325.2) 310.3 (14.9) 61.1 0.4 (329.8) 311.1 (18.7) 73.3 (1.4) 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 2Q16 4Q15 Special Special Contingent credit risk (CHF billion) Current net exposure 14.3 0.5 1.2 16.0 13.2 0.5 1.4 15.1 Collateral posted 13.3 0.5 – 13.8 12.3 0.5 – 12.8 Additional collateral required in a one-notch downgrade event 0.3 0.5 0.1 0.9 0.7 0.4 0.1 1.2 Additional collateral required in a two-notch downgrade event 1.5 0.8 0.6 2.9 1.8 0.7 0.6 3.1 Additional collateral required in a three-notch downgrade event 1.8 0.9 0.8 3.5 2.1 1.3 0.8 4.2 |
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | Credit derivatives end of 2Q16 4Q15 Credit derivatives (CHF billion) Credit protection sold 372.7 378.3 Credit protection purchased 353.8 356.0 Other protection purchased 69.0 80.4 Other instruments 1 17.8 17.2 Total credit derivatives 813.3 831.9 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 2Q16 (CHF billion) Single-name instruments 54.1 177.1 16.5 247.7 Multi-name instruments 17.6 98.8 8.6 125.0 Total instruments 71.7 275.9 25.1 372.7 4Q15 (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 |
Guarantees and commitments (Tab
Guarantees and commitments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Guarantees | Guarantees Maturity Maturity Total Total 1 2Q16 (CHF million) Credit guarantees and similar instruments 2,100 1,120 3,220 2,991 10 1,729 Performance guarantees and similar instruments 4,481 2,547 7,028 6,155 90 2,932 Derivatives 2 28,755 7,474 36,229 36,229 1,158 – 3 Other guarantees 3,756 1,485 5,241 5,238 37 3,446 Total guarantees 39,092 12,626 51,718 50,613 1,295 8,107 4Q15 (CHF million) Credit guarantees and similar instruments 2,916 1,486 4,402 4,193 25 1,729 Performance guarantees and similar instruments 4,295 2,704 6,999 6,100 78 3,144 Derivatives 2 23,529 14,660 38,189 38,189 755 – 3 Other guarantees 3,958 1,521 5,479 5,474 52 3,533 Total guarantees 34,698 20,371 55,069 53,956 910 8,406 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. |
Other commitments | Other commitments end of 2Q16 4Q15 Maturity Maturity Total Total 1 Maturity Maturity Total Total 1 Other commitments (CHF million) Irrevocable commitments under documentary credits 4,171 8 4,179 4,117 2,849 4,022 7 4,029 3,935 2,468 Irrevocable loan commitments 2 27,894 84,611 112,505 108,855 50,428 33,890 103,763 137,653 133,833 63,276 Forward reverse repurchase agreements 837 0 837 837 837 48 0 48 48 48 Other commitments 1,060 143 1,203 1,203 8 450 322 772 771 6 Total other commitments 33,962 84,762 118,724 115,012 54,122 38,410 104,092 142,502 138,587 65,798 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 98,321 million and CHF 98,495 million of unused credit limits as of the end of 2Q16 and 4Q15, respectively, which were revocable at the Group's sole discretion upon notice to the client. |
Transfers of financial assets64
Transfers of financial assets and variable interest entities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Securitizations | Securitizations in 6M16 6M15 Gains and cash flows (CHF million) CMBS Net gain/(loss) 1 2 (2) Proceeds from transfer of assets 3,148 5,252 Cash received on interests that continue to be held 35 74 RMBS Net gain/(loss) 1 (1) 4 Proceeds from transfer of assets 4,898 8,416 Servicing fees 2 1 Cash received on interests that continue to be held 262 204 Other asset-backed financings Net gain 1 17 11 Proceeds from transfer of assets 1,305 2 636 Fees 3 61 – Cash received on interests that continue to be held 1 3 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 Excludes a net impact of CHF 3,109 million from transfers of assets prior to January 1, 2016 related to certain variable interest entities deconsolidated as a result of the adoption of ASU 2015-02, Amendments to the Consolidation Analysis, on January 1, 2016. 3 Represents management fees and performance fees earned for investment management services provided to managed CLOs. |
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2Q16 4Q15 CHF million CMBS Principal amount outstanding 35,114 40,625 Total assets of SPE 47,665 56,118 RMBS Principal amount outstanding 43,897 54,164 Total assets of SPE 43,987 55,833 Other asset-backed financings Principal amount outstanding 20,070 1 21,653 Total assets of SPE 34,466 1 22,787 Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties. 1 Includes a net impact of CHF 3,208 million in principal amount outstanding and of CHF 16,625 million in total assets of the SPE from transfers of assets prior to January 1, 2016 related to certain variable interest entities deconsolidated as a result of the adoption of ASU 2015-02, Amendments to the Consolidation Analysis, on January 1, 2016. |
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 6M16 6M15 CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 42 1,300 997 1,018 of which level 2 42 1,228 975 826 of which level 3 0 71 22 192 Weighted-average life, in years 10.7 6.7 8.9 8.6 Prepayment speed assumption (rate per annum), in % 1 – 2 8.1 – 24.4 – 2 4.5 – 27.7 Cash flow discount rate (rate per annum), in % 3 2.4 – 4.9 1.4 – 18.6 2.0 – 5.7 1.7 – 13.6 Expected credit losses (rate per annum), in % 0.0 – 0.0 0.0 – 0.0 0.7 – 3.4 0.5 – 12.5 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 2Q16 4Q15 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 568 2,067 276 1,007 2,274 56 of which non-investment grade 86 584 50 73 581 55 Weighted-average life, in years 6.2 6.9 5.6 6.7 9.7 2.5 Prepayment speed assumption (rate per annum), in % 3 – 1.1 – 31.1 – – 1.0 – 37.1 – Impact on fair value from 10% adverse change – (28.7) – – (30.5) – Impact on fair value from 20% adverse change – (55.7) – – (57.6) – Cash flow discount rate (rate per annum), in % 4 1.6 – 16.1 0.6 – 39.1 1.3 – 21.8 2.1 – 13.3 1.5 – 35.5 5.7 – 21.2 Impact on fair value from 10% adverse change (7.7) (39.0) (5.2) (18.1) (63.1) (0.7) Impact on fair value from 20% adverse change (14.9) (75.9) (10.3) (35.6) (122.5) (1.5) Expected credit losses (rate per annum), in % 1.1 – 15.3 0.2 – 37.7 0.2 – 20.0 0.9 – 12.7 1.3 – 34.3 0.2 – 14.2 Impact on fair value from 10% adverse change (4.8) (27.8) (4.1) (8.0) (32.3) (0.7) Impact on fair value from 20% adverse change (9.5) (54.3) (8.1) (15.9) (63.2) (1.5) 1 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 2 CDOs and CLOs within this category are generally structured to be protected from prepayment risk. 3 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 2Q16 4Q15 CHF million RMBS Other assets 0 266 Liability to SPE, included in Other liabilities 0 (266) Other asset-backed financings Trading assets 214 155 Other assets 139 122 Liability to SPE, included in Other liabilities (353) (277) |
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 2Q16 (CHF million) Sales with longevity swaps 308 378 404 583 – Total transactions outstanding 308 378 404 583 2 0 4Q15 (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 3 7 3 1 Balances presented on a gross basis, before application of counterparty and cash collateral netting. 2 As of the end of 2Q16, gross derivative assets of CHF 583 million were included in other products, as disclosed in Note 26 – Derivatives and hedging activities. 3 As of the end of 4Q15, gross derivative assets of CHF 7 million and CHF 546 million were included in equity/index-related products and other products, respectively, and gross derivative liabilites of CHF 7 million were included in equity/index-related products, as disclosed in Note 26 – 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 2Q16 4Q15 CHF billion Government debt securities 20.1 21.1 Corporate debt securities 12.6 15.2 Asset-backed securities 11.3 21.6 Equity securities 0.1 0.1 Other 0.1 0.1 Securities sold under repurchase agreements 44.2 58.1 Government debt securities 3.3 3.1 Corporate debt securities 0.5 0.4 Equity securities 6.4 8.2 Other 0.4 0.3 Securities lending transactions 10.6 12.0 Government debt securities 0.6 0.5 Corporate debt securities 0.4 0.1 Equity securities 25.0 27.9 Obligation to return securities received as collateral, at fair value 26.0 28.5 Total 80.8 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 2Q16 (CHF billion) Securities sold under repurchase agreements 5.2 22.1 8.0 8.9 44.2 Securities lending transactions 4.8 4.9 0.2 0.7 10.6 Obligation to return securities received as collateral, at fair value 23.7 2.3 0.0 0.0 26.0 Total 33.7 29.3 8.2 9.6 80.8 4Q15 (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 CDO/ CP Securi- 2Q16 (CHF million) Cash and due from banks 54 99 88 151 85 12 489 Trading assets 0 0 88 928 1,080 1,379 3,475 Investment securities 0 0 544 0 0 0 544 Other investments 0 0 0 118 1,534 303 1,955 Net loans 0 0 0 0 29 331 360 Premises and equipment 0 0 0 0 282 0 282 Other assets 0 0 1,230 37 87 1,149 2,503 of which loans held-for-sale 0 0 240 0 10 1 251 Total assets of consolidated VIEs 54 99 1,950 1,234 3,097 3,174 9,608 Trading liabilities 0 0 0 119 18 0 137 Short-term borrowings 0 0 0 1 0 0 1 Long-term debt 68 0 1,490 81 138 3 1,780 Other liabilities 0 0 1 20 140 80 241 Total liabilities of consolidated VIEs 68 0 1,491 221 296 83 2,159 4Q15 (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 |
Non-consolidated VIEs | Non-consolidated VIEs Financial intermediation CDO/ Securi- 2Q16 (CHF million) Trading assets 175 4,077 982 235 63 5,532 Net loans 4 505 2,834 4,078 1,257 8,678 Other assets 3 15 13 178 311 520 Total variable interest assets 182 4,597 3,829 4,491 1,631 14,730 Maximum exposure to loss 183 9,364 3,829 9,191 2,807 25,374 Non-consolidated VIE assets 4,511 80,982 62,007 32,314 39,089 218,903 4Q15 (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 |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 318 0 – – 318 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 79,627 300 – – 79,927 Debt 465 564 0 – – 1,029 of which corporates 0 451 0 – – 451 Equity 24,915 49 0 – – 24,964 Securities received as collateral 25,380 613 0 – – 25,993 Debt 28,274 33,928 4,456 – – 66,658 of which foreign governments 28,159 5,213 308 – – 33,680 of which corporates 34 11,697 2,289 – – 14,020 of which RMBS 0 14,249 373 – – 14,622 of which CMBS 0 1,950 57 – – 2,007 of which CDO 0 794 1,429 – – 2,223 Equity 63,641 4,066 337 – 1,770 69,814 Derivatives 6,913 310,799 5,051 (293,275) – 29,488 of which interest rate products 2,873 216,354 782 – – – of which foreign exchange products 93 60,881 217 – – – of which equity/index-related products 3,944 20,243 1,181 – – – of which credit derivatives 0 12,055 1,580 – – – Other 2,949 3,863 4,847 – – 11,659 Trading assets 101,777 352,656 14,691 (293,275) 1,770 177,619 Debt 1,523 846 155 – – 2,524 of which foreign governments 1,325 94 0 – – 1,419 of which corporates 0 283 0 – – 283 of which RMBS 0 360 155 – – 515 of which CMBS 0 29 0 – – 29 Equity 2 85 0 – – 87 Investment securities 1,525 931 155 – – 2,611 Private equity 0 0 7 – 590 597 of which equity funds 0 0 0 – 237 237 Hedge funds 0 0 0 – 274 274 of which debt funds 0 0 0 – 238 238 Other equity investments 14 64 410 – 540 1,028 of which private 14 62 409 – 539 1,024 Life finance instruments 0 1 1,687 – – 1,688 Other investments 14 65 2,104 – 1,404 3,587 Loans 0 11,840 8,991 – – 20,831 of which commercial and industrial loans 0 6,086 5,837 – – 11,923 of which financial institutions 0 3,736 1,623 – – 5,359 Other intangible assets (mortgage servicing rights) 0 0 111 – – 111 Other assets 372 11,660 2,838 (1,431) – 13,439 of which loans held-for-sale 0 6,823 2,399 – – 9,222 Total assets at fair value 129,068 457,710 29,190 (294,706) 3,174 324,436 Less other investments - equity at fair value attributable to noncontrolling interests 0 0 (112) – (184) (296) Less assets consolidated under ASU 2009-17 3 (1) (1,028) (270) – – (1,299) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 129,067 456,682 28,808 (294,706) 2,990 322,841 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. 3 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) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 514 0 – – 514 Customer deposits 0 3,581 327 – – 3,908 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 18,114 0 – – 18,114 Debt 465 564 0 – – 1,029 of which corporates 0 451 0 – – 451 Equity 24,915 49 0 – – 24,964 Obligation to return securities received as collateral 25,380 613 0 – – 25,993 Debt 3,553 4,430 12 – – 7,995 of which foreign governments 3,488 639 0 – – 4,127 of which corporates 32 3,570 12 – – 3,614 Equity 16,438 189 5 – 5 16,637 Derivatives 7,693 318,813 4,716 (304,172) – 27,050 of which interest rate products 2,829 209,056 543 – – – of which foreign exchange products 75 71,636 436 – – – of which equity/index-related products 4,787 24,650 1,236 – – – of which credit derivatives 0 12,130 1,904 – – – Trading liabilities 27,684 323,432 4,733 (304,172) 5 51,682 Short-term borrowings 0 2,888 108 – – 2,996 Long-term debt 0 61,388 12,534 – – 73,922 of which treasury debt over two years 0 3,648 0 – – 3,648 of which structured notes over one year and up to two years 0 6,234 640 – – 6,874 of which structured notes over two years 0 42,183 11,289 – – 53,472 of which other debt instruments over two years 0 2,273 597 – – 2,870 of which other subordinated bonds 0 5,071 0 – – 5,071 of which non-recourse liabilities 0 1,773 8 – – 1,781 Other liabilities 0 9,428 1,839 (1,163) – 10,104 of which failed sales 0 564 505 – – 1,069 Total liabilities at fair value 53,064 419,958 19,541 (305,335) 5 187,233 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 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 48,047 4,563 – – 80,542 of which foreign governments 27,710 3,737 285 – – 31,732 of which corporates 13 15,762 1,745 – – 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 64,210 4,195 871 – 1,685 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 96,801 321,825 14,531 (244,105) 1,685 190,737 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 0 – 1,042 1,042 of which equity funds 0 0 0 – 437 437 Hedge funds 0 0 0 – 295 295 of which debt funds 0 0 0 – 260 260 Other equity investments 0 23 366 – 840 1,229 of which private 0 14 365 – 840 1,219 Life finance instruments 0 2 1,669 – – 1,671 Other investments 0 25 2,035 – 2,177 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 126,980 438,181 33,021 (245,254) 3,862 356,790 Less other investments - equity at fair value attributable to noncontrolling interests 0 (9) (119) – (473) (601) Less assets consolidated under ASU 2009-17 3 0 (9,212) (3,558) – – (12,770) Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework 126,980 428,960 29,344 (245,254) 3,389 343,419 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. 3 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) 1 Liabilities 2 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 16,875 154 45 – 6 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 24,037 274,231 4,615 (253,918) 6 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 51,989 391,151 21,555 (254,879) 6 209,822 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet. |
Transfers between level 1 and level 2 | Transfers between level 1 and level 2 in 6M16 6M15 Transfers Transfers Transfers Transfers Assets (CHF million) Debt 5 1,667 54 46 Equity 285 835 380 491 Derivatives 2,403 0 3,290 23 Trading assets 2,693 2,502 3,724 560 Liabilities (CHF million) Debt 2 33 88 21 Equity 16 48 53 82 Derivatives 3,007 8 3,310 80 Trading liabilities 3,025 89 3,451 183 |
Assets and liabilities measured at fair value on a recurring basis for level 3 | Assets and liabilities measured at fair value on a recurring basis for level 3 Accumulated other 1 1 1 Foreign Assets (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 158 0 0 0 0 186 (40) 0 0 0 0 0 0 (4) 300 Securities received as collateral 0 0 0 18 (18) 0 0 0 0 0 0 0 0 0 0 Debt 4,563 543 (625) 2,617 (2,573) 0 0 (11) (62) 0 2 0 0 2 4,456 of which corporates 1,745 291 (178) 1,744 (1,349) 0 0 0 36 0 0 0 0 0 2,289 of which RMBS 814 142 (381) 365 (468) 0 0 (7) (82) 0 0 0 0 (10) 373 of which CMBS 215 10 (9) 42 (167) 0 0 0 (32) 0 0 0 0 (2) 57 of which CDO 1,298 48 (8) 433 (320) 0 0 0 (1) 0 1 0 0 (22) 1,429 Equity 871 86 (100) 383 (828) 0 0 (39) (27) 0 0 0 0 (9) 337 Derivatives 4,831 856 (529) 0 0 1,064 (1,688) 25 525 0 0 0 0 (33) 5,051 of which interest rate products 791 14 (34) 0 0 73 (101) 7 39 0 0 0 0 (7) 782 of which equity/index-related products 936 224 (104) 0 0 279 (286) 12 112 0 0 0 0 8 1,181 of which credit derivatives 1,568 618 (380) 0 0 514 (1,014) 8 287 0 0 0 0 (21) 1,580 Other 4,266 668 (516) 1,931 (1,448) 0 (189) (13) 216 0 0 0 0 (68) 4,847 Trading assets 14,531 2,153 (1,770) 4,931 (4,849) 1,064 (1,877) (38) 652 0 2 0 0 (108) 14,691 Investment securities 148 0 (36) 81 (13) 0 (85) (10) 72 0 0 0 0 (2) 155 Equity 366 7 (1) 52 (62) 0 0 0 23 0 19 0 0 13 417 Life finance instruments 1,669 0 0 96 (188) 0 0 0 136 0 0 0 0 (26) 1,687 Other investments 2,035 7 (1) 148 (250) 0 0 0 159 0 19 0 0 (13) 2,104 Loans 8,950 401 (367) 23 (383) 1,966 (1,443) (54) 1 0 0 0 0 (103) 8,991 of which commercial and industrial loans 5,735 220 (120) 0 (219) 1,299 (1,020) (18) 14 0 0 0 0 (54) 5,837 of which financial institutions 1,729 65 (34) 1 (141) 372 (306) 0 (35) 0 0 0 0 (28) 1,623 Other intangible assets (mortgage servicing rights) 112 0 0 6 0 0 0 0 0 0 (4) 0 0 (3) 111 Other assets 7,087 313 (973) 1,252 (4,853) 732 (590) (47) (168) 0 (3) 0 0 88 2,838 of which loans held-for-sale 2 6,768 204 (908) 1,077 (4,815) 732 (590) (73) (84) 0 (3) 0 0 91 2,399 Total assets at fair value 33,021 2,874 (3,147) 6,459 (10,366) 3,948 (4,035) (149) 716 0 14 0 0 (145) 29,190 Liabilities (CHF million) Customer deposits 254 0 (39) 0 0 126 (14) 0 0 0 0 0 0 0 327 Obligation to return securities received as collateral 0 0 0 18 (18) 0 0 0 0 0 0 0 0 0 0 Trading liabilities 4,615 775 (501) 27 (28) 838 (1,443) 71 459 0 (37) 0 0 (43) 4,733 of which interest rate derivatives 578 15 (24) 0 0 82 (93) 13 (22) 0 0 0 0 (6) 543 of which foreign exchange derivatives 329 4 (1) 0 0 8 (49) 1 148 0 0 0 0 (4) 436 of which equity/index-related derivatives 1,347 132 (183) 0 0 248 (198) 28 (141) 0 0 0 0 3 1,236 of which credit derivatives 1,757 620 (286) 0 0 364 (964) 26 411 0 0 0 0 (24) 1,904 Short-term borrowings 72 20 (8) 0 0 117 (100) 0 11 (3) 0 0 0 (1) 108 Long-term debt 14,123 1,285 (962) 0 0 2,539 (4,242) (94) 322 0 0 0 (229) (208) 12,534 of which structured notes over two years 9,924 956 (947) 0 0 2,353 (658) (95) 157 0 0 0 (229) (172) 11,289 of which non-recourse liabilities 3,197 0 0 0 0 25 (3,217) 0 25 0 0 0 0 (22) 8 Other liabilities 2,491 140 (116) 114 (43) 2 (548) (54) (68) (1) (53) 0 0 (25) 1,839 of which failed sales 454 27 (76) 105 (3) 0 0 0 7 0 0 0 0 (9) 505 Total liabilities at fair value 21,555 2,220 (1,626) 159 (89) 3,622 (6,347) (77) 724 (4) (90) 0 (229) (277) 19,541 Net assets/(liabilities) at fair value 11,466 654 (1,521) 6,300 (10,277) 326 2,312 (72) (8) 4 104 0 229 132 9,649 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 (71) 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 77 0 0 0 0 74 0 0 0 0 0 (5) 146 Debt 4,461 434 (681) 1,284 (1,661) 0 0 (5) 208 0 0 (350) 3,690 of which corporates 1,430 114 (131) 491 (672) 0 0 (4) 156 0 0 (147) 1,237 of which RMBS 612 259 (300) 476 (483) 0 0 (2) 58 0 0 (35) 585 of which CMBS 257 20 (47) 139 (169) 0 0 2 (31) 0 0 (13) 158 of which CDO 1,421 17 (161) 158 (203) 0 0 (1) 42 0 0 (78) 1,195 Equity 896 114 (273) 561 (222) 0 0 13 43 0 0 (56) 1,076 Derivatives 6,823 1,130 (593) 0 0 848 (2,786) (27) (172) 0 2 (369) 4,856 of which interest rate products 1,803 23 (198) 0 0 281 (364) (6) (301) 0 0 (97) 1,141 of which equity/index-related products 1,063 306 (91) 0 0 191 (503) 2 26 0 2 (58) 938 of which credit derivatives 2,569 656 (304) 0 0 170 (1,472) (24) (181) 0 0 (122) 1,292 Other 4,323 707 (540) 2,464 (2,871) 0 (116) 6 154 0 0 (231) 3,896 Trading assets 16,503 2,385 (2,087) 4,309 (4,754) 848 (2,902) (13) 233 0 2 (1,006) 13,518 Investment securities 3 0 (65) 215 (2) 0 (8) 7 1 0 0 (3) 148 Equity 549 0 0 34 (91) 0 0 0 0 0 (12) (42) 438 Life finance instruments 1,834 0 0 100 (163) 0 0 0 (45) 0 0 (101) 1,625 Other investments 2,383 0 0 134 (254) 0 0 0 (45) 0 (12) (143) 2,063 Loans 9,353 631 (750) 334 (665) 1,295 (1,391) 0 (5) 0 13 (546) 8,269 of which commercial and industrial loans 5,853 360 (154) 12 (502) 825 (763) 0 23 0 5 (353) 5,306 of which financial institutions 1,494 240 (132) 26 (21) 452 (132) 0 (28) 0 8 (87) 1,820 Other intangible assets (mortgage servicing rights) 70 0 0 10 0 0 0 0 6 0 0 (5) 81 Other assets 7,468 1,260 (2,460) 2,880 (2,359) 478 (960) (2) (131) 0 (13) (508) 5,653 of which loans held-for-sale 6,851 1,259 (2,415) 2,832 (2,242) 478 (960) 1 (21) 0 (13) (479) 5,291 Total assets at fair value 35,857 4,276 (5,362) 7,882 (8,034) 2,695 (5,261) (8) 59 0 (10) (2,216) 29,878 Liabilities (CHF million) Customer deposits 100 15 (20) 0 0 0 (28) 0 0 0 0 (9) 58 Trading liabilities 6,417 971 (1,039) 37 (18) 588 (2,054) 27 (175) (2) 1 (340) 4,413 of which interest rate derivatives 1,202 27 (233) 0 0 95 (142) (3) 17 0 1 (67) 897 of which foreign exchange derivatives 560 2 0 0 0 3 (43) 0 (210) 0 0 (27) 285 of which equity/index-related derivatives 1,466 44 (468) 0 0 129 (190) 43 214 0 0 (87) 1,151 of which credit derivatives 2,760 766 (332) 0 0 164 (1,567) (13) (188) (2) 0 (131) 1,457 Short-term borrowings 95 49 (10) 0 0 175 (90) 0 7 0 0 (8) 218 Long-term debt 14,608 1,189 (2,724) 0 0 4,926 (3,108) 6 (185) 0 0 (865) 13,847 of which structured notes over two years 10,267 454 (1,901) 0 0 3,688 (2,209) 8 (125) 0 0 (619) 9,563 of which non-recourse liabilities 2,952 626 (655) 0 0 552 (470) (2) (52) 0 0 (165) 2,786 Other liabilities 3,363 45 (1,129) 104 (72) 0 (178) 0 (83) 7 214 (201) 2,070 of which failed sales 616 4 (4) 91 (46) 0 0 2 (115) 0 0 (34) 514 Total liabilities at fair value 24,583 2,269 (4,922) 141 (90) 5,689 (5,458) 33 (436) 5 215 (1,423) 20,606 Net assets/(liabilities) at fair value 11,274 2,007 (440) 7,741 (7,944) (2,994) 197 (41) 495 (5) (225) (793) 9,272 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 6M16 6M15 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues (80) 108 28 1 454 (230) 224 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (294) 13 (281) (464) (21) (485) 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 300 Discounted cash flow Funding spread, in bp 10 450 215 Debt 4,456 of which corporates 2,289 of which 467 Option model Correlation, in % (85) 98 22 of which 1,440 Market comparable Price, in % 0 131 92 of which 47 Discounted cash flow Credit spread, in bp 140 1,169 292 of which RMBS 373 Discounted cash flow Discount rate, in % 0 39 8 Prepayment rate, in % 0 28 9 Default rate, in % 0 15 4 Loss severity, in % 0 100 55 of which CMBS 57 Discounted cash flow Capitalization rate, in % 7 8 7 Discount rate, in % 0 11 5 Prepayment rate, in % 0 15 5 of which CDO 1,429 of which 206 Discounted cash flow Discount rate, in % 5 32 16 Prepayment rate, in % 0 20 11 Credit spread, in bp 166 305 213 Default rate, in % 0 8 2 Loss severity, in % 3 100 62 of which 805 Market comparable Price, in % 207 207 207 Equity 337 Market comparable EBITDA multiple 0 10 6 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 5,051 of which interest rate products 782 Option model Correlation, in % 16 100 49 Prepayment rate, in % 1 36 14 Volatility skew, in % (8) 0 (3) of which equity/index-related products 1,181 Option model Correlation, in % (85) 98 21 Volatility, in % 0 144 18 Buyback probability, in % 2 50 100 63 Gap risk, in % 3 0 5 2 of which credit derivatives 1,580 Discounted cash flow Credit spread, in bp 0 2,799 398 Recovery rate, in % 0 93 23 Discount rate, in % 3 55 20 Default rate, in % 0 33 6 Loss severity, in % 15 100 64 Correlation, in % 43 97 92 Prepayment rate, in % 0 12 5 Other 4,847 of which 3,551 Market comparable Price, in % 0 102 41 of which 941 Discounted cash flow Market implied life expectancy, in years 3 17 9 Trading assets 14,691 Investment securities 155 – – – – – Private equity 7 – – – – – Other equity investments 410 – – – – – Life finance instruments 1,687 Discounted cash flow Market implied life expectancy, in years 2 19 7 Other investments 2,104 Loans 8,991 of which commercial and industrial loans 5,837 of which 4,783 Discounted cash flow Credit spread, in bp 5 5,400 431 of which 995 Market comparable Price, in % 0 106 64 of which financial institutions 1,623 of which 1,546 Discounted cash flow Credit spread, in bp 78 846 333 of which 14 Market comparable Price, in % 0 70 70 Other intangible assets (mortgage servicing rights) 111 – – – – – Other assets 2,838 of which loans held-for-sale 2,399 of which 274 Vendor price Price, in % 25 99 97 of which 828 Discounted cash flow Credit spread, in bp 117 1,845 374 Recovery rate, in % 0 1 1 of which 945 Market comparable Price, in % 0 101 65 Total level 3 assets at fair value 29,190 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. Quantitative information about level 3 assets at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated 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 4,563 of which corporates 1,745 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 871 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 936 778 Option model Correlation, in % (87) 99 23 Volatility, in % 0 253 26 109 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 14,531 Investment securities 148 – – – – – Other equity investments 366 – – – – – Life finance instruments 1,669 Discounted cash flow Market implied life expectancy, in years 2 20 8 Other investments 2,035 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 1,451 Discounted cash flow Credit spread, in bp 84 826 359 109 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 33,021 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. Quantitative information about level 3 liabilities at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 327 – – – – – Trading liabilities 4,733 of which interest rate derivatives 543 Option model Basis spread, in bp (16) 73 39 Correlation, in % 16 100 82 Prepayment rate, in % 0 36 7 Gap risk, in % 2 20 20 20 Funding spread, in bp 218 218 218 of which foreign exchange derivatives 436 Option model Correlation, in % (10) 70 55 Prepayment rate, in % 25 36 30 of which equity/index-related derivatives 1,236 Option model Correlation, in % (85) 98 21 Volatility, in % 2 144 26 Buyback probability, in % 3 50 100 63 of which credit derivatives 1,904 Discounted cash flow Credit spread, in bp 0 2,799 274 Discount rate, in % 3 55 20 Default rate, in % 0 33 6 Recovery rate, in % 2 82 25 Loss severity, in % 15 100 64 Correlation, in % 16 96 64 Prepayment rate, in % 0 14 5 Short-term borrowings 108 – – – – – Long-term debt 12,534 of which structured notes over two years 11,289 of which 10,396 Option model Correlation, in % (85) 99 22 Volatility, in % 2 144 30 Buyback probability, in % 3 50 100 63 Gap risk, in % 2 0 2 1 Mean reversion, in % 4 (14) (1) (7) of which 667 Discounted cash flow Credit spread, in bp 1 2,011 236 Other liabilities 1,839 of which failed sales 505 of which 424 Market comparable Price, in % 0 100 79 of which 37 Discounted cash flow Discount rate, in % 6 43 25 Total level 3 liabilities at fair value 19,541 1 Cash instruments are generally presented on a weighted average basis, while certain derivative instruments either contain a combination of weighted averages and arithmetic means of the related inputs or are presented on an arithmetic mean basis. 2 Risk of unexpected large declines in the underlying values occuring between collateral settlement dates. 3 Estimate of the probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. Quantitative information about level 3 liabilities at fair value (continued) 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. |
Own credit gains/(losses) on fair value option elected instruments recorded in AOCI | Own credit gains/(losses) on fair value option elected instruments recorded in AOCI 1 Gains/(losses) recorded 1 in 2Q16 Cumulatively 2Q16 Financial instruments (CHF million) Deposits (1) 0 0 Short-term borrowings (1) (1) 0 Long-term debt (9) 1,830 0 of which treasury debt over two years (33) 763 0 of which structured notes over two years 30 1,058 0 Total (11) 1,829 0 1 Amounts are reflected gross of tax. |
Fair value, unfunded commitments and term of redemption conditions | Fair value, unfunded commitments and term of redemption conditions end of 2Q16 4Q15 Unfunded Unfunded Fair value and unfunded commitments (CHF million) Debt funds 0 0 0 0 2 0 2 0 Equity funds 69 1,701 1 1,770 0 79 1,606 2 1,685 0 Equity funds sold short 0 (5) (5) 0 0 (6) (6) 0 Total funds held in trading assets and liabilities 69 1,696 1,765 0 81 1,600 1,681 0 Debt funds 200 38 238 0 184 76 260 1 Equity funds 1 0 1 0 0 0 0 0 Others 0 35 35 0 0 35 35 0 Hedge funds 201 73 3 274 0 184 111 4 295 1 Debt funds 7 0 7 5 11 0 11 17 Equity funds 237 0 237 55 437 0 437 115 Real estate funds 221 0 221 57 282 0 282 76 Others 125 0 125 65 312 0 312 141 Private equities 590 0 590 182 1,042 0 1,042 349 Equity method investments 444 96 540 76 660 196 856 100 Total funds held in other investments 1,235 169 1,404 258 1,886 307 2,193 450 Total fair value 1,304 5 1,865 6 3,169 258 7 1,967 5 1,907 6 3,874 450 7 1 46% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 29% is redeemable on an annual basis with a notice period of more than 60 days, 18% is redeemable on a monthly basis with a notice period primarily of less than 30 days, and 7% is redeemable on a quarterly basis with a notice period primarily of more than 45 days. 2 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. 3 72% 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, 18% is redeemable on demand with a notice period primarily of less than 30 days, 7% 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, 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. 5 Includes CHF 179 million and CHF 464 million attributable to noncontrolling interests in 2Q16 and 4Q15, respectively. 6 Includes CHF 5 million and CHF 9 million attributable to noncontrolling interests in 2Q16 and 4Q15, respectively. 7 Includes CHF 51 million and CHF 176 million attributable to noncontrolling interests in 2Q16 and 4Q15, respectively. |
Nonrecurring fair value changes | Nonrecurring fair value changes end of 2Q16 4Q15 CHF billion Assets held-for-sale recorded at fair value on a nonrecurring basis 0.2 0.1 of which level 2 0.2 0.1 |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Difference between the aggregate fair value and the aggregate unpaid principal balances of loans and financial instruments end of 2Q16 4Q15 Aggregate Aggregate Aggregate Aggregate Loans (CHF million) Non-interest-earning loans 1,364 5,106 (3,742) 1,628 5,019 (3,391) Financial instruments (CHF million) Interest-bearing deposits with banks 0 0 0 2 2 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 79,927 79,790 137 83,565 83,397 168 Loans 20,831 21,858 (1,027) 20,820 22,289 (1,469) Other assets 1 12,137 16,323 (4,186) 23,906 30,308 (6,402) Due to banks and customer deposits (1,073) (960) (113) (913) (826) (87) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (18,114) (18,100) (14) (32,398) (32,381) (17) Short-term borrowings (2,996) (3,063) 67 (3,112) (3,263) 151 Long-term debt (73,922) (78,861) 4,939 (80,931) (85,335) 4,404 Other liabilities (1,069) (2,609) 1,540 (984) (2,619) 1,635 1 Primarily loans held-for-sale. Gains and losses on financial instruments in 6M16 6M15 Net Net Financial instruments (CHF million) Interest-bearing deposits with banks 1 1 1 1 of which related to credit risk 0 (1) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 670 1 640 1 Other investments 224 2 (37) 2 of which related to credit risk (5) (2) Loans 912 1 442 1 of which related to credit risk (106) 45 Other assets (287) 2 355 1 of which related to credit risk (264) (64) Due to banks and customer deposits (65) 2 36 2 of which related to credit risk (5) 27 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (83) 1 47 2 Short-term borrowings 437 2 (18) 2 Long-term debt (1,488) 2 660 2 of which related to credit risk 0 288 3 Other liabilities 326 2 189 2 of which related to credit risk 220 11 1 Primarily recognized in net interest income. 2 Primarily recognized in trading revenues. 3 Changes in fair value related to credit risk are due to the change in the Group's own credit spreads. Other changes in fair value are attributable to changes in foreign currency exchange rates and interest rates, as well as movements in the reference price or index for structured notes. Changes in fair value on Credit Suisse vanilla debt and on debit valuation adjustments on structured notes related to credit risk were CHF (8) million and CHF 301 million in 6M15, respectively. |
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 2Q16 Financial assets Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions 42,140 0 42,140 0 42,140 Loans 249,027 0 252,112 6,406 258,518 Other financial assets 1 178,593 113,893 63,034 1,945 178,872 Financial liabilities Due to banks and deposits 366,367 203,187 163,123 0 366,310 Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions 14,385 0 14,351 0 14,351 Short-term borrowings 8,182 0 8,184 0 8,184 Long-term debt 126,304 0 127,378 594 127,972 Other financial liabilities 2 67,993 2,292 65,253 463 68,008 4Q15 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 1 Primarily includes cash and due from banks, interest-bearing deposits with banks, brokerage receivables, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. 2 Primarily includes brokerage payables, cash collateral on derivative instruments and interest and fee payables. |
Assets pledged and collateral (
Assets pledged and collateral (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Assets pledged and collateral | Assets pledged end of 2Q16 4Q15 Assets pledged (CHF million) Total assets pledged or assigned as collateral 117,809 137,330 of which encumbered 80,600 91,278 |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2Q16 4Q15 Collateral (CHF million) Fair value of collateral received with the right to sell or repledge 386,480 422,269 of which sold or repledged 184,537 186,132 |
Subsidiary guarantee informat67
Subsidiary guarantee information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 1,421 3,222 4,643 69 45 4,757 Interest expense (961) (1,778) (2,739) (82) 63 (2,758) Net interest income 460 1,444 1,904 (13) 108 1,999 Commissions and fees 909 1,819 2,728 7 61 2,796 Trading revenues (167) 264 97 13 (16) 94 Other revenues 198 36 234 158 2 (173) 219 Net revenues 1,400 3,563 4,963 165 (20) 5,108 Provision for credit losses (8) (26) (34) 0 6 (28) Compensation and benefits 790 1,960 2,750 13 (29) 2,734 General and administrative expenses 464 1,293 1,757 (19) 22 1,760 Commission expenses 60 290 350 1 1 352 Restructuring expenses 22 63 85 0 6 91 Total other operating expenses 546 1,646 2,192 (18) 29 2,203 Total operating expenses 1,336 3,606 4,942 (5) 0 4,937 Income/(loss) from continuing operations before taxes 72 (17) 55 170 (26) 199 Income tax expense 7 1 8 0 13 21 Net income/(loss) 65 (18) 47 170 (39) 178 Net income/(loss) attributable to noncontrolling interests 50 (41) 9 0 (1) 8 Net income/(loss) attributable to shareholders 15 23 38 170 (38) 170 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) 65 (18) 47 170 (39) 178 Gains/(losses) on cash flow hedges 0 22 22 (2) 0 20 Foreign currency translation 306 26 332 4 9 345 Unrealized gains/(losses) on securities 0 1 1 0 1 2 Actuarial gains/(losses) 6 4 10 0 72 82 Net prior service credit/(cost) 0 0 0 0 (25) (25) Gains/(losses) on liabilities relating to credit risk 6 (56) (50) (10) (9) (69) Other comprehensive income/(loss), net of tax 318 (3) 315 (8) 48 355 Comprehensive income/(loss) 383 (21) 362 162 9 533 Comprehensive income/(loss) attributable to noncontrolling interests 65 (32) 33 0 (11) 22 Comprehensive income attributable to shareholders 318 11 329 162 20 511 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 1,758 4,025 5,783 67 53 5,903 Interest expense (1,032) (1,983) (3,015) (80) 61 (3,034) Net interest income 726 2,042 2,768 (13) 114 2,869 Commissions and fees 1,083 2,124 3,207 5 47 3,259 Trading revenues (25) 517 492 5 1 498 Other revenues 177 162 339 1,029 2 (1,039) 329 Net revenues 1,961 4,845 6,806 1,026 (877) 6,955 Provision for credit losses 5 33 38 0 13 51 Compensation and benefits 927 1,983 2,910 16 (12) 2,914 General and administrative expenses 482 1,464 1,946 (41) 23 1,928 Commission expenses 67 337 404 1 1 406 Total other operating expenses 549 1,801 2,350 (40) 24 2,334 Total operating expenses 1,476 3,784 5,260 (24) 12 5,248 Income/(loss) from continuing operations before taxes 480 1,028 1,508 1,050 (902) 1,656 Income tax expense/(benefit) 301 262 563 (1) 28 590 Net income/(loss) 179 766 945 1,051 (930) 1,066 Net income/(loss) attributable to noncontrolling interests 24 (9) 15 0 0 15 Net income/(loss) attributable to shareholders 155 775 930 1,051 (930) 1,051 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 179 766 945 1,051 (930) 1,066 Gains/(losses) on cash flow hedges 0 30 30 1 0 31 Foreign currency translation (770) (283) (1,053) 2 (2) (1,053) Unrealized gains/(losses) on securities 0 (12) (12) 0 0 (12) Actuarial gains/(losses) 9 8 17 0 75 92 Net prior service credit/(cost) (3) (1) (4) 0 (18) (22) Other comprehensive income/(loss), net of tax (764) (258) (1,022) 3 55 (964) Comprehensive income/(loss) (585) 508 (77) 1,054 (875) 102 Comprehensive income/(loss) attributable to noncontrolling interests (13) (27) (40) 0 25 (15) Comprehensive income/(loss) attributable to shareholders (572) 535 (37) 1,054 (900) 117 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 3,096 6,018 9,114 140 88 9,342 Interest expense (2,010) (3,283) (5,293) (167) 128 (5,332) Net interest income 1,086 2,735 3,821 (27) 216 4,010 Commissions and fees 1,675 3,657 5,332 13 126 5,471 Trading revenues (933) 624 (309) 72 60 (177) Other revenues 427 58 485 (208) 2 165 442 Net revenues 2,255 7,074 9,329 (150) 567 9,746 Provision for credit losses (7) 114 107 0 15 122 Compensation and benefits 1,594 3,659 5,253 18 (55) 5,216 General and administrative expenses 948 2,673 3,621 (38) 25 3,608 Commission expenses 121 612 733 1 5 739 Restructuring expenses 142 176 318 0 28 346 Total other operating expenses 1,211 3,461 4,672 (37) 58 4,693 Total operating expenses 2,805 7,120 9,925 (19) 3 9,909 Income/(loss) from continuing operations before taxes (543) (160) (703) (131) 549 (285) Income tax expense/(benefit) (246) (47) (293) 1 134 (158) Net income/(loss) (297) (113) (410) (132) 415 (127) Net income/(loss) attributable to noncontrolling interests 72 (70) 2 0 3 5 Net income/(loss) attributable to shareholders (369) (43) (412) (132) 412 (132) 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) (297) (113) (410) (132) 415 (127) Gains/(losses) on cash flow hedges 0 68 68 (2) 0 66 Foreign currency translation (312) (192) (504) 6 (12) (510) Unrealized gains/(losses) on securities 0 5 5 0 2 7 Actuarial gains/(losses) 13 7 20 0 167 187 Net prior service credit/(cost) 0 0 0 0 (53) (53) Gains/(losses) on liabilities relating to credit risk 55 987 1,042 78 77 1,197 Other comprehensive income/(loss), net of tax (244) 875 631 82 181 894 Comprehensive income/(loss) (541) 762 221 (50) 596 767 Comprehensive income/(loss) attributable to noncontrolling interests 64 (76) (12) 0 13 1 Comprehensive income/(loss) attributable to shareholders (605) 838 233 (50) 583 766 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 3,453 6,693 10,146 136 111 10,393 Interest expense (2,097) (3,230) (5,327) (161) 116 (5,372) Net interest income 1,356 3,463 4,819 (25) 227 5,021 Commissions and fees 2,032 4,100 6,132 7 99 6,238 Trading revenues 54 1,844 1,898 (3) (7) 1,888 Other revenues 297 199 496 2,105 2 (2,146) 455 Net revenues 3,739 9,606 13,345 2,084 (1,827) 13,602 Provision for credit losses 5 53 58 0 23 81 Compensation and benefits 1,928 3,937 5,865 45 (20) 5,890 General and administrative expenses 920 2,780 3,700 (67) 33 3,666 Commission expenses 130 663 793 1 4 798 Total other operating expenses 1,050 3,443 4,493 (66) 37 4,464 Total operating expenses 2,978 7,380 10,358 (21) 17 10,354 Income/(loss) from continuing operations before taxes 756 2,173 2,929 2,105 (1,867) 3,167 Income tax expense 397 615 1,012 0 55 1,067 Net income/(loss) 359 1,558 1,917 2,105 (1,922) 2,100 Net income/(loss) attributable to noncontrolling interests 32 (33) (1) 0 (4) (5) Net income/(loss) attributable to shareholders 327 1,591 1,918 2,105 (1,918) 2,105 1 Includes eliminations and consolidation adjustments. 2 Primarily consists of revenues from investments in Group companies accounted for under the equity method. Condensed consolidating statements of comprehensive income (continued) Bank 1 1 Comprehensive income (CHF million) Net income/(loss) 359 1,558 1,917 2,105 (1,922) 2,100 Gains/(losses) on cash flow hedges 0 52 52 (13) 0 39 Foreign currency translation (1,140) (1,402) (2,542) (1) (3) (2,546) Unrealized gains/(losses) on securities 0 (5) (5) 0 3 (2) Actuarial gains/(losses) 18 16 34 0 147 181 Net prior service credit/(cost) (7) 0 (7) 0 (36) (43) Other comprehensive income/(loss), net of tax (1,129) (1,339) (2,468) (14) 111 (2,371) Comprehensive income/(loss) (770) 219 (551) 2,091 (1,811) (271) Comprehensive income/(loss) attributable to noncontrolling interests (27) (67) (94) 0 35 (59) Comprehensive income/(loss) attributable to shareholders (743) 286 (457) 2,091 (1,846) (212) 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets Bank 1 1 Assets (CHF million) Cash and due from banks 2,658 109,342 112,000 799 1,250 114,049 Interest-bearing deposits with banks 3,388 965 4,353 5 (3,538) 820 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 86,062 36,374 122,436 0 (368) 122,068 Securities received as collateral 24,131 1,862 25,993 0 0 25,993 Trading assets 50,675 127,058 177,733 0 (114) 177,619 Investment securities 544 1,692 2,236 3,809 (3,434) 2,611 Other investments 1,288 4,597 5,885 47,606 (47,342) 6,149 Net loans 13,382 243,131 256,513 124 17,198 273,835 Premises and equipment 916 3,580 4,496 0 197 4,693 Goodwill 720 3,152 3,872 0 873 4,745 Other intangible assets 151 40 191 0 0 191 Brokerage receivables 20,021 22,085 42,106 0 2 42,108 Other assets 14,073 32,116 46,189 280 (186) 46,283 Total assets 218,009 585,994 804,003 52,623 (35,462) 821,164 Liabilities and equity (CHF million) Due to banks 141 23,555 23,696 2,496 (2,963) 23,229 Customer deposits 0 336,063 336,063 0 11,496 347,559 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 55,271 (22,772) 32,499 0 0 32,499 Obligation to return securities received as collateral 24,131 1,862 25,993 0 0 25,993 Trading liabilities 11,289 40,403 51,692 0 (10) 51,682 Short-term borrowings 42,265 (31,087) 11,178 300 (300) 11,178 Long-term debt 22,860 171,743 194,603 4,676 947 200,226 Brokerage payables 31,105 12,839 43,944 0 0 43,944 Other liabilities 12,507 26,829 39,336 189 0 39,525 Total liabilities 199,569 559,435 759,004 7,661 9,170 775,835 Total shareholders' equity 18,532 25,465 43,997 44,962 (43,997) 44,962 Noncontrolling interests (92) 1,094 1,002 0 (635) 367 Total equity 18,440 26,559 44,999 44,962 (44,632) 45,329 Total liabilities and equity 218,009 585,994 804,003 52,623 (35,462) 821,164 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 1 Assets (CHF million) Cash and due from banks 5,799 84,722 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 59,332 131,764 191,096 0 (359) 190,737 Investment securities 1,009 1,689 2,698 4,092 (3,700) 3,090 Other investments 3,080 3,707 6,787 46,795 (46,561) 7,021 Net loans 15,433 239,482 254,915 139 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 26,842 31,068 57,910 228 (121) 58,017 Total assets 263,720 540,211 803,931 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 11,097 37,957 49,054 0 (83) 48,971 Short-term borrowings 45,480 (36,823) 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 15,615 26,100 41,715 342 174 42,231 Total liabilities 244,083 515,158 759,241 7,819 8,727 775,787 Total shareholders' equity 19,396 24,010 43,406 44,382 (43,406) 44,382 Noncontrolling interests 241 1,043 1,284 0 (648) 636 Total equity 19,637 25,053 44,690 44,382 (44,054) 45,018 Total liabilities and equity 263,720 540,211 803,931 52,201 (35,327) 820,805 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 6,911 2,896 9,807 (35) 2 62 9,834 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks (3,345) 3,954 609 0 (553) 56 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 11,075 (10,271) 804 0 (18) 786 Purchase of investment securities 0 (60) (60) 0 0 (60) Proceeds from sale of investment securities 0 9 9 0 0 9 Maturities of investment securities 138 53 191 0 22 213 Investments in subsidiaries and other investments (152) (210) (362) (710) 694 (378) Proceeds from sale of other investments 1,456 (873) 583 0 8 591 (Increase)/decrease in loans 1,839 (4,665) (2,826) 15 728 (2,083) Proceeds from sales of loans 0 415 415 0 0 415 Capital expenditures for premises and equipment and other intangible assets (158) (422) (580) 0 (2) (582) Proceeds from sale of premises and equipment and other intangible assets 49 4 53 0 0 53 Other, net 7 44 51 2 (2) 51 Net cash provided by/(used in) investing activities of continuing operations 10,909 (12,022) (1,113) (693) 877 (929) Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 80 8,268 8,348 344 80 8,772 Increase/(decrease) in short-term borrowings 2,495 554 3,049 0 0 3,049 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (20,758) 7,136 (13,622) 0 0 (13,622) Issuances of long-term debt 0 35,441 35,441 0 236 35,677 Repayments of long-term debt (2,394) (18,118) (20,512) 0 (206) (20,718) Issuances of common shares 0 0 0 725 0 725 Sale of treasury shares 0 0 0 323 8,835 9,158 Repurchase of treasury shares 0 0 0 (455) (8,846) (9,301) Dividends paid 0 (10) (10) (493) 10 (493) Other, net (319) 869 550 153 (662) 41 Net cash provided by/(used in) financing activities of continuing operations (20,896) 34,140 13,244 597 (553) 13,288 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (65) (394) (459) (12) (1) (472) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (3,141) 24,620 21,479 (143) 385 21,721 Cash and due from banks at beginning of period 5,799 84,722 90,521 942 865 92,328 Cash and due from banks at end of period 2,658 109,342 112,000 799 1,250 114,049 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 145 million and CHF 41 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. Condensed consolidating statements of cash flows (continued) Bank 1 1 Operating activities of continuing operations (CHF million) Net cash provided by/(used in) operating activities of continuing operations 4,489 (1,415) 3,074 (80) 2 (215) 2,779 Investing activities of continuing operations (CHF million) (Increase)/decrease in interest-bearing deposits with banks – (91) (91) (5) 401 305 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 14,240 1,417 15,657 0 397 16,054 Purchase of investment securities 0 (272) (272) 0 0 (272) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 10 322 332 0 10 342 Investments in subsidiaries and other investments (245) (63) (308) 0 (27) (335) Proceeds from sale of other investments 792 128 920 0 31 951 (Increase)/decrease in loans 1,886 (5,085) (3,199) 210 (688) (3,677) Proceeds from sales of loans 0 1,018 1,018 0 0 1,018 Capital expenditures for premises and equipment and other intangible assets (120) (348) (468) 0 (6) (474) Proceeds from sale of premises and equipment and other intangible assets 2 9 11 0 0 11 Other, net 13 179 192 6 (3) 195 Net cash provided by/(used in) investing activities of continuing operations 16,578 (2,772) 13,806 211 115 14,132 Financing activities of continuing operations (CHF million) Increase/(decrease) in due to banks and customer deposits 44 983 1,027 (161) 199 1,065 Increase/(decrease) in short-term borrowings 3,865 (2,755) 1,110 0 0 1,110 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (15,728) 7,855 (7,873) 0 0 (7,873) Issuances of long-term debt 2,199 44,756 46,955 0 548 47,503 Repayments of long-term debt (8,682) (20,638) (29,320) (30) (215) (29,565) Issuances of common shares 0 0 0 1 0 1 Sale of treasury shares 0 0 0 3 7,432 7,435 Repurchase of treasury shares 0 0 0 (1,004) (7,381) (8,385) Dividends paid 0 (10) (10) (415) (2) (427) Other, net (588) (420) (1,008) 1,217 175 384 Net cash provided by/(used in) financing activities of continuing operations (18,890) 29,771 10,881 (389) 756 11,248 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (302) (3,101) (3,403) (48) (3) (3,454) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 1,875 22,483 24,358 (306) 653 24,705 Cash and due from banks at beginning of period 4,950 73,050 78,000 917 432 79,349 Cash and due from banks at end of period 6,825 95,533 102,358 611 1,085 104,054 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 220 million and CHF 31 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. |
Recently issued accounting st68
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 |
Segment information - Income st
Segment information - Income statement related (Details) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016CHF (SFr)BusinessDivision | Mar. 31, 2016CHF (SFr) | Jun. 30, 2015CHF (SFr) | Jun. 30, 2016CHF (SFr) | Jun. 30, 2015CHF (SFr) | |
Segment Reporting Information | |||||
Net revenues | SFr 5,108 | SFr 4,638 | SFr 6,955 | SFr 9,746 | SFr 13,602 |
Number of segments | BusinessDivision | 6 | ||||
Income/(loss) from continuing operations before taxes | SFr 199 | (484) | 1,656 | (285) | 3,167 |
Swiss Universal Bank | |||||
Segment Reporting Information | |||||
Net revenues | 1,337 | 1,356 | 1,462 | 2,693 | 2,862 |
Income/(loss) from continuing operations before taxes | 453 | 432 | 468 | 885 | 911 |
International Wealth Management | |||||
Segment Reporting Information | |||||
Net revenues | 1,145 | 1,173 | 1,165 | 2,318 | 2,286 |
Income/(loss) from continuing operations before taxes | 245 | 300 | 272 | 545 | 550 |
Asia Pacific | |||||
Segment Reporting Information | |||||
Net revenues | 911 | 907 | 1,040 | 1,818 | 2,128 |
Income/(loss) from continuing operations before taxes | 206 | 264 | 367 | 470 | 832 |
Global Markets | |||||
Segment Reporting Information | |||||
Net revenues | 1,630 | 1,245 | 1,926 | 2,875 | 4,077 |
Income/(loss) from continuing operations before taxes | 154 | (198) | 391 | (44) | 1,118 |
Investment Banking & Capital Markets | |||||
Segment Reporting Information | |||||
Net revenues | 543 | 388 | 568 | 931 | 967 |
Income/(loss) from continuing operations before taxes | 135 | (62) | 145 | 73 | 98 |
Corporate Center | |||||
Segment Reporting Information | |||||
Net revenues | (95) | 110 | 384 | 15 | 557 |
Income/(loss) from continuing operations before taxes | (235) | 33 | 263 | (202) | 212 |
Strategic Resolution Unit | |||||
Segment Reporting Information | |||||
Net revenues | (363) | (541) | 410 | (904) | 725 |
Income/(loss) from continuing operations before taxes | (759) | SFr (1,253) | (250) | (2,012) | (554) |
Bank | |||||
Segment Reporting Information | |||||
Net revenues | 4,963 | 6,806 | 9,329 | 13,345 | |
Income/(loss) from continuing operations before taxes | SFr 55 | SFr 1,508 | SFr (703) | SFr 2,929 |
Segment information - Balance s
Segment information - Balance sheet related (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information | |||
Total assets | SFr 821,164 | SFr 813,898 | SFr 820,805 |
Swiss Universal Bank | |||
Segment Reporting Information | |||
Total assets | 224,866 | 222,653 | 220,359 |
International Wealth Management | |||
Segment Reporting Information | |||
Total assets | 90,156 | 85,766 | 96,085 |
Asia Pacific | |||
Segment Reporting Information | |||
Total assets | 92,194 | 90,218 | 85,929 |
Global Markets | |||
Segment Reporting Information | |||
Total assets | 239,419 | 237,716 | 234,276 |
Investment Banking & Capital Markets | |||
Segment Reporting Information | |||
Total assets | 22,064 | 20,772 | 18,712 |
Corporate Center | |||
Segment Reporting Information | |||
Total assets | 54,407 | 51,487 | 64,621 |
Strategic Resolution Unit | |||
Segment Reporting Information | |||
Total assets | 98,058 | SFr 105,286 | 100,823 |
Bank | |||
Segment Reporting Information | |||
Total assets | SFr 804,003 | SFr 803,931 |
Net interest income (Details)
Net interest income (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net interest income | |||||
Loans | SFr 1,374 | SFr 1,389 | SFr 1,315 | SFr 2,763 | SFr 2,632 |
Investment securities | 16 | 17 | 18 | 33 | 31 |
Trading assets | 2,292 | 2,086 | 3,330 | 4,378 | 5,283 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 710 | 704 | 679 | 1,414 | 1,329 |
Other | 365 | 389 | 561 | 754 | 1,118 |
Interest and dividend income | 4,757 | 4,585 | 5,903 | 9,342 | 10,393 |
Deposits | (258) | (244) | (221) | (502) | (476) |
Short-term borrowings | (22) | (16) | (28) | (38) | (62) |
Trading liabilities | (1,202) | (1,024) | (1,511) | (2,226) | (2,306) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (377) | (376) | (325) | (753) | (640) |
Long-term debt | (854) | (858) | (895) | (1,712) | (1,781) |
Other | (45) | (56) | (54) | (101) | (107) |
Interest expense | (2,758) | (2,574) | (3,034) | (5,332) | (5,372) |
Net interest income | 1,999 | SFr 2,011 | 2,869 | 4,010 | 5,021 |
Bank | |||||
Net interest income | |||||
Interest and dividend income | 4,643 | 5,783 | 9,114 | 10,146 | |
Interest expense | (2,739) | (3,015) | (5,293) | (5,327) | |
Net interest income | SFr 1,904 | SFr 2,768 | SFr 3,821 | SFr 4,819 |
Commissions and fees (Details)
Commissions and fees (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Commissions and fees | |||||
Lending business | SFr 452 | SFr 398 | SFr 426 | SFr 850 | SFr 726 |
Investment and portfolio management | 779 | 810 | 864 | 1,589 | 1,697 |
Other securities business | 14 | 11 | 21 | 25 | 43 |
Fiduciary business | 793 | 821 | 885 | 1,614 | 1,740 |
Underwriting | 395 | 222 | 487 | 617 | 932 |
Brokerage | 757 | 833 | 978 | 1,590 | 1,986 |
Underwriting and brokerage | 1,152 | 1,055 | 1,465 | 2,207 | 2,918 |
Other services | 399 | 401 | 483 | 800 | 854 |
Commissions and fees | 2,796 | SFr 2,675 | 3,259 | 5,471 | 6,238 |
Bank | |||||
Commissions and fees | |||||
Commissions and fees | SFr 2,728 | SFr 3,207 | SFr 5,332 | SFr 6,132 |
Trading revenues (Details)
Trading revenues (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Trading revenues | |||||
Trading revenues | SFr 94 | SFr (271) | SFr 498 | SFr (177) | SFr 1,888 |
Interest rate products | |||||
Trading revenues | |||||
Trading revenues | 2,918 | 1,719 | 1,569 | 4,637 | 4,163 |
Foreign exchange products | |||||
Trading revenues | |||||
Trading revenues | (1,566) | (582) | 340 | (2,148) | (513) |
Equity/index-related products | |||||
Trading revenues | |||||
Trading revenues | (844) | (1,163) | (1,126) | (2,007) | (1,285) |
Credit products | |||||
Trading revenues | |||||
Trading revenues | (734) | (534) | (111) | (1,268) | (460) |
Commodity, emission and energy products | |||||
Trading revenues | |||||
Trading revenues | 16 | (3) | 28 | 13 | 18 |
Other trading securities | |||||
Trading revenues | |||||
Trading revenues | 304 | SFr 292 | (202) | 596 | (35) |
Bank | |||||
Trading revenues | |||||
Trading revenues | SFr 97 | SFr 492 | SFr (309) | SFr 1,898 |
Other revenues (Details)
Other revenues (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Revenues | |||||
Noncontrolling interests without SEI | SFr 1 | SFr 0 | SFr 14 | SFr 1 | SFr (14) |
Loans held-for-sale | (48) | (9) | (19) | (57) | (27) |
Long-lived assets held-for-sale | (9) | 33 | 1 | 24 | 3 |
Equity method investments | 46 | 49 | 51 | 95 | 97 |
Other investments | 31 | (16) | 93 | 15 | 21 |
Other | 198 | 166 | 189 | 364 | 375 |
Other revenues | 219 | SFr 223 | 329 | 442 | 455 |
Bank | |||||
Other Revenues | |||||
Other revenues | SFr 234 | SFr 339 | SFr 485 | SFr 496 |
Provision for credit losses (De
Provision for credit losses (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Provision for credit losses | |||||
Provision for loan losses | SFr (13) | SFr 126 | SFr 36 | SFr 113 | SFr 67 |
Provision for lending-related and other exposures | (15) | 24 | 15 | 9 | 14 |
Provision for credit losses | (28) | SFr 150 | 51 | 122 | 81 |
Bank | |||||
Provision for credit losses | |||||
Provision for credit losses | SFr (34) | SFr 38 | SFr 107 | SFr 58 |
Compensation and benefits (Deta
Compensation and benefits (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Compensation and benefits | |||||
Salaries and variable compensation | SFr 2,367 | SFr 2,166 | SFr 2,474 | SFr 4,533 | SFr 5,091 |
Social security | 211 | 147 | 274 | 358 | 465 |
Other | 156 | 169 | 166 | 325 | 334 |
Compensation and benefits | 2,734 | 2,482 | 2,914 | 5,216 | 5,890 |
Pension and other post-retirement expense | 80 | SFr 79 | 82 | 159 | 172 |
Bank | |||||
Compensation and benefits | |||||
Compensation and benefits | SFr 2,750 | SFr 2,910 | SFr 5,253 | SFr 5,865 |
General and administrative ex77
General and administrative expenses (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
General and Administrative Expenses | |||||
Occupancy expenses | SFr 242 | SFr 248 | SFr 250 | SFr 490 | SFr 493 |
IT, machinery, etc. | 278 | 297 | 296 | 575 | 612 |
Provisions and losses | 91 | 78 | 131 | 169 | 204 |
Travel and entertainment | 81 | 90 | 95 | 171 | 184 |
Professional services | 739 | 804 | 744 | 1,543 | 1,376 |
Amortization and impairment of other intangible assets | 2 | 2 | 5 | 4 | 11 |
Other | 327 | 329 | 407 | 656 | 786 |
General and administrative expenses | 1,760 | SFr 1,848 | 1,928 | 3,608 | 3,666 |
Bank | |||||
General and Administrative Expenses | |||||
General and administrative expenses | SFr 1,757 | SFr 1,946 | SFr 3,621 | SFr 3,700 |
Restructuring expenses (Details
Restructuring expenses (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | SFr 91 | SFr 255 | SFr 346 |
General and Administrative Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 41 | 73 | 114 |
Compensation and benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 50 | 182 | 232 |
of which severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 61 | 56 | 117 |
of which accelerated deferred compensation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | (21) | 104 | 83 |
of which pensions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 10 | 22 | 32 |
Swiss Universal Bank | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 4 | 40 | 44 |
International Wealth Management | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 15 | 8 | 23 |
Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 10 | 1 | 11 |
Global Markets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 50 | 100 | 150 |
Investment Banking & Capital Markets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | (8) | 27 | 19 |
Strategic Resolution Unit | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 20 | SFr 79 | 99 |
Bank | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | SFr 85 | SFr 318 |
Restructuring provision - Rollf
Restructuring provision - Rollforward (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | |
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | SFr 280 | SFr 199 | SFr 199 |
Restructuring expenses | 91 | 255 | 346 |
Utilization | (83) | (48) | (131) |
Restructuring Reserve, Ending Balance | 299 | 280 | 299 |
General and Administrative Expense [Member] | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 87 | 12 | 12 |
Restructuring expenses | 41 | 73 | 114 |
Utilization | (18) | 2 | (16) |
Restructuring Reserve, Ending Balance | 110 | 87 | 110 |
Compensation and benefits | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 193 | 187 | 187 |
Restructuring expenses | 61 | 56 | 117 |
Utilization | (65) | (50) | (115) |
Restructuring Reserve, Ending Balance | 189 | 193 | 189 |
Unsettled share-based compensation obligations classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | (27) | 33 | 6 |
Unsettled cash-based compensation obligations classified as compensation liabilities | |||
Restructuring provision | |||
Restructuring expenses | 12 | 70 | 82 |
Unsettled pension obligation classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | 4 | 23 | 27 |
Excluding unsettled compensation and pension obligations [Member] | |||
Restructuring provision | |||
Restructuring expenses | 102 | SFr 129 | 231 |
Bank | |||
Restructuring provision | |||
Restructuring expenses | SFr 85 | SFr 318 |
Earnings per share (Details)
Earnings per share (Details) - CHF (SFr) SFr / shares in Units, shares in Millions, SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net income/(loss) attributable to shareholders | |||||
Net income/(loss) attributable to shareholders | SFr 170 | SFr (302) | SFr 1,051 | SFr (132) | SFr 2,105 |
Net income attributable to shareholders for basic earnings per share | 170 | (302) | 1,051 | (132) | 2,105 |
Available for common shares | 167 | (302) | 1,029 | (135) | 2,060 |
Available for unvested share-based payment awards | 3 | 0 | 22 | 3 | 45 |
Net income/(loss) attributable to shareholders for diluted earnings per share | 170 | (302) | 1,051 | (132) | 2,105 |
Available for common shares | 167 | (302) | 1,029 | (135) | 2,061 |
Available for unvested share-based payment awards | SFr 3 | SFr 0 | SFr 22 | SFr 3 | SFr 44 |
Weighted-average shares outstanding | |||||
Weighted-average shares outstanding for basic earnings per share available for common shares (in shares) | 2,018.4 | 1,980.7 | 1,689.7 | 1,999.6 | 1,680 |
Dilutive share options and warrants (in shares) | 3.7 | 0 | 0.9 | 0 | 0.9 |
Dilutive share awards (in shares) | 43 | 0 | 44.6 | 0 | 37.7 |
Weighted-average shares outstanding for diluted earnings per share available for common shares (in shares) | 2,065.1 | 1,980.7 | 1,735.2 | 1,999.6 | 1,718.6 |
Weighted-average shares outstanding for basic/diluted earnings per share available for unvested share-based payment awards (in shares) | 1.2 | 10.3 | 21.8 | 5.8 | 31.6 |
Basic earnings per share available for common shares (CHF) | |||||
Basic earnings/(loss) per share (in CHF per share) | SFr 0.08 | SFr (0.15) | SFr 0.61 | SFr (0.07) | SFr 1.23 |
Diluted earnings per share available for common shares (CHF) | |||||
Diluted earnings/(loss) per share (in CHF per share) | SFr 0.08 | SFr (0.15) | SFr 0.59 | SFr (0.07) | SFr 1.20 |
Weighted-average potential dilutive common shares | 12 | 7.5 | 7.2 | 9.8 | 8.2 |
Weighted-average share options and warrants (antidilutive) | 2.3 | 3 | |||
Weighted-average share awards (antidilutive) | 53.7 | 48.4 |
Trading assets and liabilitie81
Trading assets and liabilities (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Trading Assets and Liabilities | |||
Trading assets | SFr 177,619 | SFr 187,550 | SFr 190,737 |
Trading liabilities | 51,682 | 53,582 | 48,971 |
Debt securities | |||
Schedule of Trading Assets and Liabilities | |||
Trading assets | 66,658 | 72,864 | 80,542 |
Equity securities | |||
Schedule of Trading Assets and Liabilities | |||
Trading assets | 69,814 | 73,763 | 70,961 |
Derivative instruments | |||
Schedule of Trading Assets and Liabilities | |||
Trading assets | 29,488 | 29,792 | 28,365 |
Trading liabilities | 27,048 | 24,620 | 23,486 |
Other trading securities | |||
Schedule of Trading Assets and Liabilities | |||
Trading assets | 11,659 | 11,131 | 10,869 |
Short positions | |||
Schedule of Trading Assets and Liabilities | |||
Trading liabilities | 24,634 | SFr 28,962 | 25,485 |
Bank | |||
Schedule of Trading Assets and Liabilities | |||
Trading assets | 177,733 | 191,096 | |
Trading liabilities | SFr 51,692 | SFr 49,054 |
Trading assets and liabilitie82
Trading assets and liabilities - Cash collateral - netted (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Cash collateral - netted | |||
Cash collateral paid | SFr 39,600 | SFr 34,413 | SFr 31,887 |
Cash collateral received | 28,971 | 26,246 | 21,942 |
Cash collateral - not netted | |||
Cash collateral paid | 10,055 | 8,121 | 7,921 |
Cash collateral received | SFr 12,773 | SFr 12,625 | SFr 13,989 |
Investment securities (Details)
Investment securities (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Investment securities disclosures | |||
Securities available-for-sale | SFr 2,611 | SFr 3,143 | SFr 3,090 |
Total investment securities | 2,611 | SFr 3,143 | 3,090 |
Bank | |||
Investment securities disclosures | |||
Total investment securities | SFr 2,236 | SFr 2,698 |
Investment securities by type (
Investment securities by type (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale securities | |||
Amortized cost | SFr 2,524 | SFr 3,015 | |
Gross unrealized gains, Securities | 87 | 75 | |
Gross unrealized losses, Securities | 0 | 0 | |
Fair value | 2,611 | SFr 3,143 | 3,090 |
Debt securities | |||
Available-for-sale securities | |||
Amortized cost, Debt Securities | 2,458 | 2,949 | |
Gross unrealized gains, Debt securities | 66 | 55 | |
Gross unrealized losses, Debt securities | 0 | 0 | |
Fair value, Debt securities | 2,524 | 3,004 | |
Debt securities issued by the Swiss federal, cantonal or local government entities | |||
Available-for-sale securities | |||
Amortized cost, Debt Securities | 252 | 273 | |
Gross unrealized gains, Debt securities | 25 | 21 | |
Gross unrealized losses, Debt securities | 0 | 0 | |
Fair value, Debt securities | 277 | 294 | |
Debt securities issued by foreign governments | |||
Available-for-sale securities | |||
Amortized cost, Debt Securities | 1,379 | 1,382 | |
Gross unrealized gains, Debt securities | 41 | 34 | |
Gross unrealized losses, Debt securities | 0 | 0 | |
Fair value, Debt securities | 1,420 | 1,416 | |
Corporate debt securities | |||
Available-for-sale securities | |||
Amortized cost, Debt Securities | 283 | 285 | |
Gross unrealized gains, Debt securities | 0 | 0 | |
Gross unrealized losses, Debt securities | 0 | 0 | |
Fair value, Debt securities | 283 | 285 | |
Residential mortgage-backed securities | |||
Available-for-sale securities | |||
Amortized cost, Debt Securities | 515 | 750 | |
Gross unrealized gains, Debt securities | 0 | 0 | |
Gross unrealized losses, Debt securities | 0 | 0 | |
Fair value, Debt securities | 515 | 750 | |
Commercial mortgage-backed securities | |||
Available-for-sale securities | |||
Amortized cost, Debt Securities | 29 | 259 | |
Gross unrealized gains, Debt securities | 0 | 0 | |
Gross unrealized losses, Debt securities | 0 | 0 | |
Fair value, Debt securities | 29 | 259 | |
Equity securities | |||
Available-for-sale securities | |||
Amortized cost, Equity securities | 66 | 66 | |
Gross unrealized gains, Equity securities | 21 | 20 | |
Gross unrealized losses, Equity securities | 0 | 0 | |
Fair value, Equity securities | 87 | 86 | |
Banks, trust and insurance companies | |||
Available-for-sale securities | |||
Amortized cost, Equity securities | 66 | 65 | |
Gross unrealized gains, Equity securities | 21 | 20 | |
Gross unrealized losses, Equity securities | 0 | 0 | |
Fair value, Equity securities | 87 | 85 | |
Industry and all other | |||
Available-for-sale securities | |||
Amortized cost, Equity securities | 0 | 1 | |
Gross unrealized gains, Equity securities | 0 | 0 | |
Gross unrealized losses, Equity securities | 0 | 0 | |
Fair value, Equity securities | SFr 0 | SFr 1 |
Investment securities - Proceed
Investment securities - Proceeds/realized gains/losses (Details 4) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Debt securities | ||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ||
Proceeds from sales | SFr 8 | SFr 0 |
Realized gains | 0 | 0 |
Equity securities | ||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | ||
Proceeds from sales | 1 | 14 |
Realized gains | SFr 0 | SFr 1 |
Investment securities - Maturit
Investment securities - Maturities of amortized costs/FV/Avg yield (Details 5) - Debt securities - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Available-for-sale debt securities amortized cost disclosures | ||
Due within 1 year, amortized cost | SFr 385 | |
Due from 1 to 5 years, amortized cost | 1,375 | |
Due from 5 to 10 years, amortized cost | 145 | |
Due after 10 years, amortized cost | 553 | |
Total, amortized cost | 2,458 | SFr 2,949 |
Available-for-sale debt securities fair value disclosures | ||
Due within 1 year, fair value | 385 | |
Due from 1 to 5 years, fair value | 1,420 | |
Due from 5 to 10 years, fair value | 164 | |
Due after 10 years, fair value | 555 | |
Total, fair value | SFr 2,524 | SFr 3,004 |
Available-for-sale debt securities average yield disclosures | ||
Due within 1 year, average yield (as a percent) | 0.69% | |
Due from 1 to 5 years, average yield (as a percent) | 0.87% | |
Due from 5 to 10 years, average yield (as a percent) | 1.11% | |
Due after 10 years, average yield (as a percent) | 5.39% | |
Total, average yield (as a percent) | 1.87% |
Loans, allowance for loan los87
Loans, allowance for loan losses and credit quality (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Loans | ||||||
Gross loans | SFr 274,846 | SFr 271,370 | SFr 274,006 | |||
of which held at amortized cost | 254,015 | 249,849 | 253,186 | SFr 251,242 | ||
of which held at fair value | 20,831 | 21,521 | 20,820 | |||
Net (unearned income)/deferred expenses | (148) | (160) | (145) | |||
allowance for loan losses | (863) | (962) | (866) | (722) | SFr (767) | SFr (758) |
Net loans | 273,835 | 270,248 | 272,995 | |||
Foreign | ||||||
Loans | ||||||
Gross loans | 116,523 | 114,051 | 118,235 | |||
Switzerland | ||||||
Loans | ||||||
Gross loans | 158,323 | 157,319 | 155,771 | |||
Corporate and institutional | ||||||
Loans | ||||||
Gross loans | 130,310 | 129,132 | 129,130 | |||
of which held at amortized cost | 109,501 | 107,632 | 108,331 | 107,531 | ||
allowance for loan losses | (676) | (765) | (650) | (515) | (522) | (507) |
Real estate | ||||||
Loans | ||||||
Gross loans | 26,218 | 26,793 | 26,451 | |||
of which held at amortized cost | 25,573 | 25,678 | ||||
Commercial and industrial loans | ||||||
Loans | ||||||
Gross loans | 81,240 | 77,627 | 77,767 | |||
of which held at amortized cost | 69,315 | 66,219 | ||||
Financial institutions | ||||||
Loans | ||||||
Gross loans | 18,924 | 20,672 | 21,334 | |||
of which held at amortized cost | 13,596 | 15,505 | ||||
Governments and public institutions | ||||||
Loans | ||||||
Gross loans | 3,928 | 4,040 | 3,578 | |||
of which held at amortized cost | 1,017 | 929 | ||||
Consumer | ||||||
Loans | ||||||
Gross loans | 144,536 | 142,238 | 144,876 | |||
of which held at amortized cost | 144,514 | 142,217 | 144,855 | 143,711 | ||
allowance for loan losses | (187) | (197) | (216) | SFr (207) | SFr (245) | SFr (251) |
Mortgages | ||||||
Loans | ||||||
Gross loans | 104,394 | 103,595 | 103,164 | |||
of which held at amortized cost | 104,394 | 103,164 | ||||
Loans collateralized by securities | ||||||
Loans | ||||||
Gross loans | 36,385 | 35,068 | 37,946 | |||
of which held at amortized cost | 36,385 | 37,946 | ||||
Consumer finance | ||||||
Loans | ||||||
Gross loans | 3,757 | SFr 3,575 | 3,766 | |||
of which held at amortized cost | 3,735 | 3,745 | ||||
Bank | ||||||
Loans | ||||||
Net loans | SFr 256,513 | SFr 254,915 |
Loans, allowance for loan los88
Loans, allowance for loan losses and credit quality - Allowance roll-forward (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Allowance for loan losses | ||||||
Balance at beginning of period | SFr 962 | SFr 866 | SFr 767 | SFr 866 | SFr 758 | |
Net movements recognized in statements of operations | (13) | 126 | 36 | 113 | 67 | |
Gross write-offs | (108) | (39) | (82) | (147) | (107) | |
Recoveries | 11 | 23 | 6 | 34 | 15 | |
Net write-offs | (97) | (16) | (76) | (113) | (92) | |
Provisions for interest | 4 | 2 | 3 | 6 | 12 | |
Foreign currency translation impact and other adjustments, net | 7 | (16) | (8) | (9) | (23) | |
Balance at end of period | 863 | 962 | 722 | 863 | 722 | |
of which individually evaluated for impairment | 623 | 724 | 510 | 623 | 510 | |
of which collectively evaluated for impairment | 240 | 238 | 212 | 240 | 212 | |
Gross loans held at amortized cost | ||||||
Gross loans held at amortized cost | 254,015 | 249,849 | 251,242 | 254,015 | 251,242 | SFr 253,186 |
of which individually evaluated for impairment | 2,304 | 2,212 | 1,570 | 2,304 | 1,570 | |
of which collectively evaluated for impairment | 251,711 | 247,637 | 249,672 | 251,711 | 249,672 | |
Loans held at amortized cost | ||||||
Purchases | 720 | 695 | 1,472 | 1,415 | 2,579 | |
Reclassifications from loans held-for-sale | 47 | 78 | 35 | 125 | 158 | |
Reclassifications to loans held-for-sale | 762 | 1,534 | 167 | 2,296 | 373 | |
Sales | 30 | 0 | 134 | 30 | 214 | |
Corporate and institutional | ||||||
Allowance for loan losses | ||||||
Balance at beginning of period | 765 | 650 | 522 | 650 | 507 | |
Net movements recognized in statements of operations | (20) | 126 | 20 | 106 | 36 | |
Gross write-offs | (86) | (19) | (25) | (105) | (29) | |
Recoveries | 9 | 20 | 2 | 29 | 9 | |
Net write-offs | (77) | 1 | (23) | (76) | (20) | |
Provisions for interest | 2 | (1) | 2 | 1 | 10 | |
Foreign currency translation impact and other adjustments, net | 6 | (11) | (6) | (5) | (18) | |
Balance at end of period | 676 | 765 | 515 | 676 | 515 | |
of which individually evaluated for impairment | 482 | 570 | 348 | 482 | 348 | |
of which collectively evaluated for impairment | 194 | 195 | 167 | 194 | 167 | |
Gross loans held at amortized cost | ||||||
Gross loans held at amortized cost | 109,501 | 107,632 | 107,531 | 109,501 | 107,531 | 108,331 |
of which individually evaluated for impairment | 1,654 | 1,554 | 920 | 1,654 | 920 | |
of which collectively evaluated for impairment | 107,847 | 106,078 | 106,611 | 107,847 | 106,611 | |
Loans held at amortized cost | ||||||
Purchases | 720 | 695 | 1,357 | 1,415 | 2,348 | |
Reclassifications from loans held-for-sale | 47 | 78 | 35 | 125 | 158 | |
Reclassifications to loans held-for-sale | 253 | 411 | 167 | 664 | 373 | |
Sales | 30 | 0 | 134 | 30 | 214 | |
Consumer | ||||||
Allowance for loan losses | ||||||
Balance at beginning of period | 197 | 216 | 245 | 216 | 251 | |
Net movements recognized in statements of operations | 7 | 0 | 16 | 7 | 31 | |
Gross write-offs | (22) | (20) | (57) | (42) | (78) | |
Recoveries | 2 | 3 | 4 | 5 | 6 | |
Net write-offs | (20) | (17) | (53) | (37) | (72) | |
Provisions for interest | 2 | 3 | 1 | 5 | 2 | |
Foreign currency translation impact and other adjustments, net | 1 | (5) | (2) | (4) | (5) | |
Balance at end of period | 187 | 197 | 207 | 187 | 207 | |
of which individually evaluated for impairment | 141 | 154 | 162 | 141 | 162 | |
of which collectively evaluated for impairment | 46 | 43 | 45 | 46 | 45 | |
Gross loans held at amortized cost | ||||||
Gross loans held at amortized cost | 144,514 | 142,217 | 143,711 | 144,514 | 143,711 | SFr 144,855 |
of which individually evaluated for impairment | 650 | 658 | 650 | 650 | 650 | |
of which collectively evaluated for impairment | 143,864 | 141,559 | 143,061 | 143,864 | 143,061 | |
Loans held at amortized cost | ||||||
Purchases | 0 | 0 | 115 | 0 | 231 | |
Reclassifications from loans held-for-sale | 0 | 0 | 0 | 0 | 0 | |
Reclassifications to loans held-for-sale | 509 | 1,123 | 0 | 1,632 | 0 | |
Sales | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 |
Loans, allowance for loan los89
Loans, allowance for loan losses and credit quality - Counterparty rating (Details 3) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | SFr 254,015 | SFr 249,849 | SFr 253,186 | SFr 251,242 |
Value of collateral | 228,247 | 228,134 | ||
Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 193,725 | 193,006 | ||
Value of collateral | 177,989 | 178,649 | ||
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 | 58,343 | 58,462 | ||
Value of collateral | 49,214 | 48,422 | ||
Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,947 | 1,718 | ||
Value of collateral | 1,044 | 1,063 | ||
Corporate and institutional | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 109,501 | 107,632 | 108,331 | 107,531 |
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 | 67,025 | 65,664 | ||
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 | 41,099 | 41,561 | ||
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 | 1,377 | 1,106 | ||
Real estate | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 25,573 | 25,678 | ||
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 | 19,683 | 19,454 | ||
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 | 5,802 | 6,126 | ||
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 | 88 | 98 | ||
Commercial and industrial loans | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 69,315 | 66,219 | ||
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 | 35,421 | 32,995 | ||
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 | 32,756 | 32,365 | ||
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 | 1,138 | 859 | ||
Financial institutions | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 13,596 | 15,505 | ||
Financial institutions | Investment grade | AAA to BBB | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 10,974 | 12,391 | ||
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 | 2,486 | 2,965 | ||
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 | 136 | 149 | ||
Governments and public institutions | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,017 | 929 | ||
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 | 947 | 824 | ||
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 | 55 | 105 | ||
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 | 15 | 0 | ||
Consumer | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 144,514 | SFr 142,217 | 144,855 | SFr 143,711 |
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 | 126,700 | 127,342 | ||
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 | 17,244 | 16,901 | ||
Consumer | Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 570 | 612 | ||
Mortgages | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 104,394 | 103,164 | ||
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 | 91,986 | 89,966 | ||
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 | 12,171 | 12,950 | ||
Mortgages | Non-investment grade | D | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 237 | 248 | ||
Loans collateralized by securities | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 36,385 | 37,946 | ||
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 | 33,397 | 36,129 | ||
Loans collateralized by securities | Non-investment grade | BB to C | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 2,870 | 1,679 | ||
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 | 118 | 138 | ||
Consumer finance | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 3,735 | 3,745 | ||
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 | 1,317 | 1,247 | ||
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 | 2,203 | 2,272 | ||
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 215 | SFr 226 |
Loans, allowance for loan los90
Loans, allowance for loan losses and credit quality - Aging analysis (Details 4) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | SFr 254,015 | SFr 249,849 | SFr 253,186 | SFr 251,242 |
Value of collateral | 228,247 | 228,134 | ||
Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 250,469 | 250,716 | ||
Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 3,546 | 2,470 | ||
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 | 1,578 | 1,092 | ||
Past due 31 - 60 days | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 198 | 217 | ||
Past due 61 - 90 days | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 278 | 116 | ||
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 | 1,492 | 1,045 | ||
Corporate and institutional | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 109,501 | 107,632 | 108,331 | 107,531 |
Corporate and institutional | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 107,274 | 106,911 | ||
Corporate and institutional | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 2,227 | 1,420 | ||
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 | 950 | 622 | ||
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 | 108 | 157 | ||
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 | 225 | 72 | ||
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 | 944 | 569 | ||
Real estate | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 25,573 | 25,678 | ||
Real estate | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 25,424 | 25,595 | ||
Real estate | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 149 | 83 | ||
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 | 76 | 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 | 6 | 3 | ||
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 | 1 | ||
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 | 67 | 55 | ||
Commercial and industrial loans | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 69,315 | 66,219 | ||
Commercial and industrial loans | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 67,508 | 65,129 | ||
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 | 1,807 | 1,090 | ||
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 | 742 | 507 | ||
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 | 89 | 109 | ||
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 | 225 | 69 | ||
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 | 751 | 405 | ||
Financial institutions | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 13,596 | 15,505 | ||
Financial institutions | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 13,331 | 15,259 | ||
Financial institutions | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 265 | 246 | ||
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 | 126 | 90 | ||
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 | 13 | 45 | ||
Financial institutions | Past due 61 - 90 days | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 0 | 2 | ||
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 | 126 | 109 | ||
Governments and public institutions | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,017 | 929 | ||
Governments and public institutions | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,011 | 928 | ||
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 | 6 | 1 | ||
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 | 6 | 1 | ||
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 | ||
Consumer | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 144,514 | SFr 142,217 | 144,855 | SFr 143,711 |
Consumer | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 143,195 | 143,805 | ||
Consumer | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 1,319 | 1,050 | ||
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 | 628 | 470 | ||
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 | 90 | 60 | ||
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 | 53 | 44 | ||
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 | 548 | 476 | ||
Mortgages | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 104,394 | 103,164 | ||
Mortgages | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 103,969 | 102,895 | ||
Mortgages | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 425 | 269 | ||
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 | 160 | 80 | ||
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 | 23 | 17 | ||
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 | 9 | 10 | ||
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 | 233 | 162 | ||
Loans collateralized by securities | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 36,385 | 37,946 | ||
Loans collateralized by securities | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 36,058 | 37,589 | ||
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 | 327 | 357 | ||
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 | 166 | 214 | ||
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 | 28 | 7 | ||
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 | 7 | 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 | 126 | 135 | ||
Consumer finance | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 3,735 | 3,745 | ||
Consumer finance | Current | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 3,168 | 3,321 | ||
Consumer finance | Past due | ||||
Gross loans held at amortized cost by internal counterparty rating and aging analysis | ||||
Gross loans held at amortized cost | 567 | 424 | ||
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 | 302 | 176 | ||
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 | 39 | 36 | ||
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 | 37 | 33 | ||
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 | SFr 189 | SFr 179 |
Loans, allowance for loan los91
Loans, allowance for loan losses and credit quality - Impaired loans (Details 5) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Gross impaired loans by category | |||
Total non-performing and non-interest-earning loans | SFr 1,630 | SFr 1,279 | SFr 1,255 |
Restructured loans | 257 | 288 | 282 |
Potential problem loans | 417 | 645 | 436 |
Total other impaired loans | 674 | 933 | 718 |
Gross impaired loans | 2,304 | 2,212 | 1,973 |
Non-interest-earning loans | 204 | 233 | 272 |
Non-performing loans | 1,426 | SFr 1,046 | 983 |
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | 72 | 68 | |
Corporate and institutional | |||
Gross impaired loans by category | |||
Total non-performing and non-interest-earning loans | 1,042 | 679 | |
Restructured loans | 244 | 264 | |
Potential problem loans | 368 | 383 | |
Total other impaired loans | 612 | 647 | |
Gross impaired loans | 1,654 | 1,326 | |
Non-interest-earning loans | 163 | 205 | |
Non-performing loans | 879 | 474 | |
Real estate | |||
Gross impaired loans by category | |||
Total non-performing and non-interest-earning loans | 81 | 72 | |
Restructured loans | 0 | 0 | |
Potential problem loans | 23 | 29 | |
Total other impaired loans | 23 | 29 | |
Gross impaired loans | 104 | 101 | |
Non-interest-earning loans | 4 | 19 | |
Non-performing loans | 77 | 53 | |
Commercial and industrial loans | |||
Gross impaired loans by category | |||
Total non-performing and non-interest-earning loans | 828 | 469 | |
Restructured loans | 244 | 263 | |
Potential problem loans | 302 | 319 | |
Total other impaired loans | 546 | 582 | |
Gross impaired loans | 1,374 | 1,051 | |
Non-interest-earning loans | 109 | 136 | |
Non-performing loans | 719 | 333 | |
Financial institutions | |||
Gross impaired loans by category | |||
Total non-performing and non-interest-earning loans | 133 | 138 | |
Restructured loans | 0 | 1 | |
Potential problem loans | 28 | 35 | |
Total other impaired loans | 28 | 36 | |
Gross impaired loans | 161 | 174 | |
Non-interest-earning loans | 50 | 50 | |
Non-performing loans | 83 | 88 | |
Governments and public institutions | |||
Gross impaired loans by category | |||
Total non-performing and non-interest-earning loans | 0 | ||
Restructured loans | 0 | ||
Potential problem loans | 15 | ||
Total other impaired loans | 15 | ||
Gross impaired loans | 15 | ||
Non-interest-earning loans | 0 | ||
Non-performing loans | 0 | ||
Consumer | |||
Gross impaired loans by category | |||
Total non-performing and non-interest-earning loans | 588 | 576 | |
Restructured loans | 13 | 18 | |
Potential problem loans | 49 | 53 | |
Total other impaired loans | 62 | 71 | |
Gross impaired loans | 650 | 647 | |
Non-interest-earning loans | 41 | 67 | |
Non-performing loans | 547 | 509 | |
Mortgages | |||
Gross impaired loans by category | |||
Total non-performing and non-interest-earning loans | 245 | 214 | |
Restructured loans | 13 | 18 | |
Potential problem loans | 48 | 49 | |
Total other impaired loans | 61 | 67 | |
Gross impaired loans | 306 | 281 | |
Non-interest-earning loans | 9 | 17 | |
Non-performing loans | 236 | 197 | |
Loans collateralized by securities | |||
Gross impaired loans by category | |||
Total non-performing and non-interest-earning loans | 127 | 135 | |
Restructured loans | 0 | 0 | |
Potential problem loans | 0 | 3 | |
Total other impaired loans | 0 | 3 | |
Gross impaired loans | 127 | 138 | |
Non-interest-earning loans | 5 | 27 | |
Non-performing loans | 122 | 108 | |
Consumer finance | |||
Gross impaired loans by category | |||
Total non-performing and non-interest-earning loans | 216 | 227 | |
Restructured loans | 0 | 0 | |
Potential problem loans | 1 | 1 | |
Total other impaired loans | 1 | 1 | |
Gross impaired loans | 217 | 228 | |
Non-interest-earning loans | 27 | 23 | |
Non-performing loans | SFr 189 | SFr 204 |
Loans, allowance for loan los92
Loans, allowance for loan losses and credit quality - Impaired loans details (Details 6) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Recorded investment | |||
Recorded investment, with a specific allowance | SFr 1,751 | SFr 1,610 | |
Recorded investment, without specific allowance | 553 | 363 | |
Gross impaired loans | 2,304 | SFr 2,212 | 1,973 |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 1,677 | 1,543 | |
Unpaid principal balance, without specific allowance | 553 | 363 | |
Unpaid principal balance | 2,230 | 1,906 | |
Associated specific allowance | 623 | 650 | |
Corporate and institutional | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 1,219 | 1,063 | |
Recorded investment, without specific allowance | 435 | 263 | |
Gross impaired loans | 1,654 | 1,326 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 1,187 | 1,034 | |
Unpaid principal balance, without specific allowance | 435 | 263 | |
Unpaid principal balance | 1,622 | 1,297 | |
Associated specific allowance | 482 | 480 | |
Real estate | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 80 | 76 | |
Recorded investment, without specific allowance | 24 | 25 | |
Gross impaired loans | 104 | 101 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 75 | 72 | |
Unpaid principal balance, without specific allowance | 24 | 25 | |
Associated specific allowance | 10 | 10 | |
Commercial and industrial loans | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 978 | 815 | |
Recorded investment, without specific allowance | 396 | 236 | |
Gross impaired loans | 1,374 | 1,051 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 958 | 796 | |
Unpaid principal balance, without specific allowance | 396 | 236 | |
Associated specific allowance | 406 | 387 | |
Financial institutions | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 161 | 172 | |
Recorded investment, without specific allowance | 0 | 2 | |
Gross impaired loans | 161 | 174 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 154 | 166 | |
Unpaid principal balance, without specific allowance | 0 | 2 | |
Associated specific allowance | 66 | 83 | |
Governments and public institutions | |||
Recorded investment | |||
Recorded investment, without specific allowance | 15 | 0 | |
Gross impaired loans | 15 | ||
Unpaid principal balance | |||
Unpaid principal balance, without specific allowance | 15 | 0 | |
Consumer | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 532 | 547 | |
Recorded investment, without specific allowance | 118 | 100 | |
Gross impaired loans | 650 | 647 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 490 | 509 | |
Unpaid principal balance, without specific allowance | 118 | 100 | |
Unpaid principal balance | 608 | 609 | |
Associated specific allowance | 141 | 170 | |
Mortgages | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 198 | 209 | |
Recorded investment, without specific allowance | 108 | 72 | |
Gross impaired loans | 306 | 281 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 185 | 196 | |
Unpaid principal balance, without specific allowance | 108 | 71 | |
Associated specific allowance | 22 | 26 | |
Loans collateralized by securities | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 124 | 117 | |
Recorded investment, without specific allowance | 3 | 21 | |
Gross impaired loans | 127 | 138 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 116 | 112 | |
Unpaid principal balance, without specific allowance | 3 | 22 | |
Associated specific allowance | 8 | 15 | |
Consumer finance | |||
Recorded investment | |||
Recorded investment, with a specific allowance | 210 | 221 | |
Recorded investment, without specific allowance | 7 | 7 | |
Gross impaired loans | 217 | 228 | |
Unpaid principal balance | |||
Unpaid principal balance, with a specific allowance | 189 | 201 | |
Unpaid principal balance, without specific allowance | 7 | 7 | |
Associated specific allowance | SFr 111 | SFr 129 |
Loans, allowance for loan los93
Loans, allowance for loan losses and credit quality - Impaired loans details (Details 7) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Average recorded investment | |||||
Average recorded investment, with a specific allowance | SFr 1,778 | SFr 1,672 | SFr 1,250 | SFr 1,735 | SFr 1,233 |
Average recorded investment, without specific allowance | 505 | 359 | 162 | 435 | 131 |
Average recorded investment | 2,283 | 2,031 | 1,412 | 2,170 | 1,364 |
Interest income recognized | |||||
Interest income recognized, with a specific allowance | 4 | 3 | 4 | 7 | 6 |
Interest income recognized, without specific allowance | 2 | 3 | 2 | 5 | 2 |
Interest income recognized | 6 | 6 | 6 | 12 | 8 |
Interest income recognized on a cash basis | |||||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 3 | 2 | 5 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis | 1 | 1 | 3 | 2 | 5 |
Corporate and institutional | |||||
Average recorded investment | |||||
Average recorded investment, with a specific allowance | 1,269 | 1,146 | 809 | 1,216 | 779 |
Average recorded investment, without specific allowance | 362 | 251 | 49 | 310 | 35 |
Average recorded investment | 1,631 | 1,397 | 858 | 1,526 | 814 |
Interest income recognized | |||||
Interest income recognized, with a specific allowance | 3 | 3 | 2 | 6 | 4 |
Interest income recognized, without specific allowance | 1 | 2 | 0 | 3 | 0 |
Interest income recognized | 4 | 5 | 2 | 9 | 4 |
Interest income recognized on a cash basis | |||||
Interest income recognized on a cash basis, with a specific allowance | 0 | 1 | 1 | 1 | 3 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis | 0 | 1 | 1 | 1 | 3 |
Real estate | |||||
Average recorded investment | |||||
Average recorded investment, with a specific allowance | 66 | 76 | 65 | 71 | 65 |
Average recorded investment, without specific allowance | 47 | 29 | 13 | 37 | 10 |
Interest income recognized | |||||
Interest income recognized, with a specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Commercial and industrial loans | |||||
Average recorded investment | |||||
Average recorded investment, with a specific allowance | 1,034 | 902 | 597 | 976 | 573 |
Average recorded investment, without specific allowance | 307 | 219 | 35 | 267 | 24 |
Interest income recognized | |||||
Interest income recognized, with a specific allowance | 2 | 3 | 2 | 5 | 3 |
Interest income recognized, without specific allowance | 1 | 2 | 0 | 3 | 0 |
Interest income recognized on a cash basis | |||||
Interest income recognized on a cash basis, with a specific allowance | 0 | 1 | 1 | 1 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Financial institutions | |||||
Average recorded investment | |||||
Average recorded investment, with a specific allowance | 164 | 168 | 147 | 167 | 141 |
Average recorded investment, without specific allowance | 0 | 3 | 1 | 2 | 1 |
Interest income recognized | |||||
Interest income recognized, with a specific allowance | 1 | 0 | 0 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 | 0 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Governments and public institutions | |||||
Average recorded investment | |||||
Average recorded investment, with a specific allowance | 5 | 0 | 0 | 2 | 0 |
Average recorded investment, without specific allowance | 8 | 0 | 0 | 4 | 0 |
Interest income recognized | |||||
Interest income recognized, with a specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Consumer | |||||
Average recorded investment | |||||
Average recorded investment, with a specific allowance | 509 | 526 | 441 | 519 | 454 |
Average recorded investment, without specific allowance | 143 | 108 | 113 | 125 | 96 |
Average recorded investment | 652 | 634 | 554 | 644 | 550 |
Interest income recognized | |||||
Interest income recognized, with a specific allowance | 1 | 0 | 2 | 1 | 2 |
Interest income recognized, without specific allowance | 1 | 1 | 2 | 2 | 2 |
Interest income recognized | 2 | 1 | 4 | 3 | 4 |
Interest income recognized on a cash basis | |||||
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 2 | 1 | 2 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis | 1 | 0 | 2 | 1 | 2 |
Mortgages | |||||
Average recorded investment | |||||
Average recorded investment, with a specific allowance | 185 | 197 | 177 | 191 | 179 |
Average recorded investment, without specific allowance | 102 | 76 | 64 | 88 | 57 |
Interest income recognized | |||||
Interest income recognized, with a specific allowance | 1 | 0 | 1 | 1 | 1 |
Interest income recognized, without specific allowance | 1 | 1 | 1 | 2 | 1 |
Interest income recognized on a cash basis | |||||
Interest income recognized on a cash basis, with a specific allowance | 1 | 0 | 1 | 1 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Loans collateralized by securities | |||||
Average recorded investment | |||||
Average recorded investment, with a specific allowance | 121 | 113 | 39 | 118 | 49 |
Average recorded investment, without specific allowance | 18 | 25 | 42 | 22 | 32 |
Interest income recognized | |||||
Interest income recognized, with a specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 1 | 0 | 1 |
Interest income recognized on a cash basis | |||||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Consumer finance | |||||
Average recorded investment | |||||
Average recorded investment, with a specific allowance | 203 | 216 | 225 | 210 | 226 |
Average recorded investment, without specific allowance | 23 | 7 | 7 | 15 | 7 |
Interest income recognized | |||||
Interest income recognized, with a specific allowance | 0 | 0 | 1 | 0 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 1 | 0 | 1 |
Interest income recognized on a cash basis, without specific allowance | SFr 0 | SFr 0 | SFr 0 | SFr 0 | SFr 0 |
Loans, allowance for loan los94
Loans, allowance for loan losses and credit quality - Restructured loans (Details 8) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016CHF (SFr)contract | Mar. 31, 2016CHF (SFr)contract | Jun. 30, 2015CHF (SFr)contract | Jun. 30, 2016CHF (SFr)contract | Jun. 30, 2015CHF (SFr)contract | |
Restructured loans | |||||
Restructured loans, Modifications, Number of contracts | contract | 3 | 5 | 2 | 8 | 4 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 44 | SFr 15 | SFr 21 | SFr 59 | SFr 92 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 44 | SFr 15 | SFr 21 | SFr 59 | SFr 99 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 0 | 0 | 0 | ||
Restructured loans, subsequently defaulted, Recorded Investment | SFr 0 | SFr 0 | SFr 0 | ||
Commercial and industrial loans | |||||
Restructured loans | |||||
Restructured loans, Modifications, Number of contracts | contract | 3 | 5 | 2 | 8 | 4 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 44 | SFr 15 | SFr 21 | SFr 59 | SFr 92 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 44 | SFr 15 | SFr 21 | SFr 59 | SFr 99 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 1 | 1 | |||
Restructured loans, subsequently defaulted, Recorded Investment | SFr 65 | SFr 65 |
Goodwill (Details)
Goodwill (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Gross amount of goodwill | ||||
Balance at beginning of period | SFr 8,579 | SFr 8,699 | ||
Goodwill acquired during the period | 5 | |||
Foreign currency translation impact | 57 | (61) | ||
Other | (7) | |||
Balance at end of period | 8,636 | 8,636 | ||
Accumulated impairment | ||||
Balance at beginning of period | 3,891 | 3,891 | ||
Balance at end of period | 3,891 | 3,891 | ||
Net book value | ||||
Net book value | 4,745 | 4,745 | SFr 4,688 | SFr 4,808 |
Swiss Universal Bank | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 603 | 610 | ||
Goodwill acquired during the period | 5 | |||
Foreign currency translation impact | 6 | (5) | ||
Other | (1) | |||
Balance at end of period | 609 | 609 | ||
Accumulated impairment | ||||
Balance at beginning of period | 0 | 0 | ||
Balance at end of period | 0 | 0 | ||
Net book value | ||||
Net book value | 609 | 609 | ||
International Wealth Management | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 1,523 | 1,573 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | 17 | (28) | ||
Other | (5) | |||
Balance at end of period | 1,540 | 1,540 | ||
Accumulated impairment | ||||
Balance at beginning of period | 0 | 0 | ||
Balance at end of period | 0 | 0 | ||
Net book value | ||||
Net book value | 1,540 | 1,540 | ||
Asia Pacific | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 2,258 | 2,294 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | 19 | (16) | ||
Other | (1) | |||
Balance at end of period | 2,277 | 2,277 | ||
Accumulated impairment | ||||
Balance at beginning of period | 772 | 772 | ||
Balance at end of period | 772 | 772 | ||
Net book value | ||||
Net book value | 1,505 | 1,505 | ||
Global Markets | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 3,172 | 3,183 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | 6 | (5) | ||
Other | 0 | |||
Balance at end of period | 3,178 | 3,178 | ||
Accumulated impairment | ||||
Balance at beginning of period | 2,719 | 2,719 | ||
Balance at end of period | 2,719 | 2,719 | ||
Net book value | ||||
Net book value | 459 | 459 | ||
Investment Banking & Capital Markets | ||||
Gross amount of goodwill | ||||
Balance at beginning of period | 1,011 | 1,027 | ||
Goodwill acquired during the period | 0 | |||
Foreign currency translation impact | 9 | (7) | ||
Other | 0 | |||
Balance at end of period | 1,020 | 1,020 | ||
Accumulated impairment | ||||
Balance at beginning of period | 388 | 388 | ||
Balance at end of period | 388 | 388 | ||
Net book value | ||||
Net book value | 632 | 632 | ||
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 | |||
Balance at end of period | 12 | 12 | ||
Accumulated impairment | ||||
Balance at beginning of period | 12 | 12 | ||
Balance at end of period | 12 | 12 | ||
Net book value | ||||
Net book value | 0 | 0 | ||
Bank | ||||
Net book value | ||||
Net book value | SFr 3,872 | SFr 3,872 | SFr 3,929 |
Other assets and other liabil96
Other assets and other liabilities (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Other assets | |||
Cash collateral on derivative instruments | SFr 10,055 | SFr 8,121 | SFr 7,921 |
Cash collateral on non-derivative transactions | 987 | 412 | 327 |
Derivative instruments used for hedging | 168 | 294 | 186 |
Assets held-for-sale | 12,972 | 13,187 | 26,061 |
of which loans | 12,782 | 12,981 | 25,839 |
of which real estate | 161 | 171 | 182 |
of which long-lived assets | 29 | 35 | 40 |
Assets held for separate accounts | 625 | 907 | 1,307 |
Interest and fees receivable | 5,370 | 5,196 | 5,658 |
Deferred tax assets | 6,319 | 6,341 | 6,179 |
Prepaid expenses | 528 | 520 | 448 |
Failed purchases | 2,923 | 2,885 | 2,770 |
Other | 6,336 | 6,764 | 7,160 |
Other assets | 46,283 | 44,627 | 58,017 |
Other liabilities | |||
Cash collateral on derivative instruments | 12,773 | 12,625 | 13,989 |
Cash collateral on non-derivative transactions | 360 | 420 | 518 |
Derivative instruments used for hedging | 303 | 235 | 110 |
Deposits held-for-sale | 2,420 | 2,690 | 0 |
Provisions | 1,532 | 1,644 | 1,851 |
of which off-balance sheet risk | 95 | 108 | 88 |
Restructuring liabilities | 299 | 280 | 199 |
Liabilities held for separate accounts | 625 | 907 | 1,307 |
Interest and fees payable | 6,225 | 5,231 | 6,011 |
Current tax liabilities | 757 | 841 | 608 |
Deferred tax liabilities | 48 | 50 | 54 |
Failed sales | 1,102 | 1,378 | 1,551 |
Other | 13,081 | 14,014 | 16,033 |
Other liabilities | 39,525 | 40,315 | 42,231 |
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 802 | 968 | 1,135 |
Loans held in trusts, consolidated as a result of failed sales, included in loans held-for-sale | 72 | 73 | 60 |
Foreclosed or repossessed real estate | 21 | 35 | 31 |
Foreclosed or repossessed residential real estate | 13 | SFr 6 | 3 |
Bank | |||
Other assets | |||
Other assets | 46,189 | 57,910 | |
Other liabilities | |||
Other liabilities | SFr 39,336 | SFr 41,715 |
Long-term debt (Details)
Long-term debt (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Long-term debt | |||
Senior | SFr 174,394 | SFr 157,849 | SFr 157,986 |
Subordinated | 24,052 | 23,494 | 24,796 |
Non-recourse liabilities from consolidated VIEs | 1,780 | 2,147 | 14,826 |
Long-term debt | 200,226 | 183,490 | 197,608 |
of which reported at fair value | 73,922 | 69,104 | 80,931 |
Structured notes | |||
Long-term debt | |||
Long-term debt | 60,446 | SFr 55,006 | 54,848 |
Bank | |||
Long-term debt | |||
Long-term debt | SFr 194,603 | SFr 192,094 |
Long-term debt - Maturities (De
Long-term debt - Maturities (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Long-term debt by maturities | |||
Long-term debt | SFr 200,226 | SFr 183,490 | SFr 197,608 |
Structured notes | |||
Long-term debt by maturities | |||
Long-term debt | 60,446 | 55,006 | 54,848 |
Structured notes | Equity | |||
Long-term debt by maturities | |||
Long-term debt | 35,490 | 33,421 | 35,594 |
Structured notes | Fixed income | |||
Long-term debt by maturities | |||
Long-term debt | 16,398 | 13,805 | 11,534 |
Structured notes | Credit | |||
Long-term debt by maturities | |||
Long-term debt | 5,618 | 5,505 | 5,261 |
Structured notes | Other | |||
Long-term debt by maturities | |||
Long-term debt | 2,940 | SFr 2,275 | 2,459 |
Group parent company | |||
Long-term debt by maturities | |||
Long-term debt | 4,676 | 5,025 | |
Bank | |||
Long-term debt by maturities | |||
Long-term debt | SFr 194,603 | SFr 192,094 |
Accumulated other comprehensi99
Accumulated other comprehensive income (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance at beginning of period | SFr (15,603) | SFr (16,635) | SFr (16,635) | ||
Balance at end of period | (15,262) | (15,603) | (15,262) | ||
Gains/(losses) on cash flow hedges | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance at beginning of period | 31 | (15) | SFr (23) | (15) | SFr (31) |
Increase/(decrease) | 26 | 47 | 25 | 73 | 43 |
Increase/(decrease) due to equity method investments | (3) | (3) | (1) | (6) | (17) |
Reclassification adjustments, included in net income | (3) | 2 | 7 | (1) | 13 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |||
Total increase/(decrease) | 20 | 46 | 31 | 66 | 39 |
Balance at end of period | 51 | 31 | 8 | 51 | 8 |
Cumulative translation adjustments | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance at beginning of period | (13,452) | (12,615) | (12,947) | (12,615) | (11,478) |
Increase/(decrease) | 322 | (886) | (1,027) | (564) | (2,498) |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 9 | 49 | 4 | 58 | 6 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |||
Total increase/(decrease) | 331 | (837) | (1,023) | (506) | (2,492) |
Balance at end of period | (13,121) | (13,452) | (13,970) | (13,121) | (13,970) |
Unrealized gains/(losses) on securities | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance at beginning of period | 65 | 60 | 74 | 60 | 64 |
Increase/(decrease) | 2 | 5 | (11) | 7 | (1) |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 0 | 0 | (1) | 0 | (1) |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |||
Total increase/(decrease) | 2 | 5 | (12) | 7 | (2) |
Balance at end of period | 67 | 65 | 62 | 67 | 62 |
Actuarial gains/(losses) | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance at beginning of period | (4,567) | (4,672) | (3,921) | (4,672) | (4,010) |
Increase/(decrease) | 0 | 22 | 6 | 22 | 7 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 82 | 83 | 86 | 165 | 174 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |||
Total increase/(decrease) | 82 | 105 | 92 | 187 | 181 |
Balance at end of period | (4,485) | (4,567) | (3,829) | (4,485) | (3,829) |
Net prior service credit/ (cost) | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance at beginning of period | 579 | 607 | 431 | 607 | 452 |
Increase/(decrease) | 0 | 0 | 0 | 0 | 0 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 | 0 | 0 |
Reclassification adjustments, included in net income | (25) | (28) | (22) | (53) | (43) |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |||
Total increase/(decrease) | (25) | (28) | (22) | (53) | (43) |
Balance at end of period | 554 | 579 | 409 | 554 | 409 |
Accumulated Gains (Losses) On Liabilities Related To Credit Risk | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance at beginning of period | 1,741 | ||||
Increase/(decrease) | (69) | 1,266 | 1,197 | ||
Increase/(decrease) due to equity method investments | 0 | 0 | 0 | ||
Reclassification adjustments, included in net income | 0 | 0 | 0 | ||
Cumulative effect of accounting changes, net of tax | 475 | 475 | |||
Total increase/(decrease) | (69) | 1,741 | 1,672 | ||
Balance at end of period | 1,672 | 1,741 | 1,672 | ||
Accumulated other comprehensive income | |||||
Increase (Decrease) in Accumulated other Comprehensive Income | |||||
Balance at beginning of period | (15,603) | (16,635) | (16,386) | (16,635) | (15,003) |
Increase/(decrease) | 281 | 454 | (1,007) | 735 | (2,449) |
Increase/(decrease) due to equity method investments | (3) | (3) | (1) | (6) | (17) |
Reclassification adjustments, included in net income | 63 | 106 | 74 | 169 | 149 |
Cumulative effect of accounting changes, net of tax | 475 | 475 | |||
Total increase/(decrease) | 341 | 1,032 | (934) | 1,373 | (2,317) |
Balance at end of period | SFr (15,262) | SFr (15,603) | SFr (17,320) | SFr (15,262) | SFr (17,320) |
AOCI - Additional share informa
AOCI - Additional share information (Details 2) - SFr / shares | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |||||||
Common shares issued | ||||||||||||
Common Stock, Shares, Issued, Beginning Balance | 1,957,379,244 | 1,957,379,244 | 1,607,168,947 | 1,957,379,244 | 1,607,168,947 | |||||||
Issuance of common shares | 132,518,134 | 0 | 31,226,399 | 132,518,134 | 31,226,399 | |||||||
of which reserved for share-based compensation | 30,000,000 | 0 | 0 | 30,000,000 | 0 | |||||||
Common Stock, Shares, Issued, Ending Balance | 2,089,897,378 | 1,957,379,244 | 1,638,395,346 | 2,089,897,378 | 1,638,395,346 | |||||||
Treasury shares | ||||||||||||
Treasury Stock, Shares, Beginning Balance | 10,939,863 | 5,910,224 | 43,695,094 | 5,910,224 | 7,666,658 | |||||||
Sale of treasury shares | 474,842,916 | 190,347,314 | 220,985,925 | 665,190,230 | 301,511,352 | |||||||
Repurchase of treasury shares | 482,072,771 | 196,089,371 | 224,833,683 | 678,162,142 | 342,146,721 | |||||||
Share-based compensation, net of tax | 9,636,105 | 712,418 | 41,575,944 | 10,348,523 | 42,335,119 | |||||||
Treasury Stock, Shares, Ending Balance | 8,533,613 | 10,939,863 | 5,966,908 | 8,533,613 | 5,966,908 | |||||||
Common shares outstanding | 2,081,363,765 | [1] | 1,946,439,381 | [2] | 1,632,428,438 | [3] | 2,081,363,765 | [1] | 1,632,428,438 | [3] | 1,951,469,020 | |
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | SFr 0.04 | SFr 0.04 | ||||||||
Authorized shares (in shares) | [4] | 2,797,379,244 | 2,666,152,845 | 2,797,379,244 | 2,666,152,845 | |||||||
Unissued shares (in shares) | 653,000,000 | 680,000,000 | 680,000,000 | 653,000,000 | 680,000,000 | |||||||
Capital Instrument Reserved | ||||||||||||
Treasury shares | ||||||||||||
Unissued shares (in shares) | 518,996,021 | 515,145,579 | 498,874,240 | 518,996,021 | 498,874,240 | |||||||
[1] | At par value CHF 0.04 each, fully paid. In addition to the treasury shares, a maximum of 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 518'996'021 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. 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] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). |
AOCI - Significant reclassifica
AOCI - Significant reclassification adjustments (Details 3) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reclassification adjustments, included in net income | |||||
Income tax expense | SFr 21 | SFr (179) | SFr 590 | SFr (158) | SFr 1,067 |
Gains/(losses) on cash flow hedges | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | (3) | 2 | 7 | (1) | 13 |
Cumulative translation adjustments | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | 9 | 49 | 4 | 58 | 6 |
Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Reclassification adjustments, included in net income | |||||
Sale of subsidiaries | 9 | 49 | 4 | 58 | 6 |
of which net releases | 3 | 52 | |||
Unrealized gains/(losses) on securities | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | 0 | 0 | (1) | 0 | (1) |
Actuarial gains/(losses) | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | 82 | 83 | 86 | 165 | 174 |
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 | 105 | 107 | 110 | 212 | 222 |
Income tax expense | (23) | (24) | (24) | (47) | (48) |
Net prior service credit/ (cost) | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | (25) | (28) | (22) | (53) | (43) |
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 | (32) | (36) | (29) | (68) | (57) |
Income tax expense | 7 | 8 | 7 | 15 | 14 |
Accumulated other comprehensive income | |||||
Reclassification adjustments, included in net income | |||||
Reclassification adjustments, included in net income | 63 | SFr 106 | 74 | 169 | 149 |
Bank | |||||
Reclassification adjustments, included in net income | |||||
Income tax expense | SFr 8 | SFr 563 | SFr (293) | SFr 1,012 |
Offsetting of financial asse102
Offsetting of financial assets (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 319,100 | SFr 268,000 | |
Offsetting | (294,700) | (245,100) | |
of which counterparty netting | (265,700) | (223,000) | |
of which cash collateral netting | (29,000) | (22,100) | |
Total net derivatives subject to enforceable master netting agreements | 24,400 | 22,900 | |
Total derivatives not subject to enforceable master netting agreements | 5,300 | 5,700 | |
Total net derivatives presented in the consolidated balance sheets | 29,700 | 28,600 | |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | |||
Securities purchased under resale agreements, gross | 80,700 | 92,000 | |
Securities purchased under resale agreements, offsetting | (17,700) | (19,600) | |
Securities purchased under resale agreements, net | 63,000 | 72,400 | |
Securities borrowing transactions, gross | 24,200 | 21,400 | |
Securities borrowing transactions, offsetting | (4,600) | (3,900) | |
Securities borrowing transactions, net | 19,600 | 17,500 | |
Total subject to enforceable master netting agreements, gross | 104,900 | 113,400 | |
Total subject to enforceable master netting agreements, offsetting | (22,300) | (23,500) | |
Total subject to enforceable master netting agreements, net | 82,600 | 89,900 | |
Total not subject to enforceable master netting agreements | 39,500 | 33,100 | |
Total, gross | 144,400 | 146,500 | |
Total, net | 122,100 | 123,000 | |
of which reported at fair value | 79,927 | SFr 92,788 | 83,565 |
Amounts not offset in the consolidated balance sheets | |||
Derivatives, net | 24,400 | 22,900 | |
Derivatives, financial instruments | 6,100 | 6,200 | |
Derivatives, cash collateral received/pledged | 100 | 800 | |
Derivatives, net exposure | 18,200 | 15,900 | |
Securities purchased under resale agreements, net | 63,000 | 72,400 | |
Securities purchased under resale agreements, financial instruments | 63,000 | 72,400 | |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 0 | |
Securities purchased under resale agreements, net exposure | 0 | 0 | |
Securities borrowing transactions, net | 19,600 | 17,500 | |
Securities borrowing transactions, financial instruments | 19,100 | 17,100 | |
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 | |
Securities borrowing transactions, net exposure | 500 | 400 | |
Total financial assets subject to enforceable master netting agreements, net | 107,000 | 112,800 | |
Total financial assets subject to enforceable master netting agreements, financial instruments | 88,200 | 95,700 | |
Total financial assets subject to enforceable master netting agreements, cash collateral received/pledged | 100 | 800 | |
Total financial assets subject to enforceable master netting agreements, net exposure | 18,700 | 16,300 | |
Trading assets | |||
Offsetting of derivatives | |||
Total net derivatives presented in the consolidated balance sheets | 29,500 | 28,400 | |
Other assets | |||
Offsetting of derivatives | |||
Total net derivatives presented in the consolidated balance sheets | 200 | 200 | |
OTC-cleared | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 30,200 | 19,500 | |
Offsetting | (27,400) | (19,000) | |
Total net derivatives subject to enforceable master netting agreements | 2,800 | 500 | |
Amounts not offset in the consolidated balance sheets | |||
Derivatives, net | 2,800 | 500 | |
OTC | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 276,100 | 239,200 | |
Offsetting | (255,200) | (217,100) | |
Total net derivatives subject to enforceable master netting agreements | 20,900 | 22,100 | |
Amounts not offset in the consolidated balance sheets | |||
Derivatives, net | 20,900 | 22,100 | |
Exchange-traded | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 12,800 | 9,300 | |
Offsetting | (12,100) | (9,000) | |
Total net derivatives subject to enforceable master netting agreements | 700 | 300 | |
Amounts not offset in the consolidated balance sheets | |||
Derivatives, net | 700 | 300 | |
Interest rate derivatives | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 220,000 | 168,700 | |
Interest rate derivatives | OTC-cleared | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 28,100 | 15,700 | |
Interest rate derivatives | OTC | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 191,800 | 153,000 | |
Interest rate derivatives | Exchange-traded | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 0 | |
Foreign exchange derivatives | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 59,500 | 58,400 | |
Foreign exchange derivatives | OTC-cleared | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 0 | |
Foreign exchange derivatives | OTC | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 58,900 | 58,100 | |
Foreign exchange derivatives | Exchange-traded | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 500 | 300 | |
Equity/index-related derivatives | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 23,900 | 20,900 | |
Equity/index-related derivatives | OTC-cleared | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 0 | |
Equity/index-related derivatives | OTC | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 11,600 | 12,000 | |
Equity/index-related derivatives | Exchange-traded | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 12,200 | 8,900 | |
Credit derivatives | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 13,400 | 17,300 | |
Credit derivatives | OTC-cleared | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 1,800 | 3,800 | |
Credit derivatives | OTC | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 11,600 | 13,500 | |
Other products | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 2,300 | 2,700 | |
Other products | OTC-cleared | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 0 | |
Other products | OTC | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | 2,200 | 2,600 | |
Other products | Exchange-traded | |||
Offsetting of derivatives | |||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 0 | SFr 100 |
Offsetting of financial liabili
Offsetting of financial liabilities (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 326,300 | SFr 272,000 | |
Offsetting | (305,300) | (254,900) | |
of which counterparty netting | (265,700) | (223,000) | |
of which cash collateral netting | (39,600) | (31,900) | |
Total net derivatives subject to enforceable master netting agreements | 21,000 | 17,100 | |
Total derivatives not subject to enforceable master netting agreements | 6,300 | 6,500 | |
Total net derivatives presented in the consolidated balance sheets | 27,300 | 23,600 | |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | |||
Securities sold under repurchase agreements, gross | 42,100 | 43,200 | |
Securities sold under repurchase agreements, offsetting | (19,500) | (21,400) | |
Securities sold under repurchase agreements, net | 22,600 | 21,800 | |
Securities lending transactions, gross | 8,900 | 9,800 | |
Securities lending transactions, offsetting | (2,800) | (2,100) | |
Securities lending transactions, net | 6,100 | 7,700 | |
Obligation to return securities received as collateral, at fair value, gross | 16,900 | 19,400 | |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 | |
Obligation to return securities received as collateral, at fair value, net | 16,900 | 19,400 | |
Total subject to enforceable master netting agreements, gross | 67,900 | 72,400 | |
Total subject to enforceable master netting agreements, offsetting | (22,300) | (23,500) | |
Total subject to enforceable master netting agreements, net | 45,600 | 48,900 | |
Total not subject to enforceable master netting agreements | 12,900 | 26,200 | |
Total, gross | 80,800 | 98,600 | |
Total, net | 58,500 | 75,100 | |
of which reported at fair value | 18,114 | SFr 25,421 | 32,398 |
Amounts not offset in the consolidated balance sheets | |||
Derivatives, net | 21,000 | 17,100 | |
Derivatives, financial instruments | 5,600 | 3,400 | |
Derivatives, cash collateral received/pledged | 0 | 0 | |
Derivatives, net exposure | 15,400 | 13,700 | |
Securities sold under repurchase agreements, net | 22,600 | 21,800 | |
Securities sold under repurchase agreements, financial instruments | 22,600 | 21,800 | |
Securities sold under repurchase agreements, cash collateral received/pledged | 0 | 0 | |
Securities sold under repurchase agreements, net exposure | 0 | 0 | |
Securities lending transactions, net | 6,100 | 7,700 | |
Securities lending transactions, financial instruments | 6,000 | 7,400 | |
Securities lending transactions, cash collateral received/pledged | 0 | 0 | |
Securities lending transactions, net exposure | 100 | 300 | |
Obligation to return securities received as collateral, at fair value, net | 16,900 | 19,400 | |
Obligation to return securities received as collateral, financial instruments | 16,400 | 18,500 | |
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 | 500 | 900 | |
Total financial liabilities subject to enforceable master netting agreements, net | 66,600 | 66,000 | |
Total financial liabilities subject to enforceable master netting agreements, financial instruments | 50,600 | 51,100 | |
Total financial liabilities subject to enforceable master netting agreements, cash collateral received/pledged | 0 | 0 | |
Total financial liabilities subject to enforceable master netting agreements, net exposure | 16,000 | 14,900 | |
Trading Liabilities | |||
Offsetting of derivatives | |||
Total net derivatives presented in the consolidated balance sheets | 27,000 | 23,500 | |
Other liabilities | |||
Offsetting of derivatives | |||
Total net derivatives presented in the consolidated balance sheets | 300 | 100 | |
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 | (22,300) | (23,500) | |
Total, gross | 54,800 | 70,100 | |
Total, net | 32,500 | 46,600 | |
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 | 26,000 | 28,500 | |
Total, net | 26,000 | 28,500 | |
OTC-cleared | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 26,700 | 18,500 | |
Offsetting | (26,200) | (18,500) | |
Total net derivatives subject to enforceable master netting agreements | 500 | 0 | |
Amounts not offset in the consolidated balance sheets | |||
Derivatives, net | 500 | 0 | |
OTC | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 284,100 | 241,900 | |
Offsetting | (265,700) | (226,500) | |
Total net derivatives subject to enforceable master netting agreements | 18,400 | 15,400 | |
Amounts not offset in the consolidated balance sheets | |||
Derivatives, net | 18,400 | 15,400 | |
Exchange-traded | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 15,500 | 11,600 | |
Offsetting | (13,400) | (9,900) | |
Total net derivatives subject to enforceable master netting agreements | 2,100 | 1,700 | |
Amounts not offset in the consolidated balance sheets | |||
Derivatives, net | 2,100 | 1,700 | |
Interest rate derivatives | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 211,700 | 161,000 | |
Interest rate derivatives | OTC-cleared | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 24,000 | 14,500 | |
Interest rate derivatives | OTC | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 187,500 | 146,500 | |
Interest rate derivatives | Exchange-traded | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200 | 0 | |
Foreign exchange derivatives | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 70,400 | 68,500 | |
Foreign exchange derivatives | OTC-cleared | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 300 | 0 | |
Foreign exchange derivatives | OTC | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 70,000 | 68,200 | |
Foreign exchange derivatives | Exchange-traded | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 100 | 300 | |
Equity/index-related derivatives | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 29,300 | 24,500 | |
Equity/index-related derivatives | OTC-cleared | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 300 | 0 | |
Equity/index-related derivatives | OTC | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 13,800 | 13,300 | |
Equity/index-related derivatives | Exchange-traded | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 15,200 | 11,200 | |
Credit derivatives | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 13,600 | 16,400 | |
Credit derivatives | OTC-cleared | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 2,100 | 4,000 | |
Credit derivatives | OTC | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 11,500 | 12,400 | |
Other products | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,300 | 1,600 | |
Other products | OTC-cleared | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 0 | 0 | |
Other products | OTC | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,300 | 1,500 | |
Other products | Exchange-traded | |||
Offsetting of derivatives | |||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 0 | SFr 100 |
Tax - Income statement related_
Tax - Income statement related/reconciliation of tax rate (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income from continuing operations before taxes (CHF) | |||||
Income/(loss) from continuing operations before taxes | SFr 199 | SFr (484) | SFr 1,656 | SFr (285) | SFr 3,167 |
Current and deferred taxes | |||||
Deferred income tax expense | (339) | 708 | |||
Income tax expense | 21 | (179) | 590 | (158) | 1,067 |
Reconciliation of taxes computed at the Swiss statutory rate | |||||
Income tax expense computed at the statutory tax rate of 22% | SFr 44 | ||||
Swiss statutory rate (as a percent) | 22.00% | ||||
Increase/(decrease) in income taxes resulting from: | |||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | SFr 63 | ||||
of which foreign tax rate expense/(benefit) in respect of profits earned in higher/lower tax jurisdictions | 63 | ||||
Other non-deductible expenses | (109) | ||||
of which non-deductible interest expenses | 81 | ||||
of which non-deductible bank levy costs and other non-deductible compensation expenses | 28 | ||||
Lower taxed income | 60 | ||||
of which tax benefit related to non-taxable foreign exchange gains | (10) | ||||
of which tax benefit related non-taxable life insurance income | (16) | ||||
of which exempt income | 12 | ||||
Changes in deferred tax valuation allowance | (46) | ||||
Change in recognition of outside basis difference | 145 | ||||
Other | (136) | ||||
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 8 | ||||
of which tax (benefit)/charge from the impact of prior year adjustments | (15) | ||||
of which tax benefit from the reduction in own-credit revaluation gains | (41) | ||||
Income tax expense | 21 | SFr (179) | 590 | (158) | 1,067 |
Switzerland | |||||
Increase/(decrease) in income taxes resulting from: | |||||
of which swiss income tax benefit as a result of foreign branch earnings beneficially impact the earnings mix | (22) | ||||
of which net increases to the valuation allowance on deferred tax assets on net tax loss carry-forwards | 15 | ||||
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | (95) | ||||
UK | |||||
Increase/(decrease) in income taxes resulting from: | |||||
of which tax benefit from the release of valuation allowances on deferred tax assets | (61) | ||||
Bank | |||||
Income from continuing operations before taxes (CHF) | |||||
Income/(loss) from continuing operations before taxes | 55 | 1,508 | (703) | 2,929 | |
Current and deferred taxes | |||||
Income tax expense | 8 | 563 | (293) | 1,012 | |
Increase/(decrease) in income taxes resulting from: | |||||
Income tax expense | SFr 8 | SFr 563 | SFr (293) | SFr 1,012 |
Tax - Balance sheet related (De
Tax - Balance sheet related (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |
Tax effect of temporary differences | |||
Net operating loss carry-forwards, after allocation of valuation allowances | SFr 2,594 | SFr 2,594 | SFr 2,348 |
Net deferred tax assets | 6,271 | 6,271 | SFr 6,291 |
Tax benefits associated with share-based compensation | |||
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | SFr (146) | SFr (126) |
Tax - Net deferred tax assets_l
Tax - Net deferred tax assets/liabilities by type (Details 3) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Net deferred tax assets | ||||||
Deferred tax assets | SFr 6,319 | SFr 6,341 | SFr 6,319 | SFr 6,179 | ||
Net operating loss carry-forwards, after allocation of valuation allowances | 2,594 | 2,348 | 2,594 | |||
Temporary differences | 3,725 | 3,993 | 3,725 | |||
Deferred tax liabilities | 48 | 50 | 48 | SFr 54 | ||
Deferred Tax Assets (Liabilities), Net | 6,271 | SFr 6,291 | 6,271 | |||
Accumulated undistributed earnings from foreign subsidiaries | SFr 4,700 | SFr 4,700 | ||||
Effective tax rate | ||||||
Effective tax rate (as a percent) | 10.60% | 37.00% | 35.60% | 55.40% | 33.70% | |
Minimum | ||||||
Net deferred tax assets | ||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | SFr 0 | SFr 0 | ||||
Maximum | ||||||
Net deferred tax assets | ||||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | SFr 7 | SFr 7 |
Deferred compensation expense (
Deferred compensation expense (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | SFr 374 | SFr 366 | SFr 540 | SFr 740 | SFr 1,226 |
2011 Partner Asset Facility (PAF2) | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 0 | 0 | 0 | 0 | 1 |
Restricted Cash Awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 0 | 0 | 11 | 0 | 21 |
Other Cash Awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 102 | 33 | 90 | 135 | 218 |
2008 Partner Asset Facility (PAF) awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | (8) | (8) | 10 | (16) | 22 |
Plus Bond awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 0 | 5 | 5 | 5 | 11 |
Contingent Capital Awards (CCA) | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 43 | 19 | 75 | 62 | 196 |
Capital Opportunity Facility (COF) | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 3 | 3 | 3 | 6 | 7 |
Performance shares | Performance share awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 87 | 119 | 137 | 206 | 304 |
Stock compensation plan | Share awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | 141 | SFr 195 | SFr 209 | 336 | SFr 446 |
Stock compensation plan | Contingent Capital share awards | |||||
Deferred compensation expense | |||||
Total compensation expense relating to deferred compensation | SFr 6 | SFr 6 |
Estimated unrecognized deferred
Estimated unrecognized deferred compensation (Details 2) SFr in Millions | 3 Months Ended |
Jun. 30, 2016CHF (SFr) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 1,561 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 2 months 14 days |
Other Cash Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 281 |
Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 211 |
Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 308 |
Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 703 |
Stock compensation plan | Contingent Capital share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 58 |
Share-based awards (Details 3)
Share-based awards (Details 3) shares in Millions, SFr in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016CHF (SFr)shares | Jun. 30, 2016CHF (SFr)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total estimated unrecognized compensation expense | SFr | SFr 1,561 | SFr 1,561 |
Performance shares | Performance share awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total estimated unrecognized compensation expense | SFr | SFr 308 | SFr 308 |
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 | 77.3 | 55.9 |
Granted (in shares) | 0 | 21.4 |
Settled (in shares) | (26.3) | (26.3) |
Forfeited (in shares) | (1) | (1) |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 50 | 50 |
of which vested (in shares) | 3 | 3 |
of which unvested (in shares) | 47 | 47 |
Stock compensation plan | Share awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total estimated unrecognized compensation expense | SFr | SFr 703 | SFr 703 |
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 | 110.6 | 80.3 |
Granted (in shares) | 1.9 | 33.5 |
Settled (in shares) | (33.8) | (35) |
Forfeited (in shares) | (6.4) | (6.5) |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 72.3 | 72.3 |
of which vested (in shares) | 5.1 | 5.1 |
of which unvested (in shares) | 67.2 | 67.2 |
Stock compensation plan | Contingent Capital share awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total estimated unrecognized compensation expense | SFr | SFr 58 | SFr 58 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 15.6 | 0 |
Granted (in shares) | 0.8 | 16.4 |
Settled (in shares) | (2.6) | (2.6) |
Forfeited (in shares) | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 13.8 | 13.8 |
of which vested (in shares) | 0.3 | 0.3 |
of which unvested (in shares) | 13.5 | 13.5 |
Cash-based awards (Details 5)
Cash-based awards (Details 5) SFr in Millions | 3 Months Ended |
Jun. 30, 2016CHF (SFr) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Estimated unrecognized compensation expense | SFr 1,561 |
Contingent Capital Awards (CCA) | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Estimated unrecognized compensation expense | SFr 211 |
Other Cash Awards | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 2 years |
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 183 |
Estimated unrecognized compensation expense | SFr 281 |
Plus Bond awards | Cliff vesting [Member] | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years |
Pension and other post-retir111
Pension and other post-retirement benefits - Obligation and funded status (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Total benefit costs | |||||
Service costs on benefit obligation | SFr 78 | SFr 77 | SFr 80 | SFr 155 | SFr 159 |
Interest costs on benefit obligation | 70 | 70 | 81 | 140 | 161 |
Expected return on plan assets | (178) | (178) | (196) | (356) | (391) |
Amortization of recognized prior service cost/(credit) | (29) | (29) | (28) | (58) | (55) |
Amortization of recognized actuarial losses/(gains) | 105 | 105 | 110 | 210 | 221 |
Net periodic benefit costs | 46 | 45 | 47 | 91 | 95 |
Settlement losses/(gains) | 0 | 2 | 0 | 2 | 1 |
Curtailment losses/(gains) | (3) | (7) | (1) | (10) | (2) |
Special termination benefits | 3 | 1 | 3 | 4 | 4 |
Total benefit costs | 46 | 41 | 49 | 87 | 98 |
PBO | |||||
Service costs | 78 | 77 | 80 | 155 | 159 |
Interest costs | SFr 70 | SFr 70 | SFr 81 | 140 | SFr 161 |
Pension and Other Postretirement Benefit Contributions | |||||
Contributions expected to be made by the company by the end of the current fiscal year | 643 | ||||
Contributions made to defined benefit pension plans and other post-retirement defined benefit plans | SFr 451 |
Derivatives and hedging acti112
Derivatives and hedging activities - Fair value - balance sheet related (Details) - CHF (SFr) SFr in Billions | 3 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Fair value of derivative instruments | ||
Notional amount | SFr 31,886.1 | SFr 33,606.2 |
Positive replacement value (PRV) | 324.4 | 273.7 |
Negative replacement value (NRV) | SFr 332.6 | 278.5 |
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 31,823.5 | 33,533 |
Positive replacement value (PRV) | 322.8 | 272.4 |
Negative replacement value (NRV) | 331.2 | 277.4 |
Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 27,596.5 | 28,811.5 |
Positive replacement value (PRV) | 220 | 168.6 |
Negative replacement value (NRV) | 212.4 | 161.4 |
Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 9,125.6 | 7,229.5 |
Positive replacement value (PRV) | 3.2 | 1 |
Negative replacement value (NRV) | 3.5 | 1.2 |
Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 14,860.7 | 16,737.7 |
Positive replacement value (PRV) | 151.8 | 118.3 |
Negative replacement value (NRV) | 146.2 | 112.8 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 2,523.5 | 2,856 |
Positive replacement value (PRV) | 64.9 | 49.2 |
Negative replacement value (NRV) | 62.5 | 47.4 |
Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 755.9 | 1,789.9 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 330.8 | 198.4 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.2 | 0 |
Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 2,552 | 3,119.4 |
Positive replacement value (PRV) | 61.2 | 60.2 |
Negative replacement value (NRV) | 72.1 | 70.8 |
Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1,099.8 | 1,498.4 |
Positive replacement value (PRV) | 19 | 16.6 |
Negative replacement value (NRV) | 18.7 | 16.9 |
Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 933.7 | 1,050.7 |
Positive replacement value (PRV) | 32.7 | 30.5 |
Negative replacement value (NRV) | 43.5 | 40.8 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 474.8 | 534.8 |
Positive replacement value (PRV) | 9 | 12.8 |
Negative replacement value (NRV) | 9.8 | 12.8 |
Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 26.8 | 22.5 |
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 | 16.9 | 13 |
Positive replacement value (PRV) | 0.5 | 0.3 |
Negative replacement value (NRV) | 0.1 | 0.3 |
Not designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 813.3 | 831.9 |
Positive replacement value (PRV) | 13.6 | 17.8 |
Negative replacement value (NRV) | 14 | 17.3 |
Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 801.7 | 722.5 |
Positive replacement value (PRV) | 25.4 | 22.6 |
Negative replacement value (NRV) | 30.7 | 25.7 |
Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 2.3 | 1.3 |
Positive replacement value (PRV) | 0 | 0 |
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 | 175.4 | 203.8 |
Positive replacement value (PRV) | 4.7 | 5.1 |
Negative replacement value (NRV) | 7 | 6.7 |
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 240 | 193.1 |
Positive replacement value (PRV) | 8.3 | 8.4 |
Negative replacement value (NRV) | 8.2 | 7.5 |
Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 47.7 | 39.9 |
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 | 336.3 | 284.4 |
Positive replacement value (PRV) | 12.4 | 9.1 |
Negative replacement value (NRV) | 15.4 | 11.4 |
Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 60 | 47.7 |
Positive replacement value (PRV) | 2.6 | 3.2 |
Negative replacement value (NRV) | 2 | 2.2 |
Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 7.1 | 6.3 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 20.1 | 19.6 |
Positive replacement value (PRV) | 2.2 | 2.6 |
Negative replacement value (NRV) | 1.5 | 1.7 |
Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 15.4 | 8.8 |
Positive replacement value (PRV) | 0.3 | 0.4 |
Negative replacement value (NRV) | 0.3 | 0.3 |
Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 14.5 | 11.9 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 2.9 | 1.1 |
Positive replacement value (PRV) | 0 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 62.6 | 73.2 |
Positive replacement value (PRV) | 1.6 | 1.3 |
Negative replacement value (NRV) | 1.4 | 1.1 |
Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 46.2 | 54.3 |
Positive replacement value (PRV) | 1.6 | 1.3 |
Negative replacement value (NRV) | 1.3 | 1 |
Designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 46.2 | 54.3 |
Positive replacement value (PRV) | 1.6 | 1.3 |
Negative replacement value (NRV) | 1.3 | 1 |
Designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 16.4 | 18.9 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 10.9 | 10.7 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 5.5 | 8.2 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | SFr 0 | SFr 0 |
Derivatives and hedging acti113
Derivatives and hedging activities - Movements (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair value hedges | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in income on derivatives | SFr 689 | SFr 1,218 | SFr (606) | SFr 1,907 | SFr (557) |
Gains/(losses) recognized in income on hedged items | (751) | (1,320) | 619 | (2,071) | 575 |
Net gains/(losses) on the ineffective portion | (62) | (102) | 13 | (164) | 18 |
Fair value hedges | Interest rate derivatives | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in income on derivatives | 689 | 1,218 | (606) | 1,907 | (559) |
Gains/(losses) recognized in income on hedged items | (751) | (1,320) | 619 | (2,071) | 577 |
Fair value hedges | Foreign exchange derivatives | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in income on derivatives | 0 | 0 | 0 | 0 | 2 |
Gains/(losses) recognized in income on hedged items | 0 | 0 | 0 | 0 | (2) |
Cash flow hedges | |||||
Derivative Instruments, Gain (Loss) | |||||
Net gains/(losses) on the ineffective portion | (1) | 32 | (6) | 31 | (2) |
Gains/(losses) recognized in AOCI on derivatives | 31 | 57 | 24 | 88 | 33 |
Gains/(losses) reclassified from AOCI into income | 6 | (1) | (7) | 5 | (13) |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | 27 | ||||
Cash flow hedges | Interest rate derivatives | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in AOCI on derivatives | 35 | 62 | (5) | 97 | 54 |
Gains/(losses) reclassified from AOCI into income | 8 | 8 | 9 | 16 | 18 |
Cash flow hedges | Foreign exchange derivatives | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in AOCI on derivatives | (4) | (5) | 29 | (9) | (21) |
Gains/(losses) reclassified from AOCI into income | (2) | (9) | (16) | (11) | (31) |
Net investment hedges | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in AOCI on derivatives | (232) | (20) | 321 | (252) | 808 |
Net investment hedges | Foreign exchange derivatives | |||||
Derivative Instruments, Gain (Loss) | |||||
Gains/(losses) recognized in AOCI on derivatives | SFr (232) | SFr (20) | SFr 321 | SFr (252) | SFr 808 |
Derivatives and hedging acti114
Derivatives and hedging activities - Contingent credit risk (Details 3) - CHF (SFr) SFr in Billions | Jun. 30, 2016 | Dec. 31, 2015 |
Contingent credit risk | ||
Current net exposure | SFr 16 | SFr 15.1 |
Collateral posted | 13.8 | 12.8 |
Additional collateral required in a one-notch downgrade event | 0.9 | 1.2 |
Additional collateral required in a two-notch downgrade event | 2.9 | 3.1 |
Additional collateral required in a three-notch downgrade event | 3.5 | 4.2 |
Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 14.3 | 13.2 |
Collateral posted | 13.3 | 12.3 |
Additional collateral required in a one-notch downgrade event | 0.3 | 0.7 |
Additional collateral required in a two-notch downgrade event | 1.5 | 1.8 |
Additional collateral required in a three-notch downgrade event | 1.8 | 2.1 |
Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.5 | 0.5 |
Collateral posted | 0.5 | 0.5 |
Additional collateral required in a one-notch downgrade event | 0.5 | 0.4 |
Additional collateral required in a two-notch downgrade event | 0.8 | 0.7 |
Additional collateral required in a three-notch downgrade event | 0.9 | 1.3 |
Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 1.2 | 1.4 |
Additional collateral required in a one-notch downgrade event | 0.1 | 0.1 |
Additional collateral required in a two-notch downgrade event | 0.6 | 0.6 |
Additional collateral required in a three-notch downgrade event | SFr 0.8 | SFr 0.8 |
Derivatives and hedging acti115
Derivatives and hedging activities - Credit protection sold/purchased (Details 4) - CHF (SFr) SFr in Billions | 3 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Credit protection sold/purchased | ||
Credit protection sold | SFr (372.7) | SFr (378.3) |
Credit protection purchased | 353.8 | 356 |
Net credit protection (sold)/purchased | (18.9) | (22.3) |
Other protection purchased | 69 | 80.4 |
Fair value of credit protection sold | (0.7) | (2.5) |
Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (8.8) | (7.8) |
Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (71.7) | (71.1) |
Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (275.9) | (281.3) |
Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (25.1) | (25.9) |
Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (47.5) | (48.5) |
Credit protection purchased | 43.5 | 44.9 |
Net credit protection (sold)/purchased | (4) | (3.6) |
Other protection purchased | 7.9 | 7.1 |
Fair value of credit protection sold | (1.1) | (1.1) |
Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (325.2) | (329.8) |
Credit protection purchased | 310.3 | 311.1 |
Net credit protection (sold)/purchased | (14.9) | (18.7) |
Other protection purchased | 61.1 | 73.3 |
Fair value of credit protection sold | 0.4 | (1.4) |
Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (286.8) | (288.7) |
Credit protection purchased | 275.9 | 276.9 |
Net credit protection (sold)/purchased | (10.9) | (11.8) |
Other protection purchased | 52.7 | 58.5 |
Fair value of credit protection sold | 0.3 | 0.5 |
Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (85.9) | (89.6) |
Credit protection purchased | 77.9 | 79.1 |
Net credit protection (sold)/purchased | (8) | (10.5) |
Other protection purchased | 16.3 | 21.9 |
Fair value of credit protection sold | (1) | (3) |
Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (247.7) | (264.8) |
Credit protection purchased | 236.7 | 249.7 |
Net credit protection (sold)/purchased | (11) | (15.1) |
Other protection purchased | 32.5 | 42.6 |
Fair value of credit protection sold | (0.4) | (2.2) |
Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (54.1) | (52.1) |
Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (177.1) | (196.4) |
Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (16.5) | (16.3) |
Single-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (46.9) | (47.5) |
Credit protection purchased | 42.9 | 43.9 |
Net credit protection (sold)/purchased | (4) | (3.6) |
Other protection purchased | 7.1 | 6.1 |
Fair value of credit protection sold | (1.1) | (1.1) |
Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (200.8) | (217.3) |
Credit protection purchased | 193.8 | 205.8 |
Net credit protection (sold)/purchased | (7) | (11.5) |
Other protection purchased | 25.4 | 36.5 |
Fair value of credit protection sold | 0.7 | (1.1) |
Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (183.4) | (199.6) |
Credit protection purchased | 174.5 | 188.6 |
Net credit protection (sold)/purchased | (8.9) | (11) |
Other protection purchased | 20.7 | 26.9 |
Fair value of credit protection sold | 1 | 1 |
Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (64.3) | (65.2) |
Credit protection purchased | 62.2 | 61.1 |
Net credit protection (sold)/purchased | (2.1) | (4.1) |
Other protection purchased | 11.8 | 15.7 |
Fair value of credit protection sold | (1.4) | (3.2) |
Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (125) | (113.5) |
Credit protection purchased | 117.1 | 106.3 |
Net credit protection (sold)/purchased | (7.9) | (7.2) |
Other protection purchased | 36.5 | 37.8 |
Fair value of credit protection sold | (0.3) | (0.3) |
Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (17.6) | (19) |
Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (98.8) | (84.9) |
Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (8.6) | (9.6) |
Multi-name instruments | Sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (0.6) | (1) |
Credit protection purchased | 0.6 | 1 |
Net credit protection (sold)/purchased | 0 | 0 |
Other protection purchased | 0.8 | 1 |
Fair value of credit protection sold | 0 | 0 |
Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (124.4) | (112.5) |
Credit protection purchased | 116.5 | 105.3 |
Net credit protection (sold)/purchased | (7.9) | (7.2) |
Other protection purchased | 35.7 | 36.8 |
Fair value of credit protection sold | (0.3) | (0.3) |
Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (103.4) | (89.1) |
Credit protection purchased | 101.4 | 88.3 |
Net credit protection (sold)/purchased | (2) | (0.8) |
Other protection purchased | 32 | 31.6 |
Fair value of credit protection sold | (0.7) | (0.5) |
Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (21.6) | (24.4) |
Credit protection purchased | 15.7 | 18 |
Net credit protection (sold)/purchased | (5.9) | (6.4) |
Other protection purchased | 4.5 | 6.2 |
Fair value of credit protection sold | SFr 0.4 | SFr 0.2 |
Derivatives and hedging acti116
Derivatives and hedging activities - Credit derivatives (Details 5) - CHF (SFr) SFr in Billions | 3 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Credit Derivatives [Line Items] | ||
Credit protection sold | SFr 372.7 | SFr 378.3 |
Credit protection purchased | 353.8 | 356 |
Other protection purchased | 69 | 80.4 |
Other instruments | 17.8 | 17.2 |
Total credit derivatives | SFr 813.3 | SFr 831.9 |
Guarantees and commitments - Gu
Guarantees and commitments - Guarantees maturity (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Guarantees | ||
Maturity less than 1 year | SFr 39,092 | SFr 34,698 |
Maturity greater than 1 year | 12,626 | 20,371 |
Total gross amount | 51,718 | 55,069 |
Total net amount | 50,613 | 53,956 |
Carrying value | 1,295 | 910 |
Collateral received | 8,107 | 8,406 |
Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 2,100 | 2,916 |
Maturity greater than 1 year | 1,120 | 1,486 |
Total gross amount | 3,220 | 4,402 |
Total net amount | 2,991 | 4,193 |
Carrying value | 10 | 25 |
Collateral received | 1,729 | 1,729 |
Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 4,481 | 4,295 |
Maturity greater than 1 year | 2,547 | 2,704 |
Total gross amount | 7,028 | 6,999 |
Total net amount | 6,155 | 6,100 |
Carrying value | 90 | 78 |
Collateral received | 2,932 | 3,144 |
Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 28,755 | 23,529 |
Maturity greater than 1 year | 7,474 | 14,660 |
Total gross amount | 36,229 | 38,189 |
Total net amount | 36,229 | 38,189 |
Carrying value | 1,158 | 755 |
Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 3,756 | 3,958 |
Maturity greater than 1 year | 1,485 | 1,521 |
Total gross amount | 5,241 | 5,479 |
Total net amount | 5,238 | 5,474 |
Carrying value | 37 | 52 |
Collateral received | SFr 3,446 | SFr 3,533 |
Guarantees and commitments - Ot
Guarantees and commitments - Other guarantees (Details 2) - CHF (SFr) SFr in Billions | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Guarantees | |||
Amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 6 | ||
Group's share in amount jointly guaranteed by deposit-taking banks and securities dealers in Switzerland | SFr 0.6 | SFr 0.6 |
Guarantees and commitments -119
Guarantees and commitments - Other commitments maturity (Details 7) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Other commitments | ||
Maturity less than 1 year | SFr 33,962 | SFr 38,410 |
Maturity greater than 1 year | 84,762 | 104,092 |
Total gross amount | 118,724 | 142,502 |
Total net amount | 115,012 | 138,587 |
Collateral received | 54,122 | 65,798 |
Unused revocable credit limits | 98,321 | 98,495 |
Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 4,171 | 4,022 |
Maturity greater than 1 year | 8 | 7 |
Total gross amount | 4,179 | 4,029 |
Total net amount | 4,117 | 3,935 |
Collateral received | 2,849 | 2,468 |
Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 27,894 | 33,890 |
Maturity greater than 1 year | 84,611 | 103,763 |
Total gross amount | 112,505 | 137,653 |
Total net amount | 108,855 | 133,833 |
Collateral received | 50,428 | 63,276 |
Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 837 | 48 |
Maturity greater than 1 year | 0 | 0 |
Total gross amount | 837 | 48 |
Total net amount | 837 | 48 |
Collateral received | 837 | 48 |
Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 1,060 | 450 |
Maturity greater than 1 year | 143 | 322 |
Total gross amount | 1,203 | 772 |
Total net amount | 1,203 | 771 |
Collateral received | SFr 8 | SFr 6 |
Transfers of financial assets (
Transfers of financial assets (TFA) - Securitizations (Details) - CHF (SFr) SFr in Millions | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jan. 01, 2016 | |
CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | SFr 2 | SFr (2) | |
Proceeds from transfer of assets | 3,148 | 5,252 | |
Cash received on interests that continue to be held | 35 | 74 | |
RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | (1) | 4 | |
Proceeds from transfer of assets | 4,898 | 8,416 | |
Servicing fees | 2 | 1 | |
Cash received on interests that continue to be held | 262 | 204 | |
Other asset-backed financing activities | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 17 | 11 | |
Proceeds from transfer of assets | 1,305 | 636 | |
Impact of ASU 2015-2 implementation not included in the amount of proceeds from transfer of assets | SFr 3,109 | ||
Servicing fees | 61 | ||
Cash received on interests that continue to be held | SFr 1 | SFr 3 |
TFA - Principal amounts outstan
TFA - Principal amounts outstanding / total assets - continuing involvement (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Jan. 01, 2016 | Dec. 31, 2015 |
CMBS | |||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | |||
Principal amount outstanding | SFr 35,114 | SFr 40,625 | |
Total assets of SPE | 47,665 | 56,118 | |
RMBS | |||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | |||
Principal amount outstanding | 43,897 | 54,164 | |
Total assets of SPE | 43,987 | 55,833 | |
Other asset-backed financing activities | |||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | |||
Principal amount outstanding | 20,070 | 21,653 | |
Impact of ASU 2015-2 implementation included in the principal amount outstanding from transfers of assets prior to January 1, 2016 | SFr 3,208 | ||
Total assets of SPE | SFr 34,466 | SFr 22,787 | |
Impact of ASU 2015-2 implementation included in total assets of SPE from transfers of assets prior to January 1, 2016 | SFr 16,625 |
TFA - Key economic assumptions
TFA - Key economic assumptions at time of transfer (Details 3) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed rate assumed used for projecting payments over the life of a residential mortgage loan (as a percent) | 100.00% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans in the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans after the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Constant prepayment rate assumed using a 100% prepayment assumption (as a percent) | 6.00% | ||
CMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 42 | SFr 997 | |
Weighted-average life, in years | 10 years 8 months 12 days | 8 years 10 months 24 days | |
CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 2.40% | 2.00% | |
Expected credit losses (rate per annum), in % (as a percent) | 0.00% | 0.70% | |
CMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 4.90% | 5.70% | |
Expected credit losses (rate per annum), in % (as a percent) | 0.00% | 3.40% | |
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 42 | SFr 975 | |
CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 0 | 22 | |
RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 1,300 | SFr 1,018 | |
Weighted-average life, in years | 6 years 8 months 12 days | 8 years 7 months 7 days | |
RMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 8.10% | 4.50% | |
Cash flow discount rate (rate per annum), in % (as a percent) | 1.40% | 1.70% | |
Expected credit losses (rate per annum), in % (as a percent) | 0.00% | 0.50% | |
RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 24.40% | 27.70% | |
Cash flow discount rate (rate per annum), in % (as a percent) | 18.60% | 13.60% | |
Expected credit losses (rate per annum), in % (as a percent) | 0.00% | 12.50% | |
RMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 1,228 | SFr 826 | |
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 71 | SFr 192 |
TFA - Key economic assumptio123
TFA - Key economic assumptions at balance sheet date (Details 4) - CHF (SFr) SFr in Millions | 3 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
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 568 | SFr 1,007 |
Weighted-average life, in years | 6 years 2 months 14 days | 6 years 8 months 12 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (7.7) | SFr (18.1) |
Impact on fair value from 20% adverse change in cash flow discount rate | (14.9) | (35.6) |
Impact on fair value from 10% adverse change in expected credit losses | (4.8) | (8) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (9.5) | SFr (15.9) |
CMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 1.60% | 2.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.10% | 0.90% |
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) | 16.10% | 13.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 15.30% | 12.70% |
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 86 | SFr 73 |
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 2,067 | SFr 2,274 |
Weighted-average life, in years | 6 years 10 months 24 days | 9 years 8 months 12 days |
Impact on fair value from 10% adverse change in prepayment speed | SFr (28.7) | SFr (30.5) |
Impact on fair value from 20% adverse change in prepayment speed | (55.7) | (57.6) |
Impact on fair value from 10% adverse change in cash flow discount rate | (39) | (63.1) |
Impact on fair value from 20% adverse change in cash flow discount rate | (75.9) | (122.5) |
Impact on fair value from 10% adverse change in expected credit losses | (27.8) | (32.3) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (54.3) | SFr (63.2) |
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) | 1.10% | 1.00% |
Cash flow discount rate per annum, in % (as a percent) | 0.60% | 1.50% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.20% | 1.30% |
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) | 31.10% | 37.10% |
Cash flow discount rate per annum, in % (as a percent) | 39.10% | 35.50% |
Expected credit losses rate (rate per annum), in % (as a percent) | 37.70% | 34.30% |
RMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 584 | SFr 581 |
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 276 | SFr 56 |
Weighted-average life, in years | 5 years 7 months 7 days | 2 years 6 months 1 day |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (5.2) | SFr (0.7) |
Impact on fair value from 20% adverse change in cash flow discount rate | (10.3) | (1.5) |
Impact on fair value from 10% adverse change in expected credit losses | (4.1) | (0.7) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (8.1) | SFr (1.5) |
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) | 1.30% | 5.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.20% | 0.20% |
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) | 21.80% | 21.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 20.00% | 14.20% |
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 50 | SFr 55 |
TFA - Carrying amounts for sale
TFA - Carrying amounts for sale treatmen not achieved (Details 5) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
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 | SFr 0 | SFr 266 |
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 | 0 | (266) |
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 | 214 | 155 |
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 | 139 | 122 |
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 (353) | SFr (277) |
TFA - Accounted for as sales -
TFA - Accounted for as sales - by transaction type (Details 6) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Carrying amount derecognized | SFr 308 | SFr 703 |
Gross cash proceeds received for assets derecognized | 378 | 775 |
Fair value of transferred assets | 404 | 773 |
Gross derivative assets recorded | 319,100 | 268,000 |
Gross derivative liabilities recorded | 326,300 | 272,000 |
Interest rate derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 220,000 | 168,700 |
Gross derivative liabilities recorded | 211,700 | 161,000 |
Foreign exchange derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 59,500 | 58,400 |
Gross derivative liabilities recorded | 70,400 | 68,500 |
Equity/index-related derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 23,900 | 20,900 |
Gross derivative liabilities recorded | 29,300 | 24,500 |
Credit derivatives | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 13,400 | 17,300 |
Gross derivative liabilities recorded | 13,600 | 16,400 |
Other products | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Gross derivative assets recorded | 2,300 | 2,700 |
Gross derivative liabilities recorded | 1,300 | 1,600 |
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 | 308 |
Gross cash proceeds received for assets derecognized | 378 | 378 |
Fair value of transferred assets | 404 | 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 | 583 | 553 |
Gross derivative liabilities recorded | 0 | 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 | 583 | 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 | SFr 583 | SFr 546 |
TFA - Transfer of certain finan
TFA - Transfer of certain financial assets accounted for as secured borrowings (Details 7) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Securities sold under repurchase agreements | SFr 44,200 | SFr 58,100 | |
Securities lending transactions | 10,600 | 12,000 | |
Obligation to return securities received as collateral, at fair value | 25,993 | SFr 25,760 | 28,511 |
Total | 80,800 | 98,600 | |
Governments debt securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Securities sold under repurchase agreements | 20,100 | 21,100 | |
Securities lending transactions | 3,300 | 3,100 | |
Obligation to return securities received as collateral, at fair value | 600 | 500 | |
Corporate debt securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Securities sold under repurchase agreements | 12,600 | 15,200 | |
Securities lending transactions | 500 | 400 | |
Obligation to return securities received as collateral, at fair value | 400 | 100 | |
Asset-backed securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Securities sold under repurchase agreements | 11,300 | 21,600 | |
Equity securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Securities sold under repurchase agreements | 100 | 100 | |
Securities lending transactions | 6,400 | 8,200 | |
Obligation to return securities received as collateral, at fair value | 25,000 | 27,900 | |
Other | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Securities sold under repurchase agreements | 100 | 100 | |
Securities lending transactions | 400 | 300 | |
Maturity on Demand [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Securities sold under repurchase agreements | 5,200 | 7,700 | |
Securities lending transactions | 4,800 | 6,000 | |
Obligation to return securities received as collateral, at fair value | 23,700 | 26,200 | |
Total | 33,700 | 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 | 22,100 | 29,900 | |
Securities lending transactions | 4,900 | 3,600 | |
Obligation to return securities received as collateral, at fair value | 2,300 | 2,300 | |
Total | 29,300 | 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 | 8,000 | 8,100 | |
Securities lending transactions | 200 | 1,800 | |
Obligation to return securities received as collateral, at fair value | 0 | 0 | |
Total | 8,200 | 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 | 8,900 | 12,400 | |
Securities lending transactions | 700 | 600 | |
Obligation to return securities received as collateral, at fair value | 0 | 0 | |
Total | 9,600 | 13,000 | |
Bank | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Obligation to return securities received as collateral, at fair value | SFr 25,993 | SFr 28,511 |
Variable interest entities (VIE
Variable interest entities (VIE) - Consolidated (Details 8) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated VIEs in which the Group was the primary beneficiary | |||||
Cash and due from banks | SFr 114,049 | SFr 94,210 | SFr 92,328 | SFr 104,054 | SFr 79,349 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 122,068 | 136,211 | 123,049 | ||
Trading assets | 177,619 | 187,550 | 190,737 | ||
Investment securities | 2,611 | 3,143 | 3,090 | ||
Other investments | 6,149 | 6,294 | 7,021 | ||
Net loans | 273,835 | 270,248 | 272,995 | ||
Premises and equipment | 4,693 | 4,609 | 4,644 | ||
Other assets | 46,283 | 44,627 | 58,017 | ||
of which loans held-for-sale | 12,782 | 12,981 | 25,839 | ||
Customer deposits | 347,559 | 344,545 | 342,705 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,499 | 40,150 | 46,598 | ||
Trading liabilities | 51,682 | 53,582 | 48,971 | ||
Short-term borrowings | 11,178 | 14,768 | 8,657 | ||
Long-term debt | 200,226 | 183,490 | 197,608 | ||
Other liabilities | 39,525 | 40,315 | 42,231 | ||
Consolidated VIEs | |||||
Consolidated VIEs in which the Group was the primary beneficiary | |||||
Cash and due from banks | 489 | 314 | 1,693 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 53 | ||
Trading assets | 3,475 | 3,144 | 2,372 | ||
Investment securities | 544 | 1,066 | 1,009 | ||
Other investments | 1,955 | 2,175 | 1,986 | ||
Net loans | 360 | 353 | 1,312 | ||
Premises and equipment | 282 | 288 | 327 | ||
Other assets | 2,503 | 3,778 | 14,451 | ||
of which loans held-for-sale | 251 | 11,275 | |||
Total assets of consolidated VIEs | 9,608 | 23,203 | |||
Trading liabilities | 137 | 22 | 27 | ||
Short-term borrowings | 1 | 34 | 81 | ||
Long-term debt | 1,780 | 2,147 | 14,826 | ||
Other liabilities | 241 | SFr 1,115 | 836 | ||
Total liabilities of consolidated VIEs | 2,159 | 15,770 | |||
Consolidated VIEs | Collateralized debt obligations | |||||
Consolidated VIEs in which the Group was the primary beneficiary | |||||
Cash and due from banks | 54 | 1,351 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ||||
Trading assets | 0 | 283 | |||
Investment securities | 0 | 0 | |||
Other investments | 0 | 0 | |||
Net loans | 0 | 0 | |||
Premises and equipment | 0 | 0 | |||
Other assets | 0 | 10,839 | |||
of which loans held-for-sale | 0 | 10,790 | |||
Total assets of consolidated VIEs | 54 | 12,473 | |||
Trading liabilities | 0 | 8 | |||
Short-term borrowings | 0 | 0 | |||
Long-term debt | 68 | 12,428 | |||
Other liabilities | 0 | 51 | |||
Total liabilities of consolidated VIEs | 68 | 12,487 | |||
Consolidated VIEs | CP Conduit | |||||
Consolidated VIEs in which the Group was the primary beneficiary | |||||
Cash and due from banks | 99 | 0 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 53 | ||||
Trading assets | 0 | 49 | |||
Investment securities | 0 | 0 | |||
Other investments | 0 | 0 | |||
Net loans | 0 | 0 | |||
Premises and equipment | 0 | 0 | |||
Other assets | 0 | 123 | |||
of which loans held-for-sale | 0 | 0 | |||
Total assets of consolidated VIEs | 99 | 225 | |||
Trading liabilities | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 0 | 3 | |||
Total liabilities of consolidated VIEs | 0 | 3 | |||
Consolidated VIEs | Financial intermediation - Securitizations | |||||
Consolidated VIEs in which the Group was the primary beneficiary | |||||
Cash and due from banks | 88 | 21 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ||||
Trading assets | 88 | 0 | |||
Investment securities | 544 | 1,009 | |||
Other investments | 0 | 0 | |||
Net loans | 0 | 0 | |||
Premises and equipment | 0 | 0 | |||
Other assets | 1,230 | 1,671 | |||
of which loans held-for-sale | 240 | 469 | |||
Total assets of consolidated VIEs | 1,950 | 2,701 | |||
Trading liabilities | 0 | 0 | |||
Short-term borrowings | 0 | 81 | |||
Long-term debt | 1,490 | 2,128 | |||
Other liabilities | 1 | 3 | |||
Total liabilities of consolidated VIEs | 1,491 | 2,212 | |||
Consolidated VIEs | Financial intermediation - Funds | |||||
Consolidated VIEs in which the Group was the primary beneficiary | |||||
Cash and due from banks | 151 | 9 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ||||
Trading assets | 928 | 941 | |||
Investment securities | 0 | 0 | |||
Other investments | 118 | 0 | |||
Net loans | 0 | 0 | |||
Premises and equipment | 0 | 0 | |||
Other assets | 37 | 0 | |||
of which loans held-for-sale | 0 | 0 | |||
Total assets of consolidated VIEs | 1,234 | 950 | |||
Trading liabilities | 119 | 0 | |||
Short-term borrowings | 1 | 0 | |||
Long-term debt | 81 | 125 | |||
Other liabilities | 20 | 1 | |||
Total liabilities of consolidated VIEs | 221 | 126 | |||
Consolidated VIEs | Financial intermediation - Loans | |||||
Consolidated VIEs in which the Group was the primary beneficiary | |||||
Cash and due from banks | 85 | 93 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ||||
Trading assets | 1,080 | 1,001 | |||
Investment securities | 0 | 0 | |||
Other investments | 1,534 | 1,553 | |||
Net loans | 29 | 27 | |||
Premises and equipment | 282 | 327 | |||
Other assets | 87 | 83 | |||
of which loans held-for-sale | 10 | 16 | |||
Total assets of consolidated VIEs | 3,097 | 3,084 | |||
Trading liabilities | 18 | 18 | |||
Short-term borrowings | 0 | 0 | |||
Long-term debt | 138 | 136 | |||
Other liabilities | 140 | 135 | |||
Total liabilities of consolidated VIEs | 296 | 289 | |||
Consolidated VIEs | Financial intermediation - Other | |||||
Consolidated VIEs in which the Group was the primary beneficiary | |||||
Cash and due from banks | 12 | 219 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | ||||
Trading assets | 1,379 | 98 | |||
Investment securities | 0 | 0 | |||
Other investments | 303 | 433 | |||
Net loans | 331 | 1,285 | |||
Premises and equipment | 0 | 0 | |||
Other assets | 1,149 | 1,735 | |||
of which loans held-for-sale | 1 | 0 | |||
Total assets of consolidated VIEs | 3,174 | 3,770 | |||
Trading liabilities | 0 | 1 | |||
Short-term borrowings | 0 | 0 | |||
Long-term debt | 3 | 9 | |||
Other liabilities | 80 | 643 | |||
Total liabilities of consolidated VIEs | 83 | 653 | |||
Bank | |||||
Consolidated VIEs in which the Group was the primary beneficiary | |||||
Cash and due from banks | 112,000 | 90,521 | SFr 102,358 | SFr 78,000 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 122,436 | 123,436 | |||
Trading assets | 177,733 | 191,096 | |||
Investment securities | 2,236 | 2,698 | |||
Other investments | 5,885 | 6,787 | |||
Net loans | 256,513 | 254,915 | |||
Premises and equipment | 4,496 | 4,439 | |||
Other assets | 46,189 | 57,910 | |||
Customer deposits | 336,063 | 331,700 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,499 | 46,598 | |||
Trading liabilities | 51,692 | 49,054 | |||
Short-term borrowings | 11,178 | 8,657 | |||
Long-term debt | 194,603 | 192,094 | |||
Other liabilities | SFr 39,336 | SFr 41,715 |
VIE - Non-consolidated (Details
VIE - Non-consolidated (Details 9) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Non-consolidated VIEs | |||
Trading assets | SFr 177,619 | SFr 187,550 | SFr 190,737 |
Net loans | 273,835 | 270,248 | 272,995 |
Other assets | 46,283 | 44,627 | 58,017 |
Other liabilities | 39,525 | SFr 40,315 | 42,231 |
Non-consolidated VIEs | |||
Non-consolidated VIEs | |||
Trading assets | 5,532 | 7,415 | |
Net loans | 8,678 | 11,054 | |
Other assets | 520 | 185 | |
Total variable interest assets, non-consolidated VIEs | 14,730 | 18,654 | |
Maximum exposure to loss | 25,374 | 31,166 | |
Non-consolidated VIE assets | 218,903 | 252,921 | |
Non-consolidated VIEs | Collateralized debt obligations | |||
Non-consolidated VIEs | |||
Trading assets | 175 | 90 | |
Net loans | 4 | 36 | |
Other assets | 3 | 0 | |
Total variable interest assets, non-consolidated VIEs | 182 | 126 | |
Maximum exposure to loss | 183 | 126 | |
Non-consolidated VIE assets | 4,511 | 6,590 | |
Non-consolidated VIEs | Financial intermediation - Securitizations | |||
Non-consolidated VIEs | |||
Trading assets | 4,077 | 6,021 | |
Net loans | 505 | 1,508 | |
Other assets | 15 | 11 | |
Total variable interest assets, non-consolidated VIEs | 4,597 | 7,540 | |
Maximum exposure to loss | 9,364 | 12,986 | |
Non-consolidated VIE assets | 80,982 | 113,530 | |
Non-consolidated VIEs | Financial intermediation - Funds | |||
Non-consolidated VIEs | |||
Trading assets | 982 | 871 | |
Net loans | 2,834 | 2,734 | |
Other assets | 13 | 13 | |
Total variable interest assets, non-consolidated VIEs | 3,829 | 3,618 | |
Maximum exposure to loss | 3,829 | 3,618 | |
Non-consolidated VIE assets | 62,007 | 54,112 | |
Non-consolidated VIEs | Financial intermediation - Loans | |||
Non-consolidated VIEs | |||
Trading assets | 235 | 425 | |
Net loans | 4,078 | 5,053 | |
Other assets | 178 | 0 | |
Total variable interest assets, non-consolidated VIEs | 4,491 | 5,478 | |
Maximum exposure to loss | 9,191 | 11,866 | |
Non-consolidated VIE assets | 32,314 | 41,824 | |
Non-consolidated VIEs | Financial intermediation - Other | |||
Non-consolidated VIEs | |||
Trading assets | 63 | 8 | |
Net loans | 1,257 | 1,723 | |
Other assets | 311 | 161 | |
Total variable interest assets, non-consolidated VIEs | 1,631 | 1,892 | |
Maximum exposure to loss | 2,807 | 2,570 | |
Non-consolidated VIE assets | 39,089 | 36,865 | |
Bank | |||
Non-consolidated VIEs | |||
Trading assets | 177,733 | 191,096 | |
Net loans | 256,513 | 254,915 | |
Other assets | 46,189 | 57,910 | |
Other liabilities | SFr 39,336 | SFr 41,715 |
Financial instruments (FI) - As
Financial instruments (FI) - Assets measured at fair value on recurring basis (Details 2) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | |||
Cash and Due from Banks | SFr 318 | SFr 193 | SFr 89 |
Interest-bearing deposits with banks | 0 | 2 | 2 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,927 | 92,788 | 83,565 |
Securities received as collateral | 25,993 | 25,760 | 28,511 |
Trading assets | 177,619 | 187,550 | 190,737 |
Investment securities | 2,611 | 3,143 | 3,090 |
Other investments | 3,587 | 3,646 | 4,237 |
Loans | 20,831 | 21,521 | 20,820 |
Other intangible assets (mortgage servicing rights), at fair value | 111 | 106 | 112 |
Other assets | 13,439 | SFr 13,308 | 25,627 |
Netting impact | (294,700) | (245,100) | |
Total assets at fair value, measured at net asset value per share | 3,169 | ||
Recurring basis | |||
Assets | |||
Cash and Due from Banks | 318 | 89 | |
Interest-bearing deposits with banks | 2 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,927 | 83,565 | |
Securities received as collateral | 25,993 | 28,511 | |
Trading assets | 177,619 | 190,737 | |
Trading assets, measured at net asset value per share | 1,770 | 1,685 | |
Investment securities | 2,611 | 3,090 | |
Other investments | 3,587 | 4,237 | |
Other investments, measured at net asset value per share | 1,404 | 2,177 | |
Loans | 20,831 | 20,820 | |
Loans - of which commercial and industrial | 11,923 | 11,546 | |
Loans - of which financial institutions | 5,359 | 5,831 | |
Other intangible assets (mortgage servicing rights), at fair value | 111 | 112 | |
Other assets | 13,439 | 25,627 | |
Other assets - of which loans held-for-sale | 9,222 | 21,146 | |
Netting impact | (294,706) | (245,254) | |
Total assets at fair value | 324,436 | 356,790 | |
Total assets at fair value, measured at net asset value per share | 3,174 | 3,862 | |
Less other investments - equity at fair value attributable to noncontrolling interests | (296) | (601) | |
Less other investments - equity at fair value attributable to noncontrolling interests, measured at net asset value per share | (184) | (473) | |
Less assets consolidated under ASU 2009-17 | (1,299) | (12,770) | |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 322,841 | 343,419 | |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework, measured at net asset value per share | 2,990 | 3,389 | |
Recurring basis | Private equity | |||
Assets | |||
Other investments | 597 | 1,042 | |
Other investments, measured at net asset value per share | 590 | 1,042 | |
Recurring basis | Private equity - of which equity funds | |||
Assets | |||
Other investments | 237 | 437 | |
Other investments, measured at net asset value per share | 237 | 437 | |
Recurring basis | Hedge funds | |||
Assets | |||
Other investments | 274 | 295 | |
Other investments, measured at net asset value per share | 274 | 295 | |
Recurring basis | Hedge funds - of which debt funds | |||
Assets | |||
Other investments | 238 | 260 | |
Other investments, measured at net asset value per share | 238 | 260 | |
Recurring basis | Other equity investments | |||
Assets | |||
Other investments | 1,028 | 1,229 | |
Other investments, measured at net asset value per share | 540 | 840 | |
Recurring basis | Other equity investments - of which private | |||
Assets | |||
Other investments | 1,024 | 1,219 | |
Other investments, measured at net asset value per share | 539 | 840 | |
Recurring basis | Life finance instruments | |||
Assets | |||
Other investments | 1,688 | 1,671 | |
Recurring basis | Debt securities | |||
Assets | |||
Securities received as collateral | 1,029 | 1,304 | |
Trading assets | 66,658 | 80,542 | |
Investment securities | 2,524 | 3,004 | |
Recurring basis | Debt securities | Debt securities issued by foreign governments | |||
Assets | |||
Trading assets | 33,680 | 31,732 | |
Investment securities | 1,419 | 1,416 | |
Recurring basis | Debt securities | Corporate debt securities | |||
Assets | |||
Securities received as collateral | 451 | 261 | |
Trading assets | 14,020 | 17,520 | |
Investment securities | 283 | 285 | |
Recurring basis | Debt securities | RMBS | |||
Assets | |||
Trading assets | 14,622 | 23,116 | |
Investment securities | 515 | 750 | |
Recurring basis | Debt securities | CMBS | |||
Assets | |||
Trading assets | 2,007 | 4,139 | |
Investment securities | 29 | 259 | |
Recurring basis | Debt securities | Collateralized debt obligations | |||
Assets | |||
Trading assets | 2,223 | 3,615 | |
Recurring basis | Equity securities | |||
Assets | |||
Securities received as collateral | 24,964 | 27,207 | |
Trading assets | 69,814 | 70,961 | |
Trading assets, measured at net asset value per share | 1,770 | 1,685 | |
Investment securities | 87 | 86 | |
Recurring basis | Derivative instruments | |||
Assets | |||
Trading assets | 29,488 | 28,365 | |
Netting impact | (293,275) | (244,105) | |
Recurring basis | Other | |||
Assets | |||
Trading assets | 11,659 | 10,869 | |
Recurring basis | Other assets | |||
Assets | |||
Netting impact | (1,431) | (1,149) | |
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 | 25,380 | 27,952 | |
Trading assets | 101,777 | 96,801 | |
Investment securities | 1,525 | 1,540 | |
Other investments | 14 | 0 | |
Loans | 0 | 0 | |
Loans - of which commercial and industrial | 0 | 0 | |
Loans - of which financial institutions | 0 | 0 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 | |
Other assets | 372 | 687 | |
Other assets - of which loans held-for-sale | 0 | 0 | |
Total assets at fair value | 129,068 | 126,980 | |
Less other investments - equity at fair value attributable to noncontrolling interests | 0 | 0 | |
Less assets consolidated under ASU 2009-17 | (1) | 0 | |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 129,067 | 126,980 | |
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 | 14 | 0 | |
Level 1 | Recurring basis | Other equity investments - of which private | |||
Assets | |||
Other investments | 14 | 0 | |
Level 1 | Recurring basis | Life finance instruments | |||
Assets | |||
Other investments | 0 | 0 | |
Level 1 | Recurring basis | Debt securities | |||
Assets | |||
Securities received as collateral | 465 | 811 | |
Trading assets | 28,274 | 27,932 | |
Investment securities | 1,523 | 1,538 | |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | |||
Assets | |||
Trading assets | 28,159 | 27,710 | |
Investment securities | 1,325 | 1,322 | |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | |||
Assets | |||
Securities received as collateral | 0 | 0 | |
Trading assets | 34 | 13 | |
Investment securities | 0 | 0 | |
Level 1 | Recurring basis | Debt securities | RMBS | |||
Assets | |||
Trading assets | 0 | 0 | |
Investment securities | 0 | 0 | |
Level 1 | Recurring basis | Debt securities | CMBS | |||
Assets | |||
Trading assets | 0 | 0 | |
Investment securities | 0 | 0 | |
Level 1 | Recurring basis | Debt securities | Collateralized debt obligations | |||
Assets | |||
Trading assets | 0 | 0 | |
Level 1 | Recurring basis | Equity securities | |||
Assets | |||
Securities received as collateral | 24,915 | 27,141 | |
Trading assets | 63,641 | 64,210 | |
Investment securities | 2 | 2 | |
Level 1 | Recurring basis | Derivative instruments | |||
Assets | |||
Trading assets | 6,913 | 2,625 | |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | |||
Assets | |||
Trading assets | 2,873 | 657 | |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | |||
Assets | |||
Trading assets | 93 | 104 | |
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | |||
Assets | |||
Trading assets | 3,944 | 1,857 | |
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | |||
Assets | |||
Trading assets | 0 | 0 | |
Level 1 | Recurring basis | Other | |||
Assets | |||
Trading assets | 2,949 | 2,034 | |
Level 2 | Recurring basis | |||
Assets | |||
Cash and Due from Banks | 318 | 89 | |
Interest-bearing deposits with banks | 2 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,627 | 83,407 | |
Securities received as collateral | 613 | 559 | |
Trading assets | 352,656 | 321,825 | |
Investment securities | 931 | 1,402 | |
Other investments | 65 | 25 | |
Loans | 11,840 | 11,870 | |
Loans - of which commercial and industrial | 6,086 | 5,811 | |
Loans - of which financial institutions | 3,736 | 4,102 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 | |
Other assets | 11,660 | 19,002 | |
Other assets - of which loans held-for-sale | 6,823 | 14,378 | |
Total assets at fair value | 457,710 | 438,181 | |
Less other investments - equity at fair value attributable to noncontrolling interests | 0 | (9) | |
Less assets consolidated under ASU 2009-17 | (1,028) | (9,212) | |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 456,682 | 428,960 | |
Level 2 | Recurring basis | Private equity | |||
Assets | |||
Other investments | 0 | 0 | |
Level 2 | Recurring basis | Private equity - of which equity funds | |||
Assets | |||
Other investments | 0 | 0 | |
Level 2 | Recurring basis | Hedge funds | |||
Assets | |||
Other investments | 0 | 0 | |
Level 2 | Recurring basis | Hedge funds - of which debt funds | |||
Assets | |||
Other investments | 0 | 0 | |
Level 2 | Recurring basis | Other equity investments | |||
Assets | |||
Other investments | 64 | 23 | |
Level 2 | Recurring basis | Other equity investments - of which private | |||
Assets | |||
Other investments | 62 | 14 | |
Level 2 | Recurring basis | Life finance instruments | |||
Assets | |||
Other investments | 1 | 2 | |
Level 2 | Recurring basis | Debt securities | |||
Assets | |||
Securities received as collateral | 564 | 493 | |
Trading assets | 33,928 | 48,047 | |
Investment securities | 846 | 1,318 | |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | |||
Assets | |||
Trading assets | 5,213 | 3,737 | |
Investment securities | 94 | 94 | |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | |||
Assets | |||
Securities received as collateral | 451 | 261 | |
Trading assets | 11,697 | 15,762 | |
Investment securities | 283 | 285 | |
Level 2 | Recurring basis | Debt securities | RMBS | |||
Assets | |||
Trading assets | 14,249 | 22,302 | |
Investment securities | 360 | 602 | |
Level 2 | Recurring basis | Debt securities | CMBS | |||
Assets | |||
Trading assets | 1,950 | 3,924 | |
Investment securities | 29 | 259 | |
Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | |||
Assets | |||
Trading assets | 794 | 2,317 | |
Level 2 | Recurring basis | Equity securities | |||
Assets | |||
Securities received as collateral | 49 | 66 | |
Trading assets | 4,066 | 4,195 | |
Investment securities | 85 | 84 | |
Level 2 | Recurring basis | Derivative instruments | |||
Assets | |||
Trading assets | 310,799 | 265,014 | |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | |||
Assets | |||
Trading assets | 216,354 | 167,173 | |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | |||
Assets | |||
Trading assets | 60,881 | 59,740 | |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | |||
Assets | |||
Trading assets | 20,243 | 19,803 | |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | |||
Assets | |||
Trading assets | 12,055 | 16,267 | |
Level 2 | Recurring basis | Other | |||
Assets | |||
Trading assets | 3,863 | 4,569 | |
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 | 300 | 158 | |
Securities received as collateral | 0 | 0 | |
Trading assets | 14,691 | 14,531 | |
Investment securities | 155 | 148 | |
Other investments | 2,104 | 2,035 | |
Loans | 8,991 | 8,950 | |
Loans - of which commercial and industrial | 5,837 | 5,735 | |
Loans - of which financial institutions | 1,623 | 1,729 | |
Other intangible assets (mortgage servicing rights), at fair value | 111 | 112 | |
Other assets | 2,838 | 7,087 | |
Other assets - of which loans held-for-sale | 2,399 | 6,768 | |
Total assets at fair value | 29,190 | 33,021 | |
Less other investments - equity at fair value attributable to noncontrolling interests | (112) | (119) | |
Less assets consolidated under ASU 2009-17 | (270) | (3,558) | |
Assets at fair value excluding noncontrolling interests and assets not risk-weighted under the Basel framework | 28,808 | 29,344 | |
Level 3 | Recurring basis | Private equity | |||
Assets | |||
Other investments | 7 | 0 | |
Level 3 | Recurring basis | Private equity - of which equity funds | |||
Assets | |||
Other investments | 0 | 0 | |
Level 3 | Recurring basis | Hedge funds | |||
Assets | |||
Other investments | 0 | 0 | |
Level 3 | Recurring basis | Hedge funds - of which debt funds | |||
Assets | |||
Other investments | 0 | 0 | |
Level 3 | Recurring basis | Other equity investments | |||
Assets | |||
Other investments | 410 | 366 | |
Level 3 | Recurring basis | Other equity investments - of which private | |||
Assets | |||
Other investments | 409 | 365 | |
Level 3 | Recurring basis | Life finance instruments | |||
Assets | |||
Other investments | 1,687 | 1,669 | |
Level 3 | Recurring basis | Debt securities | |||
Assets | |||
Securities received as collateral | 0 | 0 | |
Trading assets | 4,456 | 4,563 | |
Investment securities | 155 | 148 | |
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | |||
Assets | |||
Trading assets | 308 | 285 | |
Investment securities | 0 | 0 | |
Level 3 | Recurring basis | Debt securities | Corporate debt securities | |||
Assets | |||
Securities received as collateral | 0 | 0 | |
Trading assets | 2,289 | 1,745 | |
Investment securities | 0 | 0 | |
Level 3 | Recurring basis | Debt securities | RMBS | |||
Assets | |||
Trading assets | 373 | 814 | |
Investment securities | 155 | 148 | |
Level 3 | Recurring basis | Debt securities | CMBS | |||
Assets | |||
Trading assets | 57 | 215 | |
Investment securities | 0 | 0 | |
Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | |||
Assets | |||
Trading assets | 1,429 | 1,298 | |
Level 3 | Recurring basis | Equity securities | |||
Assets | |||
Securities received as collateral | 0 | 0 | |
Trading assets | 337 | 871 | |
Investment securities | 0 | 0 | |
Level 3 | Recurring basis | Derivative instruments | |||
Assets | |||
Trading assets | 5,051 | 4,831 | |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | |||
Assets | |||
Trading assets | 782 | 791 | |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | |||
Assets | |||
Trading assets | 217 | 383 | |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | |||
Assets | |||
Trading assets | 1,181 | 936 | |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | |||
Assets | |||
Trading assets | 1,580 | 1,568 | |
Level 3 | Recurring basis | Other | |||
Assets | |||
Trading assets | 4,847 | 4,266 | |
Bank | |||
Assets | |||
Securities received as collateral | 25,993 | 28,511 | |
Trading assets | SFr 177,733 | SFr 191,096 |
FI - Liabilities measured at fa
FI - Liabilities measured at fair value on recurring basis (Details 3) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Liabilities | |||
Due to banks | SFr 514 | SFr 499 | SFr 482 |
Customer deposits | 3,908 | 3,529 | 3,663 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 18,114 | 25,421 | 32,398 |
Obligation to return securities received as collateral | 25,993 | 25,760 | 28,511 |
Trading liabilities | 51,682 | 53,582 | 48,971 |
Short-term borrowings | 2,996 | 3,185 | 3,112 |
Long-term debt | 73,922 | 69,104 | 80,931 |
Other liabilities | 10,104 | SFr 10,867 | 11,754 |
Netting impact | (305,300) | (254,900) | |
Recurring basis | |||
Liabilities | |||
Due to banks | 514 | 482 | |
Customer deposits | 3,908 | 3,663 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 18,114 | 32,398 | |
Obligation to return securities received as collateral | 25,993 | 28,511 | |
Trading liabilities | 51,682 | 48,971 | |
Trading liabilities, measured at net asset value per share | 5 | 6 | |
Short-term borrowings | 2,996 | 3,112 | |
Long-term debt | 73,922 | 80,931 | |
Other liabilities | 10,104 | 11,754 | |
Netting impact | (305,335) | (254,879) | |
Total liabilities at fair value | 187,233 | 209,822 | |
Total liabilities at fair value, measured at net asset value per share | 5 | 6 | |
Recurring basis | Long-term debt - of which treasury debt over two years | |||
Liabilities | |||
Long-term debt | 3,648 | 4,590 | |
Recurring basis | Long-term debt - of which structured notes over one year and up to two years | |||
Liabilities | |||
Long-term debt | 6,874 | 6,760 | |
Recurring basis | Long-term debt - of which structured notes over two years | |||
Liabilities | |||
Long-term debt | 53,472 | 47,990 | |
Recurring basis | Long-term debt - of which other debt instruments over two years | |||
Liabilities | |||
Long-term debt | 2,870 | 2,073 | |
Recurring basis | Long-term debt - of which other subordinated bonds | |||
Liabilities | |||
Long-term debt | 5,071 | 5,476 | |
Recurring basis | Long-term debt - of which nonrecourse liabilities | |||
Liabilities | |||
Long-term debt | 1,781 | 13,839 | |
Recurring basis | Other liabilities - of which failed sales | |||
Liabilities | |||
Other liabilities | 1,069 | 984 | |
Recurring basis | Debt securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 1,029 | 1,304 | |
Trading liabilities | 7,995 | 8,405 | |
Recurring basis | Debt securities | Debt securities issued by foreign governments | |||
Liabilities | |||
Trading liabilities | 4,127 | 4,541 | |
Recurring basis | Debt securities | Corporate debt securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 451 | 261 | |
Trading liabilities | 3,614 | 3,643 | |
Recurring basis | Equity securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 24,964 | 27,207 | |
Trading liabilities | 16,637 | 17,080 | |
Trading liabilities, measured at net asset value per share | 5 | 6 | |
Recurring basis | Derivative instruments | |||
Liabilities | |||
Trading liabilities | 27,050 | 23,486 | |
Netting impact | (304,172) | (253,918) | |
Recurring basis | Other liabilities | |||
Liabilities | |||
Netting impact | (1,163) | (961) | |
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 | 25,380 | 27,952 | |
Trading liabilities | 27,684 | 24,037 | |
Short-term borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Other liabilities | 0 | 0 | |
Total liabilities at fair value | 53,064 | 51,989 | |
Level 1 | Recurring basis | Long-term debt - of which treasury debt over two years | |||
Liabilities | |||
Long-term debt | 0 | 0 | |
Level 1 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | |||
Liabilities | |||
Long-term debt | 0 | 0 | |
Level 1 | Recurring basis | Long-term debt - of which structured notes over two years | |||
Liabilities | |||
Long-term debt | 0 | 0 | |
Level 1 | Recurring basis | Long-term debt - of which other debt instruments over two years | |||
Liabilities | |||
Long-term debt | 0 | 0 | |
Level 1 | Recurring basis | Long-term debt - of which other subordinated bonds | |||
Liabilities | |||
Long-term debt | 0 | 0 | |
Level 1 | Recurring basis | Long-term debt - of which nonrecourse liabilities | |||
Liabilities | |||
Long-term debt | 0 | 0 | |
Level 1 | Recurring basis | Other liabilities - of which failed sales | |||
Liabilities | |||
Other liabilities | 0 | 0 | |
Level 1 | Recurring basis | Debt securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 465 | 811 | |
Trading liabilities | 3,553 | 4,100 | |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | |||
Liabilities | |||
Trading liabilities | 3,488 | 4,050 | |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 0 | 0 | |
Trading liabilities | 32 | 30 | |
Level 1 | Recurring basis | Equity securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 24,915 | 27,141 | |
Trading liabilities | 16,438 | 16,875 | |
Level 1 | Recurring basis | Derivative instruments | |||
Liabilities | |||
Trading liabilities | 7,693 | 3,062 | |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | |||
Liabilities | |||
Trading liabilities | 2,829 | 671 | |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | |||
Liabilities | |||
Trading liabilities | 75 | 82 | |
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 | 4,787 | 2,299 | |
Level 2 | Recurring basis | |||
Liabilities | |||
Due to banks | 514 | 482 | |
Customer deposits | 3,581 | 3,409 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 18,114 | 32,398 | |
Obligation to return securities received as collateral | 613 | 559 | |
Trading liabilities | 323,432 | 274,231 | |
Short-term borrowings | 2,888 | 3,040 | |
Long-term debt | 61,388 | 66,808 | |
Other liabilities | 9,428 | 10,224 | |
Total liabilities at fair value | 419,958 | 391,151 | |
Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | |||
Liabilities | |||
Long-term debt | 3,648 | 4,590 | |
Level 2 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | |||
Liabilities | |||
Long-term debt | 6,234 | 6,396 | |
Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | |||
Liabilities | |||
Long-term debt | 42,183 | 38,066 | |
Level 2 | Recurring basis | Long-term debt - of which other debt instruments over two years | |||
Liabilities | |||
Long-term debt | 2,273 | 1,435 | |
Level 2 | Recurring basis | Long-term debt - of which other subordinated bonds | |||
Liabilities | |||
Long-term debt | 5,071 | 5,476 | |
Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | |||
Liabilities | |||
Long-term debt | 1,773 | 10,642 | |
Level 2 | Recurring basis | Other liabilities - of which failed sales | |||
Liabilities | |||
Other liabilities | 564 | 530 | |
Level 2 | Recurring basis | Debt securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 564 | 493 | |
Trading liabilities | 4,430 | 4,289 | |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | |||
Liabilities | |||
Trading liabilities | 639 | 491 | |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 451 | 261 | |
Trading liabilities | 3,570 | 3,597 | |
Level 2 | Recurring basis | Equity securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 49 | 66 | |
Trading liabilities | 189 | 154 | |
Level 2 | Recurring basis | Derivative instruments | |||
Liabilities | |||
Trading liabilities | 318,813 | 269,788 | |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | |||
Liabilities | |||
Trading liabilities | 209,056 | 160,181 | |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | |||
Liabilities | |||
Trading liabilities | 71,636 | 70,381 | |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | |||
Liabilities | |||
Trading liabilities | 12,130 | 15,522 | |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | |||
Liabilities | |||
Trading liabilities | 24,650 | 22,015 | |
Level 3 | Recurring basis | |||
Liabilities | |||
Due to banks | 0 | 0 | |
Customer deposits | 327 | 254 | |
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 | 4,733 | 4,615 | |
Short-term borrowings | 108 | 72 | |
Long-term debt | 12,534 | 14,123 | |
Other liabilities | 1,839 | 2,491 | |
Total liabilities at fair value | 19,541 | 21,555 | |
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 | 640 | 364 | |
Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | |||
Liabilities | |||
Long-term debt | 11,289 | 9,924 | |
Level 3 | Recurring basis | Long-term debt - of which other debt instruments over two years | |||
Liabilities | |||
Long-term debt | 597 | 638 | |
Level 3 | Recurring basis | Long-term debt - of which other subordinated bonds | |||
Liabilities | |||
Long-term debt | 0 | 0 | |
Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | |||
Liabilities | |||
Long-term debt | 8 | 3,197 | |
Level 3 | Recurring basis | Other liabilities - of which failed sales | |||
Liabilities | |||
Other liabilities | 505 | 454 | |
Level 3 | Recurring basis | Debt securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 0 | 0 | |
Trading liabilities | 12 | 16 | |
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 | 12 | 16 | |
Level 3 | Recurring basis | Equity securities | |||
Liabilities | |||
Obligation to return securities received as collateral | 0 | 0 | |
Trading liabilities | 5 | 45 | |
Level 3 | Recurring basis | Derivative instruments | |||
Liabilities | |||
Trading liabilities | 4,716 | 4,554 | |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | |||
Liabilities | |||
Trading liabilities | 543 | 578 | |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | |||
Liabilities | |||
Trading liabilities | 436 | 329 | |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | |||
Liabilities | |||
Trading liabilities | 1,904 | 1,757 | |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | |||
Liabilities | |||
Trading liabilities | 1,236 | 1,347 | |
Bank | |||
Liabilities | |||
Obligation to return securities received as collateral | 25,993 | 28,511 | |
Trading liabilities | SFr 51,692 | SFr 49,054 |
FI - Roll-forward of assets mea
FI - Roll-forward of assets measured at fair value on recurring basis (Details 4) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Assets measured at fair value on a recurring basis for level 3 | |||
Transfers in, assets | SFr 1,484 | SFr 2,874 | |
Transfers out, assets | (1,289) | (3,147) | |
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 | 158 | SFr 77 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 186 | 74 | |
Settlements, assets | (40) | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (4) | (5) | |
Balance at end of period, assets | 300 | 300 | 146 |
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 | 18 | ||
Sales, assets | (18) | ||
Issuances, assets | 0 | ||
Settlements, assets | 0 | ||
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | ||
Gain (loss) on all other activity included in trading revenues, assets | 0 | ||
Gain (loss) on transfers in/out included in other revenues, assets | 0 | ||
Gain (loss) on all other activity included in other revenues, assets | 0 | ||
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | 0 | ||
Balance at end of period, assets | 0 | 0 | |
Recurring basis | Trading assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 14,531 | 16,503 | |
Transfers in, assets | 2,153 | 2,385 | |
Transfers out, assets | (1,770) | (2,087) | |
Purchases, assets | 4,931 | 4,309 | |
Sales, assets | (4,849) | (4,754) | |
Issuances, assets | 1,064 | 848 | |
Settlements, assets | (1,877) | (2,902) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (38) | (13) | |
Gain (loss) on all other activity included in trading revenues, assets | 652 | 233 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 2 | 2 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (108) | (1,006) | |
Balance at end of period, assets | 14,691 | 14,691 | 13,518 |
Recurring basis | Trading assets | Debt securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 4,563 | 4,461 | |
Transfers in, assets | 543 | 434 | |
Transfers out, assets | (625) | (681) | |
Purchases, assets | 2,617 | 1,284 | |
Sales, assets | (2,573) | (1,661) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | (11) | (5) | |
Gain (loss) on all other activity included in trading revenues, assets | (62) | 208 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 2 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | 2 | (350) | |
Balance at end of period, assets | 4,456 | 4,456 | 3,690 |
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 | 1,745 | 1,430 | |
Transfers in, assets | 291 | 114 | |
Transfers out, assets | (178) | (131) | |
Purchases, assets | 1,744 | 491 | |
Sales, assets | (1,349) | (672) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | (4) | |
Gain (loss) on all other activity included in trading revenues, assets | 36 | 156 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | 0 | (147) | |
Balance at end of period, assets | 2,289 | 2,289 | 1,237 |
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 | 814 | 612 | |
Transfers in, assets | 142 | 259 | |
Transfers out, assets | (381) | (300) | |
Purchases, assets | 365 | 476 | |
Sales, assets | (468) | (483) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | (7) | (2) | |
Gain (loss) on all other activity included in trading revenues, assets | (82) | 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 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (10) | (35) | |
Balance at end of period, assets | 373 | 373 | 585 |
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 | 215 | 257 | |
Transfers in, assets | 10 | 20 | |
Transfers out, assets | (9) | (47) | |
Purchases, assets | 42 | 139 | |
Sales, assets | (167) | (169) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 2 | |
Gain (loss) on all other activity included in trading revenues, assets | (32) | (31) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (2) | (13) | |
Balance at end of period, assets | 57 | 57 | 158 |
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 | 1,298 | 1,421 | |
Transfers in, assets | 48 | 17 | |
Transfers out, assets | (8) | (161) | |
Purchases, assets | 433 | 158 | |
Sales, assets | (320) | (203) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | (1) | |
Gain (loss) on all other activity included in trading revenues, assets | (1) | 42 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 1 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (22) | (78) | |
Balance at end of period, assets | 1,429 | 1,429 | 1,195 |
Recurring basis | Trading assets | Equity securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 871 | 896 | |
Transfers in, assets | 86 | 114 | |
Transfers out, assets | (100) | (273) | |
Purchases, assets | 383 | 561 | |
Sales, assets | (828) | (222) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | (39) | 13 | |
Gain (loss) on all other activity included in trading revenues, assets | (27) | 43 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (9) | (56) | |
Balance at end of period, assets | 337 | 337 | 1,076 |
Recurring basis | Trading assets | Derivative instruments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 4,831 | 6,823 | |
Transfers in, assets | 856 | 1,130 | |
Transfers out, assets | (529) | (593) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 1,064 | 848 | |
Settlements, assets | (1,688) | (2,786) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 25 | (27) | |
Gain (loss) on all other activity included in trading revenues, assets | 525 | (172) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 2 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (33) | (369) | |
Balance at end of period, assets | 5,051 | 5,051 | 4,856 |
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 | 791 | 1,803 | |
Transfers in, assets | 14 | 23 | |
Transfers out, assets | (34) | (198) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 73 | 281 | |
Settlements, assets | (101) | (364) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 7 | (6) | |
Gain (loss) on all other activity included in trading revenues, assets | 39 | (301) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (7) | (97) | |
Balance at end of period, assets | 782 | 782 | 1,141 |
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 | 1,568 | 2,569 | |
Transfers in, assets | 618 | 656 | |
Transfers out, assets | (380) | (304) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 514 | 170 | |
Settlements, assets | (1,014) | (1,472) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 8 | (24) | |
Gain (loss) on all other activity included in trading revenues, assets | 287 | (181) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (21) | (122) | |
Balance at end of period, assets | 1,580 | 1,580 | 1,292 |
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 | 936 | 1,063 | |
Transfers in, assets | 224 | 306 | |
Transfers out, assets | (104) | (91) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 279 | 191 | |
Settlements, assets | (286) | (503) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 12 | 2 | |
Gain (loss) on all other activity included in trading revenues, assets | 112 | 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 | 2 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | 8 | (58) | |
Balance at end of period, assets | 1,181 | 1,181 | 938 |
Recurring basis | Trading assets | Other | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 4,266 | 4,323 | |
Transfers in, assets | 668 | 707 | |
Transfers out, assets | (516) | (540) | |
Purchases, assets | 1,931 | 2,464 | |
Sales, assets | (1,448) | (2,871) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | (189) | (116) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (13) | 6 | |
Gain (loss) on all other activity included in trading revenues, assets | 216 | 154 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (68) | (231) | |
Balance at end of period, assets | 4,847 | 4,847 | 3,896 |
Recurring basis | Investment securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 148 | 3 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | (36) | (65) | |
Purchases, assets | 81 | 215 | |
Sales, assets | (13) | (2) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | (85) | (8) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (10) | 7 | |
Gain (loss) on all other activity included in trading revenues, assets | 72 | 1 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (2) | (3) | |
Balance at end of period, assets | 155 | 155 | 148 |
Recurring basis | Other investments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 2,035 | 2,383 | |
Transfers in, assets | 7 | 0 | |
Transfers out, assets | (1) | 0 | |
Purchases, assets | 148 | 134 | |
Sales, assets | (250) | (254) | |
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 | 159 | (45) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 19 | (12) | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (13) | (143) | |
Balance at end of period, assets | 2,104 | 2,104 | 2,063 |
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 | 1,669 | 1,834 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 96 | 100 | |
Sales, assets | (188) | (163) | |
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 | 136 | (45) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (26) | (101) | |
Balance at end of period, assets | 1,687 | 1,687 | 1,625 |
Recurring basis | Other investments | Equity securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 366 | 549 | |
Transfers in, assets | 7 | 0 | |
Transfers out, assets | (1) | 0 | |
Purchases, assets | 52 | 34 | |
Sales, assets | (62) | (91) | |
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 | 23 | 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 | 19 | (12) | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | 13 | (42) | |
Balance at end of period, assets | 417 | 417 | 438 |
Recurring basis | Loans | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 8,950 | 9,353 | |
Transfers in, assets | 401 | 631 | |
Transfers out, assets | (367) | (750) | |
Purchases, assets | 23 | 334 | |
Sales, assets | (383) | (665) | |
Issuances, assets | 1,966 | 1,295 | |
Settlements, assets | (1,443) | (1,391) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (54) | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 1 | (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 | 0 | 13 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (103) | (546) | |
Balance at end of period, assets | 8,991 | 8,991 | 8,269 |
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 | 5,735 | 5,853 | |
Transfers in, assets | 220 | 360 | |
Transfers out, assets | (120) | (154) | |
Purchases, assets | 0 | 12 | |
Sales, assets | (219) | (502) | |
Issuances, assets | 1,299 | 825 | |
Settlements, assets | (1,020) | (763) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (18) | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 14 | 23 | |
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 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (54) | (353) | |
Balance at end of period, assets | 5,837 | 5,837 | 5,306 |
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 | 1,729 | 1,494 | |
Transfers in, assets | 65 | 240 | |
Transfers out, assets | (34) | (132) | |
Purchases, assets | 1 | 26 | |
Sales, assets | (141) | (21) | |
Issuances, assets | 372 | 452 | |
Settlements, assets | (306) | (132) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | (35) | (28) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | 8 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (28) | (87) | |
Balance at end of period, assets | 1,623 | 1,623 | 1,820 |
Recurring basis | Other intangible assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 112 | 70 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 6 | 10 | |
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 | 0 | 6 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (4) | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (3) | (5) | |
Balance at end of period, assets | 111 | 111 | 81 |
Recurring basis | Other assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 7,087 | 7,468 | |
Transfers in, assets | 313 | 1,260 | |
Transfers out, assets | (973) | (2,460) | |
Purchases, assets | 1,252 | 2,880 | |
Sales, assets | (4,853) | (2,359) | |
Issuances, assets | 732 | 478 | |
Settlements, assets | (590) | (960) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (47) | (2) | |
Gain (loss) on all other activity included in trading revenues, assets | (168) | (131) | |
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) | (13) | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | 88 | (508) | |
Balance at end of period, assets | 2,838 | 2,838 | 5,653 |
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 | 6,768 | 6,851 | |
Transfers in, assets | 204 | 1,259 | |
Transfers out, assets | (908) | (2,415) | |
Purchases, assets | 1,077 | 2,832 | |
Sales, assets | (4,815) | (2,242) | |
Issuances, assets | 732 | 478 | |
Settlements, assets | (590) | (960) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (73) | 1 | |
Gain (loss) on all other activity included in trading revenues, assets | (84) | (21) | |
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) | (13) | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | 91 | (479) | |
Balance at end of period, assets | 2,399 | 2,399 | 5,291 |
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 | (71) | ||
Recurring basis | Assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 33,021 | 35,857 | |
Transfers in, assets | 2,874 | 4,276 | |
Transfers out, assets | (3,147) | (5,362) | |
Purchases, assets | 6,459 | 7,882 | |
Sales, assets | (10,366) | (8,034) | |
Issuances, assets | 3,948 | 2,695 | |
Settlements, assets | (4,035) | (5,261) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (149) | (8) | |
Gain (loss) on all other activity included in trading revenues, assets | 716 | 59 | |
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 | (10) | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | ||
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | ||
Foreign currency translation impact, assets | (145) | (2,216) | |
Balance at end of period, assets | SFr 29,190 | SFr 29,190 | SFr 29,878 |
FI - Roll-forward of liabilitie
FI - Roll-forward of liabilities measured at fair value on recurring basis (Details 5) - Recurring basis - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Obligation to return securities received as collateral | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 0 | |
Transfers in, liabilities | 0 | |
Transfers out, liabilities | 0 | |
Purchases, liabilities | 18 | |
Sales, liabilities | (18) | |
Issuances, liabilities | 0 | |
Settlements, liabilities | 0 | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | |
Gain (loss) on all other activity included in trading revenues, liabilities | 0 | |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | 0 | |
Balance at end of period, liabilities | 0 | |
Due to banks and customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 254 | SFr 100 |
Transfers in, liabilities | 0 | 15 |
Transfers out, liabilities | (39) | (20) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 126 | 0 |
Settlements, liabilities | (14) | (28) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | 0 | (9) |
Balance at end of period, liabilities | 327 | 58 |
Trading Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 4,615 | 6,417 |
Transfers in, liabilities | 775 | 971 |
Transfers out, liabilities | (501) | (1,039) |
Purchases, liabilities | 27 | 37 |
Sales, liabilities | (28) | (18) |
Issuances, liabilities | 838 | 588 |
Settlements, liabilities | (1,443) | (2,054) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 71 | 27 |
Gain (loss) on all other activity included in trading revenues, liabilities | 459 | (175) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | (2) |
Gain (loss) on all other activity included in other revenues, liabilities | (37) | 1 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | (43) | (340) |
Balance at end of period, liabilities | 4,733 | 4,413 |
Trading Liabilities | Interest rate derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 578 | 1,202 |
Transfers in, liabilities | 15 | 27 |
Transfers out, liabilities | (24) | (233) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 82 | 95 |
Settlements, liabilities | (93) | (142) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 13 | (3) |
Gain (loss) on all other activity included in trading revenues, liabilities | (22) | 17 |
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 | 1 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | (6) | (67) |
Balance at end of period, liabilities | 543 | 897 |
Trading Liabilities | Foreign exchange derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 329 | 560 |
Transfers in, liabilities | 4 | 2 |
Transfers out, liabilities | (1) | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 8 | 3 |
Settlements, liabilities | (49) | (43) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 1 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 148 | (210) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | (4) | (27) |
Balance at end of period, liabilities | 436 | 285 |
Trading Liabilities | Credit derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,757 | 2,760 |
Transfers in, liabilities | 620 | 766 |
Transfers out, liabilities | (286) | (332) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 364 | 164 |
Settlements, liabilities | (964) | (1,567) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 26 | (13) |
Gain (loss) on all other activity included in trading revenues, liabilities | 411 | (188) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | (2) |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | (24) | (131) |
Balance at end of period, liabilities | 1,904 | 1,457 |
Trading Liabilities | Equity/Index-related products | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,347 | 1,466 |
Transfers in, liabilities | 132 | 44 |
Transfers out, liabilities | (183) | (468) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 248 | 129 |
Settlements, liabilities | (198) | (190) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 28 | 43 |
Gain (loss) on all other activity included in trading revenues, liabilities | (141) | 214 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | 3 | (87) |
Balance at end of period, liabilities | 1,236 | 1,151 |
Short-term borrowings. | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 72 | 95 |
Transfers in, liabilities | 20 | 49 |
Transfers out, liabilities | (8) | (10) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 117 | 175 |
Settlements, liabilities | (100) | (90) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 11 | 7 |
Gain (loss) on transfers in/out included in other revenues, liabilities | (3) | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | (1) | (8) |
Balance at end of period, liabilities | 108 | 218 |
Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 14,123 | 14,608 |
Transfers in, liabilities | 1,285 | 1,189 |
Transfers out, liabilities | (962) | (2,724) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 2,539 | 4,926 |
Settlements, liabilities | (4,242) | (3,108) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (94) | 6 |
Gain (loss) on all other activity included in trading revenues, liabilities | 322 | (185) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (229) | |
Foreign currency translation impact, liabilities | (208) | (865) |
Balance at end of period, liabilities | 12,534 | 13,847 |
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 | 9,924 | 10,267 |
Transfers in, liabilities | 956 | 454 |
Transfers out, liabilities | (947) | (1,901) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 2,353 | 3,688 |
Settlements, liabilities | (658) | (2,209) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (95) | 8 |
Gain (loss) on all other activity included in trading revenues, liabilities | 157 | (125) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (229) | |
Foreign currency translation impact, liabilities | (172) | (619) |
Balance at end of period, liabilities | 11,289 | 9,563 |
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 | 3,197 | 2,952 |
Transfers in, liabilities | 0 | 626 |
Transfers out, liabilities | 0 | (655) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 25 | 552 |
Settlements, liabilities | (3,217) | (470) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | (2) |
Gain (loss) on all other activity included in trading revenues, liabilities | 25 | (52) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | (22) | (165) |
Balance at end of period, liabilities | 8 | 2,786 |
Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 2,491 | 3,363 |
Transfers in, liabilities | 140 | 45 |
Transfers out, liabilities | (116) | (1,129) |
Purchases, liabilities | 114 | 104 |
Sales, liabilities | (43) | (72) |
Issuances, liabilities | 2 | 0 |
Settlements, liabilities | (548) | (178) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (54) | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | (68) | (83) |
Gain (loss) on transfers in/out included in other revenues, liabilities | (1) | 7 |
Gain (loss) on all other activity included in other revenues, liabilities | (53) | 214 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | (25) | (201) |
Balance at end of period, liabilities | 1,839 | 2,070 |
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 | 454 | 616 |
Transfers in, liabilities | 27 | 4 |
Transfers out, liabilities | (76) | (4) |
Purchases, liabilities | 105 | 91 |
Sales, liabilities | (3) | (46) |
Issuances, liabilities | 0 | 0 |
Settlements, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 2 |
Gain (loss) on all other activity included in trading revenues, liabilities | 7 | (115) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | |
Foreign currency translation impact, liabilities | (9) | (34) |
Balance at end of period, liabilities | 505 | 514 |
Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 21,555 | 24,583 |
Transfers in, liabilities | 2,220 | 2,269 |
Transfers out, liabilities | (1,626) | (4,922) |
Purchases, liabilities | 159 | 141 |
Sales, liabilities | (89) | (90) |
Issuances, liabilities | 3,622 | 5,689 |
Settlements, liabilities | (6,347) | (5,458) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (77) | 33 |
Gain (loss) on all other activity included in trading revenues, liabilities | 724 | (436) |
Gain (loss) on transfers in/out included in other revenues, liabilities | (4) | 5 |
Gain (loss) on all other activity included in other revenues, liabilities | (90) | 215 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (229) | |
Foreign currency translation impact, liabilities | (277) | (1,423) |
Balance at end of period, liabilities | SFr 19,541 | SFr 20,606 |
FI - Roll-forward of net assets
FI - Roll-forward of net assets measured at fair value on recurring basis (Details 6) - Recurring basis - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | SFr 11,466 | SFr 11,274 |
Transfers in, net assets/liabilities | 654 | 2,007 |
Transfers out, net assets/liabilities | (1,521) | (440) |
Purchases, net assets/liabilities | 6,300 | 7,741 |
Sales, net assets/liabilities | (10,277) | (7,944) |
Issuances, net assets/liabilities | 326 | (2,994) |
Settlements, net assets/liabilities | 2,312 | 197 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | (72) | (41) |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | (8) | 495 |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | 4 | (5) |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | 104 | (225) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, net assets/liabilities | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, net assets/liabilities | 229 | |
Foreign currency translation impact, net assets/liabilities | 132 | (793) |
Balance at beginning of period, net assets/liabilities | SFr 9,649 | SFr 9,272 |
FI - Gains_losses on assets_lia
FI - Gains/losses on assets/liabilities using unobservable inputs (Details 7) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Gains and losses on assets and liabilities | |||
Net realized/unrealized gains/(losses) included in net revenues | SFr 28 | SFr 224 | |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (281) | (485) | |
Transfers into level 3 assets | SFr 1,484 | 2,874 | |
Transfers out of level 3 assets | SFr 1,289 | 3,147 | |
Trading revenues | |||
Gains and losses on assets and liabilities | |||
Net realized/unrealized gains/(losses) included in net revenues | (80) | 454 | |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (294) | (464) | |
Other revenues | |||
Gains and losses on assets and liabilities | |||
Net realized/unrealized gains/(losses) included in net revenues | 108 | (230) | |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | SFr 13 | SFr (21) |
FI - Non-recurring fair value c
FI - Non-recurring fair value changes (Details 8) - Nonrecurring basis - CHF (SFr) SFr in Billions | Jun. 30, 2016 | Dec. 31, 2015 |
Assets and liabilities recorded at fair value | ||
Loans | SFr 0.2 | SFr 0.1 |
Level 2 | ||
Assets and liabilities recorded at fair value | ||
Loans | SFr 0.2 | SFr 0.1 |
FI - Difference between fair va
FI - Difference between fair value and unpaid principle balances (Details 9) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financial instruments | |||
Cash and Due from Banks | SFr 318 | SFr 193 | SFr 89 |
Interest-bearing deposits with banks | 0 | 2 | 2 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,927 | 92,788 | 83,565 |
Loans | 20,831 | 21,521 | 20,820 |
Other assets | 13,439 | 13,308 | 25,627 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (18,114) | (25,421) | (32,398) |
Short-term borrowings | (2,996) | (3,185) | (3,112) |
Long-term debt | (73,922) | (69,104) | (80,931) |
Other liabilities | (10,104) | SFr (10,867) | (11,754) |
Aggregate fair value | |||
Loans | |||
Non-interest-earning loans | 1,364 | 1,628 | |
Financial instruments | |||
Interest-bearing deposits with banks | 0 | 2 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,927 | 83,565 | |
Loans | 20,831 | 20,820 | |
Other assets | 12,137 | 23,906 | |
Due to banks and customer deposits | (1,073) | (913) | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (18,114) | (32,398) | |
Short-term borrowings | (2,996) | (3,112) | |
Long-term debt | (73,922) | (80,931) | |
Other liabilities | (1,069) | (984) | |
Aggregate unpaid principal | |||
Loans | |||
Non-interest-earning loans | 5,106 | 5,019 | |
Financial instruments | |||
Interest-bearing deposits with banks | 0 | 2 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,790 | 83,397 | |
Loans | 21,858 | 22,289 | |
Other assets | 16,323 | 30,308 | |
Due to banks and customer deposits | (960) | (826) | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (18,100) | (32,381) | |
Short-term borrowings | (3,063) | (3,263) | |
Long-term debt | (78,861) | (85,335) | |
Other liabilities | (2,609) | (2,619) | |
Difference | |||
Loans | |||
Non-interest-earning loans, Difference | (3,742) | (3,391) | |
Financial instruments | |||
Interest-bearing deposits with banks | 0 | 0 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 137 | 168 | |
Loans | (1,027) | (1,469) | |
Other assets | (4,186) | (6,402) | |
Due to banks and customer deposits | (113) | (87) | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (14) | (17) | |
Short-term borrowings | 67 | 151 | |
Long-term debt | 4,939 | 4,404 | |
Other liabilities | SFr 1,540 | SFr 1,635 |
FI - Gains_losses on financial
FI - Gains/losses on financial instruments (Details 10) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Interest-bearing deposits with banks | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | SFr 1 | SFr 1 |
Net gains/(losses) of which related to credit risk - on assets | 0 | (1) |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 670 | 640 |
Other investments | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 224 | (37) |
Net gains/(losses) of which related to credit risk - on assets | (5) | (2) |
Loans | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 912 | 442 |
Net gains/(losses) of which related to credit risk - on assets | (106) | 45 |
Other assets | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | (287) | 355 |
Net gains/(losses) of which related to credit risk - on assets | (264) | (64) |
Due to banks and customer deposits | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | (65) | 36 |
Net gains/(losses) of which related to credit risk - on liabilities | (5) | 27 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | (83) | 47 |
Short-term borrowings. | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 437 | (18) |
Long-term debt | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | (1,488) | 660 |
Net gains/(losses) of which related to credit risk - on liabilities | 0 | 288 |
Fair Value, Option, Credit Risk, Changes in debt valuation adjustments on structured notes | 301 | |
Vanilla debt | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) of which related to credit risk - on liabilities | (8) | |
Other liabilities | ||
Gains (losses) on financial instruments | ||
Net gains/(losses) | 326 | 189 |
Net gains/(losses) of which related to credit risk - on liabilities | SFr 220 | SFr 11 |
FI - Fair value, unfunded commi
FI - Fair value, unfunded commitments, term of redemption conditions (Details 11) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 1,304 | |
Redeemable | 1,865 | |
Total fair value | 3,169 | |
Unfunded commitments | 258 | |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 179 | |
Redeemable attributable to non-controlling interest | 5 | |
Unfunded commitments attributable to non-controlling interest | SFr 51 | |
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 69 | |
Redeemable | 1,696 | |
Total fair value | 1,765 | |
Unfunded commitments | 0 | |
Funds held in trading assets and liabilities | Debt funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | |
Redeemable | 0 | |
Total fair value | 0 | |
Unfunded commitments | 0 | |
Funds held in trading assets and liabilities | Equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 69 | |
Redeemable | 1,701 | |
Total fair value | 1,770 | |
Unfunded commitments | SFr 0 | |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 46.00% | |
Percentage of investment subject to monthly redemption | 18.00% | |
Percentage of investment subject to quarterly redemption | 7.00% | |
Percentage of investment subject to annual redemption | 29.00% | |
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 | |
Redeemable | (5) | |
Total fair value | (5) | |
Unfunded commitments | 0 | |
Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1,235 | |
Redeemable | 169 | |
Total fair value | 1,404 | |
Unfunded commitments | 258 | |
Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 201 | |
Redeemable | 73 | |
Total fair value | 274 | |
Unfunded commitments | SFr 0 | |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 18.00% | |
Percentage of investment subject to monthly redemption | 3.00% | |
Percentage of investment subject to quarterly redemption | 72.00% | |
Percentage of investment subject to annual redemption | 7.00% | |
Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 590 | |
Redeemable | 0 | |
Total fair value | 590 | |
Unfunded commitments | 182 | |
Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 444 | |
Redeemable | 96 | |
Total fair value | 540 | |
Unfunded commitments | 76 | |
Funds held in other investments | Debt funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 200 | |
Redeemable | 38 | |
Total fair value | 238 | |
Unfunded commitments | 0 | |
Funds held in other investments | Debt funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 7 | |
Redeemable | 0 | |
Total fair value | 7 | |
Unfunded commitments | 5 | |
Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1 | |
Redeemable | 0 | |
Total fair value | 1 | |
Unfunded commitments | 0 | |
Funds held in other investments | Equity funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 237 | |
Redeemable | 0 | |
Total fair value | 237 | |
Unfunded commitments | 55 | |
Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 221 | |
Redeemable | 0 | |
Total fair value | 221 | |
Unfunded commitments | 57 | |
Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | |
Redeemable | 35 | |
Total fair value | 35 | |
Unfunded commitments | 0 | |
Funds held in other investments | Others | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 125 | |
Redeemable | 0 | |
Total fair value | 125 | |
Unfunded commitments | SFr 65 | |
Scenario, Previously Reported [Member] | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 1,967 | |
Redeemable | 1,907 | |
Total fair value | 3,874 | |
Unfunded commitments | 450 | |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 464 | |
Redeemable attributable to non-controlling interest | 9 | |
Unfunded commitments attributable to non-controlling interest | 176 | |
Scenario, Previously Reported [Member] | Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 81 | |
Redeemable | 1,600 | |
Total fair value | 1,681 | |
Unfunded commitments | 0 | |
Scenario, Previously Reported [Member] | Funds held in trading assets and liabilities | Debt funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 2 | |
Redeemable | 0 | |
Total fair value | 2 | |
Unfunded commitments | 0 | |
Scenario, Previously Reported [Member] | Funds held in trading assets and liabilities | Equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 79 | |
Redeemable | 1,606 | |
Total fair value | 1,685 | |
Unfunded commitments | SFr 0 | |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 40.00% | |
Percentage of investment subject to monthly redemption | 23.00% | |
Percentage of investment subject to quarterly redemption | 6.00% | |
Percentage of investment subject to annual redemption | 31.00% | |
Scenario, Previously Reported [Member] | 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 | |
Redeemable | (6) | |
Total fair value | (6) | |
Unfunded commitments | 0 | |
Scenario, Previously Reported [Member] | Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1,886 | |
Redeemable | 307 | |
Total fair value | 2,193 | |
Unfunded commitments | 450 | |
Scenario, Previously Reported [Member] | Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 184 | |
Redeemable | 111 | |
Total fair value | 295 | |
Unfunded commitments | 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% | |
Percentage of investment subject to annual redemption | 5.00% | |
Scenario, Previously Reported [Member] | Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 1,042 | |
Redeemable | 0 | |
Total fair value | 1,042 | |
Unfunded commitments | 349 | |
Scenario, Previously Reported [Member] | Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 660 | |
Redeemable | 196 | |
Total fair value | 856 | |
Unfunded commitments | 100 | |
Scenario, Previously Reported [Member] | Funds held in other investments | Debt funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 184 | |
Redeemable | 76 | |
Total fair value | 260 | |
Unfunded commitments | 1 | |
Scenario, Previously Reported [Member] | Funds held in other investments | Debt funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 11 | |
Redeemable | 0 | |
Total fair value | 11 | |
Unfunded commitments | 17 | |
Scenario, Previously Reported [Member] | Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | |
Redeemable | 0 | |
Total fair value | 0 | |
Unfunded commitments | 0 | |
Scenario, Previously Reported [Member] | Funds held in other investments | Equity funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 437 | |
Redeemable | 0 | |
Total fair value | 437 | |
Unfunded commitments | 115 | |
Scenario, Previously Reported [Member] | Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 282 | |
Redeemable | 0 | |
Total fair value | 282 | |
Unfunded commitments | 76 | |
Scenario, Previously Reported [Member] | Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 0 | |
Redeemable | 35 | |
Total fair value | 35 | |
Unfunded commitments | 0 | |
Scenario, Previously Reported [Member] | Funds held in other investments | Others | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 312 | |
Redeemable | 0 | |
Total fair value | 312 | |
Unfunded commitments | SFr 141 |
FI - Transfers between levels 1
FI - Transfers between levels 1 and 2 (Details 14) - Recurring basis - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | SFr 2,693 | SFr 3,724 |
Transfers out of level 1 to level 2, Trading assets | 2,502 | 560 |
Transfers to level 1 out of level 2, Trading liabilities | 3,025 | 3,451 |
Transfers out of level 1 to level 2, Trading liabilities | 89 | 183 |
Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 5 | 54 |
Transfers out of level 1 to level 2, Trading assets | 1,667 | 46 |
Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 285 | 380 |
Transfers out of level 1 to level 2, Trading assets | 835 | 491 |
Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading assets | 2,403 | 3,290 |
Transfers out of level 1 to level 2, Trading assets | 0 | 23 |
Debt securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 2 | 88 |
Transfers out of level 1 to level 2, Trading liabilities | 33 | 21 |
Equity securities | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 16 | 53 |
Transfers out of level 1 to level 2, Trading liabilities | 48 | 82 |
Derivative instruments | ||
Fair Value, Transfers between level 1 and level 2 | ||
Transfers to level 1 out of level 2, Trading liabilities | 3,007 | 3,310 |
Transfers out of level 1 to level 2, Trading liabilities | SFr 8 | SFr 80 |
FI - Qualitative information ab
FI - Qualitative information about level 3 assets at fair value (Details 15) - Recurring basis SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015CHF (SFr) | Jun. 30, 2016CHF (SFr) | Jun. 30, 2015CHF (SFr) | Dec. 31, 2014CHF (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 300 | SFr 146 | SFr 77 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Funding spread (in bp) | 350 | 10 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Funding spread (in bp) | 475 | 450 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Funding spread (in bp) | 361 | 215 | ||
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 | 14,531 | 14,691 | 13,518 | 16,503 |
Trading assets | Debt securities | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 4,563 | 4,456 | 3,690 | 4,461 |
Trading assets | Debt securities | Corporate debt securities | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 1,745 | 2,289 | 1,237 | 1,430 |
Trading assets | Debt securities | Corporate debt securities | Option model | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 240 | SFr 467 | ||
Trading assets | Debt securities | Corporate debt securities | Option model | Minimum | ||||
Unobservable input | ||||
Correlation (in %) | (87.00%) | (85.00%) | ||
Trading assets | Debt securities | Corporate debt securities | Option model | Maximum | ||||
Unobservable input | ||||
Correlation (in %) | 99.00% | 98.00% | ||
Trading assets | Debt securities | Corporate debt securities | Option model | Weighted average | ||||
Unobservable input | ||||
Correlation (in %) | 17.00% | 22.00% | ||
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 47 | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 134 | 140 | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 1,408 | 1,169 | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 493 | 292 | ||
Trading assets | Debt securities | Corporate debt securities | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 836 | SFr 1,440 | ||
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% | 131.00% | ||
Trading assets | Debt securities | Corporate debt securities | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 29.00% | 92.00% | ||
Trading assets | Debt securities | RMBS | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 814 | SFr 373 | 585 | 612 |
Trading assets | Debt securities | RMBS | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Prepayment rate (in %) | 0.00% | 0.00% | ||
Discount rate (in %) | 1.00% | 0.00% | ||
Default rate (in %) | 0.00% | 0.00% | ||
Loss severity (in %) | 0.00% | 0.00% | ||
Trading assets | Debt securities | RMBS | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Prepayment rate (in %) | 27.00% | 28.00% | ||
Discount rate (in %) | 36.00% | 39.00% | ||
Default rate (in %) | 20.00% | 15.00% | ||
Loss severity (in %) | 100.00% | 100.00% | ||
Trading assets | Debt securities | RMBS | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Prepayment rate (in %) | 9.00% | 9.00% | ||
Discount rate (in %) | 8.00% | 8.00% | ||
Default rate (in %) | 3.00% | 4.00% | ||
Loss severity (in %) | 50.00% | 55.00% | ||
Trading assets | Debt securities | CMBS | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 215 | SFr 57 | 158 | 257 |
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% | |||
Loss severity (in %) | 0.00% | |||
Trading assets | Debt securities | CMBS | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Capitalization rate (in %) | 8.00% | 8.00% | ||
Prepayment rate (in %) | 16.00% | 15.00% | ||
Discount rate (in %) | 23.00% | 11.00% | ||
Default rate (in %) | 32.00% | |||
Loss severity (in %) | 75.00% | |||
Trading assets | Debt securities | CMBS | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Capitalization rate (in %) | 7.00% | 7.00% | ||
Prepayment rate (in %) | 3.00% | 5.00% | ||
Discount rate (in %) | 8.00% | 5.00% | ||
Default rate (in %) | 1.00% | |||
Loss severity (in %) | 4.00% | |||
Trading assets | Debt securities | Collateralized debt obligations | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,298 | SFr 1,429 | 1,195 | 1,421 |
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 206 | ||
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 293 | 166 | ||
Prepayment rate (in %) | 0.00% | 0.00% | ||
Discount rate (in %) | 1.00% | 5.00% | ||
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 | 305 | ||
Prepayment rate (in %) | 20.00% | 20.00% | ||
Discount rate (in %) | 25.00% | 32.00% | ||
Default rate (in %) | 10.00% | 8.00% | ||
Loss severity (in %) | 100.00% | 100.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 309 | 213 | ||
Prepayment rate (in %) | 14.00% | 11.00% | ||
Discount rate (in %) | 11.00% | 16.00% | ||
Default rate (in %) | 2.00% | 2.00% | ||
Loss severity (in %) | 46.00% | 62.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 66 | |||
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | |||
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Maximum | ||||
Unobservable input | ||||
Price (in %) | 100.00% | |||
Trading assets | Debt securities | Collateralized debt obligations | Vendor price | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 96.00% | |||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 807 | SFr 805 | ||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 214.00% | 207.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 214.00% | 207.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 214.00% | 207.00% | ||
Trading assets | Equity securities | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 871 | SFr 337 | 1,076 | 896 |
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 | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 471 | |||
Trading assets | Equity securities | Market comparable | Minimum | ||||
Unobservable input | ||||
EBITDA multiple | 3 | 0 | ||
Price (in %) | 0.00% | |||
Trading assets | Equity securities | Market comparable | Maximum | ||||
Unobservable input | ||||
EBITDA multiple | 12 | 10 | ||
Price (in %) | 202.00% | |||
Trading assets | Equity securities | Market comparable | Weighted average | ||||
Unobservable input | ||||
EBITDA multiple | 8 | 6 | ||
Price (in %) | 96.00% | |||
Trading assets | Derivative instruments | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 4,831 | SFr 5,051 | 4,856 | 6,823 |
Trading assets | Derivative instruments | Interest rate derivatives | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 791 | SFr 782 | 1,141 | 1,803 |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Minimum | ||||
Unobservable input | ||||
Correlation (in %) | 17.00% | 16.00% | ||
Credit spread (in bp) | 130 | |||
Mean reversion (in %) | 5.00% | |||
Prepayment rate (in %) | 1.00% | 1.00% | ||
Volatility skew (in %) | (8.00%) | (8.00%) | ||
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Maximum | ||||
Unobservable input | ||||
Correlation (in %) | 100.00% | 100.00% | ||
Credit spread (in bp) | 1,687 | |||
Mean reversion (in %) | 10.00% | |||
Prepayment rate (in %) | 36.00% | 36.00% | ||
Volatility skew (in %) | 0.00% | 0.00% | ||
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Weighted average | ||||
Unobservable input | ||||
Correlation (in %) | 63.00% | 49.00% | ||
Credit spread (in bp) | 330 | |||
Mean reversion (in %) | 10.00% | |||
Prepayment rate (in %) | 16.00% | 14.00% | ||
Volatility skew (in %) | (2.00%) | (3.00%) | ||
Trading assets | Derivative instruments | Credit derivatives | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,568 | SFr 1,580 | 1,292 | 2,569 |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Funding spread (in bp) | 61 | |||
Correlation (in %) | 43.00% | 43.00% | ||
Credit spread (in bp) | 1 | 0 | ||
Prepayment rate (in %) | 0.00% | 0.00% | ||
Recovery rate (in %) | 0.00% | 0.00% | ||
Discount rate (in %) | 2.00% | 3.00% | ||
Default rate (in %) | 1.00% | 0.00% | ||
Loss severity (in %) | 15.00% | 15.00% | ||
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Funding spread (in bp) | 68 | |||
Correlation (in %) | 97.00% | 97.00% | ||
Credit spread (in bp) | 2,349 | 2,799 | ||
Prepayment rate (in %) | 12.00% | 12.00% | ||
Recovery rate (in %) | 60.00% | 93.00% | ||
Discount rate (in %) | 50.00% | 55.00% | ||
Default rate (in %) | 35.00% | 33.00% | ||
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 | |||
Correlation (in %) | 85.00% | 92.00% | ||
Credit spread (in bp) | 331 | 398 | ||
Prepayment rate (in %) | 4.00% | 5.00% | ||
Recovery rate (in %) | 23.00% | 23.00% | ||
Discount rate (in %) | 19.00% | 20.00% | ||
Default rate (in %) | 6.00% | 6.00% | ||
Loss severity (in %) | 64.00% | 64.00% | ||
Trading assets | Derivative instruments | Equity/Index-related products | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 936 | SFr 1,181 | 938 | 1,063 |
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 | ||||
Buyback probability (in %) | 50.00% | |||
Correlation (in %) | (87.00%) | (85.00%) | ||
Gap risk (in %) | 0.00% | |||
Volatility (in %) | 0.00% | 0.00% | ||
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Maximum | ||||
Unobservable input | ||||
Buyback probability (in %) | 100.00% | |||
Correlation (in %) | 99.00% | 98.00% | ||
Gap risk (in %) | 5.00% | |||
Volatility (in %) | 253.00% | 144.00% | ||
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Weighted average | ||||
Unobservable input | ||||
Buyback probability (in %) | 63.00% | |||
Correlation (in %) | 23.00% | 21.00% | ||
Gap risk (in %) | 2.00% | |||
Volatility (in %) | 26.00% | 18.00% | ||
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 4,847 | 3,896 | 4,323 |
Trading assets | Other | Discounted cash flow | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 865 | SFr 941 | ||
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 | 17 | ||
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 3,551 | ||
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% | 102.00% | ||
Trading assets | Other | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 45.00% | 41.00% | ||
Investment securities | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 148 | SFr 155 | 148 | 3 |
Other investments | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 2,035 | 2,104 | 2,063 | 2,383 |
Other investments | Private equity | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 7 | |||
Other investments | Other equity investments | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 366 | 410 | ||
Other investments | Life finance instruments | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,669 | SFr 1,687 | 1,625 | 1,834 |
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 | 19 | ||
Other investments | Life finance instruments | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Life expectancy (in years) | 8 | 7 | ||
Other investments | Equity securities | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 366 | SFr 417 | 438 | 549 |
Loans | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 8,950 | 8,991 | 8,269 | 9,353 |
Loans - of which commercial and industrial | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 5,735 | 5,837 | 5,306 | 5,853 |
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 4,783 | ||
Loans - of which commercial and industrial | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 70 | 5 | ||
Loans - of which commercial and industrial | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 2,528 | 5,400 | ||
Loans - of which commercial and industrial | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 474 | 431 | ||
Loans - of which commercial and industrial | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,146 | SFr 995 | ||
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% | 106.00% | ||
Loans - of which commercial and industrial | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 65.00% | 64.00% | ||
Loans - of which financial institutions | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,729 | SFr 1,623 | 1,820 | 1,494 |
Loans - of which financial institutions | Discounted cash flow | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 1,451 | SFr 1,546 | ||
Loans - of which financial institutions | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 84 | 78 | ||
Loans - of which financial institutions | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 826 | 846 | ||
Loans - of which financial institutions | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 359 | 333 | ||
Loans - of which financial institutions | Market comparable | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 109 | SFr 14 | ||
Loans - of which financial institutions | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 0.00% | ||
Loans - of which financial institutions | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 100.00% | 70.00% | ||
Loans - of which financial institutions | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 98.00% | 70.00% | ||
Other intangible assets | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 112 | SFr 111 | 81 | 70 |
Other assets | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 7,087 | 2,838 | 5,653 | 7,468 |
Other assets - of which loans held-for-sale | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | 6,768 | 2,399 | 5,291 | 6,851 |
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 828 | ||
Other assets - of which loans held-for-sale | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 99 | 117 | ||
Recovery rate (in %) | 1.00% | 0.00% | ||
Other assets - of which loans held-for-sale | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 3,220 | 1,845 | ||
Recovery rate (in %) | 1.00% | 1.00% | ||
Other assets - of which loans held-for-sale | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 515 | 374 | ||
Recovery rate (in %) | 1.00% | 1.00% | ||
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 274 | ||
Other assets - of which loans held-for-sale | Vendor price | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | 25.00% | ||
Other assets - of which loans held-for-sale | Vendor price | Maximum | ||||
Unobservable input | ||||
Price (in %) | 101.00% | 99.00% | ||
Other assets - of which loans held-for-sale | Vendor price | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 97.00% | 97.00% | ||
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 945 | ||
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% | 101.00% | ||
Other assets - of which loans held-for-sale | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 76.00% | 65.00% | ||
Assets | ||||
Quantitative information about level 3 assets at fair value | ||||
Fair value, assets | SFr 33,021 | SFr 29,190 | SFr 29,878 | SFr 35,857 |
FI - Qualitative information141
FI - Qualitative information about level 3 liabilities at fair value (Details 16) - Recurring basis SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015CHF (SFr) | Jun. 30, 2016CHF (SFr) | Jun. 30, 2015CHF (SFr) | Dec. 31, 2014CHF (SFr) | |
Obligation to return securities received as collateral | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 0 | SFr 0 | ||
Due to banks and customer deposits | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | 254 | 327 | SFr 58 | SFr 100 |
Trading Liabilities | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | 4,615 | 4,733 | 4,413 | 6,417 |
Trading Liabilities | Interest rate derivatives | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 578 | SFr 543 | 897 | 1,202 |
Trading Liabilities | Interest rate derivatives | Option model | Minimum | ||||
Unobservable input | ||||
Basis spread (in bp) | (7) | (16) | ||
Funding spread (in bp) | 218 | 218 | ||
Correlation (in %) | 17.00% | 16.00% | ||
Gap risk (in %) | 20.00% | 20.00% | ||
Mean reversion (in %) | 5.00% | |||
Prepayment rate (in %) | 0.00% | 0.00% | ||
Trading Liabilities | Interest rate derivatives | Option model | Maximum | ||||
Unobservable input | ||||
Basis spread (in bp) | 53 | 73 | ||
Funding spread (in bp) | 218 | 218 | ||
Correlation (in %) | 100.00% | 100.00% | ||
Gap risk (in %) | 20.00% | 20.00% | ||
Mean reversion (in %) | 10.00% | |||
Prepayment rate (in %) | 36.00% | 36.00% | ||
Trading Liabilities | Interest rate derivatives | Option model | Weighted average | ||||
Unobservable input | ||||
Basis spread (in bp) | 25 | 39 | ||
Funding spread (in bp) | 218 | 218 | ||
Correlation (in %) | 75.00% | 82.00% | ||
Gap risk (in %) | 20.00% | 20.00% | ||
Mean reversion (in %) | 8.00% | |||
Prepayment rate (in %) | 9.00% | 7.00% | ||
Trading Liabilities | Foreign exchange derivatives | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 329 | SFr 436 | 285 | 560 |
Trading Liabilities | Foreign exchange derivatives | Option model | Minimum | ||||
Unobservable input | ||||
Correlation (in %) | (10.00%) | (10.00%) | ||
Prepayment rate (in %) | 24.00% | 25.00% | ||
Trading Liabilities | Foreign exchange derivatives | Option model | Maximum | ||||
Unobservable input | ||||
Correlation (in %) | 70.00% | 70.00% | ||
Prepayment rate (in %) | 36.00% | 36.00% | ||
Trading Liabilities | Foreign exchange derivatives | Option model | Weighted average | ||||
Unobservable input | ||||
Correlation (in %) | 54.00% | 55.00% | ||
Prepayment rate (in %) | 30.00% | 30.00% | ||
Trading Liabilities | Credit derivatives | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 1,757 | SFr 1,904 | 1,457 | 2,760 |
Trading Liabilities | Credit derivatives | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Funding spread (in bp) | 51 | |||
Correlation (in %) | 17.00% | 16.00% | ||
Credit spread (in bp) | 1 | 0 | ||
Prepayment rate (in %) | 0.00% | 0.00% | ||
Recovery rate (in %) | 8.00% | 2.00% | ||
Discount rate (in %) | 2.00% | 3.00% | ||
Default rate (in %) | 1.00% | 0.00% | ||
Loss severity (in %) | 15.00% | 15.00% | ||
Trading Liabilities | Credit derivatives | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Funding spread (in bp) | 68 | |||
Correlation (in %) | 95.00% | 96.00% | ||
Credit spread (in bp) | 1,687 | 2,799 | ||
Prepayment rate (in %) | 12.00% | 14.00% | ||
Recovery rate (in %) | 60.00% | 82.00% | ||
Discount rate (in %) | 50.00% | 55.00% | ||
Default rate (in %) | 33.00% | 33.00% | ||
Loss severity (in %) | 100.00% | 100.00% | ||
Trading Liabilities | Credit derivatives | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Funding spread (in bp) | 68 | |||
Correlation (in %) | 80.00% | 64.00% | ||
Credit spread (in bp) | 275 | 274 | ||
Prepayment rate (in %) | 5.00% | 5.00% | ||
Recovery rate (in %) | 27.00% | 25.00% | ||
Discount rate (in %) | 19.00% | 20.00% | ||
Default rate (in %) | 5.00% | 6.00% | ||
Loss severity (in %) | 64.00% | 64.00% | ||
Trading Liabilities | Equity/Index-related products | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 1,347 | SFr 1,236 | 1,151 | 1,466 |
Trading Liabilities | Equity/Index-related products | Option model | Minimum | ||||
Unobservable input | ||||
Buyback probability (in %) | 50.00% | 50.00% | ||
Correlation (in %) | (87.00%) | (85.00%) | ||
Volatility (in %) | 2.00% | 2.00% | ||
Trading Liabilities | Equity/Index-related products | Option model | Maximum | ||||
Unobservable input | ||||
Buyback probability (in %) | 100.00% | 100.00% | ||
Correlation (in %) | 99.00% | 98.00% | ||
Volatility (in %) | 253.00% | 144.00% | ||
Trading Liabilities | Equity/Index-related products | Option model | Weighted average | ||||
Unobservable input | ||||
Buyback probability (in %) | 59.00% | 63.00% | ||
Correlation (in %) | 17.00% | 21.00% | ||
Volatility (in %) | 26.00% | 26.00% | ||
Short-term borrowings. | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 72 | SFr 108 | 218 | 95 |
Long-term debt | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | 14,123 | 12,534 | 13,847 | 14,608 |
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 | 11,289 | 9,563 | 10,267 |
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 10,396 | |||
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%) | (85.00%) | ||
Credit spread (in bp) | 153 | |||
Gap risk (in %) | 0.00% | 0.00% | ||
Mean reversion (in %) | (14.00%) | |||
Volatility (in %) | 2.00% | 2.00% | ||
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Maximum | ||||
Unobservable input | ||||
Buyback probability (in %) | 100.00% | 100.00% | ||
Correlation (in %) | 99.00% | 99.00% | ||
Credit spread (in bp) | 182 | |||
Gap risk (in %) | 3.00% | 2.00% | ||
Mean reversion (in %) | (1.00%) | |||
Volatility (in %) | 253.00% | 144.00% | ||
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Weighted average | ||||
Unobservable input | ||||
Buyback probability (in %) | 59.00% | 63.00% | ||
Correlation (in %) | 17.00% | 22.00% | ||
Credit spread (in bp) | 177 | |||
Gap risk (in %) | 1.00% | 1.00% | ||
Mean reversion (in %) | (7.00%) | |||
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 667 | |||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 1 | |||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 2,011 | |||
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 236 | |||
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 8 | 2,786 | 2,952 |
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 | |||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | |||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Maximum | ||||
Unobservable input | ||||
Price (in %) | 101.00% | |||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Vendor price | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 97.00% | |||
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 | |||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Minimum | ||||
Unobservable input | ||||
Price (in %) | 0.00% | |||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Maximum | ||||
Unobservable input | ||||
Price (in %) | 87.00% | |||
Long-term debt | Long-term debt - of which nonrecourse liabilities | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 9.00% | |||
Other liabilities | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 2,491 | 1,839 | 2,070 | 3,363 |
Other liabilities | Other liabilities - of which failed sales | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | 454 | 505 | 514 | 616 |
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 37 | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Minimum | ||||
Unobservable input | ||||
Credit spread (in bp) | 571 | |||
Discount rate (in %) | 7.00% | 6.00% | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Maximum | ||||
Unobservable input | ||||
Credit spread (in bp) | 1,687 | |||
Discount rate (in %) | 23.00% | 43.00% | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Weighted average | ||||
Unobservable input | ||||
Credit spread (in bp) | 1,425 | |||
Discount rate (in %) | 15.00% | 25.00% | ||
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 424 | ||
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% | 100.00% | ||
Other liabilities | Other liabilities - of which failed sales | Market comparable | Weighted average | ||||
Unobservable input | ||||
Price (in %) | 90.00% | 79.00% | ||
Liabilities | ||||
Quantitative information about level 3 liabilities at fair value | ||||
Fair value, liabilities | SFr 21,555 | SFr 19,541 | SFr 20,606 | SFr 24,583 |
FI - Carrying value and fair va
FI - Carrying value and fair value not held at fair value (Details 17) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Financial assets | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | SFr 79,927 | SFr 92,788 | SFr 83,565 |
Investment securities | 2,611 | 3,143 | 3,090 |
Loans | 20,831 | 21,521 | 20,820 |
Other assets | 13,439 | 13,308 | 25,627 |
Financial liabilities | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 18,114 | 25,421 | 32,398 |
Short-term borrowings | 2,996 | 3,185 | 3,112 |
Long-term debt | 73,922 | 69,104 | 80,931 |
Other liabilities | 10,104 | SFr 10,867 | 11,754 |
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 | 42,140 | 39,485 | |
Loans | 249,027 | 248,326 | |
Other assets | 178,593 | 148,491 | |
Financial liabilities | |||
Due to banks and deposits | 366,367 | 359,614 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,385 | 14,200 | |
Short-term borrowings | 8,182 | 5,546 | |
Long-term debt | 126,304 | 116,676 | |
Other liabilities | 67,993 | 63,921 | |
Estimate of fair value | |||
Financial assets | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 42,140 | 39,485 | |
Loans | 258,518 | 256,789 | |
Other assets | 178,872 | 148,799 | |
Financial liabilities | |||
Due to banks and deposits | 366,310 | 360,020 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,351 | 14,401 | |
Short-term borrowings | 8,184 | 5,545 | |
Long-term debt | 127,972 | 118,099 | |
Other liabilities | 68,008 | 64,050 | |
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 | 113,893 | 92,547 | |
Financial liabilities | |||
Due to banks and deposits | 203,187 | 206,475 | |
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 | 2,292 | 32 | |
Estimate of fair value | Level 2 | |||
Financial assets | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 42,140 | 39,485 | |
Loans | 252,112 | 250,639 | |
Other assets | 63,034 | 54,359 | |
Financial liabilities | |||
Due to banks and deposits | 163,123 | 153,545 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,351 | 14,401 | |
Short-term borrowings | 8,184 | 5,545 | |
Long-term debt | 127,378 | 117,321 | |
Other liabilities | 65,253 | 63,440 | |
Estimate of fair value | Level 3 | |||
Financial assets | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | |
Loans | 6,406 | 6,150 | |
Other assets | 1,945 | 1,893 | |
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 | 594 | 778 | |
Other liabilities | SFr 463 | SFr 578 |
FI - Own credit gains_(losses)
FI - Own credit gains/(losses) on fair value option elected instruments (Details 18) SFr in Millions | 3 Months Ended |
Jun. 30, 2016CHF (SFr) | |
Financial instruments | |
Gains/(losses) recorded into AOCI | SFr (11) |
Gains/(losses) recorded into AOCI, Cumulatively | 1,829 |
Gains/(losses) recorded into AOCI transferred to net income | 0 |
Due to banks and customer deposits | |
Financial instruments | |
Gains/(losses) recorded into AOCI | (1) |
Gains/(losses) recorded into AOCI, Cumulatively | 0 |
Gains/(losses) recorded into AOCI transferred to net income | 0 |
Short-term borrowings | |
Financial instruments | |
Gains/(losses) recorded into AOCI | (1) |
Gains/(losses) recorded into AOCI, Cumulatively | (1) |
Gains/(losses) recorded into AOCI transferred to net income | 0 |
Long-term debt | |
Financial instruments | |
Gains/(losses) recorded into AOCI | (9) |
Gains/(losses) recorded into AOCI, Cumulatively | 1,830 |
Gains/(losses) recorded into AOCI transferred to net income | 0 |
Long-term debt - of which structured notes over two years | |
Financial instruments | |
Gains/(losses) recorded into AOCI | 30 |
Gains/(losses) recorded into AOCI, Cumulatively | 1,058 |
Gains/(losses) recorded into AOCI transferred to net income | 0 |
Long-term debt - of which treasury debt over two years | |
Financial instruments | |
Gains/(losses) recorded into AOCI | (33) |
Gains/(losses) recorded into AOCI, Cumulatively | 763 |
Gains/(losses) recorded into AOCI transferred to net income | SFr 0 |
Assets pledged and collatera144
Assets pledged and collateral (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | SFr 117,809 | SFr 137,330 |
of which encumbered | 80,600 | 91,278 |
Fair value of collateral received with the right to sell or repledge | 386,480 | 422,269 |
of which sold or repledged | SFr 184,537 | SFr 186,132 |
Litigation (Details)
Litigation (Details) SFr in Millions, $ in Millions | 3 Months Ended | ||
Jun. 30, 2016CHF (SFr) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | |
Pending Litigation | |||
Litigation disclosures | |||
Net litigation provisions recorded | SFr | SFr 86 | ||
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 2,100 | ||
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 | ||
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% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 34 | ||
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 | 104 | $ 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 | 17.00% | 17.00% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 1,600 | $ 1,700 | |
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% | |
Value of RMBS issued by third party underwritten by CSS LLC | $ 12 |
Subsidiary guarantee informa146
Subsidiary guarantee information - Income statement related (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed consolidating statements of operations | |||||
Interest and dividend income | SFr 4,757 | SFr 4,585 | SFr 5,903 | SFr 9,342 | SFr 10,393 |
Interest expense | (2,758) | (2,574) | (3,034) | (5,332) | (5,372) |
Net interest income | 1,999 | 2,011 | 2,869 | 4,010 | 5,021 |
Commissions and fees | 2,796 | 2,675 | 3,259 | 5,471 | 6,238 |
Trading revenues | 94 | (271) | 498 | (177) | 1,888 |
Other revenues | 219 | 223 | 329 | 442 | 455 |
Net revenues | 5,108 | 4,638 | 6,955 | 9,746 | 13,602 |
Provision for credit losses | (28) | 150 | 51 | 122 | 81 |
Compensation and benefits | 2,734 | 2,482 | 2,914 | 5,216 | 5,890 |
General and administrative expenses | 1,760 | 1,848 | 1,928 | 3,608 | 3,666 |
Commission expenses | 352 | 387 | 406 | 739 | 798 |
Restructuring expenses | 91 | 255 | 346 | ||
Total other operating expenses | 2,203 | 2,490 | 2,334 | 4,693 | 4,464 |
Total operating expenses | 4,937 | 4,972 | 5,248 | 9,909 | 10,354 |
Income tax expense | 21 | (179) | 590 | (158) | 1,067 |
Net income/(loss) | 178 | (305) | 1,066 | (127) | 2,100 |
Net income/(loss) attributable to noncontrolling interests | 8 | (3) | 15 | 5 | (5) |
Net income/(loss) attributable to shareholders | 170 | (302) | 1,051 | (132) | 2,105 |
Income/(loss) from continuing operations before taxes | 199 | SFr (484) | 1,656 | (285) | 3,167 |
Credit Suisse (USA), Inc - Consolidated | |||||
Condensed consolidating statements of operations | |||||
Interest and dividend income | 1,421 | 1,758 | 3,096 | 3,453 | |
Interest expense | (961) | (1,032) | (2,010) | (2,097) | |
Net interest income | 460 | 726 | 1,086 | 1,356 | |
Commissions and fees | 909 | 1,083 | 1,675 | 2,032 | |
Trading revenues | (167) | (25) | (933) | 54 | |
Other revenues | 198 | 177 | 427 | 297 | |
Net revenues | 1,400 | 1,961 | 2,255 | 3,739 | |
Provision for credit losses | (8) | 5 | (7) | 5 | |
Compensation and benefits | 790 | 927 | 1,594 | 1,928 | |
General and administrative expenses | 464 | 482 | 948 | 920 | |
Commission expenses | 60 | 67 | 121 | 130 | |
Restructuring expenses | 22 | 142 | |||
Total other operating expenses | 546 | 549 | 1,211 | 1,050 | |
Total operating expenses | 1,336 | 1,476 | 2,805 | 2,978 | |
Income tax expense | 7 | 301 | (246) | 397 | |
Net income/(loss) | 65 | 179 | (297) | 359 | |
Net income/(loss) attributable to noncontrolling interests | 50 | 24 | 72 | 32 | |
Net income/(loss) attributable to shareholders | 15 | 155 | (369) | 327 | |
Income/(loss) from continuing operations before taxes | 72 | 480 | (543) | 756 | |
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | |||||
Condensed consolidating statements of operations | |||||
Interest and dividend income | 3,222 | 4,025 | 6,018 | 6,693 | |
Interest expense | (1,778) | (1,983) | (3,283) | (3,230) | |
Net interest income | 1,444 | 2,042 | 2,735 | 3,463 | |
Commissions and fees | 1,819 | 2,124 | 3,657 | 4,100 | |
Trading revenues | 264 | 517 | 624 | 1,844 | |
Other revenues | 36 | 162 | 58 | 199 | |
Net revenues | 3,563 | 4,845 | 7,074 | 9,606 | |
Provision for credit losses | (26) | 33 | 114 | 53 | |
Compensation and benefits | 1,960 | 1,983 | 3,659 | 3,937 | |
General and administrative expenses | 1,293 | 1,464 | 2,673 | 2,780 | |
Commission expenses | 290 | 337 | 612 | 663 | |
Restructuring expenses | 63 | 176 | |||
Total other operating expenses | 1,646 | 1,801 | 3,461 | 3,443 | |
Total operating expenses | 3,606 | 3,784 | 7,120 | 7,380 | |
Income tax expense | 1 | 262 | (47) | 615 | |
Net income/(loss) | (18) | 766 | (113) | 1,558 | |
Net income/(loss) attributable to noncontrolling interests | (41) | (9) | (70) | (33) | |
Net income/(loss) attributable to shareholders | 23 | 775 | (43) | 1,591 | |
Income/(loss) from continuing operations before taxes | (17) | 1,028 | (160) | 2,173 | |
Bank | |||||
Condensed consolidating statements of operations | |||||
Interest and dividend income | 4,643 | 5,783 | 9,114 | 10,146 | |
Interest expense | (2,739) | (3,015) | (5,293) | (5,327) | |
Net interest income | 1,904 | 2,768 | 3,821 | 4,819 | |
Commissions and fees | 2,728 | 3,207 | 5,332 | 6,132 | |
Trading revenues | 97 | 492 | (309) | 1,898 | |
Other revenues | 234 | 339 | 485 | 496 | |
Net revenues | 4,963 | 6,806 | 9,329 | 13,345 | |
Provision for credit losses | (34) | 38 | 107 | 58 | |
Compensation and benefits | 2,750 | 2,910 | 5,253 | 5,865 | |
General and administrative expenses | 1,757 | 1,946 | 3,621 | 3,700 | |
Commission expenses | 350 | 404 | 733 | 793 | |
Restructuring expenses | 85 | 318 | |||
Total other operating expenses | 2,192 | 2,350 | 4,672 | 4,493 | |
Total operating expenses | 4,942 | 5,260 | 9,925 | 10,358 | |
Income tax expense | 8 | 563 | (293) | 1,012 | |
Net income/(loss) | 47 | 945 | (410) | 1,917 | |
Net income/(loss) attributable to noncontrolling interests | 9 | 15 | 2 | (1) | |
Net income/(loss) attributable to shareholders | 38 | 930 | (412) | 1,918 | |
Income/(loss) from continuing operations before taxes | 55 | 1,508 | (703) | 2,929 | |
Group parent company | |||||
Condensed consolidating statements of operations | |||||
Interest and dividend income | 69 | 67 | 140 | 136 | |
Interest expense | (82) | (80) | (167) | (161) | |
Net interest income | (13) | (13) | (27) | (25) | |
Commissions and fees | 7 | 5 | 13 | 7 | |
Trading revenues | 13 | 5 | 72 | (3) | |
Other revenues | 158 | 1,029 | (208) | 2,105 | |
Net revenues | 165 | 1,026 | (150) | 2,084 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Compensation and benefits | 13 | 16 | 18 | 45 | |
General and administrative expenses | (19) | (41) | (38) | (67) | |
Commission expenses | 1 | 1 | 1 | 1 | |
Restructuring expenses | 0 | 0 | |||
Total other operating expenses | (18) | (40) | (37) | (66) | |
Total operating expenses | (5) | (24) | (19) | (21) | |
Income tax expense | 0 | (1) | 1 | 0 | |
Net income/(loss) | 170 | 1,051 | (132) | 2,105 | |
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income/(loss) attributable to shareholders | 170 | 1,051 | (132) | 2,105 | |
Income/(loss) from continuing operations before taxes | 170 | 1,050 | (131) | 2,105 | |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | |||||
Condensed consolidating statements of operations | |||||
Interest and dividend income | 45 | 53 | 88 | 111 | |
Interest expense | 63 | 61 | 128 | 116 | |
Net interest income | 108 | 114 | 216 | 227 | |
Commissions and fees | 61 | 47 | 126 | 99 | |
Trading revenues | (16) | 1 | 60 | (7) | |
Other revenues | (173) | (1,039) | 165 | (2,146) | |
Net revenues | (20) | (877) | 567 | (1,827) | |
Provision for credit losses | 6 | 13 | 15 | 23 | |
Compensation and benefits | (29) | (12) | (55) | (20) | |
General and administrative expenses | 22 | 23 | 25 | 33 | |
Commission expenses | 1 | 1 | 5 | 4 | |
Restructuring expenses | 6 | 28 | |||
Total other operating expenses | 29 | 24 | 58 | 37 | |
Total operating expenses | 0 | 12 | 3 | 17 | |
Income tax expense | 13 | 28 | 134 | 55 | |
Net income/(loss) | (39) | (930) | 415 | (1,922) | |
Net income/(loss) attributable to noncontrolling interests | (1) | 0 | 3 | (4) | |
Net income/(loss) attributable to shareholders | (38) | (930) | 412 | (1,918) | |
Income/(loss) from continuing operations before taxes | SFr (26) | SFr (902) | SFr 549 | SFr (1,867) |
Subsidiary guarantee informa147
Subsidiary guarantee information - Comprehensive income related (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Comprehensive income | |||||
Net income/(loss) | SFr 178 | SFr (305) | SFr 1,066 | SFr (127) | SFr 2,100 |
Gains/(losses) on cash flow hedges | 20 | 46 | 31 | 66 | 39 |
Foreign currency translation | 345 | (855) | (1,053) | (510) | (2,546) |
Unrealized gains/(losses) on securities | 2 | 5 | (12) | 7 | (2) |
Actuarial gains/(losses) | 82 | 105 | 92 | 187 | 181 |
Net prior service cost | (25) | (28) | (22) | (53) | (43) |
Gains/(losses) on liabilities related to credit risk | (69) | 1,266 | 1,197 | ||
Other comprehensive income/(loss), net of tax | 355 | 539 | (964) | 894 | (2,371) |
Comprehensive income/(loss) | 533 | 234 | 102 | 767 | (271) |
Comprehensive income/(loss) attributable to noncontrolling interests | 22 | (21) | (15) | 1 | (59) |
Comprehensive income/(loss) attributable to shareholders | 511 | SFr 255 | 117 | 766 | (212) |
Credit Suisse (USA), Inc - Consolidated | |||||
Comprehensive income | |||||
Net income/(loss) | 65 | 179 | (297) | 359 | |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 | 0 | |
Foreign currency translation | 306 | (770) | (312) | (1,140) | |
Unrealized gains/(losses) on securities | 0 | 0 | 0 | 0 | |
Actuarial gains/(losses) | 6 | 9 | 13 | 18 | |
Net prior service cost | 0 | (3) | 0 | (7) | |
Gains/(losses) on liabilities related to credit risk | 6 | 55 | |||
Other comprehensive income/(loss), net of tax | 318 | (764) | (244) | (1,129) | |
Comprehensive income/(loss) | 383 | (585) | (541) | (770) | |
Comprehensive income/(loss) attributable to noncontrolling interests | 65 | (13) | 64 | (27) | |
Comprehensive income/(loss) attributable to shareholders | 318 | (572) | (605) | (743) | |
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | |||||
Comprehensive income | |||||
Net income/(loss) | (18) | 766 | (113) | 1,558 | |
Gains/(losses) on cash flow hedges | 22 | 30 | 68 | 52 | |
Foreign currency translation | 26 | (283) | (192) | (1,402) | |
Unrealized gains/(losses) on securities | 1 | (12) | 5 | (5) | |
Actuarial gains/(losses) | 4 | 8 | 7 | 16 | |
Net prior service cost | 0 | (1) | 0 | 0 | |
Gains/(losses) on liabilities related to credit risk | (56) | 987 | |||
Other comprehensive income/(loss), net of tax | (3) | (258) | 875 | (1,339) | |
Comprehensive income/(loss) | (21) | 508 | 762 | 219 | |
Comprehensive income/(loss) attributable to noncontrolling interests | (32) | (27) | (76) | (67) | |
Comprehensive income/(loss) attributable to shareholders | 11 | 535 | 838 | 286 | |
Bank | |||||
Comprehensive income | |||||
Net income/(loss) | 47 | 945 | (410) | 1,917 | |
Gains/(losses) on cash flow hedges | 22 | 30 | 68 | 52 | |
Foreign currency translation | 332 | (1,053) | (504) | (2,542) | |
Unrealized gains/(losses) on securities | 1 | (12) | 5 | (5) | |
Actuarial gains/(losses) | 10 | 17 | 20 | 34 | |
Net prior service cost | 0 | (4) | 0 | (7) | |
Gains/(losses) on liabilities related to credit risk | (50) | 1,042 | |||
Other comprehensive income/(loss), net of tax | 315 | (1,022) | 631 | (2,468) | |
Comprehensive income/(loss) | 362 | (77) | 221 | (551) | |
Comprehensive income/(loss) attributable to noncontrolling interests | 33 | (40) | (12) | (94) | |
Comprehensive income/(loss) attributable to shareholders | 329 | (37) | 233 | (457) | |
Group parent company | |||||
Comprehensive income | |||||
Net income/(loss) | 170 | 1,051 | (132) | 2,105 | |
Gains/(losses) on cash flow hedges | (2) | 1 | (2) | (13) | |
Foreign currency translation | 4 | 2 | 6 | (1) | |
Unrealized gains/(losses) on securities | 0 | 0 | 0 | 0 | |
Actuarial gains/(losses) | 0 | 0 | 0 | 0 | |
Net prior service cost | 0 | 0 | 0 | 0 | |
Gains/(losses) on liabilities related to credit risk | (10) | 78 | |||
Other comprehensive income/(loss), net of tax | (8) | 3 | 82 | (14) | |
Comprehensive income/(loss) | 162 | 1,054 | (50) | 2,091 | |
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Comprehensive income/(loss) attributable to shareholders | 162 | 1,054 | (50) | 2,091 | |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | |||||
Comprehensive income | |||||
Net income/(loss) | (39) | (930) | 415 | (1,922) | |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 | 0 | |
Foreign currency translation | 9 | (2) | (12) | (3) | |
Unrealized gains/(losses) on securities | 1 | 0 | 2 | 3 | |
Actuarial gains/(losses) | 72 | 75 | 167 | 147 | |
Net prior service cost | (25) | (18) | (53) | (36) | |
Gains/(losses) on liabilities related to credit risk | (9) | 77 | |||
Other comprehensive income/(loss), net of tax | 48 | 55 | 181 | 111 | |
Comprehensive income/(loss) | 9 | (875) | 596 | (1,811) | |
Comprehensive income/(loss) attributable to noncontrolling interests | (11) | 25 | 13 | 35 | |
Comprehensive income/(loss) attributable to shareholders | SFr 20 | SFr (900) | SFr 583 | SFr (1,846) |
Subsidiary guarantee informa148
Subsidiary guarantee information - Balance sheet related (Details 3) - CHF (SFr) SFr in Millions | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Assets | ||||||
Cash and Cash Equivalents, at Carrying Value | SFr 114,049 | SFr 94,210 | SFr 92,328 | SFr 104,054 | SFr 79,349 | |
Interest-bearing deposits with banks | 820 | 868 | 867 | |||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 122,068 | 136,211 | 123,049 | |||
Securities received as collateral | 25,993 | 25,760 | 28,511 | |||
Trading assets | 177,619 | 187,550 | 190,737 | |||
Investment securities | 2,611 | 3,143 | 3,090 | |||
Net loans | 273,835 | 270,248 | 272,995 | |||
Premises and equipment | 4,693 | 4,609 | 4,644 | |||
Goodwill | 4,745 | 4,688 | 4,808 | |||
Other intangible assets | 191 | 186 | 196 | |||
Brokerage receivables | 42,108 | 35,504 | 34,542 | |||
Other assets | 46,283 | 44,627 | 58,017 | |||
Total assets | 821,164 | 813,898 | 820,805 | |||
Other investments | 6,149 | 6,294 | 7,021 | |||
Liabilities and equity | ||||||
Due to banks | 23,229 | 23,961 | 21,054 | |||
Customer deposits | 347,559 | 344,545 | 342,705 | |||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,499 | 40,150 | 46,598 | |||
Obligation to return securities received as collateral | 25,993 | 25,760 | 28,511 | |||
Trading liabilities | 51,682 | 53,582 | 48,971 | |||
Short-term borrowings | 11,178 | 14,768 | 8,657 | |||
Long-term debt | 200,226 | 183,490 | 197,608 | |||
Brokerage payables | 43,944 | 41,880 | 39,452 | |||
Other liabilities | 39,525 | 40,315 | 42,231 | |||
Total liabilities | 775,835 | 768,451 | 775,787 | |||
Total shareholders' equity | 44,962 | 44,997 | 44,382 | |||
Noncontrolling interests | 367 | 450 | 636 | |||
Total equity | 45,329 | 45,447 | 45,018 | 43,460 | SFr 44,285 | 45,001 |
Total liabilities and equity | 821,164 | SFr 813,898 | 820,805 | |||
Credit Suisse (USA), Inc - Consolidated | ||||||
Assets | ||||||
Cash and Cash Equivalents, at Carrying Value | 2,658 | 5,799 | 6,825 | 4,950 | ||
Interest-bearing deposits with banks | 3,388 | 70 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 86,062 | 105,469 | ||||
Securities received as collateral | 24,131 | 27,274 | ||||
Trading assets | 50,675 | 59,332 | ||||
Investment securities | 544 | 1,009 | ||||
Net loans | 13,382 | 15,433 | ||||
Premises and equipment | 916 | 899 | ||||
Goodwill | 720 | 731 | ||||
Other intangible assets | 151 | 152 | ||||
Brokerage receivables | 20,021 | 17,630 | ||||
Other assets | 14,073 | 26,842 | ||||
Total assets | 218,009 | 263,720 | ||||
Other investments | 1,288 | 3,080 | ||||
Liabilities and equity | ||||||
Due to banks | 141 | 62 | ||||
Customer deposits | 0 | 1 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 55,271 | 77,028 | ||||
Obligation to return securities received as collateral | 24,131 | 27,274 | ||||
Trading liabilities | 11,289 | 11,097 | ||||
Short-term borrowings | 42,265 | 45,480 | ||||
Long-term debt | 22,860 | 39,127 | ||||
Brokerage payables | 31,105 | 28,399 | ||||
Other liabilities | 12,507 | 15,615 | ||||
Total liabilities | 199,569 | 244,083 | ||||
Total shareholders' equity | 18,532 | 19,396 | ||||
Noncontrolling interests | (92) | 241 | ||||
Total equity | 18,440 | 19,637 | ||||
Total liabilities and equity | 218,009 | 263,720 | ||||
Bank parent company and other subsidiaries | Includes eliminations and consolidation adjustments | ||||||
Assets | ||||||
Cash and Cash Equivalents, at Carrying Value | 109,342 | 84,722 | 95,533 | 73,050 | ||
Interest-bearing deposits with banks | 965 | 4,883 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 36,374 | 17,967 | ||||
Securities received as collateral | 1,862 | 1,237 | ||||
Trading assets | 127,058 | 131,764 | ||||
Investment securities | 1,692 | 1,689 | ||||
Net loans | 243,131 | 239,482 | ||||
Premises and equipment | 3,580 | 3,540 | ||||
Goodwill | 3,152 | 3,198 | ||||
Other intangible assets | 40 | 44 | ||||
Brokerage receivables | 22,085 | 16,910 | ||||
Other assets | 32,116 | 31,068 | ||||
Total assets | 585,994 | 540,211 | ||||
Other investments | 4,597 | 3,707 | ||||
Liabilities and equity | ||||||
Due to banks | 23,555 | 21,398 | ||||
Customer deposits | 336,063 | 331,699 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (22,772) | (30,430) | ||||
Obligation to return securities received as collateral | 1,862 | 1,237 | ||||
Trading liabilities | 40,403 | 37,957 | ||||
Short-term borrowings | (31,087) | (36,823) | ||||
Long-term debt | 171,743 | 152,967 | ||||
Brokerage payables | 12,839 | 11,053 | ||||
Other liabilities | 26,829 | 26,100 | ||||
Total liabilities | 559,435 | 515,158 | ||||
Total shareholders' equity | 25,465 | 24,010 | ||||
Noncontrolling interests | 1,094 | 1,043 | ||||
Total equity | 26,559 | 25,053 | ||||
Total liabilities and equity | 585,994 | 540,211 | ||||
Bank | ||||||
Assets | ||||||
Cash and Cash Equivalents, at Carrying Value | 112,000 | 90,521 | 102,358 | 78,000 | ||
Interest-bearing deposits with banks | 4,353 | 4,953 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 122,436 | 123,436 | ||||
Securities received as collateral | 25,993 | 28,511 | ||||
Trading assets | 177,733 | 191,096 | ||||
Investment securities | 2,236 | 2,698 | ||||
Net loans | 256,513 | 254,915 | ||||
Premises and equipment | 4,496 | 4,439 | ||||
Goodwill | 3,872 | 3,929 | ||||
Other intangible assets | 191 | 196 | ||||
Brokerage receivables | 42,106 | 34,540 | ||||
Other assets | 46,189 | 57,910 | ||||
Total assets | 804,003 | 803,931 | ||||
Other investments | 5,885 | 6,787 | ||||
Liabilities and equity | ||||||
Due to banks | 23,696 | 21,460 | ||||
Customer deposits | 336,063 | 331,700 | ||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 32,499 | 46,598 | ||||
Obligation to return securities received as collateral | 25,993 | 28,511 | ||||
Trading liabilities | 51,692 | 49,054 | ||||
Short-term borrowings | 11,178 | 8,657 | ||||
Long-term debt | 194,603 | 192,094 | ||||
Brokerage payables | 43,944 | 39,452 | ||||
Other liabilities | 39,336 | 41,715 | ||||
Total liabilities | 759,004 | 759,241 | ||||
Total shareholders' equity | 43,997 | 43,406 | ||||
Noncontrolling interests | 1,002 | 1,284 | ||||
Total equity | 44,999 | 44,690 | ||||
Total liabilities and equity | 804,003 | 803,931 | ||||
Group parent company | ||||||
Assets | ||||||
Cash and Cash Equivalents, at Carrying Value | 799 | 942 | 611 | 917 | ||
Interest-bearing deposits with banks | 5 | 5 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||||
Securities received as collateral | 0 | 0 | ||||
Trading assets | 0 | 0 | ||||
Investment securities | 3,809 | 4,092 | ||||
Net loans | 124 | 139 | ||||
Premises and equipment | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other intangible assets | 0 | 0 | ||||
Brokerage receivables | 0 | 0 | ||||
Other assets | 280 | 228 | ||||
Total assets | 52,623 | 52,201 | ||||
Other investments | 47,606 | 46,795 | ||||
Liabilities and equity | ||||||
Due to banks | 2,496 | 2,152 | ||||
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 | 300 | ||||
Long-term debt | 4,676 | 5,025 | ||||
Brokerage payables | 0 | 0 | ||||
Other liabilities | 189 | 342 | ||||
Total liabilities | 7,661 | 7,819 | ||||
Total shareholders' equity | 44,962 | 44,382 | ||||
Noncontrolling interests | 0 | 0 | ||||
Total equity | 44,962 | 44,382 | ||||
Total liabilities and equity | 52,623 | 52,201 | ||||
Other Group subsidiaries | Includes eliminations and consolidation adjustments | ||||||
Assets | ||||||
Cash and Cash Equivalents, at Carrying Value | 1,250 | 865 | SFr 1,085 | SFr 432 | ||
Interest-bearing deposits with banks | (3,538) | (4,091) | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (368) | (387) | ||||
Securities received as collateral | 0 | 0 | ||||
Trading assets | (114) | (359) | ||||
Investment securities | (3,434) | (3,700) | ||||
Net loans | 17,198 | 17,941 | ||||
Premises and equipment | 197 | 205 | ||||
Goodwill | 873 | 879 | ||||
Other intangible assets | 0 | 0 | ||||
Brokerage receivables | 2 | 2 | ||||
Other assets | (186) | (121) | ||||
Total assets | (35,462) | (35,327) | ||||
Other investments | (47,342) | (46,561) | ||||
Liabilities and equity | ||||||
Due to banks | (2,963) | (2,558) | ||||
Customer deposits | 11,496 | 11,005 | ||||
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 | (10) | (83) | ||||
Short-term borrowings | (300) | (300) | ||||
Long-term debt | 947 | 489 | ||||
Brokerage payables | 0 | 0 | ||||
Other liabilities | 0 | 174 | ||||
Total liabilities | 9,170 | 8,727 | ||||
Total shareholders' equity | (43,997) | (43,406) | ||||
Noncontrolling interests | (635) | (648) | ||||
Total equity | (44,632) | (44,054) | ||||
Total liabilities and equity | SFr (35,462) | SFr (35,327) |
Subsidiary guarantee informa149
Subsidiary guarantee information - Cash flow related (Details 4) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | SFr 9,834 | SFr 2,779 |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | 56 | 305 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 786 | 16,054 |
Purchase of investment securities | (60) | (272) |
Proceeds from sale of investment securities | 9 | 14 |
Maturities of investment securities | 213 | 342 |
Investments in subsidiaries and other investments | (378) | (335) |
Proceeds from sale of other investments | 591 | 951 |
Proceeds from sale of loans | 415 | 1,018 |
(Increase)/decrease in loans | (2,083) | (3,677) |
Capital expenditures for premises and equipment and other intangible assets | (582) | (474) |
Proceeds from sale of premises and equipment and other intangible assets | 53 | 11 |
Other, net | 51 | 195 |
Net cash provided by/(used in) investing activities of continuing operations | (929) | 14,132 |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 8,772 | 1,065 |
Increase/(decrease) in short-term borrowings | 3,049 | 1,110 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (13,622) | (7,873) |
Issuances of long-term debt | 35,677 | 47,503 |
Repayments of long-term debt | (20,718) | (29,565) |
Issuances of common shares | 725 | 1 |
Sale of treasury shares | 9,158 | 7,435 |
Repurchase of treasury shares | (9,301) | (8,385) |
Dividends paid/capital repayments | (493) | (427) |
Other, net | 41 | 384 |
Net cash provided by/(used in) financing activities of continuing operations | 13,288 | 11,248 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (472) | (3,454) |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 21,721 | 24,705 |
Cash and due from banks at beginning of period | 92,328 | 79,349 |
Cash and due from banks at end of period | 114,049 | 104,054 |
Credit Suisse (USA), Inc - Consolidated | ||
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | 6,911 | 4,489 |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | (3,345) | |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 11,075 | 14,240 |
Purchase of investment securities | 0 | 0 |
Proceeds from sale of investment securities | 0 | 0 |
Maturities of investment securities | 138 | 10 |
Investments in subsidiaries and other investments | (152) | (245) |
Proceeds from sale of other investments | 1,456 | 792 |
Proceeds from sale of loans | 0 | 0 |
(Increase)/decrease in loans | 1,839 | 1,886 |
Capital expenditures for premises and equipment and other intangible assets | (158) | (120) |
Proceeds from sale of premises and equipment and other intangible assets | 49 | 2 |
Other, net | 7 | 13 |
Net cash provided by/(used in) investing activities of continuing operations | 10,909 | 16,578 |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 80 | 44 |
Increase/(decrease) in short-term borrowings | 2,495 | 3,865 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (20,758) | (15,728) |
Issuances of long-term debt | 0 | 2,199 |
Repayments of long-term debt | (2,394) | (8,682) |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 0 | 0 |
Repurchase of treasury shares | 0 | 0 |
Dividends paid/capital repayments | 0 | 0 |
Other, net | (319) | (588) |
Net cash provided by/(used in) financing activities of continuing operations | (20,896) | (18,890) |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (65) | (302) |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | (3,141) | 1,875 |
Cash and due from banks at beginning of period | 5,799 | 4,950 |
Cash and due from banks at end of period | 2,658 | 6,825 |
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 | 2,896 | (1,415) |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | 3,954 | (91) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (10,271) | 1,417 |
Purchase of investment securities | (60) | (272) |
Proceeds from sale of investment securities | 9 | 14 |
Maturities of investment securities | 53 | 322 |
Investments in subsidiaries and other investments | (210) | (63) |
Proceeds from sale of other investments | (873) | 128 |
Proceeds from sale of loans | 415 | 1,018 |
(Increase)/decrease in loans | (4,665) | (5,085) |
Capital expenditures for premises and equipment and other intangible assets | (422) | (348) |
Proceeds from sale of premises and equipment and other intangible assets | 4 | 9 |
Other, net | 44 | 179 |
Net cash provided by/(used in) investing activities of continuing operations | (12,022) | (2,772) |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 8,268 | 983 |
Increase/(decrease) in short-term borrowings | 554 | (2,755) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 7,136 | 7,855 |
Issuances of long-term debt | 35,441 | 44,756 |
Repayments of long-term debt | (18,118) | (20,638) |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 0 | 0 |
Repurchase of treasury shares | 0 | 0 |
Dividends paid/capital repayments | (10) | (10) |
Other, net | 869 | (420) |
Net cash provided by/(used in) financing activities of continuing operations | 34,140 | 29,771 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (394) | (3,101) |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 24,620 | 22,483 |
Cash and due from banks at beginning of period | 84,722 | 73,050 |
Cash and due from banks at end of period | 109,342 | 95,533 |
Bank | ||
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | 9,807 | 3,074 |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | 609 | (91) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 804 | 15,657 |
Purchase of investment securities | (60) | (272) |
Proceeds from sale of investment securities | 9 | 14 |
Maturities of investment securities | 191 | 332 |
Investments in subsidiaries and other investments | (362) | (308) |
Proceeds from sale of other investments | 583 | 920 |
Proceeds from sale of loans | 415 | 1,018 |
(Increase)/decrease in loans | (2,826) | (3,199) |
Capital expenditures for premises and equipment and other intangible assets | (580) | (468) |
Proceeds from sale of premises and equipment and other intangible assets | 53 | 11 |
Other, net | 51 | 192 |
Net cash provided by/(used in) investing activities of continuing operations | (1,113) | 13,806 |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 8,348 | 1,027 |
Increase/(decrease) in short-term borrowings | 3,049 | 1,110 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (13,622) | (7,873) |
Issuances of long-term debt | 35,441 | 46,955 |
Repayments of long-term debt | (20,512) | (29,320) |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 0 | 0 |
Repurchase of treasury shares | 0 | 0 |
Dividends paid/capital repayments | (10) | (10) |
Other, net | 550 | (1,008) |
Net cash provided by/(used in) financing activities of continuing operations | 13,244 | 10,881 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (459) | (3,403) |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 21,479 | 24,358 |
Cash and due from banks at beginning of period | 90,521 | 78,000 |
Cash and due from banks at end of period | 112,000 | 102,358 |
Group parent company | ||
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | (35) | (80) |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | 0 | (5) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Purchase of investment securities | 0 | 0 |
Proceeds from sale of investment securities | 0 | 0 |
Maturities of investment securities | 0 | 0 |
Investments in subsidiaries and other investments | (710) | 0 |
Proceeds from sale of other investments | 0 | 0 |
Proceeds from sale of loans | 0 | 0 |
(Increase)/decrease in loans | 15 | 210 |
Capital expenditures for premises and equipment and other intangible assets | 0 | 0 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 |
Other, net | 2 | 6 |
Net cash provided by/(used in) investing activities of continuing operations | (693) | 211 |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 344 | (161) |
Increase/(decrease) in short-term borrowings | 0 | 0 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Issuances of long-term debt | 0 | 0 |
Repayments of long-term debt | 0 | (30) |
Issuances of common shares | 725 | 1 |
Sale of treasury shares | 323 | 3 |
Repurchase of treasury shares | (455) | (1,004) |
Dividends paid/capital repayments | (493) | (415) |
Other, net | 153 | 1,217 |
Net cash provided by/(used in) financing activities of continuing operations | 597 | (389) |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (12) | (48) |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | (306) | |
Cash and due from banks at beginning of period | 942 | 917 |
Cash and due from banks at end of period | 799 | 611 |
Group parent company | Includes eliminations and consolidation adjustments | ||
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | (143) | |
Group Parent company - subsidiary that holds a banking license | ||
Net increase/(decrease) in cash and due from banks | ||
Dividend income from investments | 145 | 220 |
Group Parent company - subsidiary that doesn't hold a banking license | ||
Net increase/(decrease) in cash and due from banks | ||
Dividend income from investments | 41 | 31 |
Other Group subsidiaries | Includes eliminations and consolidation adjustments | ||
Operating activities of continuing operations | ||
Net cash provided by/(used in) operating activities of continuing operations | 62 | (215) |
Investing activities of continuing operations | ||
(Increase)/decrease in interest-bearing deposits with banks | (553) | 401 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (18) | 397 |
Purchase of investment securities | 0 | 0 |
Proceeds from sale of investment securities | 0 | 0 |
Maturities of investment securities | 22 | 10 |
Investments in subsidiaries and other investments | 694 | (27) |
Proceeds from sale of other investments | 8 | 31 |
Proceeds from sale of loans | 0 | 0 |
(Increase)/decrease in loans | 728 | (688) |
Capital expenditures for premises and equipment and other intangible assets | (2) | (6) |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 |
Other, net | (2) | (3) |
Net cash provided by/(used in) investing activities of continuing operations | 877 | 115 |
Financing activities of continuing operations | ||
Increase/(decrease) in due to banks and customer deposits | 80 | 199 |
Increase/(decrease) in short-term borrowings | 0 | 0 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Issuances of long-term debt | 236 | 548 |
Repayments of long-term debt | (206) | (215) |
Issuances of common shares | 0 | 0 |
Sale of treasury shares | 8,835 | 7,432 |
Repurchase of treasury shares | (8,846) | (7,381) |
Dividends paid/capital repayments | 10 | (2) |
Other, net | (662) | 175 |
Net cash provided by/(used in) financing activities of continuing operations | (553) | 756 |
Effect of exchange rate changes on cash and due from banks | ||
Effect of exchange rate changes on cash and due from banks | (1) | (3) |
Net increase/(decrease) in cash and due from banks | ||
Net increase/(decrease) in cash and due from banks | 385 | 653 |
Cash and due from banks at beginning of period | 865 | 432 |
Cash and due from banks at end of period | SFr 1,250 | SFr 1,085 |