Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document Information [Line Items] | |
Entity Registrant Name | CREDIT SUISSE GROUP AG |
Entity Central Index Key | 0001159510 |
Trading Symbol | CS |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
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 | 2,550,584,029 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Bank | |
Document Information [Line Items] | |
Entity Registrant Name | CREDIT SUISSE AG |
Entity Central Index Key | 0001053092 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 4,399,680,200 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Consolidated statements of oper
Consolidated statements of operations - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and dividend income | SFr 19,613 | SFr 17,057 | SFr 17,374 |
Interest expense | (12,604) | (10,500) | (9,812) |
Net interest income | 7,009 | 6,557 | 7,562 |
Commissions and fees | 11,890 | 11,817 | 11,092 |
Trading revenues | 624 | 1,317 | 313 |
Other revenues | 1,397 | 1,209 | 1,356 |
Net revenues | 20,920 | 20,900 | 20,323 |
Provision for credit losses | 245 | 210 | 252 |
Compensation and benefits | 9,620 | 10,367 | 10,652 |
General and administrative expenses | 5,798 | 6,645 | 9,690 |
Commission expenses | 1,259 | 1,430 | 1,455 |
Restructuring expenses | 626 | 455 | 540 |
Total other operating expenses | 7,683 | 8,530 | 11,685 |
Total operating expenses | 17,303 | 18,897 | 22,337 |
Income/(loss) before taxes | 3,372 | 1,793 | (2,266) |
Income tax expense/(benefit) | 1,361 | 2,741 | 441 |
Net income/(loss) | 2,011 | (948) | (2,707) |
Net income/(loss) attributable to noncontrolling interests | (13) | 35 | 3 |
Net income/(loss) attributable to shareholders | SFr 2,024 | SFr (983) | SFr (2,710) |
Basic earnings per share (CHF) | |||
Basic earnings/(loss) per share (in CHF per share) | SFr 0.79 | SFr (0.41) | SFr (1.27) |
Diluted earnings per share (CHF) | |||
Diluted earnings/(loss) per share (in CHF per share) | SFr 0.77 | SFr (0.41) | SFr (1.27) |
Bank | |||
Interest and dividend income | SFr 19,623 | SFr 17,061 | SFr 17,375 |
Interest expense | (12,498) | (10,369) | (9,781) |
Net interest income | 7,125 | 6,692 | 7,594 |
Commissions and fees | 11,742 | 11,672 | 10,938 |
Trading revenues | 456 | 1,300 | 371 |
Other revenues | 1,497 | 1,301 | 1,490 |
Net revenues | 20,820 | 20,965 | 20,393 |
Provision for credit losses | 245 | 210 | 252 |
Compensation and benefits | 8,864 | 9,964 | 10,777 |
General and administrative expenses | 7,068 | 7,413 | 9,885 |
Commission expenses | 1,259 | 1,429 | 1,455 |
Restructuring expenses | 528 | 396 | 513 |
Total other operating expenses | 8,855 | 9,238 | 11,853 |
Total operating expenses | 17,719 | 19,202 | 22,630 |
Income/(loss) before taxes | 2,856 | 1,553 | (2,489) |
Income tax expense/(benefit) | 1,134 | 2,781 | 400 |
Net income/(loss) | 1,722 | (1,228) | (2,889) |
Net income/(loss) attributable to noncontrolling interests | (7) | 27 | (6) |
Net income/(loss) attributable to shareholders | SFr 1,729 | SFr (1,255) | SFr (2,883) |
Consolidated statements of comp
Consolidated statements of comprehensive income - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Comprehensive income | |||
Net income/(loss) | SFr 2,011 | SFr (948) | SFr (2,707) |
Gains/(losses) on cash flow hedges | (10) | (27) | (20) |
Foreign currency translation | (325) | (1,031) | 515 |
Unrealized gains/(losses) on securities | (17) | (13) | 1 |
Actuarial gains/(losses) | (391) | 695 | 394 |
Net prior service cost | (135) | (121) | 36 |
Gains/(losses) on liabilities related to credit risk | 1,654 | (1,976) | (1,043) |
Other comprehensive income/(loss), net of tax | 776 | (2,473) | (117) |
Comprehensive income/(loss) | 2,787 | (3,421) | (2,824) |
Comprehensive income/(loss) attributable to noncontrolling interests | (15) | 28 | (2) |
Comprehensive income/(loss) attributable to shareholders | 2,802 | (3,449) | (2,822) |
Bank | |||
Comprehensive income | |||
Net income/(loss) | 1,722 | (1,228) | (2,889) |
Gains/(losses) on cash flow hedges | (7) | (35) | (22) |
Foreign currency translation | (321) | (1,015) | 498 |
Unrealized gains/(losses) on securities | (18) | (13) | 1 |
Actuarial gains/(losses) | 31 | 21 | 210 |
Net prior service cost | (10) | 0 | 0 |
Gains/(losses) on liabilities related to credit risk | 1,442 | (1,684) | (1,082) |
Other comprehensive income/(loss), net of tax | 1,117 | (2,726) | (395) |
Comprehensive income/(loss) | 2,839 | (3,954) | (3,284) |
Comprehensive income/(loss) attributable to noncontrolling interests | (3) | (9) | 11 |
Comprehensive income/(loss) attributable to shareholders | SFr 2,842 | SFr (3,945) | SFr (3,295) |
Consolidated balance sheets
Consolidated balance sheets - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets | |||
Cash and due from banks | SFr 100,047 | SFr 109,815 | |
of which reported at fair value | 115 | 212 | |
Interest-bearing deposits with banks | 1,142 | 726 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 117,095 | 115,346 | |
of which reported at fair value | 81,818 | 77,498 | |
Securities received as collateral, at fair value | 41,696 | 38,074 | |
of which encumbered | 25,711 | 23,632 | |
Trading assets, at fair value | 132,203 | 156,334 | |
of which encumbered | 32,452 | 49,237 | |
Investment securities | 2,911 | 2,191 | |
of which reported at fair value | 2,911 | 2,191 | |
Other investments | 4,890 | 5,964 | |
of which reported at fair value | 2,434 | 3,506 | |
Net loans | 287,581 | 279,149 | |
of which reported at fair value | 14,873 | 15,307 | |
of which encumbered | 230 | 186 | |
Allowance for loan losses | (902) | (882) | |
Premises and equipment | 4,838 | 4,686 | |
Goodwill | 4,766 | 4,742 | |
Other intangible assets | 219 | 223 | |
of which reported at fair value | 163 | 158 | |
Brokerage receivables | 38,907 | 46,968 | |
Other assets | 32,621 | 32,071 | |
of which reported at fair value | 7,263 | 9,018 | |
of which encumbered | 279 | 134 | |
Total assets | 768,916 | 796,289 | |
Liabilities and equity | |||
Due to banks | 15,220 | 15,413 | |
of which reported at fair value | 406 | 197 | |
Customer deposits | 363,925 | 361,162 | |
of which reported at fair value | 3,292 | 3,511 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 24,623 | 26,496 | |
of which reported at fair value | 14,828 | 15,262 | |
Obligation to return securities received as collateral, at fair value | 41,696 | 38,074 | |
Trading liabilities, at fair value | 42,169 | 39,119 | |
Short-term borrowings | 21,926 | 25,889 | |
of which reported at fair value | 8,068 | 11,019 | |
Long-term debt | 154,308 | 173,032 | |
of which reported at fair value | 63,935 | 63,628 | |
Brokerage payables | 30,923 | 43,303 | |
Other liabilities | 30,107 | 31,612 | |
of which reported at fair value | 9,001 | 8,624 | |
Total liabilities | 724,897 | 754,100 | |
Common shares | 102 | 102 | |
Additional paid-in capital | 34,889 | 35,668 | |
Retained earnings | 26,973 | 24,973 | |
Treasury shares, at cost | (61) | (103) | |
Accumulated other comprehensive income/(loss) | (17,981) | (18,738) | |
Total shareholders' equity | 43,922 | 41,902 | |
Noncontrolling interests | 97 | 287 | |
Total equity | 44,019 | 42,189 | |
Total liabilities and equity | SFr 768,916 | SFr 796,289 | |
Additional share information | |||
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | |
Authorized shares (in shares) | [1] | 3,271,129,950 | 3,271,129,950 |
Issued shares (in shares) | 2,556,011,720 | 2,556,011,720 | |
Treasury shares (in shares) | 5,427,691 | 5,757,666 | |
Common shares outstanding (in shares) | 2,550,584,029 | 2,550,254,054 | |
Consolidated VIEs | |||
Assets | |||
Cash and due from banks | SFr 173 | SFr 232 | |
Trading assets, at fair value | 1,616 | 1,348 | |
Investment securities | 1,432 | 381 | |
Other investments | 1,505 | 1,833 | |
Net loans | 387 | 267 | |
Premises and equipment | 39 | 151 | |
Other assets | 2,010 | 2,398 | |
Liabilities and equity | |||
Trading liabilities, at fair value | 3 | 3 | |
Short-term borrowings | 5,465 | 6,672 | |
Long-term debt | 1,764 | 863 | |
Other liabilities | 277 | 441 | |
Bank | |||
Assets | |||
Cash and due from banks | 99,314 | 109,510 | |
of which reported at fair value | 115 | 212 | |
Interest-bearing deposits with banks | 1,074 | 721 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 117,095 | 115,346 | |
of which reported at fair value | 81,818 | 77,498 | |
Securities received as collateral, at fair value | 41,696 | 38,074 | |
of which encumbered | 25,711 | 23,632 | |
Trading assets, at fair value | 132,427 | 156,774 | |
of which encumbered | 32,452 | 49,237 | |
Investment securities | 2,909 | 2,189 | |
of which reported at fair value | 2,909 | 2,189 | |
Other investments | 4,824 | 5,893 | |
of which reported at fair value | 2,430 | 3,497 | |
Net loans | 292,875 | 283,237 | |
of which reported at fair value | 14,873 | 15,307 | |
of which encumbered | 230 | 186 | |
Allowance for loan losses | (901) | (881) | |
Premises and equipment | 4,530 | 4,445 | |
Goodwill | 4,056 | 4,036 | |
Other intangible assets | 219 | 223 | |
of which reported at fair value | 163 | 158 | |
Brokerage receivables | 38,907 | 46,968 | |
Other assets | 32,143 | 30,956 | |
of which reported at fair value | 7,263 | 9,018 | |
of which encumbered | 279 | 134 | |
Total assets | 772,069 | 798,372 | |
Liabilities and equity | |||
Due to banks | 15,220 | 15,411 | |
of which reported at fair value | 406 | 197 | |
Customer deposits | 365,263 | 362,303 | |
of which reported at fair value | 3,292 | 3,511 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 24,623 | 26,496 | |
of which reported at fair value | 14,828 | 15,262 | |
Obligation to return securities received as collateral, at fair value | 41,696 | 38,074 | |
Trading liabilities, at fair value | 42,171 | 39,132 | |
Short-term borrowings | 22,419 | 26,378 | |
of which reported at fair value | 8,068 | 11,019 | |
Long-term debt | 153,433 | 172,042 | |
of which reported at fair value | 63,027 | 62,622 | |
Brokerage payables | 30,923 | 43,303 | |
Other liabilities | 30,327 | 31,683 | |
of which reported at fair value | 8,983 | 8,590 | |
Total liabilities | 726,075 | 754,822 | |
Common shares | 4,400 | 4,400 | |
Additional paid-in capital | 45,557 | 45,718 | |
Retained earnings | 10,179 | 8,484 | |
Accumulated other comprehensive income/(loss) | (14,840) | (15,932) | |
Total shareholders' equity | 45,296 | 42,670 | |
Noncontrolling interests | 698 | 880 | |
Total equity | 45,994 | 43,550 | |
Total liabilities and equity | SFr 772,069 | SFr 798,372 | |
Additional share information | |||
Par value (in CHF per share) | [2] | SFr 1 | SFr 1 |
Issued shares (in shares) | [2] | 4,399,680,200 | 4,399,680,200 |
Common shares outstanding (in shares) | [2] | 4,399,680,200 | 4,399,680,200 |
Bank | Consolidated VIEs | |||
Assets | |||
Cash and due from banks | SFr 173 | SFr 232 | |
Trading assets, at fair value | 1,616 | 1,348 | |
Investment securities | 1,432 | 381 | |
Other investments | 1,505 | 1,833 | |
Net loans | 387 | 267 | |
Premises and equipment | 18 | 128 | |
Other assets | 2,009 | 2,396 | |
Liabilities and equity | |||
Trading liabilities, at fair value | 3 | 3 | |
Short-term borrowings | 5,465 | 6,672 | |
Long-term debt | 1,764 | 863 | |
Other liabilities | SFr 277 | SFr 441 | |
[1] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). | ||
[2] | The Bank's total share capital is fully paid and consists of 4'399'680'200 registered shares as of December 31, 2018. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding. |
Consolidated statements of chan
Consolidated statements of changes in equity - CHF (SFr) SFr in Millions | Total | Total shareholders' equity | Common shares | Additional paid-in capital | Retained earnings | Treasury shares, at cost | Accumulated other comprehensive income | Noncontrolling interests | Bank | BankTotal shareholders' equity | BankCommon shares | BankAdditional paid-in capital | BankRetained earnings | BankTreasury shares, at cost | BankAccumulated other comprehensive income | BankNoncontrolling interests | ||||||
Balance at Dec. 31, 2015 | SFr 45,018 | SFr 44,382 | SFr 78 | SFr 31,925 | SFr 29,139 | SFr (125) | SFr (16,635) | SFr 636 | SFr 46,696 | SFr 45,412 | SFr 4,400 | SFr 40,999 | SFr 13,307 | SFr 0 | SFr (13,294) | SFr 1,284 | ||||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, changing ownership | (19) | (13) | (13) | (6) | (19) | (13) | (13) | (6) | ||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (103) | (103) | (118) | (118) | ||||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 112 | 112 | 120 | 120 | ||||||||||||||||||
Net income/(loss) | (2,707) | (2,710) | (2,710) | 3 | (2,889) | (2,883) | (2,883) | (6) | ||||||||||||||
Total other comprehensive income/(loss), net of tax | (117) | (112) | (112) | (5) | (395) | (412) | (412) | 17 | ||||||||||||||
Issuance of common shares | 1,667 | 1,667 | 6 | 1,661 | ||||||||||||||||||
Sale of treasury shares | 16,167 | 16,167 | 7 | 16,160 | ||||||||||||||||||
Repurchase of treasury shares | (16,197) | (16,197) | (16,197) | |||||||||||||||||||
Share-based compensation, net of tax | 340 | 340 | 178 | 162 | 168 | 168 | 168 | |||||||||||||||
Financial instruments indexed to own shares | (164) | (164) | (164) | |||||||||||||||||||
Dividends on share-based compensation, net of tax | (41) | (41) | (41) | |||||||||||||||||||
Dividends paid | (1,435) | (1,435) | (146) | (146) | (146) | |||||||||||||||||
Dividends paid out of reserves from capital contributions | (1,435) | |||||||||||||||||||||
Change in scope of consolidation, net | (194) | (194) | (192) | 2 | 2 | (194) | ||||||||||||||||
Other | (57) | (28) | (28) | (29) | 674 | 702 | 702 | (28) | ||||||||||||||
Balance at Dec. 31, 2016 | 42,311 | 41,897 | 84 | 32,131 | 25,954 | 0 | (16,272) | 414 | 43,858 | 42,789 | 4,400 | 41,817 | 9,814 | 0 | (13,242) | 1,069 | ||||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||||
Cumulative effect of accounting changes, net of tax | (475) | 475 | (464) | 464 | ||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (163) | (163) | (189) | (189) | ||||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 65 | 65 | 65 | 65 | ||||||||||||||||||
Net income/(loss) | (948) | (983) | (983) | 35 | (1,228) | (1,255) | (1,255) | 27 | ||||||||||||||
Total other comprehensive income/(loss), net of tax | (2,473) | (2,466) | (2,466) | (7) | (2,726) | (2,690) | (2,690) | (36) | ||||||||||||||
Issuance of common shares | 5,213 | 5,213 | 18 | 5,195 | ||||||||||||||||||
Sale of treasury shares | 12,034 | 12,034 | 1 | 12,033 | ||||||||||||||||||
Repurchase of treasury shares | (12,757) | (12,757) | (12,757) | |||||||||||||||||||
Share-based compensation, net of tax | 657 | 657 | 36 | 621 | 6 | 6 | 6 | |||||||||||||||
Financial instruments indexed to own shares | 19 | 19 | 19 | |||||||||||||||||||
Dividends on share-based compensation, net of tax | (79) | (79) | (79) | |||||||||||||||||||
Dividends paid | (1,550) | (1,546) | (13) | (10) | (10) | |||||||||||||||||
Dividends paid out of reserves from capital contributions | (1,546) | |||||||||||||||||||||
Cash dividends paid to noncontrolling interest holders | (4) | (3) | ||||||||||||||||||||
Change in scope of consolidation, net | (41) | (41) | (41) | (41) | ||||||||||||||||||
Other | (180) | (168) | (168) | (12) | 3,922 | 3,934 | 3,974 | (40) | (12) | |||||||||||||
Balance at Dec. 31, 2017 | 42,189 | 41,902 | 102 | 35,668 | 24,973 | (103) | (18,738) | 287 | 43,550 | 42,670 | 4,400 | 45,718 | 8,484 | 0 | [1] | (15,932) | 880 | |||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||||
Cumulative effect of accounting changes, net of tax | 2 | 2 | 2 | (25) | (25) | (25) | ||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, changing ownership | (5) | (1) | (1) | (4) | ||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (69) | [2],[3] | (69) | [2],[3] | (70) | [4],[5] | (70) | [4],[5] | ||||||||||||||
Sale of subsidiary shares to noncontrolling interests, changing ownership | 2 | 2 | (2) | 2 | 2 | (2) | ||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 30 | [3] | 30 | [3] | 30 | [5] | 30 | [5] | ||||||||||||||
Net income/(loss) | 2,011 | 2,024 | 2,024 | (13) | 1,722 | 1,729 | 1,729 | (7) | ||||||||||||||
Total other comprehensive income/(loss), net of tax | 776 | 778 | 778 | (2) | 1,117 | 1,113 | 1,113 | 4 | ||||||||||||||
Sale of treasury shares | 11,693 | 11,693 | (28) | 11,721 | ||||||||||||||||||
Repurchase of treasury shares | (12,441) | (12,441) | (12,441) | |||||||||||||||||||
Share-based compensation, net of tax | 642 | 642 | (120) | 762 | (140) | (140) | (140) | |||||||||||||||
Financial instruments indexed to own shares | [6] | 28 | 28 | 28 | ||||||||||||||||||
Dividends on share-based compensation, net of tax | (22) | (22) | (22) | |||||||||||||||||||
Dividends paid | (666) | (661) | (15) | (10) | (10) | |||||||||||||||||
Dividends paid out of reserves from capital contributions | [7] | (661) | ||||||||||||||||||||
Cash dividends paid to noncontrolling interest holders | (5) | (5) | ||||||||||||||||||||
Change in scope of consolidation, net | (129) | (129) | (128) | (128) | ||||||||||||||||||
Balance at Dec. 31, 2018 | 44,019 | 43,922 | SFr 102 | SFr 34,889 | 26,973 | SFr (61) | (17,981) | SFr 97 | 45,994 | 45,296 | SFr 4,400 | SFr 45,557 | 10,179 | SFr 0 | [1] | (14,840) | SFr 698 | |||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||||
Cumulative effect of accounting changes, net of tax | SFr (45) | SFr (45) | SFr (24) | SFr (21) | SFr (45) | SFr (45) | SFr (24) | SFr (21) | ||||||||||||||
[1] | Reflects Credit Suisse Group shares which are reported as treasury shares. Those shares are held to economically hedge share award obligations. | |||||||||||||||||||||
[2] | Distributions to owners in funds include the return of original capital invested and any related dividends. | |||||||||||||||||||||
[3] | Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership". | |||||||||||||||||||||
[4] | Distributions to owners in funds include the return of original capital invested and any related dividends. | |||||||||||||||||||||
[5] | Transactions with and without ownership changes related to fund activity are all displayed under "not changing ownership". | |||||||||||||||||||||
[6] | Includes 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. | |||||||||||||||||||||
[7] | Paid out of capital contribution reserves. |
Consolidated statements of ch_2
Consolidated statements of changes in equity (Parenthetical) SFr in Millions | 12 Months Ended |
Dec. 31, 2016CHF (SFr) | |
Tax benefit (charge) from the excess fair value of compensation expense | SFr (110) |
Bank | |
Tax benefit (charge) from the excess fair value of compensation expense | SFr (110) |
Consolidated statements of cash
Consolidated statements of cash flows - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities of continuing operations | |||
Net income/(loss) | SFr 2,011 | SFr (948) | SFr (2,707) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | |||
Impairment, depreciation and amortization | 936 | 894 | 937 |
Provision for credit losses | 245 | 210 | 252 |
Deferred tax provision/(benefit) | 800 | 2,238 | (193) |
Share of net income/(loss) from equity method investments | (111) | (153) | (65) |
Trading assets and liabilities, net | 25,413 | 4,652 | 21,100 |
(Increase)/decrease in other assets | 3,453 | (15,597) | 9,611 |
Increase/(decrease) in other liabilities | (14,294) | (1,931) | (1,255) |
Other, net | (5,693) | 2,093 | (905) |
Total adjustments | 10,749 | (7,594) | 29,482 |
Net cash provided by/(used in) operating activities | 12,760 | (8,542) | 26,775 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (427) | 40 | 117 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (1,372) | 14,286 | (7,056) |
Purchase of investment securities | (683) | (86) | (88) |
Proceeds from sale of investment securities | 255 | 14 | 14 |
Maturities of investment securities | 853 | 422 | 363 |
Investments in subsidiaries and other investments | (547) | (1,094) | (1,403) |
Proceeds from sale of other investments | 1,772 | 1,970 | 1,737 |
(Increase)/decrease in loans | (12,500) | (13,674) | (3,745) |
Proceeds from sale of loans | 5,980 | 9,938 | 2,468 |
Capital expenditures for premises and equipment and other intangible assets | (1,095) | (1,068) | (1,164) |
Proceeds from sale of premises and equipment and other intangible assets | 30 | 1 | 55 |
Other, net | 342 | 65 | 749 |
Net cash provided by/(used in) investing activities | (7,392) | 10,814 | (7,953) |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 1,808 | 3,423 | 10,267 |
Increase/(decrease) in short-term borrowings | (2,990) | 5,018 | 6,594 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (2,052) | (5,251) | (14,525) |
Issuances of long-term debt | 33,172 | 43,556 | 52,984 |
Repayments of long-term debt | (43,851) | (62,554) | (47,132) |
Issuances of common shares | 0 | 4,253 | 725 |
Sale of treasury shares | 11,693 | 12,034 | 16,167 |
Repurchase of treasury shares | (12,441) | (12,757) | (16,197) |
Dividends paid/capital repayments | (666) | (590) | (493) |
Other, net | 181 | 77 | 377 |
Net cash provided by/(used in) financing activities | (15,146) | (12,791) | 8,767 |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | 10 | (827) | 1,244 |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (9,768) | (11,346) | 28,833 |
Cash and due from banks at beginning of period | 109,815 | 121,161 | 92,328 |
Cash and due from banks at end of period | 100,047 | 109,815 | 121,161 |
Cash paid for income taxes and interest | |||
Cash paid for income taxes | 678 | 540 | 662 |
Cash paid for interest | 12,772 | 9,961 | 9,136 |
Assets and liabilities sold in business divestitures | |||
Assets sold | 0 | 1,777 | 425 |
Liabilities sold | 0 | 1,658 | 383 |
Bank | |||
Operating activities of continuing operations | |||
Net income/(loss) | 1,722 | (1,228) | (2,889) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | |||
Impairment, depreciation and amortization | 844 | 837 | 934 |
Provision for credit losses | 245 | 210 | 252 |
Deferred tax provision/(benefit) | 592 | 2,285 | (234) |
Share of net income/(loss) from equity method investments | (107) | (150) | (62) |
Trading assets and liabilities, net | 25,388 | 3,441 | 21,214 |
(Increase)/decrease in other assets | 3,519 | (15,435) | 9,731 |
Increase/(decrease) in other liabilities | (14,228) | (1,443) | (1,021) |
Other, net | (5,564) | 2,993 | (917) |
Total adjustments | 10,689 | (7,262) | 29,897 |
Net cash provided by/(used in) operating activities | 12,411 | (8,490) | 27,008 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (364) | 40 | 117 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (1,372) | 14,286 | (7,056) |
Purchase of investment securities | (683) | (86) | (88) |
Proceeds from sale of investment securities | 255 | 14 | 14 |
Maturities of investment securities | 853 | 422 | 363 |
Investments in subsidiaries and other investments | (546) | (1,094) | (1,357) |
Proceeds from sale of other investments | 1,770 | 1,967 | 1,693 |
(Increase)/decrease in loans | (13,701) | (14,779) | (4,221) |
Proceeds from sale of loans | 5,981 | 9,938 | 2,468 |
Capital expenditures for premises and equipment and other intangible assets | (989) | (950) | (1,164) |
Proceeds from sale of premises and equipment and other intangible assets | 80 | 60 | 55 |
Other, net | 342 | 65 | 750 |
Net cash provided by/(used in) investing activities | (8,374) | 9,883 | (8,426) |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 2,006 | 3,187 | 10,237 |
Increase/(decrease) in short-term borrowings | (2,985) | 5,507 | 6,594 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (2,052) | (5,251) | (14,525) |
Issuances of long-term debt | 33,308 | 43,567 | 52,944 |
Repayments of long-term debt | (43,858) | (62,644) | (47,132) |
Issuances of common shares | 0 | 0 | |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (15) | (13) | (145) |
Other, net | (657) | 3,535 | 1,044 |
Net cash provided by/(used in) financing activities | (14,253) | (12,112) | 9,017 |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | 20 | (837) | 1,213 |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (10,196) | (11,556) | 28,812 |
Cash and due from banks at beginning of period | 109,510 | 121,066 | 92,254 |
Cash and due from banks at end of period | 99,314 | 109,510 | 121,066 |
Cash paid for income taxes and interest | |||
Cash paid for income taxes | 666 | 531 | 659 |
Cash paid for interest | 12,524 | 9,688 | 9,105 |
Assets and liabilities sold in business divestitures | |||
Assets sold | 0 | 1,777 | 425 |
Liabilities sold | SFr 0 | SFr 1,658 | SFr 383 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary of significant accounting policies | 1 Summary of significant accounting policies The accompanying consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Group ends on December 31. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current presentation which had no impact on net income/(loss) or total shareholders’ equity. In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax assets, tax uncertainties, pension liabilities and various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. Principles of consolidation The consolidated financial statements include the financial statements of the Group and its subsidiaries. The Group’s subsidiaries are entities in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. The Group consolidates limited partnerships in cases where it is the general partner and the limited partners do not have either substantive kick out rights and/or substantive participating rights or is a limited partner with substantive rights to kick out the general partner or dissolve the partnership and participate in significant decisions made in the ordinary course of business. The Group also consolidates VIEs if the Group is the primary beneficiary in accordance with Accounting Standards Codification (ASC) Topic 810 – Consolidation. The effects of material intercompany transactions and balances have been eliminated. Where a Group subsidiary is a separate legal entity and determined to be an investment company as defined by ASC Topic 946 – Financial Services – Investment Companies, interests in other entities held by this Group subsidiary are not consolidated and are carried at fair value. Group entities that qualify as broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers do not consolidate investments in voting interest entities that would otherwise qualify for consolidation when the investment is held on a temporary basis for trading purposes. In addition, subsidiaries that are strategic components of a broker-dealer’s operations are consolidated regardless of holding intent. Foreign currency translation Transactions denominated in currencies other than the functional currency of the related entity are recorded by remeasuring them in the functional currency of the related entity using the foreign exchange rate on the date of the transaction. As of the dates of the consolidated balance sheets, monetary assets and liabilities, such as receivables and payables, are reported using the year-end spot foreign exchange rates. Foreign exchange rate differences are recorded in the consolidated statements of operations. Non-monetary assets and liabilities are recorded using the historic exchange rate. For the purpose of consolidation, the assets and liabilities of Group companies with functional currencies other than the Swiss franc are translated into Swiss franc equivalents using year-end spot foreign exchange rates, whereas revenues and expenses are translated at weighted average foreign exchange rates for the period. Translation adjustments arising from consolidation are included in accumulated other comprehensive income/(loss) (AOCI) within total shareholders’ equity. Cumulative translation adjustments are released from AOCI and recorded in the consolidated statements of operations when the Group disposes and loses control of a consolidated foreign subsidiary. Fair value measurement and option The fair value measurement guidance establishes a single authoritative definition of fair value and sets out a framework for measuring fair value. The fair value option creates an alternative measurement treatment for certain financial assets and financial liabilities. The fair value option can be elected at initial recognition of the eligible item or at the date when the Group enters into an agreement which gives rise to an eligible item (e.g., a firm commitment or a written loan commitment). If not elected at initial recognition, the fair value option can be applied to an item upon certain triggering events that give rise to a new basis of accounting for that item. The application of the fair value option to a financial asset or a financial liability does not change its classification on the face of the balance sheet and the election is irrevocable. Changes in fair value resulting from the election are recorded in trading revenues. > Refer to “Fair value option” in Note 35 – Financial instruments for further information. Cash and due from banks Cash and due from banks consists of currency on hand, demand deposits with banks or other financial institutions and cash equivalents. Cash equivalents are defined as short-term, highly liquid instruments with original maturities of three months or less, which are held for cash management purposes. Reverse repurchase and repurchase agreements Purchases of securities under agreements to resell (reverse repurchase agreements) and securities sold under agreements to repurchase substantially identical securities (repurchase agreements) do not constitute economic sales and are therefore treated as collateralized financing transactions, which are carried in the consolidated balance sheet at the amount of cash disbursed or received, respectively. Reverse repurchase agreements are recorded as collateralized assets while repurchase agreements are recorded as liabilities, with the underlying securities sold continuing to be recognized in trading assets or investment securities. The fair value of securities to be repurchased and resold is monitored on a daily basis, and additional collateral is obtained as needed to protect against credit exposure. Assets and liabilities recorded under these agreements are accounted for on one of two bases, the accrual basis or the fair value basis. Under the accrual basis, interest earned on reverse repurchase agreements and interest incurred on repurchase agreements are reported in interest and dividend income and interest expense, respectively. The fair value basis of accounting may be elected pursuant to ASC Topic 825 – Financial Instruments, and any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. The Group has elected the fair value basis of accounting on selected agreements. Reverse repurchase and repurchase agreements are netted if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same enforceable master netting agreement. Securities lending and borrowing transactions Securities borrowed and securities loaned that are cash-collateralized are included in the consolidated balance sheets at amounts equal to the cash advanced or received. If securities received in a securities lending and borrowing transaction as collateral may be sold or repledged, they are recorded as securities received as collateral in the consolidated balance sheet and a corresponding liability to return the security is recorded. Securities lending transactions against non-cash collateral in which the Group has the right to resell or repledge the collateral received are recorded at the fair value of the collateral initially received. For securities lending transactions, the Group receives cash or securities collateral in an amount generally in excess of the market value of securities lent. The Group monitors the fair value of securities borrowed and loaned on a daily basis with additional collateral obtained as necessary. Fees and interest received or paid are recorded in interest and dividend income and interest expense, respectively, on an accrual basis. If the fair value basis of accounting is elected, any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. Transfers of financial assets The Group transfers various financial assets, which may result in the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Group values its beneficial interests at fair value using quoted market prices, if such positions are traded on an active exchange or financial models that incorporate observable and unobservable inputs. > Refer to “Note 34 – Transfers of financial assets and variable interest entities” for further information on the Group’s transfer activities. Trading assets and liabilities Trading assets and liabilities include debt securities, marketable equity instruments, derivative instruments, certain loans held in broker-dealer entities, commodities and precious metals. Items included in the trading portfolio are carried at fair value and classified as held for trading purposes based on management’s intent. Regular-way security transactions are recorded on a trade-date basis. Unrealized and realized gains and losses on trading positions are recorded in trading revenues. Derivatives Freestanding derivative contracts are carried at fair value in the consolidated balance sheets regardless of whether these instruments are held for trading or risk management purposes. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes. When derivative features embedded in certain contracts that meet the definition of a derivative are not considered clearly and closely related to the host contract, either the embedded feature is accounted for separately at fair value or the entire contract, including the embedded feature, is accounted for at fair value. In both cases, changes in fair value are recorded in the consolidated statements of operations. If separated for measurement purposes, the derivative is recorded in the same line item in the consolidated balance sheets as the host contract. Derivatives classified as trading assets and liabilities include those held for trading purposes and those used for risk management purposes that do not qualify for hedge accounting. Derivatives held for trading purposes arise from proprietary trading activity and from customer-based activity. Realized gains and losses, changes in unrealized gains and losses and interest flows are included in trading revenues. Derivative contracts designated and qualifying as fair value hedges, cash flow hedges or net investment hedges are reported as other assets or other liabilities. The fair value of exchange-traded derivatives is typically derived from observable market prices and/or observable market parameters. Fair values for over-the-counter (OTC) derivatives are determined on the basis of proprietary models using various input parameters. Derivative contracts are recorded on a net basis per counterparty, where an enforceable master netting agreement exists. Where no such agreement exists, fair values are recorded on a gross basis. Where hedge accounting is applied, the Group formally documents all relationships between hedging instruments and hedged items, including the risk management objectives and strategy for undertaking hedge transactions. At inception of a hedge and on an ongoing basis, the hedge relationship is formally assessed to determine whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items attributable to the hedged risk. The Group discontinues hedge accounting prospectively in the following circumstances: (i) the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including forecasted transactions); (ii) the derivative expires or is sold, terminated or exercised; (iii) the derivative is no longer designated as a hedging instrument because it is unlikely that the forecasted transaction will occur; or (iv) the designation of the derivative as a hedging instrument is otherwise no longer appropriate. For derivatives that are designated and qualify as fair value hedges, the carrying value of the underlying hedged items is adjusted to fair value for the risk being hedged. Changes in the fair value of these derivatives are recorded in the same line item of the consolidated statements of operations as the change in fair value of the risk being hedged for the hedged assets or liabilities to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When the Group discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective fair value hedge, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and the hedged asset or liability will no longer be adjusted for changes in fair value attributable to the hedged risk. Interest-related fair value adjustments made to the underlying hedged items will be amortized to the consolidated statements of operations over the remaining life of the hedged item. Any unamortized interest-related fair value adjustment is recorded in the consolidated statements of operations upon sale or extinguishment of the hedged asset or liability, respectively. Any other fair value hedge adjustments remain part of the carrying amount of the hedged asset or liability and are recognized in the consolidated statements of operations upon disposition of the hedged item as part of the gain or loss on disposition. For hedges of the variability of cash flows from forecasted transactions and floating rate assets or liabilities, the effective portion of the change in the fair value of a designated derivative is recorded in AOCI. These amounts are reclassified into the line item in the consolidated statements of operations in which the hedged item is recorded when the variable cash flow from the hedged item impacts earnings (for example, when periodic settlements on a variable rate asset or liability are recorded in the consolidated statements of operations or when the hedged item is disposed of). The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When hedge accounting is discontinued on a cash flow hedge, the net gain or loss will remain in AOCI and be reclassified into the consolidated statements of operations in the same period or periods during which the formerly hedged transaction is reported in the consolidated statements of operations. When the Group discontinues hedge accounting because it is probable that a forecasted transaction will not occur within the specified date or period plus two months, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and gains and losses that were previously recorded in AOCI will be recognized immediately in the consolidated statements of operations. For hedges of a net investment in a foreign operation, the change in the fair value of the hedging derivative is recorded in AOCI to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded in trading revenues. The Group uses the forward method of determining effectiveness for net investment hedges, which results in the time value portion of a foreign currency forward being reported in AOCI to the extent the hedge is effective. Investment securities Investment securities include debt securities classified as held-to-maturity and debt securities classified as available-for-sale. Regular-way security transactions are recorded on a trade-date basis. Debt securities where the Group has the positive intent and ability to hold such securities to maturity are classified as such and are carried at amortized cost, net of any unamortized premium or discount. Debt securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, which represent the difference between fair value and amortized cost, are recorded in AOCI. Amounts reported in AOCI are net of income taxes. Amortization of premiums or discounts is recorded in interest and dividend income using the effective yield method through the maturity date of the security. Recognition of an impairment on debt securities is recorded in the consolidated statements of operations if a decline in fair value below amortized cost is considered other-than-temporary, that is, amounts due according to the contractual terms of the security are not considered collectible, typically due to deterioration in the creditworthiness of the issuer. No impairment is recorded in connection with declines resulting from changes in interest rates to the extent the Group does not intend to sell the investments, nor is it more likely than not that the Group will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity. Recognition of an impairment for debt securities establishes a new cost basis, which is not adjusted for subsequent recoveries. Unrealized losses on available-for-sale securities are recognized in the consolidated statements of operations when a decision has been made to sell a security. Other investments Other investments include equity method investments, equity securities without a readily determinable fair value, such as hedge funds, private equity securities and certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee, and real estate held-for-investment. Equity method investments are investments for which the Group has the ability to significantly influence the operating and financial policies. Significant influence is typically characterized by ownership of 20% to 50% of the voting stock or in-substance common stock of a corporation or 5% or more of limited partnership interests. Equity method investments are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, the Group’s proportionate share of the profit or loss, and any impairment on the investee, if applicable, is reported in other revenues. Under the fair value option, changes in fair value are reported in other revenues . The Group has elected the fair value basis of accounting on some of its equity method investments. Equity securities without a readily determinable fair value are carried at fair value, net asset value practical expedient to estimate fair value or at cost less impairment, adjusted for observable price changes (measurement alternative). Memberships in exchanges are reported at cost, less impairment. Equity securities without a readily determinable fair value held by the Group’s subsidiaries that are determined to be investment companies as defined by ASC Topic 946 – Financial Services – Investment Companies are carried at fair value, with changes in fair value recorded in other revenues. Equity method investments and equity securities without a readily determinable fair value held by subsidiaries that are within the scope of ASC Topic 940 – Financial Services – Brokers and Dealers are measured at fair value and reported in trading assets when the intent of the broker-dealer entity is to hold the asset temporarily for trading purposes. Changes in fair value are reported in trading revenues. Equity securities without a readily determinable fair value include investments in entities that regularly calculate net asset value per share or its equivalent, with changes in fair value recorded in other revenue. Real estate held-for-investment purposes is carried at cost less accumulated depreciation and is depreciated over its estimated useful life, generally 40 to 67 years. Land that is classified as real estate held-for-investment purposes is carried at historical cost and is not depreciated. Real estate held-for-investment purposes is tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the carrying amount may not be recoverable. For real estate held-for-investment purposes, the fair values were measured based on either discounted cash flow analyses or external market appraisals. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. Loans Loans held-to-maturity Loans which the Group intends to hold until maturity are carried at outstanding principal balances plus accrued interest, net of the following items: unamortized premiums, discounts on purchased loans, deferred loan origination fees and direct loan origination costs on originated loans. Interest income is accrued on the unpaid principal balance and net deferred premiums/discounts and fees/costs are amortized as an adjustment to the loan yield over the term of the related loans. Lease financing transactions where the Group is the lessor are classified as loans. Unearned income is amortized to interest and dividend income over the lease term using the effective interest method. In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. > Refer to “Note 19 – Loans, allowance for loan losses and credit quality” for further information. Allowance for loan losses on loans held-to-maturity The allowance for loan losses is composed of the following components: probable credit losses inherent in the portfolio and those losses specifically identified. Changes in the allowance for loan losses are recorded in the consolidated statements of operations in provision for credit losses and in interest income (for provisions on past due interest). The Group evaluates many factors when estimating the allowance for loan losses, including the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. The component of the allowance representing probable losses inherent in the portfolio is for loans not specifically identified as impaired and that, on a portfolio basis, are considered to contain probable inherent loss. The estimate of this component of the allowance for the consumer loans portfolio involves applying historical and current default probabilities, historical recovery experience and related current assumptions to homogenous loans based on internal risk rating and product type. To estimate this component of the allowance for the corporate & institutional loans portfolio, the Group segregates loans by risk, industry or country rating. Excluded from this estimate process are consumer and corporate & institutional loans that have been specifically identified as impaired or are held at fair value. For lending-related commitments, a provision for losses is estimated based on historical loss and recovery experience and recorded in other liabilities. Changes in the estimate of losses for lending-related commitments are recorded in the consolidated statements of operations in provision for credit losses. The estimate of the component of the allowance for specifically identified credit losses on impaired loans is based on a regular and detailed analysis of each loan in the portfolio considering collateral and counterparty risk. The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. For non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. A loan is classified as non-performing no later than when the contractual payments of principal and/or interest are more than 90 days past due except for subprime residential loans which are classified as non-performing no later than when the contractual payments of principal and/or interest are more than 120 days past due. The additional 30 days ensure that these loans are not incorrectly assessed as non-performing during the time when servicing of them typically is being transferred. However, management may determine that a loan should be classified as non-performing notwithstanding that contractual payments of principal and/or interest are less than 90 days past due or, in the case of subprime residential loans, 120 days past due. For non-performing loans, a provision is recorded in an amount equal to any accrued but unpaid interest at the date the loan is classified as non-performing, resulting in a charge to the consolidated statements of operations. In addition, the Group continues to add accrued interest receivable to the loan’s balance for collection purposes; however, a provision is recorded resulting in no interest income recognition. Thereafter, the outstanding principal balance is evaluated at least annually for collectability and a provision is established as necessary. A loan can be further downgraded to non-interest-earning when the collection of interest is considered so doubtful that further accrual of interest is deemed inappropriate. At that time, and on at least a quarterly basis thereafter depending on various risk factors, the outstanding principal balance, net of provisions previously recorded, is evaluated for collectability and additional provisions are established as required. Generally, non-performing loans and non-interest-earning loans may be restored to performing status only when delinquent principal and interest are brought up to date in accordance with the terms of the loan agreement and when certain performance criteria are met. Interest collected on non-performing loans and non-interest-earning loans is accounted for using the cash basis or the cost recovery method or a combination of both. Loans that were modified in a troubled debt restructuring are reported as restructured loans. Generally, a restructured loan would have been considered impaired and an associated allowance for loan losses would have been established prior to the restructuring. Loans modified in a troubled debt restructuring are reported as restructured loans to the end of the reporting year in which the loan was modified or for as long as an allowance for loan losses based on the terms specified by the restructuring agreement is associated with the restructured loan or an interest concession made at the time of the restructuring exists. In making the determination of whether an interest rate concession has been made, market interest rates for loans with comparable risk to borrowers of the same credit quality are considered. Loans that have been restructured in a troubled debt restructuring and are performing according to the new terms continue to accrue interest. Loan restructurings may include the receipt of assets in satisfaction of the loan, the modification of loan terms (e.g., reduction of interest rates, extension of maturity dates at a stated interest rate lower than the current market rate for new loans with similar risk, or reduction in principal amounts and/or accrued interest balances) or a combination of both. Potential problem loans are impaired loans where contractual payments have been received according to schedule, but where doubt exists as to the collection of future contractual payments. Potential problem loans are evaluated for impairment on an individual basis and an allowance for loan losses is established as necessary. Potential problem loans continue to accrue interest. The amortization of net loan fees or costs on impaired loans is generally discontinued during the periods in which matured and unpaid interest or principal is outstanding. On settlement of a loan, if the loan balance is not collected in full, an allowance is established for the uncollected amount, if necessary, and the loan is then written off, net of any deferred loan fees and costs. Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other assets received. > Refer to “Impaired loans” in Note 19 – Loans, allowance for loan losses and credit quality for further information on the write-off of a loan and related accounting policies. Loans held-for-sale Loans, which the Group intends to sell in the foreseeable future, are considered held-for-sale and are carried at the lower of amortized cost or market value determined on either an individual method basis, or in the aggregate for pools of similar loans if sold or securitized as a pool. Loans held-for-sale are included in other assets. Revaluation losses incurred at the transfer into the held-for-sale category are generally recorded as credit losses. Gains and losses on loans held-for-sale subsequent to the transfer into the held-for-sale category are recorded in other revenues. Purchased impaired loans Purchased loans for which it is probable at acquisition that all contractually required payments will not be received are recorded at their net purchase price and no allowances are carried over. The excess of the estimated cash flows to be collected over the amount paid is accreted into interest income over the estimated recovery period when reasonable estimates can be made about the timing and amount of recovery. The Group does not consider such loans to be impaired at the time of acquisition. Such loans are deemed impaired only if the Group’s estimate of cash to be received decreases below the estimate at the time of acquisition. Increases in the estimated expected recovery are recorded as a reversal of allowances, if any, and then recognized as an adjustment of the effective yield of the loan. Loans held at fair value under the fair value option Loans and loan commitments for which the fair value option is elected are reported at fair value with changes in fair value reported in trading revenues. The application of the fair value option does not change the loan’s classification. Loan commitments carried at fair value are recorded in other assets or other liabilities, respectively. Premises and equipment Premises and equipment (including equipment under operating leases where the Group is the lessor), with the exception of land, are carried at cost less accumulated depreciation. Buildings are depreciated on a straight-line basis over their estimated useful lives, generally 40 to 67 years, and building improvements are depreciated on a straight-line basis over their estimated useful lives, generally not exceeding five to ten years. Land is carried at historical cost and is not depreciated. Leasehold improvements, such as alterations and improvements to rented premises, are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life, which generally does not exceed ten years. Equipment, such as computers, machinery, furnishings, vehicles and other tangible non-financial assets, is depreciated using the straight-line method over its estimated useful lives, generally three to ten years. Certain leasehold improvements and equipment, such as data center power generators, may have estimated useful lives greater than ten years. The Group capitalizes costs relating to the acquisition, installation and development of software with a measurable economic benefit, but only if such costs are identifiable and can be reliably measured. The Group depreciates capitalized software costs on a straight-line basis |
Bank | |
Summary of significant accounting policies | 1 Summary of significant accounting policies The accompanying consolidated financial statements of Credit Suisse AG (the Bank), the direct bank subsidiary of Credit Suisse Group AG (the Group), are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Bank ends on December 31. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current presentation which had no impact on net income/(loss) or total shareholders’ equity. In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax assets, tax uncertainties, pension liabilities and various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. > Refer to “Note 1 – Summary of significant accounting policies” in VI – Consolidated financial statements – Credit Suisse Group for a summary of significant accounting policies, with the exception of the following accounting policies. Pension and other post-retirement benefits Credit Suisse sponsors a Group defined benefit pension plan in Switzerland that covers eligible employees of the Bank domiciled in Switzerland. The Bank also has single-employer defined benefit pension plans and defined contribution pension plans in Switzerland and other countries around the world. For the Bank’s participation in the Group defined benefit pension plan, no retirement benefit obligation is recognized in the consolidated balance sheets of the Bank and defined contribution accounting is applied, as the Bank is not the sponsoring entity of the Group plan. For single-employer defined benefit plans, the Bank uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. > Refer to “Pension and other post-retirement benefits” in VI – Consolidated financial statements – Credit Suisse Group – Note 1 – Summary of significant accounting policies for further information. Own shares, own bonds and financial instruments on Group shares The Bank’s shares are wholly owned by Credit Suisse Group AG and are not subject to trading. The Bank may buy and sell Credit Suisse Group AG shares (Group shares) and Group bonds, own bonds and financial instruments on Group shares within its normal trading and market-making activities. In addition, the Bank may hold Group shares to economically hedge commitments arising from employee share-based compensation awards. Group shares are reported as trading assets, unless those shares are held to economically hedge share award obligations. Hedging shares are reported as treasury shares, resulting in a reduction to total shareholder’s equity. Financial instruments on Group shares are recorded as assets or liabilities and carried at fair value. Dividends received on Group shares and unrealized and realized gains and losses on Group shares are recorded according to the classification of the shares as trading assets or treasury shares. Purchases of bonds originally issued by the Bank are recorded as an extinguishment of debt. |
Recently issued accounting stan
Recently issued accounting standards | 12 Months Ended |
Dec. 31, 2018 | |
Recently issued accounting standards | 2 Recently issued accounting standards Recently adopted accounting standards ASC Topic 230 – Statement of Cash Flows In November 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-18, “Restricted Cash (a consensus of the FASB Emerging Issues Task Force)” (ASU 2016-18), an update to Accounting Standards Codification (ASC) Topic 230 – Statement of Cash Flows. ASU 2016-18 required that cash amounts described as restricted cash and cash equivalents be included in cash and cash equivalents when reconciling total amounts in the statements of cash flows. ASU 2016-18 was required to be applied retrospectively to all periods presented beginning in the year of adoption. The adoption of ASU 2016-18 on January 1, 2018 did not have an impact on the Group’s financial position, results of operations and cash flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)” (ASU 2016-15), an update to ASC Topic 230 – Statement of Cash Flows. The amendments in ASU 2016-15 provided guidance regarding classification of certain cash receipts and payments where diversity in practice was observed. ASU 2016-15 was required to be applied retrospectively to all periods presented beginning in the year of adoption. The adoption of ASU 2016-15 on January 1, 2018 did not have a material impact on the Group’s financial position, results of operations and cash flows and, as such, prior periods were not restated. 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), creating ASC Topic 606 – Revenue from Contracts with Customers and superseding ASC Topic 605 – Revenue Recognition. The core principle of the guidance was that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflected the consideration to which the entity expected to be entitled in exchange for those goods or services. ASU 2014-09 outlined key steps that an entity should follow to achieve the core principle. ASU 2014-09 also included disclosure requirements that enabled users of the financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 and its subsequent amendments were effective for the annual reporting period beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption was permitted for annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Group established a cross-functional implementation team and governance structure for the project. The Group’s implementation efforts included the identification of revenue and costs within the scope of the guidance, as well as the evaluation of revenue contracts under the new guidance and related accounting policies. The guidance did not apply to revenue associated with financial instruments, including loans and securities that are accounted for under other US GAAP guidance. The Group adopted ASU 2014-09 on January 1, 2018 using the modified retrospective approach with a transition adjustment recognized in retained earnings without restating comparatives. As a result of adoption, there was a decrease in retained earnings, net of tax, of CHF 45 million due to a change in timing of the recognition of certain fees in investment banking and private banking. Additionally, the new revenue recognition criteria required the Group to present underwriting revenue, reimbursed expenses in fund management and in investment banking advisory, gross of offsetting expenses in contrast to prior periods in which the financial statements presented these amounts net of offsetting expenses. Furthermore, with the adoption of ASU 2014-09, the brokerage, clearing and exchange expenses, which are incurred when acting as an agent on behalf of clients buying or selling exchange-traded cash securities, exchange-traded derivatives or centrally cleared OTC derivatives, are offset against the commission income. > Refer to “Note 14 – Revenue from contracts with customers” for further information. ASC Topic 715 – Compensation – Retirement Benefits In March 2017, the FASB issued ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (ASU 2017-07), an update to ASC Topic 715 – Compensation – Retirement Benefits. The amendments in ASU 2017-07 required that the service cost component of the net periodic benefit cost be presented in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. Other components of the net periodic benefit cost should be reported separately from the line item(s) that included the service cost and outside of any subtotal of operating income. ASU 2017-07 was required to be applied retrospectively to all periods presented beginning in the year of adoption. The adoption of ASU 2017-07 on January 1, 2018 resulted in a restatement that, upon adoption, increased compensation and benefits expenses and decreased general and administrative expenses by CHF 190 million and CHF 80 million as of December 31, 2017 and 2016, respectively. ASC Topic 820 – Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” (ASU 2018-13), an update to ASC Topic 820 – Fair Value Measurement. The amendments in ASU 2018-13 remove, modify and add certain disclosure requirements in ASC Topic 820, Fair Value Measurement. ASU 2018-13 is effective for annual reporting periods beginning after December 15, 2019 and for the interim periods within those annual reporting periods. Early adoption is permitted, including in an interim period, for any eliminated or modified disclosure requirements. The Group early adopted the provisions for removing and modifying certain disclosures upon issuance of ASU 2018-13. As these amendments relate to disclosures, the adoption did not have an impact on the Group’s financial position, results of operations or cash flows. The Group is currently evaluating the impact of the adoption of the remaining amendments in ASU 2018-13. 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 addressed certain aspects of recognition, measurement, presentation and disclosure of financial instruments. The amendments primarily affected the accounting for equity investments, financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. Early adoption of the full standard was not permitted; however, certain sections of ASU 2016-01 relating to fair value option-elected financial liabilities could be early adopted in isolation. The amendments to ASU 2016-01 required the changes in fair value relating to instrument-specific credit risk of fair value option elected financial liabilities to be presented separately in AOCI. The Group early adopted these sections of the update on January 1, 2016. As a result of the adoption, the Group reclassified CHF 475 million, net of tax, from retained earnings to AOCI. The adoption of the remaining amendments to ASU 2016-01 on January 1, 2018 resulted in a reclassification of unrealized gains and losses previously reported in AOCI for available-for-sale equity securities to retained earnings of CHF 21 million, net of tax. ASU 2016-01 also required that certain equity instruments without readily determinable fair value be measured at fair value, excluding instances in which measurement alternative is applied; however, this requirement did not have a material impact on the Group’s financial position, results of operations or cash flows. Standards to be adopted in future periods ASC Topic 220 – Income Statements – Reporting Comprehensive Income In January 2018, the FASB issued ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (ASU 2018-02), an update to ASC Topic 220 – Income Statement – Reporting Comprehensive Income. The amendments in ASU 2018-02 allow a reclassification from AOCI to retained earnings for the stranded tax effects resulting from the US Tax Cuts and Jobs Act. ASU 2018-02 is effective for annual reporting periods and interim periods within those periods beginning after December 15, 2018. Early adoption was permitted. The adoption of ASU 2018-02 on January 1, 2019 resulted in a net increase in retained earnings of CHF 64 million as a result of the reclassification from AOCI to retained earnings, which was the result of the re-measurement of deferred tax assets and liabilities associated with the change in tax rates. 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), creating ASC Topic 326 – Financial Instruments – Credit Losses. ASU 2016-13 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. ASU 2016-13 eliminates the probable initial recognition threshold under the current incurred loss methodology for recognizing credit losses. Instead, ASU 2016-13 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 incorporate forward-looking information and macroeconomic factors into its credit loss estimates. ASU 2016-13 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 a US Securities and Exchange Commission (SEC) filer, ASU 2016-13 and its subsequent amendment are effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. Early adoption is permitted for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 2018; however, the Group does not intend to early adopt ASU 2016-13. The Group has established a cross-functional implementation team and governance structure for the project. The Group has decided on a current expected credit loss (CECL) methodology and continues to adjust for key interpretive issues while monitoring the FASB’s ongoing accounting standards development. Furthermore, the Group will continue to monitor the scope assessment, as a basis to determine the requirements and data sourcing of the CECL models, and to design, build and test the models until the effective date. The Group expects that the new CECL methodology would generally result in increased and more volatile allowance for loan losses. The main impact drivers include: – – – Upon adoption of the standard, the Group expects a cumulative adjustment to be posted to retained earnings for any changes in credit loss allowances. As the implementation progresses, the Group will continue to evaluate the extent of the impact of the adoption of ASU 2016-13 and its subsequent amendment on the Group’s financial position, results of operations, cash flows and related disclosures. ASC Topic 350 – Intangibles – Goodwill and Other In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (ASU 2018-15), an update to ASC Subtopic 350-40 – Intangibles – Goodwill and Other – Internal-Use Software. The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods and can be applied either retrospectively or prospectively. Early adoption, including adoption in an interim period, is permitted. The Group elected to early adopt ASU 2018-15 prospectively on January 1, 2019. The adoption of ASU 2018-15 did not have a material impact on the Group’s financial position, results of operations or cash flows. ASC Topic 715 – Compensation – Retirement Benefits In August 2018, the FASB issued ASU 2018-14, “Changes to the Disclosure Requirements for Defined Benefit Plans” (ASU 2018-14), an update to ASC Topic 715 – Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework. ASU 2018-14 modifies the disclosure framework to improve disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for annual reporting periods ending after December 15, 2020, with early adoption permitted. ASU 2018-14 should be applied on a retrospective approach for all periods presented. As these amendments relate only to disclosures, there will be no impact from the adoption of ASU 2018-14 on the Group’s financial position, results of operations or cash flows. ASC Topic 810 – Consolidation In October 2018, the FASB issued ASU 2018-17, “Targeted Improvements to Related Party guidance for Variable Interest Entities” (ASU 2018-17), an update to ASC Topic 810 – Consolidation. ASU 2018-17 amended the variable interest entity guidance to require an entity to consider a decision maker’s indirect interests held through related parties under common control on a proportional basis when determining whether decision-making fees are variable interests. ASU 2018-17 is effective for annual reporting periods beginning after December 15, 2019 and for the interim periods within those annual reporting periods. Early adoption is permitted. ASU 2018-17 should be applied retrospectively with a cumulative effect adjustment to retained earnings at the beginning of the earliest period presented. The Group is currently evaluating the impact of the adoption of ASU 2018-17 on the Group’s financial position, results of operations and cash flows. ASC Topic 815 – Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, “Targeted Improvements to Accounting for Hedging Activities” (ASU 2017-12), an update to ASC Topic 815 – Derivatives and Hedging. ASU 2017-12 makes changes to the hedge accounting model intended to facilitate financial reporting that more closely reflects an entity’s risk management activities and to simplify application of hedge accounting. The amendments in ASU 2017-12 provide more hedging strategies that will be eligible for hedge accounting, ease the documentation and effectiveness assessment requirements and result in changes to the presentation and disclosure requirements of hedge accounting activities. ASU 2017-12 is effective for annual reporting periods beginning after December 15, 2018, and for the interim periods within those annual reporting periods. Early adoption, including adoption in an interim period, was permitted. The adoption of ASU 2017-12 on January 1, 2019 did not have a material impact on the Group’s financial position, results of operations and cash flows. In October 2018, the FASB issued ASU 2018-16, “Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes” (ASU 2018-16), an update to ASC Topic 815 – Derivatives and Hedging. ASU 2018-16 permits the use of the OIS rate based on the SOFR as a US benchmark interest rate for hedge accounting purposes and was effective for the Group on January 1, 2019. The adoption of ASU 2018-16 on January 1, 2019 did not impact the Group’s existing hedges. ASC Topic 842 – Leases In February 2016, the FASB issued ASU 2016-02, “Leases” (ASU 2016-02), creating ASC Topic 842 – Leases and superseding ASC Topic 840 – 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 also includes disclosure requirements to provide more information about the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting is substantially unchanged compared to the current accounting guidance. Under the current lessee accounting model the Group is required to distinguish between finance leases, which are recognized on the balance sheet, and operating leases, which are not. ASU 2016-02 requires lessees to present a right-of-use asset and a corresponding lease liability on the balance sheet irrespective of the lease classification. ASU 2016-02 and its subsequent amendments are effective for annual reporting periods beginning after December 15, 2018, and for the interim periods within those annual reporting periods. Early adoption was permitted. The Group adopted ASU 2016-02 on January 1, 2019 using the modified retrospective approach, with a transition adjustment recognized in retained earnings without restating comparatives. The Group elected the use of the package of practical expedients and the practical expedient to use hindsight. As a result of adoption, the Group recognized lease liabilities and related right-of-use assets of approximately CHF 3.5 billion and CHF 3.3 billion, respectively. In addition, the Group recognized an increase in retained earnings of approximately CHF 0.2 billion, net of tax, which included both the release of previously deferred gains on sale lease-back transactions and previously unrecognized impairment losses. |
Bank | |
Recently issued accounting standards | 2 Recently issued accounting standards > Refer to “Note 2 – Recently issued accounting standards” in VI – Consolidated financial statements – Credit Suisse Group for recently adopted accounting standards and standards to be adopted in future periods. The impact on the Bank’s and Group’s financial position, results of operations or cash flows was or is expected to be identical. |
Business developments
Business developments | 12 Months Ended |
Dec. 31, 2018 | |
Business developments | 3 Business developments, significant shareholders and subsequent events The Group’s significant business developments for 2018 as well as the Group’s significant shareholders are discussed below. Business developments There were no significant business developments for the Group in 2018. Significant shareholders Significant shareholders registered in the share register The following table includes significant shareholders (including nominees) with holdings in Group shares of at least 5% of the voting rights, which were registered in the share register as of December 31, 2018 and 2017, respectively. Significant shareholders registered in the share register end of 2018 2017 Number Total nominal Share- Number Total nominal Share- Direct shareholders 1 Chase Nominees Ltd. 2 388 16 15.19 329 13 12.88 Nortrust Nominees Ltd. 2 149 6 5.84 140 6 5.49 1 As registered in the share register of the Group on December 31 of the reporting period; includes shareholders registered as nominees. 2 Nominee holdings exceeding 2% are registered with a right to vote only if the nominee confirms that no individual shareholder holds more than 0.5% of the outstanding share capital or if the nominee discloses the identity of any beneficial owner holding more than 0.5% of the outstanding capital. Information received from shareholders not registered in the share register In addition to the shareholdings registered in the share register of the Group, the Group has obtained and reported to the SIX Swiss Exchange (SIX) information from its shareholders in accordance with the notification requirements of the Swiss Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading. These shareholders may hold their shareholdings in Group shares through a nominee. The following shareholder notifications relate to registered voting rights exceeding 5% of all voting rights, which are subject to disclosure in the notes to the financial statements in accordance with the Swiss Code of Obligations. In a disclosure notification that the Group published on November 9, 2013, the Group was notified that as of November 4, 2013, Harris Associates L.P. held 81.5 million shares, or 5.17% of the voting rights, of the registered Group shares issued as of the date of the notified transaction. No further disclosure notification has been received from Harris Associates L.P. relating to holdings of registered Group shares since 2013. This position includes the reportable position of Harris Associates Investment Trust (4.97% of the voting rights), as published by the SIX on August 1, 2018. In a disclosure notification that the Group published on September 6, 2018, the Group was notified that as of August 24, 2018, Qatar Holding LLC held 133.2 million shares, or 5.21% of the voting rights, of the registered Group shares issued as of the date of the notified transaction. In 2018, the Group received disclosure notifications from Norges Bank that their holdings of registered Group shares and voting rights had fallen below the 5% threshold. The Olayan Group and BlackRock, Inc.’s holdings of registered Group shares and voting rights remained below the 5% threshold both as of December 31, 2018 and as of December 31, 2017. Subsequent event In March 2019, the Group reached a tentative settlement related to an existing dispute. As a result, the Group increased its 2018 litigation provision by CHF 33 million in the Corporate & Institutional Banking business within the Swiss Universal Bank division and decreased its estimate of the aggregate range of reasonably possible losses not covered by existing provisions from zero to CHF 1.5 billion to zero to CHF 1.4 billion. |
Bank | |
Business developments | 3 Business developments, significant shareholders and subsequent events > Refer to “Note 3 – Business developments, significant shareholders and subsequent events” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2018 | |
Segment information | 4 Segment information The Group is a global financial services company domiciled in Switzerland and serves its clients through three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific. These regional businesses are supported by two other divisions specialized in investment banking capabilities: Global Markets and Investment Banking & Capital Markets. As of December 31, 2018, Strategic Resolution Unit consolidates the remaining portfolios from the former non-strategic units plus additional businesses and positions that do not fit with the strategic direction. The segment information reflects the Group’s six reportable segments, which are managed and reported on a pre-tax basis, as follows: – Swiss Universal Bank – International Wealth Management – Asia Pacific – Global Markets – Investment Banking & Capital Markets – Strategic Resolution Unit Corporate Center includes parent company operations such as Group financing, expenses for projects sponsored by the Group and certain expenses that have not been allocated to the segments. In addition, the Corporate Center includes consolidation and elimination adjustments required to eliminate intercompany revenues and expenses. Revenue sharing and cost allocation Responsibility for each product is allocated to a specific segment, which records all related revenues and expenses. Revenue-sharing and service level agreements govern the compensation received by one segment for generating revenue or providing services on behalf of another. These agreements are negotiated periodically by the relevant segments on a product-by-product basis. The aim of revenue-sharing and service level agreements is to reflect the pricing structure of unrelated third-party transactions. Corporate services and business support in finance, operations, human resources, legal, compliance, risk management and IT are provided by corporate functions, and the related costs are allocated to the segments and Corporate Center based on their requirements and other relevant measures. Funding The Group centrally manages its funding activities. New securities for funding and capital purposes are issued primarily by Credit Suisse AG, the direct bank subsidiary of the Group (the Bank). The Bank lends funds to its operating subsidiaries and affiliates on both a senior and subordinated basis, as needed, the latter typically to meet capital requirements, or as desired by management to capitalize on opportunities. Capital is distributed to the segments considering factors such as regulatory capital requirements, utilized economic capital and the historic and future potential return on capital. Transfer pricing, using market rates, is used to record net revenues and expenses in each of the segments for this capital and funding. The Group’s funds transfer pricing system is designed to allocate funding costs to its businesses in a way that incentivizes their efficient use of funding. The Group’s funds transfer pricing system is an essential tool that allocates to the businesses the short-term and long-term costs of funding their balance sheet usages and off-balance sheet contingencies. The funds transfer pricing framework ensures the full funding costs allocation under normal business conditions, but it is of even greater importance in a stressed capital markets environment where raising funds is more challenging and expensive. Under this framework, the Group’s businesses are also credited to the extent they provide long-term stable funding. Net revenues and income/(loss) before taxes in 2018 2017 2016 Net revenues (CHF million) Swiss Universal Bank 5,564 5,396 5,759 International Wealth Management 5,414 5,111 4,698 Asia Pacific 3,393 3,504 3,597 Global Markets 4,980 5,551 5,497 Investment Banking & Capital Markets 2,177 2,139 1,972 Strategic Resolution Unit (708) (886) (1,271) Corporate Center 100 85 71 Net revenues 20,920 20,900 20,323 Income/(loss) before taxes (CHF million) Swiss Universal Bank 2,125 1,765 2,025 International Wealth Management 1,705 1,351 1,121 Asia Pacific 664 729 725 Global Markets 154 450 48 Investment Banking & Capital Markets 344 369 261 Strategic Resolution Unit (1,381) (2,135) (5,759) Corporate Center (239) (736) (687) Income/(loss) before taxes 3,372 1,793 (2,266) Total assets end of 2018 2017 Total assets (CHF million) Swiss Universal Bank 224,301 228,857 International Wealth Management 91,835 94,753 Asia Pacific 99,809 96,497 Global Markets 211,530 242,159 Investment Banking & Capital Markets 16,156 20,803 Strategic Resolution Unit 20,874 45,629 Corporate Center 104,411 67,591 Total assets 768,916 796,289 Net revenues and income/(loss) before taxes by geographical location in 2018 2017 2016 Net revenues (CHF million) Switzerland 7,646 7,775 8,426 EMEA 1,686 1,231 2,064 Americas 8,731 8,928 7,217 Asia Pacific 2,857 2,966 2,616 Net revenues 20,920 20,900 20,323 Income/(loss) before taxes (CHF million) Switzerland 1,924 1,736 2,111 EMEA (2,082) (2,769) (2,460) Americas 3,452 2,746 (1,573) Asia Pacific 78 80 (344) Income/(loss) before taxes 3,372 1,793 (2,266) The designation of net revenues and income/(loss) before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Group is managed. Total assets by geographical location end of 2018 2017 Total assets (CHF million) Switzerland 234,291 241,757 EMEA 149,400 154,023 Americas 309,616 318,405 Asia Pacific 75,609 82,104 Total assets 768,916 796,289 The designation of total assets by region is based upon customer domicile. |
Bank | |
Segment information | 4 Segment information For the purposes of the presentation of reportable segments, the Bank has included accounts of affiliate entities wholly owned by the same parent which are managed together with the operating segments of the Bank. > Refer to “Note 4 – Segment information” in VI – Consolidated financial statements – Credit Suisse Group for further information. Net revenues and income/(loss) before taxes in 2018 2017 2016 Net revenues (CHF million) Swiss Universal Bank 5,564 5,396 5,759 International Wealth Management 5,414 5,111 4,698 Asia Pacific 3,393 3,504 3,597 Global Markets 4,980 5,551 5,497 Investment Banking & Capital Markets 2,177 2,139 1,972 Strategic Resolution Unit (708) (886) (1,271) Adjustments 1 0 150 141 Net revenues 20,820 20,965 20,393 Income/(loss) before taxes (CHF million) Swiss Universal Bank 2,125 1,765 2,025 International Wealth Management 1,705 1,351 1,121 Asia Pacific 664 729 725 Global Markets 154 450 48 Investment Banking & Capital Markets 344 369 261 Strategic Resolution Unit (1,381) (2,135) (5,759) Adjustments 1 (755) (976) (910) Income/(loss) before taxes 2,856 1,553 (2,489) 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. Total assets end of 2018 2017 Total assets (CHF million) Swiss Universal Bank 224,301 228,857 International Wealth Management 91,835 94,753 Asia Pacific 99,809 96,497 Global Markets 211,530 242,159 Investment Banking & Capital Markets 16,156 20,803 Strategic Resolution Unit 20,874 45,629 Adjustments 1 107,564 69,674 Total assets 772,069 798,372 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. Net revenues and income/(loss) before taxes by geographical location in 2018 2017 2016 Net revenues (CHF million) Switzerland 8,047 8,015 8,484 EMEA 1,164 1,042 2,036 Americas 8,750 8,952 7,267 Asia Pacific 2,859 2,956 2,606 Net revenues 20,820 20,965 20,393 Income/(loss) before taxes (CHF million) Switzerland 1,927 1,648 1,955 EMEA (2,520) (2,825) (2,487) Americas 3,344 2,660 (1,602) Asia Pacific 105 70 (355) Income/(loss) before taxes 2,856 1,553 (2,489) The designation of net revenues and income/(loss) before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Bank is managed. Total assets by geographical location end of 2018 2017 Total assets (CHF million) Switzerland 237,200 243,767 EMEA 149,715 154,179 Americas 309,616 318,358 Asia Pacific 75,538 82,068 Total assets 772,069 798,372 The designation of total assets by region is based upon customer domicile. |
Net interest income
Net interest income | 12 Months Ended |
Dec. 31, 2018 | |
Net interest income | 5 Net interest income in 2018 2017 2016 Net interest income (CHF million) Loans 6,770 5,979 5,628 Investment securities 80 47 60 Trading assets 7,131 6,697 7,483 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,856 2,515 2,767 Other 2,776 1,819 1,436 Interest and dividend income 19,613 17,057 17,374 Deposits (2,287) (1,354) (1,043) Short-term borrowings (359) (166) (84) Trading liabilities (3,453) (3,542) (3,602) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,877) (1,284) (1,387) Long-term debt (3,816) (3,722) (3,494) Other (812) (432) (202) Interest expense (12,604) (10,500) (9,812) Net interest income 7,009 6,557 7,562 |
Bank | |
Net interest income | 5 Net interest income in 2018 2017 2016 Net interest income (CHF million) Loans 6,778 5,981 5,627 Investment securities 80 47 60 Trading assets 7,131 6,698 7,483 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,856 2,515 2,767 Other 2,778 1,820 1,438 Interest and dividend income 19,623 17,061 17,375 Deposits (2,291) (1,360) (1,047) Short-term borrowings (370) (168) (84) Trading liabilities (3,453) (3,546) (3,602) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,877) (1,284) (1,387) Long-term debt (3,696) (3,580) (3,460) Other (811) (431) (201) Interest expense (12,498) (10,369) (9,781) Net interest income 7,125 6,692 7,594 |
Commissions and fees
Commissions and fees | 12 Months Ended |
Dec. 31, 2018 | |
Commissions and fees | 6 Commissions and fees in 2018 2017 2016 Commissions and fees (CHF million) Lending business 1,931 1,839 1,818 Investment and portfolio management 3,582 3,494 3,209 Other securities business 48 46 46 Fiduciary business 3,630 3,540 3,255 Underwriting 1,718 1,806 1,364 Brokerage 2,813 3,004 3,028 Underwriting and brokerage 4,531 4,810 4,392 Other services 1,798 1,628 1,627 Commissions and fees 11,890 11,817 11,092 |
Bank | |
Commissions and fees | 6 Commissions and fees in 2018 2017 2016 Commissions and fees (CHF million) Lending business 1,902 1,809 1,790 Investment and portfolio management 3,415 3,320 3,043 Other securities business 83 82 72 Fiduciary business 3,498 3,402 3,115 Underwriting 1,735 1,817 1,364 Brokerage 2,797 3,006 3,029 Underwriting and brokerage 4,532 4,823 4,393 Other services 1,810 1,638 1,640 Commissions and fees 11,742 11,672 10,938 |
Trading revenues
Trading revenues | 12 Months Ended |
Dec. 31, 2018 | |
Trading revenues | 7 Trading revenues in 2018 2017 2016 Trading revenues (CHF million) Interest rate products 757 3,228 6,231 Foreign exchange products 367 1,989 (2,529) Equity/index-related products (307) (2,888) (1,796) Credit products (97) (1,096) (2,124) Commodity and energy products 102 86 177 Other products (198) (2) 354 Trading revenues 624 1,317 313 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. Trading revenues include revenues from trading financial assets and liabilities as follows: – – – – – – – – – – Trading revenues also include changes in the fair value of financial assets and liabilities elected to fair value under US GAAP. The main components include certain instruments from the following categories: – – – – – Managing the risks As a result of the Group’s broad involvement in financial products and markets, its trading strategies are correspondingly diverse and exposures are generally spread across a diversified range of risk factors and locations. The Group uses an economic capital limit structure to limit overall risk taking. The level of risk incurred by its divisions is further managed by a variety of factors and specific risk constraints, including consolidated controls over trading exposures. Also, as part of its overall risk management, the Group holds a portfolio of economic hedges. Hedges are impacted by market movements, similar to trading securities, and may result in gains or losses on the hedges which offset losses or gains on the portfolios they were designed to economically hedge. The Group manages its trading risk with regard to both market and credit risk. The Group uses market risk measurement and management methods capable of calculating comparable exposures across its many activities and employs focused tools that can model unique characteristics of certain instruments or portfolios. The principal risk measurement methodology for trading book exposures is value-at-risk. Macroeconomic and specific hedging strategies are in place to manage and mitigate the market and credit risk in the trading book. |
Bank | |
Trading revenues | 7 Trading revenues in 2018 2017 2016 Trading revenues (CHF million) Interest rate products 759 3,218 7,163 Foreign exchange products 372 1,991 (3,461) Equity/index-related products (481) (2,895) (1,738) Credit products (97) (1,096) (2,124) Commodity and energy products 102 86 177 Other products (199) (4) 354 Total 456 1,300 371 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 7 – Trading revenues” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Other revenues
Other revenues | 12 Months Ended |
Dec. 31, 2018 | |
Other revenues | 8 Other revenues in 2018 2017 2016 Other revenues (CHF million) Noncontrolling interests without SEI (2) 3 4 Loans held-for-sale (4) 3 (51) Long-lived assets held-for-sale 39 (18) 437 Equity method investments 228 233 208 Other investments 337 80 0 Other 799 908 758 Other revenues 1,397 1,209 1,356 |
Bank | |
Other revenues | 8 Other revenues in 2018 2017 2016 Other revenues (CHF million) Loans held-for-sale (4) 3 (51) Long-lived assets held-for-sale 39 (18) 437 Equity method investments 221 229 205 Other investments 335 81 7 Other 906 1,006 892 Other revenues 1,497 1,301 1,490 |
Provision for credit losses
Provision for credit losses | 12 Months Ended |
Dec. 31, 2018 | |
Provision for credit losses | 9 Provision for credit losses in 2018 2017 2016 Provision for credit losses (CHF million) Provision for loan losses 201 190 249 Provision for lending-related and other exposures 44 20 3 Provision for credit losses 245 210 252 |
Bank | |
Provision for credit losses | 9 Provision for credit losses in 2018 2017 2016 Provision for credit losses (CHF million) Provision for loan losses 201 190 249 Provision for lending-related and other exposures 44 20 3 Provision for credit losses 245 210 252 |
Compensation and benefits
Compensation and benefits | 12 Months Ended |
Dec. 31, 2018 | |
Compensation and benefits | 10 Compensation and benefits in 2018 2017 2016 Compensation and benefits (CHF million) Salaries and variable compensation 8,220 8,906 9,165 Social security 652 671 697 Other 1 748 790 790 Compensation and benefits 9,620 10,367 10,652 1 Includes pension-related expenses of CHF 411 million, CHF 432 million and CHF 464 million in 2018, 2017 and 2016, respectively, relating to service costs for defined benefit pension plans and employer contributions for defined contribution plans. |
Bank | |
Compensation and benefits | 10 Compensation and benefits in 2018 2017 2016 Compensation and benefits (CHF million) Salaries and variable compensation 7,449 8,421 9,058 Social security 567 620 691 Other 848 1 923 1,028 Compensation and benefits 8,864 9,964 10,777 1 Includes pension-related expenses of CHF 533 million in 2018 relating to service costs for defined benefit pension plans and employer contributions for defined contribution pension plans. |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2018 | |
General and administrative expenses | 11 General and administrative expenses in 2018 2017 2016 General and administrative expenses (CHF million) Occupancy expenses 964 1,000 1,004 IT, machinery, etc. 1,174 1,156 1,166 Provisions and losses 425 698 3,009 Travel and entertainment 338 321 328 Professional services 1,803 2,446 2,984 Amortization and impairment of other intangible assets 9 9 8 Other 1 1,085 1,015 1,191 General and administrative expenses 5,798 6,645 9,690 1 Includes pension-related expenses/(credits) of CHF (208) million, CHF (190) million and CHF (80) million in 2018, 2017 and 2016, respectively, relating to certain components of net periodic benefit costs for defined benefit plans. |
Bank | |
General and administrative expenses | 11 General and administrative expenses in 2018 2017 2016 General and administrative expenses (CHF million) Occupancy expenses 855 935 999 IT, machinery, etc. 926 1,005 1,160 Provisions and losses 433 697 3,009 Travel and entertainment 310 299 316 Professional services 2,991 3,019 2,966 Amortization and impairment of other intangible assets 9 9 8 Other 1,544 1 1,449 1,427 General and administrative expenses 7,068 7,413 9,885 1 Includes pension-related expenses/(credits) of CHF 32 million in 2018 relating to certain components of net periodic benefit costs for defined benefit plans. |
Restructuring expenses
Restructuring expenses | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 12 Restructuring expenses In connection with the ongoing implementation of the revised Group strategy, restructuring expenses of CHF 626 million, CHF 455 million and CHF 540 million were recognized in 2018, 2017 and 2016, 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 2018 2017 2016 Restructuring expenses by segment (CHF million) Swiss Universal Bank 101 59 60 International Wealth Management 115 70 54 Asia Pacific 61 63 53 Global Markets 242 150 217 Investment Banking & Capital Markets 84 42 28 Strategic Resolution Unit 21 57 121 Corporate Center 2 14 7 Total restructuring expenses 626 455 540 Restructuring expenses by type in 2018 2017 2016 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 246 294 358 of which severance expenses 169 192 218 of which accelerated deferred compensation 77 102 140 General and administrative-related expenses 380 161 182 of which pension expenses 74 49 27 Total restructuring expenses 626 455 540 Restructuring provision 2018 2017 2016 Compen- General and Compen- General and Compen- General and Restructuring provision (CHF million) Balance at beginning of period 196 110 306 217 94 311 187 12 199 Net additional charges 1 169 219 388 192 88 280 218 137 355 Utilization (209) (139) (348) (213) (72) (285) (188) (55) (243) Balance at end of period 156 190 346 196 110 306 217 94 311 1 The following items for which expense accretion was accelerated in 2018, 2017 and 2016 due to the restructuring of the Group are not included in the restructuring provision: unsettled share-based compensation of CHF 56 million, CHF 71 million and CHF 34 million, respectively, which remain classified as a component of total shareholders’ equity; unsettled pension obligations of CHF 74 million, CHF 49 million and CHF 27 million, respectively, which remain classified as pension liabilities; unsettled cash-based deferred compensation of CHF 21 million, CHF 31 million and CHF 106 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 87 million, CHF 24 million and CHF 18 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Bank | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 12 Restructuring expenses Restructuring expenses by segment in 2018 2017 2016 Restructuring expenses by segment (CHF million) Swiss Universal Bank 101 59 60 International Wealth Management 115 70 54 Asia Pacific 61 63 53 Global Markets 242 150 217 Investment Banking & Capital Markets 84 42 28 Strategic Resolution Unit 21 57 121 Corporate Center 2 14 7 Adjustments 1 (98) (59) (27) Total restructuring expenses 528 396 513 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa. Restructuring expenses by type in 2018 2017 2016 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 233 286 358 of which severance expenses 157 188 218 of which accelerated deferred compensation 76 98 140 General and administrative-related expenses 295 110 155 Total restructuring expenses 528 396 513 In connection with the ongoing implementation of the revised Bank strategy, restructuring expenses of CHF 528 million, CHF 396 million and CHF 513 million were recognized in 2018, 2017 and 2016, respectively. > Refer to “Note 12 – Restructuring expenses” in VI – Consolidated financial statements – Credit Suisse Group for further information. Restructuring provision 2018 2017 2016 Compen- General and Compen- General and Compen- General and Restructuring provision (CHF million) Balance at beginning of period 191 110 301 217 94 311 187 12 199 Net additional charges 1 157 216 373 188 86 274 218 137 355 Utilization (196) (136) (332) (214) (70) (284) (188) (55) (243) Balance at end of period 152 190 342 191 110 301 217 94 311 1 The following items for which expense accretion was accelerated in 2018, 2017 and 2016 due to the restructuring of the Bank are not included in the restructuring provision: unsettled share-based compensation of CHF 55 million, CHF 67 million and CHF 34 million, respectively; unsettled cash-based deferred compensation of CHF 21 million, CHF 31 million and CHF 106 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 79 million, CHF 24 million and CHF 18 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share | 13 Earnings per share in 2018 2017 2016 Basic net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for basic earnings per share 2,024 (983) (2,710) Net income/(loss) attributable to shareholders for diluted earnings per share 2,024 (983) (2,710) Weighted-average shares outstanding (million) For basic earnings per share available for common shares 2,574.2 2,413.8 2,136.8 Dilutive share options and warrants 3.0 0.0 0.0 Dilutive share awards 53.8 0.0 0.0 For diluted earnings per share available for common shares 1 2,631.0 2,413.8 2 2,136.8 2 Earnings/(loss) per share available for common shares (CHF) Basic earnings/(loss) per share available for common shares 0.79 (0.41) (1.27) Diluted earnings/(loss) per share available for common shares 0.77 (0.41) (1.27) 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 8.7 million, 9.8 million and 11.3 million for 2018, 2017 and 2016, respectively. 2 Due to the net losses in 2017 and 2016, 2.9 million and 3.2 million, respectively, of weighted-average share options and warrants outstanding and 57.7 million and 54.6 million, respectively, of weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Text Block] | 14 Revenue from contracts with customers Revenue is measured based on the consideration specified in a contract with a customer, and excludes any amounts collected on behalf of third parties. Taxes assessed by a governmental authority that are collected by the Group from a customer and both imposed on and concurrent with a specific revenue-producing transaction are excluded from revenue. The Group recognizes revenue when it satisfies a contractual performance obligation. Variable consideration is only included in the transaction price once it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the amount of variable consideration is subsequently resolved. Generally no significant judgement is required with respect to recording variable consideration. If a fee is a fixed percentage of a variable account value at contract inception, recognition of the fee revenue is constrained as the contractual consideration is highly susceptible to change due to factors outside of the Group’s influence. However, at each performance measurement period end (e.g., end-of-day, end-of-month, end-of-quarter), recognition of the cumulative amount of the consideration to which the Group is entitled is no longer constrained because it is calculated based on a known account value and the fee revenue is no longer variable. Nature of services The following is a description of the principal activities from which the Group generates its revenues from contracts with customers. The performance obligations are typically satisfied as the services in the contract are rendered. The contract terms are generally such that they do not result in any contract assets. The contracts generally do not include a significant financing component or obligations for refunds or other similar obligations. Any variable consideration included in the transaction price is only recognized when the uncertainty of the amount is resolved and it is probable that a significant reversal of cumulative revenue recognized will not occur. Credit Suisse’s wealth management businesses provide investment services and solutions for clients, including asset management, investment advisory and investment management, wealth planning, and origination and structuring of sophisticated financing transactions. The Group receives for these services investment advisory and investment management fees which are generally reflected in the line item ‘Investment and portfolio management’ in the table “Contracts with customers and disaggregation of revenues” below. Generally, the fee for the service provided is recognized over the period of time the service is provided. The wealth management businesses also provide comprehensive advisory services and tailored investment and financing solutions to private, corporate and institutional clients. The nature of the services range from investment and wealth management activities, which are services rendered over a period of time according to the contract with the customer, to more transaction-specific services such as brokerage and sales and trading services and the offer of client-tailored financing products. The services are provided as requested by Credit Suisse’s clients, and the fee for the service requested is recognized once the service is provided. The Group’s asset management businesses offer investment solutions and services globally to a broad range of clients, including pension funds, governments, foundations and endowments, corporations and individuals. Fund managers typically enter into a variety of contracts to provide investment management and other services. A fund manager may satisfy its performance obligation independently or may engage a third party to satisfy some or all of a performance obligation on the fund manager’s behalf. Although the fund manager may have engaged a third party to provide inputs to the overall investment management services, the contractual obligation to provide investment management services to a customer remains the primary responsibility of the fund manager. As such, the fund manager is acting as a principal in the transaction. As a fund manager, the Group typically receives base management fees and may additionally receive performance-based management fees which are both recognized as “Investment and portfolio management” revenues in the table “Contracts with customers and disaggregation of revenues” below. Base management fees are generally calculated based on the net asset value (NAV) of the customer’s investment, which can change during the performance period. Performance-based management fees are variable consideration received by the Group depending on the financial performance of the underlying fund. As both the base management fees and performance-based management fees are variable, the Group recognizes the fees once it is probable that a significant reversal of the revenue recognized will not occur and when the uncertainty of the amount is resolved. The estimate of these variable fees is constrained until the end of the performance measurement period. Generally, the uncertainty is resolved at the end of the performance measurement period and therefore no significant judgement is necessary when recording variable consideration. Under a clawback obligation provision, a fund manager may be required to return certain distributions received from a fund if a specific performance threshold, i.e., benchmark, is not achieved at the end of the lifetime of the fund. The contractual clawback obligation is an additional factor of uncertainty which is considered in the constraint assessment. If the performance-based management fee is earned but the clawback provision has not lapsed, the clawback obligation is accounted for as a refund liability. The Group’s capital markets businesses underwrite and sell securities on behalf of customers. Typically, the fees in these businesses are recognized at a single point in time once the transaction is complete, i.e., when the securities have been placed with investors, and recognized as underwriting revenue. All expenses incurred in satisfying the performance obligation are deferred and recognized once the transaction is complete. Generally Credit Suisse and other banks form a syndicate group to underwrite and place the securities for a customer. The Group may act as the lead or a participating member in the syndicate group. Each member of the syndicate group, including the lead and participating underwriters, is acting as principal for their proportionate share of the syndication. As a result, the individual underwriters reflect their proportionate share of underwriting revenue and underwriting costs on a gross basis. The Group also offers brokerage services in its investment banking businesses, including global securities sales, trading and execution, prime brokerage and investment research. For the services provided, such as the execution of client trades in securities or derivatives, the Group typically earns a brokerage commission when the trade is executed. The Group generally acts as an agent when buying or selling exchange-traded cash securities, exchange-traded derivatives or centrally cleared OTC derivatives on behalf of clients. Credit Suisse’s investment banking businesses provide services that include advisory services to clients in connection with corporate finance activities. The term “advisory” includes any type of service the Group provides in an advisory capacity. For these types of services, the Group typically receives a non-refundable retainer fee and/or a success fee which usually represents a percentage of the transaction proceeds if and when the corporate finance activity is completed. Additionally, the contract may contain a milestone fee such as an “announcement fee” that is payable upon the public announcement of the corporate finance activity. Typically the fees in the investment banking business are recognized at a specific point in time once it is determined that the performance obligation related to the transaction has been completed. A contract liability will be recorded if the Group receives a payment such as a retainer fee or announcement fee for an advisory service prior to satisfying the performance obligation. Advisory fees are recognized ratably over time in scenarios where the contracted service of the Group is to act as an advisor over a specified period not related to or dependent on the successful completion of a transaction. Revenues recognized from these services are reflected in the line item “Other Services” in the table below. Contracts with customers and disaggregation of revenues in 4Q18 3Q18 2Q18 1Q18 Contracts with customers (CHF million) Investment and portfolio management 898 896 896 892 Other securities business 13 12 11 12 Underwriting 330 405 513 470 Brokerage 647 623 749 810 Other services 492 452 471 487 Total revenues from contracts with customers 2,380 2,388 2,640 2,671 The table above differs from “Note 6 – Commissions and fees” as it includes only those contracts with customers that are in scope of ASC Topic 606 – Revenue from Contracts with Customers. Contract balances end of / in 4Q18 3Q18 2Q18 1Q18 Contract balances (CHF million) Contract receivables 791 845 838 758 Contract liabilities 56 66 63 67 Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period 16 7 13 13 The Group did not recognize any revenues in the reporting period from performance obligations satisfied in previous periods. In 2018, we recognized a net impairment loss on contract receivables of CHF 2 million in the fourth quarter, CHF 6 million in the third quarter and CHF 3 million in the second quarter of 2018. No impairment losses were recognized on contract receivables in the first quarter of 2018. The Group did not recognize any contract assets during the fourth quarter, the third quarter, the second quarter and the first quarter of 2018. Capitalized costs The Group has not incurred costs to obtain a contract nor costs to fulfill a contract that are eligible for capitalization. Remaining performance obligations ASC Topic 606’s practical expedient allows the Group to exclude from its remaining performance obligations disclosure any performance obligations which are part of a contract with an original expected duration of one year or less. Additionally any variable consideration, for which it is probable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved, is not subject to the remaining performance obligations disclosure because such variable consideration is not included in the transaction price (e.g., investment management fees). Upon review, the Group determined that no material remaining performance obligations are in scope of the remaining performance obligations disclosure. Impact of the adoption of ASC Topic 606 The impact of adoption of ASC Topic 606 on the Group’s consolidated statement of operations resulted in increases in commissions and fees revenues of CHF 12 million, CHF 19 million, CHF 23 million and CHF 20 million, increases in general and administrative expenses of CHF 26 million, CHF 45 million, CHF 48 million and CHF 40 million and decreases in commission expenses of CHF 12 million, CHF 25 million, CHF 29 million and CHF 22 million for the fourth quarter, the third quarter, the second quarter, and the first quarter of 2018, respectively. The impact of the adoption did not have a material impact on the Group’s consolidated balance sheet or the Group’s consolidated statement of cash flows in the fourth quarter, the third quarter, the second quarter and the first quarter of 2018. |
Bank | |
Revenue from Contract with Customer [Text Block] | 13 Revenue from contracts with customers Contracts with customers and disaggregation of revenues in 4Q18 3Q18 2Q18 1Q18 Contracts with customers (CHF million) Investment and portfolio management 866 856 850 843 Other securities business 18 21 21 23 Underwriting 330 422 513 470 Brokerage 647 605 748 812 Other services 513 470 476 490 Total revenues from contracts with customers 2,374 2,374 2,608 2,638 The table above differs from “Note 6 – Commissions and fees” as it includes only those contracts with customers that are in scope of ASC Topic 606 – Revenue from Contracts with Customers. Contract balances in / end of 4Q18 3Q18 2Q18 1Q18 Contract balances (CHF million) Contract receivables 789 883 824 745 Contract liabilities 56 66 63 67 Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period 16 7 13 13 The Bank did not recognize any revenues in the reporting period from performance obligations satisfied in previous periods. In 2018, we recognized a net impairment loss on contract receivables of CHF 2 million in the fourth quarter, CHF 6 million in the third quarter and CHF 3 million in the second quarter. No impairment losses were recognized on contract receivables in the first quarter of 2018. The Bank did not recognize any contract assets during the fourth quarter, the third quarter, the second quarter and the first quarter of 2018. > Refer to “Note 14 – Revenue from contracts with customers” in VI – Consolidated financial statements – Credit Suisse Group for further information. Capitalized costs The Bank has not incurred costs in obtaining a contract nor costs to fulfill a contract that are eligible for capitalization. Remaining performance obligations ASC Topic 606’s practical expedient allows the Bank to exclude from its remaining performance obligations disclosure any performance obligations which are part of a contract with an original expected duration of one year or less. Additionally, any variable consideration, for which it is probable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved, is not subject to the remaining performance obligations disclosure because such variable consideration is not included in the transaction price (e.g., investment management fees). Upon review, the Bank determined that no material remaining performance obligations are in scope of the remaining performance obligations disclosure. Impact of the adoption of ASC Topic 606 The impact of adoption of ASC Topic 606 on the Bank’s consolidated statement of operations resulted in increases in commissions and fees revenues of CHF 12 million, CHF 19 million, CHF 23 million and CHF 20 million, increases in other revenues of CHF 7 million, CHF 2 million, CHF 6 million and CHF 5 million, increases in general and administrative expenses of CHF 33 million, CHF 47 million, CHF 54 million and CHF 45 million and decreases in commission expenses of CHF 12 million, CHF 25 million, CHF 29 million and CHF 22 million for the fourth quarter, the third quarter, the second quarter and the first quarter of 2018, respectively. The impact of the adoption did not have a material impact on the Banks’s consolidated balance sheet or the Bank’s consolidated statement of cash flows in the fourth quarter, the third quarter, the second quarter and the first quarter of 2018. |
Securities borrowed, lent and s
Securities borrowed, lent and subject to repurchase agreements | 12 Months Ended |
Dec. 31, 2018 | |
Securities borrowed, lent and subject to repurchase agreements | 15 Securities borrowed, lent and subject to repurchase agreements end of 2018 2017 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 77,770 70,009 Deposits paid for securities borrowed 39,325 45,337 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 117,095 115,346 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 20,305 20,606 Deposits received for securities lent 4,318 5,890 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 24,623 26,496 Repurchase and reverse repurchase agreements represent collateralized financing transactions used to earn net interest income, increase liquidity or facilitate trading activity. These instruments are collateralized principally by government securities, money market instruments and corporate bonds and have terms ranging from overnight to a longer or unspecified period of time. In the event of counterparty default, the reverse repurchase agreement or securities lending agreement provides the Group with the right to liquidate the collateral held. In the Group’s normal course of business, a significant portion of the collateral received that may be sold or repledged has been sold or repledged as of December 31, 2018 and 2017. |
Bank | |
Securities borrowed, lent and subject to repurchase agreements | 14 Securities borrowed, lent and subject to repurchase agreements end of 2018 2017 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 77,770 70,009 Deposits paid for securities borrowed 39,325 45,337 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 117,095 115,346 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 20,305 20,606 Deposits received for securities lent 4,318 5,890 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 24,623 26,496 > Refer to “Note 15 – Securities borrowed, lent and subject to repurchase agreements” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Trading assets and liabilities
Trading assets and liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Trading assets and liabilities | 16 Trading assets and liabilities end of 2018 2017 Trading assets (CHF million) Debt securities 62,135 72,765 Equity securities 46,463 55,722 Derivative instruments 1 18,312 19,621 Other 5,293 8,226 Trading assets 132,203 156,334 Trading liabilities (CHF million) Short positions 26,946 24,465 Derivative instruments 1 15,223 14,654 Trading liabilities 42,169 39,119 1 Amounts shown after counterparty and cash collateral netting. end of 2018 2017 Cash collateral on derivatives instruments – netted (CHF million) 1 Cash collateral paid 20,216 23,288 Cash collateral received 13,213 14,996 Cash collateral on derivatives instruments – not netted (CHF million) 2 Cash collateral paid 7,057 5,141 Cash collateral received 6,903 8,644 1 Recorded as cash collateral netting on derivative instruments in Note 27 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 23 – Other assets and other liabilities. |
Bank | |
Trading assets and liabilities | 15 Trading assets and liabilities end of 2018 2017 Trading assets (CHF million) Debt securities 62,216 72,826 Equity securities 46,517 55,822 Derivative instruments 1 18,402 19,900 Other 5,292 8,226 Trading assets 132,427 156,774 Trading liabilities (CHF million) Short positions 26,948 24,478 Derivative instruments 1 15,223 14,654 Trading liabilities 42,171 39,132 1 Amounts shown after counterparty and cash collateral netting. end of 2018 2017 Cash collateral on derivative instruments – netted (CHF million) 1 Cash collateral paid 20,333 23,587 Cash collateral received 13,213 14,996 Cash collateral on derivative instruments – not netted (CHF million) 2 Cash collateral paid 7,057 5,142 Cash collateral received 6,903 8,644 1 Recorded as cash collateral netting on derivative instruments in Note 26 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 22 – Other assets and other liabilities. |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 2018 | |
Investment securities (old to delete) | 17 Investment securities end of 2018 2017 Investment securities (CHF million) Securities available-for-sale 2,911 2,191 Total investment securities 2,911 2,191 Investment securities by type 2018 2017 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by Swiss federal, cantonal or local governmental entities 2 0 0 2 199 13 0 212 Debt securities issued by foreign governments 821 7 0 828 1,215 21 0 1,236 Corporate debt securities 649 0 0 649 238 0 0 238 Residential mortgage-backed securities 1 1,430 0 0 1,430 207 0 0 207 Commercial mortgage-backed securities 2 0 0 2 173 0 0 173 Debt securities available-for-sale 2,904 7 0 2,911 2,032 34 0 2,066 Banks, trust and insurance companies 2 – – – – 95 30 0 125 Equity securities available-for-sale 2 – – – – 95 30 0 125 Securities available-for-sale 2,904 7 0 2,911 2,127 64 0 2,191 1 Relate to the consolidation of RMBS securitization VIEs where the assets are carried at fair value under the fair value option as are the VIEs’ liabilities recorded in long-term debt. 2 As a result of the adoption of ASU 2016-01, equity securities available-for-sale are now recognized in trading assets and no longer in investment securities. Refer to "Note 2 – Recently issued accounting standards" for further information. Proceeds from sales, realized gains and realized losses from available-for-sale securities 2018 2017 2016 Debt Equity 1 Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 255 – 7 7 9 4 Realized gains 8 – 0 0 0 0 1 As a result of the adoption of ASU 2016-01 equity securities available-for-sale are now recognized in trading assets and no longer in investment securities. Refer to "Note 2 – Recently issued accounting standards" for further information. Amortized cost, fair value and average yield of debt securities Debt securities Average 2018 (CHF million, except where indicated) Due within 1 year 844 850 0.72 Due from 1 to 5 years 8 8 4.30 Due from 5 to 10 years 620 621 0.83 Due after 10 years 1,432 1,432 2.45 Total debt securities 2,904 2,911 1.61 |
Bank | |
Investment securities (old to delete) | 16 Investment securities end of 2018 2017 Investment securities (CHF million) Securities available-for-sale 2,909 2,189 Total investment securities 2,909 2,189 Investment securities by type 2018 2017 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by the Swiss federal, cantonal or local governmental entities 0 0 0 0 197 13 0 210 Debt securities issued by foreign governments 821 7 0 828 1,215 21 0 1,236 Corporate debt securities 649 0 0 649 238 0 0 238 Residential mortgage-backed securities 1 1,430 0 0 1,430 207 0 0 207 Commercial mortgage-backed securities 2 0 0 2 173 0 0 173 Debt securities available-for-sale 2,902 7 0 2,909 2,030 34 0 2,064 Banks, trust and insurance companies 2 – – – – 95 30 0 125 Equity securities available-for-sale 2 – – – – 95 30 0 125 Securities available-for-sale 2,902 7 0 2,909 2,125 64 0 2,189 1 Relate to the consolidation of RMBS securitization VIEs where the assets are carried at fair value under the fair value option as are the VIEs’ liabilities recorded in long-term debt. 2 As a result of the adoption of ASU 2016-01, equity securities available-for-sale are now recognized in trading assets and no longer in investment securities. Refer to "Note 2 – Recently issued accounting standards" for further information. Proceeds from sales, realized gains and realized losses from available-for-sale securities 2018 2017 2016 Debt Equity 1 Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 255 – 7 7 9 4 Realized gains 8 – 0 0 0 0 1 As a result of the adoption of ASU 2016-01 equity securities available-for-sale are now recognized in trading assets and no longer in investment securities. Refer to "Note 2 – Recently issued accounting standards" for further information. Amortized cost, fair value and average yield of debt securities Debt securities Average 2018 (CHF million) Due within 1 year 844 850 0.72 Due from 1 to 5 years 6 6 4.54 Due from 5 to 10 years 620 621 0.83 Due after 10 years 1,432 1,432 2.45 Total debt securities 2,902 2,909 1.61 |
Other investments
Other investments | 12 Months Ended |
Dec. 31, 2018 | |
Other investments | 18 Other investments end of 2018 2017 Other investments (CHF million) Equity method investments 2,467 3,066 Equity securities (without a readily determinable fair value) 1 1,207 1,292 of which at net asset value 530 742 of which at measurement alternative 227 175 of which at fair value 208 161 of which at cost less impairment 242 214 Real estate held-for-investment 2 79 232 Life finance instruments 3 1,137 1,374 Total other investments 4,890 5,964 1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee. 2 As of the end of 2018 and 2017, real estate held for investment included foreclosed or repossessed real estate of CHF 3 million and CHF 41 million, respectively, all related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. Equity securities at measurement alternative – impairments and adjustments in / end of 2018 Cumulative Impairments and adjustments (CHF million) Impairments and downward adjustments (4) (7) > Refer to “Note 35 – Financial instruments” for further information on such investments. No impairments were recorded on real estate held-for-investments in 2018, while in 2017 and 2016, impairments of CHF 16 million and CHF 31 million, respectively, were recorded. Accumulated depreciation related to real estate held-for-investment amounted to CHF 31 million, CHF 140 million and CHF 137 million for 2018, 2017 and 2016, respectively. Prior periods have been corrected. |
Bank | |
Other investments | 17 Other investments end of 2018 2017 Other investments (CHF million) Equity method investments 2,429 3,027 Equity securities (without a readily determinable fair value) 1 1,202 1,283 of which at net asset value 526 734 of which at measurement alternative 227 175 of which at fair value 208 161 of which at cost less impairment 241 213 Real estate held-for-investment 2 56 209 Life finance instruments 3 1,137 1,374 Total other investments 4,824 5,893 1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee. 2 As of the end of 2018 and 2017, real estate held for investment included foreclosed or repossessed real estate of CHF 3 million and CHF 41 million, respectively, all related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. Equity securities at measurement alternative – impairments and adjustments in / end of 2018 Cumulative Impairments and adjustments (CHF million) Impairments and downward adjustments (4) (7) > Refer to “Note 34 – Financial instruments” for further information on such investments. No impairments were recorded on real estate held-for-investments in 2018, while in 2017 and 2016, impairments of CHF 16 million and CHF 31 million, respectively, were recorded. Accumulated depreciation related to real estate held-for-investment amounted to CHF 27 million, CHF 136 million and CHF 133 million for 2018, 2017 and 2016, respectively. Prior periods have been corrected. > Refer to “Note 18 – Other investments” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Loans, allowance for loan losse
Loans, allowance for loan losses and credit quality | 12 Months Ended |
Dec. 31, 2018 | |
Loans, allowance for loan losses and credit quality | 19 Loans, allowance for loan losses and credit quality Loans are divided in two portfolio segments, “consumer” and “corporate & institutional”. Consumer loans are disaggregated into the classes of mortgages, loans collateralized by securities and consumer finance. Corporate and institutional loans are disaggregated into the classes of real estate, commercial and industrial loans, financial institutions, and governments and public institutions. For financial reporting purposes, the carrying values of loans and related allowance for loan losses are presented in accordance with US GAAP and are not comparable with the regulatory credit risk exposures presented in our disclosures required under Pillar 3 of the Basel framework. Loans end of 2018 2017 Loans (CHF million) Mortgages 107,845 106,039 Loans collateralized by securities 42,034 42,016 Consumer finance 3,905 4,242 Consumer 153,784 152,297 Real estate 26,727 26,599 Commercial and industrial loans 85,698 81,670 Financial institutions 18,494 15,697 Governments and public institutions 3,893 3,874 Corporate & institutional 134,812 127,840 Gross loans 288,596 280,137 of which held at amortized cost 273,723 264,830 of which held at fair value 14,873 15,307 Net (unearned income)/deferred expenses (113) (106) Allowance for loan losses (902) (882) Net loans 287,581 279,149 Gross loans by location Switzerland 160,444 157,696 Foreign 128,152 122,441 Gross loans 288,596 280,137 Impaired loans Non-performing loans 1,203 1,048 Non-interest-earning loans 300 223 Non-performing and non-interest-earning loans 1,503 1,271 Restructured loans 299 290 Potential problem loans 390 549 Other impaired loans 689 839 Gross impaired loans 2,192 2,110 Allowance for loan losses 2018 2017 2016 Corporate & Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 220 662 882 216 722 938 216 650 866 Net movements recognized in statements of operations 19 182 201 54 136 190 63 186 249 Gross write-offs (85) (184) (269) (60) (242) (302) (86) (192) (278) Recoveries 21 37 58 12 41 53 13 53 66 Net write-offs (64) (147) (211) (48) (201) (249) (73) (139) (212) Provisions for interest 11 19 30 (1) 14 13 10 8 18 Foreign currency translation impact and other adjustments, net 1 (1) 0 (1) (9) (10) 0 17 17 Balance at end of period 187 715 902 220 662 882 216 722 938 of which individually evaluated for impairment 146 462 608 179 475 654 172 528 700 of which collectively evaluated for impairment 41 253 294 41 187 228 44 194 238 Gross loans held at amortized cost (CHF million) Balance at end of period 153,761 119,962 273,723 152,277 112,553 264,830 145,070 112,445 257,515 of which individually evaluated for impairment 1 677 1,515 2,192 632 1,478 2,110 662 1,810 2,472 of which collectively evaluated for impairment 153,084 118,447 271,531 151,645 111,075 262,720 144,408 110,635 255,043 1 Represents gross impaired loans both with and without a specific allowance. Purchases, reclassifications and sales in 2018 2017 2016 Corporate & Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 0 2,163 2,163 0 3,381 3,381 30 3,405 3,435 Reclassifications from loans held-for-sale 2 0 1 1 0 63 63 0 125 125 Reclassifications to loans held-for-sale 3 1 2,351 2,352 0 7,407 7,407 1,632 2,768 4,400 Sales 3 1 2,267 2,268 0 7,051 7,051 72 2,087 2,159 1 Includes drawdowns under purchased loan commitments. 2 Includes loans previously reclassified to held-for-sale that were not sold and were reclassified back to loans held-to-maturity. 3 All loans held at amortized cost which are sold are reclassified to loans held-for-sale on or prior to the date of the sale. Credit quality of loans held at amortized cost Management monitors the credit quality of loans through its credit risk management processes, which are structured to assess, measure, monitor and manage risk on a consistent basis. This process requires careful consideration of proposed extensions of credit, the setting of specific limits, monitoring during the life of the exposure, active use of credit mitigation tools and a disciplined approach to recognizing credit impairment. Management evaluates many factors when assessing the credit quality of loans. These factors include the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. For the purpose of credit quality disclosures, the Group uses detailed internal risk ratings which are aggregated to the credit quality indicators investment grade and non-investment grade. The Group employs a set of credit ratings for the purpose of internally rating counterparties. Credit ratings are intended to reflect the risk of default of each counterparty. Ratings are assigned based on internally developed rating models and processes, which are subject to governance and internally independent validation procedures. Internal ratings are assigned to all loans reflecting the Group’s internal view of the credit quality of the counterparty. Internal ratings may differ from a counterparty’s external ratings, if such ratings are available. Internal ratings are regularly reviewed depending on exposure type, client segment, collateral or event-driven developments. For the calculation of internal risk estimates (e.g., an estimate of expected loss in the event of a counterparty default) and risk-weighted assets, a probability of default (PD), loss given default (LGD) and exposure at default are assigned to each facility. These three parameters are primarily derived from internally developed statistical models that have been backtested against internal experience, validated by a function independent of the model owners on a regular basis and approved by the Group’s main regulators for application in the regulatory capital calculation in the advanced internal ratings-based approach (A-IRB) under the Basel framework. For the majority of clients and counterparties, internal ratings or PDs are calculated directly by proprietary statistical rating models. These models are based on internally compiled data comprising both quantitative factors (e.g., primarily balance sheet information for corporates and loan-to-value ratio and the borrower’s income level for mortgage lending) and qualitative factors (e.g., credit histories from credit reporting bureaus) concentrating on economic trends and financial fundamentals. For statistical rating models calculating a PD, an equivalent rating based on the Standard & Poor’s rating scale is assigned based on the PD band associated with each rating, which is used for disclosure purposes. For the remaining facilities where statistical rating models are not used, a PD is determined through an internal rating assigned on the basis of a structured expert approach. Credit officers make use of peer analyses, industry comparisons, external ratings and research as well as the judgment of credit experts for the purpose of their analysis. The PD for each internal rating is calibrated to historical default experience using internal data and external data from Standard & Poor’s. Reverse repurchase agreements are fully collateralized and in the event of counterparty default the reverse repurchase agreement provides the Group the right to liquidate the collateral held. Group risk management manages these instruments on the basis of the value of the underlying collateral, as opposed to loans, which are risk-managed on the ability of the counterparty to repay. Therefore the underlying collateral coverage is the most appropriate credit quality indicator for reverse repurchase agreements. As such, reverse repurchase agreements have not been included in the tables of this note. The following tables present the Group’s recorded investment in loans held at amortized cost by aggregated internal counterparty credit ratings investment grade and non-investment grade that are used as credit quality indicators for the purpose of this disclosure, and a related aging analysis. Gross loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2018 (CHF million) Mortgages 97,404 10,046 395 107,845 Loans collateralized by securities 39,281 2,676 77 42,034 Consumer finance 1,465 2,247 170 3,882 Consumer 138,150 14,969 642 153,761 Real estate 19,461 6,494 110 26,065 Commercial and industrial loans 40,872 37,633 1,268 79,773 Financial institutions 10,715 2,138 86 12,939 Governments and public institutions 1,132 53 0 1,185 Corporate & institutional 72,180 46,318 1,464 119,962 Gross loans held at amortized cost 210,330 61,287 2,106 273,723 Value of collateral 1 192,579 47,999 1,456 242,034 2017 (CHF million) Mortgages 94,553 11,214 272 106,039 Loans collateralized by securities 38,387 3,530 99 42,016 Consumer finance 1,801 2,241 180 4,222 Consumer 134,741 16,985 551 152,277 Real estate 20,278 5,640 85 26,003 Commercial and industrial loans 39,475 35,250 1,300 76,025 Financial institutions 7,258 2,022 46 9,326 Governments and public institutions 1,124 74 1 1,199 Corporate & institutional 68,135 42,986 1,432 112,553 Gross loans held at amortized cost 202,876 59,971 1,983 264,830 Value of collateral 1 189,048 49,271 1,422 239,741 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 and market transparency. Value of collateral In the Group’s private banking, corporate and institutional businesses, all collateral values for loans are regularly reviewed according to the Group’s risk management policies and directives, with maximum review periods determined by collateral type, market liquidity and market transparency. For example, traded securities are revalued on a daily basis and property values are appraised over a period of more than one year considering the characteristics of the property, current developments in the relevant real estate market and the current level of credit exposure to the borrower. If the credit exposure to a borrower has changed significantly, in volatile markets or in times of increasing general market risk, collateral values may be appraised more frequently. Management judgment is applied in assessing whether markets are volatile or general market risk has increased to a degree that warrants a more frequent update of collateral values. Movements in monitored risk metrics that are statistically different compared to historical experience are considered in addition to analysis of externally-provided forecasts, scenario techniques and macro-economic research. For impaired loans, the fair value of collateral is determined within 90 days of the date the impairment was identified and thereafter regularly revalued by Group credit risk management within the impairment review process. In the Group’s investment banking businesses, collateral-dependent loans are appraised on at least an annual basis, or when a loan-relevant event occurs. Gross loans held at amortized cost – aging analysis Current Past due Up to 31–60 61–90 More than 2018 (CHF million) Mortgages 107,364 155 23 10 293 481 107,845 Loans collateralized by securities 41,936 21 0 0 77 98 42,034 Consumer finance 3,383 286 35 32 146 499 3,882 Consumer 152,683 462 58 42 516 1,078 153,761 Real estate 25,914 63 4 0 84 151 26,065 Commercial and industrial loans 78,439 378 96 82 778 1,334 79,773 Financial institutions 12,768 104 19 3 45 171 12,939 Governments and public institutions 1,172 13 0 0 0 13 1,185 Corporate & institutional 118,293 558 119 85 907 1,669 119,962 Gross loans held at amortized cost 270,976 1,020 177 127 1,423 2,747 273,723 2017 (CHF million) Mortgages 105,689 102 27 14 207 350 106,039 Loans collateralized by securities 41,867 37 0 0 112 149 42,016 Consumer finance 3,701 297 39 40 145 521 4,222 Consumer 151,257 436 66 54 464 1,020 152,277 Real estate 25,871 37 12 15 68 132 26,003 Commercial and industrial loans 74,831 429 40 201 524 1,194 76,025 Financial institutions 8,947 333 1 2 43 379 9,326 Governments and public institutions 1,197 1 0 0 1 2 1,199 Corporate & institutional 110,846 800 53 218 636 1,707 112,553 Gross loans held at amortized cost 262,103 1,236 119 272 1,100 2,727 264,830 Impaired loans Categories of impaired loans In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. > Refer to “Loans” in Note 1 – Summary of significant accounting policies for further information on categories of impaired loans. As of December 31, 2018 and 2017, the Group did not have any material commitments to lend additional funds to debtors whose loan terms had been modified in troubled debt restructurings. Gross impaired loans by category Non-performing and Non- 2018 (CHF million) Mortgages 304 12 316 34 72 106 422 1 Loans collateralized by securities 62 13 75 0 3 3 78 Consumer finance 170 6 176 0 1 1 177 Consumer 536 31 567 34 76 110 677 Real estate 80 4 84 0 38 38 122 Commercial and industrial loans 547 223 770 265 272 537 1,307 Financial institutions 40 42 82 0 4 4 86 Corporate & institutional 667 269 936 265 314 579 1,515 Gross impaired loans 1,203 300 1,503 299 390 689 2,192 2017 (CHF million) Mortgages 236 17 253 13 66 79 332 1 Loans collateralized by securities 96 16 112 0 2 2 114 Consumer finance 176 9 185 0 1 1 186 Consumer 508 42 550 13 69 82 632 Real estate 73 4 77 0 19 19 96 Commercial and industrial loans 465 134 599 277 458 735 1,334 Financial institutions 1 43 44 0 3 3 47 Governments and public institutions 1 0 1 0 0 0 1 Corporate & institutional 540 181 721 277 480 757 1,478 Gross impaired loans 1,048 223 1,271 290 549 839 2,110 1 As of December 31, 2018 and 2017, CHF 123 million and CHF 90 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. Write-off and recovery of loans Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. In the Group’s investment banking businesses, a loan is written down to its net book value once the loan provision is greater than 80% of the loan notional amount, unless repayment of the loan is anticipated to occur within the next two quarters. In the Group’s private banking, corporate and institutional businesses, write-offs are made, based on an individual counterparty assessment performed by Group credit risk management, if it is certain that parts of a loan or the entire loan will not be recoverable. For collateralized loans, the collateral is assessed and the unsecured exposure is written off. Write-offs on uncollateralized loans are based on the borrower’s ability to pay back the outstanding loan out of free cash flow. The Group evaluates the recoverability of the loans granted, if a borrower is expected to default wholly or partly on its contractual payment obligations or to meet these only with third-party support. Adjustments are made to reflect the estimated realizable value of the loan or any collateral. Triggers to assess the creditworthiness of a borrower to absorb the adverse developments include i) a default on interest or principal payments by more than 90 days, ii) a waiver of interest or principal by the Group, iii) a downgrade of the loan to non-interest-earning, iv) the collection of the debt through seizure order, bankruptcy proceedings or realization of collateral, or v) the insolvency of the borrower. Based on such assessment, Group credit risk management evaluates the need for write-offs individually and on an ongoing basis. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other assets received. Gross impaired loan details 2018 2017 Unpaid Associated Unpaid Associated CHF million Mortgages 278 262 21 254 239 36 Loans collateralized by securities 77 63 35 111 97 49 Consumer finance 174 154 90 180 160 94 Consumer 529 479 146 545 496 179 Real estate 82 73 10 86 79 11 Commercial and industrial loans 773 742 401 997 959 427 Financial institutions 86 84 51 47 46 37 Governments and public institutions 0 0 0 1 1 0 Corporate & institutional 941 899 462 1,131 1,085 475 Gross impaired loans with a specific allowance 1,470 1,378 608 1,676 1,581 654 Mortgages 144 144 – 78 78 – Loans collateralized by securities 1 1 – 3 3 – Consumer finance 3 3 – 6 6 – Consumer 148 148 – 87 87 – Real estate 40 40 – 10 10 – Commercial and industrial loans 534 534 – 337 337 – Corporate & institutional 574 574 – 347 347 – Gross impaired loans without specific allowance 722 722 – 434 434 – Gross impaired loans 2,192 2,100 608 2,110 2,015 654 of which consumer 677 627 146 632 583 179 of which corporate & institutional 1,515 1,473 462 1,478 1,432 475 Gross impaired loan details (continued) 2018 2017 2016 Interest Interest Interest CHF million Mortgages 261 2 1 229 2 1 195 2 1 Loans collateralized by securities 92 1 1 116 1 1 153 1 1 Consumer finance 176 2 2 167 5 5 205 1 1 Consumer 529 5 4 512 8 7 553 4 3 Real estate 90 0 0 78 1 0 72 1 0 Commercial and industrial loans 917 14 5 1,163 17 5 1,039 10 4 Financial institutions 58 1 0 76 1 1 154 1 0 Governments and public institutions 0 0 0 5 0 0 5 0 0 Corporate & institutional 1,065 15 5 1,322 19 6 1,270 12 4 Gross impaired loans with a specific allowance 1,594 20 9 1,834 27 13 1,823 16 7 Mortgages 91 3 0 83 3 0 83 3 0 Loans collateralized by securities 1 0 0 7 0 0 24 0 0 Consumer finance 3 0 0 3 0 0 11 0 0 Consumer 95 3 0 93 3 0 118 3 0 Real estate 14 1 0 27 1 0 31 1 0 Commercial and industrial loans 292 16 1 271 11 1 307 7 1 Financial institutions 0 0 0 0 0 0 5 0 0 Governments and public institutions 0 0 0 0 0 0 5 0 0 Corporate & institutional 306 17 1 298 12 1 348 8 1 Gross impaired loans without specific allowance 401 20 1 391 15 1 466 11 1 Gross impaired loans 1,995 40 10 2,225 42 14 2,289 27 8 of which consumer 624 8 4 605 11 7 671 7 3 of which corporate & institutional 1,371 32 6 1,620 31 7 1,618 20 5 Allowance for specifically identified credit losses on impaired loans The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. The Group performs an in-depth review and analysis of impaired loans considering factors such as recovery and exit options as well as collateral and counterparty risk. In general, all impaired loans are individually assessed. The trigger to detect an impaired loan is non-payment of interest, principal amounts or other contractual payment obligations. In addition, loans to corporates and institutions managed on the Swiss platform are regularly reviewed depending on exposure type, client segment, collateral or event-driven developments. All other corporate and institutional loans are reviewed at least annually based on the borrower’s financial statements and any indications of difficulties they may experience. Loans that are not impaired, but which are of special concern due to changes in covenants, downgrades, negative financial news and other adverse developments, are either transferred to recovery management or included on a watch list. All loans on the watch list are reviewed at least quarterly to determine whether they should be released, remain on the watch list or be moved to recovery management. For loans in recovery management from the Swiss platform, larger positions are reviewed on a quarterly basis for any event-driven changes. Otherwise, these loans are reviewed at least annually. All other loans in recovery management are reviewed on at least a quarterly basis. If an individual loan specifically identified for evaluation is considered impaired, the allowance is determined as a reasonable estimate of credit losses existing as of the end of the reporting period. Thereafter, the allowance is revalued by credit risk management at least annually or more frequently depending on the risk profile of the borrower or credit relevant events. For non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. If the present value of estimated future cash flows is used, the impaired loan and related allowance are revalued to reflect the passage of time. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. Restructured loans held at amortized cost 2018 2017 2016 Recorded Recorded Recorded Recorded Recorded Recorded CHF million, except where indicated Mortgages 5 29 29 0 0 0 0 0 0 Commercial and industrial loans 13 182 160 15 123 119 16 201 201 Total 18 211 189 15 123 119 16 201 201 Restructured loans held at amortized cost that defaulted within 12 months from restructuring 2018 2017 2016 Number of Recorded Number of Recorded Number of Recorded CHF million, except where indicated Mortgages 1 8 0 0 0 0 Commercial and industrial loans 8 76 1 48 0 0 Total 9 84 1 48 0 0 In 2018, the loan modifications of the Group included extended loan repayment terms, including suspensions of loan amortizations, deferral of lease installments or pay-as-you-earn arrangements, the waiver of claims, interest rate concessions and the subordination of a loan. |
Bank | |
Loans, allowance for loan losses and credit quality | 18 Loans, allowance for loan losses and credit quality end of 2018 2017 Loans (CHF million) Mortgages 107,845 106,039 Loans collateralized by securities 42,034 42,016 Consumer finance 3,905 4,242 Consumer 153,784 152,297 Real estate 26,727 26,599 Commercial and industrial loans 86,165 81,792 Financial institutions 23,320 19,662 Governments and public institutions 3,893 3,874 Corporate & institutional 140,105 131,927 Gross loans 293,889 284,224 of which held at amortized cost 279,016 268,917 of which held at fair value 14,873 15,307 Net (unearned income)/deferred expenses (113) (106) Allowance for loan losses (901) (881) Net loans 292,875 283,237 Gross loans by location Switzerland 165,184 161,645 Foreign 128,705 122,579 Gross loans 293,889 284,224 Impaired loans Non-performing loans 1,203 1,048 Non-interest-earning loans 288 210 Total non-performing and non-interest-earning loans 1,491 1,258 Restructured loans 299 290 Potential problem loans 390 549 Total other impaired loans 689 839 Gross impaired loans 2,180 2,097 Allowance for loan losses 2018 2017 2016 Corporate Corporate Corporate Allowance for loan losses (CHF million) Balance at beginning of period 220 661 881 216 721 937 216 649 865 Net movements recognized in statements of operations 19 182 201 54 136 190 63 186 249 Gross write-offs (85) (184) (269) (60) (242) (302) (86) (192) (278) Recoveries 21 37 58 12 41 53 13 53 66 Net write-offs (64) (147) (211) (48) (201) (249) (73) (139) (212) Provisions for interest 11 19 30 (1) 14 13 10 8 18 Foreign currency translation impact and other adjustments, net 1 (1) 0 (1) (9) (10) 0 17 17 Balance at end of period 187 714 901 220 661 881 216 721 937 of which individually evaluated for impairment 146 461 607 179 474 653 172 527 699 of which collectively evaluated for impairment 41 253 294 41 187 228 44 194 238 Gross loans held at amortized cost (CHF million) Balance at end of period 153,761 125,255 279,016 152,277 116,640 268,917 145,070 115,428 260,498 of which individually evaluated for impairment 1 677 1,503 2,180 632 1,465 2,097 662 1,798 2,460 of which collectively evaluated for impairment 153,084 123,752 276,836 151,645 115,175 266,820 144,408 113,630 258,038 1 Represents gross impaired loans both with and without a specific allowance. Purchases, reclassifications and sales in 2018 2017 2016 Corporate Corporate Corporate Loans held at amortized cost (CHF million) Purchases 1 0 2,163 2,163 0 3,381 3,381 30 3,405 3,435 Reclassifications from loans held-for-sale 2 0 1 1 0 63 63 0 125 125 Reclassifications to loans held-for-sale 3 1 2,351 2,352 0 7,407 7,407 1,632 2,768 4,400 Sales 3 1 2,267 2,268 0 7,051 7,051 72 2,087 2,159 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 2018 (CHF million) Mortgages 97,404 10,046 395 107,845 Loans collateralized by securities 39,281 2,676 77 42,034 Consumer finance 1,465 2,247 170 3,882 Consumer 138,150 14,969 642 153,761 Real estate 19,461 6,494 110 26,065 Commercial and industrial loans 41,352 37,633 1,256 80,241 Financial institutions 15,540 2,138 86 17,764 Governments and public institutions 1,132 53 0 1,185 Corporate & institutional 77,485 46,318 1,452 125,255 Gross loans held at amortized cost 215,635 61,287 2,094 279,016 Value of collateral 1 192,617 47,999 1,444 242,060 2017 (CHF million) Mortgages 94,553 11,214 272 106,039 Loans collateralized by securities 38,387 3,530 99 42,016 Consumer finance 1,801 2,241 180 4,222 Consumer 134,741 16,985 551 152,277 Real estate 20,278 5,640 85 26,003 Commercial and industrial loans 39,610 35,250 1,287 76,147 Financial institutions 11,223 2,022 46 13,291 Governments and public institutions 1,124 74 1 1,199 Corporate & institutional 72,235 42,986 1,419 116,640 Gross loans held at amortized cost 206,976 59,971 1,970 268,917 Value of collateral 1 189,092 49,271 1,409 239,772 1 Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Bank's risk management policies and directives, with maximum review periods determined by property type, market liquidity and market transparency. Gross loans held at amortized cost – aging analysis Current Past due More 2018 (CHF million) Mortgages 107,364 155 23 10 293 481 107,845 Loans collateralized by securities 41,936 21 0 0 77 98 42,034 Consumer finance 3,383 286 35 32 146 499 3,882 Consumer 152,683 462 58 42 516 1,078 153,761 Real estate 25,914 63 4 0 84 151 26,065 Commercial and industrial loans 78,919 378 96 82 766 1,322 80,241 Financial institutions 17,593 104 19 3 45 171 17,764 Governments and public institutions 1,172 13 0 0 0 13 1,185 Corporate & institutional 123,598 558 119 85 895 1,657 125,255 Gross loans held at amortized cost 276,281 1,020 177 127 1,411 2,735 279,016 2017 (CHF million) Mortgages 105,689 102 27 14 207 350 106,039 Loans collateralized by securities 41,867 37 0 0 112 149 42,016 Consumer finance 3,701 297 39 40 145 521 4,222 Consumer 151,257 436 66 54 464 1,020 152,277 Real estate 25,871 37 12 15 68 132 26,003 Commercial and industrial loans 74,966 429 40 201 511 1,181 76,147 Financial institutions 12,912 333 1 2 43 379 13,291 Governments and public institutions 1,197 1 0 0 1 2 1,199 Corporate & institutional 114,946 800 53 218 623 1,694 116,640 Gross loans held at amortized cost 266,203 1,236 119 272 1,087 2,714 268,917 Gross impaired loans by category Non-performing and Non- 2018 (CHF million) Mortgages 304 12 316 34 72 106 422 1 Loans collateralized by securities 62 13 75 0 3 3 78 Consumer finance 170 6 176 0 1 1 177 Consumer 536 31 567 34 76 110 677 Real estate 80 4 84 0 38 38 122 Commercial and industrial loans 547 211 758 265 272 537 1,295 Financial institutions 40 42 82 0 4 4 86 Corporate & institutional 667 257 924 265 314 579 1,503 Gross impaired loans 1,203 288 1,491 299 390 689 2,180 2017 (CHF million) Mortgages 236 17 253 13 66 79 332 1 Loans collateralized by securities 96 16 112 0 2 2 114 Consumer finance 176 9 185 0 1 1 186 Consumer 508 42 550 13 69 82 632 Real estate 73 4 77 0 19 19 96 Commercial and industrial loans 465 121 586 277 458 735 1,321 Financial institutions 1 43 44 0 3 3 47 Governments and public institutions 1 0 1 0 0 0 1 Corporate & institutional 540 168 708 277 480 757 1,465 Gross impaired loans 1,048 210 1,258 290 549 839 2,097 1 As of December 31, 2018 and 2017, CHF 123 million and CHF 90 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. As of December 31, 2018 and 2017, the Bank did not have any material commitments to lend additional funds to debtors whose loan terms had been modified in troubled debt restructurings. Gross impaired loan details 2018 2017 Unpaid Associated Unpaid Associated CHF million Mortgages 278 262 21 254 239 36 Loans collateralized by securities 77 63 35 111 97 49 Consumer finance 174 154 90 180 160 94 Consumer 529 479 146 545 496 179 Real estate 82 73 10 86 79 11 Commercial and industrial loans 761 730 400 984 947 426 Financial institutions 86 84 51 47 46 37 Governments and public institutions 0 0 0 1 1 0 Corporate & institutional 929 887 461 1,118 1,073 474 Gross impaired loans with a specific allowance 1,458 1,366 607 1,663 1,569 653 Mortgages 144 144 – 78 78 – Loans collateralized by securities 1 1 – 3 3 – Consumer finance 3 3 – 6 6 – Consumer 148 148 – 87 87 – Real estate 40 40 – 10 10 – Commercial and industrial loans 534 534 – 337 337 – Corporate & institutional 574 574 – 347 347 – Gross impaired loans without specific allowance 722 722 – 434 434 – Gross impaired loans 2,180 2,088 607 2,097 2,003 653 of which consumer 677 627 146 632 583 179 of which corporate & institutional 1,503 1,461 461 1,465 1,420 474 Gross impaired loan details (continued) 2018 2017 2016 Interest Interest Interest CHF million Mortgages 261 2 1 229 2 1 195 2 1 Loans collateralized by securities 92 1 1 116 1 1 153 1 1 Consumer finance 176 2 2 167 5 5 205 1 1 Consumer 529 5 4 512 8 7 553 4 3 Real estate 90 0 0 78 1 0 72 1 0 Commercial and industrial loans 905 14 5 1,151 17 5 1,029 10 4 Financial institutions 58 1 0 76 1 1 154 1 0 Governments and public institutions 0 0 0 5 0 0 5 0 0 Corporate & institutional 1,053 15 5 1,310 19 6 1,260 12 4 Gross impaired loans with a specific allowance 1,582 20 9 1,822 27 13 1,813 16 7 Mortgages 91 3 0 83 3 0 83 3 0 Loans collateralized by securities 1 0 0 7 0 0 24 0 0 Consumer finance 3 0 0 3 0 0 11 0 0 Consumer 95 3 0 93 3 0 118 3 0 Real estate 14 1 0 27 1 0 31 1 0 Commercial and industrial loans 292 16 1 271 11 1 307 7 1 Financial institutions 0 0 0 0 0 0 5 0 0 Governments and public institutions 0 0 0 0 0 0 5 0 0 Corporate & institutional 306 17 1 298 12 1 348 8 1 Gross impaired loans without specific allowance 401 20 1 391 15 1 466 11 1 Gross impaired loans 1,983 40 10 2,213 42 14 2,279 27 8 of which consumer 624 8 4 605 11 7 671 7 3 of which corporate & institutional 1,359 32 6 1,608 31 7 1,608 20 5 Restructured loans held at amortized cost 2018 2017 2016 Recorded Recorded Recorded Recorded Recorded Recorded CHF million, except where indicated Mortgages 5 29 29 0 0 0 0 0 0 Commercial and industrial loans 13 182 160 15 123 119 16 201 201 Total 18 211 189 15 123 119 16 201 201 Restructured loans held at amortized cost that defaulted within 12 months from restructuring 2018 2017 2016 Number of Recorded Number of Recorded Number of Recorded CHF million, except where indicated Mortgages 1 8 0 0 0 0 Commercial and industrial loans 8 76 1 48 0 0 Total 9 84 1 48 0 0 In 2018, the loan modifications of the Bank included extended loan repayment terms, including suspensions of loan amortizations, deferral of lease installments or pay-as-you-earn arrangements, the waiver of claims, interest rate concessions and the subordination of a loan. > Refer to “Note 19 – Loans, allowance for loan losses and credit quality” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Premises and equipment
Premises and equipment | 12 Months Ended |
Dec. 31, 2018 | |
Premises and equipment | 20 Premises and equipment end of 2018 2017 Premises and equipment (CHF million) Buildings and improvements 1,617 1,648 Land 347 346 Leasehold improvements 1,880 1,812 Software 5,909 5,709 Equipment 1,805 1,828 Premises and equipment 11,558 11,343 1 Accumulated depreciation (6,720) (6,657) 1 Total premises and equipment, net 4,838 4,686 1 Prior period has been corrected. in 2018 2017 2016 Depreciation and impairment (CHF million) Depreciation 830 826 887 Impairment 8 33 25 |
Bank | |
Premises and equipment | 19 Premises and equipment end of 2018 2017 Premises and equipment (CHF million) Buildings and improvements 1,595 1,624 Land 347 346 Leasehold improvements 1,752 1,751 Software 5,715 5,583 Equipment 1,136 1,226 Premises and equipment 10,545 10,530 1 Accumulated depreciation (6,015) (6,085) 1 Total premises and equipment, net 4,530 4,445 1 Prior period has been corrected. in 2018 2017 2016 Depreciation and impairment (CHF million) Depreciation 745 770 882 Impairment 8 33 25 |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill | 21 Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 610 1,544 2,268 3,178 1,021 12 8,633 Foreign currency translation impact 2 8 10 4 5 0 29 Other 3 (8) 0 0 0 0 (5) Balance at end of period 615 1,544 2,278 3,182 1,026 12 8,657 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 615 1,544 1,506 463 638 0 4,766 2017 Gross amount of goodwill (CHF million) Balance at beginning of period 623 1,612 2,318 3,195 1,044 12 8,804 Foreign currency translation impact (13) (55) (50) (17) (23) 0 (158) Other 0 (13) 0 0 0 0 (13) Balance at end of period 610 1,544 2,268 3,178 1,021 12 8,633 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 610 1,544 1,496 459 633 0 4,742 In accordance with US GAAP, the Group continually assesses whether or not there has been a triggering event requiring a review of goodwill. The Group determined in 2018 that a goodwill triggering event occurred for the Asia Pacific – Markets, Global Markets and Investment Banking & Capital Markets reporting units. Based on its goodwill impairment analysis performed as of December 31, 2018, the Group concluded that the estimated fair value for all of the reporting units with goodwill substantially exceeded their related carrying values and no impairment was necessary as of December 31, 2018. The carrying value of each reporting unit for the purpose of the goodwill impairment test is determined by considering the reporting units’ risk-weighted assets usage, leverage ratio exposure, deferred tax assets, goodwill 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 the 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 were determined from the Group’s financial plan. In determining the estimated fair value, the Group relied upon its latest 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, and as approved by the Board of Directors. The Group engaged the services of an independent valuation specialist to assist in the valuation of the Asia Pacific – Markets, Global Markets and Investment Banking & Capital Markets reporting units as of December 31, 2018. The valuations were performed using a combination of the market approach and income approach. The results of the impairment evaluation of each reporting unit’s goodwill would be significantly impacted by adverse changes in the underlying parameters used in the valuation process. If actual outcomes adversely differ by a significant margin from its best estimates of the key economic assumptions and associated cash flows applied in the valuation of the reporting unit, the Group could potentially incur material impairment charges in the future. As a result of acquisitions, the Group has recorded goodwill as an asset in its consolidated balance sheets, the most significant component of which arose from the acquisition of Donaldson, Lufkin & Jenrette Inc. in 2000. |
Bank | |
Goodwill | 20 Goodwill Investment Gross amount of goodwill (CHF million) Balance at beginning of period 592 1,531 2,044 2,837 911 12 7,927 Foreign currency translation impact 2 8 9 1 5 0 25 Other 3 (8) 0 0 0 0 (5) Balance at end of period 597 1,531 2,053 2,838 916 12 7,947 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 597 1,531 1,281 119 528 0 4,056 2017 Gross amount of goodwill (CHF million) Balance at beginning of period 605 1,598 2,090 2,842 933 12 8,080 Foreign currency translation impact (13) (54) (46) (5) (22) 0 (140) Other 0 (13) 0 0 0 0 (13) Balance at end of period 592 1,531 2,044 2,837 911 12 7,927 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 592 1,531 1,272 118 523 0 4,036 > Refer to “Note 21 – Goodwill” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Other intangible assets
Other intangible assets | 12 Months Ended |
Dec. 31, 2018 | |
Other intangible assets | 22 Other intangible assets 2018 2017 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (26) 1 27 (26) 1 Client relationships 43 (20) 23 47 (18) 29 Other (2) 2 0 5 (3) 2 Total amortizing other intangible assets 68 (44) 24 79 (47) 32 Non-amortizing other intangible assets 195 – 195 191 – 191 of which mortgage servicing rights, at fair value 163 – 163 158 – 158 Total other intangible assets 263 (44) 219 270 (47) 223 Additional information in 2018 2017 2016 Aggregate amortization and impairment (CHF million) Aggregate amortization 8 7 8 Impairment 1 2 0 Estimated amortization Estimated amortization (CHF million) 2019 4 2020 3 2021 2 2022 2 2023 2 |
Bank | |
Other intangible assets | 21 Other intangible assets 2018 2017 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (26) 1 27 (26) 1 Client relationships 43 (20) 23 47 (18) 29 Other (2) 2 0 5 (3) 2 Total amortizing other intangible assets 68 (44) 24 79 (47) 32 Non-amortizing other intangible assets 195 – 195 191 – 191 of which mortgage servicing rights, at fair value 163 – 163 158 – 158 Total other intangible assets 263 (44) 219 270 (47) 223 Additional information in 2018 2017 2016 Aggregate amortization and impairment (CHF million) Aggregate amortization 8 7 8 Impairment 1 2 0 Estimated amortization Estimated amortization (CHF million) 2019 4 2020 3 2021 2 2022 2 2023 2 |
Other assets and other liabilit
Other assets and other liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other assets and other liabilities | 23 Other assets and other liabilities end of 2018 2017 Other assets (CHF million) Cash collateral on derivative instruments 7,057 5,141 Cash collateral on non-derivative transactions 465 490 Derivative instruments used for hedging 33 50 Assets held-for-sale 6,744 8,300 of which loans 1 6,630 8,130 of which real estate 2 54 141 of which long-lived assets 60 29 Assets held for separate accounts 125 190 Interest and fees receivable 5,055 4,669 Deferred tax assets 4,943 5,522 Prepaid expenses 613 379 Failed purchases 1,283 1,327 Defined benefit pension and post-retirement plan assets 1,794 2,170 Other 4,509 3,833 Other assets 32,621 32,071 1 Included as of December 31, 2018 and 2017 were CHF 687 million and CHF 534 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of December 31, 2018 and 2017, real estate held-for-sale included foreclosed or repossessed real estate of CHF 13 million and CHF 8 million, respectively, of which CHF 10 million and CHF 5 million, respectively were related to residential real estate. end of 2018 2017 Other liabilities (CHF million) Cash collateral on derivative instruments 6,903 8,644 Cash collateral on non-derivative transactions 514 473 Derivative instruments used for hedging 8 99 Provisions 928 1,007 of which off-balance sheet risk 151 106 Restructuring liabilities 346 306 Liabilities held for separate accounts 125 190 Interest and fees payable 5,159 5,591 Current tax liabilities 927 700 Deferred tax liabilities 438 394 Failed sales 2,187 720 Defined benefit pension and post-retirement plan liabilities 518 541 Other 12,054 12,947 Other liabilities 30,107 31,612 |
Bank | |
Other assets and other liabilities | 22 Other assets and other liabilities end of 2018 2017 Other assets (CHF million) Cash collateral on derivative instruments 7,057 5,142 Cash collateral on non-derivative transactions 465 490 Derivative instruments used for hedging 33 50 Assets held-for-sale 6,744 8,300 of which loans 1 6,630 8,130 of which real estate 2 54 141 of which long-lived assets 60 29 Assets held for separate accounts 125 190 Interest and fees receivable 5,506 4,819 Deferred tax assets 4,887 5,457 Prepaid expenses 560 330 Failed purchases 1,283 1,327 Defined benefit pension and post-retirement plan assets 1,001 1,058 Other 4,482 3,793 Other assets 32,143 30,956 1 Included as of the end of 2018 and 2017 were CHF 687 million and CHF 534 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of the end of 2018 and 2017, real estate held-for-sale included foreclosed or repossessed real estate of CHF 13 million and CHF 8 million, respectively, of which CHF 10 million and CHF 5 million, respectively, were related to residential real estate. end of 2018 2017 Other liabilities (CHF million) Cash collateral on derivative instruments 6,903 8,644 Cash collateral on non-derivative transactions 514 473 Derivative instruments used for hedging 8 99 Provisions 920 998 of which off-balance sheet risk 151 106 Restructuring liabilities 342 301 Liabilities held for separate accounts 125 190 Interest and fees payable 5,521 5,804 Current tax liabilities 907 687 Deferred tax liabilities 268 152 Failed sales 2,187 720 Defined benefit pension and post-retirement plan liabilities 518 541 Other 12,114 13,074 Other liabilities 30,327 31,683 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Deposits | 24 Deposits 2018 2017 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 2,713 1,979 4,692 2,593 2,058 4,651 Interest-bearing demand deposits 125,985 27,794 153,779 125,323 32,732 158,055 Savings deposits 63,924 48 63,972 64,068 18 64,086 Time deposits 31,681 125,021 156,702 1 32,531 117,252 149,783 1 Total deposits 224,303 154,842 379,145 2 224,515 152,060 376,575 2 of which due to banks – – 15,220 – – 15,413 of which customer deposits – – 363,925 – – 361,162 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 156,562 million and CHF 149,659 million as of December 31, 2018 and 2017, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2018 and 2017 were CHF 137 million and CHF 135 million, respectively, of overdrawn deposits reclassified as loans. |
Bank | |
Deposits | 23 Deposits 2018 2017 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 2,713 1,981 4,694 2,594 2,058 4,652 Interest-bearing demand deposits 126,416 28,010 154,426 125,685 32,965 158,650 Savings deposits 63,924 48 63,972 64,068 18 64,086 Time deposits 32,347 125,044 157,391 1 33,051 117,275 150,326 1 Total deposits 225,400 155,083 380,483 2 225,398 152,316 377,714 2 of which due to banks – – 15,220 – – 15,411 of which customer deposits – – 365,263 – – 362,303 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 157,252 million and CHF 150,203 million as of December 31, 2018 and 2017, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2018 and 2017 were CHF 137 million and CHF 135 million, respectively, of overdrawn deposits reclassified as loans. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2018 | |
Long-term debt | 25 Long-term debt end of 2018 2017 Long-term debt (CHF million) Senior 136,392 148,542 Subordinated 16,152 23,627 Non-recourse liabilities from consolidated VIEs 1,764 863 Long-term debt 154,308 173,032 of which reported at fair value 63,935 63,628 of which structured notes 48,064 51,465 end of 2018 2017 Structured notes by product (CHF million) Equity 30,698 32,059 Fixed income 13,128 14,471 Credit 3,898 4,678 Other 340 257 Total structured notes 48,064 51,465 Total long-term debt includes debt issuances managed by Treasury that do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded derivatives, which are issued as part of the Group’s structured product activities. Long-term debt includes both Swiss franc and foreign exchange denominated fixed and variable rate bonds. The interest rate ranges presented in the table below are based on the contractual terms of the Group’s vanilla debt. Interest rate ranges for future coupon payments on structured products for which fair value has been elected are not included in the table below as these coupons are dependent upon the embedded derivative and prevailing market conditions at the time each coupon is paid. In addition, the effects of derivatives used for hedging are not included in the interest rate ranges on the associated debt. Long-term debt by maturities end of 2019 2020 2021 2022 2023 Thereafter Total Group parent company (CHF million) Senior debt Fixed rate 0 0 0 0 2,706 9,044 11,750 Variable rate 0 0 0 965 837 1,022 2,824 Interest rate (range in %) 1 – – – 3.0 0.6 – 4.0 0.9 – 5.4 – Subordinated debt Fixed rate 0 0 0 1,462 4,366 4,010 9,838 Interest rates (range in %) 1 – – – 7.1 3.9 – 7.5 3.5 – 7.3 – Subtotal – Group parent company 0 0 0 2,427 7,909 14,076 24,412 Subsidiaries (CHF million) Senior debt Fixed rate 15,799 9,358 7,758 8,269 4,706 21,977 67,867 Variable rate 10,001 9,953 8,142 4,232 2,746 18,877 53,951 Interest rates (range in %) 1 0.0 – 8.8 0.1 – 22.5 0.1 – 6.7 0.1 – 8.2 0.1 – 4.2 0.2 – 7.1 – Subordinated debt Fixed rate 0 1,797 19 90 2,543 1,648 6,097 Variable rate 211 0 0 0 6 0 217 Interest rates (range in %) 1 2.7 3.3 – 7.0 3.3 7.5 6.5 5.7 – 8.0 – Non-recourse liabilities from consolidated VIEs Fixed rate 346 235 23 0 0 0 604 Variable rate 114 2 4 6 2 21 2 1,013 1,160 Interest rates (range in %) 1 2.9 – 7.2 3.8 9.3 – 10.3 – – 1.2 – 10.7 – Subtotal – Subsidiaries 26,471 21,345 15,946 12,597 10,022 43,515 129,896 Total long-term debt 26,471 21,345 15,946 15,024 17,931 57,591 154,308 of which structured notes 8,268 9,260 5,779 3,787 2,726 18,244 48,064 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity and includes certain structured notes that have mandatory early redemption features based on stipulated movements in markets or the occurrence of a market event. Within this population there are approximately CHF 0.5 billion of such notes with a contractual maturity of greater than one year that have an observable likelihood of redemption occurring within one year based on a modelling assessment. 1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. 2 Reflects equity linked notes, where the payout is not fixed. The Group and the Bank maintain a shelf registration statement with the SEC, which allows each entity to issue, from time to time, senior and subordinated debt securities, warrants and guarantees. > Refer to “Note 41 – Subsidiary guarantee information” for further information on subsidiary guarantees. The Group maintains a euro medium-term note program that allows the Bank to issue senior debt securities and that allows Credit Suisse Group AG to issue securities, which contain certain features that are designed to allow for statutory bail-in by the Swiss Financial Market Supervisory Authority FINMA (FINMA) under Swiss banking laws and regulations. The Group maintains two senior debt programs that allow the Group to issue senior debt securities with certain features that are designed to allow for statutory bail-in by FINMA. The Bank maintains a JPY 500 billion Samurai shelf registration statement that allows it to issue, from time to time, senior and subordinated debt securities. |
Bank | |
Long-term debt | 24 Long-term debt end of 2018 2017 Long-term debt (CHF million) Senior 136,445 148,568 Subordinated 15,224 22,611 Non-recourse liabilities from consolidated VIEs 1,764 863 Long-term debt 153,433 172,042 of which reported at fair value 63,027 62,622 of which structured notes 48,064 51,465 end of 2018 2017 Structured notes by product (CHF million) Equity 30,698 32,059 Fixed income 13,128 14,471 Credit 3,898 4,678 Other 340 257 Total structured notes 48,064 51,465 Long-term debt by maturities end of 2019 2020 2021 2022 2023 Thereafter Total Long-term debt (CHF million) Senior debt Fixed rate 15,798 9,359 7,759 11,321 6,041 29,899 80,177 Variable rate 10,001 9,953 8,142 5,690 3,605 18,877 56,268 Interest rates (range in %) 1 0.0 – 8.8 0.1 – 22.5 0.1 – 6.7 0.1 – 8.2 0.1 – 4.2 0.2 – 7.1 – Subordinated debt Fixed rate 0 1,797 19 1,552 5,781 5,858 15,007 Variable rate 211 0 0 0 6 0 217 Interest rates (range in %) 1 2.7 3.3 – 7.0 3.3 7.1 – 7.5 3.9 – 8.0 3.5 – 8.0 – Non-recourse liabilities from consolidated VIEs Fixed rate 346 235 23 0 0 0 604 Variable rate 114 2 4 6 2 21 2 1,013 1,160 Interest rates (range in %) 1 2.9 – 7.2 3.8 9.3 – 10.3 – – 1.2 – 10.7 – Total long-term debt 26,470 21,346 15,947 18,569 15,454 55,647 153,433 of which structured notes 8,268 9,260 5,779 3,787 2,726 18,244 48,064 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity and includes certain structured notes that have mandatory early redemption features based on stipulated movements in markets or the occurrence of a market event. Within this population there are approximately CHF 0.5 billion of such notes with a contractual maturity of greater than one year that have an observable likelihood of redemption occurring within one year based on a modelling assessment. 1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. 2 Reflects equity linked notes, where the payout is not fixed. > Refer to “Note 25 – Long-term debt” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Accumulated other comprehensive
Accumulated other comprehensive income | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated other comprehensive income | 26 Accumulated other comprehensive income and additional share information Accumulated other comprehensive income Gains/ 2018 (CHF million) Balance at beginning of period (62) (13,119) 48 (3,583) 522 (2,544) (18,738) Increase/(decrease) (114) (342) (10) (710) (26) 1,605 403 Increase/(decrease) due to equity method investments (10) 0 0 0 0 0 (10) Reclassification adjustments, included in net income/(loss) 114 19 (7) 319 (109) 49 385 Cumulative effect of accounting changes, net of tax 0 0 (21) 0 0 0 (21) Total increase/(decrease) (10) (323) (38) (391) (135) 1,654 757 Balance at end of period (72) (13,442) 10 (3,974) 387 (890) (17,981) 2017 (CHF million) Balance at beginning of period (35) (12,095) 61 (4,278) 643 (568) (16,272) Increase/(decrease) (61) (1,054) (13) 337 0 (2,008) (2,799) Increase/(decrease) due to equity method investments 1 0 0 0 0 0 1 Reclassification adjustments, included in net income/(loss) 33 30 0 358 (121) 32 332 Total increase/(decrease) (27) (1,024) (13) 695 (121) (1,976) (2,466) Balance at end of period (62) (13,119) 48 (3,583) 522 (2,544) (18,738) 2016 (CHF million) Balance at beginning of period (15) (12,615) 60 (4,672) 607 – (16,635) Increase/(decrease) (6) 441 1 7 142 (1,043) (458) Increase/(decrease) due to equity method investments (6) 0 0 0 0 0 (6) Reclassification adjustments, included in net income/(loss) (8) 79 0 387 (106) 0 352 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 475 475 Total increase/(decrease) (20) 520 1 394 36 (568) 363 Balance at end of period (35) (12,095) 61 (4,278) 643 (568) (16,272) > Refer to “Note 28 – Tax” and “Note 31 – Pension and other post-retirement benefits” for income tax expense/(benefit) on the movements of accumulated other comprehensive income/(loss). Details of significant reclassification adjustments in 2018 2017 2016 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 19 30 79 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 396 444 513 Tax expense/(benefit) (77) (86) (126) Net of tax 319 358 387 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 2 (138) (153) (134) Tax expense/(benefit) 29 32 28 Net of tax (109) (121) (106) 1 Includes net releases of CHF 21 million on the liquidation of Credit Suisse Securities (Johannesburg) Proprietary Limited in 2018 and net releases of CHF 17 million on the liquidation of Credit Suisse Principal Investments Limited and AJP Cayman Ltd. in 2016. In addition, it includes net releases of CHF 23 million on the sale of Credit Suisse (Monaco) S.A.M. in 2017 and net releases of CHF 59 million on the sale of Credit Suisse (Gibraltar) Limited in 2016. 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 31 – Pension and other post-retirement benefits" for further information. Additional share information 2018 2017 2016 Common shares issued Balance at beginning of period 2,556,011,720 2,089,897,378 1,957,379,244 Issuance of common shares 0 466,114,342 132,518,134 of which share-based compensation 0 0 30,000,000 Balance at end of period 2,556,011,720 2,556,011,720 2,089,897,378 Treasury shares Balance at beginning of period (5,757,666) 0 (5,910,224) Sale of treasury shares 770,559,108 809,307,879 1,218,245,936 Repurchase of treasury shares (816,841,331) (857,049,873) (1,224,501,214) Share-based compensation 46,612,198 41,984,328 12,165,502 Balance at end of period (5,427,691) (5,757,666) 0 Common shares outstanding Balance at end of period 2,550,584,029 1 2,550,254,054 2 2,089,897,378 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. 111,193,477 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 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 505,062,294 of these shares were reserved for capital instruments. |
Bank | |
Accumulated other comprehensive income | 25 Accumulated other comprehensive income Gains/ 2018 (CHF million) Balance at beginning of period (51) (13,248) 48 (381) 2 (2,302) (15,932) Increase/(decrease) (115) (344) (11) (18) (10) 1,394 896 Reclassification adjustments, included in net income/(loss) 108 19 (7) 49 0 48 217 Cumulative effect of accounting changes, net of tax 0 0 (21) 0 0 0 (21) Total increase/(decrease) (7) (325) (39) 31 (10) 1,442 1,092 Balance at end of period (58) (13,573) 9 (350) (8) (860) (14,840) 2017 (CHF million) Balance at beginning of period (16) (12,269) 61 (402) 2 (618) (13,242) Increase/(decrease) (61) (1,009) (13) (40) 0 (1,716) (2,839) Reclassification adjustments, included in net income/(loss) 26 30 0 61 0 32 149 Total increase/(decrease) (35) (979) (13) 21 0 (1,684) (2,690) Balance at end of period (51) (13,248) 48 (381) 2 (2,302) (15,932) 2016 (CHF million) Balance at beginning of period 6 (12,750) 60 (612) 2 – (13,294) Increase/(decrease) (6) 409 1 131 0 (1,082) (547) Reclassification adjustments, included in net income/(loss) (16) 72 0 79 0 0 135 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 464 464 Total increase/(decrease) (22) 481 1 210 0 (618) 52 Balance at end of period (16) (12,269) 61 (402) 2 (618) (13,242) > Refer to “Note 27 – Tax” and “Note 30 – Pension and other post-retirement benefits” for income tax expense/(benefit) on the movements of accumulated other comprehensive income/(loss). Details of significant reclassification adjustments in 2018 2017 2016 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 19 30 72 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 55 68 123 Tax expense/(benefit) (6) (7) (44) Net of tax 49 61 79 1 Includes net releases of CHF 21 million on the liquidation of Credit Suisse Securities (Johannesburg) Proprietary Limited in 2018 and net releases of CHF 17 million on the liquidation of Credit Suisse Principal Investments Limited and AJP Cayman Ltd. in 2016. In addition, it includes net releases of CHF 23 million on the sale of Credit Suisse (Monaco) S.A.M. in 2017 and net releases of CHF 59 million on the sale of Credit Suisse (Gibraltar) Limited in 2016. 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 30 – Pension and other post-retirement benefits" for further information. |
Offsetting of financial assets
Offsetting of financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Offsetting of financial assets and financial liabilities | 27 Offsetting of financial assets and financial liabilities The disclosures set out in the tables below include derivatives, reverse repurchase and repurchase agreements, and securities lending and borrowing transactions that: – – Similar agreements include derivative clearing agreements, global master repurchase agreements and global master securities lending agreements. Derivatives The Group transacts bilateral OTC derivatives (OTC derivatives) mainly under International Swaps and Derivatives Association (ISDA) Master Agreements and Swiss Master Agreements for OTC derivative instruments. These agreements provide for the net settlement of all transactions under the agreement through a single payment in the event of default or termination under the agreement. They allow the Group to offset balances from derivative assets and liabilities as well as the receivables and payables to related cash collateral transacted with the same counterparty. Collateral for OTC derivatives is received and provided in the form of cash and marketable securities. Such collateral may be subject to the standard industry terms of an ISDA Credit Support Annex. The terms of an ISDA Credit Support Annex provide that securities received or provided as collateral may be pledged or sold during the term of the transactions and must be returned upon maturity of the transaction. These terms also give each counterparty the right to terminate the related transactions upon the other counterparty’s failure to post collateral. Financial collateral received or pledged for OTC derivatives may also be subject to collateral agreements which restrict the use of financial collateral. For derivatives transacted with exchanges (exchange-traded derivatives) and central clearing counterparties (OTC-cleared derivatives), positive and negative replacement values (PRV/NRV) and related cash collateral may be offset if the terms of the rules and regulations governing these exchanges and central clearing counterparties permit such netting and offset. Where no such agreements or terms exist, fair values are recorded on a gross basis. Exchange-traded derivatives or OTC-cleared derivatives, which are fully margined and for which the daily margin payments constitute settlement of the outstanding exposure, are not included in the offsetting disclosures because they are not subject to offsetting due to the daily settlement. The daily margin payments, which are not settled until the next settlement cycle is conducted, are presented in brokerage receivables or brokerage payables. The notional amount for these daily settled derivatives is included in the fair value of derivative instruments table in “Note 32 – Derivatives and hedging activities”. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. There is an exception for certain bifurcatable hybrid debt instruments which the Group did not elect to account for at fair value. However, these bifurcated embedded derivatives are generally not subject to enforceable master netting agreements and are not recorded as derivative instruments under trading assets and liabilities or other assets and other liabilities. Information on bifurcated embedded derivatives has therefore not been included in the offsetting disclosures. The following table presents the gross amount of derivatives subject to enforceable master netting agreements by contract and transaction type, the amount of offsetting, the amount of derivatives not subject to enforceable master netting agreements and the net amount presented in the consolidated balance sheets. Offsetting of derivatives 2018 2017 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 5.5 4.8 2.5 1.8 OTC 63.4 60.6 83.3 79.0 Exchange-traded 0.2 0.3 0.1 0.2 Interest rate products 69.1 65.7 85.9 81.0 OTC-cleared 0.1 0.2 0.2 0.2 OTC 26.9 31.1 29.1 34.6 Foreign exchange products 27.0 31.3 29.3 34.8 OTC 10.2 10.2 11.7 11.7 Exchange-traded 11.8 14.2 9.2 9.8 Equity/index-related products 22.0 24.4 20.9 21.5 OTC-cleared 1.5 1.6 3.6 3.8 OTC 3.8 4.9 3.9 4.7 Credit derivatives 5.3 6.5 7.5 8.5 OTC 1.2 0.4 1.4 0.9 Exchange-traded 0.1 0.3 0.0 0.0 Other products 1 1.3 0.7 1.4 0.9 OTC-cleared 7.1 6.6 6.3 5.8 OTC 105.5 107.2 129.4 130.9 Exchange-traded 12.1 14.8 9.3 10.0 Total gross derivatives subject to enforceable master netting agreements 124.7 128.6 145.0 146.7 Offsetting (CHF billion) OTC-cleared (5.9) (5.8) (5.7) (5.4) OTC (92.6) (99.0) (114.5) (122.1) Exchange-traded (11.6) (12.5) (8.6) (9.6) Offsetting (110.1) (117.3) (128.8) (137.1) of which counterparty netting (96.9) (96.9) (113.8) (113.8) of which cash collateral netting (13.2) (20.4) (15.0) (23.3) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 1.2 0.8 0.6 0.4 OTC 12.9 8.2 14.9 8.8 Exchange-traded 0.5 2.3 0.7 0.4 Total net derivatives subject to enforceable master netting agreements 14.6 11.3 16.2 9.6 Total derivatives not subject to enforceable master netting agreements 2 3.7 3.9 3.4 5.2 Total net derivatives presented in the consolidated balance sheets 18.3 15.2 19.6 14.8 of which recorded in trading assets and trading liabilities 18.3 15.2 19.6 14.7 of which recorded in other assets and other liabilities 0.0 0.0 0.0 0.1 1 Primarily precious metals, commodity and energy products. 2 Represents derivatives where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. Reverse repurchase and repurchase agreements and securities lending and borrowing transactions Reverse repurchase and repurchase agreements are generally covered by global master repurchase agreements. In certain situations, for example, in the event of default, all contracts under the agreements are terminated and are settled net in one single payment. Global master repurchase agreements also include payment or settlement netting provisions in the normal course of business that state that all amounts in the same currency payable by each party to the other under any transaction or otherwise under the global master repurchase agreement on the same date shall be set off. Transactions under such agreements are netted in the consolidated balance sheets if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same enforceable master netting agreement. The amounts offset are measured on the same basis as the underlying transaction (i.e., on an accrual basis or fair value basis). Securities lending and borrowing transactions are generally executed under 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, a significant portion of the collateral received that may be sold or repledged was sold or repledged as of December 31, 2018 and December 31, 2017. 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 2018 2017 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 86.6 (20.9) 65.7 89.4 (28.8) 60.6 Securities borrowing transactions 12.6 (2.2) 10.4 18.7 (5.0) 13.7 Total subject to enforceable master netting agreements 99.2 (23.1) 76.1 108.1 (33.8) 74.3 Total not subject to enforceable master netting agreements 1 41.0 – 41.0 41.0 – 41.0 Total 140.2 (23.1) 117.1 2 149.1 (33.8) 115.3 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 81,818 million and CHF 77,498 million of the total net amount as of the end of 2018 and 2017, 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 2018 2017 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 42.3 (22.5) 19.8 49.4 (31.5) 17.9 Securities lending transactions 4.2 (0.6) 3.6 7.1 (2.3) 4.8 Obligation to return securities received as collateral, at fair value 39.4 0.0 39.4 37.0 0.0 37.0 Total subject to enforceable master netting agreements 85.9 (23.1) 62.8 93.5 (33.8) 59.7 Total not subject to enforceable master netting agreements 1 3.5 – 3.5 4.9 – 4.9 Total 89.4 (23.1) 66.3 98.4 (33.8) 64.6 of which securities sold under repurchase agreements and securities lending transactions 47.7 (23.1) 24.6 2 60.3 (33.8) 26.5 2 of which obligation to return securities received as collateral, at fair value 41.7 0.0 41.7 38.1 0.0 38.1 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 14,828 million and CHF 15,262 million of the total net amount as of the end of 2018 and 2017, 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 2018 2017 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 14.6 4.5 0.1 10.0 16.2 5.2 0.0 11.0 Securities purchased under resale agreements 65.7 65.7 0.0 0.0 60.6 60.6 0.0 0.0 Securities borrowing transactions 10.4 10.0 0.0 0.4 13.7 13.2 0.0 0.5 Total financial assets subject to enforceable master netting agreements 90.7 80.2 0.1 10.4 90.5 79.0 0.0 11.5 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 11.3 1.4 0.0 9.9 9.6 2.1 0.0 7.5 Securities sold under repurchase agreements 19.8 19.7 0.1 0.0 17.9 17.9 0.0 0.0 Securities lending transactions 3.6 3.2 0.0 0.4 4.8 4.4 0.0 0.4 Obligation to return securities received as collateral, at fair value 39.4 34.3 0.0 5.1 37.0 32.7 0.0 4.3 Total financial liabilities subject to enforceable master netting agreements 74.1 58.6 0.1 15.4 69.3 57.1 0.0 12.2 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. Net exposure is subject to further credit mitigation through the transfer of the exposure to other market counterparties by the use of CDS and credit insurance contracts. Therefore the net exposure presented in the table above is not representative of the Group’s counterparty exposure. |
Bank | |
Offsetting of financial assets and financial liabilities | 26 Offsetting of financial assets and financial liabilities > Refer to “Note 27 – Offsetting of financial assets and financial liabilities” in VI – Consolidated financial statements – Credit Suisse Group for further information. Offsetting of derivatives 2018 2017 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 5.5 4.8 2.5 1.8 OTC 63.4 60.7 83.3 79.0 Exchange-traded 0.2 0.3 0.1 0.2 Interest rate products 69.1 65.8 85.9 81.0 OTC-cleared 0.1 0.2 0.2 0.2 OTC 26.9 31.2 29.1 34.6 Foreign exchange products 27.0 31.4 29.3 34.8 OTC 10.2 10.3 11.7 12.0 Exchange-traded 11.8 14.2 9.2 9.8 Equity/index-related products 22.0 24.5 20.9 21.8 OTC-cleared 1.5 1.6 3.6 3.8 OTC 3.8 4.9 3.9 4.7 Credit derivatives 5.3 6.5 7.5 8.5 OTC 1.3 0.5 1.4 0.9 Other products 1 1.3 0.5 1.4 0.9 OTC-cleared 7.1 6.6 6.3 5.8 OTC 105.6 107.6 129.4 131.2 Exchange-traded 12.0 14.5 9.3 10.0 Total gross derivatives subject to enforceable master netting agreements 124.7 128.7 145.0 147.0 Offsetting (CHF billion) OTC-cleared (6.0) (5.8) (5.7) (5.4) OTC (92.5) (99.1) (114.5) (122.4) Exchange-traded (11.6) (12.5) (8.6) (9.6) Offsetting (110.1) (117.4) (128.8) (137.4) of which counterparty netting (96.9) (96.9) (113.8) (113.8) of which cash collateral netting (13.2) (20.5) (15.0) (23.6) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 1.1 0.8 0.6 0.4 OTC 13.1 8.5 14.9 8.8 Exchange-traded 0.4 2.0 0.7 0.4 Total net derivatives subject to enforceable master netting agreements 14.6 11.3 16.2 9.6 Total derivatives not subject to enforceable master netting agreements 2 3.8 3.9 3.7 5.2 Total net derivatives presented in the consolidated balance sheets 18.4 15.2 19.9 14.8 of which recorded in trading assets and trading liabilities 18.4 15.2 19.9 14.7 of which recorded in other assets and other liabilities 0.0 0.0 0.0 0.1 1 Primarily precious metals, commodity and energy products. 2 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 2018 2017 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 86.6 (20.9) 65.7 89.4 (28.8) 60.6 Securities borrowing transactions 12.6 (2.2) 10.4 18.7 (5.0) 13.7 Total subject to enforceable master netting agreements 99.2 (23.1) 76.1 108.1 (33.8) 74.3 Total not subject to enforceable master netting agreements 1 41.0 – 41.0 41.0 – 41.0 Total 140.2 (23.1) 117.1 2 149.1 (33.8) 115.3 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 81,818 million and CHF 77,498 million of the total net amount as of the end of 2018 and 2017, respectively, are reported at fair value. Offsetting of securities sold under repurchase agreements and securities lending transactions 2018 2017 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 42.3 (22.5) 19.8 49.4 (31.5) 17.9 Securities lending transactions 4.2 (0.6) 3.6 7.1 (2.3) 4.8 Obligation to return securities received as collateral, at fair value 39.4 0.0 39.4 37.0 0.0 37.0 Total subject to enforceable master netting agreements 85.9 (23.1) 62.8 93.5 (33.8) 59.7 Total not subject to enforceable master netting agreements 1 3.5 – 3.5 4.9 – 4.9 Total 89.4 (23.1) 66.3 98.4 (33.8) 64.6 of which securities sold under repurchase agreements and securities lending transactions 47.7 (23.1) 24.6 2 60.3 (33.8) 26.5 2 of which obligation to return securities received as collateral, at fair value 41.7 0.0 41.7 38.1 0.0 38.1 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 14,828 million and CHF 15,262 million of the total net amount as of the end of 2018 and 2017, respectively, are reported at fair value. Amounts not offset in the consolidated balance sheets 2018 2017 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 14.6 4.5 0.1 10.0 16.2 5.2 0.0 11.0 Securities purchased under resale agreements 65.7 65.7 0.0 0.0 60.6 60.6 0.0 0.0 Securities borrowing transactions 10.4 10.0 0.0 0.4 13.7 13.2 0.0 0.5 Total financial assets subject to enforceable master netting agreements 90.7 80.2 0.1 10.4 90.5 79.0 0.0 11.5 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 11.3 1.4 0.0 9.9 9.6 2.1 0.0 7.5 Securities sold under repurchase agreements 19.8 19.7 0.1 0.0 17.9 17.9 0.0 0.0 Securities lending transactions 3.6 3.2 0.0 0.4 4.8 4.4 0.0 0.4 Obligation to return securities received as collateral, at fair value 39.4 34.3 0.0 5.1 37.0 32.7 0.0 4.3 Total financial liabilities subject to enforceable master netting agreements 74.1 58.6 0.1 15.4 69.3 57.1 0.0 12.2 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. |
Tax
Tax | 12 Months Ended |
Dec. 31, 2018 | |
Tax | 28 Tax Details of current and deferred taxes in 2018 2017 2016 Current and deferred taxes (CHF million) Switzerland 135 82 133 Foreign 426 421 501 Current income tax expense 561 503 634 Switzerland 479 244 (125) Foreign 321 1,994 (68) Deferred income tax expense/(benefit) 800 2,238 (193) Income tax expense 1,361 2,741 441 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on cash flow hedges (28) (24) (6) Cumulative translation adjustment (7) 1 (4) Unrealized gains/(losses) on securities (5) 1 1 Actuarial gains/(losses) (102) 172 136 Net prior service credit/(cost) (33) (32) 10 Share-based compensation and treasury shares 1 3 104 Reconciliation of taxes computed at the Swiss statutory rate in 2018 2017 2016 Income/(loss) before taxes (CHF million) Switzerland 1,924 1,736 2,111 Foreign 1,448 57 (4,377) Income/(loss) before taxes 3,372 1,793 (2,266) Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% 742 394 (499) Increase/(decrease) in income taxes resulting from Foreign tax rate differential 107 (110) (498) Non-deductible amortization of other intangible assets and goodwill impairment 3 0 1 Other non-deductible expenses 457 354 1,540 Additional taxable income 5 0 87 Lower taxed income (190) (276) (219) (Income)/loss taxable to noncontrolling interests 12 7 (11) Changes in tax law and rates (2) 2,095 145 Changes in deferred tax valuation allowance (106) 123 76 Change in recognition of outside basis difference (32) (19) 218 Tax deductible impairments of Swiss subsidiary investments (65) 88 (68) (Windfall tax benefits) /shortfall tax charges on share-based compensation 10 91 – Other 420 (6) (331) Income tax expense 1,361 2,741 441 2018 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in deferred tax valuation allowances Other 2017 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Other 2016 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Change in recognition of outside basis difference Other As of December 31, 2018, the Group had accumulated undistributed earnings from foreign subsidiaries of CHF 9.6 billion compared to CHF 5.1 billion as of December 31, 2017. The increase compared to the end of 2017 reflected a reserve transfer in one of the Group’s entities. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. Deferred tax assets and liabilities end of 2018 2017 Deferred tax assets and liabilities (CHF million) Compensation and benefits 957 1,103 Loans 192 330 Investment securities 1,986 1,039 Provisions 582 441 Derivatives 62 97 Real estate 285 337 Net operating loss carry-forwards 6,227 6,829 Goodwill and intangible assets 518 696 Other 198 135 Gross deferred tax assets before valuation allowance 11,007 11,007 Less valuation allowance (4,021) (4,279) Gross deferred tax assets net of valuation allowance 6,986 6,728 Compensation and benefits (426) (512) Loans (87) (36) Investment securities (1,170) (197) Provisions (369) (520) Business combinations (1) (1) Derivatives (214) (154) Real estate (60) (54) Other (154) (126) Gross deferred tax liabilities (2,481) (1,600) Net deferred tax assets 4,505 5,128 of which deferred tax assets 4,943 5,522 of which net operating losses 1,647 2,213 of which deductible temporary differences 3,296 3,309 of which deferred tax liabilities (438) (394) The decrease in net deferred tax assets from 2017 to 2018 of CHF 623 million was primarily due to the impact of CHF 694 million related to current year earnings and CHF 50 million from the re-measurement of deferred tax balances in Switzerland. These decreases were partially offset by the tax impacts directly recorded in equity and other comprehensive income, mainly related to the pension plan re-measurement and other tax recorded directly in equity of CHF 98 million and foreign exchange translation gains of CHF 23 million, which are included within the currency translation adjustments recorded in AOCI. The most significant net deferred tax assets arise in the US and Switzerland and these decreased from CHF 4,809 million, net of a valuation allowance of CHF 541 million as of the end of 2017, to CHF 4,175 million, net of a valuation allowance of CHF 584 million as of the end of 2018. Due to uncertainty concerning its ability to generate the necessary amount and mix of taxable income in future periods, the Group recorded a valuation allowance against deferred tax assets in the amount of CHF 4.0 billion as of December 31, 2018 compared to CHF 4.3 billion as of December 31, 2017. Amounts and expiration dates of net operating loss carry-forwards end of 2018 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 108 Due to expire within 2 to 5 years 6,658 Due to expire within 6 to 10 years 1,404 Due to expire within 11 to 20 years 6,798 Amount due to expire 14,968 Amount not due to expire 18,631 Total net operating loss carry-forwards 33,599 Movements in the valuation allowance in 2018 2017 2016 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,279 4,188 3,905 Net changes (258) 91 283 Balance at end of period 4,021 4,279 4,188 As part of its normal practice, the Group has conducted a detailed evaluation of its expected future results. This evaluation is dependent on management estimates and assumptions in developing the expected future results, which are based on a strategic business planning process influenced by current economic conditions and assumptions of future economic conditions that are subject to change. This evaluation took into account both positive and negative evidence related to expected future taxable income and also considered stress scenarios. This evaluation has indicated the expected future results that are likely to be earned in jurisdictions where the Group has significant gross deferred tax assets, primarily in the US, Switzerland and the UK. The Group then compared those expected future results with the applicable law governing utilization of deferred tax assets. US tax law allowed for a 20-year carry-forward period for existing net operating losses as of the end of 2017 and any new net operating losses will have an unlimited carry-forward period, Swiss tax law allows for a seven-year carry-forward period for net operating losses and UK tax law allows for an unlimited carry-forward period for net operating losses. Tax benefits associated with share-based compensation in 2018 2017 2016 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 242 314 391 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital 2 – – (110) 1 Calculated at the statutory tax rate before valuation allowance considerations. 2 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are recognized in the consolidated statements of operations and no longer in additional paid-in capital. > Refer to “Note 29 – Employee deferred compensation” for further information on share-based compensation. If, upon settlement of share-based compensation, the tax deduction exceeds the cumulative compensation cost that the Group had recognized in the consolidated financial statements, the utilized tax benefit associated with any excess deduction is considered a “windfall” and recognized in the consolidated statements of operations and reflected as an operating cash inflow in the consolidated statements of cash flows. If, upon settlement, the tax deduction is lower than the cumulative compensation cost that the Group had recognized in the consolidated financial statements, the tax charge associated with the lower deduction is considered a “shortfall”. Tax charges arising on shortfalls are recognized in the consolidated statements of operations. Uncertain tax positions US GAAP requires a two-step process in evaluating uncertain income tax positions. In the first step, an enterprise determines whether it is more likely than not that an income tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Income tax positions meeting the more-likely-than-not recognition threshold are then measured to determine the amount of benefit eligible for recognition in the consolidated financial statements. Each income tax position is measured at the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement. Reconciliation of the beginning and ending amount of gross unrecognized tax benefits 2018 2017 2016 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 481 410 369 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 10 131 52 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (2) (104) (43) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 112 117 17 Decreases in unrecognized tax benefits relating to settlements with tax authorities 0 (73) (2) Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (4) (3) (7) Other (including foreign currency translation) (23) 3 24 Balance at end of period 574 481 410 of which, if recognized, would affect the effective tax rate 574 481 410 Interest and penalties in 2018 2017 2016 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations (28) 29 2 Interest and penalties recognized in the consolidated balance sheets 87 115 86 Interest and penalties are reported as tax expense. The Group is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease of between zero and CHF 26 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: Brazil – 2014; the UK – 2012; Switzerland – 2011; the US – 2010; and the Netherlands – 2006. |
Bank | |
Tax | 27 Tax Details of current and deferred taxes in 2018 2017 2016 Current and deferred taxes (CHF million) Switzerland 126 76 135 Foreign 416 420 499 Current income tax expense 542 496 634 Switzerland 266 285 (167) Foreign 326 2,000 (67) Deferred income tax expense/(benefit) 592 2,285 (234) Income tax expense 1,134 2,781 400 Income tax expense/(benefit) reported in shareholder's equity related to: Gains/(losses) on cash flow hedges (28) (24) (6) Cumulative translation adjustment (7) 1 (4) Unrealized gains/(losses) on securities (5) 1 1 Actuarial gains/(losses) 7 (7) 87 Share-based compensation and treasury shares 0 0 106 Reconciliation of taxes computed at the Swiss statutory rate in 2018 2017 2016 Income/(loss) before taxes (CHF million) Switzerland 1,927 1,648 1,955 Foreign 929 (95) (4,444) Income/(loss) before taxes 2,856 1,553 (2,489) Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% 628 342 (548) Increase/(decrease) in income taxes resulting from Foreign tax rate differential 89 (92) (559) Non-deductible amortization of other intangible assets and goodwill impairment 3 0 1 Other non-deductible expenses 455 354 1,533 Additional taxable income 5 0 87 Lower taxed income (187) (272) (216) (Income)/loss taxable to noncontrolling interests 10 7 (10) Changes in tax law and rates (2) 2,095 145 Changes in deferred tax valuation allowance (115) 88 76 Change in recognition of outside basis difference (32) (12) 211 Tax deductible impairments of Swiss subsidiary investments (65) 88 (68) (Windfall tax benefits)/shortfall tax charges on share-based compensation 10 91 – Other 335 92 (252) Income tax expense 1,134 2,781 400 2018 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in deferred tax valuation allowances Other 2017 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Other 2016 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in tax law and rates Changes in deferred tax valuation allowances Change in recognition of outside basis difference Other As of December 31, 2018, the Bank had accumulated undistributed earnings from foreign subsidiaries of CHF 9.1 billion compared to CHF 4.6 billion as of December 31, 2017. The increase compared to the end of 2017 reflected a reserve transfer in one of the Bank’s entities. No deferred tax liability was recorded in respect of those amounts as these earnings are considered indefinitely reinvested. It is not practicable to estimate the amount of unrecognized deferred tax liabilities for these undistributed foreign earnings. Deferred tax assets and liabilities end of 2018 2017 Deferred tax assets and liabilities (CHF million) Compensation and benefits 944 1,095 Loans 192 330 Investment securities 1,986 1,039 Provisions 582 441 Derivatives 65 96 Real estate 278 333 Net operating loss carry-forwards 6,142 6,762 Goodwill and intangible assets 497 664 Other 197 127 Gross deferred tax assets before valuation allowance 10,883 10,887 Less valuation allowance (3,957) (4,224) Gross deferred tax assets net of valuation allowance 6,926 6,663 Compensation and benefits (257) (278) Loans (87) (36) Investment securities (1,170) (197) Provisions (368) (519) Business combinations (1) (1) Derivatives (214) (154) Real estate (56) (54) Other (154) (119) Gross deferred tax liabilities (2,307) (1,358) Net deferred tax assets 4,619 5,305 of which deferred tax assets 4,887 5,457 of which net operating losses 1,632 2,200 of which deductible temporary differences 3,255 3,257 of which deferred tax liabilities (268) (152) The decrease in net deferred tax assets from 2017 to 2018 of CHF 686 million was primarily due to the impact of CHF 691 million related to current year earnings and CHF 50 million from the re-measurement of deferred tax balances in Switzerland. These decreases were partially offset by the tax impacts directly recorded in equity and other comprehensive income, mainly related to the pension plan re-measurement and other tax recorded directly in equity of CHF 32 million and foreign exchange translation gains of CHF 23 million, which are included within the currency translation adjustments recorded in accumulated other comprehensive income/(loss) (AOCI). Due to uncertainty concerning its ability to generate the necessary amount and mix of taxable income in future periods, the Bank recorded a valuation allowance against deferred tax assets in the amount of CHF 4.0 billion as of December 31, 2018, compared to CHF 4.2 billion as of December 31, 2017. Amounts and expiration dates of net operating loss carry-forwards end of 2018 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 106 Due to expire within 2 to 5 years 6,545 Due to expire within 6 to 10 years 828 Due to expire within 11 to 20 years 6,798 Amount due to expire 14,277 Amount not due to expire 18,618 Total net operating loss carry-forwards 32,895 Movements in the valuation allowance in 2018 2017 2016 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,224 4,168 3,898 Net changes (267) 56 270 Balance at end of period 3,957 4,224 4,168 Tax benefits associated with share-based compensation in 2018 2017 2016 Tax benefits (CHF million) Tax benefits recorded in the consolidated statements of operations 1 236 310 390 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital 2 – – (110) 1 Calculated at the statutory tax rate before valuation allowance considerations. 2 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are recognized in the consolidated statements of operations and no longer in additional paid-in capital. > Refer to “Note 28 – Employee deferred compensation” for further information on share-based compensation. Uncertain tax positions Reconciliation of the beginning and ending amount of gross unrecognized tax benefits in 2018 2017 2016 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 481 401 360 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 10 131 52 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (2) (95) (43) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 112 117 17 Decreases in unrecognized tax benefits relating to settlements with tax authorities 0 (73) (2) Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (4) (3) (7) Other (including foreign currency translation) (23) 3 24 Balance at end of period 574 481 401 of which, if recognized, would affect the effective tax rate 574 481 401 Interest and penalties in 2018 2017 2016 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations (28) 30 2 Interest and penalties recognized in the consolidated balance sheets 87 115 85 Interest and penalties are reported as tax expense. The Bank is currently subject to ongoing tax audits, inquiries and litigation with the tax authorities in a number of jurisdictions, including Brazil, the Netherlands, the US, the UK and Switzerland. Although the timing of completion is uncertain, it is reasonably possible that some of these will be resolved within 12 months of the reporting date. It is reasonably possible that there will be a decrease of between zero and CHF 26 million in unrecognized tax benefits within 12 months of the reporting date. The Bank remains open to examination from federal, state, provincial or similar local jurisdictions from the following years onward in these major countries: Brazil – 2014; the UK – 2012; Switzerland – 2011; the US – 2010; and the Netherlands – 2006. > Refer to “Note 28 – Tax” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Employee deferred compensation
Employee deferred compensation | 12 Months Ended |
Dec. 31, 2018 | |
Employee deferred compensation | 29 Employee deferred compensation Payment of deferred compensation to employees is determined by the nature of the business, role, location and performance of the employee. Unless there is a contractual obligation, granting deferred compensation is solely at the discretion of the Compensation Committee and senior management. Special deferred compensation granted as part of a contractual obligation is typically used to compensate new senior employees for forfeited awards from previous employers upon joining the Group. It is the Group’s policy not to make multi-year guarantees. Compensation expense recognized in the consolidated statement of operations for share-based and other awards that were granted as deferred compensation is recognized in accordance with the specific terms and conditions of each respective award and is primarily recognized over the future requisite service and vesting period, which is determined by the plan, retirement eligibility of employees, two-year moratorium periods on early retirement and certain other terms. All deferred compensation plans are subject to restrictive covenants, which generally include non-compete and non-solicit provisions. Compensation expense for share-based and other awards that were granted as deferred compensation also includes the current estimated outcome of applicable performance criteria, estimated future forfeitures and mark-to-market adjustments for certain cash awards that are still outstanding. The following tables show the compensation expense for deferred compensation awards granted in 2018 and prior years that was recognized in the consolidated statements of operations during 2018, 2017 and 2016, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2018 and prior years outstanding as of December 31, 2018 and the remaining requisite service period over which the estimated unrecognized compensation expense will be recognized. The estimated unrecognized compensation expense was based on the fair value of each award on the grant date and included the current estimated outcome of relevant performance criteria and estimated future forfeitures but no estimate for future mark-to-market adjustments. The recognition of compensation expense for the deferred compensation awards granted in February 2019 began in 2019 and thus had no impact on the 2018 consolidated financial statements. Deferred compensation awards for 2018 In February 2019, the Group granted share awards, performance share awards and Contingent Capital Awards (CCA) as deferred compensation. Deferred compensation was awarded to employees with total compensation of CHF/USD 250,000 or the local currency equivalent or higher. Deferred compensation expense in 2018 2017 2016 Deferred compensation expense (CHF million) Share awards 526 529 628 Performance share awards 382 348 370 Contingent Capital Awards 154 280 235 Contingent Capital share awards 2 18 30 Capital Opportunity Facility awards 12 14 13 Plus Bond awards 1 – – 5 2008 Partner Asset Facility awards 2 – 7 13 Other cash awards 263 440 335 Total deferred compensation expense 1,339 1,636 1,629 Total shares delivered (million) Total shares delivered 46.6 42.0 42.1 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. Estimated unrecognized deferred compensation end of 2018 Estimated unrecognized compensation expense (CHF million) Share awards 466 Performance share awards 167 Contingent Capital Awards 141 Other cash awards 179 Total 953 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.3 Does not include the estimated unrecognized compensation expense relating to grants made in 2019 for 2018. Share awards Share awards granted in February 2019 are similar to those granted in February 2018. Each share award granted entitles the holder of the award to receive one Group share, subject to service conditions. Share awards vest over three years with one third of the share awards vesting on each of the three anniversaries of the grant date (ratable vesting), with the exception of awards granted to individuals classified as risk managers or senior managers under the UK PRA Remuneration Code or similar regulations in other jurisdictions. Share awards granted to risk managers vest over five years with one fifth of the award vesting on each of the five anniversaries of the grant date, while share awards granted to senior managers vest over five years commencing on the third anniversary of the grant date, with one fifth of the award vesting on each of the third to seventh anniversaries of the grant date. Share awards are expensed over the service period of the awards. The value of the share awards is solely dependent on the Group share price at the time of delivery. The Group’s share awards include other awards, such as blocked shares and special awards, which may be granted to new employees. Other share awards entitle the holder to receive one Group share and are generally subject to continued employment with the Group, contain restrictive covenants and cancellation provisions and generally vest between zero and five years. On February 15, 2019, the Group granted 55.6 million share awards with a total value of CHF 638 million. The number of share awards granted to employees was generally determined by dividing the deferred component of variable compensation being granted as share awards by the average price of a Group share over the ten consecutive trading days ended February 28, 2019. The fair value of each share award was CHF 11.75, the Group share price on the grant date. The majority of share awards granted include the right to receive dividend equivalents on vested shares. The estimated unrecognized compensation expense of CHF 629 million was determined based on the fair value of the awards on the grant date, includes the current estimated future forfeitures and will be recognized over the vesting period, subject to early retirement rules. Share awards granted for previous years For compensation year 2018 2017 2016 Shares awarded (million) 55.6 34.1 37.8 Value of shares awarded (CHF million) 638 613 566 Fair value of each share awarded (CHF) 1 11.75 17.22 15.42 1 Based on the Group’s share price on the grant date. In order to comply with Capital Requirements Directive IV requirements, employees who hold key roles in respect of certain Group subsidiaries receive shares that are subject to transfer restrictions for 50% of the amount that would have been paid to them in cash. These shares are vested at the time of grant but remain blocked, that is, subject to transfer restrictions, for six months to three years from the date of grant, depending on the location. On February 15, 2019, the Group granted 3.0 million blocked shares with a total value of CHF 35 million that vested immediately upon grant, have no future service requirements and were attributed to services performed in 2018. Blocked share awards granted for previous years For compensation year 2018 2017 2016 Blocked shares awarded (million) 3.0 2.1 2.5 Value of shares awarded (CHF million) 35 38 37 Share award activities 2018 2017 2016 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 84.9 15.73 73.2 18.77 80.3 21.58 Granted 43.8 16.91 54.3 1 14.53 39.7 17.47 Settled (40.7) 16.09 (38.2) 19.74 (37.7) 22.64 Forfeited (4.8) 16.24 (4.4) 16.47 (9.1) 21.87 Balance at end of period 83.2 16.15 84.9 15.73 73.2 18.77 of which vested 8.6 – 8.5 – 8.1 – of which unvested 74.6 – 76.4 – 65.1 – 1 Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. Performance share awards Managing directors and all material risk takers and controllers (employees whose activities are considered to have a potentially material impact on the Group’s risk profile) received a portion of their deferred variable compensation in the form of performance share awards. Performance share awards are similar to share awards, except that the full balance of outstanding performance share awards, including those awarded in prior years, are subject to performance-based malus provisions. Performance share awards granted from 2016 and onward are subject to a negative adjustment in the event of a divisional loss by the division in which the employees worked as of December 31, 2018, or a negative ROE of the Group, whichever results in a larger adjustment. For employees in corporate functions and the Strategic Resolution Unit, the negative adjustment only applies in the event of a negative ROE of the Group and is not linked to the performance of the divisions. The basis for the ROE calculation may vary from year to year, depending on the Compensation Committee’s determination for the year in which the performance shares are granted. On February 15, 2019, the Group granted 46.1 million performance share awards with a total value of CHF 532 million. The number of performance share awards granted to employees was generally determined by dividing the deferred component of variable compensation being granted as performance share awards by the average price of a Group share over the ten consecutive trading days ended February 28, 2019. The fair value of each performance share award was CHF 11.75, the Group share price on the grant date. The majority of performance share awards granted include the right to receive dividend equivalents on vested shares. The estimated unrecognized compensation expense of CHF 521 million was determined based on the fair value of the awards on the grant date, includes the current estimated outcome of the relevant performance criteria and estimated future forfeitures and will be recognized over the vesting period, subject to early retirement rules. There was no negative adjustment applied to performance share awards granted in 2018 or in previous years. Performance share awards granted for previous years For compensation year 2018 2017 2016 Performance shares awarded (million) 46.1 26.5 29.7 Value of performance shares awarded (CHF million) 532 478 451 Fair value of each performance share awarded (CHF) 1 11.75 17.22 15.42 1 Based on the Group’s share price on the grant date. Performance share award activities 2018 2017 2016 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 54.2 15.88 48.4 19.11 55.9 21.01 Granted 26.5 16.98 31.8 1 14.41 21.4 18.62 Settled (26.3) 16.07 (23.9) 20.41 (26.5) 22.67 Forfeited (2.7) 16.26 (2.1) 16.38 (2.4) 19.64 Balance at end of period 51.7 16.33 54.2 15.88 48.4 19.11 of which vested 5.4 – 6.7 – 6.8 – of which unvested 46.3 – 47.5 – 41.6 – 1 Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. Contingent Capital Awards CCA were granted in February 2019, 2018 and 2017 to managing directors and directors as part of the 2018, 2017 and 2016 deferred variable compensation and have rights and risks similar to those of certain contingent capital instruments issued by the Group in the market. CCA are scheduled to vest on the third anniversary of the grant date, other than those granted to individuals classified as risk managers or senior managers under the UK PRA Remuneration Code or similar regulations in other jurisdictions, where CCA vest on the fifth and seventh anniversaries of the grant date, respectively, and will be expensed over the vesting period. CCA generally provide a conditional right to receive semi-annual cash payments of interest equivalents until settled, with rates being dependent upon the vesting period and currency of denomination: – – – – The rates were set in line with market conditions at the time of grant and existing high-trigger and low-trigger contingent capital instruments that the Group has issued. For CCA granted in February 2019, employees who received compensation in Swiss francs received CCA denominated in Swiss francs and all other employees received CCA denominated in US dollars. As CCA qualify as going concern loss-absorbing capital of the Group, the timing and form of distribution upon settlement is subject to approval by FINMA. At settlement, employees will receive either a contingent capital instrument or a cash payment based on the fair value of the CCA. The fair value will be determined by the Group. In the case of a cash settlement, the CCA award will be converted into the local currency of each respective employee. CCA have loss-absorbing features such that prior to settlement, the principal amount of the CCA would be written down to zero and forfeited if any of the following trigger events were to occur: – – On February 15, 2019, the Group awarded CHF 299 million of CCA that will be expensed over the vesting period. The estimated unrecognized compensation expense of CHF 273 million was determined based on the fair value of the awards on the grant date and includes the current estimated outcome of the relevant performance criteria, the estimated future forfeitures and the expected semi-annual cash payments of interest equivalents and will be recognized over the vesting period. Contingent Capital Awards granted for previous years For compensation year 2018 2017 2016 CCA awarded (CHF million) 299 241 229 Contingent Capital share awards In March 2016, the Group executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective CCA into Contingent Capital share awards at a conversion price of CHF 14.57. CCA holders elected to convert CHF 226 million of their CCA into Contingent Capital share awards during the election period. This fair value represented an approximate conversion rate of 15%. Each Contingent Capital share award had a grant-date fair value of CHF 14.45 and contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original CCA. Contingent Capital share award activities 2018 2017 2016 Contingent Capital share awards (million) Balance at beginning of period 8.4 13.5 – Granted 0.0 0.3 1 16.4 Settled (4.9) (5.0) (2.6) Forfeited (0.1) (0.4) (0.3) Balance at end of period 3.4 8.4 13.5 of which vested 0.7 1.3 1.0 of which unvested 2.7 7.1 12.5 1 Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. Capital Opportunity Facility awards As part of the 2011 annual compensation process, the Group awarded a portion of deferred variable compensation for senior employees in the form of 2011 Partner Asset Facility (PAF2) units. PAF2 units were essentially fixed income structured notes that are exposed to a portion of the credit risk that arises in the Group’s derivative activities, including both current and possible future swaps and other derivative transactions. PAF2 awards were linked to a portfolio of the Group’s credit exposures, providing risk offset and capital relief. Due to regulatory changes, this capital relief would no longer be available. As a result, the Group restructured the awards, requiring PAF2 holders to reallocate the exposure of their awards from the pool of counterparty credit risks in the original PAF2 structure to one of the following options, or a combination thereof: – – 2008 Partner Asset Facility awards As part of the 2008 annual compensation process, the Group granted employees in the former Investment Banking division with the corporate title of managing director or director the majority of the deferred compensation in the form of 2008 Partner Asset Facility (PAF) awards, denominated in US dollars. The PAF awards were indexed to, and represented a first-loss interest in, a specified pool of illiquid assets (Asset Pool) that originated in the former Investment Banking division. In the final year of the contractual term, the PAF holders received a final settlement in cash equal to the notional value, less all previous cash payments made to the PAF holder, plus any related gains or less any related losses on the liquidation of the Asset Pool. During 2017, the final settlement of the outstanding PAF awards of CHF 789 million was made. Other cash awards Other cash awards include certain special awards as well as voluntary deferred compensation plans and employee investment plans. For certain special awards, compensation expense was primarily driven by their vesting schedule; for other cash awards, compensation expense was driven by mark to market and performance adjustments, as the majority of the awards are fully vested. During 2018, the Group granted deferred fixed cash compensation of CHF 98 million to certain employees in the Americas. This compensation will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of this compensation totaled CHF 52 million in 2018. During 2017, the Group granted deferred cash retention awards of CHF 65 million relating to the reorganization of the Asia Pacific business. These awards will be expensed over a two-year vesting period from the grant date. Amortization of these awards totaled CHF 28 million in 2017 and was recognized in the Corporate Center. The Group granted deferred fixed cash awards of CHF 90 million to certain employees in the US. These awards will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of these awards totaled CHF 48 million in 2017. In 2016, the Group granted deferred share and cash retention awards of CHF 249 million relating to the reorganization of the Global Markets and Investment Banking & Capital Markets businesses. These awards will be expensed over a vesting period of up to seven years from the grant date. Amortization of these awards in 2016 of CHF 118 million was recognized in the Corporate Center. Delivered shares In 2018 and 2017, the Group fully covered its share delivery obligations through market purchases. In 2016, the Group’s share delivery obligations were covered mainly through the issuance of shares from conditional capital, with a portion covered by shares purchased in the market. |
Bank | |
Employee deferred compensation | 28 Employee deferred compensation The following tables show the compensation expense for deferred compensation awards granted in 2018 and prior years that was recognized in the consolidated statements of operations during 2018, 2017 and 2016, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2018 and prior years outstanding as of December 31, 2018 and the remaining requisite service period over which the estimated unrecognized compensation expense will be recognized. The recognition of compensation expense for the deferred compensation awards granted in February 2019 began in 2019 and thus had no impact on the 2018 consolidated financial statements. > Refer to “Note 29 – Employee deferred compensation” in VI – Consolidated financial statements – Credit Suisse Group for further information. Deferred compensation expense in 2018 2017 2016 Deferred compensation expense (CHF million) Share awards 512 519 624 Performance share awards 371 342 370 Contingent Capital Awards 149 277 234 Contingent Capital share awards 1 17 30 Capital Opportunity Facility awards 12 14 13 Plus Bond awards 1 – – 5 2008 Partner Asset Facility awards 2 – 7 13 Other cash awards 257 417 331 Total deferred compensation expense 1,302 1,593 1,620 Total shares delivered (million) Total shares delivered 45.0 41.2 41.5 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year vesting period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. Estimated unrecognized deferred compensation end of 2018 Estimated unrecognized compensation expense (CHF million) Share awards 455 Performance share awards 161 Contingent Capital Awards 136 Other cash awards 160 Total 912 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.3 Does not include the estimated unrecognized compensation expense relating to grants made in 2019 for 2018. Share awards On February 15, 2019, the Bank granted 54.0 million share awards with a total value of CHF 620 million. The estimated unrecognized compensation expense of CHF 611 million was determined based on the fair value of the awards on the grant date, includes the current estimated future forfeitures and will be recognized over the vesting period, subject to early retirement rules. Share awards granted for previous years For compensation year 2018 2017 2016 Shares awarded (million) 54.0 33.1 37.6 Value of shares awarded (CHF million) 620 596 563 On February 15, 2019, the Bank granted 2.7 million blocked shares with a total value of CHF 31 million that vested immediately upon grant, have no future service requirements and were attributed to services performed in 2018. Blocked share awards granted for previous years For compensation year 2018 2017 2016 Blocked shares awarded (million) 2.7 1.9 2.4 Value of shares awarded (CHF million) 31 35 37 Share award activities 2018 2017 2016 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 79.9 15.77 70.8 18.78 79.0 21.56 Granted 40.5 16.97 51.5 1 14.54 38.1 17.59 Settled (39.0) 16.02 (36.8) 19.75 (37.2) 22.68 Forfeited (4.3) 16.33 (5.6) 2 16.47 (9.1) 21.88 Balance at end of period 77.1 16.23 79.9 15.77 70.8 18.78 of which vested 8.4 – 7.8 – 8.1 – of which unvested 68.7 – 72.1 – 62.7 – 1 Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. 2 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. Performance share awards On February 15, 2019, the Bank granted 44.6 million performance share awards with a total value of CHF 515 million. The estimated unrecognized compensation expense of CHF 505 million was determined based on the fair value of the awards on the grant date, includes the current estimated outcome of the relevant performance criteria and estimated future forfeitures and will be recognized over the vesting period, subject to early retirement rules. Performance share awards granted for previous years For compensation year 2018 2017 2016 Performance shares awarded (million) 44.6 25.6 29.6 Value of performance shares awarded (CHF million) 515 462 449 Performance share award activities 2018 2017 2016 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 52.8 15.88 48.1 19.12 55.5 21.01 Granted 25.6 16.98 31.1 1 14.41 21.3 18.62 Settled (25.6) 16.07 (23.6) 20.41 (26.4) 22.66 Forfeited (2.8) 16.26 (2.8) 2 16.37 (2.3) 18.98 Balance at end of period 50.0 16.33 52.8 15.88 48.1 19.12 of which vested 5.2 – 6.6 – 6.8 – of which unvested 44.8 – 46.2 – 41.3 – 1 Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. 2 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. Contingent Capital Awards On February 15, 2019, the Bank awarded CHF 289 million of Contingent Capital Awards (CCA) that will be expensed over the vesting period. The estimated unrecognized compensation expense of CHF 264 million was determined based on the fair value of the awards on the grant date and includes the current estimated outcome of the relevant performance criteria, the estimated future forfeitures and the expected semi-annual cash payments of interest equivalents and will be recognized over the vesting period. Contingent Capital Awards granted for previous years For compensation year 2018 2017 2016 CCA awarded (CHF million) 289 233 228 Contingent Capital share awards In March 2016, the Bank executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective CCA into Contingent Capital share awards at a conversion price of CHF 14.57. CCA holders elected to convert CHF 213 million of their CCA into Contingent Capital share awards during the election period. This fair value represented an approximate conversion rate of 15%. Each Contingent Capital share award had a grant-date fair value of CHF 14.45 and contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original CCA. Contingent Capital share award activities 2018 2017 2016 Contingent Capital share awards Balance at beginning of period 7.5 12.8 – Granted 0.0 0.3 1 15.6 Settled (4.6) (4.9) (2.5) Forfeited (0.2) (0.7) 2 (0.3) Balance at end of period 2.7 7.5 12.8 of which vested 0.7 1.3 1.0 of which unvested 2.0 6.2 11.8 1 Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. 2 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. 2008 Partner Asset Facility awards During 2017, the final settlement of the outstanding PAF awards of CHF 789 million was made. Other cash awards During 2018, the Bank granted deferred fixed cash compensation of CHF 98 million to certain employees in the Americas. This compensation will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of this compensation totaled CHF 52 million in 2018. During 2017, the Bank granted deferred cash retention awards of CHF 65 million relating to the reorganization of the Asia Pacific business. These awards will be expensed over a two-year vesting period from the grant date. Amortization of these awards totaled CHF 28 million in 2017 and was recognized in the Corporate Center. The Bank granted deferred fixed cash awards of CHF 90 million to certain employees in the US. These awards will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of these awards totaled CHF 48 million in 2017. In 2016, the Bank granted deferred share and cash retention awards of CHF 249 million relating to the reorganization of the Global Markets and Investment Banking & Capital Markets businesses. These awards will be expensed over a vesting period of up to seven years from the grant date. Amortization of these awards in 2016 of CHF 118 million was recognized in the Corporate Center. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2018 | |
Related parties | 30 Related parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions, or if another party controls both. The Group’s related parties include key management personnel, close family members of key management personnel and entities that are controlled, significantly influenced, or for which significant voting power is held, by key management personnel or their close family members. Key management personnel are those individuals having authority and responsibility for planning, directing and controlling the activities of the Group, that is, members of the Executive Board and the Board of Directors. Banking relationships The Group is a global financial services provider. Many of the members of the Executive Board and the Board of Directors, their close family members or companies associated with them maintain banking relationships with the Group. The Group or any of its banking subsidiaries may from time to time enter into financing and other banking agreements with companies in which current members of the Executive Board or the Board of Directors have a significant influence as defined by the SEC, such as holding executive and/or board level roles in these companies. With the exception of the transactions described below, relationships with members of the Executive Board or the Board of Directors and such companies are in the ordinary course of business and are entered into on an arm’s length basis. Also, unless otherwise noted, all loans to members of the Executive Board, members of the Board of Directors, their close family members or companies associated with them were made in the ordinary course of business, were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and did not involve more than the normal risk of collectability or present other unfavorable features. As of December 31, 2018, 2017 and 2016, there were no loan exposures to such related parties that were not made in the ordinary course of business and at prevailing market conditions. Related party loans Executive Board and Board of Directors loans The majority of loans outstanding to members of the Executive Board and the Board of Directors are mortgages or loans against securities. All mortgage loans to members of the Executive Board are granted either with variable or fixed interest rates over a certain period. Typically, mortgages are granted for periods of up to ten years. Interest rates applied are based on refinancing costs plus a margin, and interest rates and other terms are consistent with those applicable to other employees. Loans against securities are granted at interest rates and on terms applicable to such loans granted to other employees. The same credit approval and risk assessment procedures apply to members of the Executive Board as for other employees. Unless otherwise noted, all loans to members of the Executive Board were made in the ordinary course of business and substantially on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons and in consideration of the terms which apply to all Group employees. These loans did not involve more than the normal risk of collectability or present other unfavorable features. The highest loan outstanding to an Executive Board member was CHF 6 million to Helman Sitohang as of December 31, 2018. Members of the Board of Directors with loans, including the Chairman of the Board of Directors, do not benefit from employee conditions, but are subject to conditions applied to clients with a comparable credit standing. Unless otherwise noted, all loans to members of the Board of Directors were made in the ordinary course of business and substantially on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons. Such loans did not involve more than the normal risk of collectability or present other unfavorable features. Executive Board and Board of Directors loans in 2018 2017 2016 Executive Board loans (CHF million) Balance at beginning of period 26 1 25 26 Additions 8 3 6 Reductions (1) (2) (7) Balance at end of period 33 1 26 25 Board of Directors loans (CHF million) Balance at beginning of period 11 2 10 8 Additions 0 1 3 Reductions (1) 0 (1) Balance at end of period 10 2 11 10 1 The number of individuals with outstanding loans at the beginning and the end of the year was eight. 2 The number of individuals with outstanding loans at the beginning and the end of the year was four. Equity method investees loans The Group or its subsidiaries grant loans to equity method investees in the normal course of business. > Refer to “Note 40 – Significant subsidiaries and equity method investments” for a list of equity method investments. Loans made by the Group or any subsidiaries to equity method investees in 2018 2017 2016 Loans to equity method investees (CHF million) Balance at beginning of period 173 173 135 Net borrowings/(repayments) 158 0 38 Balance at end of period 331 173 173 Other related party transactions Tier 1 capital instruments Beginning in February 2011, the Group entered into agreements with entities affiliated with Qatar Investment Authority (QIA) and The Olayan Group, each of which has significant holdings of Group shares and other Group financial products, to purchase tier 1 high-trigger capital instruments. The agreements were subsequently amended in 2012 and 2013. In October 2018, the Group redeemed the following tier 1 high-trigger capital instruments: – – – At the time of the original transaction, the Group determined that this was a material transaction and deemed QIA and The Olayan Group to be related parties of the Group’s then Board of Directors members Jassim Bin Hamad J.J. Al Thani and Aziz R.D. Syriani for purposes of evaluating the terms and corporate governance of the original transaction. At that time, the Board of Directors (except for Mr. Bin Hamad J.J. Al Thani and Mr. Syriani, who abstained from participating in the determination process) determined that the terms of the original transaction, given its size, the nature of the contingent capital instrument, for which there was no established market, and the terms of the notes issued and held by QIA and The Olayan Group, were fair. As of April 26, 2013 and April 28, 2017, respectively, Mr. Syriani and Mr. Bin Hamad J.J. Al Thani retired from the Board of Directors and no other person affiliated with The Olayan Group or with QIA has been elected as a member of the Board of Directors. Other In December 2018, a subsidiary of the Group executed a transaction with an affiliate to sell a minority interest in a trading platform for a gain of approximately USD 80 million. Liabilities due to own pension plans Liabilities due to the Group’s own defined benefit pension plans as of December 31, 2018 and 2017 of CHF 735 million and CHF 336 million, respectively, were reflected in various liability accounts in the Group’s consolidated balance sheets. |
Bank | |
Related parties | 29 Related parties The Group owns all of the Bank’s outstanding voting registered shares. The Bank is involved in significant financing and other transactions with subsidiaries of the Group. The Bank generally enters into these transactions in the ordinary course of business and believes that these transactions are generally on market terms that could be obtained from unrelated third parties. > Refer to “Note 30 – Related parties” in VI – Consolidated financial statements – Credit Suisse Group for further information. Related party assets and liabilities end of 2018 2017 Assets (CHF million) Net loans 5,305 4,100 Other assets 508 208 Total assets 5,813 4,308 Liabilities (CHF million) Due to banks/customer deposits 1,338 1,141 Short-term borrowings 493 489 Long-term debt 23,456 15,612 Other liabilities 1,122 851 Total liabilities 26,409 18,093 Related party revenues and expenses in 2018 2017 2016 Revenues (CHF million) Interest and dividend income 10 2 (2) Interest expense (924) (574) (280) Net interest income (914) (572) (282) Commissions and fees 87 46 41 Other revenues 72 67 119 Net revenues (755) (459) (122) Expenses (CHF million) Total operating expenses 1,642 1,044 1 152 1 Prior period has been corrected. Related party guarantees end of 2018 2017 Guarantees (CHF million) Credit guarantees and similar instruments 5 4 Total guarantees 5 4 Executive Board and Board of Directors loans 2018 2017 2016 Loans to members of the Executive Board (CHF million) Balance at beginning of period 26 1 25 26 Additions 8 3 6 Reductions (1) (2) (7) Balance at end of period 33 1 26 25 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 11 2 10 8 Additions 0 1 3 Reductions (1) 0 (1) Balance at end of period 10 2 11 10 1 The number of individuals with outstanding loans at the beginning and the end of the year was seven and eight, respectively. 2 The number of individuals with outstanding loans at the beginning and the end of the year was four. Liabilities due to own pension plans Liabilities due to the Bank’s own defined benefit pension plans as of December 31, 2018 and 2017 of CHF 735 million and CHF 336 million, respectively, were reflected in various liability accounts in the Bank’s consolidated balance sheets. |
Pension and other post-retireme
Pension and other post-retirement benefits | 12 Months Ended |
Dec. 31, 2018 | |
Pension and other post-retirement benefits | 31 Pension and other post-retirement benefits The Group sponsors defined contribution pension plans, defined benefit pension plans and other post-retirement defined benefit plans such as post-retirement health care. Defined contribution pension plans Defined contribution plans provide each participant with an individual account. The benefits to be provided to a participant are solely based on the contributions made to that employee’s account and are affected by income, expenses and gains and losses allocated to the account. As such, there are no stipulations of a defined annuity benefit at retirement and the participants bear the full actuarial as well as investment risk. The Group contributes to various defined contribution pension plans primarily in the US and the UK as well as other countries throughout the world. During 2018, 2017 and 2016, the Group contributed to these plans and recognized as expense CHF 153 million, CHF 165 million and CHF 161 million, respectively. Defined benefit pension and other post-retirement defined benefit plans Defined benefit pension plans Defined benefit pension plans are pension plans that define specific benefits for an employee upon that employee’s retirement. These benefits are usually determined by taking into account the employee’s salary, years of service and age of retirement. Retirees bear neither the actuarial risk (for example, the risk that the retirees of the plan live longer than expected), nor the investment risk (that is, that plan assets invested and associated returns will be insufficient to meet the expected benefits due to low or negative returns on contributions). The Group’s funding policy for these plans is in accordance with local laws and tax requirements. Swiss pension plan The Group’s most significant defined benefit pension plan, the Credit Suisse Swiss Pension Plan (Swiss pension plan), is located and covers its employees in Switzerland and is set up as a trust domiciled in Zurich. The Swiss pension plan provides benefits in the event of retirement, death and disability and meets or exceeds the minimum benefits required under the Swiss Federal Law on Occupational Retirement, Survivors’ and Disability Pension Plans (BVG). Benefits in the Swiss pension plan are determined on the basis of the accumulated employer and employee contributions and accumulated interest credited. Although the Swiss pension plan is largely defined contribution in nature, it is treated as a defined benefit plan under US GAAP, mainly due to a guaranteed minimum return on contributions and guaranteed payment of lifetime pensions. As of December 31, 2018 and 2017, the Swiss pension plan comprised 69% and 73%, respectively, of all the Group’s employees participating in defined benefit plans, 82% and 81%, respectively, of the fair value of plan assets, and 83% and 82%, respectively, of the pension benefit obligation of the Group’s defined benefit plans. Employee contributions in the savings section depend on their age and are determined as a percentage of the pensionable salary. The employees can select between three different levels of contributions which vary between 5% and 14% depending on their age. The Group’s contribution varies between 7.5% and 25% of the pensionable salary depending on the employee’s age. The Swiss Federal council sets the minimum statutory interest rate on savings balances on an annual basis that applies to the BVG minimum pensionable salary (1.0% as of January 1, 2019 and 2018). The statutory interest rate on savings balances does not apply to extra mandatory benefits. The Board of Trustees of the Swiss pension fund sets the interest rate to be applied on the accumulated savings balance on an annual basis. When employees retire, their savings balance is converted into an annuity and the conversion rate is the percentage used to convert the assets accrued in the Swiss pension plan to an annual lifetime retirement pension. The level of the conversion rate depends on the life expectancy of future retirees and on the long-term potential for returns in the capital markets. The Board of Trustees of the Swiss pension plan has the responsibility to set the conversion rates for the plan. In December 2016, the Board of Trustees of the Swiss pension plan decided in favor of further decreases in conversion rates. In the future, decisions on conversion rates will be set for a planning horizon of at least eight years. International pension plans Various defined benefit pension plans cover the Group’s employees outside Switzerland. These plans provide benefits in the event of retirement, death, disability or termination of employment. Retirement benefits under the international pension plans depend on age, contributions and salary. The Group’s principal defined benefit pension plans outside Switzerland are located in the US and in the UK. Both of these plans are funded, closed to new participants and have ceased accruing new benefits. Smaller defined benefit pension plans, both funded and unfunded, are operated in other locations. Other post-retirement defined benefit plans In the US, the Group’s defined benefit plans provide post-retirement benefits other than pension benefits that primarily focus on health and welfare benefits for certain retired employees. In exchange for the current services provided by the employee, the Group promises to provide health and welfare benefits after the employee retires. The Group’s obligation for that compensation is incurred as employees render the services necessary to earn their post-retirement benefits. Components of net periodic benefit costs Defined benefit Other post-retirement Switzerland International International in 2018 2017 2016 2018 2017 2016 2018 2017 2016 Net periodic benefit costs (CHF million) Service costs on benefit obligation 242 243 288 16 22 20 0 0 0 Interest costs on benefit obligation 63 57 141 86 91 124 5 6 8 Expected return on plan assets (483) (473) (536) (114) (133) (175) 0 0 0 Amortization of recognized prior service cost/(credit) (126) (131) (116) 0 0 0 0 0 0 Amortization of recognized actuarial losses/(gains) 306 340 366 47 60 41 8 7 10 Settlement losses/(gains) 35 37 24 0 0 72 0 0 0 Curtailment losses/(gains) (12) (23) (18) (1) (10) 0 0 0 0 Special termination benefits 38 19 22 0 0 0 0 0 0 Net periodic benefit costs/(credits) 63 69 171 34 30 82 13 13 18 Net periodic benefit costs of defined benefit plans The net periodic benefit costs for defined benefit pension and other post-retirement defined benefit plans are the costs of the respective plan for a period during which an employee renders services. The actual amount to be recognized is determined using the standard actuarial methodology which considers, among other factors, current service cost, interest cost, expected return on plan assets and the amortization of both prior service cost/(credit) and actuarial losses/(gains) recognized in AOCI. Service costs on benefit obligation reflected in compensation and benefits – other for 2018, 2017 and 2016 were CHF 258 million, CHF 265 million and CHF 308 million, respectively. Since the second quarter of 2011, as part of its strategic plan, the Group has launched a number of cost efficiency measures, including headcount reduction. This resulted in curtailment gains of CHF 12 million, CHF 23 million and CHF 18 million in 2018, 2017 and 2016, respectively, reflecting the immediate recognition of a credit relating to the years of service no longer expected to be rendered. Additional costs of CHF 35 million, CHF 37 million and CHF 24 million in 2018, 2017 and 2016, respectively, related to the settlement of the pension obligation for employees in Switzerland whose employment has effectively been terminated or who have left the Group due to a sale of their business. Special termination benefit costs of CHF 38 million, CHF 19 million and CHF 22 million have been recognized in 2018, 2017 and 2016, respectively, relating to early retirements in Switzerland in the context of the cost efficiency measures. During the second half of 2016, lump-sum settlement offers were made to terminated vested members of the pension fund in the US. As a result of members accepting this offer, there was an additional cost of CHF 72 million relating to the settlement of pension obligations for these members. Benefit obligation The benefit obligation is expressed as either accumulated benefit obligation (ABO) or PBO. While the ABO refers to the actuarial present value based on employee services rendered prior to that date and takes into account current and past compensation levels, the PBO also applies an assumption as to future compensation levels. The table “Obligations and funded status of the plans” shows the changes in the PBO, the ABO, the fair value of plan assets and the amounts recognized in the consolidated balance sheets for the defined benefit pension and other post-retirement defined benefit plans. US GAAP requires an employer to recognize the funded status of the defined benefit pension and other post-retirement defined benefit plans on the balance sheet. The funded status of these plans is determined as the difference between the fair value of plan assets and the PBO. The funded status may vary from year to year due to changes in the fair value of plan assets and variations of the PBO following changes in the underlying assumptions and census data used to determine the PBO. In 2018 and 2017, the curtailments, settlements and special termination benefits in Switzerland, which impacted the PBO, related to the headcount reduction in the context of the cost efficiency measures. Effective January 1, 2017, the Board of Trustees of the Swiss pension plan changed a number of retirement benefits, reflecting the plan’s ability to finance benefits on an ongoing long-term basis. These changes reflected the prospective higher costs of providing retirement benefits due to lower expected asset returns, lower interest rates and increased life expectancy. These considerations have resulted in incremental reductions of conversion rates, the introduction of the reference age 65 for all insured persons, changes to the bridging pension related to the Swiss Old-Age and Survivors Insurance, enhanced lump-sum withdrawal options on retirement and the reduction of the maximum retirement pension. Furthermore, the Board of Trustees of the Swiss pension plan also agreed to improve death and disability benefits and to introduce a cohabiting partner’s pension. Obligations and funded status of the plans Defined benefit Other post-retirement Switzerland International International in / end of 2018 2017 2018 2017 2018 2017 PBO (CHF million) 1 Beginning of the measurement period 15,885 15,885 3,390 3,337 173 184 Plan participant contributions 204 205 0 0 0 0 Service cost 242 243 16 22 0 0 Interest cost 63 57 86 91 5 6 Plan amendments 20 0 10 0 0 0 Settlements (125) (144) (1) 0 0 0 Curtailments (8) (22) (1) (11) 0 0 Special termination benefits 38 19 1 1 0 0 Actuarial losses/(gains) (58) 471 (229) 171 (9) 2 Benefit payments (829) (829) (233) (287) (11) (11) Exchange rate losses/(gains) 0 0 (88) 66 2 (8) End of the measurement period 15,432 15,885 2,951 3,390 160 173 Fair value of plan assets (CHF million) Beginning of the measurement period 16,996 15,951 4,088 4,000 0 0 Actual return on plan assets (454) 1,398 (141) 256 0 0 Employer contributions 433 415 19 22 11 11 Plan participant contributions 204 205 0 0 0 0 Settlements (125) (144) (1) 0 0 0 Benefit payments (829) (829) (233) (287) (11) (11) Exchange rate gains/(losses) 0 0 (128) 97 0 0 End of the measurement period 16,225 16,996 3,604 4,088 0 0 Funded status recognized (CHF million) Funded status of the plan – overfunded/(underfunded) 793 1,111 653 698 (160) (173) Funded status recognized in the consolidated balance sheet as of December 31 793 1,111 653 698 (160) (173) Total amount recognized (CHF million) Noncurrent assets 793 1,111 1,001 1,058 0 0 Current liabilities 0 0 (10) (11) (11) (11) Noncurrent liabilities 0 0 (338) (349) (149) (162) Net amount recognized in the consolidated balance sheet as of December 31 793 1,111 653 698 (160) (173) ABO (CHF million) 2 End of the measurement period 14,534 14,841 2,921 3,351 160 173 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. The net amount recognized in the consolidated balance sheets as of December 31, 2018 and 2017 for the defined benefit pension plans was an overfunding of CHF 1,446 million and CHF 1,809 million, respectively. In 2019, the Group expects to contribute CHF 384 million to the Swiss and international defined benefit pension plans and CHF 11 million to other post-retirement defined benefit plans. PBO or ABO in excess of plan assets The following table shows the aggregate PBO and ABO, as well as the aggregate fair value of plan assets for those plans with PBO in excess of plan assets and those plans with ABO in excess of plan assets as of December 31, 2018 and 2017, respectively. Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value of plan assets 1 ABO exceeds fair value of plan assets 1 Switzerland International Switzerland International December 31 2018 2017 2018 2017 2018 2017 2018 2017 PBO/ABO exceeded plan assets (CHF million) PBO 0 0 1,336 1,464 0 0 1,325 1,447 ABO 0 0 1,312 1,433 0 0 1,304 1,420 Fair value of plan assets 0 0 989 1,104 0 0 978 1,088 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. Amount recognized in AOCI and OCI The following table shows the actuarial gains/(losses) and prior service credit/(cost) which were recorded in AOCI and subsequently recognized as components of net periodic benefit costs. Amounts recognized in AOCI, net of tax Defined benefit Other post-retirement end of 2018 2017 2018 2017 2018 2017 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (3,951) (3,547) (23) (36) (3,974) (3,583) Prior service credit/(cost) 384 519 3 3 387 522 Total (3,567) (3,028) (20) (33) (3,587) (3,061) The following tables show the changes in OCI due to actuarial gains/(losses) and prior service credit/(cost) recognized in AOCI during 2018 and 2017 and the amortization of the aforementioned items as components of net periodic benefit costs for these periods as well as the amounts expected to be amortized in 2019. Amounts recognized in OCI Defined benefit Other post-retirement in Gross Tax Net Gross Tax Net Total net 2018 (CHF million) Actuarial gains/(losses) (905) 182 (723) 9 (2) 7 (716) Prior service credit/(cost) (30) 4 (26) 0 0 0 (26) Amortization of actuarial losses/(gains) 353 (68) 285 8 (2) 6 291 Amortization of prior service cost/(credit) (126) 27 (99) 0 0 0 (99) Immediate recognition due to curtailment/settlement 30 (6) 24 0 0 0 24 Total (678) 139 (539) 17 (4) 13 (526) 2017 (CHF million) Actuarial gains/(losses) 406 (82) 324 (2) 1 (1) 323 Amortization of actuarial losses/(gains) 400 (76) 324 7 (3) 4 328 Amortization of prior service cost/(credit) (131) 26 (105) 0 0 0 (105) Immediate recognition due to curtailment/settlement 36 (8) 28 0 0 0 28 Total 711 (140) 571 5 (2) 3 574 Amounts in AOCI, net of tax, expected to be amortized Defined benefit Other post-retirement Amortization in 2019 (CHF million) Actuarial losses/(gains) 238 2 Prior service cost/(credit) (122) 0 Total 116 2 Assumptions The measurement of both the net periodic benefit costs and the benefit obligation is determined using explicit assumptions, each of which individually represents the best estimate of a particular future event. Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation Defined benefit Other post-retirement Switzerland International International December 31 2018 2017 2016 2018 2017 2016 2018 2017 2016 Net periodic benefit cost (%) Discount rate - service costs 1.02 1.01 0.90 2.96 2.92 4.05 3.86 4.03 4.50 Discount rate - interest costs 0.41 0.37 0.90 2.77 2.79 4.05 3.28 3.48 4.50 Salary increases 0.50 0.50 0.80 2.97 3.55 3.56 – – – Interest rate on savings balances 0.86 0.85 1.25 – – – – – – Expected long-term rate of return on plan assets 3.00 3.00 3.50 3.22 3.88 5.07 – – – Benefit obligation (%) Discount rate 1.03 0.86 0.85 3.30 2.83 3.10 4.37 3.70 4.21 Salary increases 0.75 0.50 0.50 2.90 2.97 3.55 – – – Interest rate on savings balances 1.03 0.86 0.85 – – – – – – Net periodic benefit cost and benefit obligation assumptions The assumptions used to determine the benefit obligation as of the measurement date are also used to calculate the net periodic benefit costs for the 12-month period following this date. The discount rates are determined based on yield curves, constructed from high-quality corporate bonds currently available and observable in the market and are expected to be available during the period to maturity of the pension benefits. In countries where there is no deep market in high-quality corporate bonds with longer durations, the best available market information, including governmental bond yields and risk premiums, is used to construct the yield curve. Credit Suisse adopted the spot rate approach for the valuation as of December 31, 2016, whereby individual spot rates on the yield curve are applied to each year’s cash flow in measuring the plan’s benefit obligation as well as future service costs and interest costs. The assumption pertaining to salary increases is used to calculate the PBO, which is measured using an assumption as to future compensation levels. When Credit Suisse estimates the interest rate on savings balances, expected future changes in the interest rate environment are taken into consideration. Specifically, Credit Suisse uses the cash flow weighted average of the yield curve used for the discount rate as the best estimate for the interest rate on savings balances for these long term projections. The expected long-term rate of return on plan assets assumption is applied to the market-related value of assets to calculate the expected return on plan assets as a component of the net periodic benefit costs. It reflects the average rate of returns expected on the funds invested or to be invested to provide for the benefits included in the PBO. In estimating that rate, appropriate consideration is given to the returns being earned by the plan assets and the rates of return expected to be available for reinvestment. The expected long-term rate of return on plan assets is based on total return forecasts, expected volatility and correlation estimates, reflecting interrelationships between and within asset classes held. Where possible, similar, if not related, approaches are followed to forecast returns for the various asset classes. The expected long-term rate of return on debt securities reflects both accruing interest and price returns. The probable long-term relationship between the total return and certain exogenous variables is used, which links the total return forecasts on debt securities to forecasts of the macroeconomic environment. The expected long-term rate of ROE securities is based on a two-stage dividend discount model which considers economic and market forecasts to compute a market-implied equity risk premium. Dividends are estimated using market consensus earnings and the historical payout ratio. A subsequent scenario analysis is used to stress test the level of the return. The expected long-term rate of return on real estate is based on economic models that reflect both the rental and the capital market side of the direct real estate market. This allows for a replicable and robust forecasting methodology for expected returns on real estate equity, fund and direct market indices. The expected long-term rate of return on private equity and hedge funds is estimated by determining the key factors in their historical performance using private equity and hedge fund benchmarks and indices. To capture these factors, multiple linear regression models with lagged returns are used. Mortality assumptions are based on standard mortality tables and standard models and methodologies for projecting future improvements to mortality as developed and published by external independent actuarial societies and actuarial organizations. Mortality tables and life expectancies for major plans Life expectancy at age 65 Life expectancy at age 65 aged 65 aged 45 aged 65 aged 45 December 31 2018 2017 2018 2017 2018 2017 2018 2017 Life expectancy (years) Switzerland BVG 2015 tables 1 21.6 21.6 23.2 23.1 23.6 23.5 25.1 25.1 UK SAPS S2 light tables 2 23.7 23.8 25.3 25.4 24.8 24.8 26.5 26.6 US RP-2014 mortality tables 3 21.5 21.5 22.7 22.7 23.4 23.3 24.5 24.4 1 The BVG 2015 tables were used, which included final CMI projections, with a long-term rate of improvement of 1.25% per annum. 2 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included final CMI projections, with a long-term rate of improvement of 1.5% per annum. 3 The Retirement Projection 2014 (RP-2014) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale. Under US GAAP, the assumptions used to value the PBO should always represent the best estimate as of the measurement date. Credit Suisse regularly reviews the actuarial assumptions used to value and measure the defined benefit obligation on a periodic basis as required by US GAAP. > Refer to “Critical accounting estimates” in II – Operating and financial review and “Note 1- Summary of significant accounting policies” for further information. Review of assumptions As part of its reviews in 2016, 2017 and 2018, Credit Suisse concluded that additional refinements to the assumptions for the Swiss pension plan were required in order to reflect the best estimate. As a result, Credit Suisse enhanced its methodology for determining the actuarial assumptions for the Swiss pension plan as follows: – – – – Health care cost assumptions The health care cost trend is used to determine the appropriate other post-retirement defined benefit costs. In determining those costs, an annual weighted-average rate is assumed in the cost of covered health care benefits. The following table provides an overview of the assumed health care cost trend rates and the sensitivity of a one percentage point increase or decrease of the rate. Health care cost trend rates and sensitivity in / end of 2018 2017 2016 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.7 8.3 8.3 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.1 0.1 0.2 One percentage point decrease in health care cost trend rates (0.1) (0.1) (0.2) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 3 3 4 One percentage point decrease in health care cost trend rates (3) (3) (4) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5% by 2026. The annual health care cost trend rate used to determine the net periodic benefit costs for 2019 is 8.7%. Plan assets and investment strategy Plan assets, which are assets that have been segregated and restricted to provide for plan benefits, are measured at their fair value as of the measurement date. The Group’s defined benefit pension plans employ a total return investment approach, whereby a diversified mix of debt and equity securities and alternative investments, specifically hedge funds and private equity, are used to maximize the long-term return of plan assets while incurring a prudent level of risk. The intent of this strategy is to meet or outperform plan liabilities over the long term. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. Furthermore, equity securities are diversified across different geographic regions as well as across growth, value and small and large capitalization stocks. Real estate and alternative investments, such as private equity and hedge funds, are used to enhance long-term returns while improving portfolio diversification. Derivatives may be used to hedge or increase market exposure, but are not used to leverage the portfolio beyond the market value of the underlying investments. Investment risk is measured and monitored on an ongoing basis through periodic asset/liability studies and quarterly investment portfolio reviews. To limit investment risk, the Group pension plans follow defined strategic asset allocation guidelines. At times of major market uncertainties and stress, these guidelines may be further restricted. As of December 31, 2018 and 2017, the total fair value of Group equity securities and options was CHF 76 million and CHF 118 million, respectively. Fair value hierarchy of plan assets > Refer to “Fair value measurement” in Note 35 – Financial instruments for discussion of the fair value hierarchy. Fair value of plan assets The following tables present the plan assets measured at fair value on a recurring basis as of December 31, 2018 and 2017 for the Group’s defined benefit pension plans. Plan assets measured at fair value on a recurring basis end of 2018 2017 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 763 0 0 0 763 384 0 0 0 384 Debt securities 3,742 150 34 751 4,677 3,144 325 37 742 4,248 of which corporates 3,742 150 34 751 4,677 3,144 325 37 742 4,248 Equity securities 5,113 0 0 0 5,113 6,780 10 0 0 6,790 Real estate 875 0 1,345 0 2,220 727 0 1,257 0 1,984 of which direct 0 0 1,297 0 1,297 0 0 1,244 0 1,244 of which indirect 875 0 48 0 923 727 0 13 0 740 Alternative investments 704 24 0 2,724 3,452 513 14 0 3,063 3,590 of which private equity 0 0 0 1,503 1,503 0 0 0 1,313 1,313 of which hedge funds 356 0 0 762 1,118 153 0 0 1,292 1,445 of which other 348 24 0 459 831 360 14 0 458 832 Switzerland 11,197 174 1,379 3,475 16,225 11,548 349 1,294 3,805 16,996 Cash and cash equivalents 86 123 0 0 209 70 133 0 0 203 Debt securities 1,889 846 0 328 3,063 1,991 1,080 0 370 3,441 of which governments 1,574 5 0 0 1,579 1,622 9 0 0 1,631 of which corporates 315 841 0 328 1,484 369 1,071 0 370 1,810 Equity securities 52 12 0 74 138 55 14 0 147 216 Real estate – indirect 0 0 0 29 29 0 0 0 27 27 Alternative investments 0 19 0 61 80 0 33 0 76 109 of which hedge funds 0 0 0 61 61 0 0 0 76 76 of which other 0 19 1 0 0 19 0 33 1 0 0 33 Other investments 0 85 0 0 85 0 92 0 0 92 International 2,027 1,085 0 492 3,604 2,116 1,352 0 620 4,088 Total plan assets at fair value 13,224 1,259 1,379 3,967 19,829 13,664 1,701 1,294 4,425 21,084 The Swiss pension fund uses exchange-traded futures to manage the economic exposure of the portfolio. Under US GAAP, these futures are not carried at fair value as they are settled on a daily basis and are considered brokerage receivables and payables. Consequently, they are excluded from this table. These futures increased/(decreased) the economic exposure to cash and cash equivalents by CHF (86) million and CHF 1,405 million in 2018 and 2017, respectively, decreased the economic exposure to debt securities – corporate bonds by CHF 76 million in 2017 and (increased)/decreased the economic exposure to equity securities by CHF (86) million and CHF 1,329 million in 2018 and 2017, respectively. 1 Primarily related to derivative instruments. Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2018 (CHF million) Debt securities – corporates 37 0 0 0 0 (3) 0 34 Real estate 1,257 0 0 53 0 35 0 1,345 of which direct 1,244 0 0 53 0 0 0 1,297 of which indirect 13 0 0 0 0 35 0 48 Total plan assets at fair value 1,294 0 0 53 0 32 0 1,379 of which Switzerland 1,294 0 0 53 0 32 0 1,379 2017 (CHF million) Debt securities – corporates 7 35 0 1 0 (6) 0 37 Real estate 1,204 13 0 42 1 (3) 0 1,257 of which direct 1,204 0 0 42 1 (3) 0 1,244 of which indirect 0 13 0 0 0 0 0 13 Total plan assets at fair value 1,211 48 0 43 1 (9) 0 1,294 of which Switzerland 1,204 48 0 43 1 (2) 0 1,294 of which International 7 0 0 0 0 (7) 0 0 Qualitative disclosures of valuation techniques used to measure fair value Cash and cash equivalents Cash and cash equivalents includes money market instruments such as bankers’ acceptances, certificates of deposit, CP, book claims, treasury bills, other rights and commingled funds. Valuations of money market instruments and commingled funds are generally based on observable inputs. Debt securities Debt securities include government and corporate bonds which are generally quoted in active markets or as units in mutual funds. Debt securities for which market prices are not available, are valued based on yields reflecting the perceived risk of the issuer and the maturity of the security, recent disposals in the market or other modeling techniques, which may involve judgment. Units in mutual funds which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable are measured at fair value using NAV. Equity securities Equity securities held include common equity shares, convertible bonds and shares in investment companies and units in mutual funds. The common equity shares are generally traded on public stock exchanges for which quoted prices are regularly available. Convertible bonds are generally valued using observable pricing sources. Shares in investment companies and units in mutual funds, which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable, are measured at fair value using NAV. Real estate Real estate includes direct real estate as well as investments in real estate investment companies, trusts or mutual funds. Direct real estate is initially measured at its transaction price, which is the best estimate of fair value. Thereafter, direct real estate is individually measured at fair value based on a number of factors that include any recent rounds of financing involving third-party investors, comparable company transactions, multiple analyses of cash flows or book values, or discounted cash flow analyses. The availability of information used in these modeling techniques is often limited and involves significant judgment in evaluating these different factors over time. Real estate investment companies, trusts and mutual funds, which are not directly quoted on a public stock exchange and/or for which a fair value is not readily determinable, are measured at fair value using NAV. Alternative investments Private equity includes direct investments, investments in partnerships that make private equity and related investments in various portfolio companies and funds and fund of funds partnerships. Private equity consists of both publicly traded securities and private securities. Publicly traded investments that are restricted or that are not quoted in active markets are valued based on publicly available quotes with appropriate adjustments for liquidity or trading restrictions. Private equity is valued taking into account a number of factors, such as the most recent round of financing involving unrelated new investors, earnings multiple analyses using comparable companies or discounted cash flow analyses. Private equity for which a fair value is not readily determinable is measured at fair value using NAV provided by the general partner. Hedge funds that are not directly quoted on a public stock exchange, and/or for which a fair value is not readily determinable, are measured at fair value using NAV provided by the fund administrator. Derivatives Derivatives include both OTC and exchange-traded derivatives. The fair value of OTC derivatives is determined on the basis of inputs that include those characteristics of the derivative that have a bearing on the economics of the instrument. The determination of the fair value of many derivatives involves only a limited degree of subjectivity since the required inputs are generally observable in the marketplace. Other more complex derivatives may use unobservable inputs. Such inputs include long-dated volatility assumptions on OTC option transactions and recovery rate assumptions for credit derivative transactions. The fair value of exchange-traded derivatives is typically derived from the observable exchange prices and/or observable inputs. Plan asset allocation The following table shows the plan asset allocation as of the measurement date calculated based on the fair value at that date including the performance of each ass |
Bank | |
Pension and other post-retirement benefits | 30 Pension and other post-retirement benefits The Bank participates in a defined benefit pension plan sponsored by the Group and has defined contribution pension plans, single-employer defined benefit pension plans and other post-retirement defined benefit plans. The Bank’s principal plans are located in Switzerland, the US and the UK. > Refer to “Note 31 – Pension and other post-retirement benefits” in VI – Consolidated financial statements – Credit Suisse Group for further information on pension and other post-retirement benefits. Defined contribution pension plans The Bank contributes to various defined contribution pension plans primarily in the US and the UK as well as other countries throughout the world. During 2018, 2017 and 2016, the Bank contributed to these plans and recognized as expense CHF 140 million, CHF 156 million and CHF 160 million, respectively. Defined benefit pension and other post-retirement benefit plans Defined benefit pension plans Group pension plan The Bank covers pension requirements for its employees in Switzerland by participating in a defined benefit pension plan sponsored by the Group (Group plan), the Group’s most significant defined benefit pension plan. The Group plan provides benefits in the event of retirement, death and disability. Various legal entities within the Group participate in the Group plan, which is set up as an independent trust domiciled in Zurich. Benefits in the Group plan are determined on the basis of the accumulated employer and employee contributions and accumulated interest credited. In accordance with US GAAP, the Group accounts for the Group plan as a single-employer defined benefit pension plan and uses the projected unit credit actuarial method to determine the net periodic benefit costs, the PBO and the accumulated benefit obligation (ABO). The Bank accounts for the defined benefit pension plan sponsored by the Group as a multi-employer pension plan because other legal entities within the Group also participate in the Group plan and the assets contributed by the Bank are not segregated into a separate account or restricted to provide benefits only to employees of the Bank. The assets contributed by the Bank are commingled with the assets contributed by the other legal entities of the Group and can be used to provide benefits to any employee of any participating legal entity. The Bank’s contributions to the Group plan comprise 88% of the total assets contributed to the Group plan by all participating legal entities on an annual basis. The Bank accounts for the Group plan on a defined contribution basis whereby it only recognizes the amounts required to be contributed to the Group plan during the period as net periodic pension expense and only recognizes a liability for any contributions due and unpaid. No other expenses or balance sheet amounts related to the Group plan were recognized by the Bank. In the savings section of the Group plan, the Bank’s contribution varies between 7.5% and 25.0% of the pensionable salary depending on the employees’ age. During 2018, 2017 and 2016, the Bank contributed and recognized as expense CHF 377 million, CHF 379 million and CHF 438 million to the Group plan, respectively. The Bank expects to contribute CHF 323 million to the Group plan during 2019. International pension plans Various defined benefit pension plans cover the Bank’s employees outside Switzerland. These plans provide benefits in the event of retirement, death, disability or termination of employment. Retirement benefits under the plans depend on age, contributions and salary. The Bank’s principal defined benefit pension plans outside Switzerland are located in the US and in the UK. Both plans are funded, closed to new participants and have ceased accruing new benefits. Smaller defined benefit pension plans, both funded and unfunded, are operated in other locations. Other post-retirement defined benefit plans In the US, the Bank’s defined benefit plans provide post-retirement benefits other than pension benefits that primarily focus on health and welfare benefits for certain retired employees. In exchange for the current services provided by the employee, the Bank promises to provide health and welfare benefits after the employee retires. The Bank’s obligation for that compensation is incurred as employees render the services necessary to earn their post-retirement benefits. Net periodic benefit costs of defined benefit plans The net periodic benefit costs for defined benefit pension and other post-retirement defined benefit plans are the costs of the respective plan for a period during which an employee renders services. The actual amount to be recognized is determined using the standard actuarial methodology which considers, among other factors, current service cost, interest cost, expected return on plan assets and the amortization of both prior service cost/(credit) and actuarial losses/(gains) recognized in AOCI. Components of net periodic benefit costs International single-employer Other post-retirement in 2018 2017 2016 2018 2017 2016 Net periodic benefit costs (CHF million) Service costs on benefit obligation 16 22 20 0 0 0 Interest costs on benefit obligation 86 91 124 5 6 8 Expected return on plan assets (114) (133) (175) 0 0 0 Amortization of recognized actuarial losses/(gains) 47 60 41 8 7 10 Settlement losses/(gains) 0 0 72 0 0 0 Curtailment losses/(gains) (1) (10) 0 0 0 0 Net periodic benefit costs/(credits) 34 30 82 13 13 18 Service costs on benefit obligation reflected in compensation and benefits – other for 2018, 2017 and 2016 were CHF 16 million, CHF 22 million and CHF 20 million, respectively. During the second half of 2016, lump-sum settlement offers were made to terminated vested members of the pension fund in the US. As a result of members accepting this offer, there was an additional cost of CHF 72 million relating to the settlement of pension obligations for these members. Benefit obligation The following table shows the changes in the PBO, the ABO, the fair value of plan assets and the amounts recognized in the consolidated balance sheets for the international single-employer defined benefit pension plans and other post-retirement defined benefit plans. Obligations and funded status of the plans International in / end of 2018 2017 2018 2017 PBO (CHF million) 1 Beginning of the measurement period 3,390 3,337 173 184 Service cost 16 22 0 0 Interest cost 86 91 5 6 Plan amendments 10 0 0 0 Settlements (1) 0 0 0 Curtailments (1) (11) 0 0 Special termination benefits 1 1 0 0 Actuarial losses/(gains) (229) 171 (9) 2 Benefit payments (233) (287) (11) (11) Exchange rate losses/(gains) (88) 66 2 (8) End of the measurement period 2,951 3,390 160 173 Fair value of plan assets (CHF million) Beginning of the measurement period 4,088 4,000 0 0 Actual return on plan assets (141) 256 0 0 Employer contributions 19 22 11 11 Settlements (1) 0 0 0 Benefit payments (233) (287) (11) (11) Exchange rate gains/(losses) (128) 97 0 0 End of the measurement period 3,604 4,088 0 0 Total funded status recognized (CHF million) Funded status of the plan – over/(underfunded) 653 698 (160) (173) Funded status recognized in the consolidated balance sheet as of December 31 653 698 (160) (173) Total amount recognized (CHF million) Noncurrent assets 1,001 1,058 0 0 Current liabilities (10) (11) (11) (11) Noncurrent liabilities (338) (349) (149) (162) Net amount recognized in the consolidated balance sheet as of December 31 653 698 (160) (173) ABO (CHF million) 2 End of the measurement period 2,921 3,351 160 173 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. The net amount recognized in the consolidated balance sheets as of December 31, 2018 and 2017 was an overfunding of CHF 493 million and CHF 525 million, respectively. In 2018 and 2017, the Bank made contributions of CHF 19 million and CHF 22 million, respectively, to the international single-employer defined benefit pension plans and CHF 11 million and CHF 11 million, respectively, to the other post-retirement defined benefit plans. In 2019 the Bank expects to contribute CHF 16 million to the international single-employer defined benefit pension plans and CHF 11 million to other post-retirement defined benefit plans. PBO or ABO in excess of plan assets The following table shows the aggregate PBO and ABO, as well as the aggregate fair value of plan assets for those plans with PBO in excess of plan assets and those plans with ABO in excess of plan assets as of December 31, 2018 and 2017, respectively. Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value 1 ABO exceeds fair value 1 December 31 2018 2017 2018 2017 PBO/ABO exceeded plan assets (CHF million) PBO 1,336 1,464 1,325 1,447 ABO 1,312 1,433 1,304 1,420 Fair value of plan assets 989 1,104 978 1,088 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. Amount recognized in AOCI and OCI The following table shows the actuarial gains/(losses) and prior service credit/(cost) which were recorded in AOCI and subsequently recognized as components of net periodic benefit costs. Amounts recognized in AOCI, net of tax International end of 2018 2017 2018 2017 2018 2017 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (327) (345) (23) (36) (350) (381) Prior service credit/(cost) (11) (1) 3 3 (8) 2 Total (338) (346) (20) (33) (358) (379) The following tables show the changes in OCI due to actuarial gains/(losses) and prior service credit/(cost) recognized in AOCI during 2018 and 2017 and the amortization of the aforementioned items as components of net periodic benefit costs for these periods, as well as the amounts expected to be amortized in 2019. Amounts recognized in OCI International single-employer Other post-retirement in Gross Tax Net Gross Tax Net Total net 2018 (CHF million) Actuarial gains/(losses) (26) 1 (25) 9 (2) 7 (18) Prior service credit/(cost) (10) 0 (10) 0 0 0 (10) Amortization of actuarial losses/(gains) 47 (4) 43 8 (2) 6 49 Total 11 (3) 8 17 (4) 13 21 2017 (CHF million) Actuarial gains/(losses) (48) 14 (34) (2) 1 (1) (35) Amortization of actuarial losses/(gains) 60 (7) 53 7 (3) 4 57 Total 12 7 19 5 (2) 3 22 Amounts in AOCI, net of tax, expected to be amortized International Amortization in 2019 (CHF million) Amortization of actuarial losses/(gains) 15 2 Amortization of prior service cost/(credit) 1 0 Total 16 2 Assumptions The measurement of both the net periodic benefit costs and the benefit obligation is determined using explicit assumptions, each of which individually represents the best estimate of a particular future event. Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation International single-employer Other post-retirement December 31 2018 2017 2016 2018 2017 2016 Net periodic benefit cost (%) Discount rate - service cost 2.96 2.92 4.05 3.86 4.03 4.50 Discount rate - interest cost 2.77 2.79 4.05 3.28 3.48 4.50 Salary increases 2.97 3.55 3.56 – – – Expected long-term rate of return on plan assets 3.22 3.88 5.07 – – – Benefit obligation (%) Discount rate 3.30 2.83 3.10 4.37 3.70 4.21 Salary increases 2.90 2.97 3.55 – – – Mortality tables and life expectancies for major plans Life expectancy at age 65 Life expectancy at age 65 aged 65 aged 45 aged 65 aged 45 December 31 2018 2017 2018 2017 2018 2017 2018 2017 Life expectancy (years) UK SAPS S2 light tables 1 23.7 23.8 25.3 25.4 24.8 24.8 26.5 26.6 US RP-2014 mortality tables 2 21.5 21.5 22.7 22.7 23.4 23.3 24.5 24.4 1 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included final CMI projections, with a long-term rate of improvement of 1.5% per annum. 2 The Retirement Projection 2014 (RP-2014) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale. Health care cost assumptions The health care cost trend is used to determine the appropriate other post-retirement defined benefit costs. In determining those costs, an annual weighted-average rate is assumed in the cost of covered health care benefits. The following table provides an overview of assumed health care cost trend rates and the sensitivity of a one percentage point increase or decrease of the rate. Health care cost trend rates and sensitivity in / end of 2018 2017 2016 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.7 8.3 8.3 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.1 0.1 0.2 One percentage point decrease in health care cost trend rates (0.1) (0.1) (0.2) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 3 3 4 One percentage point decrease in health care cost trend rates (3) (3) (4) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5.0% by 2026. The annual health care cost trend rate used to determine the defined benefit cost for 2019 is 8.7%. Plan assets and investment strategy As of December 31, 2018 and 2017, no Group debt or equity securities were included in plan assets for the international single-employer defined benefit pension plans. Fair value of plan assets The following tables present the plan assets measured at fair value on a recurring basis as of December 31, 2018 and 2017, for the Bank’s defined benefits plans. Plan assets measured at fair value on a recurring basis end of 2018 2017 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 86 123 0 0 209 70 133 0 0 203 Debt securities 1,889 846 0 328 3,063 1,991 1,080 0 370 3,441 of which governments 1,574 5 0 0 1,579 1,622 9 0 0 1,631 of which corporates 315 841 0 328 1,484 369 1,071 0 370 1,810 Equity securities 52 12 0 74 138 55 14 0 147 216 Real estate – indirect 0 0 0 29 29 0 0 0 27 27 Alternative investments 0 19 0 61 80 0 33 0 76 109 of which hedge funds 0 0 0 61 61 0 0 0 76 76 of which other 0 19 1 0 0 19 0 33 1 0 0 33 Other investments 0 85 0 0 85 0 92 0 0 92 Total plan assets at fair value 2,027 1,085 0 492 3,604 2,116 1,352 0 620 4,088 1 Primarily related to derivative instruments. Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2017 (CHF million) Debt securities – corporates 7 0 0 0 0 (7) 0 0 Total plan assets at fair value 7 0 0 0 0 (7) 0 0 Plan asset allocation The following table shows the plan asset allocation as of the measurement date calculated based on the fair value at that date including the performance of each asset class. Plan asset allocation December 31 2018 2017 Weighted-average (%) Cash and cash equivalents 5.8 5.0 Debt securities 85.0 84.0 Equity securities 3.8 5.3 Real estate 0.8 0.7 Alternative investments 2.2 2.7 Insurance 2.4 2.3 Total 100.0 100.0 The following table shows the target plan asset allocation for 2019 in accordance with the Bank’s investment strategy. The target plan asset allocation is used to determine the expected return on plan assets to be considered in the net periodic benefit costs for 2019. 2019 target plan asset allocation Weighted-average (%) Cash and cash equivalents 0.3 Debt securities 88.9 Equity securities 5.1 Real estate 0.6 Alternative investments 2.7 Insurance 2.4 Total 100.0 Estimated future benefit payments The following table shows the estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans. Estimated future benefit payments International Payments (CHF million) 2019 92 11 2020 90 12 2021 107 12 2022 98 12 2023 108 12 For five years thereafter 622 53 |
Derivatives and hedging activit
Derivatives and hedging activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivatives and hedging activities | 32 Derivatives and hedging activities Derivatives are generally either privately negotiated OTC contracts or standard contracts transacted through regulated exchanges. The Group’s most frequently used freestanding derivative products, entered into for trading and risk management purposes, include interest rate, credit default and cross-currency swaps, interest rate and foreign exchange options, foreign exchange forward contracts and foreign exchange and interest rate futures. The Group also enters into contracts that are not considered derivatives in their entirety but include embedded derivative features. Such transactions primarily include issued and purchased structured debt instruments where the return may be calculated by reference to an equity security, index or third-party credit risk, or that have non-standard interest or foreign exchange terms. On the date a derivative contract is entered into, the Group designates it as belonging to one of the following categories: – – – – – Trading activities The Group is active in most of the principal trading markets and transacts in many trading and hedging products. As noted above, this includes the use of swaps, futures, options and structured products, such as custom transactions using combinations of derivatives, in connection with its sales and trading activities. Trading activities include market making, positioning and arbitrage activities. The majority of the Group’s derivatives were used for trading activities. Economic hedges Economic hedges arise when the Group enters into derivative contracts for its own risk management purposes, but the contracts entered into do not qualify for hedge accounting under US GAAP. These economic hedges include the following types: – – – – – Derivatives used in economic hedges are included as trading assets or trading liabilities in the consolidated balance sheets. Hedge accounting Fair value hedges The Group designates fair value hedges as part of an overall interest rate risk management strategy that incorporates the use of derivative instruments to minimize fluctuations in earnings that are caused by interest rate volatility. In addition to hedging changes in fair value due to interest rate risk associated with fixed rate loans, repurchase agreements and long-term debt instruments, the Group uses: – – Cash flow hedges The Group designates cash flow hedges as part of its strategy to mitigate its risk to variability of cash flows on loans, deposits and other debt obligations by using interest rate swaps to convert variable rate assets or liabilities to fixed rates. The Group also uses cross-currency swaps to convert foreign-currency-denominated fixed and floating rate assets or liabilities to fixed rate assets or liabilities based on the currency profile to which the Group elects to be exposed. This includes, but is not limited to, Swiss francs and US dollars. Further, the Group uses derivatives to hedge its cash flows associated with forecasted transactions. As of the end of 2018, the maximum length of time over which the Group hedged its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was five years. Net investment hedges The Group designates net investment hedges as part of its strategy to hedge selected net investments in foreign operations against adverse movements in foreign exchange rates, typically using forward foreign exchange contracts. Hedge effectiveness assessment The Group assesses the effectiveness of hedging relationships both prospectively and retrospectively. The prospective assessment is made both at the inception of a hedging relationship and on an ongoing basis, and requires the Group to justify its expectation that the relationship will be highly effective over future periods. The retrospective assessment is also performed on an ongoing basis and requires the Group to determine whether or not the hedging relationship has actually been effective. If the Group concludes, through a retrospective evaluation, that hedge accounting is appropriate for the current period, then it measures the amount of hedge ineffectiveness to be recognized in earnings. Fair value of derivative instruments The tables below present gross derivative replacement values by type of contract and whether the derivative is used for trading purposes or in a qualifying hedging relationship. Notional amounts have also been provided as an indication of the volume of derivative activity within the Group. Information on bifurcated embedded derivatives has not been included in these tables. Under US GAAP, the Group elected to account for substantially all financial instruments with an embedded derivative that is not considered clearly and closely related to the host contract at fair value. > Refer to “Note 35 – Financial instruments” for further information. Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 7,477.7 3.6 3.7 0.0 0.0 0.0 Swaps 13,220.5 49.0 45.4 44.6 0.1 0.2 Options bought and sold (OTC) 2,027.6 17.0 17.1 0.0 0.0 0.0 Futures 256.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 111.1 0.3 0.3 0.0 0.0 0.0 Interest rate products 23,093.7 69.9 66.5 44.6 0.1 0.2 Forwards 1,124.5 9.5 10.5 12.0 0.1 0.1 Swaps 456.6 14.4 17.4 0.0 0.0 0.0 Options bought and sold (OTC) 313.0 3.9 4.3 0.0 0.0 0.0 Futures 10.7 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.3 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,906.1 27.8 32.2 12.0 0.1 0.1 Forwards 0.7 0.2 0.1 0.0 0.0 0.0 Swaps 152.6 4.0 5.1 0.0 0.0 0.0 Options bought and sold (OTC) 211.9 7.3 6.5 0.0 0.0 0.0 Futures 39.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 356.7 11.9 14.4 0.0 0.0 0.0 Equity/index-related products 761.1 23.4 26.1 0.0 0.0 0.0 Credit derivatives 2 469.4 5.4 6.6 0.0 0.0 0.0 Forwards 8.2 0.1 0.1 0.0 0.0 0.0 Swaps 13.5 1.5 0.6 0.0 0.0 0.0 Options bought and sold (OTC) 9.5 0.1 0.1 0.0 0.0 0.0 Futures 9.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.9 0.0 0.0 0.0 0.0 0.0 Other products 3 42.4 1.7 0.8 0.0 0.0 0.0 Total derivative instruments 26,272.7 128.2 132.2 56.6 0.2 0.3 The notional amount, PRV and NRV (trading and hedging) was CHF 26,329.3 billion, CHF 128.4 billion and CHF 132.5 billion, respectively, as of December 31, 2018. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value of derivative instruments (continued) Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,509.3 1.2 1.2 0.0 0.0 0.0 Swaps 13,047.8 60.4 56.6 46.8 0.2 0.2 Options bought and sold (OTC) 2,374.5 25.2 24.0 0.0 0.0 0.0 Futures 547.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 419.2 0.2 0.3 0.0 0.0 0.0 Interest rate products 24,898.6 87.0 82.1 46.8 0.2 0.2 Forwards 1,387.9 10.7 11.1 13.3 0.0 0.2 Swaps 581.1 15.2 19.9 0.0 0.0 0.0 Options bought and sold (OTC) 414.8 4.6 4.8 2.1 0.0 0.0 Futures 13.0 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 5.4 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,402.2 30.5 35.8 15.4 0.0 0.2 Forwards 0.9 0.0 0.1 0.0 0.0 0.0 Swaps 198.7 3.8 4.9 0.0 0.0 0.0 Options bought and sold (OTC) 221.3 8.3 7.9 0.0 0.0 0.0 Futures 32.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 373.2 9.3 10.3 0.0 0.0 0.0 Equity/index-related products 826.9 21.4 23.2 0.0 0.0 0.0 Credit derivatives 2 524.9 7.7 8.9 0.0 0.0 0.0 Forwards 7.0 0.0 0.1 0.0 0.0 0.0 Swaps 17.9 1.5 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 10.1 0.1 0.0 0.0 0.0 0.0 Futures 15.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.1 0.0 0.0 0.0 0.0 0.0 Other products 3 52.7 1.6 1.5 0.0 0.0 0.0 Total derivative instruments 28,705.3 148.2 151.5 62.2 0.2 0.4 The notional amount, PRV and NRV (trading and hedging) was CHF 28,767.5 billion, CHF 148.4 billion and CHF 151.9 billion, respectively, as of December 31, 2017. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value hedges in 2018 2017 2016 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (415) (285) (116) Total (415) (285) (116) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 423 290 111 Total 423 290 111 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion 8 5 (5) Represents gains/(losses) recognized in trading revenues. Cash flow hedges in 2018 2017 2016 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products (76) (56) (5) Foreign exchange products (95) (30) (9) Total (171) (86) (14) Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 1 (85) (11) 29 Foreign exchange products (48) 2,3,4 (24) 2,3 (16) 2,3,4 Total (133) (35) 13 Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portion 2 0 (1) (1) Represents gains/(losses) on effective portion. 1 Included in interest and dividend income. 2 Included in trading revenues. 3 Included in other revenues. 4 Included in total other operating expenses. The net loss associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 53 million. Net investment hedges in 2018 2017 2016 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products 133 (475) (536) Total 133 (475) (536) 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 7 – 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. Such derivative contracts are reflected at close-out costs. 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 2018 2017 Special Special Contingent credit risk (CHF billion) Current net exposure 3.6 0.1 0.3 4.0 5.4 0.1 1.2 6.7 Collateral posted 3.4 0.1 – 3.5 4.4 0.1 – 4.5 Impact of a one-notch downgrade event 0.2 0.0 0.0 0.2 0.2 0.1 0.1 0.4 Impact of a two-notch downgrade event 0.9 0.0 0.1 1.0 0.9 0.2 0.5 1.6 Impact of a three-notch downgrade event 1.0 0.1 0.2 1.3 1.0 0.4 0.7 2.1 The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively. Credit derivatives Credit derivatives are contractual agreements in which the buyer generally pays a fee in exchange for a contingent payment by the seller if there is a credit event on the underlying referenced entity or asset. They are generally privately negotiated OTC contracts, with numerous settlement and payment terms, and most are structured so that they specify the occurrence of an identifiable credit event, which can include bankruptcy, insolvency, receivership, material adverse restructuring of debt or failure to meet obligations when due. The Group enters into credit derivative contracts in the normal course of business, buying and selling protection to facilitate client transactions and as a market maker. This includes providing structured credit products for its clients to enable them to hedge their credit risk. The referenced instruments of these structured credit products are both investment grade and non-investment grade and could include corporate bonds, sovereign debt, ABS and loans. These instruments can be formed as single items (single-named instruments) or combined on a portfolio basis (multi-named instruments). The Group purchases protection to economically hedge various forms of credit exposure, for example, the economic hedging of loan portfolios or other cash positions. Finally, the Group also takes proprietary positions which can take the form of either purchased or sold protection. The credit derivatives most commonly transacted by the Group are CDS and credit swaptions. CDSs are contractual agreements in which the buyer of the swap pays an upfront and/or a periodic fee in return for a contingent payment by the seller of the swap following a credit event of the referenced entity or asset. Credit swaptions are options with a specified maturity to buy or sell protection under a CDS on a specific referenced credit event. In addition, to reduce its credit risk, the Group enters into legally enforceable netting agreements with its derivative counterparties. Collateral on these derivative contracts is usually posted on a net counterparty basis and cannot be allocated to a particular derivative contract. > Refer to “Note 27 – Offsetting of financial assets and financial liabilities” for further information on netting. Credit protection sold Credit protection sold is the maximum potential payout, which is based on the notional value of derivatives and represents the amount of future payments that the Group would be required to make as a result of credit risk-related events. The Group believes that the maximum potential payout is not representative of the actual loss exposure based on historical experience. This amount has not been reduced by the Group’s rights to the underlying assets and the related cash flows. In accordance with most credit derivative contracts, should a credit event (or settlement trigger) occur, the Group is usually liable for the difference between the credit protection sold and the recourse it holds in the value of the underlying assets. The maximum potential amount of future payments has not been reduced for any cash collateral paid to a given counterparty as such payments would be calculated after netting all derivative exposures, including any credit derivatives with that counterparty in accordance with a related master netting agreement. Due to such netting processes, determining the amount of collateral that corresponds to credit derivative exposures only is not possible. To reflect the quality of the payment risk on credit protection sold, the Group assigns an internally generated rating to those instruments referenced in the contracts. Internal ratings are assigned by experienced credit analysts based on expert judgment that incorporates analysis and evaluation of both quantitative and qualitative factors. The specific factors analyzed, and their relative importance, are dependent on the type of counterparty. The analysis emphasizes a forward-looking approach, concentrating on economic trends and financial fundamentals, and making use of peer analysis, industry comparisons and other quantitative tools. External ratings and market information are also used in the analysis process where available. Credit protection purchased Credit protection purchased represents those instruments where the underlying reference instrument is identical to the reference instrument of the credit protection sold. The maximum potential payout amount of credit protection purchased for each individual identical underlying reference instrument may be greater or lower than the notional amount of protection sold. The Group also considers estimated recoveries that it would receive if the specified credit event occurred, including both the anticipated value of the underlying referenced asset that would, in most instances, be transferred to the Group and the impact of any purchased protection with an identical reference instrument and product type. Other protection purchased In the normal course of business, the Group purchases protection to offset the risk of credit protection sold that may have similar, but not identical, reference instruments, and may use similar, but not identical, products, which reduces the total credit derivative exposure. Other protection purchased is based on the notional value of the instruments. The Group purchases its protection from banks and broker dealers, other financial institutions and other counterparties. Fair value of credit protection sold The fair values of the credit protection sold give an indication of the amount of payment risk, as the negative fair values increase when the potential payment under the derivative contracts becomes more probable. Credit protection sold/purchased The following tables do not include all credit derivatives and differ from the credit derivatives in the “Fair value of derivative instruments” table. This is due to the exclusion of certain credit derivative instruments under US GAAP, which defines a credit derivative as a derivative instrument (a) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit risk-related events specified in the contract. Total return swaps (TRS) of CHF 9.7 billion and CHF 6.7 billion as of December 31, 2018 and 2017, 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 2018 2017 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (46.0) 43.1 (2.9) 11.8 0.2 (57.6) 53.8 (3.8) 15.3 0.9 Non-investment grade (26.2) 24.3 (1.9) 17.7 (0.2) (28.2) 25.5 (2.7) 14.3 0.5 Total single-name instruments (72.2) 67.4 (4.8) 29.5 0.0 (85.8) 79.3 (6.5) 29.6 1.4 of which sovereign (16.4) 15.0 (1.4) 5.5 (0.1) (21.0) 19.2 (1.8) 6.2 0.2 of which non-sovereign (55.8) 52.4 (3.4) 24.0 0.1 (64.8) 60.1 (4.7) 23.4 1.2 Multi-name instruments (CHF billion) Investment grade 2 (102.9) 102.4 (0.5) 25.1 (0.8) (107.1) 104.7 (2.4) 59.3 0.7 Non-investment grade (26.5) 25.3 (1.2) 8.4 3 0.1 (21.0) 19.6 (1.4) 12.0 3 0.9 Total multi-name instruments (129.4) 127.7 (1.7) 33.5 (0.7) (128.1) 124.3 (3.8) 71.3 1.6 of which sovereign (0.2) 0.2 0.0 0.0 0.0 (0.3) 0.3 0.0 0.3 0.0 of which non-sovereign (129.2) 127.5 (1.7) 33.5 (0.7) (127.8) 124.0 (3.8) 71.0 1.6 Total instruments (CHF billion) Investment grade 2 (148.9) 145.5 (3.4) 36.9 (0.6) (164.7) 158.5 (6.2) 74.6 1.6 Non-investment grade (52.7) 49.6 (3.1) 26.1 (0.1) (49.2) 45.1 (4.1) 26.3 1.4 Total instruments (201.6) 195.1 (6.5) 63.0 (0.7) (213.9) 203.6 (10.3) 100.9 3.0 of which sovereign (16.6) 15.2 (1.4) 5.5 (0.1) (21.3) 19.5 (1.8) 6.5 0.2 of which non-sovereign (185.0) 179.9 (5.1) 57.5 (0.6) (192.6) 184.1 (8.5) 94.4 2.8 1 Represents credit protection purchased with identical underlyings and recoveries. 2 Based on internal ratings of BBB and above. 3 Includes synthetic securitized loan portfolios. The following table reconciles the notional amount of credit derivatives included in the table “Fair value of derivative instruments” to the table “Credit protection sold/purchased”. Credit derivatives end of 2018 2017 Credit derivatives (CHF billion) Credit protection sold 201.6 213.9 Credit protection purchased 195.1 203.6 Other protection purchased 63.0 100.9 Other instruments 1 9.7 6.5 Total credit derivatives 469.4 524.9 1 Consists of total return swaps and other derivative instruments. The segregation of the future payments by maturity range and underlying risk gives an indication of the current status of the potential for performance under the derivative contracts. Maturity of credit protection sold Maturity Maturity Maturity 2018 (CHF billion) Single-name instruments 13.1 54.9 4.2 72.2 Multi-name instruments 28.8 80.6 20.0 129.4 Total instruments 41.9 135.5 24.2 201.6 2017 (CHF billion) Single-name instruments 21.6 59.4 4.8 85.8 Multi-name instruments 31.2 79.9 17.0 128.1 Total instruments 52.8 139.3 21.8 213.9 |
Bank | |
Derivatives and hedging activities | 31 Derivatives and hedging activities > Refer to “Note 32 – Derivatives and hedging activities” in VI – Consolidated financial statements – Credit Suisse Group for further information. Hedge accounting Cash flow hedges As of the end of 2018, the maximum length of time over which the Bank hedged its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, was five years. Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 7,477.7 3.6 3.7 0.0 0.0 0.0 Swaps 13,221.5 49.0 45.4 44.6 0.1 0.2 Options bought and sold (OTC) 2,027.6 17.0 17.1 0.0 0.0 0.0 Futures 256.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 111.1 0.3 0.3 0.0 0.0 0.0 Interest rate products 23,094.7 69.9 66.5 44.6 0.1 0.2 Forwards 1,124.5 9.5 10.5 12.0 0.1 0.1 Swaps 456.6 14.4 17.4 0.0 0.0 0.0 Options bought and sold (OTC) 313.0 3.9 4.3 0.0 0.0 0.0 Futures 10.7 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.3 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,906.1 27.8 32.2 12.0 0.1 0.1 Forwards 0.7 0.2 0.1 0.0 0.0 0.0 Swaps 152.9 4.1 5.0 0.0 0.0 0.0 Options bought and sold (OTC) 212.3 7.3 6.7 0.0 0.0 0.0 Futures 39.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 356.7 11.9 14.4 0.0 0.0 0.0 Equity/index-related products 761.8 23.5 26.2 0.0 0.0 0.0 Credit derivatives 2 469.4 5.4 6.6 0.0 0.0 0.0 Forwards 8.2 0.1 0.1 0.0 0.0 0.0 Swaps 13.5 1.5 0.6 0.0 0.0 0.0 Options bought and sold (OTC) 9.5 0.1 0.1 0.0 0.0 0.0 Futures 9.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.9 0.0 0.0 0.0 0.0 0.0 Other products 3 42.4 1.7 0.8 0.0 0.0 0.0 Total derivative instruments 26,274.4 128.3 132.3 56.6 0.2 0.3 The notional amount, PRV and NRV (trading and hedging) was CHF 26,331.0 billion, CHF 128.5 billion and CHF 132.6 billion, respectively, as of December 31, 2018. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value of derivative instruments (continued) Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,509.3 1.2 1.2 0.0 0.0 0.0 Swaps 13,048.8 60.4 56.3 46.8 0.2 0.2 Options bought and sold (OTC) 2,374.5 25.2 24.0 0.0 0.0 0.0 Futures 547.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 419.2 0.2 0.3 0.0 0.0 0.0 Interest rate products 24,899.6 87.0 81.8 46.8 0.2 0.2 Forwards 1,387.9 10.7 11.1 13.3 0.0 0.2 Swaps 581.1 15.2 19.9 0.0 0.0 0.0 Options bought and sold (OTC) 414.8 4.6 4.8 2.1 0.0 0.0 Futures 13.0 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 5.4 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,402.2 30.5 35.8 15.4 0.0 0.2 Forwards 0.9 0.0 0.1 0.0 0.0 0.0 Swaps 199.1 3.8 4.9 0.0 0.0 0.0 Options bought and sold (OTC) 221.8 8.6 8.5 0.0 0.0 0.0 Futures 32.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 373.2 9.3 10.3 0.0 0.0 0.0 Equity/index-related products 827.8 21.7 23.8 0.0 0.0 0.0 Credit derivatives 2 524.9 7.7 8.9 0.0 0.0 0.0 Forwards 7.0 0.0 0.1 0.0 0.0 0.0 Swaps 17.9 1.5 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 10.1 0.1 0.0 0.0 0.0 0.0 Futures 15.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.1 0.0 0.0 0.0 0.0 0.0 Other products 3 52.7 1.6 1.5 0.0 0.0 0.0 Total derivative instruments 28,707.2 148.5 151.8 62.2 0.2 0.4 The notional amount, PRV and NRV (trading and hedging) was CHF 28,769.4 billion, CHF 148.7 billion and CHF 152.2 billion, respectively, as of December 31, 2017. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value hedges in 2018 2017 2016 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (415) (285) (116) Total (415) (285) (116) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 423 290 111 Total 423 290 111 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portions 8 5 (5) Represents gains/(losses) recognized in trading revenues. Cash flow hedges in 2018 2017 2016 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products (76) (56) (5) Foreign exchange products (86) (31) (3) Total (162) (87) (8) Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 1 (85) (11) 29 Foreign exchange products (42) 2,3 (17) 2 (7) 3 Total (127) (28) 22 Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portions 2 0 (1) (1) Represents gains/(losses) on effective portion. 1 Included in interest and other dividend income. 2 Included in trading revenues. 3 Included in total other operating expenses. The net loss associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 39 million. Net investment hedges in 2018 2017 2016 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products 131 (475) (537) Total 131 (475) (537) Represents gains/(losses) on effective portion. The Bank includes all derivative instruments not included in hedge accounting relationships in its trading activities. > Refer to “Note 7 – Trading revenues” for gains and losses on trading activities by product type. Disclosures relating to contingent credit risk The following table provides the Bank’s current net exposure from contingent credit risk relating to derivative contracts with bilateral counterparties and special purpose entities (SPEs) that include credit support agreements, the related collateral posted and the additional collateral required in a one-notch, two-notch and a three-notch downgrade event, respectively. The table also includes derivative contracts with contingent credit risk features without credit support agreements that have accelerated termination event conditions. The current net exposure for derivative contracts with bilateral counterparties and contracts with accelerated termination event conditions is the aggregate fair value of derivative instruments that were in a net liability position. For SPEs, the current net exposure is the contractual amount that is used to determine the collateral payable in the event of a downgrade. The contractual amount could include both the negative replacement value and a percentage of the notional value of the derivative. Contingent credit risk 2018 2017 Special Special Contingent credit risk (CHF billion) Current net exposure 3.6 0.1 0.3 4.0 5.4 0.1 1.2 6.7 Collateral posted 3.4 0.1 – 3.5 4.4 0.1 – 4.5 Impact of a one-notch downgrade event 0.2 0.0 0.0 0.2 0.2 0.1 0.1 0.4 Impact of a two-notch downgrade event 0.9 0.0 0.1 1.0 0.9 0.2 0.5 1.6 Impact of a three-notch downgrade event 1.0 0.1 0.2 1.3 1.0 0.4 0.7 2.1 The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively. Credit derivatives > Refer to “Note 32 – Derivatives and hedging activities” in VI – Consolidated financial statements – Credit Suisse Group for further information. Credit protection sold/purchased The following tables do not include all credit derivatives and differ from the credit derivatives in the “Fair value of derivative instruments” table. This is due to the exclusion of certain credit derivative instruments under US GAAP, which defines a credit derivative as a derivative instrument (a) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (b) that exposes the seller to potential loss from credit risk-related events specified in the contract. Total return swaps (TRS) of CHF 9.7 billion and CHF 6.7 billion as of December 31, 2018 and 2017, 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 2018 2017 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (46.0) 43.1 (2.9) 11.8 0.2 (57.6) 53.8 (3.8) 15.3 0.9 Non-investment grade (26.2) 24.3 (1.9) 17.7 (0.2) (28.2) 25.5 (2.7) 14.3 0.5 Total single-name instruments (72.2) 67.4 (4.8) 29.5 0.0 (85.8) 79.3 (6.5) 29.6 1.4 of which sovereign (16.4) 15.0 (1.4) 5.5 (0.1) (21.0) 19.2 (1.8) 6.2 0.2 of which non-sovereign (55.8) 52.4 (3.4) 24.0 0.1 (64.8) 60.1 (4.7) 23.4 1.2 Multi-name instruments (CHF billion) Investment grade 2 (102.9) 102.4 (0.5) 25.1 (0.8) (107.1) 104.7 (2.4) 59.3 0.7 Non-investment grade (26.5) 25.3 (1.2) 8.4 3 0.1 (21.0) 19.6 (1.4) 12.0 3 0.9 Total multi-name instruments (129.4) 127.7 (1.7) 33.5 (0.7) (128.1) 124.3 (3.8) 71.3 1.6 of which sovereign (0.2) 0.2 0.0 0.0 0.0 (0.3) 0.3 0.0 0.3 0.0 of which non-sovereign (129.2) 127.5 (1.7) 33.5 (0.7) (127.8) 124.0 (3.8) 71.0 1.6 Total instruments (CHF billion) Investment grade 2 (148.9) 145.5 (3.4) 36.9 (0.6) (164.7) 158.5 (6.2) 74.6 1.6 Non-investment grade (52.7) 49.6 (3.1) 26.1 (0.1) (49.2) 45.1 (4.1) 26.3 1.4 Total instruments (201.6) 195.1 (6.5) 63.0 (0.7) (213.9) 203.6 (10.3) 100.9 3.0 of which sovereign (16.6) 15.2 (1.4) 5.5 (0.1) (21.3) 19.5 (1.8) 6.5 0.2 of which non-sovereign (185.0) 179.9 (5.1) 57.5 (0.6) (192.6) 184.1 (8.5) 94.4 2.8 1 Represents credit protection purchased with identical underlyings and recoveries. 2 Based on internal ratings of BBB and above. 3 Includes synthetic securitized loan portfolios. The following table reconciles the notional amount of credit derivatives included in the table “Fair value of derivative instruments” to the table “Credit protection sold/purchased”. Credit derivatives end of 2018 2017 Credit derivatives (CHF billion) Credit protection sold 201.6 213.9 Credit protection purchased 195.1 203.6 Other protection purchased 63.0 100.9 Other instruments 1 9.7 6.5 Total credit derivatives 469.4 524.9 1 Consists of total return swaps and other derivative instruments. Maturity of credit protection sold Maturity Maturity Maturity 2018 (CHF billion) Single-name instruments 13.1 54.9 4.2 72.2 Multi-name instruments 28.8 80.6 20.0 129.4 Total instruments 41.9 135.5 24.2 201.6 2017 (CHF billion) Single-name instruments 21.6 59.4 4.8 85.8 Multi-name instruments 31.2 79.9 17.0 128.1 Total instruments 52.8 139.3 21.8 213.9 |
Guarantees and commitments
Guarantees and commitments | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees and commitments | 33 Guarantees and commitments Guarantees In the ordinary course of business, guarantees are provided that contingently obligate the Group 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. Guarantees Maturity Maturity Maturity Maturity 1 2018 (CHF million) Credit guarantees and similar instruments 2,228 439 218 398 3,283 3,194 14 1,748 Performance guarantees and similar instruments 5,008 1,344 552 240 7,144 6,278 44 3,153 Derivatives 2 17,594 3,995 1,256 778 23,623 23,623 919 – 3 Other guarantees 4,325 1,405 640 517 6,887 6,814 56 4,169 Total guarantees 29,155 7,183 2,666 1,933 40,937 39,909 1,033 9,070 2017 (CHF million) Credit guarantees and similar instruments 1,817 520 314 435 3,086 2,837 12 1,603 Performance guarantees and similar instruments 4,931 1,639 373 200 7,143 6,216 44 3,012 Derivatives 2 15,520 6,860 1,397 727 24,504 24,504 403 – 3 Other guarantees 4,461 1,006 708 503 6,678 6,673 47 3,833 Total guarantees 26,729 10,025 2,792 1,865 41,411 40,230 506 8,448 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not significant. Credit guarantees and similar instruments Credit guarantees and similar instruments are contracts that require the Group to make payments should a third party fail to do so under a specified existing credit obligation. The position includes standby letters of credit, commercial and residential mortgage guarantees and other guarantees associated with VIEs. Standby letters of credit are made in connection with the corporate lending business and other corporate activities, where the Group provides guarantees to counterparties in the form of standby letters of credit, which represent obligations to make payments to third parties if the counterparties fail to fulfill their obligations under a borrowing arrangement or other contractual obligation. Commercial and residential mortgage guarantees are made in connection with the Group’s commercial mortgage activities in the US, where the Group sells certain commercial and residential mortgages to Fannie Mae and agrees to bear a percentage of the losses triggered by the borrowers failing to perform on the mortgage. The Group also issues guarantees that require it to reimburse Fannie Mae for losses on certain whole loans underlying mortgage-backed securities issued by Fannie Mae, which are triggered by borrowers failing to perform on the underlying mortgages. The Group also provides guarantees to VIEs and other counterparties under which it may be required to buy assets from such entities upon the occurrence of certain triggering events such as rating downgrades and/or substantial decreases in the fair value of those assets. Performance guarantees and similar instruments Performance guarantees and similar instruments are arrangements that require contingent payments to be made when certain performance-related targets or covenants are not met. Such covenants may include a customer’s obligation to deliver certain products and services or to perform under a construction contract. Performance guarantees are frequently executed as part of project finance transactions. The position includes private equity fund guarantees and guarantees related to residential mortgage securitization activities. For private equity fund guarantees, the Group has provided investors in private equity funds sponsored by a Group entity guarantees on potential obligations of certain general partners to return amounts previously paid as carried interest to those general partners if the performance of the remaining investments declines. To manage its exposure, the Group generally withholds a portion of carried interest distributions to cover any repayment obligations. In addition, pursuant to certain contractual arrangements, the Group is obligated to make cash payments to certain investors in certain private equity funds if specified performance thresholds are not met. Further, as part of the Group’s residential mortgage securitization activities in the US, the Group may guarantee the collection by the servicer and remittance to the securitization trust of prepayment penalties. The Group will have to perform under these guarantees in the event the servicer fails to remit the prepayment penalties. Derivatives Derivatives which may also have the characteristics of a guarantee are issued in the ordinary course of business, generally in the form of written put options. Such derivative contracts do not meet the characteristics of a guarantee if they are cash settled and the Group has no basis to conclude it is probable that the counterparties held, at inception, the underlying instruments related to the derivative contracts. The Group has concluded that these conditions were met for certain active commercial and investment banks and certain other counterparties, and accordingly, the Group has reported such contracts as derivatives only. The Group manages its exposure to these derivatives by engaging in various hedging strategies to reduce its exposure. For some contracts, such as written interest rate caps or foreign exchange options, the maximum payout is not determinable as interest rates or exchange rates could theoretically rise without limit. For these contracts, notional amounts were disclosed in the table above in order to provide an indication of the underlying exposure. In addition, the Group carries all derivatives at fair value in the consolidated balance sheets and has considered the performance triggers and probabilities of payment when determining those fair values. It is more likely than not that written put options that are in-the-money to the counterparty will be exercised, for which the Group’s exposure was limited to the carrying value reflected in the table. Other guarantees Other guarantees include bankers’ acceptances, residual value guarantees, deposit insurance, contingent considerations in business combinations, the minimum value of an investment in mutual funds or private equity funds and all other guarantees that were not allocated to one of the categories above. Deposit-taking banks and securities dealers in Switzerland and certain other European countries are required to ensure the payout of privileged deposits in case of specified restrictions or compulsory liquidation of a deposit-taking bank. In Switzerland, deposit-taking banks and securities dealers jointly guarantee an amount of up to CHF 6 billion. Upon occurrence of a payout event triggered by a specified restriction of business imposed by FINMA or by the compulsory liquidation of another deposit-taking bank, the Group’s contribution will be calculated based on its share of privileged deposits in proportion to total privileged deposits. Based on FINMA’s estimate for the Group’s banking subsidiaries in Switzerland, the Group’s share in the deposit insurance guarantee program for the period July 1, 2018 to June 30, 2019 is CHF 0.5 billion. These deposit insurance guarantees were reflected in other guarantees. Representations and warranties on residential mortgage loans sold In connection with the Global Markets 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 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 2018, the Group received repurchase claims for residential mortgage loans that were not significant, and loans repurchased during this period and related losses were not material. The balance of outstanding repurchase claims as of the end of 2018 was not significant. Repurchase claims on residential mortgage loans sold that are subject to arbitration or litigation proceedings, or become so during the reporting period, are not included in this Guarantees and commitments disclosure but are addressed in litigation and related loss contingencies and provisions. The Group is involved in litigation relating to representations and warranties on residential mortgages sold. > Refer to “Note 39 – Litigation” for further information. Disposal-related contingencies and other indemnifications The Group has certain guarantees for which its maximum contingent liability cannot be quantified. These guarantees are not reflected in the “Guarantees” table and are discussed below. Disposal-related contingencies In connection with the sale of assets or businesses, the Group sometimes provides the acquirer with certain indemnification provisions. These indemnification provisions vary by counterparty in scope and duration and depend upon the type of assets or businesses sold. They are designed to transfer the potential risk of certain unquantifiable and unknowable loss contingencies, such as litigation, tax and intellectual property matters, from the acquirer to the seller. The Group closely monitors all such contractual agreements in order to ensure that indemnification provisions are adequately provided for in the Group’s consolidated financial statements. Other indemnifications The Group provides indemnifications to certain counterparties in connection with its normal operating activities for which it is not possible to estimate the maximum amount that it could be obligated to pay. As a normal part of issuing its own securities, the Group typically agrees to reimburse holders for additional tax withholding charges or assessments resulting from changes in applicable tax laws or the interpretation of those laws. Securities that include these agreements to pay additional amounts generally also include a related redemption or call provision if the obligation to pay the additional amounts results from a change in law or its interpretation and the obligation cannot be avoided by the issuer taking reasonable steps to avoid the payment of additional amounts. Since such potential obligations are dependent on future changes in tax laws, the related liabilities the Group may incur as a result of such changes cannot be reasonably estimated. In light of the related call provisions typically included, the Group does not expect any potential liabilities in respect of tax gross-ups to be material. The Group is a member of numerous securities exchanges and clearing houses and may, as a result of its membership arrangements, be required to perform if another member defaults and available amounts as defined in the relevant exchange’s or clearing house’s default waterfalls are not sufficient to cover losses of another member’s default. The exchange’s or clearing house’s default management procedures may provide for cash calls to non-defaulting members which may be limited to the amount (or a multiple of the amount) of the Group’s contribution to the guarantee fund. However, if these cash calls are not sufficient to cover losses, the default waterfall and default management procedures may foresee further loss allocation. Furthermore, some clearing house arrangements require members to assume a proportionate share of non-default losses, if such losses exceed the specified resources allocated for such purpose by the clearing house. Non-default losses result from the clearing house’s investment of guarantee fund contributions and initial margin or are other losses unrelated to the default of a clearing member. The Group has determined that it is not possible to reasonably estimate the maximum potential amount of future payments due under the membership arrangements. In addition, the Group believes that any potential requirement to make payments under these membership arrangements is remote. Lease commitments CHF million 2019 501 2020 445 2021 331 2022 306 2023 261 Thereafter 1,980 Future operating lease commitments 3,824 Less minimum non-cancellable sublease rentals 190 Total net future minimum lease commitments 3,634 Rental expense for operating leases in 2018 2017 2016 CHF million Minimum rental expense 516 575 550 Sublease rental income (54) (65) (89) Total net expenses for operating leases 462 510 461 Operating lease commitments The Group has contractual commitments under operating lease arrangements for certain premises and equipment. Under operating leases, the leased property is not reported on the balance sheet of the lessee. Lease payments required by the contract are generally expensed on a straight-line basis over the term of the lease. The related commitments for future rental expenses under operating leases are included in the table “Lease commitments”. From time to time, the Group may enter into sale-leaseback transactions, in which an asset is sold and immediately leased back. If specific criteria are met, such asset is derecognized from the balance sheet and an operating lease is recognized. If the present value of the lease payments is equal to or higher than 10% of the fair value of the property sold, any resulting gains up to an amount equal to the present value of the lease payments are deferred and recognized in the statement of operations over the term of the lease as a reduction of rental expense. Gains on sale-leaseback transactions for which the lease payments are lower than 10% of the fair value of the property sold or gains in excess of the present value of the lease payments are recognized in the statements of operations upon completion of the sale. Sale-leaseback transactions During 2018, the Group entered into one sale-leaseback transaction in respect of own property, which was recognized as an operating lease arrangement with a lease term of ten years. In 2017, we did not enter into any sale-leaseback transactions, and in 2016, the Group entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between one and five years. The total contractual rental expenses were CHF 5 million for the 2018 sale-leaseback transaction and CHF 30 million for the 2016 sale-leaseback transactions. Other commitments Maturity Maturity Maturity Maturity 1 2018 (CHF million) Irrevocable commitments under documentary credits 5,056 182 0 0 5,238 5,077 3,651 Irrevocable loan commitments 2 26,882 34,188 45,938 9,065 116,073 111,967 57,153 Forward reverse repurchase agreements 31 0 0 0 31 31 31 Other commitments 329 11 119 33 492 492 4 Total other commitments 32,298 34,381 46,057 9,098 121,834 117,567 60,839 2017 (CHF million) Irrevocable commitments under documentary credits 4,976 113 1 1 5,091 5,000 3,218 Irrevocable loan commitments 2 24,296 33,649 40,425 8,031 106,401 101,270 42,307 Forward reverse repurchase agreements 12 0 0 0 12 12 12 Other commitments 219 13 11 104 347 347 0 Total other commitments 29,503 33,775 40,437 8,136 111,851 106,629 45,537 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 113,580 million and CHF 108,663 million of unused credit limits as of December 31, 2018 and 2017, respectively, which were revocable at the Group's sole discretion upon notice to the client. Other commitments Irrevocable commitments under documentary credits Irrevocable commitments under documentary credits include exposures from trade finance related to commercial letters of credit under which the Group guarantees payments to exporters against presentation of shipping and other documents. Irrevocable loan commitments Irrevocable loan commitments are irrevocable credit facilities extended to clients and include fully or partially undrawn commitments that are legally binding and cannot be unconditionally cancelled by the Group. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes and are not included in this disclosure. Such commitments are reflected as derivatives in the consolidated balance sheets. Forward reverse repurchase agreements Forward reverse repurchase agreements represent transactions in which the initial cash exchange of the reverse repurchase transactions takes place on specified future dates. The Group enters into forward reverse repurchase agreements with counterparties that may have existing funded reverse repurchase agreements. Depending on the details of the counterparty contract with Credit Suisse, both a counterparty’s existing funded reverse repurchase agreement and any forward reverse repurchase agreements under contract with the same counterparty are considered. Other commitments Other commitments include private equity commitments, firm commitments in underwriting securities, commitments arising from deferred payment letters of credit and from acceptances in circulation and liabilities for call and put options on shares and other equity instruments. |
Bank | |
Guarantees and commitments | 32 Guarantees and commitments Guarantees Maturity Maturity Maturity Maturity 1 2018 (CHF million) Credit guarantees and similar instruments 2,229 439 218 402 3,288 3,199 14 1,752 Performance guarantees and similar instruments 5,008 1,344 552 240 7,144 6,278 44 3,153 Derivatives 2 17,594 3,995 1,256 778 23,623 23,623 919 – 3 Other guarantees 4,325 1,405 640 517 6,887 6,814 56 4,169 Total guarantees 29,156 7,183 2,666 1,937 40,942 39,914 1,033 9,074 2017 (CHF million) Credit guarantees and similar instruments 1,820 520 314 435 3,089 2,840 12 1,603 Performance guarantees and similar instruments 4,931 1,639 373 200 7,143 6,216 44 3,012 Derivatives 2 15,520 6,860 1,397 727 24,504 24,504 403 – 3 Other guarantees 4,461 1,006 708 503 6,678 6,673 47 3,833 Total guarantees 26,732 10,025 2,792 1,865 41,414 40,233 506 8,448 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not significant. > Refer to “Note 33 – Guarantees and commitments” in VI – Consolidated financial statements – Credit Suisse Group for further information. Deposit-taking banks and securities dealers in Switzerland and certain other European countries are required to ensure the payout of privileged deposits in case of specified restrictions or compulsory liquidation of a deposit-taking bank. In Switzerland, deposit-taking banks and securities dealers jointly guarantee an amount of up to CHF 6 billion. Upon occurrence of a payout event triggered by a specified restriction of business imposed by the Swiss Financial Market Supervisory Authority FINMA (FINMA) or by the compulsory liquidation of another deposit-taking bank, the Bank’s contribution will be calculated based on its share of privileged deposits in proportion to total privileged deposits. Based on FINMA’s estimate for the Bank, the Bank’s share in the deposit insurance guarantee program for the period July 1, 2018 to June 30, 2019 is CHF 0.5 billion. These deposit insurance guarantees were reflected in other guarantees. Representations and warranties on residential mortgage loans sold In connection with the Global Markets division’s sale of US residential mortgage loans, the Bank has provided certain representations and warranties relating to the loans sold. Lease commitments CHF million 2019 427 2020 376 2021 262 2022 239 2023 198 Thereafter 1,292 Future operating lease commitments 2,794 Less minimum non-cancellable sublease rentals 436 Total net future minimum lease commitments 2,358 Rental expense for operating leases in 2018 2017 2016 CHF million Minimum rental expense 446 528 550 Sublease rental income (66) (65) (89) Total net expenses for operating leases 380 463 461 Operating lease commitments Sale-leaseback transactions During 2018, we entered into one sale-leaseback transaction in respect of own property, which was recognized as an operating lease arrangement with a lease term of ten years. In 2017, we did not enter into any sale-leaseback transactions, and in 2016, the Bank entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of two years. The total contractual rental expenses were CHF 5 million for the 2018 sale-leaseback transaction and CHF 19 million for the 2016 sale-leaseback transactions. Other commitments Maturity Maturity Maturity Maturity 1 2018 (CHF million) Irrevocable commitments under documentary credits 5,056 182 0 0 5,238 5,077 3,651 Irrevocable loan commitments 26,882 34,188 45,938 9,065 116,073 2 111,967 57,153 Forward reverse repurchase agreements 31 0 0 0 31 31 31 Other commitments 329 11 119 33 492 492 4 Total other commitments 32,298 34,381 46,057 9,098 121,834 117,567 60,839 2017 (CHF million) Irrevocable commitments under documentary credits 4,976 113 1 1 5,091 5,000 3,218 Irrevocable loan commitments 24,296 33,649 40,425 8,031 106,401 2 101,270 42,307 Forward reverse repurchase agreements 12 0 0 0 12 12 12 Other commitments 219 13 11 104 347 347 0 Total other commitments 29,503 33,775 40,437 8,136 111,851 106,629 45,537 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 113,593 million and CHF 108,665 million of unused credit limits as of December 31, 2018 and 2017, respectively, which were revocable at the Bank's sole discretion upon notice to the client. |
Transfers of financial assets a
Transfers of financial assets and variable interest entities | 12 Months Ended |
Dec. 31, 2018 | |
Transfers of financial assets and variable interest entities | 34 Transfers of financial assets and variable interest entities In the normal course of business, the Group enters into transactions with, and makes use of, SPEs. An SPE is an entity in the form of a trust or other legal structure designed to fulfill a specific limited need of the company that organized it and is generally structured to isolate the SPE’s assets from creditors of other entities, including the Group. The principal uses of SPEs are to assist the Group and its clients in securitizing financial assets and creating investment products. The Group also uses SPEs for other client-driven activity, such as to facilitate financings, and for Group tax or regulatory purposes. Transfers of financial assets Securitizations The majority of the Group’s securitization activities involve mortgages and mortgage-related securities and are predominantly transacted using SPEs. In a typical securitization, the SPE purchases assets financed by proceeds received from the SPE’s issuance of debt and equity instruments, certificates, CP and other notes of indebtedness. These assets and liabilities are recorded on the balance sheet of the SPE and not reflected on the Group’s consolidated balance sheet, unless either the Group sold the assets to the entity and the accounting requirements for sale were not met or the Group consolidates the SPE. The Group purchases commercial and residential mortgages for the purpose of securitization and sells these mortgage loans to SPEs. These SPEs issue commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS) and ABS that are collateralized by the assets transferred to the SPE and that pay a return based on the returns on those assets. Investors in these mortgage-backed securities or ABS typically have recourse to the assets in the SPEs. Third-party guarantees may 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 re-securitize an existing security to give the investor an investment with different risk ratings or characteristics. 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 collateralized loan obligations (CLOs), CLOs, leveraged finance, repack and other types of transactions, including life insurance structures, emerging market structures set up for financing, loan participation or loan origination purposes, and other alternative structures created for the purpose of investing in venture capital-like investments. CLOs are collateralized by loans transferred to the CLO vehicle and pay a return based on the returns on the loans. Leveraged finance structures are used to assist in the syndication of certain loans held by the 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 2018, 2017 and 2016 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 2018 2017 2016 Gains/(losses) and cash flows (CHF million) CMBS Net gain/(loss) 1 10 37 (2) Proceeds from transfer of assets 5,861 6,604 3,954 Cash received on interests that continue to be held 41 28 69 RMBS Net gain/(loss) 1 (1) 0 (4) Proceeds from transfer of assets 22,536 14,817 9,866 Purchases of previously transferred financial assets or its underlying collateral 0 (2) 0 Servicing fees 3 3 2 Cash received on interests that continue to be held 576 368 529 Other asset-backed financings Net gain 1 77 31 26 Proceeds from transfer of assets 6,422 7,664 2,813 Purchases of previously transferred financial assets or its underlying collateral 2 (318) (380) (68) Fees 3 142 135 137 Cash received on interests that continue to be held 3 4 2 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 Line item was omitted in 2017 and 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. Beneficial interests, which are valued at fair value, include rights to receive all or portions of specified cash inflows received by an SPE, including, but not limited to, senior and subordinated shares of interest, principal, or other cash inflows to be “passed through” or “paid through”, premiums due to guarantors, CP obligations, and residual interests, whether in the form of debt or equity. The Group’s exposure resulting from continuing involvement in transferred financial assets is generally limited to beneficial interests typically held by the Group in the form of instruments issued by SPEs that are senior, subordinated or residual tranches. These instruments are held by the Group typically in connection with underwriting or market-making activities and are included in trading assets in the consolidated balance sheets. Any changes in the fair value of these beneficial interests are recognized in the consolidated statements of operations. Investors usually have recourse to the assets in the SPE and often benefit from other credit enhancements, such as collateral accounts, or from liquidity facilities, such as lines of credit or liquidity put option of asset purchase agreements. The SPE may also enter into a derivative contract in order to convert the yield or currency of the underlying assets to match the needs of the SPE investors, or to limit or change the credit risk of the SPE. The Group may be the provider of certain credit enhancements as well as the counterparty to any related derivative contract. The following table provides the outstanding principal balance of assets to which the Group continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of December 31, 2018 and 2017, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2018 2017 CHF million CMBS Principal amount outstanding 25,330 19,918 Total assets of SPE 35,760 31,586 RMBS Principal amount outstanding 40,253 35,645 Total assets of SPE 41,242 36,770 Other asset-backed financings Principal amount outstanding 23,036 20,916 Total assets of SPE 47,542 39,330 Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties. Fair value of beneficial interests The fair value measurement of the beneficial interests held at the time of transfer and as of the reporting date that result from any continuing involvement is determined using fair value estimation techniques, such as the present value of estimated future cash flows that incorporate assumptions that market participants customarily use in these valuation techniques. The fair value of the assets or liabilities that result from any continuing involvement does not include any benefits from financial instruments that the Group may utilize to hedge the inherent risks. Key economic assumptions at the time of transfer > Refer to “Fair value measurement” in Note 35 – Financial instruments for further information on the fair value hierarchy. Key economic assumptions used in measuring fair value of beneficial interests at time of transfer 2018 2017 2016 at time of transfer, in CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 662 3,613 445 2,400 69 2,068 of which level 2 640 3,509 444 2,221 69 1,827 of which level 3 22 103 1 179 0 241 Weighted-average life, in years 6.6 7.8 10.0 6.0 8.4 7.2 Prepayment speed assumption (rate per annum), in % 1 – 2 5.0 – 13.5 – 2 1.0 – 22.9 – 2 5.0 – 33.0 Cash flow discount rate (rate per annum), in % 3 3.6 – 9.8 3.0 – 13.6 2.4 – 9.0 2.0 – 29.5 2.4 – 4.9 1.2 – 24.4 Expected credit losses (rate per annum), in % 4 1.8 – 3.1 2.3 – 7.2 0.6 – 3.4 0.8 – 6.3 0.0 – 0.0 2.5 – 11.2 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. 4 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. Key economic assumptions as of the reporting date The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of December 31, 2018 and 2017. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs 2018 2017 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 805 2,006 226 579 1,985 665 of which non-investment grade 112 307 26 100 508 50 Weighted-average life, in years 5.7 7.9 5.6 4.7 8.1 6.4 Prepayment speed assumption (rate per annum), in % 3 – 2.0 – 20.0 – – 1.0 – 25.0 – Impact on fair value from 10% adverse change – (22.3) – – (35.0) – Impact on fair value from 20% adverse change – (43.2) – – (68.1) – Cash flow discount rate (rate per annum), in % 4 3.4 – 14.3 3.0 – 21.3 1.0 – 21.2 2.7 – 12.3 1.9 – 30.6 1.0 – 21.2 Impact on fair value from 10% adverse change (20.7) (52.1) (2.9) (8.8) (49.2) (12.4) Impact on fair value from 20% adverse change (37.6) (101.3) (5.7) (17.0) (95.3) (24.5) Expected credit losses (rate per annum), in % 5 0.8 – 4.7 0.6 – 18.8 1.0 – 21.2 0.6 – 6.3 0.5 – 28.2 0.7 – 21.2 Impact on fair value from 10% adverse change (10.2) (23.8) (2.4) (3.9) (23.6) (6.6) Impact on fair value from 20% adverse change (17.3) (46.7) (4.8) (7.8) (46.1) (12.9) 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 PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 4 The rate was based on the weighted-average yield on the beneficial interests. 5 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. These sensitivities are hypothetical and do not reflect economic hedging activities. Changes in fair value based on a 10% or 20% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the beneficial interests is calculated without changing any other assumption. In practice, changes in one assumption may result in changes in other assumptions (for example, increases in market interest rates may result in lower prepayments and increased credit losses), which might magnify or counteract the sensitivities. Transfers of financial assets where sale treatment was not achieved The following table provides the carrying amounts of transferred financial assets and the related liabilities where sale treatment was not achieved as of December 31, 2018 and 2017. > Refer to “Note 36 – Assets pledged and collateral” for further information. Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2018 2017 CHF million Other asset-backed financings Trading assets 255 347 Other assets 0 48 Liability to SPE, included in other liabilities (255) (395) 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 provides the counterparty with the right to liquidate the collateral held or request additional collateral. Similarly, in the event of the Group’s default, the securities lending transaction provides the counterparty the right to liquidate the securities borrowed. The following tables provide the gross obligation relating to securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral by the class of collateral pledged and by remaining contractual maturity as of December 31, 2018 and 2017. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2018 2017 CHF billion Government debt securities 31.1 31.4 Corporate debt securities 9.6 15.1 Asset-backed securities 1.8 5.0 Other 0.2 0.6 Securities sold under repurchase agreements 42.7 52.1 Government debt securities 1.4 2.7 Corporate debt securities 0.2 0.4 Equity securities 3.2 4.8 Other 0.2 0.3 Securities lending transactions 5.0 8.2 Government debt securities 3.6 1.8 Corporate debt securities 1.0 0.6 Asset-backed securities 0.1 0.0 Equity securities 37.0 35.6 Other 0.0 0.1 Obligation to return securities received as collateral, at fair value 41.7 38.1 Total 89.4 98.4 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31–90 More than 2018 (CHF billion) Securities sold under repurchase agreements 7.4 26.3 6.7 2.3 42.7 Securities lending transactions 4.1 0.9 0.0 0.0 5.0 Obligation to return securities received as collateral, at fair value 41.4 0.1 0.2 0.0 41.7 Total 52.9 27.3 6.9 2.3 89.4 2017 (CHF billion) Securities sold under repurchase agreements 7.2 32.5 5.2 7.2 52.1 Securities lending transactions 5.7 2.2 0.0 0.3 8.2 Obligation to return securities received as collateral, at fair value 37.9 0.0 0.0 0.2 38.1 Total 50.8 34.7 5.2 7.7 98.4 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. > Refer to “Note 27 – Offsetting of financial assets and financial liabilities” for further information on the gross amount of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral and the net amounts disclosed in the consolidated balance sheets. Variable interest entities As a normal part of its business, the Group engages in various transactions that include entities that are considered VIEs and are grouped into three primary categories: collateralized debt obligations (CDOs)/CLOs, CP conduits and financial intermediation. VIEs are SPEs that typically either lack sufficient equity to finance their activities without additional subordinated financial support or are structured such that the holders of the voting rights do not substantively participate in the gains and losses of the entity. VIEs may be sponsored by the Group or third parties. Such entities are required to be assessed for consolidation, compelling the primary beneficiary to consolidate the VIE. The consolidation assessment requires an entity to determine whether it has the power to direct the activities that most significantly affect the economics of the VIE as well as whether the reporting entity has potentially significant benefits or losses in the VIE. The primary beneficiary assessment must be re-evaluated on an ongoing basis. Application of the requirements for consolidation of VIEs may require the exercise of significant management judgment. In the event consolidation of a VIE is required, the exposure to the Group is limited to that portion of the VIE’s assets attributable to any variable interest held by the Group prior to any risk management activities to hedge the Group’s net exposure. Any interests held in the VIE by third parties, even though consolidated by the Group, will not typically impact its results of operations. Transactions with VIEs are generally executed to facilitate securitization activities or to meet specific client needs, such as providing liquidity or investing opportunities, and, as part of these activities, the Group may hold interests in the VIEs. Securitization-related transactions with VIEs involve selling or purchasing assets as well as possibly entering into related derivatives with those VIEs, providing liquidity, credit or other support. Other transactions with VIEs include derivative transactions in the Group’s capacity as the prime broker. The Group also enters into lending arrangements with VIEs for the purpose of financing projects or the acquisition of assets. Typically, the VIE’s assets are restricted in nature in that they are held primarily to satisfy the obligations of the entity. Further, the Group is involved with VIEs which were formed for the purpose of offering alternative investment solutions to clients. Such VIEs relate primarily to private equity investments, fund-linked vehicles or funds of funds, where the Group acts as structurer, manager, distributor, broker, market maker or liquidity provider. As a consequence of these activities, the Group holds variable interests in VIEs. Such variable interests consist of financial instruments issued by VIEs and which are held by the Group, certain derivatives with VIEs or loans to VIEs. Guarantees issued by the Group to or on behalf of VIEs may also qualify as variable interests. For such guarantees, including derivatives that act as guarantees, the notional amount of the respective guarantees is presented to represent the exposure. In general, investors in consolidated VIEs do not have recourse to the Group in the event of a default, except where a guarantee was provided to the investors or where the Group is the counterparty to a derivative transaction involving VIEs. Total assets of consolidated and non-consolidated VIEs for which the Group has involvement represent the total assets of the VIEs even though the Group’s involvement may be significantly less due to interests held by third-party investors. The asset balances for non-consolidated VIEs where the Group has significant involvement represent the most current information available to the Group regarding the remaining principal balance of assets owned. In most cases, the asset balances represent an amortized cost basis without regards to impairments in fair value, unless fair value information is readily available. The Group’s maximum exposure to loss is different from the carrying value of the assets of the VIE. This maximum exposure to loss consists of the carrying value of the Group variable interests held as trading assets, derivatives and loans, the notional amount of guarantees and off-balance sheet commitments to VIEs, rather than the amount of total assets of the VIEs. The maximum exposure to loss does not reflect the Group’s risk management activities, including effects from financial instruments that the Group may utilize to economically hedge the risks inherent in these VIEs. The economic risks associated with VIE exposures held by the Group, together with all relevant risk mitigation initiatives, are included in the Group’s risk management framework. The Group has not provided financial or other support to consolidated or non-consolidated VIEs that it was not contractually required to provide. Collateralized debt and loan obligations The Group engages in CDO/CLO transactions to meet client and investor needs, earn fees and sell financial assets and, for CLOs, loans. The Group may act as underwriter, placement agent or asset manager and may warehouse assets prior to the closing of a transaction. As part of its structured finance business, the Group purchases loans and other debt obligations from and on behalf of clients for the purpose of securitization. The loans and other debt obligations are sold to VIEs, which in turn issue CDO/CLOs to fund the purchase of assets such as investment grade and high yield corporate debt instruments. Typically, the collateral manager in a managed CDO/CLO is deemed to be the entity that has the power to direct the activities that most affect the economics of the entity. In a static CDO/CLO this “power” role is more difficult to analyze and may be the sponsor of the entity or the CDS counterparty. CDO/CLOs provide credit risk exposure to a portfolio of ABS or loans (cash CDO/CLOs) or a reference portfolio of securities or loans (synthetic CDO/CLOs). Cash CDO/CLO transactions hold actual securities or loans whereas synthetic CDO/CLO transactions use CDS to exchange the underlying credit risk instead of using cash assets. The Group may also act as a derivative counterparty to the VIEs, which are typically not variable interests, and may invest in portions of the notes or equity issued by the VIEs. The CDO/CLO entities may have actively managed portfolios or static portfolios. The securities issued by these VIEs are payable solely from the cash flows of the related collateral, and third-party creditors of these VIEs do not have recourse to the Group in the event of default. The Group’s exposure in CDO/CLO transactions is typically limited to interests retained in connection with its underwriting or market-making activities. Unless the Group has been deemed to have “power” over the entity and these interests are potentially significant, the Group is not the primary beneficiary of the vehicle and does not consolidate the entity. The Group’s maximum exposure to loss does not include any effects from financial instruments used to economically hedge the risks of the VIEs. Commercial paper conduit The Group acts as the administrator and provider of liquidity and credit enhancement facilities for Alpine Securitization Ltd (Alpine), a multi-seller asset-backed CP conduit used for client and Group financing purposes. 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 be required to 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. The overall average maturity of Alpine’s outstanding CP was approximately 129 days as of December 31, 2018. Alpine was rated A-1(sf) by Standard & Poor’s and P-1(sf) by Moody’s and had exposures mainly in a reverse repurchase agreement with a Group entity, consumer loans and car loans. 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 provide short-term financing to the CP conduit or 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. The Group considers the likelihood of incurring a loss equal to the maximum exposure to be remote because of the Group’s risk mitigation efforts, including, but not limited to, economic hedging strategies and collateral arrangements. The Group’s economic risks associated with consolidated and non-consolidated VIE exposures arising from financial intermediation, together with all relevant risk mitigation initiatives, are included in the Group’s risk management framework. Financial intermediation consists of securitizations, funds, loans, and other vehicles. Securitizations Securitizations are primarily CMBS, RMBS and ABS vehicles. The Group acts as an underwriter, market maker, liquidity provider, derivative counterparty and/or provider of credit enhancements to VIEs related to certain securitization transactions. The maximum exposure to loss is the carrying value of the loan securities and derivative positions that are variable interests, if any, plus the exposure arising from any credit enhancements the Group provided. The Group’s maximum exposure to loss does not include any effects from financial instruments used to economically hedge the risks of the VIEs. The activities that have the most significant impact on the securitization vehicle are the decisions relating to defaulted loans, which are controlled by the servicer. The party that controls the servicing has the ability to make decisions that significantly affect the result of the activities of the securitization vehicle. If a securitization vehicle has multiple parties that control servicing over specific assets, the Group determines it has power when it has control over the servicing of greater than 50% of the assets in the securitization vehicle. When a servicer or its related party also has an economic interest that has the potential to absorb a significant portion of the gains and/or losses, it will be deemed the primary beneficiary and consolidate the vehicle. If the Group determines that it controls the relevant servicing, it then determines if it has the obligation to absorb losses from, or the right to receive benefits of, the securitization vehicle that could potentially be significant to the vehicle, primarily by evaluating the amount and nature of securities issued by the vehicle that it holds. Factors considered in this analysis include the level of subordination of the securities held as well as the size of the position, based on the percentage of the class of securities and the total deal classes of securities issued. The more subordinated the level of securities held, the more likely it is that the Group will be the primary beneficiary. This consolidation analysis is performed each reporting period based on changes in inventory and the levels of assets remaining in the securitization. The Group typically consolidates securitization vehicles when it is the servicer and has holdings stemming from its role as underwriter. Short-term market making holdings in vehicles are not typically considered to be potentially significant for the purposes of this assessment. In the case of re-securitizations of previously issued RMBS securities, the re-securitization vehicles are passive in nature and do not have any significant ongoing activities that require management, and decisions relating to the design of the securitization transaction at its inception are the key power relating to the vehicle. Activities at inception include selecting the assets and determining the capital structure. The power over a re-securitization vehicle is typically shared between the Group and the investor(s) involved in the design and creation of the vehicle. The Group concludes that it is the primary beneficiary of a re-securitization vehicle when it owns substantially all of the bonds issued from the vehicle. Funds Funds include investment structures such as mutual funds, funds of funds, private equity funds and |
Bank | |
Transfers of financial assets and variable interest entities | 33 Transfers of financial assets and variable interest entities Transfers of financial assets > Refer to “Note 34 – Transfers of financial assets and variable interest entities” in VI – Credit Suisse Group – Consolidated financial statements for further information. Securitizations The following table provides the gains or losses and proceeds from the transfer of assets relating to 2018, 2017 and 2016 securitizations of financial assets that qualify for sale accounting and subsequent derecognition, along with the cash flows between the Bank and the SPEs used in any securitizations in which the Bank still has continuing involvement, regardless of when the securitization occurred. Securitizations in 2018 2017 2016 Gains/(losses) and cash flows (CHF million) CMBS Net gain/(loss) 1 10 37 (2) Proceeds from transfer of assets 5,861 6,604 3,954 Cash received on interests that continue to be held 41 28 69 RMBS Net gain/(loss) 1 (1) 0 (4) Proceeds from transfer of assets 22,536 14,817 9,866 Purchases of previously transferred financial assets or its underlying collateral 0 (2) 0 Servicing fees 3 3 2 Cash received on interests that continue to be held 576 368 529 Other asset-backed financings Net gain 1 77 31 26 Proceeds from transfer of assets 6,422 7,664 2,813 Purchases of previously transferred financial assets or its underlying collateral 2 (318) (380) (68) Fees 3 142 135 137 Cash received on interests that continue to be held 3 4 2 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 Line item was omitted in 2017 and 2016. 3 Represents management fees and performance fees earned for investment management services provided to managed CLOs. Continuing involvement in transferred financial assets The following table provides the outstanding principal balance of assets to which the Bank continued to be exposed after the transfer of the financial assets to any SPE and the total assets of the SPE as of December 31, 2018 and 2017, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2018 2017 CHF million CMBS Principal amount outstanding 25,330 19,918 Total assets of SPE 35,760 31,586 RMBS Principal amount outstanding 40,253 35,645 Total assets of SPE 41,242 36,770 Other asset-backed financings Principal amount outstanding 23,036 20,916 Total assets of SPE 47,542 39,330 Principal amount outstanding relates to assets transferred from the Bank and does not include principle amounts for assets transferred from third parties. Fair value of beneficial interests The fair value measurement of beneficial interests held at the time of transfer and as of the reporting date that result from any continuing involvement is determined using fair value estimation techniques, such as the present value of estimated future cash flows that incorporate assumptions that market participants customarily use in these valuation techniques. The fair value of the assets or liabilities that result from any continuing involvement does not include any benefits from financial instruments that the Bank may utilize to hedge the inherent risks. Key economic assumptions at the time of transfer > Refer to “Note 34 – Financial instruments” for further information on the fair value hierarchy. Key economic assumptions used in measuring fair value of beneficial interests at time of transfer 2018 2017 2016 at time of transfer, in CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 662 3,613 445 2,400 69 2,068 of which level 2 640 3,509 444 2,221 69 1,827 of which level 3 22 103 1 179 0 241 Weighted-average life, in years 6.6 7.8 10.0 6.0 8.4 7.2 Prepayment speed assumption (rate per annum), in % 1 – 2 5.0 – 13.5 – 2 1.0 – 22.9 – 2 5.0 – 33.0 Cash flow discount rate (rate per annum), in % 3 3.6 – 9.8 3.0 – 13.6 2.4 – 9.0 2.0 – 29.5 2.4 – 4.9 1.2 – 24.4 Expected credit losses (rate per annum), in % 4 1.8 – 3.1 2.3 – 7.2 0.6 – 3.4 0.8 – 6.3 0.0 – 0.0 2.5 – 11.2 Transfers of assets in which the Bank does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. 4 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. Key economic assumptions as of the reporting date The following table provides the sensitivity analysis of key economic assumptions used in measuring the fair value of beneficial interests held in SPEs as of December 31, 2018 and 2017. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs 2018 2017 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 805 2,006 226 579 1,985 665 of which non-investment grade 112 307 26 100 508 50 Weighted-average life, in years 5.7 7.9 5.6 4.7 8.1 6.4 Prepayment speed assumption (rate per annum), in % 3 – 2.0 – 20.0 – – 1.0 – 25.0 – Impact on fair value from 10% adverse change – (22.3) – – (35.0) – Impact on fair value from 20% adverse change – (43.2) – – (68.1) – Cash flow discount rate (rate per annum), in % 4 3.4 – 14.3 3.0 – 21.3 1.0 – 21.2 2.7 – 12.3 1.9 – 30.6 1.0 – 21.2 Impact on fair value from 10% adverse change (20.7) (52.1) (2.9) (8.8) (49.2) (12.4) Impact on fair value from 20% adverse change (37.6) (101.3) (5.7) (17.0) (95.3) (24.5) Expected credit losses (rate per annum), in % 5 0.8 – 4.7 0.6 – 18.8 1.0 – 21.2 0.6 – 6.3 0.5 – 28.2 0.7 – 21.2 Impact on fair value from 10% adverse change (10.2) (23.8) (2.4) (3.9) (23.6) (6.6) Impact on fair value from 20% adverse change (17.3) (46.7) (4.8) (7.8) (46.1) (12.9) 1 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 2 CDOs within this category are generally structured to be protected from prepayment risk. 3 PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 4 The rate was based on the weighted-average yield on the beneficial interests. 5 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. Transfers of financial assets where sale treatment was not achieved The following table provides the carrying amounts of transferred financial assets and the related liabilities where sale treatment was not achieved as of December 31, 2018 and 2017. Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2018 2017 CHF million Other asset-backed financings Trading assets 255 347 Other assets 0 48 Liability to SPE, included in other liabilities (255) (395) Securities sold under repurchase agreements and securities lending transactions accounted for as secured borrowings The following tables provide the gross obligation relating to securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral by the class of collateral pledged and by remaining contractual maturity as of December 31, 2018 and 2017. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2018 2017 CHF billion Government debt securities 31.1 31.4 Corporate debt securities 9.6 15.1 Asset-backed securities 1.8 5.0 Other 0.2 0.6 Securities sold under repurchase agreements 42.7 52.1 Government debt securities 1.4 2.7 Corporate debt securities 0.2 0.4 Equity securities 3.2 4.8 Other 0.2 0.3 Securities lending transactions 5.0 8.2 Government debt securities 3.6 1.8 Corporate debt securities 1.0 0.6 Asset-backed securities 0.1 0.0 Equity securities 37.0 35.6 Other 0.0 0.1 Obligation to return securities received as collateral, at fair value 41.7 38.1 Total 89.4 98.4 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31-90 More than 2018 (CHF billion) Securities sold under repurchase agreements 7.4 26.3 6.7 2.3 42.7 Securities lending transactions 4.1 0.9 0.0 0.0 5.0 Obligation to return securities received as collateral, at fair value 41.4 0.1 0.2 0.0 41.7 Total 52.9 27.3 6.9 2.3 89.4 2017 (CHF billion) Securities sold under repurchase agreements 7.2 32.5 5.2 7.2 52.1 Securities lending transactions 5.7 2.2 0.0 0.3 8.2 Obligation to return securities received as collateral, at fair value 37.9 0.0 0.0 0.2 38.1 Total 50.8 34.7 5.2 7.7 98.4 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. > Refer to “Note 26 – Offsetting of financial assets and financial liabilities” for further information on the gross amount of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral and the net amounts disclosed in the consolidated balance sheets. Variable interest entities > Refer to “Note 34 – Transfers of financial assets and variable interest entities” in VI – Consolidated financial statements – Credit Suisse Group for further information. Commercial paper conduit The Bank acts as the administrator and provider of liquidity and credit enhancement facilities for Alpine Securitization Ltd (Alpine), a multi-seller asset-backed CP conduit used for client and Bank financing purposes. 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 be required to 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 Bank. However, its assets are available to satisfy only the claims of its creditors. In addition, the Bank, 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 Bank is deemed the primary beneficiary and consolidates this entity. The overall average maturity of Alpine’s outstanding CP was approximately 129 days as of December 31, 2018. Alpine was rated A-1(sf) by Standard & Poor’s and P-1(sf) by Moody’s and had exposures mainly in a reverse repurchase agreement with a Bank entity, consumer loans and car loans. The Bank’s commitment to this CP conduit consists of obligations under liquidity agreements. The liquidity agreements are asset-specific arrangements, which require the Bank to provide short-term financing to the CP conduit or 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 Bank reviews the credit risk associated with these transactions on the same basis that would apply to other extensions of credit. The Bank’s economic risks associated with the CP conduit are included in the Bank’s risk management framework including counterparty, economic risk capital and scenario analysis. Consolidated VIEs The Bank has significant involvement with VIEs in its role as a financial intermediary on behalf of clients. The Bank consolidated all VIEs related to financial intermediation for which it was the primary beneficiary. Consolidated VIEs in which the Bank was the primary beneficiary Financial intermediation CDO/ CP Securi- 2018 (CHF million) Cash and due from banks 15 1 68 17 52 20 173 Trading assets 72 0 170 418 944 12 1,616 Investment securities 0 0 1,432 0 0 0 1,432 Other investments 0 0 0 153 1,073 279 1,505 Net loans 0 0 119 0 23 245 387 Premises and equipment 0 0 0 0 18 0 18 Other assets 57 16 863 4 32 1,037 2,009 of which loans held-for-sale 57 0 107 0 3 0 167 Total assets of consolidated VIEs 144 17 2,652 592 2,142 1,593 7,140 Trading liabilities 0 0 0 0 3 0 3 Short-term borrowings 0 5,465 0 0 0 0 5,465 Long-term debt 48 0 1,487 174 26 29 1,764 Other liabilities 0 43 1 8 98 127 277 Total liabilities of consolidated VIEs 48 5,508 1,488 182 127 156 7,509 2017 (CHF million) Cash and due from banks 22 0 96 32 70 12 232 Trading assets 17 0 10 179 1,122 20 1,348 Investment securities 0 0 381 0 0 0 381 Other investments 0 0 0 350 1,197 286 1,833 Net loans 0 0 0 3 21 243 267 Premises and equipment 0 0 0 0 128 0 128 Other assets 83 4 1,070 21 31 1,187 2,396 of which loans held-for-sale 83 0 152 0 3 0 238 Total assets of consolidated VIEs 122 4 1,557 585 2,569 1,748 6,585 Trading liabilities 0 0 0 0 3 0 3 Short-term borrowings 0 6,672 1 0 0 0 0 6,672 Long-term debt 51 0 752 0 26 34 863 Other liabilities 0 237 1 1 26 111 66 441 Total liabilities of consolidated VIEs 51 6,909 753 26 140 100 7,979 1 Amounts were omitted in prior periods and have been corrected. Non-consolidated VIEs Total assets of non-consolidated VIEs are the assets of the non-consolidated VIEs themselves and are typically unrelated to the exposures the Bank has with these entities due to variable interests held by third-party investors. Accordingly, these amounts are not considered for risk management purposes. Non-consolidated VIEs Financial intermediation CDO/ Securi- 2018 (CHF million) Trading assets 209 4,527 927 183 3,703 9,549 Net loans 154 1,475 1,591 5,246 430 8,896 Other assets 3 19 112 0 444 578 Total variable interest assets 366 6,021 2,630 5,429 4,577 19,023 Maximum exposure to loss 366 7,637 2,645 8,680 5,150 24,478 Total assets of non-consolidated VIEs 7,033 96,483 65,848 20,804 8,784 198,952 2017 (CHF million) Trading assets 746 4,573 1,014 224 2,388 8,945 Net loans 620 1,563 2,438 4,591 328 9,540 Other assets 9 11 55 1 437 513 Total variable interest assets 1,375 6,147 3,507 4,816 3,153 18,998 Maximum exposure to loss 1,375 7,617 3,514 7,061 4,079 23,646 Total assets of non-consolidated VIEs 15,874 64,839 63,504 16,270 6,265 166,752 |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2018 | |
Financial instruments | 35 Financial instruments The disclosure of the Group’s financial instruments below includes the following sections: – – – – Concentrations of credit risk Credit risk concentrations arise when a number of counterparties are engaged in similar business activities, are located in the same geographic region or when there are similar economic features that would cause their ability to meet contractual obligations to be similarly impacted by changes in economic conditions. The Group regularly monitors the credit risk portfolio by counterparty, industry, country and product to ensure that such potential concentrations are identified, using a comprehensive range of quantitative tools and metrics. Credit limits relating to counterparties and products are managed through counterparty limits which set the maximum credit exposures the Group is willing to assume to specific counterparties over specified periods. Country limits are established to avoid any undue country risk concentration. From an industry point of view, the combined credit exposure of the Group is diversified. A large portion of the credit exposure is with individual clients, particularly through residential mortgages in Switzerland, or relates to transactions with financial institutions. In both cases, the customer base is extensive and the number and variety of transactions are broad. For transactions with financial institutions, the business is also geographically diverse, with operations focused in the Americas, Europe and, to a lesser extent, Asia Pacific. Fair value measurement A significant portion of the Group’s financial instruments is carried at fair value. Deterioration of financial markets could significantly impact the fair value of these financial instruments and the results of operations. The fair value of the majority of the Group’s financial instruments is based on quoted prices in active markets or observable inputs. These instruments include government and agency securities, certain CP, most investment grade corporate debt, certain high yield debt securities, exchange-traded and certain OTC derivatives and most listed equity securities. In addition, the Group holds financial instruments for which no prices are available and which have few or no observable inputs. For these instruments, the determination of fair value requires subjective assessment and judgment, depending on liquidity, pricing assumptions, the current economic and competitive environment and the risks affecting the specific instrument. In such circumstances, valuation is determined based on management’s own judgments about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. These instruments include certain OTC derivatives, including interest rate, foreign exchange, equity and credit derivatives, certain corporate equity-linked securities, mortgage-related and CDO securities, private equity investments and certain loans and credit products, including leveraged finance, certain syndicated loans and certain high yield bonds, and life finance instruments. The fair value measurement disclosures exclude derivative transactions that are daily settled. The fair value of financial instruments is impacted by factors such as benchmark interest rates, prices of financial instruments issued by third parties, commodity prices, foreign exchange rates and index prices or rates. In addition, valuation adjustments are an integral part of the valuation process when market prices are not indicative of the credit quality of a counterparty, and are applied to both OTC derivatives and debt instruments. The impact of changes in a counterparty’s credit spreads (known as credit valuation adjustments) is considered when measuring the fair value of assets, and the impact of changes in the Group’s own credit spreads (known as debit valuation adjustments) is considered when measuring the fair value of its liabilities. For OTC derivatives, the impact of changes in both the Group’s and the counterparty’s credit standing is considered when measuring their fair value, based on current CDS prices. The adjustments also take into account contractual factors designed to reduce the Group’s credit exposure to a counterparty, such as collateral held and master netting agreements. For hybrid debt instruments with embedded derivative features, the impact of changes in the Group’s credit standing is considered when measuring their fair value, based on current funded debt spreads. US GAAP permits a reporting entity to measure the fair value of a group of financial assets and financial liabilities on the basis of the price that would be received to sell a net long position or paid to transfer a net short position for a particular risk exposure in an orderly transaction between market participants at the measurement date. As such, the Group continues to apply bid and offer adjustments to net portfolios of cash securities and/or derivative instruments to adjust the value of the net position from a mid-market price to the appropriate bid or offer level that would be realized under normal market conditions for the net long or net short position for a specific market risk. In addition, the Group reflects the net exposure to credit risk for its derivative instruments where the Group has legally enforceable agreements with its counterparties that mitigate credit risk exposure in the event of default. Valuation adjustments are recorded in a reasonable and consistent manner that results in an allocation to the relevant disclosures in the notes to the financial statements as if the valuation adjustment had been allocated to the individual unit of account. Fair value hierarchy The levels of the fair value hierarchy are defined as follows: – – – The Group records net open positions at bid prices if long, or at ask prices if short, unless the Group is a market maker in such positions, in which case mid-pricing is utilized. Fair value measurements are not adjusted for transaction costs. Qualitative disclosures of valuation techniques The following information on the valuation techniques and significant unobservable inputs of the various financial instruments and the section “Uncertainty of fair value measurements at the reporting date from the use of significant unobservable inputs” should be read in conjunction with the tables “Assets and liabilities measured at fair value on a recurring basis”, “Quantitative information about level 3 assets 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 included are classified as level 3 in the fair value hierarchy. The significant unobservable input is funding spread. Securities purchased under resale agreements are usually fully collateralized or over-collateralized by government securities, money market instruments, corporate bonds, or other debt instruments. In the event of counterparty default, the collateral service agreement provides the Group with the right to liquidate the collateral held. Debt securities Foreign governments Foreign government debt securities typically have quoted prices in active markets and are mainly categorized as level 1 instruments. Valuations of foreign government debt securities for which market prices are not available are based on yields reflecting credit rating, historical performance, delinquencies, loss severity, the maturity of the security, recent transactions in the market or other modeling techniques, which may involve judgment. Those securities where the price or model inputs are observable in the market are categorized as level 2 instruments, while those securities where prices are not observable and significant model inputs are unobservable are categorized as level 3 of the fair value hierarchy. Corporates Corporate bonds are priced to reflect current market levels either through recent market transactions or broker or dealer quotes. Where a market price for the particular security is not directly available, valuations are 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 correlation and price. For securities using market comparable price, the differentiation between level 2 and level 3 is based upon the relative significance of any yield adjustments as well as the accuracy of the comparison characteristics (i.e., the observable comparable security may be in the same country but a different industry and may have a different seniority level – the lower the comparability the more likely the security will be level 3). RMBS, CMBS 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 credit spread, default rate, discount rate, prepayment rate and loss severity. Prices from similar observable instruments are used to calculate implied inputs which are then used to value unobservable instruments using discounted cash flow. The discounted cash flow price is then compared to the unobservable prices and assessed for reasonableness. For most structured debt securities, determination of fair value requires subjective assessment depending on liquidity, ownership concentration, and the current economic and competitive environment. Valuation is determined based on the Front Office’s own assumptions about how market participants would price the asset. Collateralized bond and loan obligations are split into various structured tranches and each tranche is valued based upon its individual rating and the underlying collateral supporting the structure. Valuation models are used to value both cash and synthetic CDOs. Equity securities The majority of the 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 and market comparable price. Derivatives Derivatives held for trading purposes or used in hedge accounting relationships include both OTC and exchange-traded derivatives. The fair values of exchange-traded derivatives measured using observable exchange prices are included in level 1 of the fair value hierarchy. For exchange-traded derivatives where the volume of trading is low, the observable exchange prices may not be considered executable at the reporting date. These derivatives are valued in the same manner as similar 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 basis spread, correlation, credit spread, prepayment rate and volatility skew. Foreign exchange derivatives Foreign exchange derivatives include vanilla products such as spot, forward and option contracts where the anticipated discounted future cash flows are determined from foreign exchange forward curves and industry standard optionality modeling techniques. Where applicable, exchange-traded prices are also used for futures and option prices. For more complex products inputs include, but are not limited to, contingent probability, correlation and prepayment rate. Equity and index-related derivatives Equity derivatives include a variety of products ranging from vanilla options and swaps to exotic structures with bespoke payoff profiles. The main inputs in the valuation of equity derivatives may include buyback probability, correlation, gap risk, price and volatility. Generally, the interrelationship between the correlation and volatility is positively correlated. Credit derivatives Credit derivatives include index, single-name and multi-name CDS in addition to more complex structured credit products. Vanilla products are valued using industry standard models and inputs that are generally market observable including credit spread and recovery rate. Complex structured credit derivatives are valued using proprietary models requiring inputs such as correlation, credit spread, funding spread, loss severity, prepayment rate and recovery rate. These inputs are generally implied from available market observable data. Other trading assets Other trading assets primarily include life settlement and premium finance instruments and RMBS loans. Life settlement and premium finance instruments are valued using proprietary models with several inputs. The significant unobservable inputs of the fair value for life settlement and premium finance instruments is the estimate of market implied life expectancy, while for RMBS loans it is market comparable price. For life settlement and premium finance instruments, individual life expectancy rates are typically obtained by multiplying a base mortality curve for the general insured population provided by a professional actuarial organization together with an individual-specific multiplier. Individual-specific multipliers are determined based on data from third-party life expectancy data providers, which examine the insured individual’s medical conditions, family history and other factors to arrive at a life expectancy estimate. For RMBS loans, the use of market comparable price varies depending upon each specific loan. For some loans, similar to unobservable RMBS securities, prices from similar observable instruments are used to calculate implied inputs which are then used to value unobservable instruments using discounted cash flow. The discounted cash flow price is then compared to the unobservable prices and assessed for reasonableness. For other RMBS loans, the loans are categorized by specific characteristics, such as loan-to-value ratio, average account balance, loan type (single or multi-family), lien, seasoning, coupon, FICO score, locality, delinquency status, cash flow velocity, roll rates, loan purpose, occupancy, servicers advance agreement type, modification status, Federal Housing Administration insurance, property value and documentation quality. Loans with unobservable prices are put into consistent buckets which are then compared to market observable comparable prices in order to assess the reasonableness of those unobservable prices. Other investments Private equity funds, hedge funds and equity method investment funds Equity method investment funds principally include equity investments in the form of a) direct investments in third-party hedge funds, private equity funds and funds of funds, b) equity method investments where the Group has the ability to significantly influence the operating and financial policies of the investee, and c) direct investments in non-marketable equity securities. Direct investments in third-party hedge funds, private equity funds and funds of funds are measured at fair value based on their published NAVs as permitted by ASC Topic 820 – Fair Value Measurement. In some cases, NAVs may be adjusted where there is sufficient evidence that the NAV published by the investment manager is not in line with the fund’s observable market data, it is probable that the investment will be sold for an amount other than NAV or other circumstances exist that would require an adjustment to the published NAV. Although rarely adjusted, significant judgment is involved in making any adjustments to the published NAVs. The investments for which the fair value is measured using the NAV practical expedient are not categorized within the fair value hierarchy. Direct investments in non-marketable equity securities consist of both real estate investments and non-real estate investments. Equity-method investments and direct investments in non-marketable equity securities are initially measured at their transaction price, as this is the best estimate of fair value. Thereafter, these investments are individually measured at fair value based upon a number of factors that include any recent rounds of financing involving third-party investors, comparable company transactions, multiple analyses of cash flows or book values, or discounted cash flow analyses. The availability of information used in these modeling techniques is often limited and involves significant judgment in evaluating these different factors over time. As a result, these investments are included in level 3 of the fair value hierarchy. Life finance instruments Life finance instruments include single premium immediate annuities (SPIA) and other premium finance instruments. Life finance instruments are valued in a similar manner as described for life settlement and premium finance instruments under the other trading assets section above. Loans The Group’s loan portfolio which is measured at fair value primarily consists of commercial and industrial loans and loans to financial institutions. Within these categories, loans measured at fair value include commercial loans, real estate loans, corporate loans, leverage finance loans and emerging market loans. Fair value is based on recent transactions and quoted prices, where available. Where recent transactions and quoted prices are not available, fair value may be determined by relative value benchmarking (which includes pricing based upon another position in the same capital structure, other comparable loan issues, generic industry credit spreads, implied credit spreads derived from CDS for the specific borrower, and enterprise valuations) or calculated based on the exit price of the collateral, based on current market conditions. Both the funded and unfunded portion of revolving credit lines on the corporate lending portfolio are valued using a loan pricing model, which requires estimates of significant inputs including credit conversion factors, credit spreads, recovery rates and weighted average life of the loan. Significant unobservable inputs may include credit spread and price. The Group’s other assets and liabilities include mortgage loans held in conjunction with securitization activities and assets and liabilities of VIEs and mortgage securitizations that do not meet the criteria for sale treatment under US GAAP. The fair value of mortgage loans held in conjunction with securitization activities is determined on a whole-loan basis and is consistent with the valuation of RMBS loans discussed in “Other trading assets” above. Whole-loan valuations are calculated based on the exit price reflecting the current market conditions. The fair value of assets and liabilities of VIEs and mortgage securitizations that do not meet the criteria for sale treatment under US GAAP are determined based on the quoted prices for securitized bonds, where available, or on cash flow analyses for securitized bonds, when quoted prices are not available. The fair value of the consolidated financial assets of RMBS and CMBS securitization vehicles, which qualify as collateralized financing entities, are measured on the basis of the more observable fair value of the VIEs’ financial liabilities. Short-term borrowings and long-term debt The Group’s short-term borrowings and long-term debt include structured notes (hybrid financial instruments that are both bifurcatable and non-bifurcatable) and vanilla debt. The fair value of structured notes is based on quoted prices, where available. When quoted prices are not available, fair value is determined by using a discounted cash flow model incorporating the Group’s credit spreads, the value of derivatives embedded in the debt and the residual term of the issuance based on call options. Derivatives structured into the issued debt are valued consistently with the Group’s stand-alone derivative contracts held for trading purposes or used in hedge accounting relationships as discussed above. The fair value of structured debt is heavily influenced by the combined call options and performance of the underlying derivative returns. Significant unobservable inputs for short-term borrowings and long-term debt include buyback probability, correlation, credit spread, gap risk, mean reversion, price, recovery rate and volatility. Generally, the interrelationships between correlation, credit spread, gap risk and volatility inputs are positively correlated. Other liabilities Failed sales These liabilities represent the financing of assets that did not achieve sale accounting treatment under US GAAP. Failed sales are valued in a manner consistent with the related underlying financial instruments. Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 115 0 – – 115 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 81,818 0 – – 81,818 Securities received as collateral 37,962 3,704 30 – – 41,696 Trading assets 76,124 156,066 8,814 (109,927) 1,126 132,203 of which debt securities 23,726 36,321 2,076 – 12 62,135 of which foreign governments 23,547 4,542 232 – – 28,321 of which corporates 66 7,984 1,260 – 12 9,322 of which RMBS 0 19,652 269 – – 19,921 of which equity securities 42,758 2,459 132 – 1,114 46,463 of which derivatives 7,999 116,942 3,298 (109,927) – 18,312 of which interest rate products 3,557 65,823 507 – – – of which foreign exchange products 25 27,526 258 – – – of which equity/index-related products 4,415 17,967 1,054 – – – of which credit derivatives 0 4,739 673 – – – of which other derivatives 1 633 806 – – – of which other trading assets 1,641 344 3,308 – – 5,293 Investment securities 2 2,743 166 – – 2,911 Other investments 14 7 1,309 – 1,104 2,434 of which life finance instruments 0 0 1,067 – – 1,067 Loans 0 10,549 4,324 – – 14,873 of which real estate 0 146 515 – – 661 of which commercial and industrial loans 0 3,976 1,949 – – 5,925 of which financial institutions 0 4,164 1,391 – – 5,555 Other intangible assets (mortgage servicing rights) 0 0 163 – – 163 Other assets 117 5,807 1,543 (204) – 7,263 of which loans held-for-sale 0 4,238 1,235 – – 5,473 Total assets at fair value 114,219 260,809 16,349 (110,131) 2,230 283,476 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 406 0 – – 406 Customer deposits 0 2,839 453 – – 3,292 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 14,828 0 – – 14,828 Obligation to return securities received as collateral 37,962 3,704 30 – – 41,696 Trading liabilities 31,940 123,615 3,589 (116,985) 10 42,169 of which debt securities 4,460 3,511 25 – – 7,996 of which foreign governments 4,328 255 0 – – 4,583 of which equity securities 18,785 118 37 – 10 18,950 of which derivatives 8,695 119,986 3,527 (116,985) – 15,223 of which interest rate products 3,699 62,649 189 – – – of which foreign exchange products 32 31,983 160 – – – of which equity/index-related products 4,961 19,590 1,500 – – – of which credit derivatives 0 5,485 1,140 – – – Short-term borrowings 0 7,284 784 – – 8,068 Long-term debt 0 51,270 12,665 – – 63,935 of which structured notes over one year and up to two years 0 7,242 528 – – 7,770 of which structured notes over two years 0 28,215 11,800 – – 40,015 Other liabilities 0 7,881 1,341 (221) – 9,001 Total liabilities at fair value 69,902 211,827 18,862 (117,206) 10 183,395 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 212 0 – – 212 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 77,498 0 – – 77,498 Securities received as collateral 36,697 1,331 46 – – 38,074 of which debt securities 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 of which equity securities 36,121 529 46 – – 36,696 Trading assets 87,352 187,767 8,754 (128,592) 1,053 156,334 of which debt securities 29,828 40,645 2,292 – – 72,765 of which foreign governments 29,561 4,256 270 – – 34,087 of which corporates 179 10,231 1,412 – – 11,822 of which RMBS 0 21,399 320 – – 21,719 of which CMBS 0 2,501 16 – – 2,517 of which CDO 0 2,255 126 – – 2,381 of which equity securities 51,025 3,481 163 – 1,053 55,722 of which derivatives 3,577 141,347 3,289 (128,592) – 19,621 of which interest rate products 1,219 84,932 801 – – – of which foreign exchange products 19 30,302 188 – – – of which equity/index-related products 2,338 18,251 833 – – – of which credit derivatives 0 7,107 634 – – – of which other trading assets 2,922 2,294 3,010 – – 8,226 Investment securities 250 1,899 42 – – 2,191 of which debt securities 244 1,780 42 – – 2,066 of which foreign governments 97 1,139 0 – – 1,236 of which corporates 0 238 0 – – 238 of which RMBS 0 167 40 – – 207 of which CMBS 0 171 2 – – 173 of which equity securities 6 119 0 – – 125 Other investments 25 16 1,601 – 1,864 3,506 of which private equity 0 0 29 – 351 380 of which equity funds 0 0 22 – 141 163 of which hedge funds 0 0 0 – 391 391 of which debt funds 0 0 0 – 239 239 of which other equity investments 25 9 271 – 1,122 1,427 of which private 18 9 271 – 1,122 1,420 of which life finance instruments 0 7 1,301 – – 1,308 Loans 0 10,777 4,530 – – 15,307 of which commercial and industrial loans 0 3,437 2,207 – – 5,644 of which financial institutions 0 4,890 1,480 – – 6,370 Other intangible assets (mortgage servicing rights) 0 0 158 – – 158 Other assets 101 7,570 1,511 (164) – 9,018 of which loans held-for-sale 0 5,800 1,350 – – 7,150 Total assets at fair value 124,425 287,070 16,642 (128,756) 2,917 302,298 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 197 0 – – 197 Customer deposits 0 3,056 455 – – 3,511 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 15,262 0 – – 15,262 Obligation to return securities received as collateral 36,697 1,331 46 – – 38,074 of which debt securities 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 of which equity securities 36,121 529 46 – – 36,696 Trading liabilities 23,108 149,637 3,226 (136,861) 9 39,119 of which debt securities 5,160 4,139 2 – – 9,301 of which foreign governments 5,108 746 0 – – 5,854 of which corporates 12 3,334 2 – – 3,348 of which equity securities 14,217 883 55 – 9 15,164 of which derivatives 3,731 144,615 3,169 (136,861) – 14,654 of which interest rate products 1,254 80,534 317 – – – of which foreign exchange products 8 35,707 100 – – – of which equity/index-related products 2,468 19,459 1,301 – – – of which credit derivatives 0 7,982 898 – – – Short-term borrowings 0 10,174 845 – – 11,019 Long-term debt 0 51,127 12,501 – – 63,628 of which treasury debt over two years 0 936 0 – – 936 of which structured notes over one year and up to two years 0 6,216 149 – – 6,365 of which structured notes over two years 0 32,782 12,259 – – 45,041 of which other debt instruments over two years 0 2,221 61 – – 2,282 of which other subordinated bonds 0 5,567 0 – – 5,567 of which non-recourse liabilities 0 833 30 – – 863 Other liabilities 0 7,379 1,478 (233) – 8,624 of which failed sales 0 439 223 – – 662 Total liabilities at fair value 59,805 238,163 18,551 (137,094) 9 179,434 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 |
Bank | |
Financial instruments | 34 Financial instruments > Refer to “Note 35 – Financial instruments” in VI – Consolidated financial statements – Credit Suisse Group for further information. Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 115 0 – – 115 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 81,818 0 – – 81,818 Securities received as collateral 37,962 3,704 30 – – 41,696 Trading assets 76,178 156,239 8,814 (109,930) 1,126 132,427 of which debt securities 23,726 36,402 2,076 – 12 62,216 of which foreign government 23,547 4,542 232 – – 28,321 of which corporates 66 8,065 1,260 – 12 9,403 of which RMBS 0 19,652 269 – – 19,921 of which equity securities 42,812 2,459 132 – 1,114 46,517 of which derivatives 8,000 117,034 3,298 (109,930) – 18,402 of which interest rate products 3,557 65,823 507 – – – of which foreign exchange products 25 27,526 258 – – – of which equity/index-related products 4,415 18,059 1,054 – – – of which credit derivatives 0 4,739 673 – – – of which other derivatives 2 633 806 – – – of which other trading assets 1,640 344 3,308 – – 5,292 Investment securities 0 2,743 166 – – 2,909 Other investments 14 7 1,309 – 1,100 2,430 of which life finance instruments 0 0 1,067 – – 1,067 Loans 0 10,549 4,324 – – 14,873 of which real estate 0 146 515 – – 661 of which commercial and industrial loans 0 3,976 1,949 – – 5,925 of which financial institutions 0 4,164 1,391 – – 5,555 Other intangible assets (mortgage servicing rights) 0 0 163 – – 163 Other assets 117 5,807 1,543 (204) – 7,263 of which loans held-for-sale 0 4,238 1,235 – – 5,473 Total assets at fair value 114,271 260,982 16,349 (110,134) 2,226 283,694 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 406 0 – – 406 Customer deposits 0 2,839 453 – – 3,292 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 14,828 0 – – 14,828 Obligation to return securities received as collateral 37,962 3,704 30 – – 41,696 Trading liabilities 31,940 123,737 3,589 (117,105) 10 42,171 of which debt securities 4,462 3,511 25 – – 7,998 of which foreign government 4,328 255 0 – – 4,583 of which equity securities 18,785 118 37 – 10 18,950 of which derivatives 8,693 120,108 3,527 (117,105) – 15,223 of which interest rate products 3,699 62,573 189 – – – of which foreign exchange products 32 31,983 160 – – – of which equity/index-related products 4,961 19,788 1,500 – – – of which credit derivatives 0 5,485 1,140 – – – Short-term borrowings 0 7,284 784 – – 8,068 Long-term debt 0 50,356 12,671 – – 63,027 of which structured notes over one year and up to two years 0 7,242 528 – – 7,770 of which structured notes over two years 0 28,215 11,800 – – 40,015 Other liabilities 0 7,877 1,327 (221) – 8,983 Total liabilities at fair value 69,902 211,031 18,854 (117,326) 10 182,471 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 212 0 – – 212 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 77,498 0 – – 77,498 Securities received as collateral 36,697 1,331 46 – – 38,074 of which debt securities 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 of which equity securities 36,121 529 46 – – 36,696 Trading assets 87,452 188,122 8,754 (128,607) 1,053 156,774 of which debt securities 29,827 40,707 2,292 – – 72,826 of which foreign governments 29,561 4,256 270 – – 34,087 of which corporates 179 10,292 1,412 – – 11,883 of which RMBS 0 21,399 320 – – 21,719 of which CMBS 0 2,501 16 – – 2,517 of which CDO 0 2,255 126 – – 2,381 of which equity securities 51,125 3,481 163 – 1,053 55,822 of which derivatives 3,577 141,641 3,289 (128,607) – 19,900 of which interest rate products 1,219 84,932 801 – – – of which foreign exchange products 19 30,302 188 – – – of which equity/index-related products 2,339 18,544 833 – – – of which credit derivatives 0 7,107 634 – – – Other trading assets 2,923 2,293 3,010 – – 8,226 Investment securities 250 1,897 42 – – 2,189 of which debt securities 244 1,778 42 – – 2,064 of which foreign governments 98 1,138 0 – – 1,236 of which corporates 0 238 0 – – 238 of which RMBS 0 167 40 – – 207 of which CMBS 0 171 2 – – 173 of which equity securities 6 119 0 – – 125 Other investments 25 16 1,601 – 1,855 3,497 of which private equity 0 0 29 – 343 372 of which equity funds 0 0 22 – 133 155 of which hedge funds 0 0 0 – 391 391 of which debt funds 0 0 0 – 239 239 of which other equity investments 25 9 271 – 1,121 1,426 of which private 18 9 271 – 1,121 1,419 of which life finance instruments 0 7 1,301 – – 1,308 Loans 0 10,777 4,530 – – 15,307 of which commercial and industrial loans 0 3,437 2,207 – – 5,644 of which financial institutions 0 4,890 1,480 – – 6,370 Other intangible assets (mortgage servicing rights) 0 0 158 – – 158 Other assets 101 7,570 1,511 (164) – 9,018 of which loans held-for-sale 0 5,800 1,350 – – 7,150 Total assets at fair value 124,525 287,423 16,642 (128,771) 2,908 302,727 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 197 0 – – 197 Customer deposits 0 3,056 455 – – 3,511 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 15,262 0 – – 15,262 Obligation to return securities received as collateral 36,697 1,331 46 – – 38,074 of which debt securities 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 of which equity securities 36,121 529 46 – – 36,696 Trading liabilities 23,121 149,951 3,226 (137,175) 9 39,132 of which debt securities 5,160 4,139 2 – – 9,301 of which foreign governments 5,108 746 0 – – 5,854 of which corporates 12 3,334 2 – – 3,348 of which equity securities 14,230 883 55 – 9 15,177 of which derivatives 3,731 144,929 3,169 (137,175) – 14,654 of which interest rate products 1,254 80,290 317 – – – of which foreign exchange products 8 35,707 100 – – – of which equity/index-related products 2,468 20,017 1,301 – – – of which credit derivatives 0 7,982 898 – – – Short-term borrowings 0 10,174 845 – – 11,019 Long-term debt 0 50,121 12,501 – – 62,622 of which treasury debt over two years 0 936 0 – – 936 of which structured notes over one year and up to two years 0 6,216 149 – – 6,365 of which structured notes over two years 0 32,782 12,259 – – 45,041 of which other debt instruments over two years 0 2,221 61 – – 2,282 of which other subordinated bonds 0 4,557 0 – – 4,557 of which non-recourse liabilities 0 833 30 – – 863 Other liabilities 0 7,356 1,467 (233) – 8,590 of which failed sales 0 439 223 – – 662 Total liabilities at fair value 59,818 237,448 18,540 (137,408) 9 178,407 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis for level 3 Accumulated other Foreign Assets (CHF million) Securities received as collateral 46 0 (15) 102 (103) 0 0 0 0 0 0 0 0 0 30 Trading assets 8,754 1,563 (1,602) 40,057 (40,138) 1,394 (1,477) (21) 303 0 0 0 0 (19) 8,814 of which debt securities 2,292 802 (904) 3,301 (3,261) 0 0 25 (150) 0 (3) 0 0 (26) 2,076 of which foreign governments 270 21 (12) 45 (67) 0 0 0 4 0 0 0 0 (29) 232 of which corporates 1,412 491 (593) 2,582 (2,583) 0 0 31 (72) 0 (4) 0 0 (4) 1,260 of which RMBS 320 211 (225) 370 (333) 0 0 (3) (74) 0 0 0 0 3 269 of which equity securities 163 132 (95) 51 (185) 0 0 8 55 0 3 0 0 0 132 of which derivatives 3,289 510 (525) 0 0 1,394 (1,434) (56) 144 0 0 0 0 (24) 3,298 of which interest rate products 801 18 (66) 0 0 100 (116) 17 (237) 0 0 0 0 (10) 507 of which foreign exchange derivatives 188 3 (2) 0 0 14 (24) (2) 79 0 0 0 0 2 258 of which equity/index-related products 833 329 (317) 0 0 447 (436) (77) 300 0 0 0 0 (25) 1,054 of which credit derivatives 634 160 (141) 0 0 505 (438) 5 (59) 0 0 0 0 7 673 of which other derivatives 833 0 1 0 0 328 (420) 1 61 0 0 0 0 2 806 of which other trading assets 3,010 119 (78) 36,705 (36,692) 0 (43) 2 254 0 0 0 0 31 3,308 Investment securities 42 8 (121) 281 (28) 0 (205) 0 185 0 0 0 0 4 166 Other investments 1,601 79 (102) 228 (405) 0 0 0 (93) 0 5 0 0 (4) 1,309 of which life finance instruments 1,301 0 0 151 (299) 0 0 0 (96) 0 0 0 0 10 1,067 Loans 4,530 934 (393) 163 (491) 1,563 (1,866) 7 (134) 0 (13) 0 0 24 4,324 of which real estate 171 196 (81) 0 0 307 (64) 2 (8) 0 (8) 0 0 0 515 of which commercial and industrial loans 2,207 348 (29) 1 (226) 783 (1,057) 0 (83) 0 (5) 0 0 10 1,949 of which financial institutions 1,480 335 (53) 150 (133) 332 (746) 10 8 0 0 0 0 8 1,391 Other intangible assets (mortgage servicing rights) 158 0 0 1 0 0 0 0 0 0 1 0 0 3 163 Other assets 1,511 288 (191) 1,610 (1,357) 300 (540) 22 (32) 0 (1) 0 0 (67) 1,543 of which loans held-for-sale 1,350 243 (166) 1,447 (1,310) 300 (539) 21 (44) 0 0 0 0 (67) 1,235 Total assets at fair value 16,642 2,872 (2,424) 42,442 (42,522) 3,257 (4,088) 8 229 0 (8) 0 0 (59) 16,349 Liabilities (CHF million) Customer deposits 455 0 0 0 0 0 0 0 32 0 0 0 (21) (13) 453 Obligation to return securities received as collateral 46 0 (15) 102 (103) 0 0 0 0 0 0 0 0 0 30 Trading liabilities 3,226 768 (641) 127 (107) 2,573 (1,527) (7) (839) 0 (3) 0 0 19 3,589 of which debt securities 2 30 (24) 39 (23) 0 0 0 1 0 0 0 0 0 25 of which equity securities 55 19 (5) 87 (80) 0 0 (3) (33) 0 (3) 0 0 0 37 of which derivatives 3,169 719 (612) 1 (4) 2,573 (1,527) (4) (807) 0 0 0 0 19 3,527 of which interest rate derivatives 317 25 (11) 0 0 156 (145) 16 (171) 0 0 0 0 2 189 of which foreign exchange derivatives 100 19 (1) 0 0 55 (29) 0 15 0 0 0 0 1 160 of which equity/index-related derivatives 1,301 429 (364) 0 0 1,306 (548) (36) (592) 0 0 0 0 4 1,500 of which credit derivatives 898 247 (235) 0 0 806 (572) 16 (30) 0 0 0 0 10 1,140 Short-term borrowings 845 335 (242) 0 0 1,090 (1,133) 3 (117) 0 (4) 0 0 7 784 Long-term debt 12,501 2,873 (3,108) 0 0 5,761 (3,656) (25) (1,381) 0 0 (2) (417) 125 12,671 of which structured notes over one year and up to two years 149 452 (296) 0 0 745 (501) (10) (14) 0 0 0 0 3 528 of which structured notes over two years 12,259 2,368 (2,800) 0 0 4,761 (3,115) (17) (1,355) 0 0 (2) (417) 118 11,800 Other liabilities 1,467 117 (29) 45 (128) 20 (417) (7) 94 0 159 0 0 6 1,327 Total liabilities at fair value 18,540 4,093 (4,035) 274 (338) 9,444 (6,733) (36) (2,211) 0 152 (2) (438) 144 18,854 Net assets/(liabilities) at fair value (1,898) (1,221) 1,611 42,168 (42,184) (6,187) 2,645 44 2,440 0 (160) 2 438 (203) (2,505) Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other Foreign Assets (CHF million) Interest-bearing deposits with banks 1 40 0 0 (41) 0 0 0 0 0 0 0 0 0 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 174 0 0 0 0 26 (193) 0 0 0 0 0 0 (7) 0 Securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Trading assets 12,765 1,159 (2,046) 15,810 (18,032) 1,317 (2,068) 121 252 6 1 0 0 (531) 8,754 of which debt securities 3,977 608 (1,074) 2,747 (3,705) 0 0 (4) (80) 6 1 0 0 (184) 2,292 of which corporates 1,674 276 (654) 2,203 (2,005) 0 0 (4) 14 6 0 0 0 (98) 1,412 of which RMBS 605 280 (229) 85 (305) 0 0 3 (95) 0 0 0 0 (24) 320 of which CMBS 65 6 (17) 2 (13) 0 0 (3) (21) 0 0 0 0 (3) 16 of which CDO 1,165 39 (157) 174 (1,047) 0 0 0 (16) 0 0 0 0 (32) 126 of which equity securities 240 49 (35) 146 (260) 0 0 0 33 0 0 0 0 (10) 163 of which derivatives 4,305 416 (839) 0 0 1,317 (1,817) 123 (63) 0 0 0 0 (153) 3,289 of which interest rate products 748 56 (53) 0 0 118 (183) 6 104 0 0 0 0 5 801 of which equity/index-related products 914 142 (98) 0 0 443 (597) 14 58 0 0 0 0 (43) 833 of which credit derivatives 688 216 (252) 0 0 381 (297) 38 (110) 0 0 0 0 (30) 634 of which other trading assets 4,243 86 (98) 12,917 (14,067) 0 (251) 2 362 0 0 0 0 (184) 3,010 Investment securities 72 0 (17) 100 (113) 0 (90) (1) 95 0 0 0 0 (4) 42 Other investments 1,906 23 (22) 324 (562) 0 0 0 9 0 9 0 0 (86) 1,601 of which equity 318 23 (22) 139 (144) 0 0 0 (7) 0 9 0 0 (16) 300 of which life finance instruments 1,588 0 0 185 (418) 0 0 0 16 0 0 0 0 (70) 1,301 Loans 6,585 1,130 (947) 106 (580) 1,151 (2,743) 15 85 0 0 0 0 (272) 4,530 of which commercial and industrial loans 3,816 448 (482) 71 (395) 590 (1,705) (2) 21 0 0 0 0 (155) 2,207 of which financial institutions 1,829 352 (126) 33 (176) 444 (821) 28 (6) 0 0 0 0 (77) 1,480 Other intangible assets (mortgage servicing rights) 138 0 0 23 (1) 0 0 0 0 0 4 0 0 (6) 158 Other assets 1,679 347 (132) 759 (1,056) 1,054 (885) (1) (172) 0 (4) 0 0 (78) 1,511 of which loans held-for-sale 1,316 286 (113) 667 (904) 1,053 (885) (2) 0 0 (4) 0 0 (64) 1,350 Total assets at fair value 23,390 2,702 (3,165) 17,187 (20,471) 3,548 (5,979) 134 269 6 10 0 0 (989) 16,642 Liabilities (CHF million) Customer deposits 410 0 0 0 0 35 (3) 0 (61) 0 0 0 42 32 455 Obligation to return securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Trading liabilities 3,737 566 (1,049) 113 (134) 1,193 (1,625) 140 461 0 (9) 0 0 (167) 3,226 of which interest rate derivatives 538 57 (36) 0 0 45 (258) 6 (14) 0 0 0 0 (21) 317 of which foreign exchange derivatives 150 11 (1) 0 0 9 (12) 0 (52) 0 0 0 0 (5) 100 of which equity/index-related derivatives 1,181 54 (188) 0 0 543 (692) 17 441 0 0 0 0 (55) 1,301 of which credit derivatives 851 377 (392) 0 0 350 (376) 61 66 0 0 0 0 (39) 898 Short-term borrowings 516 95 (172) 0 0 865 (472) (2) 19 4 10 0 6 (24) 845 Long-term debt 13,415 1,172 (3,004) 0 0 4,540 (4,479) (12) 1,400 0 0 88 21 (640) 12,501 of which structured notes over two years 12,434 995 (2,886) 0 0 3,913 (3,079) (14) 1,390 0 0 87 17 (598) 12,259 Other liabilities 1,679 150 (102) 211 (304) 7 (398) (25) (8) 0 327 0 0 (70) 1,467 of which failed sales 219 80 (70) 189 (218) 0 0 (7) 40 0 0 0 0 (10) 223 Total liabilities at fair value 19,827 1,986 (4,328) 389 (524) 6,640 (6,977) 101 1,811 4 328 88 69 (874) 18,540 Net assets/(liabilities) at fair value 3,563 716 1,163 16,798 (19,947) (3,092) 998 33 (1,542) 2 (318) (88) (69) (115) (1,898) Gains and losses on assets and liabilities measured at fair value on a recurring basis (level 3) 2018 2017 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues 2,484 (160) 2,324 1 (1,509) (316) (1,825) 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (35) (6) (41) (2,088) 20 (2,068) 1 Excludes net realized/unrealized gains/(losses) attributable to foreign currency translation impact. Quantitative information about level 3 assets at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Securities received as collateral 30 – – – – – Trading assets 8,814 of which debt securities 2,076 of which foreign governments 232 Discounted cash flow Credit spread, in bp 140 140 140 of which corporates 1,260 of which 441 Market comparable Price, in % 0 118 94 of which 621 Option model Correlation, in % (60) 98 68 Volatility, in % 0 178 30 of which RMBS 269 Discounted cash flow Default rate, in % 0 11 3 Discount rate, in % 1 26 7 Loss severity, in % 0 100 63 Prepayment rate, in % 1 22 8 of which equity securities 132 of which 76 Market comparable EBITDA multiple 2 9 6 Price, in % 100 100 100 of which 49 Vendor price Price, in actuals 0 355 1 of which derivatives 3,298 of which interest rate products 507 Option model Correlation, in % 0 100 69 Prepayment rate, in % 1 26 9 Volatility skew, in % (4) 0 (2) of which foreign exchange products 258 of which 28 Discounted cash flow Contingent probability, in % 95 95 95 of which 218 Option model Correlation, in % (23) 70 24 Prepayment rate, in % 21 26 23 Volatility, in % 80 90 85 of which equity/index-related products 1,054 Option model Buyback probability, in % 50 100 74 Correlation, in % (40) 98 80 Gap risk, in % 2 0 4 1 Volatility, in % 2 178 34 of which credit derivatives 673 Discounted cash flow Correlation, in % 97 97 97 Credit spread, in bp 3 2,147 269 Default rate, in % 1 20 4 Discount rate, in % 3 28 15 Loss severity, in % 16 85 56 Prepayment rate, in % 0 12 6 Recovery rate, in % 0 68 8 of which other derivatives 806 Discounted cash flow Market implied life expectancy, in years 2 16 5 Mortality rate, in % 87 106 101 of which other trading assets 3,308 of which 870 Discounted cash flow Market implied life expectancy, in years 3 17 7 of which 2,119 Market comparable Price, in % 0 110 30 of which 249 Option model Mortality rate, in % 0 70 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. 2 Risk of unexpected large declines in the underlying values occurring 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 Investment securities 166 – – – – – Other investments 1,309 of which life finance instruments 1,067 Discounted cash flow Market implied life expectancy, in years 2 17 6 Loans 4,324 of which real estate 515 Discounted cash flow Credit spread, in bp 200 1,522 612 Recovery rate, in % 25 40 39 of which commercial and industrial loans 1,949 of which 1,531 Discounted cash flow Credit spread, in bp 159 1,184 582 of which 306 Market comparable Price, in % 0 99 65 of which financial institutions 1,391 of which 1,157 Discounted cash flow Credit spread, in bp 88 1,071 596 of which 73 Market comparable Price, in % 1 100 74 Other intangible assets (mortgage servicing rights) 163 – – – – – Other assets 1,543 of which loans held-for-sale 1,235 of which 422 Discounted cash flow Credit spread, in bp 105 2,730 394 Recovery rate, in % 25 87 56 of which 739 Market comparable Price, in % 0 130 82 Total level 3 assets at fair value 16,349 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 Securities received as collateral 46 – – – – – Trading assets 8,754 of which debt securities 2,292 of which corporates 1,412 of which 387 Option model Correlation, in % (60) 98 55 of which 545 Market comparable Price, in % 0 139 84 of which 444 Discounted cash flow Credit spread, in bp 37 952 230 of which RMBS 320 Discounted cash flow Discount rate, in % 1 24 11 Prepayment rate, in % 1 36 10 Default rate, in % 0 12 4 Loss severity, in % 0 100 57 of which CMBS 16 Discounted cash flow Capitalization rate, in % 14 14 14 Discount rate, in % 8 16 14 Prepayment rate, in % 0 5 4 of which CDO 126 Discounted cash flow Discount rate, in % 5 13 8 Prepayment rate, in % 5 20 13 Credit spread, in bp 464 669 553 Default rate, in % 2 5 3 Loss severity, in % 0 80 34 of which equity securities 163 of which 67 Vendor price Price, in actuals 0 2,080 10 of which 81 Market comparable EBITDA multiple 2 9 7 Price, in % 18 100 67 of which derivatives 3,289 of which interest rate products 801 Option model Correlation, in % 20 100 72 Prepayment rate, in % 6 34 17 Volatility skew, in % (4) 1 (1) of which equity/index-related products 833 Option model Correlation, in % (60) 98 65 Volatility, in % 0 105 64 Buyback probability, in % 50 100 90 Gap risk, in % 2 0 2 1 of which credit derivatives 634 Discounted cash flow Credit spread, in bp 1 956 217 Recovery rate, in % 0 45 20 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Loss severity, in % 1 100 64 Correlation, in % 97 97 97 Prepayment rate, in % 0 14 6 of which other trading assets 3,010 of which 1,605 Market comparable Price, in % 0 110 23 of which 1,095 Discounted cash flow Market implied life expectancy, in years 3 18 8 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 occurring 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 Investment securities 42 – – – – – Other investments 1,601 of which private equity 29 – – – – – of which other equity investments 271 – – – – – of which life finance instruments 1,301 Discounted cash flow Market implied life expectancy, in years 2 18 6 Loans 4,530 of which commercial and industrial loans 2,207 of which 1,924 Discounted cash flow Credit spread, in bp 89 1,116 420 of which 250 Market comparable Price, in % 0 99 56 of which financial institutions 1,480 of which 1,426 Discounted cash flow Credit spread, in bp 43 1,430 371 Other intangible assets (mortgage servicing rights) 158 – – – – – Other assets 1,511 of which loans held-for-sale 1,350 of which 849 Discounted cash flow Credit spread, in bp 117 973 292 Recovery rate, in % 18 87 73 of which 280 Market comparable Price, in % 0 102 88 Total level 3 assets at fair value 16,642 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 liabilities at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 453 – – – – – Obligation to return securities received as collateral 30 – – – – – Trading liabilities 3,589 of which debt securities 25 – – – – – of which equity securities 37 Vendor price Price, in actuals 0 3 0 of which derivatives 3,527 of which interest rate derivatives 189 Option model Basis spread, in bp (20) 147 48 Correlation, in % 1 100 41 Prepayment rate, in % 1 26 7 of which foreign exchange derivatives 160 of which 62 Discounted cash flow Contingent probability, in % 95 95 95 Credit spread, in bp 146 535 379 of which 37 Market comparable Price, in % 100 100 100 of which 57 Option model Correlation, in % 35 70 53 Prepayment rate, in % 21 26 23 of which equity/index-related derivatives 1,500 Option model Buyback probability, in % 2 50 100 74 Correlation, in % (60) 98 74 Volatility, in % 0 178 30 of which credit derivatives 1,140 of which 566 Discounted cash flow Correlation, in % 38 82 47 Credit spread, in bp 3 2,937 262 Default rate, in % 1 20 4 Discount rate, in % 3 28 14 Loss severity, in % 16 95 56 Prepayment rate, in % 0 12 6 Recovery rate, in % 0 80 14 of which 508 Market comparable Price, in % 75 104 89 of which 20 Option model Correlation, in % 50 50 50 Credit spread, in bp 35 1,156 320 Short-term borrowings 784 of which 61 Discounted cash flow Credit spread, in bp 1,018 1,089 1,067 Recovery rate, in % 40 40 40 of which 644 Option model Buyback probability, in % 50 100 74 Correlation, in % (40) 98 64 Fund gap risk, in % 3 0 4 1 Volatility, in % 2 178 32 Long-term debt 12,671 of which structured notes over one year and up to two years 528 of which 3 Discounted cash flow Credit spread, in bp 112 112 112 of which 427 Option model Correlation, in % (40) 98 71 Volatility, in % 2 178 31 of which structured notes over two years 11,800 of which 1,570 Discounted cash flow Credit spread, in bp (11) 1,089 136 of which 43 Market comparable Price, in % 0 46 30 of which 9,533 Option model Buyback probability, in % 2 50 100 74 Correlation, in % (60) 98 65 Gap risk, in % 3 0 4 1 Mean reversion, in % 4 (55) (1) (7) Volatility, in % 0 178 27 Other liabilities 1,327 – – – – – Total level 3 liabilities at fair value 18,854 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 Bank at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occurring between collateral settlement dates. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. Quantitative information about level 3 liabilities at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 455 – – – – – Obligation to return securities received as collateral 46 – – – – – Trading liabilities 3,226 of which interest rate derivatives 317 of which 205 Option model Basis spread, in bp (25) 52 19 Correlation, in % 20 100 60 Prepayment rate, in % 6 34 9 of which 81 Market comparable Price, in % 1 102 44 of which foreign exchange derivatives 100 of which 64 Option model Correlation, in % (10) 70 51 Prepayment rate, in % 27 34 30 of which 7 Discounted cash flow Contingent probability, in % 95 95 95 of which equity/index-related derivatives 1,301 of which 947 Option model Correlation, in % (60) 98 55 Volatility, in % 0 105 25 Buyback probability, in % 2 50 100 90 of which 62 Vendor price Price, in actuals 0 53 18 of which credit derivatives 898 Discounted cash flow Credit spread, in bp 2 973 172 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Recovery rate, in % 10 60 38 Loss severity, in % 25 100 67 Correlation, in % 38 85 54 Prepayment rate, in % 0 20 7 Term TRS/repo spread, in bp 176 176 176 Short-term borrowings 845 of which 288 Option model Correlation, in % (40) 98 60 Volatility, in % 4 105 26 of which 527 Discounted cash flow Credit spread, in bp 2 278 175 Recovery rate, in % 25 40 29 of which 24 Market comparable Price, in % 11 47 47 Long-term debt 12,501 of which structured notes over two years 12,259 of which 9,739 Option model Correlation, in % (60) 99 55 Volatility, in % 0 105 21 Buyback probability, in % 2 50 100 90 Gap risk, in % 3 0 2 1 Mean reversion, in % 4 (14) (1) (6) of which 1,571 Discounted cash flow Credit spread, in bp 2 729 105 Other liabilities 1,467 of which failed sales 223 of which 122 Market comparable Price, in % 0 100 51 of which 25 Discounted cash flow Credit spread, in bp 1,430 1,430 1,430 Total level 3 liabilities at fair value 18,540 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 Bank at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occurring between collateral settlement dates. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. Fair value, unfunded commitments and term of redemption conditions of investment funds measured at NAV per share 2018 2017 Unfunded Unfunded Fair value of investment funds and unfunded commitments (CHF million) Debt funds 12 0 12 0 0 0 0 0 Equity funds 103 1,011 1 1,114 53 61 992 2 1,053 0 Equity funds sold short (8) (2) (10) 0 0 (9) (9) 0 Funds held in trading assets and trading liabilities 107 1,009 1,116 53 61 983 1,044 0 Debt funds 1 0 1 0 1 0 1 0 Equity funds 126 0 126 42 133 0 133 63 Real estate funds 214 0 214 34 178 0 178 44 Other private equity funds 24 5 29 29 31 0 31 16 Private equity funds 365 5 370 105 343 0 343 123 Debt funds 68 34 102 0 164 75 239 0 Equity funds 14 14 28 0 2 53 55 0 Other hedge funds 2 24 26 0 2 95 97 9 Hedge funds 84 72 3 156 0 168 223 4 391 9 Equity method investment funds 52 522 574 21 71 1,050 1,121 5 Funds held in other investments 501 599 1,100 126 582 1,273 1,855 137 Fair value of investment funds and unfunded commitments 608 5 1,608 2,216 179 7 643 5 2,256 6 2,899 137 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, 40% is redeemable on a monthly basis with a notice period primarily of more than 30 days, 13% is redeemable on a quarterly basis with a notice period primarily of more than 45 days and 1% is redeemable on an annual basis with a notice period primarily of less than 30 days. 2 54% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 35% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 9% is redeemable on a quarterly basis with a notice period primarily of more than 45 days and 2% is redeemable on an annual basis with a notice period primarily of more than 60 days. 3 65% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days and 35% is redeemable on demand with a notice period primarily of less than 30 days. 4 51% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 45 days, 43% is redeemable on a monthly basis with a notice period primarily of less than 30 days and 6% is redeemable on demand with a notice period primarily of less than 30 days. 5 Includes CHF 102 million and CHF 229 million attributable to noncontrolling interests as of the end of 2018 and 2017, respectively. 6 Includes CHF 167 million attributable to noncontrolling interests as of the end of 2017. 7 Includes CHF 23 million and CHF 53 million attributable to noncontrolling interests as of the end of 2018 and 2017, respectively. Assets measured at fair value on a nonrecurring basis end of 2018 2017 Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) Assets held-for-sale recorded at fair value on a nonrecurring basis 0.0 0.1 of which level 2 0.0 0.1 Difference between the aggregate fair value and the unpaid principal balances of fair value option-elected financial instruments 2018 2017 Aggregate Aggregate Aggregate Aggregate Financial instruments (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 81,818 81,637 181 77,498 76,643 855 Loans 14,873 15,441 (568) 15,307 15,372 (65) Other assets 1 6,706 9,240 (2,534) 8,468 10,910 (2,442) Due to banks and customer deposits (859) (778) (81) (907) (861) (46) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (14,828) (14,827) (1) (15,262) (15,180) (82) Short-term borrowings (8,068) (8,647) 579 (11,019) (11,104) 85 Long-term debt (63,027) (69,914) 6,887 (62,622) (62,813) 191 Other liabilities (2,068) (3,125) 1,057 (661) (1,716) 1,055 Non-performing and non-interest-earning loans 2 640 3,493 (2,853) 708 3,375 (2,667) 1 Primarily loans held-for-s |
Assets pledged and collateral
Assets pledged and collateral | 12 Months Ended |
Dec. 31, 2018 | |
Assets pledged and collateral | 36 Assets pledged and collateral Assets pledged The Group pledges assets mainly for repurchase agreements and other securities financing. Certain pledged assets may be encumbered, meaning they have the right to be sold or repledged. The encumbered assets are parenthetically disclosed on the consolidated balance sheet. Assets pledged end of 2018 2017 CHF million Total assets pledged or assigned as collateral 117,895 130,038 of which encumbered 58,672 73,189 Collateral The Group receives cash and securities in connection with resale agreements, securities borrowing and loans, derivative transactions and margined broker loans. A significant portion of the collateral and securities received by the 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 2018 2017 CHF million Fair value of collateral received with the right to sell or repledge 406,389 433,190 of which sold or repledged 193,267 212,155 Other information end of 2018 2017 CHF million Swiss National Bank required minimum liquidity reserves 2,042 2,043 Other cash and securities restricted under Swiss and foreign regulations for financial institutions 25,139 26,969 |
Bank | |
Assets pledged and collateral | 35 Assets pledged and collateral Assets pledged The Bank pledges assets mainly for repurchase agreements and other securities financing. Certain pledged assets may be encumbered, meaning they have the right to be sold or repledged. The encumbered assets are parenthetically disclosed on the consolidated balance sheet. Assets pledged end of 2018 2017 CHF million Total assets pledged or assigned as collateral 117,895 130,038 of which encumbered 58,672 73,189 Collateral The Bank receives cash and securities in connection with resale agreements, securities borrowing and loans, derivative transactions and margined broker loans. A significant portion of the collateral and securities received by the Bank was sold or repledged in connection with repurchase agreements, securities sold not yet purchased, securities borrowings and loans, pledges to clearing organizations, segregation requirements under securities laws and regulations, derivative transactions and bank loans. Collateral end of 2018 2017 CHF million Fair value of collateral received with the right to sell or repledge 406,389 433,190 of which sold or repledged 193,267 212,155 Other information end of 2018 2017 CHF million Swiss National Bank required minimum liquidity reserves 2,042 2,043 Other cash and securities restricted under Swiss and foreign regulations for financial institutions 24,681 26,928 > Refer to “Note 36 – Assets pledged and collateral” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Capital adequacy
Capital adequacy | 12 Months Ended |
Dec. 31, 2018 | |
Capital adequacy | 37 Capital adequacy The Group is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks (Swiss Requirements), which include capital, liquidity, leverage and large exposure requirements and rules for emergency plans designed to maintain systemically relevant functions in the event of threatened insolvency. The legislation implementing the Basel III framework in Switzerland in respect of capital requirements for systemically relevant banks, including the Group, goes beyond the Basel III minimum standards for systemically relevant banks. The Swiss total loss-absorbing capacity (TLAC) standards are being phased in from 2016 through 2019 and are fully effective on January 1, 2020. The Group, which is subject to regulation by FINMA, has based its capital adequacy calculations on US GAAP financial statements, as permitted by FINMA Circular 2013/1. The Swiss regulation framework includes certain requirements for Swiss banks classified as systemically important banks operating internationally, such as the Group. It contains two different minimum requirements for loss-absorbing capacity: global systemically important banks must hold sufficient capital that absorbs losses to ensure continuity of service (going concern requirement), and they must issue sufficient debt instruments to fund an orderly resolution without recourse to public resources (gone concern requirement). Going concern capital and gone concern capital together form the Group’s total loss-absorbing capacity. The going concern and gone concern requirements are generally aligned with the Financial Stability Board’s total loss-absorbing capacity standard. The Swiss requirements are subject to phase-in and grandfathering provisions for certain outstanding instruments, and have to be fully applied by January 1, 2020. Banks that do not maintain the minimum requirements may be limited in their ability to pay dividends and make discretionary bonus payments and other earnings distributions. The Group’s balance sheet positions and off-balance sheet exposures translate into risk-weighted assets, which are categorized as credit, market and operational risk-weighted assets. When assessing risk-weighted assets, it is not the nominal size, but rather the nature (including risk mitigation such as collateral or hedges) of the balance sheet positions or off-balance sheet exposures that determines the risk-weighted assets. Leverage exposure consists of period-end balance sheet assets and prescribed regulatory adjustments. Capital ratios measure the Group’s capital components against risk-weighted assets and leverage ratios measure them against the end-of-period leverage exposure. As of December 31, 2018 and 2017, the Group’s capital position exceeds its capital requirements under the regulatory provisions outlined under Swiss Requirements. Broker-dealer operations Certain of the Group’s broker-dealer subsidiaries are also subject to capital adequacy requirements. As of December 31, 2018 and 2017, the Group and its subsidiaries complied with all applicable regulatory capital adequacy requirements. Swiss metrics Phase-in end of 2018 2017 Swiss capital (CHF million) Swiss CET1 capital 35,719 36,567 Going concern capital 49,443 53,131 Gone concern capital 35,678 35,712 Total loss-absorbing capacity 85,121 88,843 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 285,193 273,436 Leverage exposure 881,386 919,053 Swiss capital ratios (%) Swiss CET1 ratio 12.5 13.4 Going concern capital ratio 17.3 19.4 Gone concern capital ratio 12.5 13.1 TLAC ratio 29.8 32.5 Swiss leverage ratios (%) Swiss CET1 leverage ratio 4.1 4.0 Going concern leverage ratio 5.6 5.8 Gone concern leverage ratio 4.0 3.9 TLAC leverage ratio 9.7 9.7 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 9.46 9.0 Going concern capital ratio requirement 12.86 12.0 Gone concern capital ratio requirement 8.9 6.2 TLAC ratio requirement 21.76 18.2 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 2.9 2.6 Going concern leverage ratio requirement 4.0 3.5 Gone concern leverage ratio requirement 3.0 2.0 TLAC leverage ratio requirement 7.0 5.5 Dividend restrictions Certain of the Group’s subsidiaries are subject to legal restrictions governing the amount of dividends they can pay (for example, pursuant to corporate law as defined by the Swiss Code of Obligations). Under the Swiss Code of Obligations, dividends may be paid out only if and to the extent the corporation has distributable profits from previous business years, or if the free reserves of the corporation are sufficient to allow distribution of a dividend. In addition, at least 5% of the annual net profits must be retained and booked as general legal reserves for so long as these reserves amount to less than 20% of the paid-in share capital. The reserves currently exceed this 20% threshold. Furthermore, dividends may be paid out only after shareholder approval at the Annual General Meeting. As of December 31, 2018 and 2017, Credit Suisse Group AG was not subject to restrictions on its ability to pay the proposed dividends. |
Bank | |
Capital adequacy | 36 Capital adequacy The Bank is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks (Swiss Requirements). The Bank, which is subject to regulation by FINMA, has based its capital adequacy calculations on US GAAP financial statements, as permitted by FINMA Circular 2013/1. > Refer to “Note 37 – Capital adequacy” in VI – Consolidated financial statements – Credit Suisse Group for further information. As of December 31, 2018 and 2017, the Bank’s capital position exceeded its capital requirements under the regulatory provisions outlined under Swiss Requirements. Broker-dealer operations Certain of the Bank’s broker-dealer subsidiaries are also subject to capital adequacy requirements. As of December 31, 2018 and 2017, the Bank and its subsidiaries complied with all applicable regulatory capital adequacy requirements. Dividend restrictions Certain of the Bank’s subsidiaries are subject to legal restrictions governing the amount of dividends they can pay (for example, pursuant to corporate law as defined by the Swiss Code of Obligations). As of December 31, 2018 and 2017, Credit Suisse AG was not subject to restrictions on its ability to pay the proposed dividends. Swiss metrics Phase-in end of 2018 2017 Swiss capital (CHF million) Swiss CET1 capital 38,810 38,288 Going concern capital 51,634 53,995 Gone concern capital 35,683 35,771 Total loss-absorbing capacity (TLAC) 87,317 89,766 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 286,682 273,332 Leverage exposure 885,854 921,793 Swiss capital ratios (%) Swiss CET1 ratio 13.5 14.0 Going concern capital ratio 18.0 19.8 Gone concern capital ratio 12.4 13.1 TLAC ratio 30.5 32.8 Swiss leverage ratios (%) Swiss CET1 leverage ratio 4.4 4.2 Going concern leverage ratio 5.8 5.9 Gone concern leverage ratio 4.0 3.9 TLAC leverage ratio 9.9 9.7 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 9.46 9.0 Going concern capital ratio requirement 12.86 12.0 Gone concern capital ratio requirement 8.9 6.2 TLAC ratio requirement 21.76 18.2 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 2.9 2.6 Going concern leverage ratio requirement 4.0 3.5 Gone concern leverage ratio requirement 3.0 2.0 TLAC leverage ratio requirement 7.0 5.5 |
Assets under management
Assets under management | 12 Months Ended |
Dec. 31, 2018 | |
Assets under management | 38 Assets under management The following disclosure provides information regarding client assets, assets under management and net new assets as regulated by FINMA. Assets under management Assets under management include assets for which the Group provides investment advisory or discretionary asset management services, investment fund assets and assets invested in other investment fund-like pooled investment vehicles managed by the Group. The classification of assets under management is conditional upon the nature of the services provided by the Group and the clients’ intentions. Assets are individually assessed on the basis of each client’s intentions and objectives and the nature of the banking services provided to that client. In order to be classified as assets under management, the Group must currently or in the foreseeable future expect to provide a service where the involvement of the Group’s banking or investment expertise (e.g. as asset manager or investment advisor) is not purely executional or custodial in nature. Assets under custody are client assets held mainly for execution-related or safekeeping/custody purposes only and therefore are not considered assets under management since the Group does not generally provide asset allocation or financial advice. Assets of corporate clients and public institutions that are used primarily for cash management or transaction executional purposes for which no investment advice is provided are classified as commercial assets or assets under custody and therefore do not qualify as assets under management. For the purpose of classifying assets under management, clients with multiple accounts are assessed from an overall relationship perspective. Accounts that are clearly separate from the remainder of the client relationship and represent assets held for custody purposes only are not included as assets under management. The initial classification of the assets may not be permanent as the nature of the client relationship is reassessed on an on-going basis. If changes in client intent or activity warrant reclassification between client asset categories, the required reclassification adjustments are made immediately when the change in intent or activity occurs. Reclassifications between assets under management and assets held for transaction-related or custodial purposes result in corresponding net asset inflows or outflows. Effective as of January 1, 2019, the Group updated its assets under management policy primarily to introduce more specific criteria to evaluate whether client assets qualify as assets under management. The introduction of this updated policy is expected to result in a reclassification of approximately CHF 19 billion of assets under management to assets under custody which will be reflected as a structural effect in the first quarter of 2019. A portion of the Group’s assets under management results from double counting. Double counting arises when assets under management are subject to more than one level of asset management services. Each separate advisory or discretionary service provides additional benefits to the client and represents additional income for the Group. Specifically, double counting primarily results from the investment of assets under management in collective investment instruments managed by the Group. The extent of double counting is disclosed in the following table. Assets under management end of 2018 2017 CHF billion Assets in collective investment instruments managed by Credit Suisse 186.4 185.2 Assets with discretionary mandates 256.5 267.3 Other assets under management 904.4 923.6 Assets under management (including double counting) 1,347.3 1,376.1 of which double counting 44.2 46.2 Changes in assets under management 2018 2017 Assets under management (CHF billion) Balance at beginning of period 1 1,376.1 1,251.1 Net new assets/(net asset outflows) 56.5 37.8 Market movements, interest, dividends and foreign exchange (68.2) 86.7 of which market movements, interest and dividends 2 (55.1) 88.9 of which foreign exchange (13.1) (2.2) Other effects (17.1) 0.5 Balance at end of period 1,347.3 1,376.1 1 Including double counting. 2 Net of commissions and other expenses and net of interest expenses charged. Net new assets Net new assets measure the degree of success in acquiring assets under management or changes in assets under management through warranted reclassifications. The calculation is based on the direct method, taking into account individual cash payments, security deliveries and cash flows resulting from loan increases or repayments. Interest and dividend income credited to clients and commissions, interest and fees charged for banking services as well as changes in assets under management due to currency and market volatility are not taken into account when calculating net new assets, as such charges or market movements are not directly related to the Group’s success in acquiring assets under management. Similarly other effects mainly relate to asset inflows and outflows due to acquisition or divestiture, exit from businesses or markets or exits due to new regulatory requirements and are not taken into account when calculating net new assets. The Group reviews relevant policies regarding client assets on a regular basis. Divisional allocation Assets under management and net new assets for the Private Clients business in the Swiss Universal Bank division, the Private Banking businesses in the International Wealth Management and Asia Pacific divisions, the Corporate & Institutional Banking business in the Swiss Universal Bank division and the Strategic Resolution Unit are allocated based on the management areas (business areas) that effectively manage the assets. The distribution of net new assets resulting from internal referral arrangements is governed under the net new asset referral framework, which includes preset percentages for the allocation of net new assets to the businesses. The allocation of assets under management and net new assets for Asset Management in the Internal Wealth Management division reflects the location where the investment vehicles are managed and where the costs of managing the funds are incurred. |
Bank | |
Assets under management | 37 Assets under management The following disclosure provides information regarding client assets, assets under management and net new assets as regulated by FINMA. > Refer to “Note 38 – Assets under management” in VI – Consolidated financial statements – Credit Suisse Group for further information. Assets under management end of 2018 2017 CHF billion Assets in collective investment instruments managed by Credit Suisse 178.3 177.4 Assets with discretionary mandates 256.5 267.3 Other assets under management 904.4 923.6 Assets under management (including double counting) 1,339.2 1,368.3 of which double counting 42.4 44.6 Changes in assets under management 2018 2017 Assets under management (CHF billion) Balance at beginning of period 1 1,368.3 1,243.9 Net new assets/(net asset outflows) 56.0 36.2 Market movements, interest, dividends and foreign exchange (68.0) 87.6 of which market movements, interest and dividends 2 (54.8) 89.8 of which foreign exchange (13.2) (2.2) Other effects (17.1) 0.6 Balance at end of period 1,339.2 1,368.3 1 Including double counting. 2 Net of commissions and other expenses and net of interest expenses charged. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2018 | |
Litigation | 39 Litigation The Group is involved in a number of judicial, regulatory and arbitration proceedings concerning matters arising in connection with the conduct of its businesses, including those disclosed below. Some of these proceedings have been brought on behalf of various classes of claimants and seek damages of material and/or indeterminate amounts. The Group accrues loss contingency litigation provisions and takes a charge to income in connection with certain proceedings when losses, additional losses or ranges of loss are probable and reasonably estimable. The Group also accrues litigation provisions for the estimated fees and expenses of external lawyers and other service providers in relation to such proceedings, including in cases for which it has not accrued a loss contingency provision. The Group accrues these fee and expense litigation provisions and takes a charge to income in connection therewith when such fees and expenses are probable and reasonably estimable. The Group reviews its legal proceedings each quarter to determine the adequacy of its litigation provisions and may increase or release provisions based on management’s judgment and the advice of counsel. The establishment of additional provisions or releases of litigation provisions may be necessary in the future as developments in such proceedings warrant. The specific matters described below include (a) proceedings where the Group has accrued a loss contingency provision, given that it is probable that a loss may be incurred and such loss is reasonably estimable; and (b) proceedings where the Group has not accrued such a loss contingency provision for various reasons, including, but not limited to, the fact that any related losses are not reasonably estimable. The description of certain of the matters below includes a statement that the Group has established a loss contingency provision and discloses the amount of such provision; for the other matters no such statement is made. With respect to the matters for which no such statement is made, either (a) the Group has not established a loss contingency provision, in which case the matter is treated as a contingent liability under the applicable accounting standard, or (b) the Group has established such a provision but believes that disclosure of that fact would violate confidentiality obligations to which the Group is subject or otherwise compromise attorney-client privilege, work product protection or other protections against disclosure or compromise the Group’s management of the matter. The future outflow of funds in respect of any matter for which the Group has accrued loss contingency provisions cannot be determined with certainty based on currently available information, and accordingly may ultimately prove to be substantially greater (or may be less) than the provision that is reflected on the Group’s balance sheet. It is inherently difficult to determine whether a loss is probable or even reasonably possible or to estimate the amount of any loss or loss range for many of the Group’s legal proceedings. Estimates, by their nature, are based on judgment and currently available information and involve a variety of factors, including, but not limited to, the type and nature of the proceeding, the progress of the matter, the advice of counsel, the Group’s defenses and its experience in similar matters, as well as its assessment of matters, including settlements, involving other defendants in similar or related cases or proceedings. Factual and legal determinations, many of which are complex, must be made before a loss, additional losses or ranges of loss can be reasonably estimated for any proceeding. Most matters pending against the Group seek damages of an indeterminate amount. While certain matters specify the damages claimed, such claimed amount may not represent the Group’s reasonably possible losses. For certain of the proceedings discussed below the Group has disclosed the amount of damages claimed and certain other quantifiable information that is publicly available. The following table presents a roll forward of the Group’s aggregate litigation provisions. Litigation provisions 2018 CHF million Balance at beginning of period 749 Increase in litigation accruals 503 Decrease in litigation accruals (91) Decrease for settlements and other cash payments (481) Foreign exchange translation 1 Balance at end of period 681 The Group’s aggregate litigation provisions include estimates of losses, additional losses or ranges of loss for proceedings for which such losses are probable and can be reasonably estimated. The Group does not believe that it can estimate an aggregate range of reasonably possible losses for certain of its proceedings because of their complexity, the novelty of some of the claims, the early stage of the proceedings, the limited amount of discovery that has occurred and/or other factors. The Group’s estimate of the aggregate range of reasonably possible losses that are not covered by existing provisions for the proceedings discussed below for which the Group believes an estimate is possible is zero to CHF 1.4 billion. After taking into account its litigation provisions, the Group believes, based on currently available information and advice of counsel, that the results of its legal proceedings, in the aggregate, will not have a material adverse effect on the Group’s financial condition. However, in light of the inherent uncertainties of such proceedings, including those brought by regulators or other governmental authorities, the ultimate cost to the Group of resolving such proceedings may exceed current litigation provisions and any excess may be material to its operating results for any particular period, depending, in part, upon the operating results for such period. Enron-related litigation Credit Suisse Securities (USA) LLC (CSS LLC) and certain of its affiliates, together with Deutsche Bank Securities Inc., Deutsche Bank AG, and Merrill Lynch & Co., Inc., were named as defendants in an Enron-related action, Silvercreek Management Inc. v. Citigroup, Inc., et al., in the US District Court for the Southern District of New York (SDNY). In this action, plaintiffs asserted they relied on Enron’s financial statements, and sought to hold the defendants responsible for any inaccuracies in Enron’s financial statements. The plaintiffs sought to assert federal and state law claims relating to its alleged USD 280 million in losses relating to its Enron investments. On November 10, 2017, the defendants filed motions for summary judgment. On September 28, 2018, the SDNY granted in part and denied in part the defendants’ motions for summary judgment, dismissing certain claims. On December 28, 2018, CSS LLC and its affiliates, together with Deutsche Bank Securities Inc., Deutsche Bank AG, and Merrill Lynch & Co., Inc. executed an agreement with the plaintiffs to settle this litigation. On January 10, 2019, the SDNY entered an order of final judgment dismissing with prejudice all claims against those defendants. This ends the last of CSS LLC and its affiliates’ Enron-related litigation. Mortgage-related matters Government and regulatory related matters Various financial institutions, including CSS LLC and certain of its affiliates, have received requests for information from, and/or have been defending civil actions by, certain regulators and/or government entities, including the US Department of Justice (DOJ) and other members of the Residential Mortgage-Backed Securities (RMBS) Working Group of the US Financial Fraud Enforcement Task Force, regarding the origination, purchase, securitization, servicing and trading of subprime and non-subprime residential and commercial mortgages and related issues. CSS LLC and its affiliates are cooperating with such requests for information. DOJ RMBS settlement As previously disclosed, on January 18, 2017, CSS LLC and its current and former US subsidiaries and US affiliates reached a settlement with the DOJ related to its legacy RMBS business, a business conducted through 2007. The settlement resolved potential civil claims by the DOJ related to certain of those Credit Suisse entities’ packaging, marketing, structuring, arrangement, underwriting, issuance and sale of RMBS. Pursuant to the terms of the settlement a civil monetary penalty was paid to the DOJ in January 2017. The settlement also required the above-mentioned entities to provide a specified amount of consumer relief measures, including affordable housing payments and loan forgiveness, within five years of the settlement, and the DOJ and Credit Suisse agreed to the appointment of an independent monitor to oversee the completion of the consumer relief requirements of the settlement. The monitor has published reports on October 27, 2017, February 20, 2018 and August 31, 2018 noting Credit Suisse’s cooperation and progress toward satisfaction of the consumer relief requirements. NYAG and NJAG litigation Following an investigation, on November 20, 2012, the New York Attorney General (NYAG), on behalf of the State of New York, filed a civil action in the Supreme Court for the State of New York, New York County (SCNY) against CSS LLC and affiliated entities in their roles as issuer, sponsor, depositor and/or underwriter of RMBS transactions prior to 2008. The complaint, which referenced 64 RMBS issued, sponsored, deposited and underwritten by CSS LLC and its affiliates in 2006 and 2007, alleged that CSS LLC and its affiliates misled investors regarding the due diligence and quality control performed on the mortgage loans underlying the RMBS at issue, and sought an unspecified amount of damages. On June 12, 2018, the New York State Court of Appeals ordered the partial dismissal of the NYAG’s complaint, holding that the NYAG’s claim pursuant to New York’s Martin Act was time-barred and remanding the action to the SCNY for further proceedings on the NYAG’s claim pursuant to New York’s Executive Law. On December 31, 2018, pursuant to a settlement that resolved all claims by the NYAG against CSS LLC and its affiliates, the NYAG filed with the SCNY a stipulation dismissing its action with prejudice. The settlement required the Credit Suisse defendants to pay USD 10 million to the State of New York. This ends the action with the NYAG against CSS LLC and its affiliates. On December 18, 2013, the New Jersey Attorney General (NJAG), on behalf of the State of New Jersey, filed a civil action in the Superior Court of New Jersey, Chancery Division, Mercer County (SCNJ), against CSS LLC and affiliated entities in their roles as issuer, sponsor, depositor and/or underwriter of RMBS transactions prior to 2008. The original complaint, which referenced 13 RMBS issued, sponsored, deposited and underwritten by CSS LLC and its affiliates in 2006 and 2007, alleges that CSS LLC and its affiliates misled investors and engaged in fraud or deceit in connection with the offer and sale of RMBS, and seeks an unspecified amount of damages. On August 21, 2014, the SCNJ dismissed without prejudice the action brought against CSS LLC and its affiliates by the NJAG. On September 4, 2014, the NJAG filed an amended complaint against CSS LLC and its affiliates, asserting additional allegations but not expanding the number of claims or RMBS referenced in the original complaint. The NJAG action is at an intermediate procedural stage. Civil litigation CSS LLC and/or certain of its affiliates have also been named as defendants in various civil litigation matters related to their roles as issuer, sponsor, depositor, underwriter and/or servicer of RMBS transactions. These cases include or have included class action lawsuits, actions by individual investors in RMBS, actions by monoline insurance companies that guaranteed payments of principal and interest for certain RMBS, and repurchase actions by RMBS trusts, trustees and/or investors. Although the allegations vary by lawsuit, plaintiffs in the class actions and individual investor actions have generally alleged that the offering documents of securities issued by various RMBS securitization trusts contained material misrepresentations and omissions, including statements regarding the underwriting standards pursuant to which the underlying mortgage loans were issued; monoline insurers allege that loans that collateralize RMBS they insured breached representations and warranties made with respect to the loans at the time of securitization and that they were fraudulently induced to enter into the transactions; and repurchase action plaintiffs generally allege breached representations and warranties in respect of mortgage loans and failure to repurchase such mortgage loans as required under the applicable agreements. The amounts disclosed below do not reflect actual realized plaintiff losses to date or anticipated future litigation exposure. Rather, unless otherwise stated, these amounts reflect the original unpaid principal balance amounts as alleged in these actions and do not include any reduction in principal amounts since issuance. Further, unless otherwise stated, amounts attributable to an “operative pleading” for the individual investor actions are not altered for settlements, dismissals or other occurrences, if any, that may have caused the amounts to change subsequent to the operative pleading. In addition to the mortgage-related actions discussed below, a number of other entities have threatened to assert claims against CSS LLC and/or its affiliates in connection with various RMBS issuances. Individual investor actions CSS LLC and, in some instances, its affiliates, as an RMBS issuer, underwriter and/or other participant, along with other defendants, have been named as defendants in: (i) one action brought by the Federal Deposit Insurance Corporation (FDIC), as receiver for Citizens National Bank and Strategic Capital Bank, in the SDNY, in which claims against CSS LLC and its affiliates relate to approximately USD 28 million of the RMBS at issue (approximately 20% of the USD 141 million at issue against all defendants in the operative pleading); (ii) two actions brought by the FDIC, as receiver for Colonial Bank: one action in the SDNY, in which claims against CSS LLC relate to approximately USD 92 million of the RMBS at issue (approximately 23% of the USD 394 million at issue against all defendants in the operative pleading); and one action in the Circuit Court of Montgomery County, Alabama, in which claims against CSS LLC and its affiliates relate to approximately USD 139 million of the RMBS at issue (approximately 45% of the USD 311 million at issue against all defendants in the operative pleading), reduced from approximately USD 153 million following the February 14, 2017 dismissal with prejudice of claims pertaining to one RMBS offering on which CSS LLC and its affiliates were sued, and which has a trial scheduled to begin in April 2019; (iii) one action brought by the Federal Home Loan Bank of Seattle (FHLB Seattle) in Washington state court, in which claims against CSS LLC and its affiliates currently on appeal relate to approximately USD 145 million of the RMBS at issue, reduced from approximately USD 249 million of RMBS at issue; these claims were dismissed with prejudice in the trial court’s May 4, 2016 summary judgment order; on May 3, 2018, the Washington State Supreme Court granted FHLB Seattle’s petition for review of the Washington State Court of Appeals’ decision affirming the trial court’s dismissal of FHLB Seattle’s claims; and (iv) one action brought by the Federal Home Loan Bank of Boston in Massachusetts state court, in which claims against CSS LLC and its affiliates relate to approximately USD 333 million of the RMBS at issue, reduced from USD 373 million (approximately 6% of the USD 5.7 billion at issue against all defendants in the operative pleading) following the October 27, 2015 stipulation of voluntary dismissal with prejudice of claims pertaining to a certain RMBS offering on which CSS LLC and its affiliates were sued. These actions are at various procedural stages. CSS LLC and certain of its affiliates are the only defendants named in an action brought by IKB Deutsche Industriebank AG and affiliated entities in the SCNY, in which claims against CSS LLC and its affiliates relate to approximately USD 97 million of RMBS at issue; this action is at an intermediate procedural stage. CSS LLC and an affiliate were defendants in an action brought by Royal Park Investments SA/NV (Royal Park) in the SCNY, in which claims against CSS LLC and its affiliate related to approximately USD 360 million of RMBS at issue; on October 9, 2018, the Appellate Division First Department of the SCNY (First Department) affirmed the trial court’s dismissal with prejudice of all claims against CSS LLC and its affiliate and, on January 15, 2019, the New York State Court of Appeals denied Royal Park’s request to further appeal. As disclosed in Credit Suisse’s quarterly Financial Reports for 2018, individual investor actions discontinued during the course of 2018 included the following: (i) on July 19, 2018, following a settlement, the Tennessee state court presiding in the action brought by the Tennessee Consolidated Retirement System dismissed with prejudice all claims against CSS LLC relating to approximately USD 24 million of RMBS at issue; and (ii) on July 27, 2018, following a settlement, the SCNY presiding in the action brought by Phoenix Light SF Ltd. and affiliated entities dismissed with prejudice all claims against CSS LLC and its affiliates related to approximately USD 281 million of RMBS at issue. Monoline insurer disputes CSS LLC and certain of its affiliates are defendants in one monoline insurer action pending in the SCNY, commenced by MBIA Insurance Corp. (MBIA) as guarantor for payments of principal and interest related to approximately USD 770 million of RMBS issued in an offering sponsored by the Credit Suisse defendants. One theory of liability advanced by MBIA is that an affiliate of CSS LLC must repurchase certain mortgage loans from the trusts at issue. MBIA claims that the vast majority of the underlying mortgage loans breach certain representations and warranties, and that the affiliate has failed to repurchase the allegedly defective loans. In addition, MBIA brought claims for fraudulent inducement, material misrepresentations, breaches of warranties, repurchase obligations, and reimbursement. MBIA submitted repurchase demands for loans with an original principal balance of approximately USD 549 million. On March 31, 2017, the SCNY granted in part and denied in part both parties’ respective summary judgment motions, which resulted, among other things, in the dismissal of MBIA’s fraudulent inducement claim with prejudice. On September 13, 2018, the First Department issued a decision that, among other things, affirmed the dismissal of MBIA’s fraudulent inducement claim with prejudice. The First Department also ruled in favor of CSS LLC and certain of its affiliates on their cross-appeal, reversing the trial court’s interpretation of certain representations and warranties and ruling that their meaning should be decided at trial. Following its decision, the First Department remanded the action to the trial court for further proceedings. Trial in this action is scheduled to begin in July 2019. Repurchase litigations DLJ Mortgage Capital, Inc. (DLJ) is a defendant in: (i) one action brought by Asset Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7, in which plaintiff alleges damages of not less than USD 341 million, which will proceed in the SCNY following the resolution of a previously pending appeal; (ii) one action brought by Home Equity Asset Trust, Series 2006-8, in which plaintiff alleges damages of not less than USD 436 million; (iii) one action brought by Home Equity Asset Trust 2007-1, in which plaintiff alleges damages of not less than USD 420 million; (iv) one action brought by Home Equity Asset Trust Series 2007-3, in which plaintiff alleges damages of not less than USD 206 million, which was dismissed without prejudice by order of the SCNY on December 21, 2015 with leave to restore within one year and which plaintiff moved to restore on December 20, 2016, which the court granted on March 15, 2017 by restoring the case to active status; (v) one action brought by Home Equity Asset Trust 2007-2, in which plaintiff alleges damages of not less than USD 495 million; and (vi) one action brought by CSMC Asset-Backed Trust 2007-NC1, in which no damages amount is alleged. DLJ and its affiliate, Select Portfolio Servicing, Inc. (SPS), are defendants in: one action brought by Home Equity Mortgage Trust Series 2006-1, Home Equity Mortgage Trust Series 2006-3 and Home Equity Mortgage Trust Series 2006-4, in which plaintiffs allege damages of not less than USD 730 million, and allege that SPS obstructed the investigation into the full extent of the defects in the mortgage pools by refusing to afford the trustee reasonable access to certain origination files; and one action brought by Home Equity Mortgage Trust Series 2006-5, in which plaintiff alleges damages of not less than USD 500 million, and alleges that SPS likely discovered DLJ’s alleged breaches of representations and warranties but did not notify the trustee of such breaches, in alleged violation of its contractual obligations. These actions are brought in the SCNY and are at various procedural stages. As disclosed in Credit Suisse’s fourth quarter Financial Report of 2013, the following repurchase actions were dismissed with prejudice in 2013: the three consolidated actions brought by Home Equity Asset Trust 2006-5, Home Equity Asset Trust 2006-6 and Home Equity Asset Trust 2006-7 against DLJ. Those dismissals were upheld by the New York State Court of Appeals on February 19, 2019. Separately, a notice of appeal has been filed before the First Department in these consolidated actions from the SCNY’s April 2017 denial of plaintiffs’ request that its 2013 dismissal decision be modified to allow plaintiffs to assert new claims not previously included in plaintiffs’ consolidated complaint. Bank loan litigation On January 3, 2010, Credit Suisse AG and certain of its affiliates were named as defendants in a lawsuit filed in the US District Court for the District of Idaho by current or former homeowners in four real estate developments, Tamarack Resort, Yellowstone Club, Lake Las Vegas and Ginn Sur Mer. Credit Suisse defendants in this matter arranged, and acted as the agent bank for, syndicated loans provided to borrowers affiliated with all four developments, and who have been or are now in bankruptcy or foreclosure. Plaintiffs generally allege that Credit Suisse defendants committed fraud by using an unaccepted appraisal method to overvalue the properties with the intention of having the borrowers take out loans they could not repay because it would allow Credit Suisse defendants to later push the borrowers into bankruptcy and take ownership of the properties. Plaintiffs demanded USD 24 billion in damages. Cushman & Wakefield, the appraiser for the properties at issue, was also named as a defendant. After the filing of amended complaints and motions to dismiss, the claims were significantly reduced. On September 24, 2013, the court denied the plaintiffs’ motion for class certification so the case could not proceed as a class action. On February 5, 2015, the court granted plaintiffs’ motion for leave to file an amended complaint, adding additional individual plaintiffs. On April 13, 2015, the court granted plaintiffs’ motion for leave to add a claim for punitive damages. On November 20, 2015, the plaintiffs moved for partial summary judgment, which the defendants opposed on December 14, 2015. On December 18, 2015, the defendants filed motions for summary judgment. On July 27, 2016, the US District Court for the District of Idaho granted the defendants’ motions for summary judgment, dismissing the case with prejudice. On April 26, 2018, the United States Court of Appeals for the Ninth Circuit affirmed the granting of summary judgment for Credit Suisse AG and certain of its affiliates. CSS LLC and certain of its affiliates are the subject of certain other related litigation regarding certain of these loans as well as other similar real estate developments. Such litigation includes two cases brought in Texas and New York state courts by entities related to Highland Capital Management LP (Highland). In the case in Texas state court, a jury trial was held in December 2014 on Highland’s claim for fraudulent inducement by affirmative misrepresentation and omission. A verdict was issued for the plaintiff on its claim for fraudulent inducement by affirmative misrepresentation, but the jury rejected its claim that CSS LLC and an affiliate had committed fraudulent inducement by omission. The Texas judge held a bench trial on Highland’s remaining claims in May and June 2015, and entered judgment in the amount of USD 287 million (including prejudgment interest) for the plaintiff on September 4, 2015. Both parties appealed and on February 21, 2018 the appeals court affirmed the lower court’s decision. On March 7, 2018, the defendants filed a motion for rehearing with the appeals court. On April 2, 2018, the motion for rehearing with the appeals court was denied. On July 18, 2018, the defendants filed a request for review by the Texas Supreme Court. On December 14, 2018, the court issued an order requiring briefs on the merits in the request for review. In the case in New York state court, the court granted in part and denied in part CSS LLC and certain of its affiliates’ summary judgment motion. Both parties appealed that decision, but the appellate court affirmed the decision in full. CSS LLC and certain of its affiliates separately sued Highland-managed funds on related trades and received a favorable judgment awarding both principal owed and prejudgment interest. Highland appealed the portion of the judgment awarding prejudgment interest, however the original decision was affirmed in its entirety. The parties subsequently agreed to settle the amount owed by the Highland-managed funds under the judgment. Tax and securities law matters On May 19, 2014, Credit Suisse AG entered into settlement agreements with several US regulators regarding its US cross-border matters. As part of the agreements, Credit Suisse AG, among other things, engaged an independent corporate monitor that reports to the New York State Department of Financial Services. As of July 31, 2018, the monitor has concluded both his review and his assignment. Rates-related matters Regulatory matters Regulatory authorities in a number of jurisdictions, including the US, UK, EU and Switzerland, have for an extended period of time been conducting investigations into the setting of LIBOR and other reference rates with respect to a number of currencies, as well as the pricing of certain related derivatives. These ongoing investigations have included information requests from regulators regarding LIBOR-setting practices and reviews of the activities of various financial institutions, including Credit Suisse Group AG, which is a member of three LIBOR rate-setting panels (US Dollar LIBOR, Swiss Franc LIBOR and Euro LIBOR). Credit Suisse is cooperating fully with these investigations. In particular, it has been reported that regulators are investigating whether financial institutions engaged in an effort to manipulate LIBOR, either individually or in concert with other institutions, in order to improve market perception of these institutions’ financial health and/or to increase the value of their proprietary trading positions. In response to regulatory inquiries, Credit Suisse commissioned a review of these issues. To date, Credit Suisse has seen no evidence to suggest that it is likely to have any material exposure in connection with these issues. Regulatory authorities in a number of jurisdictions, including the Swiss Competition Commission (COMCO), the European Commission (Commission), the South African Competition Commission, and the Brazilian Competition Authority have been conducting investigations into the trading activities, information sharing and the setting of benchmark rates in the foreign exchange (including electronic trading) markets. On March 31, 2014, COMCO announced its formal investigation of numerous Swiss and international financial institutions, including Credit Suisse Group AG, in relation to the setting of exchange rates in foreign exchange trading. Credit Suisse continues to cooperate with this ongoing investigation. On July 26, 2018, Credit Suisse Group AG and certain affiliates received a Statement of Objections from the Commission, alleging that Credit Suisse entities engaged in anticompetitive practices in connection with their foreign exchange trading business. The Statement of Objections sets out the Commission’s preliminary views and does not prejudge the final outcome of its investigation. The reference rates investigations have also included information requests from regulators concerning supranational, sub-sovereign and agency (SSA) bonds and commodities (including precious metals) markets. Credit Suisse is cooperating fully with these investigations. On December 20, 2018, Credit Suisse Group AG and Credit Suisse (Securities) Europe Limited received a Statement of Objections from the Commission, alleging that Credit Suisse entities engaged in anticompetitive practices in connection with its supranational, sub-sovereign, and agency (SSA) bonds trading business. The Statement of Objections sets out the Commission’s preliminary views and does not prejudge the final outcome of its investigation. The investigations are ongoing and it is too soon to predict the final outcome of the investigations. Civil litigation USD LIBOR litigation Beginning in 2011, certain Credit Suisse entities were named in various civil lawsuits filed in the US, alleging banks on the US dollar LIBOR panel manipulated US dollar LIBOR to benefit their reputation and increase profits. All but one of these matters have been consolidated for pre-trial purposes into a multi-district litigation in the SDNY. The majority of the actions have been stayed since their outset, while a handful of individual actions and putative class actions have been proceeding. The Credit Suisse entities have been dismissed from all non-stayed putative class actions. In a series of rulings between 2013 and 2018 on motions to dismiss, the SDNY (i) narrowed the claims against the Credit Suisse entities and the other defendants (dismissing antitrust, Racketeer Influenced and Corrupt Organizations Act (RICO), Commodity Exchange Act, and state law claims), (ii) narrowed the set of plaintiffs who may bring claims, and (iii) narrowed the set of defendants in the LIBOR actions (including the dismissal of several Credit Suisse entities from various cases on personal jurisdiction grounds). The plaintiffs have appealed several of the SDNY’s rulings to the United States Court of Appeals for the Second Circuit (Second Circuit). On February 23, 2018, the Second Circuit issued a decision in an appeal of one individual (non-class) action that largely affirmed the SDNY’s rulings, including upholding the dismissal of certain state law and securities law claims as to Credit Suisse Group AG, but vacated certain rulings and remanded the case for further proceedings. Another consolidated Second Circuit appeal is still pending. Separately, on May 4, 2017, the plaintiffs in the three non-stayed putative class actions moved for class certification. On February 28, 2018, the SDNY denied certification in two of the actions and granted certification over a single antitrust claim in an action brought by over-the-counter purchasers of LIBOR-linked derivatives. In the same decision, the court dismissed Credit Suisse AG, the only remaining Credit Suisse entity in the action, from the over-the-counter action. All parties moved for immediate appellate review of the class-certification decisions, and the Second Circuit denied their petitions for review. On June 15, 2018, plaintiffs in several non-class actions filed amended complaints or filed for leave to amend their currently operative complaints. On July 13, 2018, defendants moved to dismiss the amended complaints and opposed leave to amend. In the one matter that is not consolidated in the multi-district litigation, the SDNY granted the defendants’ motion to dismiss on March 31, 2015. On June 1, 2015, plaintiff filed a motion for leave to file a second amended complai |
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Litigation | 38 Litigation > Refer to “Note 39 – Litigation” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Significant subsidiaries and eq
Significant subsidiaries and equity method investments | 12 Months Ended |
Dec. 31, 2018 | |
Significant subsidiaries and equity method investments | 40 Significant subsidiaries and equity method investments Significant subsidiaries Nominal Equity End of 2018 Credit Suisse Group AG Credit Suisse AG Zurich, Switzerland CHF 4,399.7 100 Credit Suisse Insurance Linked Strategies Ltd Zurich, Switzerland CHF 0.2 100 Credit Suisse (Poland) SP. z o.o Warsaw, Poland PLN 20.0 100 Credit Suisse Services AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Trust AG Zurich, Switzerland CHF 5.0 100 Credit Suisse Trust Holdings Limited St. Peter Port, Guernsey GBP 2.0 100 CS LP Holding AG Zug, Switzerland CHF 0.1 100 Inreska Limited St. Peter Port, Guernsey GBP 3.0 100 Savoy Hotel Baur en Ville AG Zurich, Switzerland CHF 7.5 88 Credit Suisse AG Alpine Securitization LTD George Town, Cayman Islands USD 0.0 100 Asset Management Finance LLC Wilmington, United States USD 167.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 Casa de Bolsa Credit Suisse (México), S.A. de C.V. Mexico City, Mexico MXN 274.0 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 170.0 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Schweiz) AG Zurich, Switzerland CHF 100.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Brazil (Bahamas) Limited Nassau, Bahamas USD 70.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Significant subsidiaries (continued) Nominal Equity Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 3.0 100 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 550.0 100 Credit Suisse International London, United Kingdom USD 12,366.1 100 1 Credit Suisse InvestLab AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. Wilmington, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 625.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,131.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 0.0 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Fides Treasury Services AG Zurich, Switzerland CHF 2.0 100 JSC "Bank Credit Suisse (Moscow)" Moscow, Russia USD 37.8 100 Lime Residential Ltd Nassau, Bahamas USD 100.0 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, LLC Wilmington, United States USD 0.0 100 Neue Aargauer Bank AG Aarau, Switzerland CHF 134.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.0 100 SVC - AG für KMU Risikokapital Zurich, Switzerland CHF 15.0 100 PT Credit Suisse Sekuritas Indonesia Jakarta, Indonesia IDR 235,000.0 99 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 98 1 98% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity Credit Suisse Group AG Credit Suisse Group Finance (Guernsey) Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group Funding (Guernsey) Limited St. Peter Port, Guernsey 100 1 SECB Swiss Euro Clearing Bank GmbH 2 Frankfurt, Germany 25 Credit Suisse AG Swisscard AECS GmbH Horgen, Switzerland 50 Credit Suisse Founder Securities Limited Beijing, China 33 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 23 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 20 York Capital Management Global Advisors, LLC New York, United States 5 3 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 0 3 1 Deconsolidated under US GAAP as the Group is not the primary beneficiary. 2 Sold on January 31, 2019. 3 The Group holds a significant noncontrolling interest. |
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Significant subsidiaries and equity method investments | 39 Significant subsidiaries and equity method investments Significant subsidiaries Nominal Equity End of 2018 Credit Suisse AG Alpine Securitization LTD George Town, Cayman Islands USD 0.0 100 Asset Management Finance LLC Wilmington, United States USD 167.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 Casa de Bolsa Credit Suisse (México), S.A. de C.V. Mexico City, Mexico MXN 274.0 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 170.0 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Schweiz) AG Zurich, Switzerland CHF 100.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Brazil (Bahamas) Limited Nassau, Bahamas USD 70.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Significant subsidiaries (continued) Nominal Equity Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 3.0 100 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 550.0 100 Credit Suisse InvestLab AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. Wilmington, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 625.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,131.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 0.0 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Fides Treasury Services AG Zurich, Switzerland CHF 2.0 100 JSC "Bank Credit Suisse (Moscow)" Moscow, Russia USD 37.8 100 Lime Residential Ltd Nassau, Bahamas USD 100.0 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, LLC Wilmington, United States USD 0.0 100 Neue Aargauer Bank AG Aarau, Switzerland CHF 134.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.0 100 SVC - AG für KMU Risikokapital Zurich, Switzerland CHF 15.0 100 PT Credit Suisse Sekuritas Indonesia Jakarta, Indonesia IDR 235,000.0 99 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 98 Credit Suisse International London, United Kingdom USD 12,366.1 98 1 1 Remaining 2% held directly by Credit Suisse Group AG. 98% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity End of 2018 Credit Suisse AG Swisscard AECS GmbH Horgen, Switzerland 50 Credit Suisse Founder Securities Limited Beijing, China 33 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 23 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 20 York Capital Management Global Advisors, LLC New York, United States 5 1 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 0 1 1 The Bank holds a significant noncontrolling interest. |
Subsidiary guarantee informatio
Subsidiary guarantee information | 12 Months Ended |
Dec. 31, 2018 | |
Subsidiary guarantee information | 41 Subsidiary guarantee information Certain wholly owned finance subsidiaries of the Group, including Credit Suisse Group Funding (Guernsey) Limited, which is a Guernsey incorporated non-cellular company limited by shares, have issued securities fully and unconditionally guaranteed by the Group. There are various legal and regulatory requirements, including the satisfaction of a solvency test under Guernsey law for the Guernsey subsidiary, applicable to some of the Group’s subsidiaries that may limit their ability to pay dividends or distributions and make loans and advances to the Group. The Group and the Bank have 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. Condensed consolidating statements of operations Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 4,086 15,537 19,623 932 (942) 19,613 Interest expense (4,210) (8,288) (12,498) (983) 877 (12,604) Net interest income (124) 7,249 7,125 (51) (65) 7,009 Commissions and fees 3,725 8,017 11,742 26 122 11,890 Trading revenues 474 (18) 456 88 80 624 Other revenues 2,006 (509) 1,497 2,020 2 (2,120) 1,397 Net revenues 6,081 14,739 20,820 2,083 (1,983) 20,920 Provision for credit losses (1) 246 245 0 0 245 Compensation and benefits 2,653 6,211 8,864 58 698 9,620 General and administrative expenses 1,944 5,124 7,068 0 (1,270) 5,798 Commission expenses 229 1,030 1,259 0 0 1,259 Restructuring expenses 237 291 528 0 98 626 Total other operating expenses 2,410 6,445 8,855 0 (1,172) 7,683 Total operating expenses 5,063 12,656 17,719 58 (474) 17,303 Income/(loss) before taxes 1,019 1,837 2,856 2,025 (1,509) 3,372 Income tax expense 261 873 1,134 1 226 1,361 Net income/(loss) 758 964 1,722 2,024 (1,735) 2,011 Net income/(loss) attributable to noncontrolling interests 6 (13) (7) 0 (6) (13) Net income/(loss) attributable to shareholders 752 977 1,729 2,024 (1,729) 2,024 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 Comprehensive income (CHF million) Net income/(loss) 758 964 1,722 2,024 (1,735) 2,011 Gains/(losses) on cash flow hedges 0 (7) (7) (3) 0 (10) Foreign currency translation 142 (463) (321) (11) 7 (325) Unrealized gains/(losses) on securities 0 (18) (18) 0 1 (17) Actuarial gains/(losses) 22 9 31 0 (422) (391) Net prior service credit/(cost) 0 (10) (10) 0 (125) (135) Gains/(losses) on liabilities related to credit risk 28 1,414 1,442 83 129 1,654 Other comprehensive income/(loss), net of tax 192 925 1,117 69 (410) 776 Comprehensive income/(loss) 950 1,889 2,839 2,093 (2,145) 2,787 Comprehensive income/(loss) attributable to noncontrolling interests 6 (9) (3) 0 (12) (15) Comprehensive income/(loss) attributable to shareholders 944 1,898 2,842 2,093 (2,133) 2,802 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 5,294 11,767 17,061 577 (581) 17,057 Interest expense (4,437) (5,932) (10,369) (632) 501 (10,500) Net interest income 857 5,835 6,692 (55) (80) 6,557 Commissions and fees 3,756 7,916 11,672 28 117 11,817 Trading revenues (23) 1,323 1,300 (55) 72 1,317 Other revenues 942 359 1,301 (911) 2 819 1,209 Net revenues 5,532 15,433 20,965 (993) 928 20,900 Provision for credit losses 4 206 210 0 0 210 Compensation and benefits 3,066 6,898 9,964 74 329 10,367 General and administrative expenses 1,929 5,484 7,413 (80) (688) 6,645 Commission expenses 255 1,174 1,429 3 (2) 1,430 Restructuring expenses 173 223 396 0 59 455 Total other operating expenses 2,357 6,881 9,238 (77) (631) 8,530 Total operating expenses 5,423 13,779 19,202 (3) (302) 18,897 Income/(loss) before taxes 105 1,448 1,553 (990) 1,230 1,793 Income tax expense/(benefit) (42) 2,823 2,781 (7) (33) 2,741 Net income/(loss) 147 (1,375) (1,228) (983) 1,263 (948) Net income attributable to noncontrolling interests 11 16 27 0 8 35 Net income/(loss) attributable to shareholders 136 (1,391) (1,255) (983) 1,255 (983) 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 Comprehensive income (CHF million) Net income/(loss) 147 (1,375) (1,228) (983) 1,263 (948) Gains/(losses) on cash flow hedges 0 (35) (35) 8 0 (27) Foreign currency translation (756) (259) (1,015) 1 (17) (1,031) Unrealized gains/(losses) on securities 0 (13) (13) 0 0 (13) Actuarial gains/(losses) (7) 28 21 0 674 695 Net prior service credit/(cost) 0 0 0 0 (121) (121) Gains/(losses) on liabilities related to credit risk (33) (1,651) (1,684) (188) (104) (1,976) Other comprehensive income/(loss), net of tax (796) (1,930) (2,726) (179) 432 (2,473) Comprehensive income/(loss) (649) (3,305) (3,954) (1,162) 1,695 (3,421) Comprehensive income/(loss) attributable to noncontrolling interests 24 (33) (9) 0 37 28 Comprehensive income/(loss) attributable to shareholders (673) (3,272) (3,945) (1,162) 1,658 (3,449) 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 5,697 11,678 17,375 284 (285) 17,374 Interest expense (3,750) (6,031) (9,781) (338) 307 (9,812) Net interest income 1,947 5,647 7,594 (54) 22 7,562 Commissions and fees 3,582 7,356 10,938 27 127 11,092 Trading revenues (1,192) 1,563 371 (21) (37) 313 Other revenues 830 660 1,490 (2,684) 2 2,550 1,356 Net revenues 5,167 15,226 20,393 (2,732) 2,662 20,323 Provision for credit losses (5) 257 252 0 0 252 Compensation and benefits 3,235 7,542 10,777 57 (182) 10,652 General and administrative expenses 4,474 5,411 9,885 (88) (107) 9,690 Commission expenses 259 1,196 1,455 1 (1) 1,455 Restructuring expenses 209 304 513 0 27 540 Total other operating expenses 4,942 6,911 11,853 (87) (81) 11,685 Total operating expenses 8,177 14,453 22,630 (30) (263) 22,337 Income/(loss) before taxes (3,005) 516 (2,489) (2,702) 2,925 (2,266) Income tax expense/(benefit) (228) 628 400 8 33 441 Net income/(loss) (2,777) (112) (2,889) (2,710) 2,892 (2,707) Net income/(loss) attributable to noncontrolling interests 157 (163) (6) 0 9 3 Net income/(loss) attributable to shareholders (2,934) 51 (2,883) (2,710) 2,883 (2,710) 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 Comprehensive income (CHF million) Net income/(loss) (2,777) (112) (2,889) (2,710) 2,892 (2,707) Gains/(losses) on cash flow hedges 0 (22) (22) 2 0 (20) Foreign currency translation 604 (106) 498 7 10 515 Unrealized gains/(losses) on securities 0 1 1 0 0 1 Actuarial gains/(losses) 49 161 210 0 184 394 Net prior service credit/(cost) 0 0 0 0 36 36 Gains/(losses) on liabilities related to credit risk (64) (1,018) (1,082) 67 (28) (1,043) Other comprehensive income/(loss), net of tax 589 (984) (395) 76 202 (117) Comprehensive income/(loss) (2,188) (1,096) (3,284) (2,634) 3,094 (2,824) Comprehensive income/(loss) attributable to noncontrolling interests 151 (140) 11 0 (13) (2) Comprehensive income/(loss) attributable to shareholders (2,339) (956) (3,295) (2,634) 3,107 (2,822) 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets Bank 1 Assets (CHF million) Cash and due from banks 2,540 96,774 99,314 324 409 100,047 Interest-bearing deposits with banks 22 1,052 1,074 498 (430) 1,142 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 35,640 81,455 117,095 0 0 117,095 Securities received as collateral 4,751 36,945 41,696 0 0 41,696 Trading assets 28,034 104,393 132,427 0 (224) 132,203 Investment securities 1,307 1,602 2,909 23,456 (23,454) 2,911 Other investments 826 3,998 4,824 48,030 (47,964) 4,890 Net loans 12,263 280,612 292,875 0 (5,294) 287,581 Premises and equipment 1,072 3,458 4,530 0 308 4,838 Goodwill 727 3,329 4,056 0 710 4,766 Other intangible assets 200 19 219 0 0 219 Brokerage receivables 20,772 18,135 38,907 0 0 38,907 Other assets 11,895 20,248 32,143 547 (69) 32,621 Total assets 120,049 652,020 772,069 72,855 (76,008) 768,916 Liabilities and equity (CHF million) Due to banks 59 15,161 15,220 1,364 (1,364) 15,220 Customer deposits 0 365,263 365,263 0 (1,338) 363,925 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 6,296 18,327 24,623 0 0 24,623 Obligation to return securities received as collateral 4,751 36,945 41,696 0 0 41,696 Trading liabilities 8,693 33,478 42,171 0 (2) 42,169 Short-term borrowings 9,679 12,740 22,419 0 (493) 21,926 Long-term debt 47,074 106,359 153,433 27,112 (26,237) 154,308 Brokerage payables 17,452 13,471 30,923 0 0 30,923 Other liabilities 9,995 20,332 30,327 457 (677) 30,107 Total liabilities 103,999 622,076 726,075 28,933 (30,111) 724,897 Total shareholders' equity 15,971 29,325 45,296 43,922 (45,296) 43,922 Noncontrolling interests 79 619 698 0 (601) 97 Total equity 16,050 29,944 45,994 43,922 (45,897) 44,019 Total liabilities and equity 120,049 652,020 772,069 72,855 (76,008) 768,916 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 Assets (CHF million) Cash and due from banks 3,058 106,452 109,510 516 (211) 109,815 Interest-bearing deposits with banks 32 689 721 493 (488) 726 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 58,212 57,134 115,346 0 0 115,346 Securities received as collateral 5,422 32,652 38,074 0 0 38,074 Trading assets 24,602 132,172 156,774 0 (440) 156,334 Investment securities 245 1,944 2,189 15,612 (15,610) 2,191 Other investments 902 4,991 5,893 45,517 (45,446) 5,964 Net loans 12,456 270,781 283,237 0 (4,088) 279,149 Premises and equipment 1,001 3,444 4,445 0 241 4,686 Goodwill 722 3,314 4,036 0 706 4,742 Other intangible assets 195 28 223 0 0 223 Brokerage receivables 19,717 27,251 46,968 0 0 46,968 Other assets 11,217 19,739 30,956 389 726 32,071 Total assets 137,781 660,591 798,372 62,527 (64,610) 796,289 Liabilities and equity (CHF million) Due to banks 270 15,141 15,411 755 (753) 15,413 Customer deposits 1 362,302 362,303 0 (1,141) 361,162 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 15,352 11,144 26,496 0 0 26,496 Obligation to return securities received as collateral 5,422 32,652 38,074 0 0 38,074 Trading liabilities 6,549 32,583 39,132 0 (13) 39,119 Short-term borrowings 12,224 14,154 26,378 0 (489) 25,889 Long-term debt 50,396 121,646 172,042 19,357 (18,367) 173,032 Brokerage payables 21,585 21,718 43,303 0 0 43,303 Other liabilities 10,454 21,229 31,683 513 (584) 31,612 Total liabilities 122,253 632,569 754,822 20,625 (21,347) 754,100 Total shareholders' equity 15,409 27,261 42,670 41,902 (42,670) 41,902 Noncontrolling interests 119 761 880 0 (593) 287 Total equity 15,528 28,022 43,550 41,902 (43,263) 42,189 Total liabilities and equity 137,781 660,591 798,372 62,527 (64,610) 796,289 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of cash flows Bank 1 Operating activities (CHF million) Net cash provided by/(used in) operating activities (8,424) 20,835 12,411 (215) 2 564 12,760 Investing activities (CHF million) (Increase)/decrease in interest-bearing deposits with banks 11 (375) (364) (5) (58) (427) (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 22,936 (24,308) (1,372) 0 0 (1,372) Purchase of investment securities 0 (683) (683) (8,793) 8,793 (683) Proceeds from sale of investment securities 0 255 255 0 0 255 Maturities of investment securities 278 575 853 290 (290) 853 Investments in subsidiaries and other investments (99) (447) (546) (10) 9 (547) Proceeds from sale of other investments 540 1,230 1,770 4 (2) 1,772 (Increase)/decrease in loans 310 (14,011) (13,701) 0 1,201 (12,500) Proceeds from sales of loans 0 5,981 5,981 0 (1) 5,980 Capital expenditures for premises and equipment and other intangible assets (307) (682) (989) 0 (106) (1,095) Proceeds from sale of premises and equipment and other intangible assets 0 80 80 0 (50) 30 Other, net 5 337 342 0 0 342 Net cash provided by/(used in) investing activities 23,674 (32,048) (8,374) (8,514) 9,496 (7,392) Financing activities (CHF million) Increase/(decrease) in due to banks and customer deposits (213) 2,219 2,006 609 (807) 1,808 Increase/(decrease) in short-term borrowings (1,298) (1,687) (2,985) 0 (5) (2,990) Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (9,127) 7,075 (2,052) 0 0 (2,052) Issuances of long-term debt 119,547 (86,239) 33,308 8,805 (8,941) 33,172 Repayments of long-term debt (124,405) 80,547 (43,858) (290) 297 (43,851) Sale of treasury shares 0 0 0 0 11,693 11,693 Repurchase of treasury shares 0 0 0 (757) (11,684) (12,441) Dividends paid (2) (13) (15) (661) 10 (666) Other, net (300) (357) (657) 829 9 181 Net cash provided by/(used in) financing activities (15,798) 1,545 (14,253) 8,535 (9,428) (15,146) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 30 (10) 20 2 (12) 10 Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (518) (9,678) (10,196) (192) 620 (9,768) Cash and due from banks at beginning of period 3 3,058 106,452 109,510 516 (211) 109,815 Cash and due from banks at end of period 3 2,540 96,774 99,314 324 409 100,047 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 10 million and CHF 6 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. 3 Includes restricted cash. Condensed consolidating statements of cash flows (continued) Bank 1 Operating activities (CHF million) Net cash provided by/(used in) operating activities 7,840 (16,330) (8,490) (142) 2 90 (8,542) Investing activities (CHF million) (Increase)/decrease in interest-bearing deposits with banks 0 40 40 (488) 488 40 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 20,626 (6,340) 14,286 0 0 14,286 Purchase of investment securities 0 (86) (86) (5,673) 5,673 (86) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 104 318 422 0 0 422 Investments in subsidiaries and other investments (206) (888) (1,094) (4,101) 4,101 (1,094) Proceeds from sale of other investments 488 1,479 1,967 0 3 1,970 (Increase)/decrease in loans 3,131 (17,910) (14,779) (5,336) 6,441 (13,674) Proceeds from sales of loans 0 9,938 9,938 0 0 9,938 Capital expenditures for premises and equipment and other intangible assets (295) (655) (950) 0 (118) (1,068) Proceeds from sale of premises and equipment and other intangible assets 2 58 60 0 (59) 1 Other, net 41 24 65 0 0 65 Net cash provided by/(used in) investing activities 23,891 (14,008) 9,883 (15,598) 16,529 10,814 Financing activities (CHF million) Increase/(decrease) in due to banks and customer deposits 191 2,996 3,187 (2,189) 2,425 3,423 Increase/(decrease) in short-term borrowings (4,113) 9,620 5,507 0 (489) 5,018 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (37,382) 32,131 (5,251) 0 0 (5,251) Issuances of long-term debt 30,223 13,344 43,567 14,035 (14,046) 43,556 Repayments of long-term debt (19,174) (43,470) (62,644) 0 90 (62,554) Issuances of common shares 0 0 0 4,253 0 4,253 Sale of treasury shares 0 0 0 0 12,034 12,034 Repurchase of treasury shares 0 0 0 (630) (12,127) (12,757) Dividends paid (9) (4) (13) (584) 7 (590) Other, net (780) 4,315 3,535 433 (3,891) 77 Net cash provided by/(used in) financing activities (31,044) 18,932 (12,112) 15,318 (15,997) (12,791) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (120) (717) (837) 0 10 (827) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 567 (12,123) (11,556) (422) 632 (11,346) Cash and due from banks at beginning of period 3 2,491 118,575 121,066 938 (843) 121,161 Cash and due from banks at end of period 3 3,058 106,452 109,510 516 (211) 109,815 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 10 million and CHF 14 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. 3 Includes restricted cash. Condensed consolidating statements of cash flows (continued) Bank 1 Operating activities (CHF million) Net cash provided by/(used in) operating activities 9,618 17,390 27,008 (22) 2 (211) 26,775 Investing activities (CHF million) (Increase)/decrease in interest-bearing deposits with banks (3,320) 3,437 117 0 0 117 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 18,365 (25,421) (7,056) 0 0 (7,056) Purchase of investment securities 0 (88) (88) 0 0 (88) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 199 164 363 0 0 363 Investments in subsidiaries and other investments (355) (1,002) (1,357) (710) 664 (1,403) Proceeds from sale of other investments 2,067 (374) 1,693 0 44 1,737 (Increase)/decrease in loans 3,038 (7,259) (4,221) 15 461 (3,745) Proceeds from sales of loans 0 2,468 2,468 0 0 2,468 Capital expenditures for premises and equipment and other intangible assets (329) (835) (1,164) 0 0 (1,164) Proceeds from sale of premises and equipment and other intangible assets 50 5 55 0 0 55 Other, net 27 723 750 0 (1) 749 Net cash provided by/(used in) investing activities 19,742 (28,168) (8,426) (695) 1,168 (7,953) Financing activities (CHF million) Increase/(decrease) in due to banks and customer deposits 20 10,217 10,237 792 (762) 10,267 Increase/(decrease) in short-term borrowings (5,781) 12,375 6,594 (300) 300 6,594 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (23,838) 9,313 (14,525) 0 0 (14,525) Issuances of long-term debt 1 52,943 52,944 0 40 52,984 Repayments of long-term debt (2,993) (44,139) (47,132) 0 0 (47,132) Issuances of common shares 0 0 0 725 0 725 Sale of treasury shares 0 0 0 323 15,844 16,167 Repurchase of treasury shares 0 0 0 (455) (15,742) (16,197) Dividends paid (1) (144) (145) (493) 145 (493) Other, net (143) 1,187 1,044 93 (760) 377 Net cash provided by/(used in) financing activities (32,735) 41,752 9,017 685 (935) 8,767 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 67 1,146 1,213 28 3 1,244 Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (3,308) 32,120 28,812 (4) 25 28,833 Cash and due from banks at beginning of period 3 5,799 86,455 92,254 942 (868) 92,328 Cash and due from banks at end of period 3 2,491 118,575 121,066 938 (843) 121,161 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. 3 Includes restricted cash. |
Credit Suisse Group parent comp
Credit Suisse Group parent company | 12 Months Ended |
Dec. 31, 2018 | |
Credit Suisse Group parent company | 42 Credit Suisse Group parent company > Refer to “Note 41 – Subsidiary guarantee information” for the condensed Credit Suisse Group parent company financial information. |
Significant valuation and incom
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 12 Months Ended |
Dec. 31, 2018 | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 43 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) The Group’s consolidated financial statements have been prepared in accordance with US GAAP. FINMA requires Swiss-domiciled banks which present their financial statements under either US GAAP or International Financial Reporting Standards (IFRS) to provide a narrative explanation of the major differences between Swiss GAAP banking law (true and fair view) and its primary accounting standard. The principal provisions of the Swiss Ordinance on Banks and Savings Banks (Banking Ordinance) and the FINMA Circular 2015/1, “Accounting – banks”, governing financial reporting for banks (Swiss GAAP) differ in certain aspects from US GAAP. The following are the major differences: > Refer to “Note 1 – Summary of significant accounting policies” for a detailed description of the Group’s accounting policies. Scope of consolidation Under Swiss GAAP, majority-owned subsidiaries that are not considered long-term investments or do not operate in the core business of the Group are either accounted for as financial investments or as equity method investments. US GAAP has no such exception relating to the consolidation of majority-owned subsidiaries. Foreign currency translations Under US GAAP, foreign currency translation adjustments resulting from the consolidation of branches with functional currencies other than the Swiss franc are included in AOCI in shareholders’ equity. Under Swiss GAAP, foreign currency translation adjustments from the consolidation of foreign branches are recognized in net income/(loss) from trading activities and fair value option. Under US GAAP, foreign currency measurement adjustments for available-for-sale securities are reported in AOCI, which is part of total shareholder’s equity, whereas for Swiss GAAP statutory purposes they are included in the statements of income. Investments in securities Under Swiss GAAP, classification and measurement of investments in securities depends on the nature of the investment. Non-consolidated participations Under US GAAP, investments in equity securities where a company has the ability to significantly influence the operating and financial policies of an investee are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, a company’s share of the profit or loss as well as any impairment on the participation are reported in other revenues. Under Swiss GAAP, investments in equity securities which are held with the intention of a permanent investment or which are investments in financial industry infrastructure are included in participations irrespective of the percentage ownership of voting shares held. Other participating interests are initially recognized at historical cost and tested for impairment at least annually. The fair value option is not allowed for participations. For the purpose of testing a company’s participating interests for impairment, the portfolio method is applied. Impairment is recorded if the carrying value of a portfolio of participating interests exceeds its fair value. Should the fair value of the portfolio recover subsequently after an impairment and such recovery is considered sustainable, the impairment from prior periods can be reversed up to fair value but not exceeding the historical cost basis. A reversal of the impairment is recorded as extraordinary income in the statements of income. Available-for-sale debt securities Under US GAAP, available-for-sale debt securities are valued at fair value. Unrealized gains and losses due to fluctuations in fair value (including foreign exchange) are not recorded in the consolidated statements of operations but included net of tax in AOCI, which is part of total shareholders’ equity. Declines in fair value below cost deemed to be other-than-temporary are recognized as impairments in the consolidated statements of operations, except for amounts relating to factors other than credit loss on debt securities with no intent or requirement to sell that continue to be included in AOCI. The new cost basis will not be changed for subsequent recoveries in fair value. Under Swiss GAAP, available-for-sale securities are accounted for at the lower of amortized cost or market with valuation reductions and recoveries due to market fluctuations recorded in other ordinary expenses and income, respectively. Foreign exchange gains and losses are recognized in net income/(loss) from trading activities and fair value option. Non-marketable equity securities Under US GAAP, equity securities which do not have a readily determinable fair value are measured in accordance with the NAV practical expedient by using the measurement alternative or at fair value. Under Swiss GAAP, non-marketable equity securities are carried at the lower of cost or market. Impairments on held-to-maturity securities Under US GAAP, declines in fair value of held-to-maturity securities below cost deemed to be other-than-temporary are recognized as impairments in the consolidated statements of operations except for amounts relating to factors other than credit loss on debt securities held with no intent or requirement to sell that are included in AOCI. The impairment cannot be reversed in future periods. Under Swiss GAAP, all impairments are recognized in the consolidated statements of income. Impairments recognized on held-to-maturity securities are reversed up to the amortized cost if the fair value of the instrument subsequently recovers. A reversal is recorded in the consolidated statements of income. Fair value option Unlike US GAAP, Swiss GAAP generally does not allow the fair value option concept that creates an optional alternative measurement treatment for certain non-trading financial assets and liabilities, guarantees and commitments. The fair value option permits the use of fair value for initial and subsequent measurement with changes in fair value recorded in the consolidated statements of operations. For issued structured products that meet certain conditions, fair value measurement can be applied. The related changes in fair value of both the embedded derivative and the host contract are recorded in trading revenues, except for fair value adjustments relating to own credit that cannot be recognized in the consolidated statements of income. Impacts of changes in own credit spreads are recognized in the compensation accounts which are either recorded in other assets or other liabilities. Derivative financial instruments used for fair value hedging Under US GAAP, the full amount of unrealized gains or losses on derivatives classified as hedging instruments and the corresponding losses or gains on the hedged items are recognized in income. Hedging ineffectiveness is recorded in trading income. Under Swiss GAAP, the carrying value of hedged items is not adjusted. The amount representing the change in fair value of the hedged item due to the risk being hedged is recorded in the compensation account included in other assets or other liabilities. Hedging ineffectiveness is recorded in net income/(loss) from trading activities and fair value option. Derivative financial instruments used for cash flow hedging Under US GAAP, the effective portion of a cash flow hedge is reported in AOCI. Under Swiss GAAP, the effective portion of a cash flow hedge is recorded in the compensation account included in other assets or other liabilities. Derecognition of financial instruments Under US GAAP, financial instruments are only derecognized if the transaction meets the following criteria: (i) the financial asset has been legally isolated from the transferor, (ii) the transferee has the right to repledge or resell the transferred asset, and (iii) the transferor does not maintain effective control over the transferred asset. Under Swiss GAAP, a financial instrument is derecognized when the economic control has been transferred from the seller to the buyer. A party which has the controlling ability to receive the future returns from the financial instrument and the obligation to absorb the risk of the financial instrument is deemed to have economic control over a financial instrument. Debt issuance costs Under US GAAP, debt issuance costs are presented as a direct deduction from the carrying amount of the related debt. Under Swiss GAAP, debt issuance costs are reported as a balance sheet asset in accrued income and prepaid expenses. Goodwill amortization Under US GAAP, goodwill is not amortized but must be tested for impairment annually or more frequently if an event or change in circumstances indicates that the goodwill may be impaired. Under Swiss GAAP, goodwill is amortized over its useful life, generally not exceeding five years, except for justified cases where a maximum useful life of up to ten years is acceptable. In addition, goodwill is tested at least annually for impairment. Amortization of intangible assets Under US GAAP, intangible assets with indefinite lives are not amortized but are tested for impairment annually or more frequently if an event or change in circumstances indicates that the asset may be impaired. Under Swiss GAAP, intangible assets are amortized over a useful life, up to a maximum of five years, in justified cases up to a maximum of ten years. In addition, these assets are tested at least annually for impairment. Guarantees US GAAP requires all guarantees to be initially recognized at fair value. Upon issuance of a guarantee, the guarantor is required to recognize a liability that reflects the initial fair value; simultaneously, a receivable is recorded to reflect the future guarantee fee income over the entire life of the guarantee. Under Swiss GAAP, only accrued or prepaid guarantee fees are recorded on the balance sheet. No guarantee liability and receivable for future guarantee fees are recorded upon issuance of a guarantee. Loan origination fees and costs US GAAP requires the deferral of fees received upfront and direct costs incurred in connection with the origination of loans not held under the fair value option. Under Swiss GAAP, only upfront payments or fees that are considered interest-related components are deferred (e.g., premiums and discounts). Fees received from the borrower which are considered service-related fees such as commitment fees, structuring fees and arrangement fees are immediately recognized in commission income. Sale and leaseback transactions Under US GAAP, gains from the sale of property subject to a sale and leaseback arrangement are deferred and amortized over the leaseback period. Under Swiss GAAP, gains from the sale of property subject to a sale and leaseback arrangement are only deferred if the provisions of the leaseback contract indicate that the leaseback is a capital lease; if the leaseback contract meets the requirements of an operating lease, such gains are immediately recognized upon sale of the property. Extraordinary income and expenses Unlike US GAAP, Swiss GAAP does report certain expenses or revenues as extraordinary if the recorded income or expense is non-operating and non-recurring. Pensions and post-retirement benefits Under US GAAP, the liability and related pension expense is determined based on the projected unit credit actuarial calculation of the benefit obligation. Under Swiss GAAP, the liability and related pension expense is primarily determined based on the pension plan valuation in accordance with Swiss GAAP FER 26. A pension asset is recorded if a statutory overfunding of a pension plan leads to a future economic benefit, and a pension liability is recorded if a statutory underfunding of a pension plan leads to a future economic obligation. Employer contribution reserves must be capitalized if they represent a future economic benefit. A future economic benefit exists if the employer can reduce its future statutory annual contribution to the pension plan by releasing employer contribution reserves. Pension expenses include the required contributions defined by Swiss law, any additional contribution mandated by the pension fund trustees and any change in value of the pension asset or liability between two measurement dates as determined on the basis of the annual year-end pension plan valuation. Discontinued operations Under US GAAP, the assets and liabilities of a discontinued operation are separated from the ordinary captions of the consolidated balance sheets and are reported as discontinued operations measured at the lower of the carrying value or fair value less cost to sell. Accordingly, income and expense from discontinued operations are reported in a separate line item of the consolidated statements of operations. Under Swiss GAAP, these positions remain in their initial balance sheet captions until disposed of and continue to be valued according to the respective captions. Security collateral received in securities lending transactions Under US GAAP, security collateral received in securities lending transactions are recorded as assets and a corresponding liability to return the collateral is recognized. Under Swiss GAAP, security collateral received and the obligation to return collateral of securities lending transactions are not recognized on the balance sheet. Loan commitments Under US GAAP, loan commitments include all commitments to extend loans, unfunded commitments under commercial lines of credit, revolving credit lines, credit guarantees in the future and overdraft protection agreements, except for commitments that can be revoked by the Group at any time at the Group’s sole discretion without prior notice. Under Swiss GAAP, loan commitments include all commitments to extend loans, unfunded commitments under commercial lines of credit, revolving credit lines, credit guarantees in the future and overdraft protection agreements, except for commitments that can be revoked by the Group at any time at the Group’s sole discretion with a notice period not exceeding six weeks. |
Bank | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 40 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) > Refer to “Note 43 – Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view)” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Basis of presentation | The accompanying consolidated financial statements of Credit Suisse Group AG (the Group) are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Group ends on December 31. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current presentation which had no impact on net income/(loss) or total shareholders’ equity. In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax assets, tax uncertainties, pension liabilities and various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. |
Principles of consolidation | Principles of consolidation The consolidated financial statements include the financial statements of the Group and its subsidiaries. The Group’s subsidiaries are entities in which it holds, directly or indirectly, more than 50% of the voting rights or where it exercises control. The Group consolidates limited partnerships in cases where it is the general partner and the limited partners do not have either substantive kick out rights and/or substantive participating rights or is a limited partner with substantive rights to kick out the general partner or dissolve the partnership and participate in significant decisions made in the ordinary course of business. The Group also consolidates VIEs if the Group is the primary beneficiary in accordance with Accounting Standards Codification (ASC) Topic 810 – Consolidation. The effects of material intercompany transactions and balances have been eliminated. Where a Group subsidiary is a separate legal entity and determined to be an investment company as defined by ASC Topic 946 – Financial Services – Investment Companies, interests in other entities held by this Group subsidiary are not consolidated and are carried at fair value. Group entities that qualify as broker-dealer entities as defined by ASC Topic 940 – Financial Services – Brokers and Dealers do not consolidate investments in voting interest entities that would otherwise qualify for consolidation when the investment is held on a temporary basis for trading purposes. In addition, subsidiaries that are strategic components of a broker-dealer’s operations are consolidated regardless of holding intent. |
Foreign currency translation | Foreign currency translation Transactions denominated in currencies other than the functional currency of the related entity are recorded by remeasuring them in the functional currency of the related entity using the foreign exchange rate on the date of the transaction. As of the dates of the consolidated balance sheets, monetary assets and liabilities, such as receivables and payables, are reported using the year-end spot foreign exchange rates. Foreign exchange rate differences are recorded in the consolidated statements of operations. Non-monetary assets and liabilities are recorded using the historic exchange rate. For the purpose of consolidation, the assets and liabilities of Group companies with functional currencies other than the Swiss franc are translated into Swiss franc equivalents using year-end spot foreign exchange rates, whereas revenues and expenses are translated at weighted average foreign exchange rates for the period. Translation adjustments arising from consolidation are included in accumulated other comprehensive income/(loss) (AOCI) within total shareholders’ equity. Cumulative translation adjustments are released from AOCI and recorded in the consolidated statements of operations when the Group disposes and loses control of a consolidated foreign subsidiary. |
Fair value measurement and option | Fair value measurement and option The fair value measurement guidance establishes a single authoritative definition of fair value and sets out a framework for measuring fair value. The fair value option creates an alternative measurement treatment for certain financial assets and financial liabilities. The fair value option can be elected at initial recognition of the eligible item or at the date when the Group enters into an agreement which gives rise to an eligible item (e.g., a firm commitment or a written loan commitment). If not elected at initial recognition, the fair value option can be applied to an item upon certain triggering events that give rise to a new basis of accounting for that item. The application of the fair value option to a financial asset or a financial liability does not change its classification on the face of the balance sheet and the election is irrevocable. Changes in fair value resulting from the election are recorded in trading revenues. > Refer to “Fair value option” in Note 35 – Financial instruments for further information. |
Cash and due from banks | Cash and due from banks Cash and due from banks consists of currency on hand, demand deposits with banks or other financial institutions and cash equivalents. Cash equivalents are defined as short-term, highly liquid instruments with original maturities of three months or less, which are held for cash management purposes. |
Reverse repurchase and repurchase agreements | Reverse repurchase and repurchase agreements Purchases of securities under agreements to resell (reverse repurchase agreements) and securities sold under agreements to repurchase substantially identical securities (repurchase agreements) do not constitute economic sales and are therefore treated as collateralized financing transactions, which are carried in the consolidated balance sheet at the amount of cash disbursed or received, respectively. Reverse repurchase agreements are recorded as collateralized assets while repurchase agreements are recorded as liabilities, with the underlying securities sold continuing to be recognized in trading assets or investment securities. The fair value of securities to be repurchased and resold is monitored on a daily basis, and additional collateral is obtained as needed to protect against credit exposure. Assets and liabilities recorded under these agreements are accounted for on one of two bases, the accrual basis or the fair value basis. Under the accrual basis, interest earned on reverse repurchase agreements and interest incurred on repurchase agreements are reported in interest and dividend income and interest expense, respectively. The fair value basis of accounting may be elected pursuant to ASC Topic 825 – Financial Instruments, and any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. The Group has elected the fair value basis of accounting on selected agreements. Reverse repurchase and repurchase agreements are netted if they are with the same counterparty, have the same maturity date, settle through the same clearing institution and are subject to the same enforceable master netting agreement. |
Securities lending and borrowing transactions | Securities lending and borrowing transactions Securities borrowed and securities loaned that are cash-collateralized are included in the consolidated balance sheets at amounts equal to the cash advanced or received. If securities received in a securities lending and borrowing transaction as collateral may be sold or repledged, they are recorded as securities received as collateral in the consolidated balance sheet and a corresponding liability to return the security is recorded. Securities lending transactions against non-cash collateral in which the Group has the right to resell or repledge the collateral received are recorded at the fair value of the collateral initially received. For securities lending transactions, the Group receives cash or securities collateral in an amount generally in excess of the market value of securities lent. The Group monitors the fair value of securities borrowed and loaned on a daily basis with additional collateral obtained as necessary. Fees and interest received or paid are recorded in interest and dividend income and interest expense, respectively, on an accrual basis. If the fair value basis of accounting is elected, any resulting change in fair value is reported in trading revenues. Accrued interest income and expense are recorded in the same manner as under the accrual method. |
Transfers of financial assets | Transfers of financial assets The Group transfers various financial assets, which may result in the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Group values its beneficial interests at fair value using quoted market prices, if such positions are traded on an active exchange or financial models that incorporate observable and unobservable inputs. > Refer to “Note 34 – Transfers of financial assets and variable interest entities” for further information on the Group’s transfer activities. |
Trading assets and liabilities | Trading assets and liabilities Trading assets and liabilities include debt securities, marketable equity instruments, derivative instruments, certain loans held in broker-dealer entities, commodities and precious metals. Items included in the trading portfolio are carried at fair value and classified as held for trading purposes based on management’s intent. Regular-way security transactions are recorded on a trade-date basis. Unrealized and realized gains and losses on trading positions are recorded in trading revenues. Derivatives Freestanding derivative contracts are carried at fair value in the consolidated balance sheets regardless of whether these instruments are held for trading or risk management purposes. Commitments to originate mortgage loans that will be held for sale are considered derivatives for accounting purposes. When derivative features embedded in certain contracts that meet the definition of a derivative are not considered clearly and closely related to the host contract, either the embedded feature is accounted for separately at fair value or the entire contract, including the embedded feature, is accounted for at fair value. In both cases, changes in fair value are recorded in the consolidated statements of operations. If separated for measurement purposes, the derivative is recorded in the same line item in the consolidated balance sheets as the host contract. Derivatives classified as trading assets and liabilities include those held for trading purposes and those used for risk management purposes that do not qualify for hedge accounting. Derivatives held for trading purposes arise from proprietary trading activity and from customer-based activity. Realized gains and losses, changes in unrealized gains and losses and interest flows are included in trading revenues. Derivative contracts designated and qualifying as fair value hedges, cash flow hedges or net investment hedges are reported as other assets or other liabilities. The fair value of exchange-traded derivatives is typically derived from observable market prices and/or observable market parameters. Fair values for over-the-counter (OTC) derivatives are determined on the basis of proprietary models using various input parameters. Derivative contracts are recorded on a net basis per counterparty, where an enforceable master netting agreement exists. Where no such agreement exists, fair values are recorded on a gross basis. Where hedge accounting is applied, the Group formally documents all relationships between hedging instruments and hedged items, including the risk management objectives and strategy for undertaking hedge transactions. At inception of a hedge and on an ongoing basis, the hedge relationship is formally assessed to determine whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items attributable to the hedged risk. The Group discontinues hedge accounting prospectively in the following circumstances: (i) the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item (including forecasted transactions); (ii) the derivative expires or is sold, terminated or exercised; (iii) the derivative is no longer designated as a hedging instrument because it is unlikely that the forecasted transaction will occur; or (iv) the designation of the derivative as a hedging instrument is otherwise no longer appropriate. For derivatives that are designated and qualify as fair value hedges, the carrying value of the underlying hedged items is adjusted to fair value for the risk being hedged. Changes in the fair value of these derivatives are recorded in the same line item of the consolidated statements of operations as the change in fair value of the risk being hedged for the hedged assets or liabilities to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When the Group discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective fair value hedge, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and the hedged asset or liability will no longer be adjusted for changes in fair value attributable to the hedged risk. Interest-related fair value adjustments made to the underlying hedged items will be amortized to the consolidated statements of operations over the remaining life of the hedged item. Any unamortized interest-related fair value adjustment is recorded in the consolidated statements of operations upon sale or extinguishment of the hedged asset or liability, respectively. Any other fair value hedge adjustments remain part of the carrying amount of the hedged asset or liability and are recognized in the consolidated statements of operations upon disposition of the hedged item as part of the gain or loss on disposition. For hedges of the variability of cash flows from forecasted transactions and floating rate assets or liabilities, the effective portion of the change in the fair value of a designated derivative is recorded in AOCI. These amounts are reclassified into the line item in the consolidated statements of operations in which the hedged item is recorded when the variable cash flow from the hedged item impacts earnings (for example, when periodic settlements on a variable rate asset or liability are recorded in the consolidated statements of operations or when the hedged item is disposed of). The change in fair value representing hedge ineffectiveness is recorded separately in trading revenues. When hedge accounting is discontinued on a cash flow hedge, the net gain or loss will remain in AOCI and be reclassified into the consolidated statements of operations in the same period or periods during which the formerly hedged transaction is reported in the consolidated statements of operations. When the Group discontinues hedge accounting because it is probable that a forecasted transaction will not occur within the specified date or period plus two months, the derivative will continue to be carried in the consolidated balance sheets at its fair value, and gains and losses that were previously recorded in AOCI will be recognized immediately in the consolidated statements of operations. For hedges of a net investment in a foreign operation, the change in the fair value of the hedging derivative is recorded in AOCI to the extent the hedge is effective. The change in fair value representing hedge ineffectiveness is recorded in trading revenues. The Group uses the forward method of determining effectiveness for net investment hedges, which results in the time value portion of a foreign currency forward being reported in AOCI to the extent the hedge is effective. |
Investment securities | Investment securities Investment securities include debt securities classified as held-to-maturity and debt securities classified as available-for-sale. Regular-way security transactions are recorded on a trade-date basis. Debt securities where the Group has the positive intent and ability to hold such securities to maturity are classified as such and are carried at amortized cost, net of any unamortized premium or discount. Debt securities classified as available-for-sale are carried at fair value. Unrealized gains and losses, which represent the difference between fair value and amortized cost, are recorded in AOCI. Amounts reported in AOCI are net of income taxes. Amortization of premiums or discounts is recorded in interest and dividend income using the effective yield method through the maturity date of the security. Recognition of an impairment on debt securities is recorded in the consolidated statements of operations if a decline in fair value below amortized cost is considered other-than-temporary, that is, amounts due according to the contractual terms of the security are not considered collectible, typically due to deterioration in the creditworthiness of the issuer. No impairment is recorded in connection with declines resulting from changes in interest rates to the extent the Group does not intend to sell the investments, nor is it more likely than not that the Group will be required to sell the investments before the recovery of their amortized cost bases, which may be maturity. Recognition of an impairment for debt securities establishes a new cost basis, which is not adjusted for subsequent recoveries. Unrealized losses on available-for-sale securities are recognized in the consolidated statements of operations when a decision has been made to sell a security. |
Other investments | Other investments Other investments include equity method investments, equity securities without a readily determinable fair value, such as hedge funds, private equity securities and certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee, and real estate held-for-investment. Equity method investments are investments for which the Group has the ability to significantly influence the operating and financial policies. Significant influence is typically characterized by ownership of 20% to 50% of the voting stock or in-substance common stock of a corporation or 5% or more of limited partnership interests. Equity method investments are accounted for under the equity method of accounting or the fair value option. Under the equity method of accounting, the Group’s proportionate share of the profit or loss, and any impairment on the investee, if applicable, is reported in other revenues. Under the fair value option, changes in fair value are reported in other revenues . The Group has elected the fair value basis of accounting on some of its equity method investments. Equity securities without a readily determinable fair value are carried at fair value, net asset value practical expedient to estimate fair value or at cost less impairment, adjusted for observable price changes (measurement alternative). Memberships in exchanges are reported at cost, less impairment. Equity securities without a readily determinable fair value held by the Group’s subsidiaries that are determined to be investment companies as defined by ASC Topic 946 – Financial Services – Investment Companies are carried at fair value, with changes in fair value recorded in other revenues. Equity method investments and equity securities without a readily determinable fair value held by subsidiaries that are within the scope of ASC Topic 940 – Financial Services – Brokers and Dealers are measured at fair value and reported in trading assets when the intent of the broker-dealer entity is to hold the asset temporarily for trading purposes. Changes in fair value are reported in trading revenues. Equity securities without a readily determinable fair value include investments in entities that regularly calculate net asset value per share or its equivalent, with changes in fair value recorded in other revenue. Real estate held-for-investment purposes is carried at cost less accumulated depreciation and is depreciated over its estimated useful life, generally 40 to 67 years. Land that is classified as real estate held-for-investment purposes is carried at historical cost and is not depreciated. Real estate held-for-investment purposes is tested for impairment annually, or more frequently, if events or changes in circumstances indicate that the carrying amount may not be recoverable. For real estate held-for-investment purposes, the fair values were measured based on either discounted cash flow analyses or external market appraisals. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. |
Loans | Loans Loans held-to-maturity Loans which the Group intends to hold until maturity are carried at outstanding principal balances plus accrued interest, net of the following items: unamortized premiums, discounts on purchased loans, deferred loan origination fees and direct loan origination costs on originated loans. Interest income is accrued on the unpaid principal balance and net deferred premiums/discounts and fees/costs are amortized as an adjustment to the loan yield over the term of the related loans. Lease financing transactions where the Group is the lessor are classified as loans. Unearned income is amortized to interest and dividend income over the lease term using the effective interest method. In accordance with Group policies, impaired loans include non-performing loans, non-interest-earning loans, restructured loans and potential problem loans. > Refer to “Note 19 – Loans, allowance for loan losses and credit quality” for further information. Allowance for loan losses on loans held-to-maturity The allowance for loan losses is composed of the following components: probable credit losses inherent in the portfolio and those losses specifically identified. Changes in the allowance for loan losses are recorded in the consolidated statements of operations in provision for credit losses and in interest income (for provisions on past due interest). The Group evaluates many factors when estimating the allowance for loan losses, including the volatility of default probabilities, rating changes, the magnitude of potential loss, internal risk ratings, and geographic, industry and other economic factors. The component of the allowance representing probable losses inherent in the portfolio is for loans not specifically identified as impaired and that, on a portfolio basis, are considered to contain probable inherent loss. The estimate of this component of the allowance for the consumer loans portfolio involves applying historical and current default probabilities, historical recovery experience and related current assumptions to homogenous loans based on internal risk rating and product type. To estimate this component of the allowance for the corporate & institutional loans portfolio, the Group segregates loans by risk, industry or country rating. Excluded from this estimate process are consumer and corporate & institutional loans that have been specifically identified as impaired or are held at fair value. For lending-related commitments, a provision for losses is estimated based on historical loss and recovery experience and recorded in other liabilities. Changes in the estimate of losses for lending-related commitments are recorded in the consolidated statements of operations in provision for credit losses. The estimate of the component of the allowance for specifically identified credit losses on impaired loans is based on a regular and detailed analysis of each loan in the portfolio considering collateral and counterparty risk. The Group considers a loan impaired when, based on current information and events, it is probable that the Group will be unable to collect the amounts due according to the contractual terms of the loan agreement. For non-collateral-dependent impaired loans, an impairment is measured using the present value of estimated future cash flows, except that as a practical expedient an impairment may be measured based on a loan’s observable market price. For collateral-dependent impaired loans, an impairment is measured using the fair value of the collateral. A loan is classified as non-performing no later than when the contractual payments of principal and/or interest are more than 90 days past due except for subprime residential loans which are classified as non-performing no later than when the contractual payments of principal and/or interest are more than 120 days past due. The additional 30 days ensure that these loans are not incorrectly assessed as non-performing during the time when servicing of them typically is being transferred. However, management may determine that a loan should be classified as non-performing notwithstanding that contractual payments of principal and/or interest are less than 90 days past due or, in the case of subprime residential loans, 120 days past due. For non-performing loans, a provision is recorded in an amount equal to any accrued but unpaid interest at the date the loan is classified as non-performing, resulting in a charge to the consolidated statements of operations. In addition, the Group continues to add accrued interest receivable to the loan’s balance for collection purposes; however, a provision is recorded resulting in no interest income recognition. Thereafter, the outstanding principal balance is evaluated at least annually for collectability and a provision is established as necessary. A loan can be further downgraded to non-interest-earning when the collection of interest is considered so doubtful that further accrual of interest is deemed inappropriate. At that time, and on at least a quarterly basis thereafter depending on various risk factors, the outstanding principal balance, net of provisions previously recorded, is evaluated for collectability and additional provisions are established as required. Generally, non-performing loans and non-interest-earning loans may be restored to performing status only when delinquent principal and interest are brought up to date in accordance with the terms of the loan agreement and when certain performance criteria are met. Interest collected on non-performing loans and non-interest-earning loans is accounted for using the cash basis or the cost recovery method or a combination of both. Loans that were modified in a troubled debt restructuring are reported as restructured loans. Generally, a restructured loan would have been considered impaired and an associated allowance for loan losses would have been established prior to the restructuring. Loans modified in a troubled debt restructuring are reported as restructured loans to the end of the reporting year in which the loan was modified or for as long as an allowance for loan losses based on the terms specified by the restructuring agreement is associated with the restructured loan or an interest concession made at the time of the restructuring exists. In making the determination of whether an interest rate concession has been made, market interest rates for loans with comparable risk to borrowers of the same credit quality are considered. Loans that have been restructured in a troubled debt restructuring and are performing according to the new terms continue to accrue interest. Loan restructurings may include the receipt of assets in satisfaction of the loan, the modification of loan terms (e.g., reduction of interest rates, extension of maturity dates at a stated interest rate lower than the current market rate for new loans with similar risk, or reduction in principal amounts and/or accrued interest balances) or a combination of both. Potential problem loans are impaired loans where contractual payments have been received according to schedule, but where doubt exists as to the collection of future contractual payments. Potential problem loans are evaluated for impairment on an individual basis and an allowance for loan losses is established as necessary. Potential problem loans continue to accrue interest. The amortization of net loan fees or costs on impaired loans is generally discontinued during the periods in which matured and unpaid interest or principal is outstanding. On settlement of a loan, if the loan balance is not collected in full, an allowance is established for the uncollected amount, if necessary, and the loan is then written off, net of any deferred loan fees and costs. Write-off of a loan occurs when it is considered certain that there is no possibility of recovering the outstanding principal. Recoveries of loans previously written off are recorded based on the cash or estimated fair value of other assets received. > Refer to “Impaired loans” in Note 19 – Loans, allowance for loan losses and credit quality for further information on the write-off of a loan and related accounting policies. Loans held-for-sale Loans, which the Group intends to sell in the foreseeable future, are considered held-for-sale and are carried at the lower of amortized cost or market value determined on either an individual method basis, or in the aggregate for pools of similar loans if sold or securitized as a pool. Loans held-for-sale are included in other assets. Revaluation losses incurred at the transfer into the held-for-sale category are generally recorded as credit losses. Gains and losses on loans held-for-sale subsequent to the transfer into the held-for-sale category are recorded in other revenues. Purchased impaired loans Purchased loans for which it is probable at acquisition that all contractually required payments will not be received are recorded at their net purchase price and no allowances are carried over. The excess of the estimated cash flows to be collected over the amount paid is accreted into interest income over the estimated recovery period when reasonable estimates can be made about the timing and amount of recovery. The Group does not consider such loans to be impaired at the time of acquisition. Such loans are deemed impaired only if the Group’s estimate of cash to be received decreases below the estimate at the time of acquisition. Increases in the estimated expected recovery are recorded as a reversal of allowances, if any, and then recognized as an adjustment of the effective yield of the loan. Loans held at fair value under the fair value option Loans and loan commitments for which the fair value option is elected are reported at fair value with changes in fair value reported in trading revenues. The application of the fair value option does not change the loan’s classification. Loan commitments carried at fair value are recorded in other assets or other liabilities, respectively. |
Premises and equipment | Premises and equipment Premises and equipment (including equipment under operating leases where the Group is the lessor), with the exception of land, are carried at cost less accumulated depreciation. Buildings are depreciated on a straight-line basis over their estimated useful lives, generally 40 to 67 years, and building improvements are depreciated on a straight-line basis over their estimated useful lives, generally not exceeding five to ten years. Land is carried at historical cost and is not depreciated. Leasehold improvements, such as alterations and improvements to rented premises, are depreciated on a straight-line basis over the shorter of the lease term or estimated useful life, which generally does not exceed ten years. Equipment, such as computers, machinery, furnishings, vehicles and other tangible non-financial assets, is depreciated using the straight-line method over its estimated useful lives, generally three to ten years. Certain leasehold improvements and equipment, such as data center power generators, may have estimated useful lives greater than ten years. The Group capitalizes costs relating to the acquisition, installation and development of software with a measurable economic benefit, but only if such costs are identifiable and can be reliably measured. The Group depreciates capitalized software costs on a straight-line basis over the estimated useful life of the software, generally not exceeding seven years, taking into consideration the effects of obsolescence, technology, competition and other economic factors. The Group reflects finance leasing activities for which it is the lessee by recording an asset in premises and equipment and a corresponding liability in other liabilities at an amount equal to the smaller of the present value of the minimum lease payments or fair value, and the leased asset is depreciated over the shorter of the asset’s estimated useful life or the lease term. |
Goodwill and other intangible assets | Goodwill and other intangible assets Goodwill arises on the acquisition of subsidiaries and equity method investments. It is measured as the excess of the fair value of the consideration transferred, the fair value of any noncontrolling interest in the acquiree and the fair value of any previously held equity interest in the acquired subsidiary, over the net of the acquisition-date fair values of the identifiable assets acquired and the liabilities assumed. Goodwill is not amortized; instead it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. Goodwill is allocated to the Group’s reporting units for the purposes of the impairment test. Other intangible assets may be acquired individually or as part of a group of assets assumed in a business combination. Other intangible assets include but are not limited to: patents, licenses, copyrights, trademarks, branch networks, mortgage servicing rights, customer base and deposit relationships. Acquired intangible assets are initially measured at the amount of cash disbursed or the fair value of other assets distributed. Other intangible assets that have a finite useful life are amortized over that period. Other intangible assets acquired after January 1, 2002 that are determined to have an indefinite useful life are not amortized; instead they are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the indefinite intangible asset may be impaired. Mortgage servicing rights are included in non-amortizing other intangible assets and are carried at fair value, with changes in fair value recognized through earnings in the period in which they occur. Mortgage servicing rights represent the right to perform specified mortgage servicing activities on behalf of third parties. Mortgage servicing rights are either purchased from third parties or retained upon sale of acquired or originated loans. |
Recognition of an impairment on tangible fixed assets and other intangible assets | Recognition of an impairment on non-financial assets The Group evaluates premises and equipment and finite intangible assets for impairment at least annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount of an asset exceeds the recoverable amount, the asset is considered impaired and an impairment is recorded in general and administrative expenses. Recognition of an impairment on such assets establishes a new cost base, which is not adjusted for subsequent recoveries in value. |
Income taxes | Income taxes Deferred tax assets and liabilities are recorded for the expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities at the dates of the consolidated balance sheets and their respective tax bases. Deferred tax assets and liabilities are computed using currently enacted tax rates and are recorded in other assets and other liabilities, respectively. Income tax expense or benefit is recorded in income tax expense/(benefit), except to the extent the tax effect relates to transactions recorded directly in total shareholders’ equity. Deferred tax assets are reduced by a valuation allowance, if necessary, to the amount that management believes will more likely than not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates in the period in which changes are approved by the relevant authority. Deferred tax assets and liabilities are presented on a net basis for the same tax-paying component within the same tax jurisdiction. The Group follows the guidance in ASC Topic 740 – Income Taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Group determines whether it is more likely than not that an income tax position will be sustained upon examination based on the technical merits of the position. Sustainable income tax positions are then measured to determine the amount of benefit eligible for recognition in the consolidated financial statements. Each such sustainable income tax position is measured at the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. |
Brokerage receivables and brokerage payables | Brokerage receivables and brokerage payables The Group recognizes receivables and payables from transactions in financial instruments purchased from and sold to customers, banks and broker-dealers. The Group is exposed to risk of loss resulting from the inability of counterparties to pay for or deliver financial instruments purchased or sold, in which case the Group would have to sell or purchase, respectively, these financial instruments at prevailing market prices. To the extent an exchange or clearing organization acts as counterparty to a transaction, credit risk is generally considered to be limited. The Group establishes credit limits for each customer and requires them to maintain margin collateral in compliance with applicable regulatory and internal guidelines. In order to conduct trades with an exchange or a third-party bank, the Group is required to maintain a margin. This is usually in the form of cash and deposited in a separate margin account with the exchange or broker. If available information indicates that it is probable that a brokerage receivable is impaired, an allowance is established. Write-offs of brokerage receivables occur if the outstanding amounts are considered uncollectible. |
Other assets - Derivatives used for hedging | Other assets Derivative instruments used for hedging Derivative instruments are carried at fair value. The fair values of derivative instruments held for hedging are included as other assets or other liabilities in the consolidated balance sheets. The accounting treatment used for changes in fair value of hedging derivatives depends on the designation of the derivative as either a fair value hedge, cash flow hedge or hedge of a net investment in a foreign operation. Changes in fair value representing hedge ineffectiveness are reported in trading revenues. |
Customer deposits | Customer deposits Customer deposits represent funds held from customers (both retail and commercial) and banks and consist of interest-bearing demand deposits, savings deposits and time deposits. Interest is accrued based on the contractual provisions of the deposit contract. |
Long-term debt | Long-term debt Total long-term debt is composed of debt issuances which do not contain derivative features (vanilla debt), as well as hybrid debt instruments with embedded derivatives, which are issued as part of the Group’s structured product activities. Long-term debt includes both Swiss franc and foreign currency denominated fixed and variable rate bonds. The Group actively manages interest rate risk and foreign currency risk on vanilla debt through the use of derivative contracts, primarily interest rate and currency swaps. In particular, fixed rate debt is hedged with receive-fixed, pay-floating interest rate swaps. The Group elected to fair value this fixed rate debt upon implementation of the fair value option on January 1, 2007, with changes in fair value recognized as a component of trading revenues, except for changes in fair value attributed to own credit risk, which, since 2016, are recorded in other comprehensive income, net of tax, and recycled to trading revenue when the debt is de-recognized. The Group did not elect to apply the fair value option to fixed-rate debt issued by the Group since January 1, 2008 and instead applies hedge accounting per the guidance of ASC Topic 815 – Derivatives and Hedging. For capital management purposes, the Group issues hybrid capital instruments in the form of low- and high-trigger tier 1 and tier 2 capital notes, with a write-off or contingent share conversion feature. Typically, these instruments have an embedded derivative that is bifurcated for accounting purposes. The embedded derivative is measured separately and changes in fair value are recorded in trading revenue. The host contract is generally accounted for under the amortized cost method unless the fair value option has been elected and the entire instrument is carried at fair value. The Group’s long-term debt also includes various equity-linked and other indexed instruments with embedded derivative features, for which payments and redemption values are linked to commodities, stocks, indices, currencies or other assets. The Group elected to account for substantially all of these instruments at fair value. Changes in the fair value of these instruments are recognized as a component of trading revenues, except for changes in fair value attributed to own credit risk, which is recorded in other comprehensive income (OCI), net of tax, and recycled to trading revenue when the debt is de-recognized. |
Other liabilities | Other liabilities Guarantees In cases where the Group acts as a guarantor, the Group recognizes in other liabilities, at the inception of a guarantee, a liability for the fair value of the obligations undertaken in issuing such a guarantee, including its ongoing obligation to perform over the term of the guarantee in the event that certain events or conditions occur. Pension and other post-retirement benefits Credit Suisse sponsors a number of post-employment benefit plans for its employees worldwide, which include defined benefit pension plans and other post-employment benefits. The major plans are located in Switzerland, the UK and the US. The Group uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31 and is performed by independent qualified actuaries. Certain key assumptions are used in performing the actuarial valuations. These assumptions must be made concerning the future events that will determine the amount and timing of the benefit payments and thus require significant judgment and estimates by Group management. This includes making assumptions with regard to discount rates, salary increases, interest rate on savings balances, expected long-term rate of return on plan assets and mortality (future life expectancy). The assumed discount rates reflect the rates at which the pension benefits could be effectively settled. These rates are determined based on yield curves, constructed from high-quality corporate bonds currently available and observable in the market and are expected to be available during the period to maturity of the pension benefits. In countries where there is no deep market in high-quality corporate bonds with longer durations, the best available market information, including governmental bond yields and risk premiums, is used to construct the yield curve. Salary increases are determined by reviewing historical practice and external market data as well as considering internal projections. The interest rate on savings balances is applicable only to the Credit Suisse Swiss pension plan (Swiss pension plan). The Board of Trustees of the Swiss pension plan sets the interest rate to be applied on the accumulated savings balance on an annual basis. Credit Suisse estimates the future interest rate on savings balances, taking into consideration actions and rates approved by the Board of Trustees of the Swiss pension plan and expected future changes in the interest rate environment based on the yield curve used for the discount rate. The expected long-term rate of return on plan assets is determined on a plan-by-plan basis, taking into account asset allocation, historical rate of return, benchmark indices for similar-type pension plan assets, long-term expectations of future returns and investment strategy. Mortality assumptions are based on standard mortality tables and standard models and methodologies for projecting future improvements to mortality as developed and published by external independent actuarial societies and actuarial organizations. Health care cost trend rates are determined by reviewing external data and the Group’s own historical trends for health care costs. The funded status of the Group’s defined benefit post-retirement and pension plans is recognized in the consolidated balance sheets. Actuarial gains and losses in excess of 10% of the greater of the PBO or the market value of plan assets and unrecognized prior service costs or credits are amortized to net periodic pension and other post-retirement benefit costs on a straight-line basis over the average remaining service life of active employees expected to receive benefits. The Group records pension expense for defined contribution plans when the employee renders service to the company, essentially coinciding with the cash contributions to the plans. |
Share-based compensation | Share-based compensation For all share-based awards granted to employees, compensation expense is measured at grant date or modification date based on the fair value of the number of awards for which the requisite service is expected to be rendered and is recognized in the consolidated statements of operations over the required service period. The incremental tax effects of the difference between the compensation expense recorded in the US GAAP accounts and the tax deduction received, are recorded in the income statement at the point in time the deduction for tax purposes is recorded. Compensation expense for share-based awards that vest in their entirety at the end of the vesting period (cliff vesting) and awards that vest in annual installments (graded vesting), which only contain a service condition that affects vesting, is recognized on a straight-line basis over the service period for the entire award. However, if awards with graded vesting contain a performance condition, then each installment is expensed as if it were a separate award (“front-loaded” expense recognition). Furthermore, recognition of compensation expense is accelerated to the date an employee becomes eligible for retirement. Performance share awards contain a performance condition. In the event of either a negative return on equity (ROE) of the Group or a divisional loss, any outstanding performance share awards will be subject to a reduction. The amount of compensation expense recorded includes an estimate of any expected reductions. For each reporting period after the grant date, the expected number of shares to be ultimately delivered upon vesting is reassessed and reflected as an adjustment to the cumulative compensation expense recorded in the income statement. The basis for the ROE calculation may vary from year to year, depending on the Compensation Committee’s determination for the year in which the performance shares are granted. Certain employees own equity interests in the form of carried interests in certain funds managed by the Group. Expenses recognized under these ownership interests are reflected in the consolidated statements of operations in compensation and benefits. |
Own shares, own bonds and financial instruments on own shares | Own shares, own bonds and financial instruments on own shares The Group may buy and sell own shares, own bonds and financial instruments on own shares within its normal trading and market-making activities. In addition, the Group may hold its own shares to satisfy commitments arising from employee share-based compensation awards. Own shares are recorded at cost and reported as treasury shares, resulting in a reduction to total shareholders’ equity. Financial instruments on own shares are recorded as assets or liabilities or as equity when the criteria for equity classification are met. Dividends received by subsidiaries on own shares and unrealized and realized gains and losses on own shares classified in total shareholders’ equity are excluded from the consolidated statements of operations. Any holdings of bonds issued by any Group entity are eliminated in the consolidated financial statements. |
Net interest income | Net interest income Interest income and interest expense arising from interest-bearing assets and liabilities other than those carried at fair value or the lower of cost or market are accrued, and any related net deferred premiums, discounts, origination fees or costs are amortized as an adjustment to the yield over the life of the related asset and liability. Interest from debt securities and dividends on equity securities carried as trading assets and trading liabilities are recorded in interest and dividend income. > Refer to “Loans” for further information on interest on loans. |
Commissions and fees | Commissions and fees Commissions and fees include revenue from contracts with customers. The Group recognizes revenue when it satisfies a contractual performance obligation. The Group satisfies a performance obligation when control of the underlying good or services related to the performance obligation is transferred to the customer. Control is the ability to direct the use of, and obtain substantially all of the remaining benefits from, the good or service. The Group must determine whether control of a good or service is transferred over time. If so, the related revenue is recognized over time as the good or service is transferred to the customer. If not, control of the good or service is transferred at a point in time. The performance obligations are typically satisfied as the services in the contract are rendered. Revenue is measured based on the consideration specified in a contract with a customer, and excludes any amounts collected on behalf of third parties. The transaction price can be a fixed amount or can vary because of performance bonuses or other similar items. Variable consideration is only included in the transaction price once it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the amount of variable consideration is subsequently resolved. Generally, no significant judgement is required with respect to recording variable consideration. When another party is involved in providing goods or services to a customer, the Group must determine whether the nature of its promise is a performance obligation to provide the specified goods or services itself (that is, the Group is a principal) or to arrange for those goods or services to be provided by the other party (that is, the Group is an agent). The Group determines whether it is a principal or an agent for each specified good or service promised to the customer. Gross presentation (revenue on the revenue line and expense on the expense line) is appropriate when the Group acts as principal in a transaction. Conversely, net presentation (revenue and expenses reported net) is appropriate when the Group acts as an agent in the transaction. Transaction-related expenses are expensed as incurred. Industry specific guidance for the deferral of underwriting expenses allows the deferral and recognition of the underwriting expenses along with the underwriting revenue. > Refer to “Note 14 – Revenue from contracts with customers” for further information. |
Bank | |
Basis of presentation | The accompanying consolidated financial statements of Credit Suisse AG (the Bank), the direct bank subsidiary of Credit Suisse Group AG (the Group), are prepared in accordance with accounting principles generally accepted in the US (US GAAP) and are stated in Swiss francs (CHF). The financial year for the Bank ends on December 31. Certain reclassifications have been made to the prior year’s consolidated financial statements to conform to the current presentation which had no impact on net income/(loss) or total shareholders’ equity. In preparing the consolidated financial statements, management is required to make estimates and assumptions including, but not limited to, the fair value measurements of certain financial assets and liabilities, the allowance for loan losses, the evaluation of variable interest entities (VIEs), the impairment of assets other than loans, recognition of deferred tax assets, tax uncertainties, pension liabilities and various contingencies. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting period. While management evaluates its estimates and assumptions on an ongoing basis, actual results could differ materially from management’s estimates. Market conditions may increase the risk and complexity of the judgments applied in these estimates. > Refer to “Note 1 – Summary of significant accounting policies” in VI – Consolidated financial statements – Credit Suisse Group for a summary of significant accounting policies, with the exception of the following accounting policies. |
Pensions and other post-retirement benefits | Pension and other post-retirement benefits Credit Suisse sponsors a Group defined benefit pension plan in Switzerland that covers eligible employees of the Bank domiciled in Switzerland. The Bank also has single-employer defined benefit pension plans and defined contribution pension plans in Switzerland and other countries around the world. For the Bank’s participation in the Group defined benefit pension plan, no retirement benefit obligation is recognized in the consolidated balance sheets of the Bank and defined contribution accounting is applied, as the Bank is not the sponsoring entity of the Group plan. For single-employer defined benefit plans, the Bank uses the projected unit credit actuarial method to determine the present value of its projected benefit obligations (PBO) and the current and past service costs or credits related to its defined benefit and other post-retirement benefit plans. The measurement date used to perform the actuarial valuation is December 31. > Refer to “Pension and other post-retirement benefits” in VI – Consolidated financial statements – Credit Suisse Group – Note 1 – Summary of significant accounting policies for further information. |
Own shares, own bonds and financial instruments on own shares | Own shares, own bonds and financial instruments on Group shares The Bank’s shares are wholly owned by Credit Suisse Group AG and are not subject to trading. The Bank may buy and sell Credit Suisse Group AG shares (Group shares) and Group bonds, own bonds and financial instruments on Group shares within its normal trading and market-making activities. In addition, the Bank may hold Group shares to economically hedge commitments arising from employee share-based compensation awards. Group shares are reported as trading assets, unless those shares are held to economically hedge share award obligations. Hedging shares are reported as treasury shares, resulting in a reduction to total shareholder’s equity. Financial instruments on Group shares are recorded as assets or liabilities and carried at fair value. Dividends received on Group shares and unrealized and realized gains and losses on Group shares are recorded according to the classification of the shares as trading assets or treasury shares. Purchases of bonds originally issued by the Bank are recorded as an extinguishment of debt. |
Business developments (Tables)
Business developments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of significant registered shareholders | Significant shareholders registered in the share register end of 2018 2017 Number Total nominal Share- Number Total nominal Share- Direct shareholders 1 Chase Nominees Ltd. 2 388 16 15.19 329 13 12.88 Nortrust Nominees Ltd. 2 149 6 5.84 140 6 5.49 1 As registered in the share register of the Group on December 31 of the reporting period; includes shareholders registered as nominees. 2 Nominee holdings exceeding 2% are registered with a right to vote only if the nominee confirms that no individual shareholder holds more than 0.5% of the outstanding share capital or if the nominee discloses the identity of any beneficial owner holding more than 0.5% of the outstanding capital. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income/(loss) before taxes in 2018 2017 2016 Net revenues (CHF million) Swiss Universal Bank 5,564 5,396 5,759 International Wealth Management 5,414 5,111 4,698 Asia Pacific 3,393 3,504 3,597 Global Markets 4,980 5,551 5,497 Investment Banking & Capital Markets 2,177 2,139 1,972 Strategic Resolution Unit (708) (886) (1,271) Corporate Center 100 85 71 Net revenues 20,920 20,900 20,323 Income/(loss) before taxes (CHF million) Swiss Universal Bank 2,125 1,765 2,025 International Wealth Management 1,705 1,351 1,121 Asia Pacific 664 729 725 Global Markets 154 450 48 Investment Banking & Capital Markets 344 369 261 Strategic Resolution Unit (1,381) (2,135) (5,759) Corporate Center (239) (736) (687) Income/(loss) before taxes 3,372 1,793 (2,266) Total assets end of 2018 2017 Total assets (CHF million) Swiss Universal Bank 224,301 228,857 International Wealth Management 91,835 94,753 Asia Pacific 99,809 96,497 Global Markets 211,530 242,159 Investment Banking & Capital Markets 16,156 20,803 Strategic Resolution Unit 20,874 45,629 Corporate Center 104,411 67,591 Total assets 768,916 796,289 |
Net revenues and income/(loss) from continuing operations before taxes and total assets by geographic location | Net revenues and income/(loss) before taxes by geographical location in 2018 2017 2016 Net revenues (CHF million) Switzerland 7,646 7,775 8,426 EMEA 1,686 1,231 2,064 Americas 8,731 8,928 7,217 Asia Pacific 2,857 2,966 2,616 Net revenues 20,920 20,900 20,323 Income/(loss) before taxes (CHF million) Switzerland 1,924 1,736 2,111 EMEA (2,082) (2,769) (2,460) Americas 3,452 2,746 (1,573) Asia Pacific 78 80 (344) Income/(loss) before taxes 3,372 1,793 (2,266) The designation of net revenues and income/(loss) before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Group is managed. Total assets by geographical location end of 2018 2017 Total assets (CHF million) Switzerland 234,291 241,757 EMEA 149,400 154,023 Americas 309,616 318,405 Asia Pacific 75,609 82,104 Total assets 768,916 796,289 The designation of total assets by region is based upon customer domicile. |
Bank | |
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income/(loss) before taxes in 2018 2017 2016 Net revenues (CHF million) Swiss Universal Bank 5,564 5,396 5,759 International Wealth Management 5,414 5,111 4,698 Asia Pacific 3,393 3,504 3,597 Global Markets 4,980 5,551 5,497 Investment Banking & Capital Markets 2,177 2,139 1,972 Strategic Resolution Unit (708) (886) (1,271) Adjustments 1 0 150 141 Net revenues 20,820 20,965 20,393 Income/(loss) before taxes (CHF million) Swiss Universal Bank 2,125 1,765 2,025 International Wealth Management 1,705 1,351 1,121 Asia Pacific 664 729 725 Global Markets 154 450 48 Investment Banking & Capital Markets 344 369 261 Strategic Resolution Unit (1,381) (2,135) (5,759) Adjustments 1 (755) (976) (910) Income/(loss) before taxes 2,856 1,553 (2,489) 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. Total assets end of 2018 2017 Total assets (CHF million) Swiss Universal Bank 224,301 228,857 International Wealth Management 91,835 94,753 Asia Pacific 99,809 96,497 Global Markets 211,530 242,159 Investment Banking & Capital Markets 16,156 20,803 Strategic Resolution Unit 20,874 45,629 Adjustments 1 107,564 69,674 Total assets 772,069 798,372 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa, and certain expenses that were not allocated to the segments. |
Net revenues and income/(loss) from continuing operations before taxes and total assets by geographic location | Net revenues and income/(loss) before taxes by geographical location in 2018 2017 2016 Net revenues (CHF million) Switzerland 8,047 8,015 8,484 EMEA 1,164 1,042 2,036 Americas 8,750 8,952 7,267 Asia Pacific 2,859 2,956 2,606 Net revenues 20,820 20,965 20,393 Income/(loss) before taxes (CHF million) Switzerland 1,927 1,648 1,955 EMEA (2,520) (2,825) (2,487) Americas 3,344 2,660 (1,602) Asia Pacific 105 70 (355) Income/(loss) before taxes 2,856 1,553 (2,489) The designation of net revenues and income/(loss) before taxes is based on the location of the office recording the transactions. This presentation does not reflect the way the Bank is managed. Total assets by geographical location end of 2018 2017 Total assets (CHF million) Switzerland 237,200 243,767 EMEA 149,715 154,179 Americas 309,616 318,358 Asia Pacific 75,538 82,068 Total assets 772,069 798,372 The designation of total assets by region is based upon customer domicile. |
Net interest income (Tables)
Net interest income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Net interest income | in 2018 2017 2016 Net interest income (CHF million) Loans 6,770 5,979 5,628 Investment securities 80 47 60 Trading assets 7,131 6,697 7,483 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,856 2,515 2,767 Other 2,776 1,819 1,436 Interest and dividend income 19,613 17,057 17,374 Deposits (2,287) (1,354) (1,043) Short-term borrowings (359) (166) (84) Trading liabilities (3,453) (3,542) (3,602) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,877) (1,284) (1,387) Long-term debt (3,816) (3,722) (3,494) Other (812) (432) (202) Interest expense (12,604) (10,500) (9,812) Net interest income 7,009 6,557 7,562 |
Bank | |
Net interest income | in 2018 2017 2016 Net interest income (CHF million) Loans 6,778 5,981 5,627 Investment securities 80 47 60 Trading assets 7,131 6,698 7,483 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,856 2,515 2,767 Other 2,778 1,820 1,438 Interest and dividend income 19,623 17,061 17,375 Deposits (2,291) (1,360) (1,047) Short-term borrowings (370) (168) (84) Trading liabilities (3,453) (3,546) (3,602) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (1,877) (1,284) (1,387) Long-term debt (3,696) (3,580) (3,460) Other (811) (431) (201) Interest expense (12,498) (10,369) (9,781) Net interest income 7,125 6,692 7,594 |
Commissions and fees (Tables)
Commissions and fees (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commissions and fees | in 2018 2017 2016 Commissions and fees (CHF million) Lending business 1,931 1,839 1,818 Investment and portfolio management 3,582 3,494 3,209 Other securities business 48 46 46 Fiduciary business 3,630 3,540 3,255 Underwriting 1,718 1,806 1,364 Brokerage 2,813 3,004 3,028 Underwriting and brokerage 4,531 4,810 4,392 Other services 1,798 1,628 1,627 Commissions and fees 11,890 11,817 11,092 |
Bank | |
Commissions and fees | in 2018 2017 2016 Commissions and fees (CHF million) Lending business 1,902 1,809 1,790 Investment and portfolio management 3,415 3,320 3,043 Other securities business 83 82 72 Fiduciary business 3,498 3,402 3,115 Underwriting 1,735 1,817 1,364 Brokerage 2,797 3,006 3,029 Underwriting and brokerage 4,532 4,823 4,393 Other services 1,810 1,638 1,640 Commissions and fees 11,742 11,672 10,938 |
Trading revenues (Tables)
Trading revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trading revenues | in 2018 2017 2016 Trading revenues (CHF million) Interest rate products 757 3,228 6,231 Foreign exchange products 367 1,989 (2,529) Equity/index-related products (307) (2,888) (1,796) Credit products (97) (1,096) (2,124) Commodity and energy products 102 86 177 Other products (198) (2) 354 Trading revenues 624 1,317 313 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. |
Bank | |
Trading revenues | in 2018 2017 2016 Trading revenues (CHF million) Interest rate products 759 3,218 7,163 Foreign exchange products 372 1,991 (3,461) Equity/index-related products (481) (2,895) (1,738) Credit products (97) (1,096) (2,124) Commodity and energy products 102 86 177 Other products (199) (4) 354 Total 456 1,300 371 Represents revenues on a product basis which are not representative of business results within segments, as segment results utilize financial instruments across various product types. |
Other revenues (Tables)
Other revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other revenues | in 2018 2017 2016 Other revenues (CHF million) Noncontrolling interests without SEI (2) 3 4 Loans held-for-sale (4) 3 (51) Long-lived assets held-for-sale 39 (18) 437 Equity method investments 228 233 208 Other investments 337 80 0 Other 799 908 758 Other revenues 1,397 1,209 1,356 |
Bank | |
Other revenues | in 2018 2017 2016 Other revenues (CHF million) Loans held-for-sale (4) 3 (51) Long-lived assets held-for-sale 39 (18) 437 Equity method investments 221 229 205 Other investments 335 81 7 Other 906 1,006 892 Other revenues 1,497 1,301 1,490 |
Provision for credit losses (Ta
Provision for credit losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Provision for credit losses | in 2018 2017 2016 Provision for credit losses (CHF million) Provision for loan losses 201 190 249 Provision for lending-related and other exposures 44 20 3 Provision for credit losses 245 210 252 |
Bank | |
Provision for credit losses | in 2018 2017 2016 Provision for credit losses (CHF million) Provision for loan losses 201 190 249 Provision for lending-related and other exposures 44 20 3 Provision for credit losses 245 210 252 |
Compensation and benefits (Tabl
Compensation and benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation and benefits | in 2018 2017 2016 Compensation and benefits (CHF million) Salaries and variable compensation 8,220 8,906 9,165 Social security 652 671 697 Other 1 748 790 790 Compensation and benefits 9,620 10,367 10,652 1 Includes pension-related expenses of CHF 411 million, CHF 432 million and CHF 464 million in 2018, 2017 and 2016, respectively, relating to service costs for defined benefit pension plans and employer contributions for defined contribution plans. |
Bank | |
Compensation and benefits | in 2018 2017 2016 Compensation and benefits (CHF million) Salaries and variable compensation 7,449 8,421 9,058 Social security 567 620 691 Other 848 1 923 1,028 Compensation and benefits 8,864 9,964 10,777 1 Includes pension-related expenses of CHF 533 million in 2018 relating to service costs for defined benefit pension plans and employer contributions for defined contribution pension plans. |
General and administrative ex_2
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
General and administrative expenses | in 2018 2017 2016 General and administrative expenses (CHF million) Occupancy expenses 964 1,000 1,004 IT, machinery, etc. 1,174 1,156 1,166 Provisions and losses 425 698 3,009 Travel and entertainment 338 321 328 Professional services 1,803 2,446 2,984 Amortization and impairment of other intangible assets 9 9 8 Other 1 1,085 1,015 1,191 General and administrative expenses 5,798 6,645 9,690 1 Includes pension-related expenses/(credits) of CHF (208) million, CHF (190) million and CHF (80) million in 2018, 2017 and 2016, respectively, relating to certain components of net periodic benefit costs for defined benefit plans. |
Bank | |
General and administrative expenses | in 2018 2017 2016 General and administrative expenses (CHF million) Occupancy expenses 855 935 999 IT, machinery, etc. 926 1,005 1,160 Provisions and losses 433 697 3,009 Travel and entertainment 310 299 316 Professional services 2,991 3,019 2,966 Amortization and impairment of other intangible assets 9 9 8 Other 1,544 1 1,449 1,427 General and administrative expenses 7,068 7,413 9,885 1 Includes pension-related expenses/(credits) of CHF 32 million in 2018 relating to certain components of net periodic benefit costs for defined benefit plans. |
Restructuring expenses (Tables)
Restructuring expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses by segment in 2018 2017 2016 Restructuring expenses by segment (CHF million) Swiss Universal Bank 101 59 60 International Wealth Management 115 70 54 Asia Pacific 61 63 53 Global Markets 242 150 217 Investment Banking & Capital Markets 84 42 28 Strategic Resolution Unit 21 57 121 Corporate Center 2 14 7 Total restructuring expenses 626 455 540 Restructuring expenses by type in 2018 2017 2016 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 246 294 358 of which severance expenses 169 192 218 of which accelerated deferred compensation 77 102 140 General and administrative-related expenses 380 161 182 of which pension expenses 74 49 27 Total restructuring expenses 626 455 540 |
Restructuring Provisions [Table Text Block] | Restructuring provision 2018 2017 2016 Compen- General and Compen- General and Compen- General and Restructuring provision (CHF million) Balance at beginning of period 196 110 306 217 94 311 187 12 199 Net additional charges 1 169 219 388 192 88 280 218 137 355 Utilization (209) (139) (348) (213) (72) (285) (188) (55) (243) Balance at end of period 156 190 346 196 110 306 217 94 311 1 The following items for which expense accretion was accelerated in 2018, 2017 and 2016 due to the restructuring of the Group are not included in the restructuring provision: unsettled share-based compensation of CHF 56 million, CHF 71 million and CHF 34 million, respectively, which remain classified as a component of total shareholders’ equity; unsettled pension obligations of CHF 74 million, CHF 49 million and CHF 27 million, respectively, which remain classified as pension liabilities; unsettled cash-based deferred compensation of CHF 21 million, CHF 31 million and CHF 106 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 87 million, CHF 24 million and CHF 18 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Bank | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses by segment in 2018 2017 2016 Restructuring expenses by segment (CHF million) Swiss Universal Bank 101 59 60 International Wealth Management 115 70 54 Asia Pacific 61 63 53 Global Markets 242 150 217 Investment Banking & Capital Markets 84 42 28 Strategic Resolution Unit 21 57 121 Corporate Center 2 14 7 Adjustments 1 (98) (59) (27) Total restructuring expenses 528 396 513 1 Adjustments represent certain consolidating entries and balances, including those relating to items that are managed but are not legally owned by the Bank and vice versa. Restructuring expenses by type in 2018 2017 2016 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 233 286 358 of which severance expenses 157 188 218 of which accelerated deferred compensation 76 98 140 General and administrative-related expenses 295 110 155 Total restructuring expenses 528 396 513 |
Restructuring Provisions [Table Text Block] | Restructuring provision 2018 2017 2016 Compen- General and Compen- General and Compen- General and Restructuring provision (CHF million) Balance at beginning of period 191 110 301 217 94 311 187 12 199 Net additional charges 1 157 216 373 188 86 274 218 137 355 Utilization (196) (136) (332) (214) (70) (284) (188) (55) (243) Balance at end of period 152 190 342 191 110 301 217 94 311 1 The following items for which expense accretion was accelerated in 2018, 2017 and 2016 due to the restructuring of the Bank are not included in the restructuring provision: unsettled share-based compensation of CHF 55 million, CHF 67 million and CHF 34 million, respectively; unsettled cash-based deferred compensation of CHF 21 million, CHF 31 million and CHF 106 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 79 million, CHF 24 million and CHF 18 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings per share | in 2018 2017 2016 Basic net income/(loss) attributable to shareholders (CHF million) Net income/(loss) attributable to shareholders for basic earnings per share 2,024 (983) (2,710) Net income/(loss) attributable to shareholders for diluted earnings per share 2,024 (983) (2,710) Weighted-average shares outstanding (million) For basic earnings per share available for common shares 2,574.2 2,413.8 2,136.8 Dilutive share options and warrants 3.0 0.0 0.0 Dilutive share awards 53.8 0.0 0.0 For diluted earnings per share available for common shares 1 2,631.0 2,413.8 2 2,136.8 2 Earnings/(loss) per share available for common shares (CHF) Basic earnings/(loss) per share available for common shares 0.79 (0.41) (1.27) Diluted earnings/(loss) per share available for common shares 0.77 (0.41) (1.27) 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 8.7 million, 9.8 million and 11.3 million for 2018, 2017 and 2016, respectively. 2 Due to the net losses in 2017 and 2016, 2.9 million and 3.2 million, respectively, of weighted-average share options and warrants outstanding and 57.7 million and 54.6 million, respectively, of weighted-average share awards outstanding were excluded from the diluted earnings per share calculation, as the effect would be antidilutive. |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Contract with Customer, Asset and Liability [Table Text Block] | Contracts with customers and disaggregation of revenues in 4Q18 3Q18 2Q18 1Q18 Contracts with customers (CHF million) Investment and portfolio management 898 896 896 892 Other securities business 13 12 11 12 Underwriting 330 405 513 470 Brokerage 647 623 749 810 Other services 492 452 471 487 Total revenues from contracts with customers 2,380 2,388 2,640 2,671 |
Revenue from External Customers by Products and Services [Table Text Block] | Contract balances end of / in 4Q18 3Q18 2Q18 1Q18 Contract balances (CHF million) Contract receivables 791 845 838 758 Contract liabilities 56 66 63 67 Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period 16 7 13 13 |
Bank | |
Contract with Customer, Asset and Liability [Table Text Block] | Contracts with customers and disaggregation of revenues in 4Q18 3Q18 2Q18 1Q18 Contracts with customers (CHF million) Investment and portfolio management 866 856 850 843 Other securities business 18 21 21 23 Underwriting 330 422 513 470 Brokerage 647 605 748 812 Other services 513 470 476 490 Total revenues from contracts with customers 2,374 2,374 2,608 2,638 |
Revenue from External Customers by Products and Services [Table Text Block] | Contract balances in / end of 4Q18 3Q18 2Q18 1Q18 Contract balances (CHF million) Contract receivables 789 883 824 745 Contract liabilities 56 66 63 67 Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period 16 7 13 13 |
Securities borrowed, lent and_2
Securities borrowed, lent and subject to repurchase agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Securities borrowed, lent and subject to repurchase agreements | end of 2018 2017 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 77,770 70,009 Deposits paid for securities borrowed 39,325 45,337 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 117,095 115,346 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 20,305 20,606 Deposits received for securities lent 4,318 5,890 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 24,623 26,496 |
Bank | |
Securities borrowed, lent and subject to repurchase agreements | end of 2018 2017 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 77,770 70,009 Deposits paid for securities borrowed 39,325 45,337 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 117,095 115,346 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 20,305 20,606 Deposits received for securities lent 4,318 5,890 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 24,623 26,496 |
Trading assets and liabilities
Trading assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trading assets and liabilities | end of 2018 2017 Trading assets (CHF million) Debt securities 62,135 72,765 Equity securities 46,463 55,722 Derivative instruments 1 18,312 19,621 Other 5,293 8,226 Trading assets 132,203 156,334 Trading liabilities (CHF million) Short positions 26,946 24,465 Derivative instruments 1 15,223 14,654 Trading liabilities 42,169 39,119 1 Amounts shown after counterparty and cash collateral netting. |
Cash collateral receivables and payables | end of 2018 2017 Cash collateral on derivatives instruments – netted (CHF million) 1 Cash collateral paid 20,216 23,288 Cash collateral received 13,213 14,996 Cash collateral on derivatives instruments – not netted (CHF million) 2 Cash collateral paid 7,057 5,141 Cash collateral received 6,903 8,644 1 Recorded as cash collateral netting on derivative instruments in Note 27 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 23 – Other assets and other liabilities. |
Bank | |
Trading assets and liabilities | end of 2018 2017 Trading assets (CHF million) Debt securities 62,216 72,826 Equity securities 46,517 55,822 Derivative instruments 1 18,402 19,900 Other 5,292 8,226 Trading assets 132,427 156,774 Trading liabilities (CHF million) Short positions 26,948 24,478 Derivative instruments 1 15,223 14,654 Trading liabilities 42,171 39,132 1 Amounts shown after counterparty and cash collateral netting. |
Cash collateral receivables and payables | end of 2018 2017 Cash collateral on derivative instruments – netted (CHF million) 1 Cash collateral paid 20,333 23,587 Cash collateral received 13,213 14,996 Cash collateral on derivative instruments – not netted (CHF million) 2 Cash collateral paid 7,057 5,142 Cash collateral received 6,903 8,644 1 Recorded as cash collateral netting on derivative instruments in Note 26 – Offsetting of financial assets and financial liabilities. 2 Recorded as cash collateral on derivative instruments in Note 22 – Other assets and other liabilities. |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investment securities | end of 2018 2017 Investment securities (CHF million) Securities available-for-sale 2,911 2,191 Total investment securities 2,911 2,191 |
Investment securities by type | Investment securities by type 2018 2017 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by Swiss federal, cantonal or local governmental entities 2 0 0 2 199 13 0 212 Debt securities issued by foreign governments 821 7 0 828 1,215 21 0 1,236 Corporate debt securities 649 0 0 649 238 0 0 238 Residential mortgage-backed securities 1 1,430 0 0 1,430 207 0 0 207 Commercial mortgage-backed securities 2 0 0 2 173 0 0 173 Debt securities available-for-sale 2,904 7 0 2,911 2,032 34 0 2,066 Banks, trust and insurance companies 2 – – – – 95 30 0 125 Equity securities available-for-sale 2 – – – – 95 30 0 125 Securities available-for-sale 2,904 7 0 2,911 2,127 64 0 2,191 1 Relate to the consolidation of RMBS securitization VIEs where the assets are carried at fair value under the fair value option as are the VIEs’ liabilities recorded in long-term debt. 2 As a result of the adoption of ASU 2016-01, equity securities available-for-sale are now recognized in trading assets and no longer in investment securities. Refer to "Note 2 – Recently issued accounting standards" for further information. |
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 2018 2017 2016 Debt Equity 1 Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 255 – 7 7 9 4 Realized gains 8 – 0 0 0 0 1 As a result of the adoption of ASU 2016-01 equity securities available-for-sale are now recognized in trading assets and no longer in investment securities. Refer to "Note 2 – Recently issued accounting standards" for further information. |
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities Debt securities Average 2018 (CHF million, except where indicated) Due within 1 year 844 850 0.72 Due from 1 to 5 years 8 8 4.30 Due from 5 to 10 years 620 621 0.83 Due after 10 years 1,432 1,432 2.45 Total debt securities 2,904 2,911 1.61 |
Bank | |
Investment securities | end of 2018 2017 Investment securities (CHF million) Securities available-for-sale 2,909 2,189 Total investment securities 2,909 2,189 |
Investment securities by type | Investment securities by type 2018 2017 Gross Gross Gross Gross Investment securities by type (CHF million) Debt securities issued by the Swiss federal, cantonal or local governmental entities 0 0 0 0 197 13 0 210 Debt securities issued by foreign governments 821 7 0 828 1,215 21 0 1,236 Corporate debt securities 649 0 0 649 238 0 0 238 Residential mortgage-backed securities 1 1,430 0 0 1,430 207 0 0 207 Commercial mortgage-backed securities 2 0 0 2 173 0 0 173 Debt securities available-for-sale 2,902 7 0 2,909 2,030 34 0 2,064 Banks, trust and insurance companies 2 – – – – 95 30 0 125 Equity securities available-for-sale 2 – – – – 95 30 0 125 Securities available-for-sale 2,902 7 0 2,909 2,125 64 0 2,189 1 Relate to the consolidation of RMBS securitization VIEs where the assets are carried at fair value under the fair value option as are the VIEs’ liabilities recorded in long-term debt. 2 As a result of the adoption of ASU 2016-01, equity securities available-for-sale are now recognized in trading assets and no longer in investment securities. Refer to "Note 2 – Recently issued accounting standards" for further information. |
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 2018 2017 2016 Debt Equity 1 Debt Equity Debt Equity Additional information (CHF million) Proceeds from sales 255 – 7 7 9 4 Realized gains 8 – 0 0 0 0 1 As a result of the adoption of ASU 2016-01 equity securities available-for-sale are now recognized in trading assets and no longer in investment securities. Refer to "Note 2 – Recently issued accounting standards" for further information. |
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities Debt securities Average 2018 (CHF million) Due within 1 year 844 850 0.72 Due from 1 to 5 years 6 6 4.54 Due from 5 to 10 years 620 621 0.83 Due after 10 years 1,432 1,432 2.45 Total debt securities 2,902 2,909 1.61 |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other investments | end of 2018 2017 Other investments (CHF million) Equity method investments 2,467 3,066 Equity securities (without a readily determinable fair value) 1 1,207 1,292 of which at net asset value 530 742 of which at measurement alternative 227 175 of which at fair value 208 161 of which at cost less impairment 242 214 Real estate held-for-investment 2 79 232 Life finance instruments 3 1,137 1,374 Total other investments 4,890 5,964 1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Group has neither significant influence nor control over the investee. 2 As of the end of 2018 and 2017, real estate held for investment included foreclosed or repossessed real estate of CHF 3 million and CHF 41 million, respectively, all related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. |
Impairments and adjustments on equity securities at measurement alternative | Equity securities at measurement alternative – impairments and adjustments in / end of 2018 Cumulative Impairments and adjustments (CHF million) Impairments and downward adjustments (4) (7) |
Bank | |
Other investments | end of 2018 2017 Other investments (CHF million) Equity method investments 2,429 3,027 Equity securities (without a readily determinable fair value) 1 1,202 1,283 of which at net asset value 526 734 of which at measurement alternative 227 175 of which at fair value 208 161 of which at cost less impairment 241 213 Real estate held-for-investment 2 56 209 Life finance instruments 3 1,137 1,374 Total other investments 4,824 5,893 1 Includes private equity, hedge funds and restricted stock investments as well as certain investments in non-marketable mutual funds for which the Bank has neither significant influence nor control over the investee. 2 As of the end of 2018 and 2017, real estate held for investment included foreclosed or repossessed real estate of CHF 3 million and CHF 41 million, respectively, all related to residential real estate. 3 Includes life settlement contracts at investment method and SPIA contracts. |
Impairments and adjustments on equity securities at measurement alternative | Equity securities at measurement alternative – impairments and adjustments in / end of 2018 Cumulative Impairments and adjustments (CHF million) Impairments and downward adjustments (4) (7) |
Loans, allowance for loan los_2
Loans, allowance for loan losses and credit quality (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Loans | Loans end of 2018 2017 Loans (CHF million) Mortgages 107,845 106,039 Loans collateralized by securities 42,034 42,016 Consumer finance 3,905 4,242 Consumer 153,784 152,297 Real estate 26,727 26,599 Commercial and industrial loans 85,698 81,670 Financial institutions 18,494 15,697 Governments and public institutions 3,893 3,874 Corporate & institutional 134,812 127,840 Gross loans 288,596 280,137 of which held at amortized cost 273,723 264,830 of which held at fair value 14,873 15,307 Net (unearned income)/deferred expenses (113) (106) Allowance for loan losses (902) (882) Net loans 287,581 279,149 Gross loans by location Switzerland 160,444 157,696 Foreign 128,152 122,441 Gross loans 288,596 280,137 Impaired loans Non-performing loans 1,203 1,048 Non-interest-earning loans 300 223 Non-performing and non-interest-earning loans 1,503 1,271 Restructured loans 299 290 Potential problem loans 390 549 Other impaired loans 689 839 Gross impaired loans 2,192 2,110 |
Allowance for loan losses | Allowance for loan losses 2018 2017 2016 Corporate & Corporate & Corporate & Allowance for loan losses (CHF million) Balance at beginning of period 220 662 882 216 722 938 216 650 866 Net movements recognized in statements of operations 19 182 201 54 136 190 63 186 249 Gross write-offs (85) (184) (269) (60) (242) (302) (86) (192) (278) Recoveries 21 37 58 12 41 53 13 53 66 Net write-offs (64) (147) (211) (48) (201) (249) (73) (139) (212) Provisions for interest 11 19 30 (1) 14 13 10 8 18 Foreign currency translation impact and other adjustments, net 1 (1) 0 (1) (9) (10) 0 17 17 Balance at end of period 187 715 902 220 662 882 216 722 938 of which individually evaluated for impairment 146 462 608 179 475 654 172 528 700 of which collectively evaluated for impairment 41 253 294 41 187 228 44 194 238 Gross loans held at amortized cost (CHF million) Balance at end of period 153,761 119,962 273,723 152,277 112,553 264,830 145,070 112,445 257,515 of which individually evaluated for impairment 1 677 1,515 2,192 632 1,478 2,110 662 1,810 2,472 of which collectively evaluated for impairment 153,084 118,447 271,531 151,645 111,075 262,720 144,408 110,635 255,043 1 Represents gross impaired loans both with and without a specific allowance. |
Purchases, reclassifications and sales | Purchases, reclassifications and sales in 2018 2017 2016 Corporate & Corporate & Corporate & Loans held at amortized cost (CHF million) Purchases 1 0 2,163 2,163 0 3,381 3,381 30 3,405 3,435 Reclassifications from loans held-for-sale 2 0 1 1 0 63 63 0 125 125 Reclassifications to loans held-for-sale 3 1 2,351 2,352 0 7,407 7,407 1,632 2,768 4,400 Sales 3 1 2,267 2,268 0 7,051 7,051 72 2,087 2,159 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 2018 (CHF million) Mortgages 97,404 10,046 395 107,845 Loans collateralized by securities 39,281 2,676 77 42,034 Consumer finance 1,465 2,247 170 3,882 Consumer 138,150 14,969 642 153,761 Real estate 19,461 6,494 110 26,065 Commercial and industrial loans 40,872 37,633 1,268 79,773 Financial institutions 10,715 2,138 86 12,939 Governments and public institutions 1,132 53 0 1,185 Corporate & institutional 72,180 46,318 1,464 119,962 Gross loans held at amortized cost 210,330 61,287 2,106 273,723 Value of collateral 1 192,579 47,999 1,456 242,034 2017 (CHF million) Mortgages 94,553 11,214 272 106,039 Loans collateralized by securities 38,387 3,530 99 42,016 Consumer finance 1,801 2,241 180 4,222 Consumer 134,741 16,985 551 152,277 Real estate 20,278 5,640 85 26,003 Commercial and industrial loans 39,475 35,250 1,300 76,025 Financial institutions 7,258 2,022 46 9,326 Governments and public institutions 1,124 74 1 1,199 Corporate & institutional 68,135 42,986 1,432 112,553 Gross loans held at amortized cost 202,876 59,971 1,983 264,830 Value of collateral 1 189,048 49,271 1,422 239,741 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 and market transparency. |
Past Due Financing Receivables [Table Text Block] | Gross loans held at amortized cost – aging analysis Current Past due Up to 31–60 61–90 More than 2018 (CHF million) Mortgages 107,364 155 23 10 293 481 107,845 Loans collateralized by securities 41,936 21 0 0 77 98 42,034 Consumer finance 3,383 286 35 32 146 499 3,882 Consumer 152,683 462 58 42 516 1,078 153,761 Real estate 25,914 63 4 0 84 151 26,065 Commercial and industrial loans 78,439 378 96 82 778 1,334 79,773 Financial institutions 12,768 104 19 3 45 171 12,939 Governments and public institutions 1,172 13 0 0 0 13 1,185 Corporate & institutional 118,293 558 119 85 907 1,669 119,962 Gross loans held at amortized cost 270,976 1,020 177 127 1,423 2,747 273,723 2017 (CHF million) Mortgages 105,689 102 27 14 207 350 106,039 Loans collateralized by securities 41,867 37 0 0 112 149 42,016 Consumer finance 3,701 297 39 40 145 521 4,222 Consumer 151,257 436 66 54 464 1,020 152,277 Real estate 25,871 37 12 15 68 132 26,003 Commercial and industrial loans 74,831 429 40 201 524 1,194 76,025 Financial institutions 8,947 333 1 2 43 379 9,326 Governments and public institutions 1,197 1 0 0 1 2 1,199 Corporate & institutional 110,846 800 53 218 636 1,707 112,553 Gross loans held at amortized cost 262,103 1,236 119 272 1,100 2,727 264,830 |
Gross impaired loans by category | Gross impaired loans by category Non-performing and Non- 2018 (CHF million) Mortgages 304 12 316 34 72 106 422 1 Loans collateralized by securities 62 13 75 0 3 3 78 Consumer finance 170 6 176 0 1 1 177 Consumer 536 31 567 34 76 110 677 Real estate 80 4 84 0 38 38 122 Commercial and industrial loans 547 223 770 265 272 537 1,307 Financial institutions 40 42 82 0 4 4 86 Corporate & institutional 667 269 936 265 314 579 1,515 Gross impaired loans 1,203 300 1,503 299 390 689 2,192 2017 (CHF million) Mortgages 236 17 253 13 66 79 332 1 Loans collateralized by securities 96 16 112 0 2 2 114 Consumer finance 176 9 185 0 1 1 186 Consumer 508 42 550 13 69 82 632 Real estate 73 4 77 0 19 19 96 Commercial and industrial loans 465 134 599 277 458 735 1,334 Financial institutions 1 43 44 0 3 3 47 Governments and public institutions 1 0 1 0 0 0 1 Corporate & institutional 540 181 721 277 480 757 1,478 Gross impaired loans 1,048 223 1,271 290 549 839 2,110 1 As of December 31, 2018 and 2017, CHF 123 million and CHF 90 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. |
Gross impaired loan detail | Gross impaired loan details 2018 2017 Unpaid Associated Unpaid Associated CHF million Mortgages 278 262 21 254 239 36 Loans collateralized by securities 77 63 35 111 97 49 Consumer finance 174 154 90 180 160 94 Consumer 529 479 146 545 496 179 Real estate 82 73 10 86 79 11 Commercial and industrial loans 773 742 401 997 959 427 Financial institutions 86 84 51 47 46 37 Governments and public institutions 0 0 0 1 1 0 Corporate & institutional 941 899 462 1,131 1,085 475 Gross impaired loans with a specific allowance 1,470 1,378 608 1,676 1,581 654 Mortgages 144 144 – 78 78 – Loans collateralized by securities 1 1 – 3 3 – Consumer finance 3 3 – 6 6 – Consumer 148 148 – 87 87 – Real estate 40 40 – 10 10 – Commercial and industrial loans 534 534 – 337 337 – Corporate & institutional 574 574 – 347 347 – Gross impaired loans without specific allowance 722 722 – 434 434 – Gross impaired loans 2,192 2,100 608 2,110 2,015 654 of which consumer 677 627 146 632 583 179 of which corporate & institutional 1,515 1,473 462 1,478 1,432 475 Gross impaired loan details (continued) 2018 2017 2016 Interest Interest Interest CHF million Mortgages 261 2 1 229 2 1 195 2 1 Loans collateralized by securities 92 1 1 116 1 1 153 1 1 Consumer finance 176 2 2 167 5 5 205 1 1 Consumer 529 5 4 512 8 7 553 4 3 Real estate 90 0 0 78 1 0 72 1 0 Commercial and industrial loans 917 14 5 1,163 17 5 1,039 10 4 Financial institutions 58 1 0 76 1 1 154 1 0 Governments and public institutions 0 0 0 5 0 0 5 0 0 Corporate & institutional 1,065 15 5 1,322 19 6 1,270 12 4 Gross impaired loans with a specific allowance 1,594 20 9 1,834 27 13 1,823 16 7 Mortgages 91 3 0 83 3 0 83 3 0 Loans collateralized by securities 1 0 0 7 0 0 24 0 0 Consumer finance 3 0 0 3 0 0 11 0 0 Consumer 95 3 0 93 3 0 118 3 0 Real estate 14 1 0 27 1 0 31 1 0 Commercial and industrial loans 292 16 1 271 11 1 307 7 1 Financial institutions 0 0 0 0 0 0 5 0 0 Governments and public institutions 0 0 0 0 0 0 5 0 0 Corporate & institutional 306 17 1 298 12 1 348 8 1 Gross impaired loans without specific allowance 401 20 1 391 15 1 466 11 1 Gross impaired loans 1,995 40 10 2,225 42 14 2,289 27 8 of which consumer 624 8 4 605 11 7 671 7 3 of which corporate & institutional 1,371 32 6 1,620 31 7 1,618 20 5 |
Restructured loans held at amortized cost | Restructured loans held at amortized cost 2018 2017 2016 Recorded Recorded Recorded Recorded Recorded Recorded CHF million, except where indicated Mortgages 5 29 29 0 0 0 0 0 0 Commercial and industrial loans 13 182 160 15 123 119 16 201 201 Total 18 211 189 15 123 119 16 201 201 Restructured loans held at amortized cost that defaulted within 12 months from restructuring 2018 2017 2016 Number of Recorded Number of Recorded Number of Recorded CHF million, except where indicated Mortgages 1 8 0 0 0 0 Commercial and industrial loans 8 76 1 48 0 0 Total 9 84 1 48 0 0 |
Bank | |
Loans | end of 2018 2017 Loans (CHF million) Mortgages 107,845 106,039 Loans collateralized by securities 42,034 42,016 Consumer finance 3,905 4,242 Consumer 153,784 152,297 Real estate 26,727 26,599 Commercial and industrial loans 86,165 81,792 Financial institutions 23,320 19,662 Governments and public institutions 3,893 3,874 Corporate & institutional 140,105 131,927 Gross loans 293,889 284,224 of which held at amortized cost 279,016 268,917 of which held at fair value 14,873 15,307 Net (unearned income)/deferred expenses (113) (106) Allowance for loan losses (901) (881) Net loans 292,875 283,237 Gross loans by location Switzerland 165,184 161,645 Foreign 128,705 122,579 Gross loans 293,889 284,224 Impaired loans Non-performing loans 1,203 1,048 Non-interest-earning loans 288 210 Total non-performing and non-interest-earning loans 1,491 1,258 Restructured loans 299 290 Potential problem loans 390 549 Total other impaired loans 689 839 Gross impaired loans 2,180 2,097 |
Allowance for loan losses | Allowance for loan losses 2018 2017 2016 Corporate Corporate Corporate Allowance for loan losses (CHF million) Balance at beginning of period 220 661 881 216 721 937 216 649 865 Net movements recognized in statements of operations 19 182 201 54 136 190 63 186 249 Gross write-offs (85) (184) (269) (60) (242) (302) (86) (192) (278) Recoveries 21 37 58 12 41 53 13 53 66 Net write-offs (64) (147) (211) (48) (201) (249) (73) (139) (212) Provisions for interest 11 19 30 (1) 14 13 10 8 18 Foreign currency translation impact and other adjustments, net 1 (1) 0 (1) (9) (10) 0 17 17 Balance at end of period 187 714 901 220 661 881 216 721 937 of which individually evaluated for impairment 146 461 607 179 474 653 172 527 699 of which collectively evaluated for impairment 41 253 294 41 187 228 44 194 238 Gross loans held at amortized cost (CHF million) Balance at end of period 153,761 125,255 279,016 152,277 116,640 268,917 145,070 115,428 260,498 of which individually evaluated for impairment 1 677 1,503 2,180 632 1,465 2,097 662 1,798 2,460 of which collectively evaluated for impairment 153,084 123,752 276,836 151,645 115,175 266,820 144,408 113,630 258,038 1 Represents gross impaired loans both with and without a specific allowance. |
Purchases, reclassifications and sales | Purchases, reclassifications and sales in 2018 2017 2016 Corporate Corporate Corporate Loans held at amortized cost (CHF million) Purchases 1 0 2,163 2,163 0 3,381 3,381 30 3,405 3,435 Reclassifications from loans held-for-sale 2 0 1 1 0 63 63 0 125 125 Reclassifications to loans held-for-sale 3 1 2,351 2,352 0 7,407 7,407 1,632 2,768 4,400 Sales 3 1 2,267 2,268 0 7,051 7,051 72 2,087 2,159 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 2018 (CHF million) Mortgages 97,404 10,046 395 107,845 Loans collateralized by securities 39,281 2,676 77 42,034 Consumer finance 1,465 2,247 170 3,882 Consumer 138,150 14,969 642 153,761 Real estate 19,461 6,494 110 26,065 Commercial and industrial loans 41,352 37,633 1,256 80,241 Financial institutions 15,540 2,138 86 17,764 Governments and public institutions 1,132 53 0 1,185 Corporate & institutional 77,485 46,318 1,452 125,255 Gross loans held at amortized cost 215,635 61,287 2,094 279,016 Value of collateral 1 192,617 47,999 1,444 242,060 2017 (CHF million) Mortgages 94,553 11,214 272 106,039 Loans collateralized by securities 38,387 3,530 99 42,016 Consumer finance 1,801 2,241 180 4,222 Consumer 134,741 16,985 551 152,277 Real estate 20,278 5,640 85 26,003 Commercial and industrial loans 39,610 35,250 1,287 76,147 Financial institutions 11,223 2,022 46 13,291 Governments and public institutions 1,124 74 1 1,199 Corporate & institutional 72,235 42,986 1,419 116,640 Gross loans held at amortized cost 206,976 59,971 1,970 268,917 Value of collateral 1 189,092 49,271 1,409 239,772 1 Includes the value of collateral up to the amount of the outstanding related loans. For mortgages, the value of collateral is determined at the time of granting the loan and thereafter regularly reviewed according to the Bank's risk management policies and directives, with maximum review periods determined by property type, market liquidity and market transparency. |
Past Due Financing Receivables [Table Text Block] | Gross loans held at amortized cost – aging analysis Current Past due More 2018 (CHF million) Mortgages 107,364 155 23 10 293 481 107,845 Loans collateralized by securities 41,936 21 0 0 77 98 42,034 Consumer finance 3,383 286 35 32 146 499 3,882 Consumer 152,683 462 58 42 516 1,078 153,761 Real estate 25,914 63 4 0 84 151 26,065 Commercial and industrial loans 78,919 378 96 82 766 1,322 80,241 Financial institutions 17,593 104 19 3 45 171 17,764 Governments and public institutions 1,172 13 0 0 0 13 1,185 Corporate & institutional 123,598 558 119 85 895 1,657 125,255 Gross loans held at amortized cost 276,281 1,020 177 127 1,411 2,735 279,016 2017 (CHF million) Mortgages 105,689 102 27 14 207 350 106,039 Loans collateralized by securities 41,867 37 0 0 112 149 42,016 Consumer finance 3,701 297 39 40 145 521 4,222 Consumer 151,257 436 66 54 464 1,020 152,277 Real estate 25,871 37 12 15 68 132 26,003 Commercial and industrial loans 74,966 429 40 201 511 1,181 76,147 Financial institutions 12,912 333 1 2 43 379 13,291 Governments and public institutions 1,197 1 0 0 1 2 1,199 Corporate & institutional 114,946 800 53 218 623 1,694 116,640 Gross loans held at amortized cost 266,203 1,236 119 272 1,087 2,714 268,917 |
Gross impaired loans by category | Gross impaired loans by category Non-performing and Non- 2018 (CHF million) Mortgages 304 12 316 34 72 106 422 1 Loans collateralized by securities 62 13 75 0 3 3 78 Consumer finance 170 6 176 0 1 1 177 Consumer 536 31 567 34 76 110 677 Real estate 80 4 84 0 38 38 122 Commercial and industrial loans 547 211 758 265 272 537 1,295 Financial institutions 40 42 82 0 4 4 86 Corporate & institutional 667 257 924 265 314 579 1,503 Gross impaired loans 1,203 288 1,491 299 390 689 2,180 2017 (CHF million) Mortgages 236 17 253 13 66 79 332 1 Loans collateralized by securities 96 16 112 0 2 2 114 Consumer finance 176 9 185 0 1 1 186 Consumer 508 42 550 13 69 82 632 Real estate 73 4 77 0 19 19 96 Commercial and industrial loans 465 121 586 277 458 735 1,321 Financial institutions 1 43 44 0 3 3 47 Governments and public institutions 1 0 1 0 0 0 1 Corporate & institutional 540 168 708 277 480 757 1,465 Gross impaired loans 1,048 210 1,258 290 549 839 2,097 1 As of December 31, 2018 and 2017, CHF 123 million and CHF 90 million, respectively, were related to consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process. |
Gross impaired loan detail | Gross impaired loan details 2018 2017 Unpaid Associated Unpaid Associated CHF million Mortgages 278 262 21 254 239 36 Loans collateralized by securities 77 63 35 111 97 49 Consumer finance 174 154 90 180 160 94 Consumer 529 479 146 545 496 179 Real estate 82 73 10 86 79 11 Commercial and industrial loans 761 730 400 984 947 426 Financial institutions 86 84 51 47 46 37 Governments and public institutions 0 0 0 1 1 0 Corporate & institutional 929 887 461 1,118 1,073 474 Gross impaired loans with a specific allowance 1,458 1,366 607 1,663 1,569 653 Mortgages 144 144 – 78 78 – Loans collateralized by securities 1 1 – 3 3 – Consumer finance 3 3 – 6 6 – Consumer 148 148 – 87 87 – Real estate 40 40 – 10 10 – Commercial and industrial loans 534 534 – 337 337 – Corporate & institutional 574 574 – 347 347 – Gross impaired loans without specific allowance 722 722 – 434 434 – Gross impaired loans 2,180 2,088 607 2,097 2,003 653 of which consumer 677 627 146 632 583 179 of which corporate & institutional 1,503 1,461 461 1,465 1,420 474 Gross impaired loan details (continued) 2018 2017 2016 Interest Interest Interest CHF million Mortgages 261 2 1 229 2 1 195 2 1 Loans collateralized by securities 92 1 1 116 1 1 153 1 1 Consumer finance 176 2 2 167 5 5 205 1 1 Consumer 529 5 4 512 8 7 553 4 3 Real estate 90 0 0 78 1 0 72 1 0 Commercial and industrial loans 905 14 5 1,151 17 5 1,029 10 4 Financial institutions 58 1 0 76 1 1 154 1 0 Governments and public institutions 0 0 0 5 0 0 5 0 0 Corporate & institutional 1,053 15 5 1,310 19 6 1,260 12 4 Gross impaired loans with a specific allowance 1,582 20 9 1,822 27 13 1,813 16 7 Mortgages 91 3 0 83 3 0 83 3 0 Loans collateralized by securities 1 0 0 7 0 0 24 0 0 Consumer finance 3 0 0 3 0 0 11 0 0 Consumer 95 3 0 93 3 0 118 3 0 Real estate 14 1 0 27 1 0 31 1 0 Commercial and industrial loans 292 16 1 271 11 1 307 7 1 Financial institutions 0 0 0 0 0 0 5 0 0 Governments and public institutions 0 0 0 0 0 0 5 0 0 Corporate & institutional 306 17 1 298 12 1 348 8 1 Gross impaired loans without specific allowance 401 20 1 391 15 1 466 11 1 Gross impaired loans 1,983 40 10 2,213 42 14 2,279 27 8 of which consumer 624 8 4 605 11 7 671 7 3 of which corporate & institutional 1,359 32 6 1,608 31 7 1,608 20 5 |
Restructured loans held at amortized cost | Restructured loans held at amortized cost 2018 2017 2016 Recorded Recorded Recorded Recorded Recorded Recorded CHF million, except where indicated Mortgages 5 29 29 0 0 0 0 0 0 Commercial and industrial loans 13 182 160 15 123 119 16 201 201 Total 18 211 189 15 123 119 16 201 201 Restructured loans held at amortized cost that defaulted within 12 months from restructuring 2018 2017 2016 Number of Recorded Number of Recorded Number of Recorded CHF million, except where indicated Mortgages 1 8 0 0 0 0 Commercial and industrial loans 8 76 1 48 0 0 Total 9 84 1 48 0 0 |
Premises and equipment (Tables)
Premises and equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Premises and equipment | end of 2018 2017 Premises and equipment (CHF million) Buildings and improvements 1,617 1,648 Land 347 346 Leasehold improvements 1,880 1,812 Software 5,909 5,709 Equipment 1,805 1,828 Premises and equipment 11,558 11,343 1 Accumulated depreciation (6,720) (6,657) 1 Total premises and equipment, net 4,838 4,686 1 Prior period has been corrected. |
Depreciation and impairment | in 2018 2017 2016 Depreciation and impairment (CHF million) Depreciation 830 826 887 Impairment 8 33 25 |
Bank | |
Premises and equipment | end of 2018 2017 Premises and equipment (CHF million) Buildings and improvements 1,595 1,624 Land 347 346 Leasehold improvements 1,752 1,751 Software 5,715 5,583 Equipment 1,136 1,226 Premises and equipment 10,545 10,530 1 Accumulated depreciation (6,015) (6,085) 1 Total premises and equipment, net 4,530 4,445 1 Prior period has been corrected. |
Depreciation and impairment | in 2018 2017 2016 Depreciation and impairment (CHF million) Depreciation 745 770 882 Impairment 8 33 25 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill | Investment Gross amount of goodwill (CHF million) Balance at beginning of period 610 1,544 2,268 3,178 1,021 12 8,633 Foreign currency translation impact 2 8 10 4 5 0 29 Other 3 (8) 0 0 0 0 (5) Balance at end of period 615 1,544 2,278 3,182 1,026 12 8,657 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 615 1,544 1,506 463 638 0 4,766 2017 Gross amount of goodwill (CHF million) Balance at beginning of period 623 1,612 2,318 3,195 1,044 12 8,804 Foreign currency translation impact (13) (55) (50) (17) (23) 0 (158) Other 0 (13) 0 0 0 0 (13) Balance at end of period 610 1,544 2,268 3,178 1,021 12 8,633 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 610 1,544 1,496 459 633 0 4,742 |
Bank | |
Goodwill | Investment Gross amount of goodwill (CHF million) Balance at beginning of period 592 1,531 2,044 2,837 911 12 7,927 Foreign currency translation impact 2 8 9 1 5 0 25 Other 3 (8) 0 0 0 0 (5) Balance at end of period 597 1,531 2,053 2,838 916 12 7,947 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 597 1,531 1,281 119 528 0 4,056 2017 Gross amount of goodwill (CHF million) Balance at beginning of period 605 1,598 2,090 2,842 933 12 8,080 Foreign currency translation impact (13) (54) (46) (5) (22) 0 (140) Other 0 (13) 0 0 0 0 (13) Balance at end of period 592 1,531 2,044 2,837 911 12 7,927 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 592 1,531 1,272 118 523 0 4,036 |
Other intangible assets (Tables
Other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other intangible assets | 2018 2017 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (26) 1 27 (26) 1 Client relationships 43 (20) 23 47 (18) 29 Other (2) 2 0 5 (3) 2 Total amortizing other intangible assets 68 (44) 24 79 (47) 32 Non-amortizing other intangible assets 195 – 195 191 – 191 of which mortgage servicing rights, at fair value 163 – 163 158 – 158 Total other intangible assets 263 (44) 219 270 (47) 223 |
Additional information | Additional information in 2018 2017 2016 Aggregate amortization and impairment (CHF million) Aggregate amortization 8 7 8 Impairment 1 2 0 |
Estimated amortization | Estimated amortization Estimated amortization (CHF million) 2019 4 2020 3 2021 2 2022 2 2023 2 |
Bank | |
Other intangible assets | 2018 2017 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 27 (26) 1 27 (26) 1 Client relationships 43 (20) 23 47 (18) 29 Other (2) 2 0 5 (3) 2 Total amortizing other intangible assets 68 (44) 24 79 (47) 32 Non-amortizing other intangible assets 195 – 195 191 – 191 of which mortgage servicing rights, at fair value 163 – 163 158 – 158 Total other intangible assets 263 (44) 219 270 (47) 223 |
Additional information | Additional information in 2018 2017 2016 Aggregate amortization and impairment (CHF million) Aggregate amortization 8 7 8 Impairment 1 2 0 |
Estimated amortization | Estimated amortization Estimated amortization (CHF million) 2019 4 2020 3 2021 2 2022 2 2023 2 |
Other assets and other liabil_2
Other assets and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other assets and other liabilities | end of 2018 2017 Other assets (CHF million) Cash collateral on derivative instruments 7,057 5,141 Cash collateral on non-derivative transactions 465 490 Derivative instruments used for hedging 33 50 Assets held-for-sale 6,744 8,300 of which loans 1 6,630 8,130 of which real estate 2 54 141 of which long-lived assets 60 29 Assets held for separate accounts 125 190 Interest and fees receivable 5,055 4,669 Deferred tax assets 4,943 5,522 Prepaid expenses 613 379 Failed purchases 1,283 1,327 Defined benefit pension and post-retirement plan assets 1,794 2,170 Other 4,509 3,833 Other assets 32,621 32,071 1 Included as of December 31, 2018 and 2017 were CHF 687 million and CHF 534 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of December 31, 2018 and 2017, real estate held-for-sale included foreclosed or repossessed real estate of CHF 13 million and CHF 8 million, respectively, of which CHF 10 million and CHF 5 million, respectively were related to residential real estate. end of 2018 2017 Other liabilities (CHF million) Cash collateral on derivative instruments 6,903 8,644 Cash collateral on non-derivative transactions 514 473 Derivative instruments used for hedging 8 99 Provisions 928 1,007 of which off-balance sheet risk 151 106 Restructuring liabilities 346 306 Liabilities held for separate accounts 125 190 Interest and fees payable 5,159 5,591 Current tax liabilities 927 700 Deferred tax liabilities 438 394 Failed sales 2,187 720 Defined benefit pension and post-retirement plan liabilities 518 541 Other 12,054 12,947 Other liabilities 30,107 31,612 |
Bank | |
Other assets and other liabilities | end of 2018 2017 Other assets (CHF million) Cash collateral on derivative instruments 7,057 5,142 Cash collateral on non-derivative transactions 465 490 Derivative instruments used for hedging 33 50 Assets held-for-sale 6,744 8,300 of which loans 1 6,630 8,130 of which real estate 2 54 141 of which long-lived assets 60 29 Assets held for separate accounts 125 190 Interest and fees receivable 5,506 4,819 Deferred tax assets 4,887 5,457 Prepaid expenses 560 330 Failed purchases 1,283 1,327 Defined benefit pension and post-retirement plan assets 1,001 1,058 Other 4,482 3,793 Other assets 32,143 30,956 1 Included as of the end of 2018 and 2017 were CHF 687 million and CHF 534 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of the end of 2018 and 2017, real estate held-for-sale included foreclosed or repossessed real estate of CHF 13 million and CHF 8 million, respectively, of which CHF 10 million and CHF 5 million, respectively, were related to residential real estate. end of 2018 2017 Other liabilities (CHF million) Cash collateral on derivative instruments 6,903 8,644 Cash collateral on non-derivative transactions 514 473 Derivative instruments used for hedging 8 99 Provisions 920 998 of which off-balance sheet risk 151 106 Restructuring liabilities 342 301 Liabilities held for separate accounts 125 190 Interest and fees payable 5,521 5,804 Current tax liabilities 907 687 Deferred tax liabilities 268 152 Failed sales 2,187 720 Defined benefit pension and post-retirement plan liabilities 518 541 Other 12,114 13,074 Other liabilities 30,327 31,683 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits | 2018 2017 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 2,713 1,979 4,692 2,593 2,058 4,651 Interest-bearing demand deposits 125,985 27,794 153,779 125,323 32,732 158,055 Savings deposits 63,924 48 63,972 64,068 18 64,086 Time deposits 31,681 125,021 156,702 1 32,531 117,252 149,783 1 Total deposits 224,303 154,842 379,145 2 224,515 152,060 376,575 2 of which due to banks – – 15,220 – – 15,413 of which customer deposits – – 363,925 – – 361,162 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 156,562 million and CHF 149,659 million as of December 31, 2018 and 2017, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2018 and 2017 were CHF 137 million and CHF 135 million, respectively, of overdrawn deposits reclassified as loans. |
Bank | |
Deposits | 2018 2017 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 2,713 1,981 4,694 2,594 2,058 4,652 Interest-bearing demand deposits 126,416 28,010 154,426 125,685 32,965 158,650 Savings deposits 63,924 48 63,972 64,068 18 64,086 Time deposits 32,347 125,044 157,391 1 33,051 117,275 150,326 1 Total deposits 225,400 155,083 380,483 2 225,398 152,316 377,714 2 of which due to banks – – 15,220 – – 15,411 of which customer deposits – – 365,263 – – 362,303 The designation of deposits in Switzerland versus foreign deposits is based upon the location of the office where the deposit is recorded. 1 Included CHF 157,252 million and CHF 150,203 million as of December 31, 2018 and 2017, respectively, of the Swiss franc equivalent of individual time deposits greater than USD 100,000 in Switzerland and foreign offices. 2 Not included as of December 31, 2018 and 2017 were CHF 137 million and CHF 135 million, respectively, of overdrawn deposits reclassified as loans. |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long-term debt | end of 2018 2017 Long-term debt (CHF million) Senior 136,392 148,542 Subordinated 16,152 23,627 Non-recourse liabilities from consolidated VIEs 1,764 863 Long-term debt 154,308 173,032 of which reported at fair value 63,935 63,628 of which structured notes 48,064 51,465 |
Schedule of Structured notes | end of 2018 2017 Structured notes by product (CHF million) Equity 30,698 32,059 Fixed income 13,128 14,471 Credit 3,898 4,678 Other 340 257 Total structured notes 48,064 51,465 |
Long-term debt by maturities | Long-term debt by maturities end of 2019 2020 2021 2022 2023 Thereafter Total Group parent company (CHF million) Senior debt Fixed rate 0 0 0 0 2,706 9,044 11,750 Variable rate 0 0 0 965 837 1,022 2,824 Interest rate (range in %) 1 – – – 3.0 0.6 – 4.0 0.9 – 5.4 – Subordinated debt Fixed rate 0 0 0 1,462 4,366 4,010 9,838 Interest rates (range in %) 1 – – – 7.1 3.9 – 7.5 3.5 – 7.3 – Subtotal – Group parent company 0 0 0 2,427 7,909 14,076 24,412 Subsidiaries (CHF million) Senior debt Fixed rate 15,799 9,358 7,758 8,269 4,706 21,977 67,867 Variable rate 10,001 9,953 8,142 4,232 2,746 18,877 53,951 Interest rates (range in %) 1 0.0 – 8.8 0.1 – 22.5 0.1 – 6.7 0.1 – 8.2 0.1 – 4.2 0.2 – 7.1 – Subordinated debt Fixed rate 0 1,797 19 90 2,543 1,648 6,097 Variable rate 211 0 0 0 6 0 217 Interest rates (range in %) 1 2.7 3.3 – 7.0 3.3 7.5 6.5 5.7 – 8.0 – Non-recourse liabilities from consolidated VIEs Fixed rate 346 235 23 0 0 0 604 Variable rate 114 2 4 6 2 21 2 1,013 1,160 Interest rates (range in %) 1 2.9 – 7.2 3.8 9.3 – 10.3 – – 1.2 – 10.7 – Subtotal – Subsidiaries 26,471 21,345 15,946 12,597 10,022 43,515 129,896 Total long-term debt 26,471 21,345 15,946 15,024 17,931 57,591 154,308 of which structured notes 8,268 9,260 5,779 3,787 2,726 18,244 48,064 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity and includes certain structured notes that have mandatory early redemption features based on stipulated movements in markets or the occurrence of a market event. Within this population there are approximately CHF 0.5 billion of such notes with a contractual maturity of greater than one year that have an observable likelihood of redemption occurring within one year based on a modelling assessment. 1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. 2 Reflects equity linked notes, where the payout is not fixed. |
Bank | |
Long-term debt | end of 2018 2017 Long-term debt (CHF million) Senior 136,445 148,568 Subordinated 15,224 22,611 Non-recourse liabilities from consolidated VIEs 1,764 863 Long-term debt 153,433 172,042 of which reported at fair value 63,027 62,622 of which structured notes 48,064 51,465 |
Schedule of Structured notes | end of 2018 2017 Structured notes by product (CHF million) Equity 30,698 32,059 Fixed income 13,128 14,471 Credit 3,898 4,678 Other 340 257 Total structured notes 48,064 51,465 |
Long-term debt by maturities | Long-term debt by maturities end of 2019 2020 2021 2022 2023 Thereafter Total Long-term debt (CHF million) Senior debt Fixed rate 15,798 9,359 7,759 11,321 6,041 29,899 80,177 Variable rate 10,001 9,953 8,142 5,690 3,605 18,877 56,268 Interest rates (range in %) 1 0.0 – 8.8 0.1 – 22.5 0.1 – 6.7 0.1 – 8.2 0.1 – 4.2 0.2 – 7.1 – Subordinated debt Fixed rate 0 1,797 19 1,552 5,781 5,858 15,007 Variable rate 211 0 0 0 6 0 217 Interest rates (range in %) 1 2.7 3.3 – 7.0 3.3 7.1 – 7.5 3.9 – 8.0 3.5 – 8.0 – Non-recourse liabilities from consolidated VIEs Fixed rate 346 235 23 0 0 0 604 Variable rate 114 2 4 6 2 21 2 1,013 1,160 Interest rates (range in %) 1 2.9 – 7.2 3.8 9.3 – 10.3 – – 1.2 – 10.7 – Total long-term debt 26,470 21,346 15,947 18,569 15,454 55,647 153,433 of which structured notes 8,268 9,260 5,779 3,787 2,726 18,244 48,064 The maturity of perpetual debt is based on the earliest callable date. The maturity of all other debt is based on contractual maturity and includes certain structured notes that have mandatory early redemption features based on stipulated movements in markets or the occurrence of a market event. Within this population there are approximately CHF 0.5 billion of such notes with a contractual maturity of greater than one year that have an observable likelihood of redemption occurring within one year based on a modelling assessment. 1 Excludes structured notes for which fair value has been elected as the related coupons are dependent upon the embedded derivatives and prevailing market conditions at the time each coupon is paid. 2 Reflects equity linked notes, where the payout is not fixed. |
Accumulated other comprehensi_2
Accumulated other comprehensive income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated other comprehensive income | Accumulated other comprehensive income Gains/ 2018 (CHF million) Balance at beginning of period (62) (13,119) 48 (3,583) 522 (2,544) (18,738) Increase/(decrease) (114) (342) (10) (710) (26) 1,605 403 Increase/(decrease) due to equity method investments (10) 0 0 0 0 0 (10) Reclassification adjustments, included in net income/(loss) 114 19 (7) 319 (109) 49 385 Cumulative effect of accounting changes, net of tax 0 0 (21) 0 0 0 (21) Total increase/(decrease) (10) (323) (38) (391) (135) 1,654 757 Balance at end of period (72) (13,442) 10 (3,974) 387 (890) (17,981) 2017 (CHF million) Balance at beginning of period (35) (12,095) 61 (4,278) 643 (568) (16,272) Increase/(decrease) (61) (1,054) (13) 337 0 (2,008) (2,799) Increase/(decrease) due to equity method investments 1 0 0 0 0 0 1 Reclassification adjustments, included in net income/(loss) 33 30 0 358 (121) 32 332 Total increase/(decrease) (27) (1,024) (13) 695 (121) (1,976) (2,466) Balance at end of period (62) (13,119) 48 (3,583) 522 (2,544) (18,738) 2016 (CHF million) Balance at beginning of period (15) (12,615) 60 (4,672) 607 – (16,635) Increase/(decrease) (6) 441 1 7 142 (1,043) (458) Increase/(decrease) due to equity method investments (6) 0 0 0 0 0 (6) Reclassification adjustments, included in net income/(loss) (8) 79 0 387 (106) 0 352 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 475 475 Total increase/(decrease) (20) 520 1 394 36 (568) 363 Balance at end of period (35) (12,095) 61 (4,278) 643 (568) (16,272) |
Details on significant reclassification adjustments | Details of significant reclassification adjustments in 2018 2017 2016 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 19 30 79 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 396 444 513 Tax expense/(benefit) (77) (86) (126) Net of tax 319 358 387 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 2 (138) (153) (134) Tax expense/(benefit) 29 32 28 Net of tax (109) (121) (106) 1 Includes net releases of CHF 21 million on the liquidation of Credit Suisse Securities (Johannesburg) Proprietary Limited in 2018 and net releases of CHF 17 million on the liquidation of Credit Suisse Principal Investments Limited and AJP Cayman Ltd. in 2016. In addition, it includes net releases of CHF 23 million on the sale of Credit Suisse (Monaco) S.A.M. in 2017 and net releases of CHF 59 million on the sale of Credit Suisse (Gibraltar) Limited in 2016. 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 31 – Pension and other post-retirement benefits" for further information. |
Additional share information | Additional share information 2018 2017 2016 Common shares issued Balance at beginning of period 2,556,011,720 2,089,897,378 1,957,379,244 Issuance of common shares 0 466,114,342 132,518,134 of which share-based compensation 0 0 30,000,000 Balance at end of period 2,556,011,720 2,556,011,720 2,089,897,378 Treasury shares Balance at beginning of period (5,757,666) 0 (5,910,224) Sale of treasury shares 770,559,108 809,307,879 1,218,245,936 Repurchase of treasury shares (816,841,331) (857,049,873) (1,224,501,214) Share-based compensation 46,612,198 41,984,328 12,165,502 Balance at end of period (5,427,691) (5,757,666) 0 Common shares outstanding Balance at end of period 2,550,584,029 1 2,550,254,054 2 2,089,897,378 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. 111,193,477 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 653,000,000 unissued shares (conditional, conversion and authorized capital) were available for issuance without further approval of the shareholders. 505,062,294 of these shares were reserved for capital instruments. |
Bank | |
Accumulated other comprehensive income | Gains/ 2018 (CHF million) Balance at beginning of period (51) (13,248) 48 (381) 2 (2,302) (15,932) Increase/(decrease) (115) (344) (11) (18) (10) 1,394 896 Reclassification adjustments, included in net income/(loss) 108 19 (7) 49 0 48 217 Cumulative effect of accounting changes, net of tax 0 0 (21) 0 0 0 (21) Total increase/(decrease) (7) (325) (39) 31 (10) 1,442 1,092 Balance at end of period (58) (13,573) 9 (350) (8) (860) (14,840) 2017 (CHF million) Balance at beginning of period (16) (12,269) 61 (402) 2 (618) (13,242) Increase/(decrease) (61) (1,009) (13) (40) 0 (1,716) (2,839) Reclassification adjustments, included in net income/(loss) 26 30 0 61 0 32 149 Total increase/(decrease) (35) (979) (13) 21 0 (1,684) (2,690) Balance at end of period (51) (13,248) 48 (381) 2 (2,302) (15,932) 2016 (CHF million) Balance at beginning of period 6 (12,750) 60 (612) 2 – (13,294) Increase/(decrease) (6) 409 1 131 0 (1,082) (547) Reclassification adjustments, included in net income/(loss) (16) 72 0 79 0 0 135 Cumulative effect of accounting changes, net of tax 0 0 0 0 0 464 464 Total increase/(decrease) (22) 481 1 210 0 (618) 52 Balance at end of period (16) (12,269) 61 (402) 2 (618) (13,242) |
Details on significant reclassification adjustments | Details of significant reclassification adjustments in 2018 2017 2016 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 19 30 72 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 55 68 123 Tax expense/(benefit) (6) (7) (44) Net of tax 49 61 79 1 Includes net releases of CHF 21 million on the liquidation of Credit Suisse Securities (Johannesburg) Proprietary Limited in 2018 and net releases of CHF 17 million on the liquidation of Credit Suisse Principal Investments Limited and AJP Cayman Ltd. in 2016. In addition, it includes net releases of CHF 23 million on the sale of Credit Suisse (Monaco) S.A.M. in 2017 and net releases of CHF 59 million on the sale of Credit Suisse (Gibraltar) Limited in 2016. 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 30 – Pension and other post-retirement benefits" for further information. |
Offsetting of financial asset_2
Offsetting of financial assets and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Offsetting of derivatives | Offsetting of derivatives 2018 2017 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 5.5 4.8 2.5 1.8 OTC 63.4 60.6 83.3 79.0 Exchange-traded 0.2 0.3 0.1 0.2 Interest rate products 69.1 65.7 85.9 81.0 OTC-cleared 0.1 0.2 0.2 0.2 OTC 26.9 31.1 29.1 34.6 Foreign exchange products 27.0 31.3 29.3 34.8 OTC 10.2 10.2 11.7 11.7 Exchange-traded 11.8 14.2 9.2 9.8 Equity/index-related products 22.0 24.4 20.9 21.5 OTC-cleared 1.5 1.6 3.6 3.8 OTC 3.8 4.9 3.9 4.7 Credit derivatives 5.3 6.5 7.5 8.5 OTC 1.2 0.4 1.4 0.9 Exchange-traded 0.1 0.3 0.0 0.0 Other products 1 1.3 0.7 1.4 0.9 OTC-cleared 7.1 6.6 6.3 5.8 OTC 105.5 107.2 129.4 130.9 Exchange-traded 12.1 14.8 9.3 10.0 Total gross derivatives subject to enforceable master netting agreements 124.7 128.6 145.0 146.7 Offsetting (CHF billion) OTC-cleared (5.9) (5.8) (5.7) (5.4) OTC (92.6) (99.0) (114.5) (122.1) Exchange-traded (11.6) (12.5) (8.6) (9.6) Offsetting (110.1) (117.3) (128.8) (137.1) of which counterparty netting (96.9) (96.9) (113.8) (113.8) of which cash collateral netting (13.2) (20.4) (15.0) (23.3) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 1.2 0.8 0.6 0.4 OTC 12.9 8.2 14.9 8.8 Exchange-traded 0.5 2.3 0.7 0.4 Total net derivatives subject to enforceable master netting agreements 14.6 11.3 16.2 9.6 Total derivatives not subject to enforceable master netting agreements 2 3.7 3.9 3.4 5.2 Total net derivatives presented in the consolidated balance sheets 18.3 15.2 19.6 14.8 of which recorded in trading assets and trading liabilities 18.3 15.2 19.6 14.7 of which recorded in other assets and other liabilities 0.0 0.0 0.0 0.1 1 Primarily precious metals, commodity and energy products. 2 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 2018 2017 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 86.6 (20.9) 65.7 89.4 (28.8) 60.6 Securities borrowing transactions 12.6 (2.2) 10.4 18.7 (5.0) 13.7 Total subject to enforceable master netting agreements 99.2 (23.1) 76.1 108.1 (33.8) 74.3 Total not subject to enforceable master netting agreements 1 41.0 – 41.0 41.0 – 41.0 Total 140.2 (23.1) 117.1 2 149.1 (33.8) 115.3 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 81,818 million and CHF 77,498 million of the total net amount as of the end of 2018 and 2017, 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 2018 2017 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 42.3 (22.5) 19.8 49.4 (31.5) 17.9 Securities lending transactions 4.2 (0.6) 3.6 7.1 (2.3) 4.8 Obligation to return securities received as collateral, at fair value 39.4 0.0 39.4 37.0 0.0 37.0 Total subject to enforceable master netting agreements 85.9 (23.1) 62.8 93.5 (33.8) 59.7 Total not subject to enforceable master netting agreements 1 3.5 – 3.5 4.9 – 4.9 Total 89.4 (23.1) 66.3 98.4 (33.8) 64.6 of which securities sold under repurchase agreements and securities lending transactions 47.7 (23.1) 24.6 2 60.3 (33.8) 26.5 2 of which obligation to return securities received as collateral, at fair value 41.7 0.0 41.7 38.1 0.0 38.1 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 14,828 million and CHF 15,262 million of the total net amount as of the end of 2018 and 2017, respectively, are reported at fair value. |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets 2018 2017 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 14.6 4.5 0.1 10.0 16.2 5.2 0.0 11.0 Securities purchased under resale agreements 65.7 65.7 0.0 0.0 60.6 60.6 0.0 0.0 Securities borrowing transactions 10.4 10.0 0.0 0.4 13.7 13.2 0.0 0.5 Total financial assets subject to enforceable master netting agreements 90.7 80.2 0.1 10.4 90.5 79.0 0.0 11.5 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 11.3 1.4 0.0 9.9 9.6 2.1 0.0 7.5 Securities sold under repurchase agreements 19.8 19.7 0.1 0.0 17.9 17.9 0.0 0.0 Securities lending transactions 3.6 3.2 0.0 0.4 4.8 4.4 0.0 0.4 Obligation to return securities received as collateral, at fair value 39.4 34.3 0.0 5.1 37.0 32.7 0.0 4.3 Total financial liabilities subject to enforceable master netting agreements 74.1 58.6 0.1 15.4 69.3 57.1 0.0 12.2 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. |
Bank | |
Offsetting of derivatives | Offsetting of derivatives 2018 2017 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 5.5 4.8 2.5 1.8 OTC 63.4 60.7 83.3 79.0 Exchange-traded 0.2 0.3 0.1 0.2 Interest rate products 69.1 65.8 85.9 81.0 OTC-cleared 0.1 0.2 0.2 0.2 OTC 26.9 31.2 29.1 34.6 Foreign exchange products 27.0 31.4 29.3 34.8 OTC 10.2 10.3 11.7 12.0 Exchange-traded 11.8 14.2 9.2 9.8 Equity/index-related products 22.0 24.5 20.9 21.8 OTC-cleared 1.5 1.6 3.6 3.8 OTC 3.8 4.9 3.9 4.7 Credit derivatives 5.3 6.5 7.5 8.5 OTC 1.3 0.5 1.4 0.9 Other products 1 1.3 0.5 1.4 0.9 OTC-cleared 7.1 6.6 6.3 5.8 OTC 105.6 107.6 129.4 131.2 Exchange-traded 12.0 14.5 9.3 10.0 Total gross derivatives subject to enforceable master netting agreements 124.7 128.7 145.0 147.0 Offsetting (CHF billion) OTC-cleared (6.0) (5.8) (5.7) (5.4) OTC (92.5) (99.1) (114.5) (122.4) Exchange-traded (11.6) (12.5) (8.6) (9.6) Offsetting (110.1) (117.4) (128.8) (137.4) of which counterparty netting (96.9) (96.9) (113.8) (113.8) of which cash collateral netting (13.2) (20.5) (15.0) (23.6) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 1.1 0.8 0.6 0.4 OTC 13.1 8.5 14.9 8.8 Exchange-traded 0.4 2.0 0.7 0.4 Total net derivatives subject to enforceable master netting agreements 14.6 11.3 16.2 9.6 Total derivatives not subject to enforceable master netting agreements 2 3.8 3.9 3.7 5.2 Total net derivatives presented in the consolidated balance sheets 18.4 15.2 19.9 14.8 of which recorded in trading assets and trading liabilities 18.4 15.2 19.9 14.7 of which recorded in other assets and other liabilities 0.0 0.0 0.0 0.1 1 Primarily precious metals, commodity and energy products. 2 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 2018 2017 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 86.6 (20.9) 65.7 89.4 (28.8) 60.6 Securities borrowing transactions 12.6 (2.2) 10.4 18.7 (5.0) 13.7 Total subject to enforceable master netting agreements 99.2 (23.1) 76.1 108.1 (33.8) 74.3 Total not subject to enforceable master netting agreements 1 41.0 – 41.0 41.0 – 41.0 Total 140.2 (23.1) 117.1 2 149.1 (33.8) 115.3 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 81,818 million and CHF 77,498 million of the total net amount as of the end of 2018 and 2017, 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 2018 2017 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 42.3 (22.5) 19.8 49.4 (31.5) 17.9 Securities lending transactions 4.2 (0.6) 3.6 7.1 (2.3) 4.8 Obligation to return securities received as collateral, at fair value 39.4 0.0 39.4 37.0 0.0 37.0 Total subject to enforceable master netting agreements 85.9 (23.1) 62.8 93.5 (33.8) 59.7 Total not subject to enforceable master netting agreements 1 3.5 – 3.5 4.9 – 4.9 Total 89.4 (23.1) 66.3 98.4 (33.8) 64.6 of which securities sold under repurchase agreements and securities lending transactions 47.7 (23.1) 24.6 2 60.3 (33.8) 26.5 2 of which obligation to return securities received as collateral, at fair value 41.7 0.0 41.7 38.1 0.0 38.1 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 14,828 million and CHF 15,262 million of the total net amount as of the end of 2018 and 2017, respectively, are reported at fair value. |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets 2018 2017 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 14.6 4.5 0.1 10.0 16.2 5.2 0.0 11.0 Securities purchased under resale agreements 65.7 65.7 0.0 0.0 60.6 60.6 0.0 0.0 Securities borrowing transactions 10.4 10.0 0.0 0.4 13.7 13.2 0.0 0.5 Total financial assets subject to enforceable master netting agreements 90.7 80.2 0.1 10.4 90.5 79.0 0.0 11.5 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 11.3 1.4 0.0 9.9 9.6 2.1 0.0 7.5 Securities sold under repurchase agreements 19.8 19.7 0.1 0.0 17.9 17.9 0.0 0.0 Securities lending transactions 3.6 3.2 0.0 0.4 4.8 4.4 0.0 0.4 Obligation to return securities received as collateral, at fair value 39.4 34.3 0.0 5.1 37.0 32.7 0.0 4.3 Total financial liabilities subject to enforceable master netting agreements 74.1 58.6 0.1 15.4 69.3 57.1 0.0 12.2 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. |
Tax (Tables)
Tax (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Details of current and deferred taxes | Details of current and deferred taxes in 2018 2017 2016 Current and deferred taxes (CHF million) Switzerland 135 82 133 Foreign 426 421 501 Current income tax expense 561 503 634 Switzerland 479 244 (125) Foreign 321 1,994 (68) Deferred income tax expense/(benefit) 800 2,238 (193) Income tax expense 1,361 2,741 441 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on cash flow hedges (28) (24) (6) Cumulative translation adjustment (7) 1 (4) Unrealized gains/(losses) on securities (5) 1 1 Actuarial gains/(losses) (102) 172 136 Net prior service credit/(cost) (33) (32) 10 Share-based compensation and treasury shares 1 3 104 |
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate in 2018 2017 2016 Income/(loss) before taxes (CHF million) Switzerland 1,924 1,736 2,111 Foreign 1,448 57 (4,377) Income/(loss) before taxes 3,372 1,793 (2,266) Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% 742 394 (499) Increase/(decrease) in income taxes resulting from Foreign tax rate differential 107 (110) (498) Non-deductible amortization of other intangible assets and goodwill impairment 3 0 1 Other non-deductible expenses 457 354 1,540 Additional taxable income 5 0 87 Lower taxed income (190) (276) (219) (Income)/loss taxable to noncontrolling interests 12 7 (11) Changes in tax law and rates (2) 2,095 145 Changes in deferred tax valuation allowance (106) 123 76 Change in recognition of outside basis difference (32) (19) 218 Tax deductible impairments of Swiss subsidiary investments (65) 88 (68) (Windfall tax benefits) /shortfall tax charges on share-based compensation 10 91 – Other 420 (6) (331) Income tax expense 1,361 2,741 441 |
Details of the tax effect of temporary differences | Deferred tax assets and liabilities end of 2018 2017 Deferred tax assets and liabilities (CHF million) Compensation and benefits 957 1,103 Loans 192 330 Investment securities 1,986 1,039 Provisions 582 441 Derivatives 62 97 Real estate 285 337 Net operating loss carry-forwards 6,227 6,829 Goodwill and intangible assets 518 696 Other 198 135 Gross deferred tax assets before valuation allowance 11,007 11,007 Less valuation allowance (4,021) (4,279) Gross deferred tax assets net of valuation allowance 6,986 6,728 Compensation and benefits (426) (512) Loans (87) (36) Investment securities (1,170) (197) Provisions (369) (520) Business combinations (1) (1) Derivatives (214) (154) Real estate (60) (54) Other (154) (126) Gross deferred tax liabilities (2,481) (1,600) Net deferred tax assets 4,505 5,128 of which deferred tax assets 4,943 5,522 of which net operating losses 1,647 2,213 of which deductible temporary differences 3,296 3,309 of which deferred tax liabilities (438) (394) |
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards end of 2018 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 108 Due to expire within 2 to 5 years 6,658 Due to expire within 6 to 10 years 1,404 Due to expire within 11 to 20 years 6,798 Amount due to expire 14,968 Amount not due to expire 18,631 Total net operating loss carry-forwards 33,599 |
Movements in the valuation allowance | Movements in the valuation allowance in 2018 2017 2016 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,279 4,188 3,905 Net changes (258) 91 283 Balance at end of period 4,021 4,279 4,188 |
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation in 2018 2017 2016 Tax benefits associated with share-based compensation (CHF million) Tax benefits recorded in the consolidated statements of operations 1 242 314 391 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital 2 – – (110) 1 Calculated at the statutory tax rate before valuation allowance considerations. 2 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are recognized in the consolidated statements of operations and no longer in additional paid-in capital. |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of the beginning and ending amount of gross unrecognized tax benefits 2018 2017 2016 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 481 410 369 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 10 131 52 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (2) (104) (43) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 112 117 17 Decreases in unrecognized tax benefits relating to settlements with tax authorities 0 (73) (2) Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (4) (3) (7) Other (including foreign currency translation) (23) 3 24 Balance at end of period 574 481 410 of which, if recognized, would affect the effective tax rate 574 481 410 Interest and penalties in 2018 2017 2016 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations (28) 29 2 Interest and penalties recognized in the consolidated balance sheets 87 115 86 |
Bank | |
Details of current and deferred taxes | Details of current and deferred taxes in 2018 2017 2016 Current and deferred taxes (CHF million) Switzerland 126 76 135 Foreign 416 420 499 Current income tax expense 542 496 634 Switzerland 266 285 (167) Foreign 326 2,000 (67) Deferred income tax expense/(benefit) 592 2,285 (234) Income tax expense 1,134 2,781 400 Income tax expense/(benefit) reported in shareholder's equity related to: Gains/(losses) on cash flow hedges (28) (24) (6) Cumulative translation adjustment (7) 1 (4) Unrealized gains/(losses) on securities (5) 1 1 Actuarial gains/(losses) 7 (7) 87 Share-based compensation and treasury shares 0 0 106 |
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate in 2018 2017 2016 Income/(loss) before taxes (CHF million) Switzerland 1,927 1,648 1,955 Foreign 929 (95) (4,444) Income/(loss) before taxes 2,856 1,553 (2,489) Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate of 22% 628 342 (548) Increase/(decrease) in income taxes resulting from Foreign tax rate differential 89 (92) (559) Non-deductible amortization of other intangible assets and goodwill impairment 3 0 1 Other non-deductible expenses 455 354 1,533 Additional taxable income 5 0 87 Lower taxed income (187) (272) (216) (Income)/loss taxable to noncontrolling interests 10 7 (10) Changes in tax law and rates (2) 2,095 145 Changes in deferred tax valuation allowance (115) 88 76 Change in recognition of outside basis difference (32) (12) 211 Tax deductible impairments of Swiss subsidiary investments (65) 88 (68) (Windfall tax benefits)/shortfall tax charges on share-based compensation 10 91 – Other 335 92 (252) Income tax expense 1,134 2,781 400 |
Details of the tax effect of temporary differences | Deferred tax assets and liabilities end of 2018 2017 Deferred tax assets and liabilities (CHF million) Compensation and benefits 944 1,095 Loans 192 330 Investment securities 1,986 1,039 Provisions 582 441 Derivatives 65 96 Real estate 278 333 Net operating loss carry-forwards 6,142 6,762 Goodwill and intangible assets 497 664 Other 197 127 Gross deferred tax assets before valuation allowance 10,883 10,887 Less valuation allowance (3,957) (4,224) Gross deferred tax assets net of valuation allowance 6,926 6,663 Compensation and benefits (257) (278) Loans (87) (36) Investment securities (1,170) (197) Provisions (368) (519) Business combinations (1) (1) Derivatives (214) (154) Real estate (56) (54) Other (154) (119) Gross deferred tax liabilities (2,307) (1,358) Net deferred tax assets 4,619 5,305 of which deferred tax assets 4,887 5,457 of which net operating losses 1,632 2,200 of which deductible temporary differences 3,255 3,257 of which deferred tax liabilities (268) (152) |
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards end of 2018 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 106 Due to expire within 2 to 5 years 6,545 Due to expire within 6 to 10 years 828 Due to expire within 11 to 20 years 6,798 Amount due to expire 14,277 Amount not due to expire 18,618 Total net operating loss carry-forwards 32,895 |
Movements in the valuation allowance | Movements in the valuation allowance in 2018 2017 2016 Movements in the valuation allowance (CHF million) Balance at beginning of period 4,224 4,168 3,898 Net changes (267) 56 270 Balance at end of period 3,957 4,224 4,168 |
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation in 2018 2017 2016 Tax benefits (CHF million) Tax benefits recorded in the consolidated statements of operations 1 236 310 390 Windfall tax benefits/(shortfall tax charges) recorded in additional paid-in capital 2 – – (110) 1 Calculated at the statutory tax rate before valuation allowance considerations. 2 As a result of the adoption of ASU 2016-09 windfall tax benefits and shortfall tax charges on share-based compensation are recognized in the consolidated statements of operations and no longer in additional paid-in capital. |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of the beginning and ending amount of gross unrecognized tax benefits in 2018 2017 2016 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 481 401 360 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 10 131 52 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (2) (95) (43) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 112 117 17 Decreases in unrecognized tax benefits relating to settlements with tax authorities 0 (73) (2) Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (4) (3) (7) Other (including foreign currency translation) (23) 3 24 Balance at end of period 574 481 401 of which, if recognized, would affect the effective tax rate 574 481 401 Interest and penalties in 2018 2017 2016 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations (28) 30 2 Interest and penalties recognized in the consolidated balance sheets 87 115 85 |
Employee deferred compensation
Employee deferred compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2018 2017 2016 Deferred compensation expense (CHF million) Share awards 526 529 628 Performance share awards 382 348 370 Contingent Capital Awards 154 280 235 Contingent Capital share awards 2 18 30 Capital Opportunity Facility awards 12 14 13 Plus Bond awards 1 – – 5 2008 Partner Asset Facility awards 2 – 7 13 Other cash awards 263 440 335 Total deferred compensation expense 1,339 1,636 1,629 Total shares delivered (million) Total shares delivered 46.6 42.0 42.1 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. |
Additional information | Estimated unrecognized deferred compensation end of 2018 Estimated unrecognized compensation expense (CHF million) Share awards 466 Performance share awards 167 Contingent Capital Awards 141 Other cash awards 179 Total 953 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.3 Does not include the estimated unrecognized compensation expense relating to grants made in 2019 for 2018. |
Contingent Capital Awards (CCA) | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Contingent Capital Awards granted for previous years For compensation year 2018 2017 2016 CCA awarded (CHF million) 299 241 229 |
Stock compensation plan | Share awards | |
Share-based compensation disclosures | |
Share-based award activities | Share award activities 2018 2017 2016 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 84.9 15.73 73.2 18.77 80.3 21.58 Granted 43.8 16.91 54.3 1 14.53 39.7 17.47 Settled (40.7) 16.09 (38.2) 19.74 (37.7) 22.64 Forfeited (4.8) 16.24 (4.4) 16.47 (9.1) 21.87 Balance at end of period 83.2 16.15 84.9 15.73 73.2 18.77 of which vested 8.6 – 8.5 – 8.1 – of which unvested 74.6 – 76.4 – 65.1 – 1 Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Share awards granted for previous years For compensation year 2018 2017 2016 Shares awarded (million) 55.6 34.1 37.8 Value of shares awarded (CHF million) 638 613 566 Fair value of each share awarded (CHF) 1 11.75 17.22 15.42 1 Based on the Group’s share price on the grant date. |
Stock compensation plan | Contingent Capital share awards | |
Share-based compensation disclosures | |
Share-based award activities | Contingent Capital share award activities 2018 2017 2016 Contingent Capital share awards (million) Balance at beginning of period 8.4 13.5 – Granted 0.0 0.3 1 16.4 Settled (4.9) (5.0) (2.6) Forfeited (0.1) (0.4) (0.3) Balance at end of period 3.4 8.4 13.5 of which vested 0.7 1.3 1.0 of which unvested 2.7 7.1 12.5 1 Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. |
Stock compensation plan | Phantom and Blocked Shares [Member] | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Blocked share awards granted for previous years For compensation year 2018 2017 2016 Blocked shares awarded (million) 3.0 2.1 2.5 Value of shares awarded (CHF million) 35 38 37 |
Performance shares | Performance share awards | |
Share-based compensation disclosures | |
Share-based award activities | Performance share award activities 2018 2017 2016 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 54.2 15.88 48.4 19.11 55.9 21.01 Granted 26.5 16.98 31.8 1 14.41 21.4 18.62 Settled (26.3) 16.07 (23.9) 20.41 (26.5) 22.67 Forfeited (2.7) 16.26 (2.1) 16.38 (2.4) 19.64 Balance at end of period 51.7 16.33 54.2 15.88 48.4 19.11 of which vested 5.4 – 6.7 – 6.8 – of which unvested 46.3 – 47.5 – 41.6 – 1 Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Performance share awards granted for previous years For compensation year 2018 2017 2016 Performance shares awarded (million) 46.1 26.5 29.7 Value of performance shares awarded (CHF million) 532 478 451 Fair value of each performance share awarded (CHF) 1 11.75 17.22 15.42 1 Based on the Group’s share price on the grant date. |
Bank | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2018 2017 2016 Deferred compensation expense (CHF million) Share awards 512 519 624 Performance share awards 371 342 370 Contingent Capital Awards 149 277 234 Contingent Capital share awards 1 17 30 Capital Opportunity Facility awards 12 14 13 Plus Bond awards 1 – – 5 2008 Partner Asset Facility awards 2 – 7 13 Other cash awards 257 417 331 Total deferred compensation expense 1,302 1,593 1,620 Total shares delivered (million) Total shares delivered 45.0 41.2 41.5 1 Compensation expense primarily relates to mark-to-market changes of the underlying assets of the Plus Bonds and the amortization of the voluntary Plus Bonds elected in the first quarter of 2013 and expensed over a three-year vesting period. 2 Compensation expense mainly includes the change in the underlying fair value of the indexed assets during the period. |
Additional information | Estimated unrecognized deferred compensation end of 2018 Estimated unrecognized compensation expense (CHF million) Share awards 455 Performance share awards 161 Contingent Capital Awards 136 Other cash awards 160 Total 912 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.3 Does not include the estimated unrecognized compensation expense relating to grants made in 2019 for 2018. |
Bank | Contingent Capital Awards (CCA) | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Contingent Capital Awards granted for previous years For compensation year 2018 2017 2016 CCA awarded (CHF million) 289 233 228 |
Bank | Stock compensation plan | Share awards | |
Share-based compensation disclosures | |
Share-based award activities | Share award activities 2018 2017 2016 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 79.9 15.77 70.8 18.78 79.0 21.56 Granted 40.5 16.97 51.5 1 14.54 38.1 17.59 Settled (39.0) 16.02 (36.8) 19.75 (37.2) 22.68 Forfeited (4.3) 16.33 (5.6) 2 16.47 (9.1) 21.88 Balance at end of period 77.1 16.23 79.9 15.77 70.8 18.78 of which vested 8.4 – 7.8 – 8.1 – of which unvested 68.7 – 72.1 – 62.7 – 1 Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. 2 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Share awards granted for previous years For compensation year 2018 2017 2016 Shares awarded (million) 54.0 33.1 37.6 Value of shares awarded (CHF million) 620 596 563 |
Bank | Stock compensation plan | Contingent Capital share awards | |
Share-based compensation disclosures | |
Share-based award activities | Contingent Capital share award activities 2018 2017 2016 Contingent Capital share awards Balance at beginning of period 7.5 12.8 – Granted 0.0 0.3 1 15.6 Settled (4.6) (4.9) (2.5) Forfeited (0.2) (0.7) 2 (0.3) Balance at end of period 2.7 7.5 12.8 of which vested 0.7 1.3 1.0 of which unvested 2.0 6.2 11.8 1 Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. 2 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. |
Bank | Stock compensation plan | Phantom and Blocked Shares [Member] | |
Share-based compensation disclosures | |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Blocked share awards granted for previous years For compensation year 2018 2017 2016 Blocked shares awarded (million) 2.7 1.9 2.4 Value of shares awarded (CHF million) 31 35 37 |
Bank | Performance shares | Performance share awards | |
Share-based compensation disclosures | |
Share-based award activities | Performance share award activities 2018 2017 2016 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 52.8 15.88 48.1 19.12 55.5 21.01 Granted 25.6 16.98 31.1 1 14.41 21.3 18.62 Settled (25.6) 16.07 (23.6) 20.41 (26.4) 22.66 Forfeited (2.8) 16.26 (2.8) 2 16.37 (2.3) 18.98 Balance at end of period 50.0 16.33 52.8 15.88 48.1 19.12 of which vested 5.2 – 6.6 – 6.8 – of which unvested 44.8 – 46.2 – 41.3 – 1 Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. 2 Includes the transfer of the share-based awards of Neue Aargauer Bank AG, BANK-now AG and Swisscard AECS GmbH. |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Performance share awards granted for previous years For compensation year 2018 2017 2016 Performance shares awarded (million) 44.6 25.6 29.6 Value of performance shares awarded (CHF million) 515 462 449 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Executive Board and Board of Directors loans | in 2018 2017 2016 Executive Board loans (CHF million) Balance at beginning of period 26 1 25 26 Additions 8 3 6 Reductions (1) (2) (7) Balance at end of period 33 1 26 25 Board of Directors loans (CHF million) Balance at beginning of period 11 2 10 8 Additions 0 1 3 Reductions (1) 0 (1) Balance at end of period 10 2 11 10 1 The number of individuals with outstanding loans at the beginning and the end of the year was eight. 2 The number of individuals with outstanding loans at the beginning and the end of the year was four. |
Loans outstanding made by the Group or any subsidiaries to equity method investees | Loans made by the Group or any subsidiaries to equity method investees in 2018 2017 2016 Loans to equity method investees (CHF million) Balance at beginning of period 173 173 135 Net borrowings/(repayments) 158 0 38 Balance at end of period 331 173 173 |
Bank | |
Executive Board and Board of Directors loans | Executive Board and Board of Directors loans 2018 2017 2016 Loans to members of the Executive Board (CHF million) Balance at beginning of period 26 1 25 26 Additions 8 3 6 Reductions (1) (2) (7) Balance at end of period 33 1 26 25 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 11 2 10 8 Additions 0 1 3 Reductions (1) 0 (1) Balance at end of period 10 2 11 10 1 The number of individuals with outstanding loans at the beginning and the end of the year was seven and eight, respectively. 2 The number of individuals with outstanding loans at the beginning and the end of the year was four. |
Schedule of Related Party Transactions [Table Text Block] | Related party assets and liabilities end of 2018 2017 Assets (CHF million) Net loans 5,305 4,100 Other assets 508 208 Total assets 5,813 4,308 Liabilities (CHF million) Due to banks/customer deposits 1,338 1,141 Short-term borrowings 493 489 Long-term debt 23,456 15,612 Other liabilities 1,122 851 Total liabilities 26,409 18,093 Related party revenues and expenses in 2018 2017 2016 Revenues (CHF million) Interest and dividend income 10 2 (2) Interest expense (924) (574) (280) Net interest income (914) (572) (282) Commissions and fees 87 46 41 Other revenues 72 67 119 Net revenues (755) (459) (122) Expenses (CHF million) Total operating expenses 1,642 1,044 1 152 1 Prior period has been corrected. Related party guarantees end of 2018 2017 Guarantees (CHF million) Credit guarantees and similar instruments 5 4 Total guarantees 5 4 |
Pension and other post-retire_2
Pension and other post-retirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Components of total pension costs | Components of net periodic benefit costs Defined benefit Other post-retirement Switzerland International International in 2018 2017 2016 2018 2017 2016 2018 2017 2016 Net periodic benefit costs (CHF million) Service costs on benefit obligation 242 243 288 16 22 20 0 0 0 Interest costs on benefit obligation 63 57 141 86 91 124 5 6 8 Expected return on plan assets (483) (473) (536) (114) (133) (175) 0 0 0 Amortization of recognized prior service cost/(credit) (126) (131) (116) 0 0 0 0 0 0 Amortization of recognized actuarial losses/(gains) 306 340 366 47 60 41 8 7 10 Settlement losses/(gains) 35 37 24 0 0 72 0 0 0 Curtailment losses/(gains) (12) (23) (18) (1) (10) 0 0 0 0 Special termination benefits 38 19 22 0 0 0 0 0 0 Net periodic benefit costs/(credits) 63 69 171 34 30 82 13 13 18 |
Obligations and funded status of the plans | Obligations and funded status of the plans Defined benefit Other post-retirement Switzerland International International in / end of 2018 2017 2018 2017 2018 2017 PBO (CHF million) 1 Beginning of the measurement period 15,885 15,885 3,390 3,337 173 184 Plan participant contributions 204 205 0 0 0 0 Service cost 242 243 16 22 0 0 Interest cost 63 57 86 91 5 6 Plan amendments 20 0 10 0 0 0 Settlements (125) (144) (1) 0 0 0 Curtailments (8) (22) (1) (11) 0 0 Special termination benefits 38 19 1 1 0 0 Actuarial losses/(gains) (58) 471 (229) 171 (9) 2 Benefit payments (829) (829) (233) (287) (11) (11) Exchange rate losses/(gains) 0 0 (88) 66 2 (8) End of the measurement period 15,432 15,885 2,951 3,390 160 173 Fair value of plan assets (CHF million) Beginning of the measurement period 16,996 15,951 4,088 4,000 0 0 Actual return on plan assets (454) 1,398 (141) 256 0 0 Employer contributions 433 415 19 22 11 11 Plan participant contributions 204 205 0 0 0 0 Settlements (125) (144) (1) 0 0 0 Benefit payments (829) (829) (233) (287) (11) (11) Exchange rate gains/(losses) 0 0 (128) 97 0 0 End of the measurement period 16,225 16,996 3,604 4,088 0 0 Funded status recognized (CHF million) Funded status of the plan – overfunded/(underfunded) 793 1,111 653 698 (160) (173) Funded status recognized in the consolidated balance sheet as of December 31 793 1,111 653 698 (160) (173) Total amount recognized (CHF million) Noncurrent assets 793 1,111 1,001 1,058 0 0 Current liabilities 0 0 (10) (11) (11) (11) Noncurrent liabilities 0 0 (338) (349) (149) (162) Net amount recognized in the consolidated balance sheet as of December 31 793 1,111 653 698 (160) (173) ABO (CHF million) 2 End of the measurement period 14,534 14,841 2,921 3,351 160 173 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. |
Defined benefit pension plans in which PBO and ABO were in excess of plan assets | Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value of plan assets 1 ABO exceeds fair value of plan assets 1 Switzerland International Switzerland International December 31 2018 2017 2018 2017 2018 2017 2018 2017 PBO/ABO exceeded plan assets (CHF million) PBO 0 0 1,336 1,464 0 0 1,325 1,447 ABO 0 0 1,312 1,433 0 0 1,304 1,420 Fair value of plan assets 0 0 989 1,104 0 0 978 1,088 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. |
Amounts recognized in AOCI, net of tax | Amounts recognized in AOCI, net of tax Defined benefit Other post-retirement end of 2018 2017 2018 2017 2018 2017 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (3,951) (3,547) (23) (36) (3,974) (3,583) Prior service credit/(cost) 384 519 3 3 387 522 Total (3,567) (3,028) (20) (33) (3,587) (3,061) |
Amounts recognized in other comprehensive income | Amounts recognized in OCI Defined benefit Other post-retirement in Gross Tax Net Gross Tax Net Total net 2018 (CHF million) Actuarial gains/(losses) (905) 182 (723) 9 (2) 7 (716) Prior service credit/(cost) (30) 4 (26) 0 0 0 (26) Amortization of actuarial losses/(gains) 353 (68) 285 8 (2) 6 291 Amortization of prior service cost/(credit) (126) 27 (99) 0 0 0 (99) Immediate recognition due to curtailment/settlement 30 (6) 24 0 0 0 24 Total (678) 139 (539) 17 (4) 13 (526) 2017 (CHF million) Actuarial gains/(losses) 406 (82) 324 (2) 1 (1) 323 Amortization of actuarial losses/(gains) 400 (76) 324 7 (3) 4 328 Amortization of prior service cost/(credit) (131) 26 (105) 0 0 0 (105) Immediate recognition due to curtailment/settlement 36 (8) 28 0 0 0 28 Total 711 (140) 571 5 (2) 3 574 |
Amounts in AOCI, net of tax, expected to be amortized in next fiscal year | Amounts in AOCI, net of tax, expected to be amortized Defined benefit Other post-retirement Amortization in 2019 (CHF million) Actuarial losses/(gains) 238 2 Prior service cost/(credit) (122) 0 Total 116 2 |
Weighted-average assumptions used to determine net periodic pension cost and benefit obligation | Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation Defined benefit Other post-retirement Switzerland International International December 31 2018 2017 2016 2018 2017 2016 2018 2017 2016 Net periodic benefit cost (%) Discount rate - service costs 1.02 1.01 0.90 2.96 2.92 4.05 3.86 4.03 4.50 Discount rate - interest costs 0.41 0.37 0.90 2.77 2.79 4.05 3.28 3.48 4.50 Salary increases 0.50 0.50 0.80 2.97 3.55 3.56 – – – Interest rate on savings balances 0.86 0.85 1.25 – – – – – – Expected long-term rate of return on plan assets 3.00 3.00 3.50 3.22 3.88 5.07 – – – Benefit obligation (%) Discount rate 1.03 0.86 0.85 3.30 2.83 3.10 4.37 3.70 4.21 Salary increases 0.75 0.50 0.50 2.90 2.97 3.55 – – – Interest rate on savings balances 1.03 0.86 0.85 – – – – – – |
Mortality tables and life expectancies for major plans | Mortality tables and life expectancies for major plans Life expectancy at age 65 Life expectancy at age 65 aged 65 aged 45 aged 65 aged 45 December 31 2018 2017 2018 2017 2018 2017 2018 2017 Life expectancy (years) Switzerland BVG 2015 tables 1 21.6 21.6 23.2 23.1 23.6 23.5 25.1 25.1 UK SAPS S2 light tables 2 23.7 23.8 25.3 25.4 24.8 24.8 26.5 26.6 US RP-2014 mortality tables 3 21.5 21.5 22.7 22.7 23.4 23.3 24.5 24.4 1 The BVG 2015 tables were used, which included final CMI projections, with a long-term rate of improvement of 1.25% per annum. 2 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included final CMI projections, with a long-term rate of improvement of 1.5% per annum. 3 The Retirement Projection 2014 (RP-2014) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale. |
Health care cost trend rates and sensitivity | Health care cost trend rates and sensitivity in / end of 2018 2017 2016 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.7 8.3 8.3 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.1 0.1 0.2 One percentage point decrease in health care cost trend rates (0.1) (0.1) (0.2) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 3 3 4 One percentage point decrease in health care cost trend rates (3) (3) (4) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5% by 2026. |
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis end of 2018 2017 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 763 0 0 0 763 384 0 0 0 384 Debt securities 3,742 150 34 751 4,677 3,144 325 37 742 4,248 of which corporates 3,742 150 34 751 4,677 3,144 325 37 742 4,248 Equity securities 5,113 0 0 0 5,113 6,780 10 0 0 6,790 Real estate 875 0 1,345 0 2,220 727 0 1,257 0 1,984 of which direct 0 0 1,297 0 1,297 0 0 1,244 0 1,244 of which indirect 875 0 48 0 923 727 0 13 0 740 Alternative investments 704 24 0 2,724 3,452 513 14 0 3,063 3,590 of which private equity 0 0 0 1,503 1,503 0 0 0 1,313 1,313 of which hedge funds 356 0 0 762 1,118 153 0 0 1,292 1,445 of which other 348 24 0 459 831 360 14 0 458 832 Switzerland 11,197 174 1,379 3,475 16,225 11,548 349 1,294 3,805 16,996 Cash and cash equivalents 86 123 0 0 209 70 133 0 0 203 Debt securities 1,889 846 0 328 3,063 1,991 1,080 0 370 3,441 of which governments 1,574 5 0 0 1,579 1,622 9 0 0 1,631 of which corporates 315 841 0 328 1,484 369 1,071 0 370 1,810 Equity securities 52 12 0 74 138 55 14 0 147 216 Real estate – indirect 0 0 0 29 29 0 0 0 27 27 Alternative investments 0 19 0 61 80 0 33 0 76 109 of which hedge funds 0 0 0 61 61 0 0 0 76 76 of which other 0 19 1 0 0 19 0 33 1 0 0 33 Other investments 0 85 0 0 85 0 92 0 0 92 International 2,027 1,085 0 492 3,604 2,116 1,352 0 620 4,088 Total plan assets at fair value 13,224 1,259 1,379 3,967 19,829 13,664 1,701 1,294 4,425 21,084 The Swiss pension fund uses exchange-traded futures to manage the economic exposure of the portfolio. Under US GAAP, these futures are not carried at fair value as they are settled on a daily basis and are considered brokerage receivables and payables. Consequently, they are excluded from this table. These futures increased/(decreased) the economic exposure to cash and cash equivalents by CHF (86) million and CHF 1,405 million in 2018 and 2017, respectively, decreased the economic exposure to debt securities – corporate bonds by CHF 76 million in 2017 and (increased)/decreased the economic exposure to equity securities by CHF (86) million and CHF 1,329 million in 2018 and 2017, respectively. 1 Primarily related to derivative instruments. |
Plan assets measured at fair value on a recurring basis for level 3 | Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2018 (CHF million) Debt securities – corporates 37 0 0 0 0 (3) 0 34 Real estate 1,257 0 0 53 0 35 0 1,345 of which direct 1,244 0 0 53 0 0 0 1,297 of which indirect 13 0 0 0 0 35 0 48 Total plan assets at fair value 1,294 0 0 53 0 32 0 1,379 of which Switzerland 1,294 0 0 53 0 32 0 1,379 2017 (CHF million) Debt securities – corporates 7 35 0 1 0 (6) 0 37 Real estate 1,204 13 0 42 1 (3) 0 1,257 of which direct 1,204 0 0 42 1 (3) 0 1,244 of which indirect 0 13 0 0 0 0 0 13 Total plan assets at fair value 1,211 48 0 43 1 (9) 0 1,294 of which Switzerland 1,204 48 0 43 1 (2) 0 1,294 of which International 7 0 0 0 0 (7) 0 0 |
Weighted-average plan asset allocation as of the measurement date | Plan asset allocation Switzerland International December 31 2018 2017 2018 2017 Weighted-average (%) Cash and cash equivalents 4.7 2.3 5.8 5.0 Debt securities 28.8 25.0 85.0 84.0 Equity securities 31.5 39.9 3.8 5.3 Real estate 13.7 11.7 0.8 0.7 Alternative investments 21.3 21.1 2.2 2.7 Insurance 0.0 0.0 2.4 2.3 Total 100.0 100.0 100.0 100.0 |
Weighted-average target plan asset allocation to be applied prospectively | 2019 target plan asset allocation Switzerland International Weighted-average (%) Cash and cash equivalents 10.0 0.3 Debt securities 32.0 88.9 Equity securities 30.0 5.1 Real estate 10.0 0.6 Alternative investments 18.0 2.7 Insurance 0.0 2.4 Total 100.0 100.0 |
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments Defined benefit Other post-retirement Payments (CHF million) 2019 1,199 11 2020 927 12 2021 925 12 2022 903 12 2023 915 12 For five years thereafter 4,686 53 |
Bank | |
Components of total pension costs | Components of net periodic benefit costs International single-employer Other post-retirement in 2018 2017 2016 2018 2017 2016 Net periodic benefit costs (CHF million) Service costs on benefit obligation 16 22 20 0 0 0 Interest costs on benefit obligation 86 91 124 5 6 8 Expected return on plan assets (114) (133) (175) 0 0 0 Amortization of recognized actuarial losses/(gains) 47 60 41 8 7 10 Settlement losses/(gains) 0 0 72 0 0 0 Curtailment losses/(gains) (1) (10) 0 0 0 0 Net periodic benefit costs/(credits) 34 30 82 13 13 18 |
Obligations and funded status of the plans | Obligations and funded status of the plans International in / end of 2018 2017 2018 2017 PBO (CHF million) 1 Beginning of the measurement period 3,390 3,337 173 184 Service cost 16 22 0 0 Interest cost 86 91 5 6 Plan amendments 10 0 0 0 Settlements (1) 0 0 0 Curtailments (1) (11) 0 0 Special termination benefits 1 1 0 0 Actuarial losses/(gains) (229) 171 (9) 2 Benefit payments (233) (287) (11) (11) Exchange rate losses/(gains) (88) 66 2 (8) End of the measurement period 2,951 3,390 160 173 Fair value of plan assets (CHF million) Beginning of the measurement period 4,088 4,000 0 0 Actual return on plan assets (141) 256 0 0 Employer contributions 19 22 11 11 Settlements (1) 0 0 0 Benefit payments (233) (287) (11) (11) Exchange rate gains/(losses) (128) 97 0 0 End of the measurement period 3,604 4,088 0 0 Total funded status recognized (CHF million) Funded status of the plan – over/(underfunded) 653 698 (160) (173) Funded status recognized in the consolidated balance sheet as of December 31 653 698 (160) (173) Total amount recognized (CHF million) Noncurrent assets 1,001 1,058 0 0 Current liabilities (10) (11) (11) (11) Noncurrent liabilities (338) (349) (149) (162) Net amount recognized in the consolidated balance sheet as of December 31 653 698 (160) (173) ABO (CHF million) 2 End of the measurement period 2,921 3,351 160 173 1 Including estimated future salary increases. 2 Excluding estimated future salary increases. |
Defined benefit pension plans in which PBO and ABO were in excess of plan assets | Defined benefit pension plans in which PBO or ABO exceeded plan assets PBO exceeds fair value 1 ABO exceeds fair value 1 December 31 2018 2017 2018 2017 PBO/ABO exceeded plan assets (CHF million) PBO 1,336 1,464 1,325 1,447 ABO 1,312 1,433 1,304 1,420 Fair value of plan assets 989 1,104 978 1,088 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. |
Amounts recognized in AOCI, net of tax | Amounts recognized in AOCI, net of tax International end of 2018 2017 2018 2017 2018 2017 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (327) (345) (23) (36) (350) (381) Prior service credit/(cost) (11) (1) 3 3 (8) 2 Total (338) (346) (20) (33) (358) (379) |
Amounts recognized in other comprehensive income | Amounts recognized in OCI International single-employer Other post-retirement in Gross Tax Net Gross Tax Net Total net 2018 (CHF million) Actuarial gains/(losses) (26) 1 (25) 9 (2) 7 (18) Prior service credit/(cost) (10) 0 (10) 0 0 0 (10) Amortization of actuarial losses/(gains) 47 (4) 43 8 (2) 6 49 Total 11 (3) 8 17 (4) 13 21 2017 (CHF million) Actuarial gains/(losses) (48) 14 (34) (2) 1 (1) (35) Amortization of actuarial losses/(gains) 60 (7) 53 7 (3) 4 57 Total 12 7 19 5 (2) 3 22 |
Amounts in AOCI, net of tax, expected to be amortized in next fiscal year | Amounts in AOCI, net of tax, expected to be amortized International Amortization in 2019 (CHF million) Amortization of actuarial losses/(gains) 15 2 Amortization of prior service cost/(credit) 1 0 Total 16 2 |
Weighted-average assumptions used to determine net periodic pension cost and benefit obligation | Weighted-average assumptions used to determine net periodic benefit costs and benefit obligation International single-employer Other post-retirement December 31 2018 2017 2016 2018 2017 2016 Net periodic benefit cost (%) Discount rate - service cost 2.96 2.92 4.05 3.86 4.03 4.50 Discount rate - interest cost 2.77 2.79 4.05 3.28 3.48 4.50 Salary increases 2.97 3.55 3.56 – – – Expected long-term rate of return on plan assets 3.22 3.88 5.07 – – – Benefit obligation (%) Discount rate 3.30 2.83 3.10 4.37 3.70 4.21 Salary increases 2.90 2.97 3.55 – – – |
Mortality tables and life expectancies for major plans | Mortality tables and life expectancies for major plans Life expectancy at age 65 Life expectancy at age 65 aged 65 aged 45 aged 65 aged 45 December 31 2018 2017 2018 2017 2018 2017 2018 2017 Life expectancy (years) UK SAPS S2 light tables 1 23.7 23.8 25.3 25.4 24.8 24.8 26.5 26.6 US RP-2014 mortality tables 2 21.5 21.5 22.7 22.7 23.4 23.3 24.5 24.4 1 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included final CMI projections, with a long-term rate of improvement of 1.5% per annum. 2 The Retirement Projection 2014 (RP-2014) mortality tables were used, with projections based on the Social Security Administration's intermediate improvement scale. |
Health care cost trend rates and sensitivity | Health care cost trend rates and sensitivity in / end of 2018 2017 2016 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 8.7 8.3 8.3 Increase/(decrease) in post-retirement expenses (CHF million) One percentage point increase in health care cost trend rates 0.1 0.1 0.2 One percentage point decrease in health care cost trend rates (0.1) (0.1) (0.2) Increase/(decrease) in post-retirement benefit obligation (CHF million) One percentage point increase in health care cost trend rates 3 3 4 One percentage point decrease in health care cost trend rates (3) (3) (4) 1 The annual health care cost trend rate is assumed to decrease gradually to achieve the long-term health care cost trend rate of 5.0% by 2026. |
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis end of 2018 2017 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 86 123 0 0 209 70 133 0 0 203 Debt securities 1,889 846 0 328 3,063 1,991 1,080 0 370 3,441 of which governments 1,574 5 0 0 1,579 1,622 9 0 0 1,631 of which corporates 315 841 0 328 1,484 369 1,071 0 370 1,810 Equity securities 52 12 0 74 138 55 14 0 147 216 Real estate – indirect 0 0 0 29 29 0 0 0 27 27 Alternative investments 0 19 0 61 80 0 33 0 76 109 of which hedge funds 0 0 0 61 61 0 0 0 76 76 of which other 0 19 1 0 0 19 0 33 1 0 0 33 Other investments 0 85 0 0 85 0 92 0 0 92 Total plan assets at fair value 2,027 1,085 0 492 3,604 2,116 1,352 0 620 4,088 1 Primarily related to derivative instruments. |
Plan assets measured at fair value on a recurring basis for level 3 | Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2017 (CHF million) Debt securities – corporates 7 0 0 0 0 (7) 0 0 Total plan assets at fair value 7 0 0 0 0 (7) 0 0 |
Weighted-average plan asset allocation as of the measurement date | Plan asset allocation December 31 2018 2017 Weighted-average (%) Cash and cash equivalents 5.8 5.0 Debt securities 85.0 84.0 Equity securities 3.8 5.3 Real estate 0.8 0.7 Alternative investments 2.2 2.7 Insurance 2.4 2.3 Total 100.0 100.0 |
Weighted-average target plan asset allocation to be applied prospectively | 2019 target plan asset allocation Weighted-average (%) Cash and cash equivalents 0.3 Debt securities 88.9 Equity securities 5.1 Real estate 0.6 Alternative investments 2.7 Insurance 2.4 Total 100.0 |
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments International Payments (CHF million) 2019 92 11 2020 90 12 2021 107 12 2022 98 12 2023 108 12 For five years thereafter 622 53 |
Derivatives and hedging activ_2
Derivatives and hedging activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair value of derivative instruments | Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 7,477.7 3.6 3.7 0.0 0.0 0.0 Swaps 13,220.5 49.0 45.4 44.6 0.1 0.2 Options bought and sold (OTC) 2,027.6 17.0 17.1 0.0 0.0 0.0 Futures 256.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 111.1 0.3 0.3 0.0 0.0 0.0 Interest rate products 23,093.7 69.9 66.5 44.6 0.1 0.2 Forwards 1,124.5 9.5 10.5 12.0 0.1 0.1 Swaps 456.6 14.4 17.4 0.0 0.0 0.0 Options bought and sold (OTC) 313.0 3.9 4.3 0.0 0.0 0.0 Futures 10.7 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.3 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,906.1 27.8 32.2 12.0 0.1 0.1 Forwards 0.7 0.2 0.1 0.0 0.0 0.0 Swaps 152.6 4.0 5.1 0.0 0.0 0.0 Options bought and sold (OTC) 211.9 7.3 6.5 0.0 0.0 0.0 Futures 39.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 356.7 11.9 14.4 0.0 0.0 0.0 Equity/index-related products 761.1 23.4 26.1 0.0 0.0 0.0 Credit derivatives 2 469.4 5.4 6.6 0.0 0.0 0.0 Forwards 8.2 0.1 0.1 0.0 0.0 0.0 Swaps 13.5 1.5 0.6 0.0 0.0 0.0 Options bought and sold (OTC) 9.5 0.1 0.1 0.0 0.0 0.0 Futures 9.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.9 0.0 0.0 0.0 0.0 0.0 Other products 3 42.4 1.7 0.8 0.0 0.0 0.0 Total derivative instruments 26,272.7 128.2 132.2 56.6 0.2 0.3 The notional amount, PRV and NRV (trading and hedging) was CHF 26,329.3 billion, CHF 128.4 billion and CHF 132.5 billion, respectively, as of December 31, 2018. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value of derivative instruments (continued) Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,509.3 1.2 1.2 0.0 0.0 0.0 Swaps 13,047.8 60.4 56.6 46.8 0.2 0.2 Options bought and sold (OTC) 2,374.5 25.2 24.0 0.0 0.0 0.0 Futures 547.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 419.2 0.2 0.3 0.0 0.0 0.0 Interest rate products 24,898.6 87.0 82.1 46.8 0.2 0.2 Forwards 1,387.9 10.7 11.1 13.3 0.0 0.2 Swaps 581.1 15.2 19.9 0.0 0.0 0.0 Options bought and sold (OTC) 414.8 4.6 4.8 2.1 0.0 0.0 Futures 13.0 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 5.4 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,402.2 30.5 35.8 15.4 0.0 0.2 Forwards 0.9 0.0 0.1 0.0 0.0 0.0 Swaps 198.7 3.8 4.9 0.0 0.0 0.0 Options bought and sold (OTC) 221.3 8.3 7.9 0.0 0.0 0.0 Futures 32.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 373.2 9.3 10.3 0.0 0.0 0.0 Equity/index-related products 826.9 21.4 23.2 0.0 0.0 0.0 Credit derivatives 2 524.9 7.7 8.9 0.0 0.0 0.0 Forwards 7.0 0.0 0.1 0.0 0.0 0.0 Swaps 17.9 1.5 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 10.1 0.1 0.0 0.0 0.0 0.0 Futures 15.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.1 0.0 0.0 0.0 0.0 0.0 Other products 3 52.7 1.6 1.5 0.0 0.0 0.0 Total derivative instruments 28,705.3 148.2 151.5 62.2 0.2 0.4 The notional amount, PRV and NRV (trading and hedging) was CHF 28,767.5 billion, CHF 148.4 billion and CHF 151.9 billion, respectively, as of December 31, 2017. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. |
Fair value hedges | Fair value hedges in 2018 2017 2016 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (415) (285) (116) Total (415) (285) (116) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 423 290 111 Total 423 290 111 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portion 8 5 (5) Represents gains/(losses) recognized in trading revenues. |
Cash flow hedges | Cash flow hedges in 2018 2017 2016 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products (76) (56) (5) Foreign exchange products (95) (30) (9) Total (171) (86) (14) Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 1 (85) (11) 29 Foreign exchange products (48) 2,3,4 (24) 2,3 (16) 2,3,4 Total (133) (35) 13 Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portion 2 0 (1) (1) Represents gains/(losses) on effective portion. 1 Included in interest and dividend income. 2 Included in trading revenues. 3 Included in other revenues. 4 Included in total other operating expenses. |
Net investment hedges | Net investment hedges in 2018 2017 2016 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products 133 (475) (536) Total 133 (475) (536) Represents gains/(losses) on effective portion. |
Credit protection sold/purchased | Credit protection sold/purchased 2018 2017 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (46.0) 43.1 (2.9) 11.8 0.2 (57.6) 53.8 (3.8) 15.3 0.9 Non-investment grade (26.2) 24.3 (1.9) 17.7 (0.2) (28.2) 25.5 (2.7) 14.3 0.5 Total single-name instruments (72.2) 67.4 (4.8) 29.5 0.0 (85.8) 79.3 (6.5) 29.6 1.4 of which sovereign (16.4) 15.0 (1.4) 5.5 (0.1) (21.0) 19.2 (1.8) 6.2 0.2 of which non-sovereign (55.8) 52.4 (3.4) 24.0 0.1 (64.8) 60.1 (4.7) 23.4 1.2 Multi-name instruments (CHF billion) Investment grade 2 (102.9) 102.4 (0.5) 25.1 (0.8) (107.1) 104.7 (2.4) 59.3 0.7 Non-investment grade (26.5) 25.3 (1.2) 8.4 3 0.1 (21.0) 19.6 (1.4) 12.0 3 0.9 Total multi-name instruments (129.4) 127.7 (1.7) 33.5 (0.7) (128.1) 124.3 (3.8) 71.3 1.6 of which sovereign (0.2) 0.2 0.0 0.0 0.0 (0.3) 0.3 0.0 0.3 0.0 of which non-sovereign (129.2) 127.5 (1.7) 33.5 (0.7) (127.8) 124.0 (3.8) 71.0 1.6 Total instruments (CHF billion) Investment grade 2 (148.9) 145.5 (3.4) 36.9 (0.6) (164.7) 158.5 (6.2) 74.6 1.6 Non-investment grade (52.7) 49.6 (3.1) 26.1 (0.1) (49.2) 45.1 (4.1) 26.3 1.4 Total instruments (201.6) 195.1 (6.5) 63.0 (0.7) (213.9) 203.6 (10.3) 100.9 3.0 of which sovereign (16.6) 15.2 (1.4) 5.5 (0.1) (21.3) 19.5 (1.8) 6.5 0.2 of which non-sovereign (185.0) 179.9 (5.1) 57.5 (0.6) (192.6) 184.1 (8.5) 94.4 2.8 1 Represents credit protection purchased with identical underlyings and recoveries. 2 Based on internal ratings of BBB and above. 3 Includes synthetic securitized loan portfolios. |
Contingent credit risk | Contingent credit risk 2018 2017 Special Special Contingent credit risk (CHF billion) Current net exposure 3.6 0.1 0.3 4.0 5.4 0.1 1.2 6.7 Collateral posted 3.4 0.1 – 3.5 4.4 0.1 – 4.5 Impact of a one-notch downgrade event 0.2 0.0 0.0 0.2 0.2 0.1 0.1 0.4 Impact of a two-notch downgrade event 0.9 0.0 0.1 1.0 0.9 0.2 0.5 1.6 Impact of a three-notch downgrade event 1.0 0.1 0.2 1.3 1.0 0.4 0.7 2.1 The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively. |
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | Credit derivatives end of 2018 2017 Credit derivatives (CHF billion) Credit protection sold 201.6 213.9 Credit protection purchased 195.1 203.6 Other protection purchased 63.0 100.9 Other instruments 1 9.7 6.5 Total credit derivatives 469.4 524.9 1 Consists of total return swaps and other derivative instruments. |
Maturity of credit protection sold | Maturity of credit protection sold Maturity Maturity Maturity 2018 (CHF billion) Single-name instruments 13.1 54.9 4.2 72.2 Multi-name instruments 28.8 80.6 20.0 129.4 Total instruments 41.9 135.5 24.2 201.6 2017 (CHF billion) Single-name instruments 21.6 59.4 4.8 85.8 Multi-name instruments 31.2 79.9 17.0 128.1 Total instruments 52.8 139.3 21.8 213.9 |
Bank | |
Fair value of derivative instruments | Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 7,477.7 3.6 3.7 0.0 0.0 0.0 Swaps 13,221.5 49.0 45.4 44.6 0.1 0.2 Options bought and sold (OTC) 2,027.6 17.0 17.1 0.0 0.0 0.0 Futures 256.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 111.1 0.3 0.3 0.0 0.0 0.0 Interest rate products 23,094.7 69.9 66.5 44.6 0.1 0.2 Forwards 1,124.5 9.5 10.5 12.0 0.1 0.1 Swaps 456.6 14.4 17.4 0.0 0.0 0.0 Options bought and sold (OTC) 313.0 3.9 4.3 0.0 0.0 0.0 Futures 10.7 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.3 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,906.1 27.8 32.2 12.0 0.1 0.1 Forwards 0.7 0.2 0.1 0.0 0.0 0.0 Swaps 152.9 4.1 5.0 0.0 0.0 0.0 Options bought and sold (OTC) 212.3 7.3 6.7 0.0 0.0 0.0 Futures 39.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 356.7 11.9 14.4 0.0 0.0 0.0 Equity/index-related products 761.8 23.5 26.2 0.0 0.0 0.0 Credit derivatives 2 469.4 5.4 6.6 0.0 0.0 0.0 Forwards 8.2 0.1 0.1 0.0 0.0 0.0 Swaps 13.5 1.5 0.6 0.0 0.0 0.0 Options bought and sold (OTC) 9.5 0.1 0.1 0.0 0.0 0.0 Futures 9.3 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.9 0.0 0.0 0.0 0.0 0.0 Other products 3 42.4 1.7 0.8 0.0 0.0 0.0 Total derivative instruments 26,274.4 128.3 132.3 56.6 0.2 0.3 The notional amount, PRV and NRV (trading and hedging) was CHF 26,331.0 billion, CHF 128.5 billion and CHF 132.6 billion, respectively, as of December 31, 2018. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. Fair value of derivative instruments (continued) Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 8,509.3 1.2 1.2 0.0 0.0 0.0 Swaps 13,048.8 60.4 56.3 46.8 0.2 0.2 Options bought and sold (OTC) 2,374.5 25.2 24.0 0.0 0.0 0.0 Futures 547.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 419.2 0.2 0.3 0.0 0.0 0.0 Interest rate products 24,899.6 87.0 81.8 46.8 0.2 0.2 Forwards 1,387.9 10.7 11.1 13.3 0.0 0.2 Swaps 581.1 15.2 19.9 0.0 0.0 0.0 Options bought and sold (OTC) 414.8 4.6 4.8 2.1 0.0 0.0 Futures 13.0 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 5.4 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 2,402.2 30.5 35.8 15.4 0.0 0.2 Forwards 0.9 0.0 0.1 0.0 0.0 0.0 Swaps 199.1 3.8 4.9 0.0 0.0 0.0 Options bought and sold (OTC) 221.8 8.6 8.5 0.0 0.0 0.0 Futures 32.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 373.2 9.3 10.3 0.0 0.0 0.0 Equity/index-related products 827.8 21.7 23.8 0.0 0.0 0.0 Credit derivatives 2 524.9 7.7 8.9 0.0 0.0 0.0 Forwards 7.0 0.0 0.1 0.0 0.0 0.0 Swaps 17.9 1.5 1.4 0.0 0.0 0.0 Options bought and sold (OTC) 10.1 0.1 0.0 0.0 0.0 0.0 Futures 15.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 2.1 0.0 0.0 0.0 0.0 0.0 Other products 3 52.7 1.6 1.5 0.0 0.0 0.0 Total derivative instruments 28,707.2 148.5 151.8 62.2 0.2 0.4 The notional amount, PRV and NRV (trading and hedging) was CHF 28,769.4 billion, CHF 148.7 billion and CHF 152.2 billion, respectively, as of December 31, 2017. 1 Relates to derivative contracts that qualify for hedge accounting under US GAAP. 2 Primarily credit default swaps. 3 Primarily precious metals, commodity and energy products. |
Fair value hedges | Fair value hedges in 2018 2017 2016 Gains/(losses) recognized in income on derivatives (CHF million) Interest rate products (415) (285) (116) Total (415) (285) (116) Gains/(losses) recognized in income on hedged items (CHF million) Interest rate products 423 290 111 Total 423 290 111 Details of fair value hedges (CHF million) Net gains/(losses) on the ineffective portions 8 5 (5) Represents gains/(losses) recognized in trading revenues. |
Cash flow hedges | Cash flow hedges in 2018 2017 2016 Gains/(losses) recognized in AOCI on derivatives (CHF million) Interest rate products (76) (56) (5) Foreign exchange products (86) (31) (3) Total (162) (87) (8) Gains/(losses) reclassified from AOCI into income (CHF million) Interest rate products 1 (85) (11) 29 Foreign exchange products (42) 2,3 (17) 2 (7) 3 Total (127) (28) 22 Details of cash flow hedges (CHF million) Net gains/(losses) on the ineffective portions 2 0 (1) (1) Represents gains/(losses) on effective portion. 1 Included in interest and other dividend income. 2 Included in trading revenues. 3 Included in total other operating expenses. |
Net investment hedges | Net investment hedges in 2018 2017 2016 Gains/(losses) recognized in AOCI on derivatives (CHF million) Foreign exchange products 131 (475) (537) Total 131 (475) (537) Represents gains/(losses) on effective portion. |
Credit protection sold/purchased | Credit protection sold/purchased 2018 2017 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (46.0) 43.1 (2.9) 11.8 0.2 (57.6) 53.8 (3.8) 15.3 0.9 Non-investment grade (26.2) 24.3 (1.9) 17.7 (0.2) (28.2) 25.5 (2.7) 14.3 0.5 Total single-name instruments (72.2) 67.4 (4.8) 29.5 0.0 (85.8) 79.3 (6.5) 29.6 1.4 of which sovereign (16.4) 15.0 (1.4) 5.5 (0.1) (21.0) 19.2 (1.8) 6.2 0.2 of which non-sovereign (55.8) 52.4 (3.4) 24.0 0.1 (64.8) 60.1 (4.7) 23.4 1.2 Multi-name instruments (CHF billion) Investment grade 2 (102.9) 102.4 (0.5) 25.1 (0.8) (107.1) 104.7 (2.4) 59.3 0.7 Non-investment grade (26.5) 25.3 (1.2) 8.4 3 0.1 (21.0) 19.6 (1.4) 12.0 3 0.9 Total multi-name instruments (129.4) 127.7 (1.7) 33.5 (0.7) (128.1) 124.3 (3.8) 71.3 1.6 of which sovereign (0.2) 0.2 0.0 0.0 0.0 (0.3) 0.3 0.0 0.3 0.0 of which non-sovereign (129.2) 127.5 (1.7) 33.5 (0.7) (127.8) 124.0 (3.8) 71.0 1.6 Total instruments (CHF billion) Investment grade 2 (148.9) 145.5 (3.4) 36.9 (0.6) (164.7) 158.5 (6.2) 74.6 1.6 Non-investment grade (52.7) 49.6 (3.1) 26.1 (0.1) (49.2) 45.1 (4.1) 26.3 1.4 Total instruments (201.6) 195.1 (6.5) 63.0 (0.7) (213.9) 203.6 (10.3) 100.9 3.0 of which sovereign (16.6) 15.2 (1.4) 5.5 (0.1) (21.3) 19.5 (1.8) 6.5 0.2 of which non-sovereign (185.0) 179.9 (5.1) 57.5 (0.6) (192.6) 184.1 (8.5) 94.4 2.8 1 Represents credit protection purchased with identical underlyings and recoveries. 2 Based on internal ratings of BBB and above. 3 Includes synthetic securitized loan portfolios. |
Contingent credit risk | Contingent credit risk 2018 2017 Special Special Contingent credit risk (CHF billion) Current net exposure 3.6 0.1 0.3 4.0 5.4 0.1 1.2 6.7 Collateral posted 3.4 0.1 – 3.5 4.4 0.1 – 4.5 Impact of a one-notch downgrade event 0.2 0.0 0.0 0.2 0.2 0.1 0.1 0.4 Impact of a two-notch downgrade event 0.9 0.0 0.1 1.0 0.9 0.2 0.5 1.6 Impact of a three-notch downgrade event 1.0 0.1 0.2 1.3 1.0 0.4 0.7 2.1 The impact of a downgrade event reflects the amount of additional collateral required for bilateral counterparties and special purpose entities and the amount of additional termination expenses for accelerated terminations, respectively. |
Reconciliation of notional amount of credit derivatives included in fair value of derivative instruments to credit protection sold/purchased | Credit derivatives end of 2018 2017 Credit derivatives (CHF billion) Credit protection sold 201.6 213.9 Credit protection purchased 195.1 203.6 Other protection purchased 63.0 100.9 Other instruments 1 9.7 6.5 Total credit derivatives 469.4 524.9 1 Consists of total return swaps and other derivative instruments. |
Maturity of credit protection sold | Maturity of credit protection sold Maturity Maturity Maturity 2018 (CHF billion) Single-name instruments 13.1 54.9 4.2 72.2 Multi-name instruments 28.8 80.6 20.0 129.4 Total instruments 41.9 135.5 24.2 201.6 2017 (CHF billion) Single-name instruments 21.6 59.4 4.8 85.8 Multi-name instruments 31.2 79.9 17.0 128.1 Total instruments 52.8 139.3 21.8 213.9 |
Guarantees and commitments (Tab
Guarantees and commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees | Guarantees Maturity Maturity Maturity Maturity 1 2018 (CHF million) Credit guarantees and similar instruments 2,228 439 218 398 3,283 3,194 14 1,748 Performance guarantees and similar instruments 5,008 1,344 552 240 7,144 6,278 44 3,153 Derivatives 2 17,594 3,995 1,256 778 23,623 23,623 919 – 3 Other guarantees 4,325 1,405 640 517 6,887 6,814 56 4,169 Total guarantees 29,155 7,183 2,666 1,933 40,937 39,909 1,033 9,070 2017 (CHF million) Credit guarantees and similar instruments 1,817 520 314 435 3,086 2,837 12 1,603 Performance guarantees and similar instruments 4,931 1,639 373 200 7,143 6,216 44 3,012 Derivatives 2 15,520 6,860 1,397 727 24,504 24,504 403 – 3 Other guarantees 4,461 1,006 708 503 6,678 6,673 47 3,833 Total guarantees 26,729 10,025 2,792 1,865 41,411 40,230 506 8,448 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Group had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not significant. |
Lease commitments | Lease commitments CHF million 2019 501 2020 445 2021 331 2022 306 2023 261 Thereafter 1,980 Future operating lease commitments 3,824 Less minimum non-cancellable sublease rentals 190 Total net future minimum lease commitments 3,634 |
Rental expenses for operating leases | Rental expense for operating leases in 2018 2017 2016 CHF million Minimum rental expense 516 575 550 Sublease rental income (54) (65) (89) Total net expenses for operating leases 462 510 461 |
Other commitments | Other commitments Maturity Maturity Maturity Maturity 1 2018 (CHF million) Irrevocable commitments under documentary credits 5,056 182 0 0 5,238 5,077 3,651 Irrevocable loan commitments 2 26,882 34,188 45,938 9,065 116,073 111,967 57,153 Forward reverse repurchase agreements 31 0 0 0 31 31 31 Other commitments 329 11 119 33 492 492 4 Total other commitments 32,298 34,381 46,057 9,098 121,834 117,567 60,839 2017 (CHF million) Irrevocable commitments under documentary credits 4,976 113 1 1 5,091 5,000 3,218 Irrevocable loan commitments 2 24,296 33,649 40,425 8,031 106,401 101,270 42,307 Forward reverse repurchase agreements 12 0 0 0 12 12 12 Other commitments 219 13 11 104 347 347 0 Total other commitments 29,503 33,775 40,437 8,136 111,851 106,629 45,537 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 113,580 million and CHF 108,663 million of unused credit limits as of December 31, 2018 and 2017, respectively, which were revocable at the Group's sole discretion upon notice to the client. |
Bank | |
Guarantees | Guarantees Maturity Maturity Maturity Maturity 1 2018 (CHF million) Credit guarantees and similar instruments 2,229 439 218 402 3,288 3,199 14 1,752 Performance guarantees and similar instruments 5,008 1,344 552 240 7,144 6,278 44 3,153 Derivatives 2 17,594 3,995 1,256 778 23,623 23,623 919 – 3 Other guarantees 4,325 1,405 640 517 6,887 6,814 56 4,169 Total guarantees 29,156 7,183 2,666 1,937 40,942 39,914 1,033 9,074 2017 (CHF million) Credit guarantees and similar instruments 1,820 520 314 435 3,089 2,840 12 1,603 Performance guarantees and similar instruments 4,931 1,639 373 200 7,143 6,216 44 3,012 Derivatives 2 15,520 6,860 1,397 727 24,504 24,504 403 – 3 Other guarantees 4,461 1,006 708 503 6,678 6,673 47 3,833 Total guarantees 26,732 10,025 2,792 1,865 41,414 40,233 506 8,448 1 Total net amount is computed as the gross amount less any participations. 2 Excludes derivative contracts with certain active commercial and investment banks and certain other counterparties, as such contracts can be cash settled and the Bank had no basis to conclude it was probable that the counterparties held, at inception, the underlying instruments. 3 Collateral for derivatives accounted for as guarantees is not significant. |
Lease commitments | Lease commitments CHF million 2019 427 2020 376 2021 262 2022 239 2023 198 Thereafter 1,292 Future operating lease commitments 2,794 Less minimum non-cancellable sublease rentals 436 Total net future minimum lease commitments 2,358 |
Rental expenses for operating leases | Rental expense for operating leases in 2018 2017 2016 CHF million Minimum rental expense 446 528 550 Sublease rental income (66) (65) (89) Total net expenses for operating leases 380 463 461 |
Other commitments | Other commitments Maturity Maturity Maturity Maturity 1 2018 (CHF million) Irrevocable commitments under documentary credits 5,056 182 0 0 5,238 5,077 3,651 Irrevocable loan commitments 26,882 34,188 45,938 9,065 116,073 2 111,967 57,153 Forward reverse repurchase agreements 31 0 0 0 31 31 31 Other commitments 329 11 119 33 492 492 4 Total other commitments 32,298 34,381 46,057 9,098 121,834 117,567 60,839 2017 (CHF million) Irrevocable commitments under documentary credits 4,976 113 1 1 5,091 5,000 3,218 Irrevocable loan commitments 24,296 33,649 40,425 8,031 106,401 2 101,270 42,307 Forward reverse repurchase agreements 12 0 0 0 12 12 12 Other commitments 219 13 11 104 347 347 0 Total other commitments 29,503 33,775 40,437 8,136 111,851 106,629 45,537 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 113,593 million and CHF 108,665 million of unused credit limits as of December 31, 2018 and 2017, respectively, which were revocable at the Bank's sole discretion upon notice to the client. |
Transfers of financial assets_2
Transfers of financial assets and variable interest entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Securitizations | Securitizations in 2018 2017 2016 Gains/(losses) and cash flows (CHF million) CMBS Net gain/(loss) 1 10 37 (2) Proceeds from transfer of assets 5,861 6,604 3,954 Cash received on interests that continue to be held 41 28 69 RMBS Net gain/(loss) 1 (1) 0 (4) Proceeds from transfer of assets 22,536 14,817 9,866 Purchases of previously transferred financial assets or its underlying collateral 0 (2) 0 Servicing fees 3 3 2 Cash received on interests that continue to be held 576 368 529 Other asset-backed financings Net gain 1 77 31 26 Proceeds from transfer of assets 6,422 7,664 2,813 Purchases of previously transferred financial assets or its underlying collateral 2 (318) (380) (68) Fees 3 142 135 137 Cash received on interests that continue to be held 3 4 2 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 Line item was omitted in 2017 and 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 2018 2017 CHF million CMBS Principal amount outstanding 25,330 19,918 Total assets of SPE 35,760 31,586 RMBS Principal amount outstanding 40,253 35,645 Total assets of SPE 41,242 36,770 Other asset-backed financings Principal amount outstanding 23,036 20,916 Total assets of SPE 47,542 39,330 Principal amount outstanding relates to assets transferred from the Group and does not include principal amounts for assets transferred from third parties. |
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | Key economic assumptions used in measuring fair value of beneficial interests at time of transfer 2018 2017 2016 at time of transfer, in CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 662 3,613 445 2,400 69 2,068 of which level 2 640 3,509 444 2,221 69 1,827 of which level 3 22 103 1 179 0 241 Weighted-average life, in years 6.6 7.8 10.0 6.0 8.4 7.2 Prepayment speed assumption (rate per annum), in % 1 – 2 5.0 – 13.5 – 2 1.0 – 22.9 – 2 5.0 – 33.0 Cash flow discount rate (rate per annum), in % 3 3.6 – 9.8 3.0 – 13.6 2.4 – 9.0 2.0 – 29.5 2.4 – 4.9 1.2 – 24.4 Expected credit losses (rate per annum), in % 4 1.8 – 3.1 2.3 – 7.2 0.6 – 3.4 0.8 – 6.3 0.0 – 0.0 2.5 – 11.2 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. 4 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. |
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | Key economic assumptions used in measuring fair value of beneficial interests held in SPEs 2018 2017 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 805 2,006 226 579 1,985 665 of which non-investment grade 112 307 26 100 508 50 Weighted-average life, in years 5.7 7.9 5.6 4.7 8.1 6.4 Prepayment speed assumption (rate per annum), in % 3 – 2.0 – 20.0 – – 1.0 – 25.0 – Impact on fair value from 10% adverse change – (22.3) – – (35.0) – Impact on fair value from 20% adverse change – (43.2) – – (68.1) – Cash flow discount rate (rate per annum), in % 4 3.4 – 14.3 3.0 – 21.3 1.0 – 21.2 2.7 – 12.3 1.9 – 30.6 1.0 – 21.2 Impact on fair value from 10% adverse change (20.7) (52.1) (2.9) (8.8) (49.2) (12.4) Impact on fair value from 20% adverse change (37.6) (101.3) (5.7) (17.0) (95.3) (24.5) Expected credit losses (rate per annum), in % 5 0.8 – 4.7 0.6 – 18.8 1.0 – 21.2 0.6 – 6.3 0.5 – 28.2 0.7 – 21.2 Impact on fair value from 10% adverse change (10.2) (23.8) (2.4) (3.9) (23.6) (6.6) Impact on fair value from 20% adverse change (17.3) (46.7) (4.8) (7.8) (46.1) (12.9) 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 PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 4 The rate was based on the weighted-average yield on the beneficial interests. 5 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. |
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2018 2017 CHF million Other asset-backed financings Trading assets 255 347 Other assets 0 48 Liability to SPE, included in other liabilities (255) (395) |
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 2018 2017 CHF billion Government debt securities 31.1 31.4 Corporate debt securities 9.6 15.1 Asset-backed securities 1.8 5.0 Other 0.2 0.6 Securities sold under repurchase agreements 42.7 52.1 Government debt securities 1.4 2.7 Corporate debt securities 0.2 0.4 Equity securities 3.2 4.8 Other 0.2 0.3 Securities lending transactions 5.0 8.2 Government debt securities 3.6 1.8 Corporate debt securities 1.0 0.6 Asset-backed securities 0.1 0.0 Equity securities 37.0 35.6 Other 0.0 0.1 Obligation to return securities received as collateral, at fair value 41.7 38.1 Total 89.4 98.4 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31–90 More than 2018 (CHF billion) Securities sold under repurchase agreements 7.4 26.3 6.7 2.3 42.7 Securities lending transactions 4.1 0.9 0.0 0.0 5.0 Obligation to return securities received as collateral, at fair value 41.4 0.1 0.2 0.0 41.7 Total 52.9 27.3 6.9 2.3 89.4 2017 (CHF billion) Securities sold under repurchase agreements 7.2 32.5 5.2 7.2 52.1 Securities lending transactions 5.7 2.2 0.0 0.3 8.2 Obligation to return securities received as collateral, at fair value 37.9 0.0 0.0 0.2 38.1 Total 50.8 34.7 5.2 7.7 98.4 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. |
Consolidated VIEs in which the Group was primary beneficiary | Consolidated VIEs in which the Group was the primary beneficiary Financial intermediation CDO/ CP Securi- 2018 (CHF million) Cash and due from banks 15 1 68 17 52 20 173 Trading assets 72 0 170 418 944 12 1,616 Investment securities 0 0 1,432 0 0 0 1,432 Other investments 0 0 0 153 1,073 279 1,505 Net loans 0 0 119 0 23 245 387 Premises and equipment 0 0 0 0 39 0 39 Other assets 57 16 863 4 33 1,037 2,010 of which loans held-for-sale 57 0 107 0 3 0 167 Total assets of consolidated VIEs 144 17 2,652 592 2,164 1,593 7,162 Trading liabilities 0 0 0 0 3 0 3 Short-term borrowings 0 5,465 0 0 0 0 5,465 Long-term debt 48 0 1,487 174 26 29 1,764 Other liabilities 0 43 1 8 98 127 277 Total liabilities of consolidated VIEs 48 5,508 1,488 182 127 156 7,509 2017 (CHF million) Cash and due from banks 22 0 96 32 70 12 232 Trading assets 17 0 10 179 1,122 20 1,348 Investment securities 0 0 381 0 0 0 381 Other investments 0 0 0 350 1,197 286 1,833 Net loans 0 0 0 3 21 243 267 Premises and equipment 0 0 0 0 151 0 151 Other assets 83 4 1,070 21 32 1,188 2,398 of which loans held-for-sale 83 0 152 0 3 0 238 Total assets of consolidated VIEs 122 4 1,557 585 2,593 1,749 6,610 Trading liabilities 0 0 0 0 3 0 3 Short-term borrowings 0 6,672 1 0 0 0 0 6,672 Long-term debt 51 0 752 0 26 34 863 Other liabilities 0 237 1 1 26 111 66 441 Total liabilities of consolidated VIEs 51 6,909 753 26 140 100 7,979 1 Amounts were omitted in prior periods and have been corrected. |
Non-consolidated VIEs | Non-consolidated VIEs Financial intermediation CDO/ Securi- 2018 (CHF million) Trading assets 209 4,527 927 183 3,703 9,549 Net loans 154 1,475 1,591 5,246 430 8,896 Other assets 3 19 120 0 444 586 Total variable interest assets 366 6,021 2,638 5,429 4,577 19,031 Maximum exposure to loss 366 7,637 2,653 8,680 5,150 24,486 Total assets of non-consolidated VIEs 7,033 96,483 68,258 20,804 31,336 223,914 2017 (CHF million) Trading assets 746 4,573 1,014 224 2,388 8,945 Net loans 620 1,563 2,438 4,591 328 9,540 Other assets 9 11 67 1 437 525 Total variable interest assets 1,375 6,147 3,519 4,816 3,153 19,010 Maximum exposure to loss 1,375 7,617 3,526 7,061 4,079 23,658 Total assets of non-consolidated VIEs 15,874 64,839 66,703 16,270 35,198 198,884 |
Bank | |
Securitizations | Securitizations in 2018 2017 2016 Gains/(losses) and cash flows (CHF million) CMBS Net gain/(loss) 1 10 37 (2) Proceeds from transfer of assets 5,861 6,604 3,954 Cash received on interests that continue to be held 41 28 69 RMBS Net gain/(loss) 1 (1) 0 (4) Proceeds from transfer of assets 22,536 14,817 9,866 Purchases of previously transferred financial assets or its underlying collateral 0 (2) 0 Servicing fees 3 3 2 Cash received on interests that continue to be held 576 368 529 Other asset-backed financings Net gain 1 77 31 26 Proceeds from transfer of assets 6,422 7,664 2,813 Purchases of previously transferred financial assets or its underlying collateral 2 (318) (380) (68) Fees 3 142 135 137 Cash received on interests that continue to be held 3 4 2 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 Line item was omitted in 2017 and 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 2018 2017 CHF million CMBS Principal amount outstanding 25,330 19,918 Total assets of SPE 35,760 31,586 RMBS Principal amount outstanding 40,253 35,645 Total assets of SPE 41,242 36,770 Other asset-backed financings Principal amount outstanding 23,036 20,916 Total assets of SPE 47,542 39,330 Principal amount outstanding relates to assets transferred from the Bank and does not include principle amounts for assets transferred from third parties. |
Key economic assumptions used in measuring fair value of beneficial interests at time of transfer | Key economic assumptions used in measuring fair value of beneficial interests at time of transfer 2018 2017 2016 at time of transfer, in CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 662 3,613 445 2,400 69 2,068 of which level 2 640 3,509 444 2,221 69 1,827 of which level 3 22 103 1 179 0 241 Weighted-average life, in years 6.6 7.8 10.0 6.0 8.4 7.2 Prepayment speed assumption (rate per annum), in % 1 – 2 5.0 – 13.5 – 2 1.0 – 22.9 – 2 5.0 – 33.0 Cash flow discount rate (rate per annum), in % 3 3.6 – 9.8 3.0 – 13.6 2.4 – 9.0 2.0 – 29.5 2.4 – 4.9 1.2 – 24.4 Expected credit losses (rate per annum), in % 4 1.8 – 3.1 2.3 – 7.2 0.6 – 3.4 0.8 – 6.3 0.0 – 0.0 2.5 – 11.2 Transfers of assets in which the Bank does not have beneficial interests are not included in this table. 1 Prepayment speed assumption (PSA) is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the constant prepayment rate (CPR) assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 2 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 3 The rate was based on the weighted-average yield on the beneficial interests. 4 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. |
Key economic assumptions used in measuring fair value of beneficial interests held in SPEs | Key economic assumptions used in measuring fair value of beneficial interests held in SPEs 2018 2017 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 805 2,006 226 579 1,985 665 of which non-investment grade 112 307 26 100 508 50 Weighted-average life, in years 5.7 7.9 5.6 4.7 8.1 6.4 Prepayment speed assumption (rate per annum), in % 3 – 2.0 – 20.0 – – 1.0 – 25.0 – Impact on fair value from 10% adverse change – (22.3) – – (35.0) – Impact on fair value from 20% adverse change – (43.2) – – (68.1) – Cash flow discount rate (rate per annum), in % 4 3.4 – 14.3 3.0 – 21.3 1.0 – 21.2 2.7 – 12.3 1.9 – 30.6 1.0 – 21.2 Impact on fair value from 10% adverse change (20.7) (52.1) (2.9) (8.8) (49.2) (12.4) Impact on fair value from 20% adverse change (37.6) (101.3) (5.7) (17.0) (95.3) (24.5) Expected credit losses (rate per annum), in % 5 0.8 – 4.7 0.6 – 18.8 1.0 – 21.2 0.6 – 6.3 0.5 – 28.2 0.7 – 21.2 Impact on fair value from 10% adverse change (10.2) (23.8) (2.4) (3.9) (23.6) (6.6) Impact on fair value from 20% adverse change (17.3) (46.7) (4.8) (7.8) (46.1) (12.9) 1 To deter prepayment, commercial mortgage loans typically have prepayment protection in the form of prepayment lockouts and yield maintenances. 2 CDOs within this category are generally structured to be protected from prepayment risk. 3 PSA is an industry standard prepayment speed metric used for projecting prepayments over the life of a residential mortgage loan. PSA utilizes the CPR assumptions. A 100% prepayment assumption assumes a prepayment rate of 0.2% per annum of the outstanding principal balance of mortgage loans in the first month. This increases by 0.2 percentage points thereafter during the term of the mortgage loan, leveling off to a CPR of 6% per annum beginning in the 30th month and each month thereafter during the term of the mortgage loan. 100 PSA equals 6 CPR. 4 The rate was based on the weighted-average yield on the beneficial interests. 5 The range of expected credit losses only reflects instruments with an expected credit loss greater than zero unless all of the instruments have an expected credit loss of zero. |
Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved | Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2018 2017 CHF million Other asset-backed financings Trading assets 255 347 Other assets 0 48 Liability to SPE, included in other liabilities (255) (395) |
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 2018 2017 CHF billion Government debt securities 31.1 31.4 Corporate debt securities 9.6 15.1 Asset-backed securities 1.8 5.0 Other 0.2 0.6 Securities sold under repurchase agreements 42.7 52.1 Government debt securities 1.4 2.7 Corporate debt securities 0.2 0.4 Equity securities 3.2 4.8 Other 0.2 0.3 Securities lending transactions 5.0 8.2 Government debt securities 3.6 1.8 Corporate debt securities 1.0 0.6 Asset-backed securities 0.1 0.0 Equity securities 37.0 35.6 Other 0.0 0.1 Obligation to return securities received as collateral, at fair value 41.7 38.1 Total 89.4 98.4 Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities 1 Up to 2 31-90 More than 2018 (CHF billion) Securities sold under repurchase agreements 7.4 26.3 6.7 2.3 42.7 Securities lending transactions 4.1 0.9 0.0 0.0 5.0 Obligation to return securities received as collateral, at fair value 41.4 0.1 0.2 0.0 41.7 Total 52.9 27.3 6.9 2.3 89.4 2017 (CHF billion) Securities sold under repurchase agreements 7.2 32.5 5.2 7.2 52.1 Securities lending transactions 5.7 2.2 0.0 0.3 8.2 Obligation to return securities received as collateral, at fair value 37.9 0.0 0.0 0.2 38.1 Total 50.8 34.7 5.2 7.7 98.4 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. |
Consolidated VIEs in which the Group was primary beneficiary | Consolidated VIEs in which the Bank was the primary beneficiary Financial intermediation CDO/ CP Securi- 2018 (CHF million) Cash and due from banks 15 1 68 17 52 20 173 Trading assets 72 0 170 418 944 12 1,616 Investment securities 0 0 1,432 0 0 0 1,432 Other investments 0 0 0 153 1,073 279 1,505 Net loans 0 0 119 0 23 245 387 Premises and equipment 0 0 0 0 18 0 18 Other assets 57 16 863 4 32 1,037 2,009 of which loans held-for-sale 57 0 107 0 3 0 167 Total assets of consolidated VIEs 144 17 2,652 592 2,142 1,593 7,140 Trading liabilities 0 0 0 0 3 0 3 Short-term borrowings 0 5,465 0 0 0 0 5,465 Long-term debt 48 0 1,487 174 26 29 1,764 Other liabilities 0 43 1 8 98 127 277 Total liabilities of consolidated VIEs 48 5,508 1,488 182 127 156 7,509 2017 (CHF million) Cash and due from banks 22 0 96 32 70 12 232 Trading assets 17 0 10 179 1,122 20 1,348 Investment securities 0 0 381 0 0 0 381 Other investments 0 0 0 350 1,197 286 1,833 Net loans 0 0 0 3 21 243 267 Premises and equipment 0 0 0 0 128 0 128 Other assets 83 4 1,070 21 31 1,187 2,396 of which loans held-for-sale 83 0 152 0 3 0 238 Total assets of consolidated VIEs 122 4 1,557 585 2,569 1,748 6,585 Trading liabilities 0 0 0 0 3 0 3 Short-term borrowings 0 6,672 1 0 0 0 0 6,672 Long-term debt 51 0 752 0 26 34 863 Other liabilities 0 237 1 1 26 111 66 441 Total liabilities of consolidated VIEs 51 6,909 753 26 140 100 7,979 1 Amounts were omitted in prior periods and have been corrected. |
Non-consolidated VIEs | Non-consolidated VIEs Financial intermediation CDO/ Securi- 2018 (CHF million) Trading assets 209 4,527 927 183 3,703 9,549 Net loans 154 1,475 1,591 5,246 430 8,896 Other assets 3 19 112 0 444 578 Total variable interest assets 366 6,021 2,630 5,429 4,577 19,023 Maximum exposure to loss 366 7,637 2,645 8,680 5,150 24,478 Total assets of non-consolidated VIEs 7,033 96,483 65,848 20,804 8,784 198,952 2017 (CHF million) Trading assets 746 4,573 1,014 224 2,388 8,945 Net loans 620 1,563 2,438 4,591 328 9,540 Other assets 9 11 55 1 437 513 Total variable interest assets 1,375 6,147 3,507 4,816 3,153 18,998 Maximum exposure to loss 1,375 7,617 3,514 7,061 4,079 23,646 Total assets of non-consolidated VIEs 15,874 64,839 63,504 16,270 6,265 166,752 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 0 115 0 – – 115 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 81,818 0 – – 81,818 Securities received as collateral 37,962 3,704 30 – – 41,696 Trading assets 76,124 156,066 8,814 (109,927) 1,126 132,203 of which debt securities 23,726 36,321 2,076 – 12 62,135 of which foreign governments 23,547 4,542 232 – – 28,321 of which corporates 66 7,984 1,260 – 12 9,322 of which RMBS 0 19,652 269 – – 19,921 of which equity securities 42,758 2,459 132 – 1,114 46,463 of which derivatives 7,999 116,942 3,298 (109,927) – 18,312 of which interest rate products 3,557 65,823 507 – – – of which foreign exchange products 25 27,526 258 – – – of which equity/index-related products 4,415 17,967 1,054 – – – of which credit derivatives 0 4,739 673 – – – of which other derivatives 1 633 806 – – – of which other trading assets 1,641 344 3,308 – – 5,293 Investment securities 2 2,743 166 – – 2,911 Other investments 14 7 1,309 – 1,104 2,434 of which life finance instruments 0 0 1,067 – – 1,067 Loans 0 10,549 4,324 – – 14,873 of which real estate 0 146 515 – – 661 of which commercial and industrial loans 0 3,976 1,949 – – 5,925 of which financial institutions 0 4,164 1,391 – – 5,555 Other intangible assets (mortgage servicing rights) 0 0 163 – – 163 Other assets 117 5,807 1,543 (204) – 7,263 of which loans held-for-sale 0 4,238 1,235 – – 5,473 Total assets at fair value 114,219 260,809 16,349 (110,131) 2,230 283,476 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 406 0 – – 406 Customer deposits 0 2,839 453 – – 3,292 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 14,828 0 – – 14,828 Obligation to return securities received as collateral 37,962 3,704 30 – – 41,696 Trading liabilities 31,940 123,615 3,589 (116,985) 10 42,169 of which debt securities 4,460 3,511 25 – – 7,996 of which foreign governments 4,328 255 0 – – 4,583 of which equity securities 18,785 118 37 – 10 18,950 of which derivatives 8,695 119,986 3,527 (116,985) – 15,223 of which interest rate products 3,699 62,649 189 – – – of which foreign exchange products 32 31,983 160 – – – of which equity/index-related products 4,961 19,590 1,500 – – – of which credit derivatives 0 5,485 1,140 – – – Short-term borrowings 0 7,284 784 – – 8,068 Long-term debt 0 51,270 12,665 – – 63,935 of which structured notes over one year and up to two years 0 7,242 528 – – 7,770 of which structured notes over two years 0 28,215 11,800 – – 40,015 Other liabilities 0 7,881 1,341 (221) – 9,001 Total liabilities at fair value 69,902 211,827 18,862 (117,206) 10 183,395 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 212 0 – – 212 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 77,498 0 – – 77,498 Securities received as collateral 36,697 1,331 46 – – 38,074 of which debt securities 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 of which equity securities 36,121 529 46 – – 36,696 Trading assets 87,352 187,767 8,754 (128,592) 1,053 156,334 of which debt securities 29,828 40,645 2,292 – – 72,765 of which foreign governments 29,561 4,256 270 – – 34,087 of which corporates 179 10,231 1,412 – – 11,822 of which RMBS 0 21,399 320 – – 21,719 of which CMBS 0 2,501 16 – – 2,517 of which CDO 0 2,255 126 – – 2,381 of which equity securities 51,025 3,481 163 – 1,053 55,722 of which derivatives 3,577 141,347 3,289 (128,592) – 19,621 of which interest rate products 1,219 84,932 801 – – – of which foreign exchange products 19 30,302 188 – – – of which equity/index-related products 2,338 18,251 833 – – – of which credit derivatives 0 7,107 634 – – – of which other trading assets 2,922 2,294 3,010 – – 8,226 Investment securities 250 1,899 42 – – 2,191 of which debt securities 244 1,780 42 – – 2,066 of which foreign governments 97 1,139 0 – – 1,236 of which corporates 0 238 0 – – 238 of which RMBS 0 167 40 – – 207 of which CMBS 0 171 2 – – 173 of which equity securities 6 119 0 – – 125 Other investments 25 16 1,601 – 1,864 3,506 of which private equity 0 0 29 – 351 380 of which equity funds 0 0 22 – 141 163 of which hedge funds 0 0 0 – 391 391 of which debt funds 0 0 0 – 239 239 of which other equity investments 25 9 271 – 1,122 1,427 of which private 18 9 271 – 1,122 1,420 of which life finance instruments 0 7 1,301 – – 1,308 Loans 0 10,777 4,530 – – 15,307 of which commercial and industrial loans 0 3,437 2,207 – – 5,644 of which financial institutions 0 4,890 1,480 – – 6,370 Other intangible assets (mortgage servicing rights) 0 0 158 – – 158 Other assets 101 7,570 1,511 (164) – 9,018 of which loans held-for-sale 0 5,800 1,350 – – 7,150 Total assets at fair value 124,425 287,070 16,642 (128,756) 2,917 302,298 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 197 0 – – 197 Customer deposits 0 3,056 455 – – 3,511 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 15,262 0 – – 15,262 Obligation to return securities received as collateral 36,697 1,331 46 – – 38,074 of which debt securities 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 of which equity securities 36,121 529 46 – – 36,696 Trading liabilities 23,108 149,637 3,226 (136,861) 9 39,119 of which debt securities 5,160 4,139 2 – – 9,301 of which foreign governments 5,108 746 0 – – 5,854 of which corporates 12 3,334 2 – – 3,348 of which equity securities 14,217 883 55 – 9 15,164 of which derivatives 3,731 144,615 3,169 (136,861) – 14,654 of which interest rate products 1,254 80,534 317 – – – of which foreign exchange products 8 35,707 100 – – – of which equity/index-related products 2,468 19,459 1,301 – – – of which credit derivatives 0 7,982 898 – – – Short-term borrowings 0 10,174 845 – – 11,019 Long-term debt 0 51,127 12,501 – – 63,628 of which treasury debt over two years 0 936 0 – – 936 of which structured notes over one year and up to two years 0 6,216 149 – – 6,365 of which structured notes over two years 0 32,782 12,259 – – 45,041 of which other debt instruments over two years 0 2,221 61 – – 2,282 of which other subordinated bonds 0 5,567 0 – – 5,567 of which non-recourse liabilities 0 833 30 – – 863 Other liabilities 0 7,379 1,478 (233) – 8,624 of which failed sales 0 439 223 – – 662 Total liabilities at fair value 59,805 238,163 18,551 (137,094) 9 179,434 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value |
Assets and liabilities measured at fair value on a recurring basis for level 3 | Assets and liabilities measured at fair value on a recurring basis for level 3 Accumulated other Foreign Assets (CHF million) Securities received as collateral 46 0 (15) 102 (103) 0 0 0 0 0 0 0 0 0 30 Trading assets 8,754 1,563 (1,602) 40,057 (40,138) 1,394 (1,477) (21) 303 0 0 0 0 (19) 8,814 of which debt securities 2,292 802 (904) 3,301 (3,261) 0 0 25 (150) 0 (3) 0 0 (26) 2,076 of which foreign governments 270 21 (12) 45 (67) 0 0 0 4 0 0 0 0 (29) 232 of which corporates 1,412 491 (593) 2,582 (2,583) 0 0 31 (72) 0 (4) 0 0 (4) 1,260 of which RMBS 320 211 (225) 370 (333) 0 0 (3) (74) 0 0 0 0 3 269 of which equity securities 163 132 (95) 51 (185) 0 0 8 55 0 3 0 0 0 132 of which derivatives 3,289 510 (525) 0 0 1,394 (1,434) (56) 144 0 0 0 0 (24) 3,298 of which interest rate products 801 18 (66) 0 0 100 (116) 17 (237) 0 0 0 0 (10) 507 of which foreign exchange derivatives 188 3 (2) 0 0 14 (24) (2) 79 0 0 0 0 2 258 of which equity/index-related products 833 329 (317) 0 0 447 (436) (77) 300 0 0 0 0 (25) 1,054 of which credit derivatives 634 160 (141) 0 0 505 (438) 5 (59) 0 0 0 0 7 673 of which other derivatives 833 0 1 0 0 328 (420) 1 61 0 0 0 0 2 806 of which other trading assets 3,010 119 (78) 36,705 (36,692) 0 (43) 2 254 0 0 0 0 31 3,308 Investment securities 42 8 (121) 281 (28) 0 (205) 0 185 0 0 0 0 4 166 Other investments 1,601 79 (102) 229 (406) 0 0 0 (93) 0 5 0 0 (4) 1,309 of which life finance instruments 1,301 0 0 151 (299) 0 0 0 (96) 0 0 0 0 10 1,067 Loans 4,530 934 (393) 163 (491) 1,563 (1,866) 7 (134) 0 (13) 0 0 24 4,324 of which real estate 171 196 (81) 0 0 307 (64) 2 (8) 0 (8) 0 0 0 515 of which commercial and industrial loans 2,207 348 (29) 1 (226) 783 (1,057) 0 (83) 0 (5) 0 0 10 1,949 of which financial institutions 1,480 335 (53) 150 (133) 332 (746) 10 8 0 0 0 0 8 1,391 Other intangible assets (mortgage servicing rights) 158 0 0 1 0 0 0 0 0 0 1 0 0 3 163 Other assets 1,511 288 (191) 1,610 (1,357) 300 (540) 22 (32) 0 (1) 0 0 (67) 1,543 of which loans held-for-sale 1,350 243 (166) 1,447 (1,310) 300 (539) 21 (44) 0 0 0 0 (67) 1,235 Total assets at fair value 16,642 2,872 (2,424) 42,443 (42,523) 3,257 (4,088) 8 229 0 (8) 0 0 (59) 16,349 Liabilities (CHF million) Customer deposits 455 0 0 0 0 0 0 0 32 0 0 0 (21) (13) 453 Obligation to return securities received as collateral 46 0 (15) 102 (103) 0 0 0 0 0 0 0 0 0 30 Trading liabilities 3,226 768 (641) 127 (107) 2,573 (1,527) (7) (839) 0 (3) 0 0 19 3,589 of which debt securities 2 30 (24) 39 (23) 0 0 0 1 0 0 0 0 0 25 of which equity securities 55 19 (5) 87 (80) 0 0 (3) (33) 0 (3) 0 0 0 37 of which derivatives 3,169 719 (612) 1 (4) 2,573 (1,527) (4) (807) 0 0 0 0 19 3,527 of which interest rate derivatives 317 25 (11) 0 0 156 (145) 16 (171) 0 0 0 0 2 189 of which foreign exchange derivatives 100 19 (1) 0 0 55 (29) 0 15 0 0 0 0 1 160 of which equity/index-related derivatives 1,301 429 (364) 0 0 1,306 (548) (36) (592) 0 0 0 0 4 1,500 of which credit derivatives 898 247 (235) 0 0 806 (572) 16 (30) 0 0 0 0 10 1,140 Short-term borrowings 845 335 (242) 0 0 1,090 (1,133) 3 (117) 0 (4) 0 0 7 784 Long-term debt 12,501 2,988 (3,108) 0 0 5,628 (3,656) (25) (1,368) 0 0 (2) (417) 124 12,665 of which structured notes over one year and up to two years 149 452 (296) 0 0 745 (501) (10) (14) 0 0 0 0 3 528 of which structured notes over two years 12,259 2,368 (2,800) 0 0 4,761 (3,115) (17) (1,355) 0 0 (2) (417) 118 11,800 Other liabilities 1,478 117 (29) 45 (128) 20 (420) (7) 97 0 161 0 0 7 1,341 Total liabilities at fair value 18,551 4,208 (4,035) 274 (338) 9,311 (6,736) (36) (2,195) 0 154 (2) (438) 144 18,862 Net assets/(liabilities) at fair value (1,909) (1,336) 1,611 42,169 (42,185) (6,054) 2,648 44 2,424 0 (162) 2 438 (203) (2,513) Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other Foreign Assets (CHF million) Interest-bearing deposits with banks 1 40 0 0 (41) 0 0 0 0 0 0 0 0 0 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 174 0 0 0 0 26 (193) 0 0 0 0 0 0 (7) 0 Securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Trading assets 12,765 1,159 (2,046) 15,810 (18,032) 1,317 (2,068) 121 252 6 1 0 0 (531) 8,754 of which debt securities 3,977 608 (1,074) 2,747 (3,705) 0 0 (4) (80) 6 1 0 0 (184) 2,292 of which corporates 1,674 276 (654) 2,203 (2,005) 0 0 (4) 14 6 0 0 0 (98) 1,412 of which RMBS 605 280 (229) 85 (305) 0 0 3 (95) 0 0 0 0 (24) 320 of which CMBS 65 6 (17) 2 (13) 0 0 (3) (21) 0 0 0 0 (3) 16 of which CDO 1,165 39 (157) 174 (1,047) 0 0 0 (16) 0 0 0 0 (32) 126 of which equity securities 240 49 (35) 146 (260) 0 0 0 33 0 0 0 0 (10) 163 of which derivatives 4,305 416 (839) 0 0 1,317 (1,817) 123 (63) 0 0 0 0 (153) 3,289 of which interest rate products 748 56 (53) 0 0 118 (183) 6 104 0 0 0 0 5 801 of which equity/index-related products 914 142 (98) 0 0 443 (597) 14 58 0 0 0 0 (43) 833 of which credit derivatives 688 216 (252) 0 0 381 (297) 38 (110) 0 0 0 0 (30) 634 of which other trading assets 4,243 86 (98) 12,917 (14,067) 0 (251) 2 362 0 0 0 0 (184) 3,010 Investment securities 72 0 (17) 100 (113) 0 (90) (1) 95 0 0 0 0 (4) 42 Other investments 1,906 23 (22) 350 (589) 0 0 0 9 0 9 0 0 (85) 1,601 of which equity 318 23 (22) 165 (171) 0 0 0 (7) 0 9 0 0 (15) 300 of which life finance instruments 1,588 0 0 185 (418) 0 0 0 16 0 0 0 0 (70) 1,301 Loans 6,585 1,130 (947) 106 (580) 1,151 (2,743) 15 85 0 0 0 0 (272) 4,530 of which commercial and industrial loans 3,816 448 (482) 71 (395) 590 (1,705) (2) 21 0 0 0 0 (155) 2,207 of which financial institutions 1,829 352 (126) 33 (176) 444 (821) 28 (6) 0 0 0 0 (77) 1,480 Other intangible assets (mortgage servicing rights) 138 0 0 23 (1) 0 0 0 0 0 4 0 0 (6) 158 Other assets 1,679 347 (132) 759 (1,056) 1,054 (885) (1) (172) 0 (4) 0 0 (78) 1,511 of which loans held-for-sale 1,316 286 (113) 667 (904) 1,053 (885) (2) 0 0 (4) 0 0 (64) 1,350 Total assets at fair value 23,390 2,702 (3,165) 17,213 (20,498) 3,548 (5,979) 134 269 6 10 0 0 (988) 16,642 Liabilities (CHF million) Customer deposits 410 0 0 0 0 35 (3) 0 (61) 0 0 0 42 32 455 Obligation to return securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Trading liabilities 3,737 566 (1,049) 113 (134) 1,193 (1,625) 140 461 0 (9) 0 0 (167) 3,226 of which interest rate derivatives 538 57 (36) 0 0 45 (258) 6 (14) 0 0 0 0 (21) 317 of which foreign exchange derivatives 150 11 (1) 0 0 9 (12) 0 (52) 0 0 0 0 (5) 100 of which equity/index-related derivatives 1,181 54 (188) 0 0 543 (692) 17 441 0 0 0 0 (55) 1,301 of which credit derivatives 851 377 (392) 0 0 350 (376) 61 66 0 0 0 0 (39) 898 Short-term borrowings 516 95 (172) 0 0 865 (472) (2) 19 4 10 0 6 (24) 845 Long-term debt 13,415 1,172 (3,004) 0 0 4,540 (4,479) (12) 1,400 0 0 88 21 (640) 12,501 of which structured notes over two years 12,434 995 (2,886) 0 0 3,913 (3,079) (14) 1,390 0 0 87 17 (598) 12,259 Other liabilities 1,684 150 (102) 211 (304) 9 (403) (25) (6) 0 330 0 0 (66) 1,478 of which failed sales 219 80 (70) 189 (218) 0 0 (7) 40 0 0 0 0 (10) 223 Total liabilities at fair value 19,832 1,986 (4,328) 389 (524) 6,642 (6,982) 101 1,813 4 331 88 69 (870) 18,551 Net assets/(liabilities) at fair value 3,558 716 1,163 16,824 (19,974) (3,094) 1,003 33 (1,544) 2 (321) (88) (69) (118) (1,909) |
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 (level 3) 2018 2017 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues 2,468 (162) 2,306 1 (1,511) (319) (1,830) 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (34) (5) (39) (2,088) 22 (2,066) 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 Securities received as collateral 30 – – – – – Trading assets 8,814 of which debt securities 2,076 of which foreign governments 232 Discounted cash flow Credit spread in bp 140 140 140 of which corporates 1,260 of which 441 Market comparable Price, in % 0 118 94 of which 621 Option model Correlation, in % (60) 98 68 Volatility, in % 0 178 30 of which RMBS 269 Discounted cash flow Default rate, in % 0 11 3 Discount rate, in % 1 26 7 Loss severity, in % 0 100 63 Prepayment rate, in % 1 22 8 of which equity securities 132 of which 76 Market comparable EBITDA multiple 2 9 6 Price, in % 100 100 100 of which 49 Vendor price Price, in actuals 0 355 1 of which derivatives 3,298 of which interest rate products 507 Option model Correlation, in % 0 100 69 Prepayment rate, in % 1 26 9 Volatility skew, in % (4) 0 (2) of which foreign exchange products 258 of which 28 Discounted cash flow Contingent probability, in % 95 95 95 of which 218 Option model Correlation, in % (23) 70 24 Prepayment rate, in % 21 26 23 Volatility, in % 80 90 85 of which equity/index-related products 1,054 Option model Buyback probability, in % 50 100 74 Correlation, in % (40) 98 80 Gap risk, in % 2 0 4 1 Volatility, in % 2 178 34 of which credit derivatives 673 Discounted cash flow Correlation, in % 97 97 97 Credit spread, in bp 3 2,147 269 Default rate, in % 1 20 4 Discount rate, in % 3 28 15 Loss severity, in % 16 85 56 Prepayment rate, in % 0 12 6 Recovery rate, in % 0 68 8 of which other derivatives 806 Discounted cash flow Market implied life expectancy, in years 2 16 5 Mortality rate, in % 87 106 101 of which other trading assets 3,308 of which 870 Discounted cash flow Market implied life expectancy, in years 3 17 7 of which 2,119 Market comparable Price, in % 0 110 30 of which 249 Option model Mortality rate, in % 0 70 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. 2 Risk of unexpected large declines in the underlying values occurring 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 Investment securities 166 – – – – – Other investments 1,309 of which life finance instruments 1,067 Discounted cash flow Market implied life expectancy, in years 2 17 6 Loans 4,324 of which real estate 515 Discounted cash flow Credit spread, in bp 200 1,522 612 Recovery rate, in % 25 40 39 of which commercial and industrial loans 1,949 of which 1,531 Discounted cash flow Credit spread, in bp 159 1,184 582 of which 306 Market comparable Price, in % 0 99 65 of which financial institutions 1,391 of which 1,157 Discounted cash flow Credit spread, in bp 88 1,071 596 of which 73 Market comparable Price, in % 1 100 74 Other intangible assets (mortgage servicing rights) 163 – – – – – Other assets 1,543 of which loans held-for-sale 1,235 of which 422 Discounted cash flow Credit spread, in bp 105 2,730 394 Recovery rate, in % 25 87 56 of which 739 Market comparable Price, in % 0 130 82 Total level 3 assets at fair value 16,349 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 Securities received as collateral 46 – – – – – Trading assets 8,754 of which debt securities 2,292 of which corporates 1,412 of which 387 Option model Correlation, in % (60) 98 55 of which 545 Market comparable Price, in % 0 139 84 of which 444 Discounted cash flow Credit spread, in bp 37 952 230 of which RMBS 320 Discounted cash flow Discount rate, in % 1 24 11 Prepayment rate, in % 1 36 10 Default rate, in % 0 12 4 Loss severity, in % 0 100 57 of which CMBS 16 Discounted cash flow Capitalization rate, in % 14 14 14 Discount rate, in % 8 16 14 Prepayment rate, in % 0 5 4 of which CDO 126 Discounted cash flow Discount rate, in % 5 13 8 Prepayment rate, in % 5 20 13 Credit spread, in bp 464 669 553 Default rate, in % 2 5 3 Loss severity, in % 0 80 34 of which equity securities 163 of which 67 Vendor price Price, in actuals 0 2,080 10 of which 81 Market comparable EBITDA multiple 2 9 7 Price, in % 18 100 67 of which derivatives 3,289 of which interest rate products 801 Option model Correlation, in % 20 100 72 Prepayment rate, in % 6 34 17 Volatility skew, in % (4) 1 (1) of which equity/index-related products 833 Option model Correlation, in % (60) 98 65 Volatility, in % 0 105 64 Buyback probability, in % 50 100 90 Gap risk, in % 2 0 2 1 of which credit derivatives 634 Discounted cash flow Credit spread, in bp 1 956 217 Recovery rate, in % 0 45 20 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Loss severity, in % 1 100 64 Correlation, in % 97 97 97 Prepayment rate, in % 0 14 6 of which other trading assets 3,010 of which 1,605 Market comparable Price, in % 0 110 23 of which 1,095 Discounted cash flow Market implied life expectancy, in years 3 18 8 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 occurring 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 Investment securities 42 – – – – – Other investments 1,601 of which private equity 29 – – – – – of which other equity investments 271 – – – – – of which life finance instruments 1,301 Discounted cash flow Market implied life expectancy, in years 2 18 6 Loans 4,530 of which commercial and industrial loans 2,207 of which 1,924 Discounted cash flow Credit spread, in bp 89 1,116 420 of which 250 Market comparable Price, in % 0 99 56 of which financial institutions 1,480 of which 1,426 Discounted cash flow Credit spread, in bp 43 1,430 371 Other intangible assets (mortgage servicing rights) 158 – – – – – Other assets 1,511 of which loans held-for-sale 1,350 of which 849 Discounted cash flow Credit spread, in bp 117 973 292 Recovery rate, in % 18 87 73 of which 280 Market comparable Price, in % 0 102 88 Total level 3 assets at fair value 16,642 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 liabilities at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 453 – – – – – Obligation to return securities received as collateral 30 – – – – – Trading liabilities 3,589 of which debt securities 25 – – – – – of which equity securities 37 Vendor price Price, in actuals 0 3 0 of which derivatives 3,527 of which interest rate derivatives 189 Option model Basis spread, in bp (20) 147 48 Correlation, in % 1 100 41 Prepayment rate, in % 1 26 7 of which foreign exchange derivatives 160 of which 62 Discounted cash flow Contingent probability, in % 95 95 95 Credit spread, in bp 146 535 379 of which 37 Market comparable Price, in % 100 100 100 of which 57 Option model Correlation, in % 35 70 53 Prepayment rate, in % 21 26 23 of which equity/index-related derivatives 1,500 Option model Buyback probability, in % 2 50 100 74 Correlation, in % (60) 98 74 Volatility, in % 0 178 30 of which credit derivatives 1,140 of which 566 Discounted cash flow Correlation, in % 38 82 47 Credit spread, in bp 3 2,937 262 Default rate, in % 1 20 4 Discount rate, in % 3 28 14 Loss severity, in % 16 95 56 Prepayment rate, in % 0 12 6 Recovery rate, in % 0 80 14 of which 508 Market comparable Price, in % 75 104 89 of which 20 Option model Correlation, in % 50 50 50 Credit spread, in bp 35 1,156 320 Short-term borrowings 784 of which 61 Discounted cash flow Credit spread, in bp 1,018 1,089 1,067 Recovery rate, in % 40 40 40 of which 644 Option model Buyback probability, in % 50 100 74 Correlation, in % (40) 98 64 Fund gap risk, in % 3 0 4 1 Volatility, in % 2 178 32 Long-term debt 12,665 of which structured notes over one year and up to two years 528 of which 3 Discounted cash flow Credit spread, in bp 112 112 112 of which 427 Option model Correlation, in % (40) 98 71 Volatility, in % 2 178 31 of which structured notes over two years 11,800 of which 1,570 Discounted cash flow Credit spread, in bp (11) 1,089 136 of which 43 Market comparable Price, in % 0 46 30 of which 9,533 Option model Buyback probability, in % 2 50 100 74 Correlation, in % (60) 98 65 Gap risk, in % 3 0 4 1 Mean reversion, in % 4 (55) (1) (7) Volatility, in % 0 178 27 Other liabilities 1,341 – – – – – Total level 3 liabilities at fair value 18,862 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 occurring between collateral settlement dates. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. Quantitative information about level 3 liabilities at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 455 – – – – – Obligation to return securities received as collateral 46 – – – – – Trading liabilities 3,226 of which interest rate derivatives 317 of which 205 Option model Basis spread, in bp (25) 52 19 Correlation, in % 20 100 60 Prepayment rate, in % 6 34 9 of which 81 Market comparable Price, in % 1 102 44 of which foreign exchange derivatives 100 of which 64 Option model Correlation, in % (10) 70 51 Prepayment rate, in % 27 34 30 of which 7 Discounted cash flow Contingent probability, in % 95 95 95 of which equity/index-related derivatives 1,301 of which 947 Option model Correlation, in % (60) 98 55 Volatility, in % 0 105 25 Buyback probability, in % 2 50 100 90 of which 62 Vendor price Price, in actuals 0 53 18 of which credit derivatives 898 Discounted cash flow Credit spread, in bp 2 973 172 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Recovery rate, in % 10 60 38 Loss severity, in % 25 100 67 Correlation, in % 38 85 54 Prepayment rate, in % 0 20 7 Term TRS/repo spread, in bp 176 176 176 Short-term borrowings 845 of which 288 Option model Correlation, in % (40) 98 60 Volatility, in % 4 105 26 of which 527 Discounted cash flow Credit spread, in bp 2 278 175 Recovery rate, in % 25 40 29 of which 24 Market comparable Price, in % 11 47 47 Long-term debt 12,501 of which structured notes over two years 12,259 of which 9,739 Option model Correlation, in % (60) 99 55 Volatility, in % 0 105 21 Buyback probability, in % 2 50 100 90 Gap risk, in % 3 0 2 1 Mean reversion, in % 4 (14) (1) (6) of which 1,571 Discounted cash flow Credit spread, in bp 2 729 105 Other liabilities 1,478 of which failed sales 223 of which 122 Market comparable Price, in % 0 100 51 of which 25 Discounted cash flow Credit spread, in bp 1,430 1,430 1,430 Total level 3 liabilities at fair value 18,551 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 occurring between collateral settlement dates. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. |
Own credit gains/(losses) on fair value option elected instruments recorded in AOCI | Gains/(losses) attributable to changes in instrument-specific credit risk 1 Gains/(losses) recorded 1 in 2018 Cumulative 2017 2018 2017 Financial instruments (CHF million) Customer deposits 36 (21) (15) (6) 0 Short-term borrowings 6 (53) (63) 2 0 Long-term debt 1,603 (924) (1,957) 53 32 of which treasury debt over two years 759 84 (702) 0 0 of which structured notes over two years 774 (1,060) (1,246) 53 27 Total 1,645 (998) (2,035) 49 32 1 Amounts are reflected gross of tax. |
Fair value, unfunded commitments and term of redemption conditions | Fair value, unfunded commitments and term of redemption conditions of investment funds measured at NAV per share 2018 2017 Unfunded Unfunded Fair value of investment funds and unfunded commitments (CHF million) Debt funds 12 0 12 0 0 0 0 0 Equity funds 103 1,011 1 1,114 53 61 992 2 1,053 0 Equity funds sold short (8) (2) (10) 0 0 (9) (9) 0 Funds held in trading assets and trading liabilities 107 1,009 1,116 53 61 983 1,044 0 Debt funds 1 0 1 0 1 0 1 0 Equity funds 130 0 130 43 141 0 141 64 Real estate funds 214 0 214 34 178 0 178 44 Other private equity funds 24 5 29 29 31 0 31 15 Private equity funds 369 5 374 106 351 0 351 123 Debt funds 68 34 102 0 164 75 239 0 Equity funds 14 14 28 0 2 53 55 0 Other hedge funds 2 24 26 0 2 95 97 9 Hedge funds 84 72 3 156 0 168 223 4 391 9 Equity method investment funds 52 522 574 21 71 1,051 1,122 5 Funds held in other investments 505 599 1,104 127 590 1,274 1,864 137 Total fair value of investment funds and unfunded commitments 612 5 1,608 2,220 180 7 651 5 2,257 6 2,908 137 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, 40% is redeemable on a monthly basis with a notice period of primarily more than 30 days, 13% is redeemable on a quarterly basis with a notice period primarily of more than 45 days and 1% is redeemable on an annual basis with a notice period of less than 30 days. 2 54% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 35% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 9% is redeemable on a quarterly basis with a notice period primarily of more than 45 days and 2% is redeemable on an annual basis with a notice period of more than 60 days. 3 65% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days and 35% is redeemable on demand with a notice period primarily of less than 30 days. 4 51% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 45 days, 43% is redeemable on a monthly basis with a notice period primarily of less than 30 days and 6% is redeemable on demand with a notice period primarily of less than 30 days. 5 Includes CHF 102 million and CHF 229 million attributable to noncontrolling interests as of the end of 2018 and 2017, respectively. 6 Includes CHF 167 million attributable to noncontrolling interests as of the end of 2017. 7 Includes CHF 23 million and CHF 53 million attributable to noncontrolling interests as of the end of 2018 and 2017, respectively. |
Nonrecurring fair value changes | Assets measured at fair value on a nonrecurring basis end of 2018 2017 CHF billion Assets held-for-sale recorded at fair value on a nonrecurring basis 0.0 0.1 of which level 2 0.0 0.1 |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Difference between the aggregate fair value and unpaid principal balances of fair value option-elected financial instruments 2018 2017 Aggregate Aggregate Aggregate Aggregate Financial instruments (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 81,818 81,637 181 77,498 76,643 855 Loans 14,873 15,441 (568) 15,307 15,372 (65) Other assets 1 6,706 9,240 (2,534) 8,468 10,910 (2,442) Due to banks and customer deposits (859) (778) (81) (907) (861) (46) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (14,828) (14,827) (1) (15,262) (15,180) (82) Short-term borrowings (8,068) (8,647) 579 (11,019) (11,104) 85 Long-term debt (63,935) (70,883) 6,948 (63,628) (63,759) 131 Other liabilities (2,068) (3,125) 1,057 (661) (1,716) 1,055 Non-performing and non-interest-earning loans 2 640 3,493 (2,853) 708 3,375 (2,667) 1 Primarily loans held-for-sale. 2 Included in loans or other assets. Gains and losses on financial instruments 2018 2017 2016 Net Net Net Financial instruments (CHF million) Interest-bearing deposits with banks 2 1 13 1 4 1 of which related to credit risk (10) 0 1 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,451 1 2,206 1,4 1,440 1 Other investments 241 3 216 2 212 2 of which related to credit risk (1) (4) (3) Loans 717 1 1,542 1 1,643 1 of which related to credit risk (296) 7 (16) Other assets 770 1 480 1 (518) 2 of which related to credit risk 61 96 (199) Due to banks and customer deposits (39) 2 1 2 (12) 1 of which related to credit risk (37) 5 (22) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (890) 1 (418) 1,4 (112) 1 Short-term borrowings 2,807 2 (512) 2 323 2 of which related to credit risk (5) (23) (4) Long-term debt 4,206 2 (6,857) 2 (1,235) 2 of which related to credit risk 7 (32) 22 Other liabilities 73 3 183 3 456 2 of which related to credit risk 4 83 306 1 Primarily recognized in net interest income. 2 Primarily recognized in trading revenues. 3 Primarily recognized in other revenues. 4 Prior period has been corrected. |
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 2018 (CHF million) Financial assets Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions 35,277 0 35,243 35 35,278 Loans 269,147 0 269,825 7,047 276,872 Other financial assets 1 117,353 99,976 16,750 797 117,523 Financial liabilities Due to banks and customer deposits 375,403 196,674 178,755 0 375,429 Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions 9,795 0 9,795 0 9,795 Short-term borrowings 13,857 0 13,859 0 13,859 Long-term debt 90,373 0 89,651 854 90,505 Other financial liabilities 2 16,357 0 16,101 184 16,285 2017 (CHF million) Financial assets Central banks funds sold, securities purchased under resale agreements and securities borrowing transactions 37,848 0 37,848 0 37,848 Loans 260,093 0 264,290 3,212 267,502 Other financial assets 1,3 170,870 109,645 60,469 1,109 171,223 Financial liabilities Due to banks and customer deposits 372,867 201,575 171,281 0 372,856 Central banks funds purchased, securities sold under repurchase agreements and securities lending transactions 11,233 0 11,233 0 11,233 Short-term borrowings 14,871 0 14,870 0 14,870 Long-term debt 109,403 0 112,488 235 112,723 Other financial liabilities 2,3 61,316 0 61,131 172 61,303 1 Primarily includes cash and due from banks, interest-bearing deposits with banks, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. 2 Primarily includes cash collateral on derivative instruments and interest and fee payables. 3 2017 balances included brokerage receivables and payables, which, effective January 1, 2018, were no longer included due to the adoption of ASU 2016-01. |
Bank | |
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 0 115 0 – – 115 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 81,818 0 – – 81,818 Securities received as collateral 37,962 3,704 30 – – 41,696 Trading assets 76,178 156,239 8,814 (109,930) 1,126 132,427 of which debt securities 23,726 36,402 2,076 – 12 62,216 of which foreign government 23,547 4,542 232 – – 28,321 of which corporates 66 8,065 1,260 – 12 9,403 of which RMBS 0 19,652 269 – – 19,921 of which equity securities 42,812 2,459 132 – 1,114 46,517 of which derivatives 8,000 117,034 3,298 (109,930) – 18,402 of which interest rate products 3,557 65,823 507 – – – of which foreign exchange products 25 27,526 258 – – – of which equity/index-related products 4,415 18,059 1,054 – – – of which credit derivatives 0 4,739 673 – – – of which other derivatives 2 633 806 – – – of which other trading assets 1,640 344 3,308 – – 5,292 Investment securities 0 2,743 166 – – 2,909 Other investments 14 7 1,309 – 1,100 2,430 of which life finance instruments 0 0 1,067 – – 1,067 Loans 0 10,549 4,324 – – 14,873 of which real estate 0 146 515 – – 661 of which commercial and industrial loans 0 3,976 1,949 – – 5,925 of which financial institutions 0 4,164 1,391 – – 5,555 Other intangible assets (mortgage servicing rights) 0 0 163 – – 163 Other assets 117 5,807 1,543 (204) – 7,263 of which loans held-for-sale 0 4,238 1,235 – – 5,473 Total assets at fair value 114,271 260,982 16,349 (110,134) 2,226 283,694 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 406 0 – – 406 Customer deposits 0 2,839 453 – – 3,292 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 14,828 0 – – 14,828 Obligation to return securities received as collateral 37,962 3,704 30 – – 41,696 Trading liabilities 31,940 123,737 3,589 (117,105) 10 42,171 of which debt securities 4,462 3,511 25 – – 7,998 of which foreign government 4,328 255 0 – – 4,583 of which equity securities 18,785 118 37 – 10 18,950 of which derivatives 8,693 120,108 3,527 (117,105) – 15,223 of which interest rate products 3,699 62,573 189 – – – of which foreign exchange products 32 31,983 160 – – – of which equity/index-related products 4,961 19,788 1,500 – – – of which credit derivatives 0 5,485 1,140 – – – Short-term borrowings 0 7,284 784 – – 8,068 Long-term debt 0 50,356 12,671 – – 63,027 of which structured notes over one year and up to two years 0 7,242 528 – – 7,770 of which structured notes over two years 0 28,215 11,800 – – 40,015 Other liabilities 0 7,877 1,327 (221) – 8,983 Total liabilities at fair value 69,902 211,031 18,854 (117,326) 10 182,471 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Assets 2 Assets (CHF million) Cash and due from banks 0 212 0 – – 212 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 77,498 0 – – 77,498 Securities received as collateral 36,697 1,331 46 – – 38,074 of which debt securities 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 of which equity securities 36,121 529 46 – – 36,696 Trading assets 87,452 188,122 8,754 (128,607) 1,053 156,774 of which debt securities 29,827 40,707 2,292 – – 72,826 of which foreign governments 29,561 4,256 270 – – 34,087 of which corporates 179 10,292 1,412 – – 11,883 of which RMBS 0 21,399 320 – – 21,719 of which CMBS 0 2,501 16 – – 2,517 of which CDO 0 2,255 126 – – 2,381 of which equity securities 51,125 3,481 163 – 1,053 55,822 of which derivatives 3,577 141,641 3,289 (128,607) – 19,900 of which interest rate products 1,219 84,932 801 – – – of which foreign exchange products 19 30,302 188 – – – of which equity/index-related products 2,339 18,544 833 – – – of which credit derivatives 0 7,107 634 – – – Other trading assets 2,923 2,293 3,010 – – 8,226 Investment securities 250 1,897 42 – – 2,189 of which debt securities 244 1,778 42 – – 2,064 of which foreign governments 98 1,138 0 – – 1,236 of which corporates 0 238 0 – – 238 of which RMBS 0 167 40 – – 207 of which CMBS 0 171 2 – – 173 of which equity securities 6 119 0 – – 125 Other investments 25 16 1,601 – 1,855 3,497 of which private equity 0 0 29 – 343 372 of which equity funds 0 0 22 – 133 155 of which hedge funds 0 0 0 – 391 391 of which debt funds 0 0 0 – 239 239 of which other equity investments 25 9 271 – 1,121 1,426 of which private 18 9 271 – 1,121 1,419 of which life finance instruments 0 7 1,301 – – 1,308 Loans 0 10,777 4,530 – – 15,307 of which commercial and industrial loans 0 3,437 2,207 – – 5,644 of which financial institutions 0 4,890 1,480 – – 6,370 Other intangible assets (mortgage servicing rights) 0 0 158 – – 158 Other assets 101 7,570 1,511 (164) – 9,018 of which loans held-for-sale 0 5,800 1,350 – – 7,150 Total assets at fair value 124,525 287,423 16,642 (128,771) 2,908 302,727 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value Assets and liabilities measured at fair value on a recurring basis (continued) 1 Liabilities 2 Liabilities (CHF million) Due to banks 0 197 0 – – 197 Customer deposits 0 3,056 455 – – 3,511 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 15,262 0 – – 15,262 Obligation to return securities received as collateral 36,697 1,331 46 – – 38,074 of which debt securities 576 802 0 – – 1,378 of which corporates 0 726 0 – – 726 of which equity securities 36,121 529 46 – – 36,696 Trading liabilities 23,121 149,951 3,226 (137,175) 9 39,132 of which debt securities 5,160 4,139 2 – – 9,301 of which foreign governments 5,108 746 0 – – 5,854 of which corporates 12 3,334 2 – – 3,348 of which equity securities 14,230 883 55 – 9 15,177 of which derivatives 3,731 144,929 3,169 (137,175) – 14,654 of which interest rate products 1,254 80,290 317 – – – of which foreign exchange products 8 35,707 100 – – – of which equity/index-related products 2,468 20,017 1,301 – – – of which credit derivatives 0 7,982 898 – – – Short-term borrowings 0 10,174 845 – – 11,019 Long-term debt 0 50,121 12,501 – – 62,622 of which treasury debt over two years 0 936 0 – – 936 of which structured notes over one year and up to two years 0 6,216 149 – – 6,365 of which structured notes over two years 0 32,782 12,259 – – 45,041 of which other debt instruments over two years 0 2,221 61 – – 2,282 of which other subordinated bonds 0 4,557 0 – – 4,557 of which non-recourse liabilities 0 833 30 – – 863 Other liabilities 0 7,356 1,467 (233) – 8,590 of which failed sales 0 439 223 – – 662 Total liabilities at fair value 59,818 237,448 18,540 (137,408) 9 178,407 1 Derivative contracts are reported on a gross basis by level. The impact of netting represents legally enforceable master netting agreements. 2 In accordance with US GAAP, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value |
Assets and liabilities measured at fair value on a recurring basis for level 3 | Assets and liabilities measured at fair value on a recurring basis for level 3 Accumulated other Foreign Assets (CHF million) Securities received as collateral 46 0 (15) 102 (103) 0 0 0 0 0 0 0 0 0 30 Trading assets 8,754 1,563 (1,602) 40,057 (40,138) 1,394 (1,477) (21) 303 0 0 0 0 (19) 8,814 of which debt securities 2,292 802 (904) 3,301 (3,261) 0 0 25 (150) 0 (3) 0 0 (26) 2,076 of which foreign governments 270 21 (12) 45 (67) 0 0 0 4 0 0 0 0 (29) 232 of which corporates 1,412 491 (593) 2,582 (2,583) 0 0 31 (72) 0 (4) 0 0 (4) 1,260 of which RMBS 320 211 (225) 370 (333) 0 0 (3) (74) 0 0 0 0 3 269 of which equity securities 163 132 (95) 51 (185) 0 0 8 55 0 3 0 0 0 132 of which derivatives 3,289 510 (525) 0 0 1,394 (1,434) (56) 144 0 0 0 0 (24) 3,298 of which interest rate products 801 18 (66) 0 0 100 (116) 17 (237) 0 0 0 0 (10) 507 of which foreign exchange derivatives 188 3 (2) 0 0 14 (24) (2) 79 0 0 0 0 2 258 of which equity/index-related products 833 329 (317) 0 0 447 (436) (77) 300 0 0 0 0 (25) 1,054 of which credit derivatives 634 160 (141) 0 0 505 (438) 5 (59) 0 0 0 0 7 673 of which other derivatives 833 0 1 0 0 328 (420) 1 61 0 0 0 0 2 806 of which other trading assets 3,010 119 (78) 36,705 (36,692) 0 (43) 2 254 0 0 0 0 31 3,308 Investment securities 42 8 (121) 281 (28) 0 (205) 0 185 0 0 0 0 4 166 Other investments 1,601 79 (102) 228 (405) 0 0 0 (93) 0 5 0 0 (4) 1,309 of which life finance instruments 1,301 0 0 151 (299) 0 0 0 (96) 0 0 0 0 10 1,067 Loans 4,530 934 (393) 163 (491) 1,563 (1,866) 7 (134) 0 (13) 0 0 24 4,324 of which real estate 171 196 (81) 0 0 307 (64) 2 (8) 0 (8) 0 0 0 515 of which commercial and industrial loans 2,207 348 (29) 1 (226) 783 (1,057) 0 (83) 0 (5) 0 0 10 1,949 of which financial institutions 1,480 335 (53) 150 (133) 332 (746) 10 8 0 0 0 0 8 1,391 Other intangible assets (mortgage servicing rights) 158 0 0 1 0 0 0 0 0 0 1 0 0 3 163 Other assets 1,511 288 (191) 1,610 (1,357) 300 (540) 22 (32) 0 (1) 0 0 (67) 1,543 of which loans held-for-sale 1,350 243 (166) 1,447 (1,310) 300 (539) 21 (44) 0 0 0 0 (67) 1,235 Total assets at fair value 16,642 2,872 (2,424) 42,442 (42,522) 3,257 (4,088) 8 229 0 (8) 0 0 (59) 16,349 Liabilities (CHF million) Customer deposits 455 0 0 0 0 0 0 0 32 0 0 0 (21) (13) 453 Obligation to return securities received as collateral 46 0 (15) 102 (103) 0 0 0 0 0 0 0 0 0 30 Trading liabilities 3,226 768 (641) 127 (107) 2,573 (1,527) (7) (839) 0 (3) 0 0 19 3,589 of which debt securities 2 30 (24) 39 (23) 0 0 0 1 0 0 0 0 0 25 of which equity securities 55 19 (5) 87 (80) 0 0 (3) (33) 0 (3) 0 0 0 37 of which derivatives 3,169 719 (612) 1 (4) 2,573 (1,527) (4) (807) 0 0 0 0 19 3,527 of which interest rate derivatives 317 25 (11) 0 0 156 (145) 16 (171) 0 0 0 0 2 189 of which foreign exchange derivatives 100 19 (1) 0 0 55 (29) 0 15 0 0 0 0 1 160 of which equity/index-related derivatives 1,301 429 (364) 0 0 1,306 (548) (36) (592) 0 0 0 0 4 1,500 of which credit derivatives 898 247 (235) 0 0 806 (572) 16 (30) 0 0 0 0 10 1,140 Short-term borrowings 845 335 (242) 0 0 1,090 (1,133) 3 (117) 0 (4) 0 0 7 784 Long-term debt 12,501 2,873 (3,108) 0 0 5,761 (3,656) (25) (1,381) 0 0 (2) (417) 125 12,671 of which structured notes over one year and up to two years 149 452 (296) 0 0 745 (501) (10) (14) 0 0 0 0 3 528 of which structured notes over two years 12,259 2,368 (2,800) 0 0 4,761 (3,115) (17) (1,355) 0 0 (2) (417) 118 11,800 Other liabilities 1,467 117 (29) 45 (128) 20 (417) (7) 94 0 159 0 0 6 1,327 Total liabilities at fair value 18,540 4,093 (4,035) 274 (338) 9,444 (6,733) (36) (2,211) 0 152 (2) (438) 144 18,854 Net assets/(liabilities) at fair value (1,898) (1,221) 1,611 42,168 (42,184) (6,187) 2,645 44 2,440 0 (160) 2 438 (203) (2,505) Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other Foreign Assets (CHF million) Interest-bearing deposits with banks 1 40 0 0 (41) 0 0 0 0 0 0 0 0 0 0 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 174 0 0 0 0 26 (193) 0 0 0 0 0 0 (7) 0 Securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Trading assets 12,765 1,159 (2,046) 15,810 (18,032) 1,317 (2,068) 121 252 6 1 0 0 (531) 8,754 of which debt securities 3,977 608 (1,074) 2,747 (3,705) 0 0 (4) (80) 6 1 0 0 (184) 2,292 of which corporates 1,674 276 (654) 2,203 (2,005) 0 0 (4) 14 6 0 0 0 (98) 1,412 of which RMBS 605 280 (229) 85 (305) 0 0 3 (95) 0 0 0 0 (24) 320 of which CMBS 65 6 (17) 2 (13) 0 0 (3) (21) 0 0 0 0 (3) 16 of which CDO 1,165 39 (157) 174 (1,047) 0 0 0 (16) 0 0 0 0 (32) 126 of which equity securities 240 49 (35) 146 (260) 0 0 0 33 0 0 0 0 (10) 163 of which derivatives 4,305 416 (839) 0 0 1,317 (1,817) 123 (63) 0 0 0 0 (153) 3,289 of which interest rate products 748 56 (53) 0 0 118 (183) 6 104 0 0 0 0 5 801 of which equity/index-related products 914 142 (98) 0 0 443 (597) 14 58 0 0 0 0 (43) 833 of which credit derivatives 688 216 (252) 0 0 381 (297) 38 (110) 0 0 0 0 (30) 634 of which other trading assets 4,243 86 (98) 12,917 (14,067) 0 (251) 2 362 0 0 0 0 (184) 3,010 Investment securities 72 0 (17) 100 (113) 0 (90) (1) 95 0 0 0 0 (4) 42 Other investments 1,906 23 (22) 324 (562) 0 0 0 9 0 9 0 0 (86) 1,601 of which equity 318 23 (22) 139 (144) 0 0 0 (7) 0 9 0 0 (16) 300 of which life finance instruments 1,588 0 0 185 (418) 0 0 0 16 0 0 0 0 (70) 1,301 Loans 6,585 1,130 (947) 106 (580) 1,151 (2,743) 15 85 0 0 0 0 (272) 4,530 of which commercial and industrial loans 3,816 448 (482) 71 (395) 590 (1,705) (2) 21 0 0 0 0 (155) 2,207 of which financial institutions 1,829 352 (126) 33 (176) 444 (821) 28 (6) 0 0 0 0 (77) 1,480 Other intangible assets (mortgage servicing rights) 138 0 0 23 (1) 0 0 0 0 0 4 0 0 (6) 158 Other assets 1,679 347 (132) 759 (1,056) 1,054 (885) (1) (172) 0 (4) 0 0 (78) 1,511 of which loans held-for-sale 1,316 286 (113) 667 (904) 1,053 (885) (2) 0 0 (4) 0 0 (64) 1,350 Total assets at fair value 23,390 2,702 (3,165) 17,187 (20,471) 3,548 (5,979) 134 269 6 10 0 0 (989) 16,642 Liabilities (CHF million) Customer deposits 410 0 0 0 0 35 (3) 0 (61) 0 0 0 42 32 455 Obligation to return securities received as collateral 70 3 (1) 65 (86) 0 0 0 0 0 0 0 0 (5) 46 Trading liabilities 3,737 566 (1,049) 113 (134) 1,193 (1,625) 140 461 0 (9) 0 0 (167) 3,226 of which interest rate derivatives 538 57 (36) 0 0 45 (258) 6 (14) 0 0 0 0 (21) 317 of which foreign exchange derivatives 150 11 (1) 0 0 9 (12) 0 (52) 0 0 0 0 (5) 100 of which equity/index-related derivatives 1,181 54 (188) 0 0 543 (692) 17 441 0 0 0 0 (55) 1,301 of which credit derivatives 851 377 (392) 0 0 350 (376) 61 66 0 0 0 0 (39) 898 Short-term borrowings 516 95 (172) 0 0 865 (472) (2) 19 4 10 0 6 (24) 845 Long-term debt 13,415 1,172 (3,004) 0 0 4,540 (4,479) (12) 1,400 0 0 88 21 (640) 12,501 of which structured notes over two years 12,434 995 (2,886) 0 0 3,913 (3,079) (14) 1,390 0 0 87 17 (598) 12,259 Other liabilities 1,679 150 (102) 211 (304) 7 (398) (25) (8) 0 327 0 0 (70) 1,467 of which failed sales 219 80 (70) 189 (218) 0 0 (7) 40 0 0 0 0 (10) 223 Total liabilities at fair value 19,827 1,986 (4,328) 389 (524) 6,640 (6,977) 101 1,811 4 328 88 69 (874) 18,540 Net assets/(liabilities) at fair value 3,563 716 1,163 16,798 (19,947) (3,092) 998 33 (1,542) 2 (318) (88) (69) (115) (1,898) |
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 (level 3) 2018 2017 Trading Other Total Trading Other Total Gains and losses on assets and liabilities (CHF million) Net realized/unrealized gains/(losses) included in net revenues 2,484 (160) 2,324 1 (1,509) (316) (1,825) 1 Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date (35) (6) (41) (2,088) 20 (2,068) 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 Securities received as collateral 30 – – – – – Trading assets 8,814 of which debt securities 2,076 of which foreign governments 232 Discounted cash flow Credit spread, in bp 140 140 140 of which corporates 1,260 of which 441 Market comparable Price, in % 0 118 94 of which 621 Option model Correlation, in % (60) 98 68 Volatility, in % 0 178 30 of which RMBS 269 Discounted cash flow Default rate, in % 0 11 3 Discount rate, in % 1 26 7 Loss severity, in % 0 100 63 Prepayment rate, in % 1 22 8 of which equity securities 132 of which 76 Market comparable EBITDA multiple 2 9 6 Price, in % 100 100 100 of which 49 Vendor price Price, in actuals 0 355 1 of which derivatives 3,298 of which interest rate products 507 Option model Correlation, in % 0 100 69 Prepayment rate, in % 1 26 9 Volatility skew, in % (4) 0 (2) of which foreign exchange products 258 of which 28 Discounted cash flow Contingent probability, in % 95 95 95 of which 218 Option model Correlation, in % (23) 70 24 Prepayment rate, in % 21 26 23 Volatility, in % 80 90 85 of which equity/index-related products 1,054 Option model Buyback probability, in % 50 100 74 Correlation, in % (40) 98 80 Gap risk, in % 2 0 4 1 Volatility, in % 2 178 34 of which credit derivatives 673 Discounted cash flow Correlation, in % 97 97 97 Credit spread, in bp 3 2,147 269 Default rate, in % 1 20 4 Discount rate, in % 3 28 15 Loss severity, in % 16 85 56 Prepayment rate, in % 0 12 6 Recovery rate, in % 0 68 8 of which other derivatives 806 Discounted cash flow Market implied life expectancy, in years 2 16 5 Mortality rate, in % 87 106 101 of which other trading assets 3,308 of which 870 Discounted cash flow Market implied life expectancy, in years 3 17 7 of which 2,119 Market comparable Price, in % 0 110 30 of which 249 Option model Mortality rate, in % 0 70 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. 2 Risk of unexpected large declines in the underlying values occurring 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 Investment securities 166 – – – – – Other investments 1,309 of which life finance instruments 1,067 Discounted cash flow Market implied life expectancy, in years 2 17 6 Loans 4,324 of which real estate 515 Discounted cash flow Credit spread, in bp 200 1,522 612 Recovery rate, in % 25 40 39 of which commercial and industrial loans 1,949 of which 1,531 Discounted cash flow Credit spread, in bp 159 1,184 582 of which 306 Market comparable Price, in % 0 99 65 of which financial institutions 1,391 of which 1,157 Discounted cash flow Credit spread, in bp 88 1,071 596 of which 73 Market comparable Price, in % 1 100 74 Other intangible assets (mortgage servicing rights) 163 – – – – – Other assets 1,543 of which loans held-for-sale 1,235 of which 422 Discounted cash flow Credit spread, in bp 105 2,730 394 Recovery rate, in % 25 87 56 of which 739 Market comparable Price, in % 0 130 82 Total level 3 assets at fair value 16,349 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 Securities received as collateral 46 – – – – – Trading assets 8,754 of which debt securities 2,292 of which corporates 1,412 of which 387 Option model Correlation, in % (60) 98 55 of which 545 Market comparable Price, in % 0 139 84 of which 444 Discounted cash flow Credit spread, in bp 37 952 230 of which RMBS 320 Discounted cash flow Discount rate, in % 1 24 11 Prepayment rate, in % 1 36 10 Default rate, in % 0 12 4 Loss severity, in % 0 100 57 of which CMBS 16 Discounted cash flow Capitalization rate, in % 14 14 14 Discount rate, in % 8 16 14 Prepayment rate, in % 0 5 4 of which CDO 126 Discounted cash flow Discount rate, in % 5 13 8 Prepayment rate, in % 5 20 13 Credit spread, in bp 464 669 553 Default rate, in % 2 5 3 Loss severity, in % 0 80 34 of which equity securities 163 of which 67 Vendor price Price, in actuals 0 2,080 10 of which 81 Market comparable EBITDA multiple 2 9 7 Price, in % 18 100 67 of which derivatives 3,289 of which interest rate products 801 Option model Correlation, in % 20 100 72 Prepayment rate, in % 6 34 17 Volatility skew, in % (4) 1 (1) of which equity/index-related products 833 Option model Correlation, in % (60) 98 65 Volatility, in % 0 105 64 Buyback probability, in % 50 100 90 Gap risk, in % 2 0 2 1 of which credit derivatives 634 Discounted cash flow Credit spread, in bp 1 956 217 Recovery rate, in % 0 45 20 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Loss severity, in % 1 100 64 Correlation, in % 97 97 97 Prepayment rate, in % 0 14 6 of which other trading assets 3,010 of which 1,605 Market comparable Price, in % 0 110 23 of which 1,095 Discounted cash flow Market implied life expectancy, in years 3 18 8 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 occurring 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 Investment securities 42 – – – – – Other investments 1,601 of which private equity 29 – – – – – of which other equity investments 271 – – – – – of which life finance instruments 1,301 Discounted cash flow Market implied life expectancy, in years 2 18 6 Loans 4,530 of which commercial and industrial loans 2,207 of which 1,924 Discounted cash flow Credit spread, in bp 89 1,116 420 of which 250 Market comparable Price, in % 0 99 56 of which financial institutions 1,480 of which 1,426 Discounted cash flow Credit spread, in bp 43 1,430 371 Other intangible assets (mortgage servicing rights) 158 – – – – – Other assets 1,511 of which loans held-for-sale 1,350 of which 849 Discounted cash flow Credit spread, in bp 117 973 292 Recovery rate, in % 18 87 73 of which 280 Market comparable Price, in % 0 102 88 Total level 3 assets at fair value 16,642 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 liabilities at fair value Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 453 – – – – – Obligation to return securities received as collateral 30 – – – – – Trading liabilities 3,589 of which debt securities 25 – – – – – of which equity securities 37 Vendor price Price, in actuals 0 3 0 of which derivatives 3,527 of which interest rate derivatives 189 Option model Basis spread, in bp (20) 147 48 Correlation, in % 1 100 41 Prepayment rate, in % 1 26 7 of which foreign exchange derivatives 160 of which 62 Discounted cash flow Contingent probability, in % 95 95 95 Credit spread, in bp 146 535 379 of which 37 Market comparable Price, in % 100 100 100 of which 57 Option model Correlation, in % 35 70 53 Prepayment rate, in % 21 26 23 of which equity/index-related derivatives 1,500 Option model Buyback probability, in % 2 50 100 74 Correlation, in % (60) 98 74 Volatility, in % 0 178 30 of which credit derivatives 1,140 of which 566 Discounted cash flow Correlation, in % 38 82 47 Credit spread, in bp 3 2,937 262 Default rate, in % 1 20 4 Discount rate, in % 3 28 14 Loss severity, in % 16 95 56 Prepayment rate, in % 0 12 6 Recovery rate, in % 0 80 14 of which 508 Market comparable Price, in % 75 104 89 of which 20 Option model Correlation, in % 50 50 50 Credit spread, in bp 35 1,156 320 Short-term borrowings 784 of which 61 Discounted cash flow Credit spread, in bp 1,018 1,089 1,067 Recovery rate, in % 40 40 40 of which 644 Option model Buyback probability, in % 50 100 74 Correlation, in % (40) 98 64 Fund gap risk, in % 3 0 4 1 Volatility, in % 2 178 32 Long-term debt 12,671 of which structured notes over one year and up to two years 528 of which 3 Discounted cash flow Credit spread, in bp 112 112 112 of which 427 Option model Correlation, in % (40) 98 71 Volatility, in % 2 178 31 of which structured notes over two years 11,800 of which 1,570 Discounted cash flow Credit spread, in bp (11) 1,089 136 of which 43 Market comparable Price, in % 0 46 30 of which 9,533 Option model Buyback probability, in % 2 50 100 74 Correlation, in % (60) 98 65 Gap risk, in % 3 0 4 1 Mean reversion, in % 4 (55) (1) (7) Volatility, in % 0 178 27 Other liabilities 1,327 – – – – – Total level 3 liabilities at fair value 18,854 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 Bank at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occurring between collateral settlement dates. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. Quantitative information about level 3 liabilities at fair value (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Customer deposits 455 – – – – – Obligation to return securities received as collateral 46 – – – – – Trading liabilities 3,226 of which interest rate derivatives 317 of which 205 Option model Basis spread, in bp (25) 52 19 Correlation, in % 20 100 60 Prepayment rate, in % 6 34 9 of which 81 Market comparable Price, in % 1 102 44 of which foreign exchange derivatives 100 of which 64 Option model Correlation, in % (10) 70 51 Prepayment rate, in % 27 34 30 of which 7 Discounted cash flow Contingent probability, in % 95 95 95 of which equity/index-related derivatives 1,301 of which 947 Option model Correlation, in % (60) 98 55 Volatility, in % 0 105 25 Buyback probability, in % 2 50 100 90 of which 62 Vendor price Price, in actuals 0 53 18 of which credit derivatives 898 Discounted cash flow Credit spread, in bp 2 973 172 Discount rate, in % 3 50 16 Default rate, in % 1 20 5 Recovery rate, in % 10 60 38 Loss severity, in % 25 100 67 Correlation, in % 38 85 54 Prepayment rate, in % 0 20 7 Term TRS/repo spread, in bp 176 176 176 Short-term borrowings 845 of which 288 Option model Correlation, in % (40) 98 60 Volatility, in % 4 105 26 of which 527 Discounted cash flow Credit spread, in bp 2 278 175 Recovery rate, in % 25 40 29 of which 24 Market comparable Price, in % 11 47 47 Long-term debt 12,501 of which structured notes over two years 12,259 of which 9,739 Option model Correlation, in % (60) 99 55 Volatility, in % 0 105 21 Buyback probability, in % 2 50 100 90 Gap risk, in % 3 0 2 1 Mean reversion, in % 4 (14) (1) (6) of which 1,571 Discounted cash flow Credit spread, in bp 2 729 105 Other liabilities 1,467 of which failed sales 223 of which 122 Market comparable Price, in % 0 100 51 of which 25 Discounted cash flow Credit spread, in bp 1,430 1,430 1,430 Total level 3 liabilities at fair value 18,540 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 Bank at the option of the investor over the remaining life of the financial instruments. 3 Risk of unexpected large declines in the underlying values occurring between collateral settlement dates. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. |
Own credit gains/(losses) on fair value option elected instruments recorded in AOCI | Gains/(losses) attributable to changes in instrument-specific credit risk on fair value option elected liabilities 1 Gains/(losses) recorded 1 in 2018 Cumulative 2017 2018 2017 Financial instruments (CHF million) Deposits 36 (21) (15) (6) 0 Short-term borrowings 6 (53) (63) 2 0 Long-term debt 1,520 (876) (1,768) 53 32 of which treasury debt over two years 676 132 (513) 0 0 of which structured notes over two years 774 (1,060) (1,246) 53 27 Total 1,562 (950) (1,846) 49 32 1 Amounts are reflected gross of tax. |
Fair value, unfunded commitments and term of redemption conditions | Fair value, unfunded commitments and term of redemption conditions of investment funds measured at NAV per share 2018 2017 Unfunded Unfunded Fair value of investment funds and unfunded commitments (CHF million) Debt funds 12 0 12 0 0 0 0 0 Equity funds 103 1,011 1 1,114 53 61 992 2 1,053 0 Equity funds sold short (8) (2) (10) 0 0 (9) (9) 0 Funds held in trading assets and trading liabilities 107 1,009 1,116 53 61 983 1,044 0 Debt funds 1 0 1 0 1 0 1 0 Equity funds 126 0 126 42 133 0 133 63 Real estate funds 214 0 214 34 178 0 178 44 Other private equity funds 24 5 29 29 31 0 31 16 Private equity funds 365 5 370 105 343 0 343 123 Debt funds 68 34 102 0 164 75 239 0 Equity funds 14 14 28 0 2 53 55 0 Other hedge funds 2 24 26 0 2 95 97 9 Hedge funds 84 72 3 156 0 168 223 4 391 9 Equity method investment funds 52 522 574 21 71 1,050 1,121 5 Funds held in other investments 501 599 1,100 126 582 1,273 1,855 137 Fair value of investment funds and unfunded commitments 608 5 1,608 2,216 179 7 643 5 2,256 6 2,899 137 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, 40% is redeemable on a monthly basis with a notice period primarily of more than 30 days, 13% is redeemable on a quarterly basis with a notice period primarily of more than 45 days and 1% is redeemable on an annual basis with a notice period primarily of less than 30 days. 2 54% of the redeemable fair value amount of equity funds is redeemable on demand with a notice period primarily of less than 30 days, 35% is redeemable on a monthly basis with a notice period primarily of less than 30 days, 9% is redeemable on a quarterly basis with a notice period primarily of more than 45 days and 2% is redeemable on an annual basis with a notice period primarily of more than 60 days. 3 65% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 60 days and 35% is redeemable on demand with a notice period primarily of less than 30 days. 4 51% of the redeemable fair value amount of hedge funds is redeemable on a quarterly basis with a notice period primarily of more than 45 days, 43% is redeemable on a monthly basis with a notice period primarily of less than 30 days and 6% is redeemable on demand with a notice period primarily of less than 30 days. 5 Includes CHF 102 million and CHF 229 million attributable to noncontrolling interests as of the end of 2018 and 2017, respectively. 6 Includes CHF 167 million attributable to noncontrolling interests as of the end of 2017. 7 Includes CHF 23 million and CHF 53 million attributable to noncontrolling interests as of the end of 2018 and 2017, respectively. |
Nonrecurring fair value changes | Assets measured at fair value on a nonrecurring basis end of 2018 2017 Assets held-for-sale recorded at fair value on a nonrecurring basis (CHF billion) Assets held-for-sale recorded at fair value on a nonrecurring basis 0.0 0.1 of which level 2 0.0 0.1 |
Fair Value, Option, Quantitative Disclosures [Table Text Block] | Difference between the aggregate fair value and the unpaid principal balances of fair value option-elected financial instruments 2018 2017 Aggregate Aggregate Aggregate Aggregate Financial instruments (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 81,818 81,637 181 77,498 76,643 855 Loans 14,873 15,441 (568) 15,307 15,372 (65) Other assets 1 6,706 9,240 (2,534) 8,468 10,910 (2,442) Due to banks and customer deposits (859) (778) (81) (907) (861) (46) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (14,828) (14,827) (1) (15,262) (15,180) (82) Short-term borrowings (8,068) (8,647) 579 (11,019) (11,104) 85 Long-term debt (63,027) (69,914) 6,887 (62,622) (62,813) 191 Other liabilities (2,068) (3,125) 1,057 (661) (1,716) 1,055 Non-performing and non-interest-earning loans 2 640 3,493 (2,853) 708 3,375 (2,667) 1 Primarily loans held-for-sale. 2 Included in loans or other assets. Gains and losses on financial instruments 2018 2017 2016 Net Net Net Financial instruments (CHF million) Interest-bearing deposits with banks 2 1 13 1 4 1 of which related to credit risk (10) 0 1 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 2,451 1 2,206 1,4 1,440 1 Other investments 241 3 215 2 214 2 of which related to credit risk (1) (4) (3) Loans 717 1 1,542 1 1,643 1 of which related to credit risk (296) 7 (16) Other assets 770 1 480 1 (507) 2 of which related to credit risk 61 96 (200) Due to banks and customer deposits (39) 2 1 2 (12) 1 of which related to credit risk (37) 5 (22) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (890) 1 (418) 1,4 (112) 1 Short-term borrowings 2,807 2 (512) 2 323 2 of which related to credit risk (5) (23) (4) Long-term debt 4,375 2 (6,615) 2 (1,136) 2 of which related to credit risk 7 (32) 22 Other liabilities 72 3 181 3 443 2 of which related to credit risk 4 88 312 1 Primarily recognized in net interest income. 2 Primarily recognized in trading revenues. 3 Primarily recognized in other revenues. 4 Prior period has been corrected. |
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 2018 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 35,277 0 35,243 35 35,278 Loans 274,440 0 275,105 7,047 282,152 Other financial assets 1 117,002 99,238 17,139 796 117,173 Financial liabilities Due to banks and deposits 376,741 197,320 179,448 0 376,768 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 9,795 0 9,795 0 9,795 Short-term borrowings 14,351 0 14,352 0 14,352 Long-term debt 90,406 0 89,707 854 90,561 Other financial liabilities 2 16,803 0 16,547 184 16,731 2017 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 37,848 0 37,848 0 37,848 Loans 264,181 0 268,380 3,212 271,592 Other financial assets 1,3 170,687 109,414 60,518 1,108 171,040 Financial liabilities Due to banks and deposits 374,006 202,164 171,831 0 373,995 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 11,233 0 11,233 0 11,233 Short-term borrowings 15,359 0 15,359 0 15,359 Long-term debt 109,420 0 112,564 235 112,799 Other financial liabilities 2,3 61,701 0 61,543 146 61,689 1 Primarily includes cash and due from banks, interest-bearing deposits with banks, loans held-for-sale, cash collateral on derivative instruments, interest and fee receivables and non-marketable equity securities. 2 Primarily includes cash collateral on derivative instruments and interest and fee payables. 3 2017 balances included brokerage receivables and payables, which, effective January 1, 2018, were no longer included due to the adoption of ASU 2016-01. |
Assets pledged and collateral (
Assets pledged and collateral (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Assets pledged and collateral | Assets pledged end of 2018 2017 CHF million Total assets pledged or assigned as collateral 117,895 130,038 of which encumbered 58,672 73,189 |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2018 2017 CHF million Fair value of collateral received with the right to sell or repledge 406,389 433,190 of which sold or repledged 193,267 212,155 |
Schedule of Other Assets Pledged and Collateral | Other information end of 2018 2017 CHF million Swiss National Bank required minimum liquidity reserves 2,042 2,043 Other cash and securities restricted under Swiss and foreign regulations for financial institutions 25,139 26,969 |
Bank | |
Assets pledged and collateral | Assets pledged end of 2018 2017 CHF million Total assets pledged or assigned as collateral 117,895 130,038 of which encumbered 58,672 73,189 |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2018 2017 CHF million Fair value of collateral received with the right to sell or repledge 406,389 433,190 of which sold or repledged 193,267 212,155 |
Schedule of Other Assets Pledged and Collateral | Other information end of 2018 2017 CHF million Swiss National Bank required minimum liquidity reserves 2,042 2,043 Other cash and securities restricted under Swiss and foreign regulations for financial institutions 24,681 26,928 |
Capital adequacy (Tables)
Capital adequacy (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
BIS statistics | Swiss metrics Phase-in end of 2018 2017 Swiss capital (CHF million) Swiss CET1 capital 35,719 36,567 Going concern capital 49,443 53,131 Gone concern capital 35,678 35,712 Total loss-absorbing capacity 85,121 88,843 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 285,193 273,436 Leverage exposure 881,386 919,053 Swiss capital ratios (%) Swiss CET1 ratio 12.5 13.4 Going concern capital ratio 17.3 19.4 Gone concern capital ratio 12.5 13.1 TLAC ratio 29.8 32.5 Swiss leverage ratios (%) Swiss CET1 leverage ratio 4.1 4.0 Going concern leverage ratio 5.6 5.8 Gone concern leverage ratio 4.0 3.9 TLAC leverage ratio 9.7 9.7 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 9.46 9.0 Going concern capital ratio requirement 12.86 12.0 Gone concern capital ratio requirement 8.9 6.2 TLAC ratio requirement 21.76 18.2 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 2.9 2.6 Going concern leverage ratio requirement 4.0 3.5 Gone concern leverage ratio requirement 3.0 2.0 TLAC leverage ratio requirement 7.0 5.5 |
Bank | |
BIS statistics | Swiss metrics Phase-in end of 2018 2017 Swiss capital (CHF million) Swiss CET1 capital 38,810 38,288 Going concern capital 51,634 53,995 Gone concern capital 35,683 35,771 Total loss-absorbing capacity (TLAC) 87,317 89,766 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 286,682 273,332 Leverage exposure 885,854 921,793 Swiss capital ratios (%) Swiss CET1 ratio 13.5 14.0 Going concern capital ratio 18.0 19.8 Gone concern capital ratio 12.4 13.1 TLAC ratio 30.5 32.8 Swiss leverage ratios (%) Swiss CET1 leverage ratio 4.4 4.2 Going concern leverage ratio 5.8 5.9 Gone concern leverage ratio 4.0 3.9 TLAC leverage ratio 9.9 9.7 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 9.46 9.0 Going concern capital ratio requirement 12.86 12.0 Gone concern capital ratio requirement 8.9 6.2 TLAC ratio requirement 21.76 18.2 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 2.9 2.6 Going concern leverage ratio requirement 4.0 3.5 Gone concern leverage ratio requirement 3.0 2.0 TLAC leverage ratio requirement 7.0 5.5 |
Assets under management (Tables
Assets under management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Assets under management and net new assets | Assets under management end of 2018 2017 CHF billion Assets in collective investment instruments managed by Credit Suisse 186.4 185.2 Assets with discretionary mandates 256.5 267.3 Other assets under management 904.4 923.6 Assets under management (including double counting) 1,347.3 1,376.1 of which double counting 44.2 46.2 Changes in assets under management 2018 2017 Assets under management (CHF billion) Balance at beginning of period 1 1,376.1 1,251.1 Net new assets/(net asset outflows) 56.5 37.8 Market movements, interest, dividends and foreign exchange (68.2) 86.7 of which market movements, interest and dividends 2 (55.1) 88.9 of which foreign exchange (13.1) (2.2) Other effects (17.1) 0.5 Balance at end of period 1,347.3 1,376.1 1 Including double counting. 2 Net of commissions and other expenses and net of interest expenses charged. |
Bank | |
Assets under management and net new assets | Assets under management end of 2018 2017 CHF billion Assets in collective investment instruments managed by Credit Suisse 178.3 177.4 Assets with discretionary mandates 256.5 267.3 Other assets under management 904.4 923.6 Assets under management (including double counting) 1,339.2 1,368.3 of which double counting 42.4 44.6 |
Changes in assets under management | Changes in assets under management 2018 2017 Assets under management (CHF billion) Balance at beginning of period 1 1,368.3 1,243.9 Net new assets/(net asset outflows) 56.0 36.2 Market movements, interest, dividends and foreign exchange (68.0) 87.6 of which market movements, interest and dividends 2 (54.8) 89.8 of which foreign exchange (13.2) (2.2) Other effects (17.1) 0.6 Balance at end of period 1,339.2 1,368.3 1 Including double counting. 2 Net of commissions and other expenses and net of interest expenses charged. |
Litigation (Tables)
Litigation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Litigation provisions | Litigation provisions 2018 CHF million Balance at beginning of period 749 Increase in litigation accruals 503 Decrease in litigation accruals (91) Decrease for settlements and other cash payments (481) Foreign exchange translation 1 Balance at end of period 681 |
Significant subsidiaries and _2
Significant subsidiaries and equity method investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant subsidiaries and equity method investments | Significant subsidiaries Nominal Equity End of 2018 Credit Suisse Group AG Credit Suisse AG Zurich, Switzerland CHF 4,399.7 100 Credit Suisse Insurance Linked Strategies Ltd Zurich, Switzerland CHF 0.2 100 Credit Suisse (Poland) SP. z o.o Warsaw, Poland PLN 20.0 100 Credit Suisse Services AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Trust AG Zurich, Switzerland CHF 5.0 100 Credit Suisse Trust Holdings Limited St. Peter Port, Guernsey GBP 2.0 100 CS LP Holding AG Zug, Switzerland CHF 0.1 100 Inreska Limited St. Peter Port, Guernsey GBP 3.0 100 Savoy Hotel Baur en Ville AG Zurich, Switzerland CHF 7.5 88 Credit Suisse AG Alpine Securitization LTD George Town, Cayman Islands USD 0.0 100 Asset Management Finance LLC Wilmington, United States USD 167.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 Casa de Bolsa Credit Suisse (México), S.A. de C.V. Mexico City, Mexico MXN 274.0 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 170.0 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Schweiz) AG Zurich, Switzerland CHF 100.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Brazil (Bahamas) Limited Nassau, Bahamas USD 70.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Significant subsidiaries (continued) Nominal Equity Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 3.0 100 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 550.0 100 Credit Suisse International London, United Kingdom USD 12,366.1 100 1 Credit Suisse InvestLab AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. Wilmington, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 625.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,131.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 0.0 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Fides Treasury Services AG Zurich, Switzerland CHF 2.0 100 JSC "Bank Credit Suisse (Moscow)" Moscow, Russia USD 37.8 100 Lime Residential Ltd Nassau, Bahamas USD 100.0 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, LLC Wilmington, United States USD 0.0 100 Neue Aargauer Bank AG Aarau, Switzerland CHF 134.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.0 100 SVC - AG für KMU Risikokapital Zurich, Switzerland CHF 15.0 100 PT Credit Suisse Sekuritas Indonesia Jakarta, Indonesia IDR 235,000.0 99 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 98 1 98% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity Credit Suisse Group AG Credit Suisse Group Finance (Guernsey) Limited St. Peter Port, Guernsey 100 1 Credit Suisse Group Funding (Guernsey) Limited St. Peter Port, Guernsey 100 1 SECB Swiss Euro Clearing Bank GmbH 2 Frankfurt, Germany 25 Credit Suisse AG Swisscard AECS GmbH Horgen, Switzerland 50 Credit Suisse Founder Securities Limited Beijing, China 33 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 23 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 20 York Capital Management Global Advisors, LLC New York, United States 5 3 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 0 3 1 Deconsolidated under US GAAP as the Group is not the primary beneficiary. 2 Sold on January 31, 2019. 3 The Group holds a significant noncontrolling interest. |
Bank | |
Significant subsidiaries and equity method investments | Significant subsidiaries Nominal Equity End of 2018 Credit Suisse AG Alpine Securitization LTD George Town, Cayman Islands USD 0.0 100 Asset Management Finance LLC Wilmington, United States USD 167.8 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (México), S.A. Mexico City, Mexico MXN 1,716.7 100 Banco de Investimentos Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 164.8 100 BANK-now AG Horgen, Switzerland CHF 30.0 100 Boston Re Ltd. Hamilton, Bermuda USD 2.0 100 Casa de Bolsa Credit Suisse (México), S.A. de C.V. Mexico City, Mexico MXN 274.0 100 Column Financial, Inc. Wilmington, United States USD 0.0 100 Credit Suisse (Australia) Limited Sydney, Australia AUD 34.1 100 Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliários São Paulo, Brazil BRL 98.4 100 Credit Suisse (Deutschland) Aktiengesellschaft Frankfurt, Germany EUR 130.0 100 Credit Suisse (Hong Kong) Limited Hong Kong, China HKD 13,758.0 100 Credit Suisse (Italy) S.p.A. Milan, Italy EUR 170.0 100 Credit Suisse (Luxembourg) S.A. Luxembourg, Luxembourg CHF 230.9 100 Credit Suisse (Qatar) LLC Doha, Qatar USD 29.0 100 Credit Suisse (Schweiz) AG Zurich, Switzerland CHF 100.0 100 Credit Suisse (Singapore) Limited Singapore, Singapore SGD 743.3 100 Credit Suisse (UK) Limited London, United Kingdom GBP 245.2 100 Credit Suisse (USA), Inc. Wilmington, United States USD 0.0 100 Credit Suisse Asset Management (UK) Holding Limited London, United Kingdom GBP 144.2 100 Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH Frankfurt, Germany EUR 6.1 100 Credit Suisse Asset Management International Holding Ltd Zurich, Switzerland CHF 20.0 100 Credit Suisse Asset Management Investments Ltd Zurich, Switzerland CHF 0.1 100 Credit Suisse Asset Management Limited London, United Kingdom GBP 45.0 100 Credit Suisse Asset Management, LLC Wilmington, United States USD 1,086.8 100 Credit Suisse Atlas I Investments (Luxembourg) S.à.r.l. Luxembourg, Luxembourg USD 0.0 100 Credit Suisse Brazil (Bahamas) Limited Nassau, Bahamas USD 70.0 100 Credit Suisse Business Analytics (India) Private Limited Mumbai, India INR 40.0 100 Credit Suisse Capital LLC Wilmington, United States USD 937.6 100 Credit Suisse Energy LLC Wilmington, United States USD 0.0 100 Credit Suisse Equities (Australia) Limited Sydney, Australia AUD 62.5 100 Credit Suisse Finance (India) Private Limited Mumbai, India INR 1,050.1 100 Credit Suisse First Boston (Latam Holdings) LLC George Town, Cayman Islands USD 23.8 100 Credit Suisse First Boston Finance B.V. Amsterdam, The Netherlands EUR 0.0 100 Credit Suisse First Boston Mortgage Capital LLC Wilmington, United States USD 356.6 100 Credit Suisse First Boston Next Fund, Inc. Wilmington, United States USD 10.0 100 Credit Suisse Fund Management S.A. Luxembourg, Luxembourg CHF 0.3 100 Significant subsidiaries (continued) Nominal Equity Credit Suisse Fund Services (Luxembourg) S.A. Luxembourg, Luxembourg CHF 1.5 100 Credit Suisse Funds AG Zurich, Switzerland CHF 7.0 100 Credit Suisse Group Finance (U.S.) Inc. Wilmington, United States USD 100.0 100 Credit Suisse Hedging-Griffo Corretora de Valores S.A. São Paulo, Brazil BRL 29.6 100 Credit Suisse Holding Europe (Luxembourg) S.A. Luxembourg, Luxembourg CHF 32.6 100 Credit Suisse Holdings (Australia) Limited Sydney, Australia AUD 3.0 100 Credit Suisse Holdings (USA), Inc. Wilmington, United States USD 550.0 100 Credit Suisse InvestLab AG Zurich, Switzerland CHF 1.0 100 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 6.8 100 Credit Suisse Leasing 92A, L.P. Wilmington, United States USD 43.9 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 1.0 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 0.0 100 Credit Suisse Management LLC Wilmington, United States USD 896.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 263.3 100 Credit Suisse Private Equity, LLC Wilmington, United States USD 42.2 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 625.0 100 Credit Suisse Securities (Canada), Inc. Toronto, Canada CAD 3.4 100 Credit Suisse Securities (Europe) Limited London, United Kingdom USD 3,859.3 100 Credit Suisse Securities (Hong Kong) Limited Hong Kong, China HKD 2,080.9 100 Credit Suisse Securities (India) Private Limited Mumbai, India INR 2,214.7 100 Credit Suisse Securities (Japan) Limited Tokyo, Japan JPY 78,100.0 100 Credit Suisse Securities (Johannesburg) Proprietary Limited Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Moscow) Moscow, Russia RUB 97.1 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 1,131.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 0.0 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 CSAM Americas Holding Corp. Wilmington, United States USD 0.0 100 DLJ Merchant Banking Funding, Inc Wilmington, United States USD 0.0 100 DLJ Mortgage Capital, Inc. Wilmington, United States USD 0.0 100 Fides Treasury Services AG Zurich, Switzerland CHF 2.0 100 JSC "Bank Credit Suisse (Moscow)" Moscow, Russia USD 37.8 100 Lime Residential Ltd Nassau, Bahamas USD 100.0 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Merchant Holding, LLC Wilmington, United States USD 0.0 100 Neue Aargauer Bank AG Aarau, Switzerland CHF 134.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SPS Holding Corporation Wilmington, United States USD 0.0 100 SVC - AG für KMU Risikokapital Zurich, Switzerland CHF 15.0 100 PT Credit Suisse Sekuritas Indonesia Jakarta, Indonesia IDR 235,000.0 99 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 98 Credit Suisse International London, United Kingdom USD 12,366.1 98 1 1 Remaining 2% held directly by Credit Suisse Group AG. 98% of voting rights and 98% of equity interest held by Credit Suisse AG. Significant equity method investments Equity End of 2018 Credit Suisse AG Swisscard AECS GmbH Horgen, Switzerland 50 Credit Suisse Founder Securities Limited Beijing, China 33 E.L. & C. Baillieu Stockbroking (Holdings) Pty Ltd Melbourne, Australia 23 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 20 York Capital Management Global Advisors, LLC New York, United States 5 1 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 0 1 1 The Bank holds a significant noncontrolling interest. |
Subsidiary guarantee informat_2
Subsidiary guarantee information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subsidiary guarantee information | |
Condensed Financial Statements [Table Text Block] | Condensed consolidating statements of operations Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 4,086 15,537 19,623 932 (942) 19,613 Interest expense (4,210) (8,288) (12,498) (983) 877 (12,604) Net interest income (124) 7,249 7,125 (51) (65) 7,009 Commissions and fees 3,725 8,017 11,742 26 122 11,890 Trading revenues 474 (18) 456 88 80 624 Other revenues 2,006 (509) 1,497 2,020 2 (2,120) 1,397 Net revenues 6,081 14,739 20,820 2,083 (1,983) 20,920 Provision for credit losses (1) 246 245 0 0 245 Compensation and benefits 2,653 6,211 8,864 58 698 9,620 General and administrative expenses 1,944 5,124 7,068 0 (1,270) 5,798 Commission expenses 229 1,030 1,259 0 0 1,259 Restructuring expenses 237 291 528 0 98 626 Total other operating expenses 2,410 6,445 8,855 0 (1,172) 7,683 Total operating expenses 5,063 12,656 17,719 58 (474) 17,303 Income/(loss) before taxes 1,019 1,837 2,856 2,025 (1,509) 3,372 Income tax expense 261 873 1,134 1 226 1,361 Net income/(loss) 758 964 1,722 2,024 (1,735) 2,011 Net income/(loss) attributable to noncontrolling interests 6 (13) (7) 0 (6) (13) Net income/(loss) attributable to shareholders 752 977 1,729 2,024 (1,729) 2,024 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 Comprehensive income (CHF million) Net income/(loss) 758 964 1,722 2,024 (1,735) 2,011 Gains/(losses) on cash flow hedges 0 (7) (7) (3) 0 (10) Foreign currency translation 142 (463) (321) (11) 7 (325) Unrealized gains/(losses) on securities 0 (18) (18) 0 1 (17) Actuarial gains/(losses) 22 9 31 0 (422) (391) Net prior service credit/(cost) 0 (10) (10) 0 (125) (135) Gains/(losses) on liabilities related to credit risk 28 1,414 1,442 83 129 1,654 Other comprehensive income/(loss), net of tax 192 925 1,117 69 (410) 776 Comprehensive income/(loss) 950 1,889 2,839 2,093 (2,145) 2,787 Comprehensive income/(loss) attributable to noncontrolling interests 6 (9) (3) 0 (12) (15) Comprehensive income/(loss) attributable to shareholders 944 1,898 2,842 2,093 (2,133) 2,802 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 5,294 11,767 17,061 577 (581) 17,057 Interest expense (4,437) (5,932) (10,369) (632) 501 (10,500) Net interest income 857 5,835 6,692 (55) (80) 6,557 Commissions and fees 3,756 7,916 11,672 28 117 11,817 Trading revenues (23) 1,323 1,300 (55) 72 1,317 Other revenues 942 359 1,301 (911) 2 819 1,209 Net revenues 5,532 15,433 20,965 (993) 928 20,900 Provision for credit losses 4 206 210 0 0 210 Compensation and benefits 3,066 6,898 9,964 74 329 10,367 General and administrative expenses 1,929 5,484 7,413 (80) (688) 6,645 Commission expenses 255 1,174 1,429 3 (2) 1,430 Restructuring expenses 173 223 396 0 59 455 Total other operating expenses 2,357 6,881 9,238 (77) (631) 8,530 Total operating expenses 5,423 13,779 19,202 (3) (302) 18,897 Income/(loss) before taxes 105 1,448 1,553 (990) 1,230 1,793 Income tax expense/(benefit) (42) 2,823 2,781 (7) (33) 2,741 Net income/(loss) 147 (1,375) (1,228) (983) 1,263 (948) Net income attributable to noncontrolling interests 11 16 27 0 8 35 Net income/(loss) attributable to shareholders 136 (1,391) (1,255) (983) 1,255 (983) 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 Comprehensive income (CHF million) Net income/(loss) 147 (1,375) (1,228) (983) 1,263 (948) Gains/(losses) on cash flow hedges 0 (35) (35) 8 0 (27) Foreign currency translation (756) (259) (1,015) 1 (17) (1,031) Unrealized gains/(losses) on securities 0 (13) (13) 0 0 (13) Actuarial gains/(losses) (7) 28 21 0 674 695 Net prior service credit/(cost) 0 0 0 0 (121) (121) Gains/(losses) on liabilities related to credit risk (33) (1,651) (1,684) (188) (104) (1,976) Other comprehensive income/(loss), net of tax (796) (1,930) (2,726) (179) 432 (2,473) Comprehensive income/(loss) (649) (3,305) (3,954) (1,162) 1,695 (3,421) Comprehensive income/(loss) attributable to noncontrolling interests 24 (33) (9) 0 37 28 Comprehensive income/(loss) attributable to shareholders (673) (3,272) (3,945) (1,162) 1,658 (3,449) 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of operations (continued) Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 5,697 11,678 17,375 284 (285) 17,374 Interest expense (3,750) (6,031) (9,781) (338) 307 (9,812) Net interest income 1,947 5,647 7,594 (54) 22 7,562 Commissions and fees 3,582 7,356 10,938 27 127 11,092 Trading revenues (1,192) 1,563 371 (21) (37) 313 Other revenues 830 660 1,490 (2,684) 2 2,550 1,356 Net revenues 5,167 15,226 20,393 (2,732) 2,662 20,323 Provision for credit losses (5) 257 252 0 0 252 Compensation and benefits 3,235 7,542 10,777 57 (182) 10,652 General and administrative expenses 4,474 5,411 9,885 (88) (107) 9,690 Commission expenses 259 1,196 1,455 1 (1) 1,455 Restructuring expenses 209 304 513 0 27 540 Total other operating expenses 4,942 6,911 11,853 (87) (81) 11,685 Total operating expenses 8,177 14,453 22,630 (30) (263) 22,337 Income/(loss) before taxes (3,005) 516 (2,489) (2,702) 2,925 (2,266) Income tax expense/(benefit) (228) 628 400 8 33 441 Net income/(loss) (2,777) (112) (2,889) (2,710) 2,892 (2,707) Net income/(loss) attributable to noncontrolling interests 157 (163) (6) 0 9 3 Net income/(loss) attributable to shareholders (2,934) 51 (2,883) (2,710) 2,883 (2,710) 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 Comprehensive income (CHF million) Net income/(loss) (2,777) (112) (2,889) (2,710) 2,892 (2,707) Gains/(losses) on cash flow hedges 0 (22) (22) 2 0 (20) Foreign currency translation 604 (106) 498 7 10 515 Unrealized gains/(losses) on securities 0 1 1 0 0 1 Actuarial gains/(losses) 49 161 210 0 184 394 Net prior service credit/(cost) 0 0 0 0 36 36 Gains/(losses) on liabilities related to credit risk (64) (1,018) (1,082) 67 (28) (1,043) Other comprehensive income/(loss), net of tax 589 (984) (395) 76 202 (117) Comprehensive income/(loss) (2,188) (1,096) (3,284) (2,634) 3,094 (2,824) Comprehensive income/(loss) attributable to noncontrolling interests 151 (140) 11 0 (13) (2) Comprehensive income/(loss) attributable to shareholders (2,339) (956) (3,295) (2,634) 3,107 (2,822) 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets Bank 1 Assets (CHF million) Cash and due from banks 2,540 96,774 99,314 324 409 100,047 Interest-bearing deposits with banks 22 1,052 1,074 498 (430) 1,142 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 35,640 81,455 117,095 0 0 117,095 Securities received as collateral 4,751 36,945 41,696 0 0 41,696 Trading assets 28,034 104,393 132,427 0 (224) 132,203 Investment securities 1,307 1,602 2,909 23,456 (23,454) 2,911 Other investments 826 3,998 4,824 48,030 (47,964) 4,890 Net loans 12,263 280,612 292,875 0 (5,294) 287,581 Premises and equipment 1,072 3,458 4,530 0 308 4,838 Goodwill 727 3,329 4,056 0 710 4,766 Other intangible assets 200 19 219 0 0 219 Brokerage receivables 20,772 18,135 38,907 0 0 38,907 Other assets 11,895 20,248 32,143 547 (69) 32,621 Total assets 120,049 652,020 772,069 72,855 (76,008) 768,916 Liabilities and equity (CHF million) Due to banks 59 15,161 15,220 1,364 (1,364) 15,220 Customer deposits 0 365,263 365,263 0 (1,338) 363,925 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 6,296 18,327 24,623 0 0 24,623 Obligation to return securities received as collateral 4,751 36,945 41,696 0 0 41,696 Trading liabilities 8,693 33,478 42,171 0 (2) 42,169 Short-term borrowings 9,679 12,740 22,419 0 (493) 21,926 Long-term debt 47,074 106,359 153,433 27,112 (26,237) 154,308 Brokerage payables 17,452 13,471 30,923 0 0 30,923 Other liabilities 9,995 20,332 30,327 457 (677) 30,107 Total liabilities 103,999 622,076 726,075 28,933 (30,111) 724,897 Total shareholders' equity 15,971 29,325 45,296 43,922 (45,296) 43,922 Noncontrolling interests 79 619 698 0 (601) 97 Total equity 16,050 29,944 45,994 43,922 (45,897) 44,019 Total liabilities and equity 120,049 652,020 772,069 72,855 (76,008) 768,916 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 Assets (CHF million) Cash and due from banks 3,058 106,452 109,510 516 (211) 109,815 Interest-bearing deposits with banks 32 689 721 493 (488) 726 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 58,212 57,134 115,346 0 0 115,346 Securities received as collateral 5,422 32,652 38,074 0 0 38,074 Trading assets 24,602 132,172 156,774 0 (440) 156,334 Investment securities 245 1,944 2,189 15,612 (15,610) 2,191 Other investments 902 4,991 5,893 45,517 (45,446) 5,964 Net loans 12,456 270,781 283,237 0 (4,088) 279,149 Premises and equipment 1,001 3,444 4,445 0 241 4,686 Goodwill 722 3,314 4,036 0 706 4,742 Other intangible assets 195 28 223 0 0 223 Brokerage receivables 19,717 27,251 46,968 0 0 46,968 Other assets 11,217 19,739 30,956 389 726 32,071 Total assets 137,781 660,591 798,372 62,527 (64,610) 796,289 Liabilities and equity (CHF million) Due to banks 270 15,141 15,411 755 (753) 15,413 Customer deposits 1 362,302 362,303 0 (1,141) 361,162 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 15,352 11,144 26,496 0 0 26,496 Obligation to return securities received as collateral 5,422 32,652 38,074 0 0 38,074 Trading liabilities 6,549 32,583 39,132 0 (13) 39,119 Short-term borrowings 12,224 14,154 26,378 0 (489) 25,889 Long-term debt 50,396 121,646 172,042 19,357 (18,367) 173,032 Brokerage payables 21,585 21,718 43,303 0 0 43,303 Other liabilities 10,454 21,229 31,683 513 (584) 31,612 Total liabilities 122,253 632,569 754,822 20,625 (21,347) 754,100 Total shareholders' equity 15,409 27,261 42,670 41,902 (42,670) 41,902 Noncontrolling interests 119 761 880 0 (593) 287 Total equity 15,528 28,022 43,550 41,902 (43,263) 42,189 Total liabilities and equity 137,781 660,591 798,372 62,527 (64,610) 796,289 1 Includes eliminations and consolidation adjustments. Condensed consolidating statements of cash flows Bank 1 Operating activities (CHF million) Net cash provided by/(used in) operating activities (8,424) 20,835 12,411 (215) 2 564 12,760 Investing activities (CHF million) (Increase)/decrease in interest-bearing deposits with banks 11 (375) (364) (5) (58) (427) (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 22,936 (24,308) (1,372) 0 0 (1,372) Purchase of investment securities 0 (683) (683) (8,793) 8,793 (683) Proceeds from sale of investment securities 0 255 255 0 0 255 Maturities of investment securities 278 575 853 290 (290) 853 Investments in subsidiaries and other investments (99) (447) (546) (10) 9 (547) Proceeds from sale of other investments 540 1,230 1,770 4 (2) 1,772 (Increase)/decrease in loans 310 (14,011) (13,701) 0 1,201 (12,500) Proceeds from sales of loans 0 5,981 5,981 0 (1) 5,980 Capital expenditures for premises and equipment and other intangible assets (307) (682) (989) 0 (106) (1,095) Proceeds from sale of premises and equipment and other intangible assets 0 80 80 0 (50) 30 Other, net 5 337 342 0 0 342 Net cash provided by/(used in) investing activities 23,674 (32,048) (8,374) (8,514) 9,496 (7,392) Financing activities (CHF million) Increase/(decrease) in due to banks and customer deposits (213) 2,219 2,006 609 (807) 1,808 Increase/(decrease) in short-term borrowings (1,298) (1,687) (2,985) 0 (5) (2,990) Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (9,127) 7,075 (2,052) 0 0 (2,052) Issuances of long-term debt 119,547 (86,239) 33,308 8,805 (8,941) 33,172 Repayments of long-term debt (124,405) 80,547 (43,858) (290) 297 (43,851) Sale of treasury shares 0 0 0 0 11,693 11,693 Repurchase of treasury shares 0 0 0 (757) (11,684) (12,441) Dividends paid (2) (13) (15) (661) 10 (666) Other, net (300) (357) (657) 829 9 181 Net cash provided by/(used in) financing activities (15,798) 1,545 (14,253) 8,535 (9,428) (15,146) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 30 (10) 20 2 (12) 10 Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (518) (9,678) (10,196) (192) 620 (9,768) Cash and due from banks at beginning of period 3 3,058 106,452 109,510 516 (211) 109,815 Cash and due from banks at end of period 3 2,540 96,774 99,314 324 409 100,047 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 10 million and CHF 6 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. 3 Includes restricted cash. Condensed consolidating statements of cash flows (continued) Bank 1 Operating activities (CHF million) Net cash provided by/(used in) operating activities 7,840 (16,330) (8,490) (142) 2 90 (8,542) Investing activities (CHF million) (Increase)/decrease in interest-bearing deposits with banks 0 40 40 (488) 488 40 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 20,626 (6,340) 14,286 0 0 14,286 Purchase of investment securities 0 (86) (86) (5,673) 5,673 (86) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 104 318 422 0 0 422 Investments in subsidiaries and other investments (206) (888) (1,094) (4,101) 4,101 (1,094) Proceeds from sale of other investments 488 1,479 1,967 0 3 1,970 (Increase)/decrease in loans 3,131 (17,910) (14,779) (5,336) 6,441 (13,674) Proceeds from sales of loans 0 9,938 9,938 0 0 9,938 Capital expenditures for premises and equipment and other intangible assets (295) (655) (950) 0 (118) (1,068) Proceeds from sale of premises and equipment and other intangible assets 2 58 60 0 (59) 1 Other, net 41 24 65 0 0 65 Net cash provided by/(used in) investing activities 23,891 (14,008) 9,883 (15,598) 16,529 10,814 Financing activities (CHF million) Increase/(decrease) in due to banks and customer deposits 191 2,996 3,187 (2,189) 2,425 3,423 Increase/(decrease) in short-term borrowings (4,113) 9,620 5,507 0 (489) 5,018 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (37,382) 32,131 (5,251) 0 0 (5,251) Issuances of long-term debt 30,223 13,344 43,567 14,035 (14,046) 43,556 Repayments of long-term debt (19,174) (43,470) (62,644) 0 90 (62,554) Issuances of common shares 0 0 0 4,253 0 4,253 Sale of treasury shares 0 0 0 0 12,034 12,034 Repurchase of treasury shares 0 0 0 (630) (12,127) (12,757) Dividends paid (9) (4) (13) (584) 7 (590) Other, net (780) 4,315 3,535 433 (3,891) 77 Net cash provided by/(used in) financing activities (31,044) 18,932 (12,112) 15,318 (15,997) (12,791) Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (120) (717) (837) 0 10 (827) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 567 (12,123) (11,556) (422) 632 (11,346) Cash and due from banks at beginning of period 3 2,491 118,575 121,066 938 (843) 121,161 Cash and due from banks at end of period 3 3,058 106,452 109,510 516 (211) 109,815 1 Includes eliminations and consolidation adjustments. 2 Consists of dividend payments from Group companies of CHF 10 million and CHF 14 million from bank and non-bank subsidiaries, respectively, and other cash items from parent company operations such as Group financing. 3 Includes restricted cash. Condensed consolidating statements of cash flows (continued) Bank 1 Operating activities (CHF million) Net cash provided by/(used in) operating activities 9,618 17,390 27,008 (22) 2 (211) 26,775 Investing activities (CHF million) (Increase)/decrease in interest-bearing deposits with banks (3,320) 3,437 117 0 0 117 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 18,365 (25,421) (7,056) 0 0 (7,056) Purchase of investment securities 0 (88) (88) 0 0 (88) Proceeds from sale of investment securities 0 14 14 0 0 14 Maturities of investment securities 199 164 363 0 0 363 Investments in subsidiaries and other investments (355) (1,002) (1,357) (710) 664 (1,403) Proceeds from sale of other investments 2,067 (374) 1,693 0 44 1,737 (Increase)/decrease in loans 3,038 (7,259) (4,221) 15 461 (3,745) Proceeds from sales of loans 0 2,468 2,468 0 0 2,468 Capital expenditures for premises and equipment and other intangible assets (329) (835) (1,164) 0 0 (1,164) Proceeds from sale of premises and equipment and other intangible assets 50 5 55 0 0 55 Other, net 27 723 750 0 (1) 749 Net cash provided by/(used in) investing activities 19,742 (28,168) (8,426) (695) 1,168 (7,953) Financing activities (CHF million) Increase/(decrease) in due to banks and customer deposits 20 10,217 10,237 792 (762) 10,267 Increase/(decrease) in short-term borrowings (5,781) 12,375 6,594 (300) 300 6,594 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (23,838) 9,313 (14,525) 0 0 (14,525) Issuances of long-term debt 1 52,943 52,944 0 40 52,984 Repayments of long-term debt (2,993) (44,139) (47,132) 0 0 (47,132) Issuances of common shares 0 0 0 725 0 725 Sale of treasury shares 0 0 0 323 15,844 16,167 Repurchase of treasury shares 0 0 0 (455) (15,742) (16,197) Dividends paid (1) (144) (145) (493) 145 (493) Other, net (143) 1,187 1,044 93 (760) 377 Net cash provided by/(used in) financing activities (32,735) 41,752 9,017 685 (935) 8,767 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks 67 1,146 1,213 28 3 1,244 Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (3,308) 32,120 28,812 (4) 25 28,833 Cash and due from banks at beginning of period 3 5,799 86,455 92,254 942 (868) 92,328 Cash and due from banks at end of period 3 2,491 118,575 121,066 938 (843) 121,161 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. 3 Includes restricted cash. |
Summary of significant accoun_3
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2018daymonthyear | |
Accounting Policies [Line Items] | |
Voting rights percentage threshold used to consolidate subsidiaries | 50.00% |
Classification of cash equivalents, original maturities period (in months) | month | 3 |
Discontinued hedge, expected period beyond contract date for forecasted transaction to not occur while carried at fair value (in months) | month | 2 |
Equity method of accounting, low end of range of voting interest (as a percent) | 20.00% |
Equity method of accounting, high end of range of voting interest (as a percent) | 50.00% |
Equity method of accounting for limited partnership interests, threshold voting interest (as a percent) | 5.00% |
Real estate held for investment purposes, useful life, low end of range (in years) | year | 40 |
Real estate held for investment purposes, useful life, high end of range (in years) | year | 67 |
Actuarial gains and losses threshold over the PBO or market value of plan assets which is amortized (as a percent) | 10.00% |
Non-performing loan classification, past due (in days) | 90 |
Non-performing loan classification subprime residential loans, past due (in days) | 120 |
Non-performing subprime residential loans typical period for transferring servicing (in days) | 30 |
Summary of significant accoun_4
Summary of significant accounting policies - Useful lives (Details 2) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings | Minimum | |
Premises and equipment disclosures | |
Useful life | 40 years |
Buildings | Maximum | |
Premises and equipment disclosures | |
Useful life | 67 years |
Building improvements | Minimum | |
Premises and equipment disclosures | |
Useful life | 5 years |
Building improvements | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years |
Other leasehold improvements | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years |
Rented premises improvements | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years |
Other tangible fixed assets | Minimum | |
Premises and equipment disclosures | |
Useful life | 3 years |
Other tangible fixed assets | Maximum | |
Premises and equipment disclosures | |
Useful life | 10 years |
Capitalized software | Maximum | |
Premises and equipment disclosures | |
Useful life | 7 years |
Recently issued accounting st_2
Recently issued accounting standards (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | Jan. 01, 2018 | Jan. 01, 2016 | |
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||||||
Net revenues | SFr 20,920 | SFr 20,900 | SFr 20,323 | |||
Total operating expenses | 17,303 | 18,897 | 22,337 | |||
Compensation and benefits | 9,620 | 10,367 | 10,652 | |||
General and administrative expenses | 5,798 | 6,645 | 9,690 | |||
Retained Earnings (Accumulated Deficit) | 26,973 | 24,973 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (17,981) | (18,738) | ||||
Accounting Standards Update 2014-09 [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | SFr (45) | |||||
Accounting Standards Update 2016-01 [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||||||
Retained Earnings (Accumulated Deficit) | 21 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (21) | |||||
Accounting Standards Update 2016-01 [Member] | Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||||||
Retained Earnings (Accumulated Deficit) | SFr (475) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | SFr 475 | |||||
Accounting Standards Update 2016-18 [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | SFr 0 | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||||||
Retained Earnings (Accumulated Deficit) | SFr 200 | |||||
Accounting Standards Update 2016-02 [Member] | Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||
Assets and Liabilities, Lessee [Abstract] | ||||||
Finance Lease, Right-of-Use Asset | 3,300 | |||||
Operating Lease, Liability | 3,500 | |||||
Accounting Standards Update 2017-07 [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||||||
Compensation and benefits | 190 | 80 | ||||
General and administrative expenses | (190) | (80) | ||||
Accounting Standards Update 2018-02 [Member] | Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||||||
Retained Earnings (Accumulated Deficit) | 64 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (64) | |||||
Accounting Standards Update 2018-16 [Member] | Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | SFr 0 | |||||
Bank | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Retrospective Adjustments [Abstract] | ||||||
Net revenues | 20,820 | 20,965 | 20,393 | |||
Total operating expenses | 17,719 | 19,202 | 22,630 | |||
Compensation and benefits | 8,864 | 9,964 | 10,777 | |||
General and administrative expenses | 7,068 | 7,413 | SFr 9,885 | |||
Retained Earnings (Accumulated Deficit) | 10,179 | 8,484 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | SFr (14,840) | SFr (15,932) |
Business developments (Details)
Business developments (Details) - shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition | |||||
Issued shares (in shares) | 2,556,011,720 | 2,556,011,720 | 2,089,897,378 | 1,957,379,244 | |
Bank | |||||
Business Acquisition | |||||
Issued shares (in shares) | [1] | 4,399,680,200 | 4,399,680,200 | ||
[1] | The Bank's total share capital is fully paid and consists of 4'399'680'200 registered shares as of December 31, 2018. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding. |
Business developments - Share t
Business developments - Share transactions (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Subsidiary, Sale of Stock [Line Items] | |||
Issuances of common shares | SFr 0 | SFr 4,253 | SFr 725 |
Bank | |||
Subsidiary, Sale of Stock [Line Items] | |||
Issuances of common shares | SFr 0 | SFr 0 |
Business developments - Registe
Business developments - Registered shares (Details 3) - CHF (SFr) shares in Millions, SFr in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Aug. 24, 2018 | Aug. 01, 2018 | Dec. 31, 2017 | Nov. 04, 2013 | |
Chase Nominees Ltd. | Shareholder registered in share register [Member] | |||||
Related party disclosures | |||||
Shares held by related party | 388 | 329 | |||
Investment Owned, Face Amount | SFr 16 | SFr 13 | |||
Portion of registered Group shares held by related party (as a percent) | 15.19% | 12.88% | |||
Investment Owned, Investment Additional Information | Nominee holdings exceeding 2% are registered with a right to vote only if the nominee confirms that no individual shareholder holds more than 0.5% of the outstanding share capital or if the nominee discloses the identity of any beneficial owner holding more than 0.5% of the outstanding capital. | ||||
Qatar Holding LLC | |||||
Related party disclosures | |||||
Shares held by related party | 133.2 | ||||
Portion of registered Group shares held by related party (as a percent) | 5.21% | ||||
Harris Associates LP | |||||
Related party disclosures | |||||
Shares held by related party | 81.5 | ||||
Portion of registered Group shares held by related party (as a percent) | 5.17% | ||||
Nortrust Nominees Ltd. | Shareholder registered in share register [Member] | |||||
Related party disclosures | |||||
Shares held by related party | 149 | 140 | |||
Investment Owned, Face Amount | SFr 6 | SFr 6 | |||
Portion of registered Group shares held by related party (as a percent) | 5.84% | 5.49% | |||
Harris Associates Investment Trust | |||||
Related party disclosures | |||||
Portion of registered Group shares held by related party (as a percent) | 4.97% |
Business developments - Subsequ
Business developments - Subsequent events (Details 4) - CHF (SFr) SFr in Millions | 1 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | ||
Subsequent Event, Description | In March 2019, the Group reached a tentative settlement related to an existing dispute. As a result, the Group increased its 2018 litigation provision by CHF 33 million in the Corporate & Institutional Banking business within the Swiss Universal Bank division and decreased its estimate of the aggregate range of reasonable possible losses not covered by existing provisions from zero to CHF 1.5 billion to zero to CHF 1.4 billion. | |
Pending Litigation | ||
Subsequent Event [Line Items] | ||
Increases in litigation accruals | SFr 503 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Increases in litigation accruals | SFr 33 |
Segment information - Income st
Segment information - Income statement related (Details) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018CHF (SFr)BusinessDivision | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | |
Segment Reporting Information | |||
Net revenues | SFr 20,920 | SFr 20,900 | SFr 20,323 |
Number of segments | BusinessDivision | 6 | ||
Income/(loss) before taxes | SFr 3,372 | 1,793 | (2,266) |
Switzerland | |||
Segment Reporting Information | |||
Net revenues | 7,646 | 7,775 | 8,426 |
Income/(loss) before taxes | 1,924 | 1,736 | 2,111 |
EMEA | |||
Segment Reporting Information | |||
Net revenues | 1,686 | 1,231 | 2,064 |
Income/(loss) before taxes | (2,082) | (2,769) | (2,460) |
Americas | |||
Segment Reporting Information | |||
Net revenues | 8,731 | 8,928 | 7,217 |
Income/(loss) before taxes | 3,452 | 2,746 | (1,573) |
Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 2,857 | 2,966 | 2,616 |
Income/(loss) before taxes | 78 | 80 | (344) |
Operating Segments [Member] | Swiss Universal Bank | |||
Segment Reporting Information | |||
Net revenues | 5,564 | 5,396 | 5,759 |
Income/(loss) before taxes | 2,125 | 1,765 | 2,025 |
Operating Segments [Member] | International Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 5,414 | 5,111 | 4,698 |
Income/(loss) before taxes | 1,705 | 1,351 | 1,121 |
Operating Segments [Member] | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 3,393 | 3,504 | 3,597 |
Income/(loss) before taxes | 664 | 729 | 725 |
Operating Segments [Member] | Global Markets | |||
Segment Reporting Information | |||
Net revenues | 4,980 | 5,551 | 5,497 |
Income/(loss) before taxes | 154 | 450 | 48 |
Operating Segments [Member] | Investment Banking & Capital Markets | |||
Segment Reporting Information | |||
Net revenues | 2,177 | 2,139 | 1,972 |
Income/(loss) before taxes | 344 | 369 | 261 |
Operating Segments [Member] | Strategic Resolution Unit | |||
Segment Reporting Information | |||
Net revenues | (708) | (886) | (1,271) |
Income/(loss) before taxes | (1,381) | (2,135) | (5,759) |
Corporate Center | |||
Segment Reporting Information | |||
Net revenues | 100 | 85 | 71 |
Income/(loss) before taxes | (239) | (736) | (687) |
Bank | |||
Segment Reporting Information | |||
Net revenues | 20,820 | 20,965 | 20,393 |
Income/(loss) before taxes | 2,856 | 1,553 | (2,489) |
Bank | Switzerland | |||
Segment Reporting Information | |||
Net revenues | 8,047 | 8,015 | 8,484 |
Income/(loss) before taxes | 1,927 | 1,648 | 1,955 |
Bank | EMEA | |||
Segment Reporting Information | |||
Net revenues | 1,164 | 1,042 | 2,036 |
Income/(loss) before taxes | (2,520) | (2,825) | (2,487) |
Bank | Americas | |||
Segment Reporting Information | |||
Net revenues | 8,750 | 8,952 | 7,267 |
Income/(loss) before taxes | 3,344 | 2,660 | (1,602) |
Bank | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 2,859 | 2,956 | 2,606 |
Income/(loss) before taxes | 105 | 70 | (355) |
Bank | Operating Segments [Member] | Swiss Universal Bank | |||
Segment Reporting Information | |||
Net revenues | 5,564 | 5,396 | 5,759 |
Income/(loss) before taxes | 2,125 | 1,765 | 2,025 |
Bank | Operating Segments [Member] | International Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 5,414 | 5,111 | 4,698 |
Income/(loss) before taxes | 1,705 | 1,351 | 1,121 |
Bank | Operating Segments [Member] | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 3,393 | 3,504 | 3,597 |
Income/(loss) before taxes | 664 | 729 | 725 |
Bank | Operating Segments [Member] | Global Markets | |||
Segment Reporting Information | |||
Net revenues | 4,980 | 5,551 | 5,497 |
Income/(loss) before taxes | 154 | 450 | 48 |
Bank | Operating Segments [Member] | Investment Banking & Capital Markets | |||
Segment Reporting Information | |||
Net revenues | 2,177 | 2,139 | 1,972 |
Income/(loss) before taxes | 344 | 369 | 261 |
Bank | Operating Segments [Member] | Strategic Resolution Unit | |||
Segment Reporting Information | |||
Net revenues | (708) | (886) | (1,271) |
Income/(loss) before taxes | (1,381) | (2,135) | (5,759) |
Bank | Adjustments | |||
Segment Reporting Information | |||
Net revenues | 0 | 150 | 141 |
Income/(loss) before taxes | SFr (755) | SFr (976) | SFr (910) |
Segment information - Balance s
Segment information - Balance sheet related (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information | ||
Total assets | SFr 768,916 | SFr 796,289 |
Americas | ||
Segment Reporting Information | ||
Total assets | 309,616 | 318,405 |
Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 75,609 | 82,104 |
EMEA | ||
Segment Reporting Information | ||
Total assets | 149,400 | 154,023 |
Switzerland | ||
Segment Reporting Information | ||
Total assets | 234,291 | 241,757 |
Operating Segments | Swiss Universal Bank | ||
Segment Reporting Information | ||
Total assets | 224,301 | 228,857 |
Operating Segments | International Wealth Management | ||
Segment Reporting Information | ||
Total assets | 91,835 | 94,753 |
Operating Segments | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 99,809 | 96,497 |
Operating Segments | Global Markets | ||
Segment Reporting Information | ||
Total assets | 211,530 | 242,159 |
Operating Segments | Investment Banking & Capital Markets | ||
Segment Reporting Information | ||
Total assets | 16,156 | 20,803 |
Operating Segments | Strategic Resolution Unit | ||
Segment Reporting Information | ||
Total assets | 20,874 | 45,629 |
Corporate Center | ||
Segment Reporting Information | ||
Total assets | 104,411 | 67,591 |
Bank | ||
Segment Reporting Information | ||
Total assets | 772,069 | 798,372 |
Bank | Americas | ||
Segment Reporting Information | ||
Total assets | 309,616 | 318,358 |
Bank | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 75,538 | 82,068 |
Bank | EMEA | ||
Segment Reporting Information | ||
Total assets | 149,715 | 154,179 |
Bank | Switzerland | ||
Segment Reporting Information | ||
Total assets | 237,200 | 243,767 |
Bank | Operating Segments | Swiss Universal Bank | ||
Segment Reporting Information | ||
Total assets | 224,301 | 228,857 |
Bank | Operating Segments | International Wealth Management | ||
Segment Reporting Information | ||
Total assets | 91,835 | 94,753 |
Bank | Operating Segments | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 99,809 | 96,497 |
Bank | Operating Segments | Global Markets | ||
Segment Reporting Information | ||
Total assets | 211,530 | 242,159 |
Bank | Operating Segments | Investment Banking & Capital Markets | ||
Segment Reporting Information | ||
Total assets | 16,156 | 20,803 |
Bank | Operating Segments | Strategic Resolution Unit | ||
Segment Reporting Information | ||
Total assets | 20,874 | 45,629 |
Bank | Adjustments | ||
Segment Reporting Information | ||
Total assets | SFr 107,564 | SFr 69,674 |
Net interest income (Details)
Net interest income (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net interest income | |||
Loans | SFr 6,770 | SFr 5,979 | SFr 5,628 |
Investment securities | 80 | 47 | 60 |
Trading assets | 7,131 | 6,697 | 7,483 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,856 | 2,515 | 2,767 |
Other | 2,776 | 1,819 | 1,436 |
Interest and dividend income | 19,613 | 17,057 | 17,374 |
Deposits | (2,287) | (1,354) | (1,043) |
Short-term borrowings | (359) | (166) | (84) |
Trading liabilities | (3,453) | (3,542) | (3,602) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,877) | (1,284) | (1,387) |
Long-term debt | (3,816) | (3,722) | (3,494) |
Other | (812) | (432) | (202) |
Interest expense | (12,604) | (10,500) | (9,812) |
Net interest income | 7,009 | 6,557 | 7,562 |
Bank | |||
Net interest income | |||
Loans | 6,778 | 5,981 | 5,627 |
Investment securities | 80 | 47 | 60 |
Trading assets | 7,131 | 6,698 | 7,483 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 2,856 | 2,515 | 2,767 |
Other | 2,778 | 1,820 | 1,438 |
Interest and dividend income | 19,623 | 17,061 | 17,375 |
Deposits | (2,291) | (1,360) | (1,047) |
Short-term borrowings | (370) | (168) | (84) |
Trading liabilities | (3,453) | (3,546) | (3,602) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,877) | (1,284) | (1,387) |
Long-term debt | (3,696) | (3,580) | (3,460) |
Other | (811) | (431) | (201) |
Interest expense | (12,498) | (10,369) | (9,781) |
Net interest income | SFr 7,125 | SFr 6,692 | SFr 7,594 |
Commissions and fees (Details)
Commissions and fees (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commissions and fees | |||
Lending business | SFr 1,931 | SFr 1,839 | SFr 1,818 |
Investment and portfolio management | 3,582 | 3,494 | 3,209 |
Other securities business | 48 | 46 | 46 |
Fiduciary business | 3,630 | 3,540 | 3,255 |
Underwriting | 1,718 | 1,806 | 1,364 |
Brokerage | 2,813 | 3,004 | 3,028 |
Underwriting and brokerage | 4,531 | 4,810 | 4,392 |
Other services | 1,798 | 1,628 | 1,627 |
Commissions and fees | 11,890 | 11,817 | 11,092 |
Bank | |||
Commissions and fees | |||
Lending business | 1,902 | 1,809 | 1,790 |
Investment and portfolio management | 3,415 | 3,320 | 3,043 |
Other securities business | 83 | 82 | 72 |
Fiduciary business | 3,498 | 3,402 | 3,115 |
Underwriting | 1,735 | 1,817 | 1,364 |
Brokerage | 2,797 | 3,006 | 3,029 |
Underwriting and brokerage | 4,532 | 4,823 | 4,393 |
Other services | 1,810 | 1,638 | 1,640 |
Commissions and fees | SFr 11,742 | SFr 11,672 | SFr 10,938 |
Trading revenues (Details)
Trading revenues (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Trading revenues | |||
Trading revenues | SFr 624 | SFr 1,317 | SFr 313 |
Interest rate products | |||
Trading revenues | |||
Trading revenues | 757 | 3,228 | 6,231 |
Foreign exchange products | |||
Trading revenues | |||
Trading revenues | 367 | 1,989 | (2,529) |
Equity/index-related products | |||
Trading revenues | |||
Trading revenues | (307) | (2,888) | (1,796) |
Credit products | |||
Trading revenues | |||
Trading revenues | (97) | (1,096) | (2,124) |
Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | 102 | 86 | 177 |
Other trading securities | |||
Trading revenues | |||
Trading revenues | (198) | (2) | 354 |
Bank | |||
Trading revenues | |||
Trading revenues | 456 | 1,300 | 371 |
Bank | Interest rate products | |||
Trading revenues | |||
Trading revenues | 759 | 3,218 | 7,163 |
Bank | Foreign exchange products | |||
Trading revenues | |||
Trading revenues | 372 | 1,991 | (3,461) |
Bank | Equity/index-related products | |||
Trading revenues | |||
Trading revenues | (481) | (2,895) | (1,738) |
Bank | Credit products | |||
Trading revenues | |||
Trading revenues | (97) | (1,096) | (2,124) |
Bank | Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | 102 | 86 | 177 |
Bank | Other trading securities | |||
Trading revenues | |||
Trading revenues | SFr (199) | SFr (4) | SFr 354 |
Other revenues (Details)
Other revenues (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Revenues | |||
Noncontrolling interests without SEI | SFr (2) | SFr 3 | SFr 4 |
Loans held-for-sale | (4) | 3 | (51) |
Long-lived assets held-for-sale | 39 | (18) | 437 |
Equity method investments | 228 | 233 | 208 |
Other investments | 337 | 80 | 0 |
Other | 799 | 908 | 758 |
Other revenues | 1,397 | 1,209 | 1,356 |
Bank | |||
Other Revenues | |||
Loans held-for-sale | (4) | 3 | (51) |
Long-lived assets held-for-sale | 39 | (18) | 437 |
Equity method investments | 221 | 229 | 205 |
Other investments | 335 | 81 | 7 |
Other | 906 | 1,006 | 892 |
Other revenues | SFr 1,497 | SFr 1,301 | SFr 1,490 |
Provision for credit losses (De
Provision for credit losses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Provision for credit losses | |||
Provision for loan losses | SFr 201 | SFr 190 | SFr 249 |
Provision for lending-related and other exposures | 44 | 20 | 3 |
Provision for credit losses | 245 | 210 | 252 |
Bank | |||
Provision for credit losses | |||
Provision for loan losses | 201 | 190 | 249 |
Release of provision for loan and lease losses | 20 | ||
Provision for lending-related and other exposures | 44 | 3 | |
Provision for credit losses | SFr 245 | SFr 210 | SFr 252 |
Compensation and benefits (Deta
Compensation and benefits (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Compensation and benefits | |||
Salaries and variable compensation | SFr 8,220 | SFr 8,906 | SFr 9,165 |
Social security | 652 | 671 | 697 |
Other | 748 | 790 | 790 |
Compensation and benefits | 9,620 | 10,367 | 10,652 |
Defined benefit and defined contribution | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 411 | 432 | 464 |
Switzerland | Defined benefit pension plans | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 242 | 243 | 288 |
International | Defined benefit pension plans | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 16 | 22 | 20 |
International | Other post-retirement defined benefit plans | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 0 | 0 | 0 |
Bank | |||
Compensation and benefits | |||
Salaries and variable compensation | 7,449 | 8,421 | 9,058 |
Social security | 567 | 620 | 691 |
Other | 848 | 923 | 1,028 |
Compensation and benefits | 8,864 | 9,964 | 10,777 |
Bank | Defined benefit and defined contribution | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 533 | ||
Bank | International | Defined benefit pension plans | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 16 | 22 | 20 |
Bank | International | Other post-retirement defined benefit plans | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | SFr 0 | SFr 0 | SFr 0 |
General and administrative ex_3
General and administrative expenses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
General and Administrative Expenses | |||
Occupancy expenses | SFr 964 | SFr 1,000 | SFr 1,004 |
IT, machinery, etc. | 1,174 | 1,156 | 1,166 |
Provisions and losses | 425 | 698 | 3,009 |
Travel and entertainment | 338 | 321 | 328 |
Professional services | 1,803 | 2,446 | 2,984 |
Amortization and impairment of other intangible assets | 9 | 9 | 8 |
Other | 1,085 | 1,015 | 1,191 |
General and administrative expenses | 5,798 | 6,645 | 9,690 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (208) | (190) | (80) |
Bank | |||
General and Administrative Expenses | |||
Occupancy expenses | 855 | 935 | 999 |
IT, machinery, etc. | 926 | 1,005 | 1,160 |
Provisions and losses | 433 | 697 | 3,009 |
Travel and entertainment | 310 | 299 | 316 |
Professional services | 2,991 | 3,019 | 2,966 |
Amortization and impairment of other intangible assets | 9 | 9 | 8 |
Other | 1,544 | 1,449 | 1,427 |
General and administrative expenses | 7,068 | SFr 7,413 | SFr 9,885 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | SFr 32 |
Restructuring expenses (Details
Restructuring expenses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | SFr 626 | SFr 455 | SFr 540 |
General and Administrative Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 380 | 161 | 182 |
of which pensions | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 74 | 49 | 27 |
Compensation and benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 246 | 294 | 358 |
of which severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 169 | 192 | 218 |
of which accelerated deferred compensation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 77 | 102 | 140 |
Operating Segments | Swiss Universal Bank | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 101 | 59 | 60 |
Operating Segments | International Wealth Management | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 115 | 70 | 54 |
Operating Segments | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 61 | 63 | 53 |
Operating Segments | Global Markets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 242 | 150 | 217 |
Operating Segments | Investment Banking & Capital Markets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 84 | 42 | 28 |
Operating Segments | Strategic Resolution Unit | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 21 | 57 | 121 |
Corporate Center | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 2 | 14 | 7 |
Bank | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 528 | 396 | 513 |
Bank | General and Administrative Expense [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 295 | 110 | 155 |
Bank | Compensation and benefits | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 233 | 286 | 358 |
Bank | of which severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 157 | 188 | 218 |
Bank | of which accelerated deferred compensation | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 76 | 98 | 140 |
Bank | Operating Segments | Swiss Universal Bank | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 101 | 59 | 60 |
Bank | Operating Segments | International Wealth Management | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 115 | 70 | 54 |
Bank | Operating Segments | Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 61 | 63 | 53 |
Bank | Operating Segments | Global Markets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 242 | 150 | 217 |
Bank | Operating Segments | Investment Banking & Capital Markets | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 84 | 42 | 28 |
Bank | Operating Segments | Strategic Resolution Unit | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 21 | 57 | 121 |
Bank | Corporate Center | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | 2 | 14 | 7 |
Bank | Adjustments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expenses | SFr (98) | SFr (59) | SFr (27) |
Restructuring provision - Rollf
Restructuring provision - Rollforward (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | SFr 306 | SFr 311 | SFr 199 |
Restructuring expenses | 626 | 455 | 540 |
Utilization | 348 | 285 | 243 |
Restructuring Reserve, Ending Balance | SFr 346 | 306 | 311 |
Stock compensation plan | Share awards | |||
Restructuring provision | |||
Vesting period | 3 years | ||
General and Administrative Expense [Member] | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | SFr 110 | 94 | 12 |
Restructuring expenses | 380 | 161 | 182 |
Utilization | 139 | 72 | 55 |
Restructuring Reserve, Ending Balance | 190 | 110 | 94 |
of which pensions | |||
Restructuring provision | |||
Restructuring expenses | 74 | 49 | 27 |
Compensation and benefits | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 196 | 217 | 187 |
Restructuring expenses | 169 | 192 | 218 |
Utilization | 209 | 213 | 188 |
Restructuring Reserve, Ending Balance | 156 | 196 | 217 |
Unsettled share-based compensation obligations classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | 56 | 71 | 34 |
Unsettled cash-based compensation obligations classified as compensation liabilities | |||
Restructuring provision | |||
Restructuring expenses | 21 | 31 | 106 |
Excluding unsettled compensation, pension obligations and accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 388 | 280 | 355 |
General and Administrative Expense, Excluding accelerated accumulated depreciation and pension obligations [Member] | |||
Restructuring provision | |||
Restructuring expenses | 219 | 88 | 137 |
Accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 87 | 24 | 18 |
Bank | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 301 | 311 | 199 |
Restructuring expenses | 528 | 396 | 513 |
Utilization | 332 | 284 | 243 |
Restructuring Reserve, Ending Balance | 342 | 301 | 311 |
Bank | General and Administrative Expense [Member] | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 110 | 94 | 12 |
Restructuring expenses | 295 | 110 | 155 |
Utilization | 136 | 70 | 55 |
Restructuring Reserve, Ending Balance | 190 | 110 | 94 |
Bank | Compensation and benefits | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 191 | 217 | 187 |
Restructuring expenses | 157 | 188 | 218 |
Utilization | 196 | 214 | 188 |
Restructuring Reserve, Ending Balance | 152 | 191 | 217 |
Bank | Unsettled share-based compensation obligations classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | 55 | 67 | 34 |
Bank | Unsettled cash-based compensation obligations classified as compensation liabilities | |||
Restructuring provision | |||
Restructuring expenses | 21 | 31 | 106 |
Bank | Excluding unsettled compensation, pension obligations and accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 373 | 274 | 355 |
Bank | General and Administrative Expense, Excluding accelerated accumulated depreciation and pension obligations [Member] | |||
Restructuring provision | |||
Restructuring expenses | 216 | 86 | 137 |
Bank | Accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | SFr 79 | SFr 24 | SFr 18 |
Earnings per share (Details)
Earnings per share (Details) - CHF (SFr) SFr / shares in Units, shares in Millions, SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income/(loss) attributable to shareholders | |||
Net income/(loss) attributable to shareholders | SFr 2,024 | SFr (983) | SFr (2,710) |
Net income attributable to shareholders for basic earnings per share | 2,024 | (983) | (2,710) |
Net income/(loss) attributable to shareholders for diluted earnings per share | SFr 2,024 | SFr (983) | SFr (2,710) |
Weighted-average shares outstanding | |||
Weighted-average shares outstanding for basic earnings per share available for common shares (in shares) | 2,574.2 | 2,413.8 | 2,136.8 |
Dilutive share options and warrants (in shares) | 3 | 0 | 0 |
Dilutive share awards (in shares) | 53.8 | 0 | 0 |
Weighted-average shares outstanding for diluted earnings per share available for common shares (in shares) | 2,631 | 2,413.8 | 2,136.8 |
Basic earnings per share available for common shares (CHF) | |||
Basic earnings/(loss) per share (in CHF per share) | SFr 0.79 | SFr (0.41) | SFr (1.27) |
Diluted earnings per share available for common shares (CHF) | |||
Diluted earnings/(loss) per share (in CHF per share) | SFr 0.77 | SFr (0.41) | SFr (1.27) |
Weighted-average potential dilutive common shares | 8.7 | 9.8 | 11.3 |
Weighted-average share options and warrants (antidilutive) | 0 | 2.9 | 3.2 |
Weighted-average share awards (antidilutive) | 0 | 57.7 | 54.6 |
Revenue from contracts with c_3
Revenue from contracts with customers (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | |||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | SFr 2,380 | SFr 2,388 | SFr 2,640 | SFr 2,671 |
Investment and portfolio management [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 898 | 896 | 896 | 892 |
Other securities business [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 13 | 12 | 11 | 12 |
Underwriting [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 330 | 405 | 513 | 470 |
Brokerage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 647 | 623 | 749 | 810 |
Other services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 492 | 452 | 471 | 487 |
Bank | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 2,374 | 2,374 | 2,608 | 2,638 |
Bank | Investment and portfolio management [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 866 | 856 | 850 | 843 |
Bank | Other securities business [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 18 | 21 | 21 | 23 |
Bank | Underwriting [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 330 | 422 | 513 | 470 |
Bank | Brokerage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 647 | 605 | 748 | 812 |
Bank | Other services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | SFr 513 | SFr 470 | SFr 476 | SFr 490 |
Revenue from contracts with c_4
Revenue from contracts with customers (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | |||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Contract balances [Line Items] | ||||
Accounts Receivable, Net | SFr 791 | SFr 845 | SFr 838 | SFr 758 |
Contract with Customer, Liability | 56 | 66 | 63 | 67 |
Contract with Customer, Liability, Revenue Recognized | 16 | 7 | 13 | 13 |
Contact with customer, Revenue recognized in the reporting period from performance obligations satisfied in previous periods | 0 | 0 | 0 | 0 |
Capitalized costs to obtain contracts | 0 | 0 | 0 | 0 |
Capitalized costs to fulfill contracts | 0 | 0 | 0 | 0 |
Net impairment on contract receivables | 2 | 6 | 3 | 0 |
Impairment losses on contract receivables | 0 | 0 | 0 | 0 |
Bank | ||||
Contract balances [Line Items] | ||||
Accounts Receivable, Net | 789 | 883 | 824 | 745 |
Contract with Customer, Liability | 56 | 66 | 63 | 67 |
Contract with Customer, Liability, Revenue Recognized | 16 | 7 | 13 | 13 |
Contact with customer, Revenue recognized in the reporting period from performance obligations satisfied in previous periods | 0 | 0 | 0 | 0 |
Capitalized costs to obtain contracts | 0 | 0 | 0 | 0 |
Capitalized costs to fulfill contracts | 0 | 0 | 0 | 0 |
Net impairment on contract receivables | 2 | 6 | 3 | 0 |
Impairment losses on contract receivables | SFr 0 | SFr 0 | SFr 0 | SFr 0 |
Revenue from contracts with c_5
Revenue from contracts with customers (Details 3) - CHF (SFr) SFr in Millions | 3 Months Ended | |||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Commisions and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognition adjustment - revenue | SFr (12) | SFr (19) | SFr (23) | SFr (20) |
General and Administrative Expense [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognition adjustment - expenses | (26) | (45) | (48) | (40) |
Commission expenses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognition adjustment - expenses | 12 | 25 | 29 | 22 |
Bank | Commisions and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognition adjustment - revenue | (12) | (19) | (23) | (20) |
Bank | Other Income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognition adjustment - revenue | (7) | (2) | (6) | (5) |
Bank | General and Administrative Expense [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognition adjustment - expenses | (33) | (47) | (54) | (45) |
Bank | Commission expenses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue recognition adjustment - expenses | SFr 12 | SFr 25 | SFr 29 | SFr 22 |
Securities borrowed, lent and_3
Securities borrowed, lent and subject to repurchase agreements (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Securities borrowed or purchased under agreements to resell | ||
Central bank funds sold and securities purchased under resale agreements | SFr 77,770 | SFr 70,009 |
Deposits paid for securities borrowed | 39,325 | 45,337 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions, total | 117,095 | 115,346 |
Securities lent or sold under agreements to repurchase | ||
Central bank funds purchased and securities sold under repurchase agreements | 20,305 | 20,606 |
Deposits received for securities lent | 4,318 | 5,890 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions, total | 24,623 | 26,496 |
Bank | ||
Securities borrowed or purchased under agreements to resell | ||
Central bank funds sold and securities purchased under resale agreements | 77,770 | 70,009 |
Deposits paid for securities borrowed | 39,325 | 45,337 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions, total | 117,095 | 115,346 |
Securities lent or sold under agreements to repurchase | ||
Central bank funds purchased and securities sold under repurchase agreements | 20,305 | 20,606 |
Deposits received for securities lent | 4,318 | 5,890 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions, total | SFr 24,623 | SFr 26,496 |
Trading assets and liabilitie_2
Trading assets and liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Trading Assets and Liabilities | ||
Trading assets | SFr 132,203 | SFr 156,334 |
Trading liabilities | 42,169 | 39,119 |
Debt securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 62,135 | 72,765 |
Equity securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 46,463 | 55,722 |
Derivative instruments | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 18,312 | 19,621 |
Trading liabilities | 15,223 | 14,654 |
Other trading securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 5,293 | 8,226 |
Short positions | ||
Schedule of Trading Assets and Liabilities | ||
Trading liabilities | 26,946 | 24,465 |
Bank | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 132,427 | 156,774 |
Trading liabilities | 42,171 | 39,132 |
Bank | Debt securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 62,216 | 72,826 |
Bank | Equity securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 46,517 | 55,822 |
Bank | Derivative instruments | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 18,402 | 19,900 |
Trading liabilities | 15,223 | 14,654 |
Bank | Other trading securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 5,292 | 8,226 |
Bank | Short positions | ||
Schedule of Trading Assets and Liabilities | ||
Trading liabilities | SFr 26,948 | SFr 24,478 |
Trading assets and liabilitie_3
Trading assets and liabilities - Cash collateral - netted (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Cash collateral - netted | ||
Cash collateral paid | SFr 20,216 | SFr 23,288 |
Cash collateral received | 13,213 | 14,996 |
Cash collateral - not netted | ||
Cash collateral paid | 7,057 | 5,141 |
Cash collateral received | 6,903 | 8,644 |
Bank | ||
Cash collateral - netted | ||
Cash collateral paid | 20,333 | 23,587 |
Cash collateral received | 13,213 | 14,996 |
Cash collateral - not netted | ||
Cash collateral paid | 7,057 | 5,142 |
Cash collateral received | SFr 6,903 | SFr 8,644 |
Investment securities (Details)
Investment securities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investment securities disclosures | ||
Securities available-for-sale | SFr 2,911 | SFr 2,191 |
Total investment securities | 2,911 | 2,191 |
Bank | ||
Investment securities disclosures | ||
Securities available-for-sale | 2,909 | 2,189 |
Total investment securities | SFr 2,909 | SFr 2,189 |
Investment securities by type (
Investment securities by type (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale securities | ||
Amortized cost | SFr 2,904 | SFr 2,127 |
Gross unrealized gains, Securities | 7 | 64 |
Gross unrealized losses, Securities | 0 | 0 |
Fair value | 2,911 | 2,191 |
Debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2,904 | 2,032 |
Gross unrealized gains, Debt securities | 7 | 34 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 2,911 | 2,066 |
Debt securities issued by the Swiss federal, cantonal or local government entities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2 | 199 |
Gross unrealized gains, Debt securities | 0 | 13 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 2 | 212 |
Debt securities issued by foreign governments | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 821 | 1,215 |
Gross unrealized gains, Debt securities | 7 | 21 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 828 | 1,236 |
Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 649 | 238 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 649 | 238 |
Residential mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 1,430 | 207 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 1,430 | 207 |
Commercial mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2 | 173 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 2 | 173 |
Equity securities | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 95 | |
Gross unrealized gains, Equity securities | 30 | |
Gross unrealized losses, Equity securities | 0 | |
Fair value, Equity securities | 125 | |
Banks, trust and insurance companies | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 95 | |
Gross unrealized gains, Equity securities | 30 | |
Gross unrealized losses, Equity securities | 0 | |
Fair value, Equity securities | 125 | |
Bank | ||
Available-for-sale securities | ||
Amortized cost | 2,902 | 2,125 |
Gross unrealized gains, Securities | 7 | 64 |
Gross unrealized losses, Securities | 0 | 0 |
Fair value | 2,909 | 2,189 |
Bank | Debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2,902 | 2,030 |
Gross unrealized gains, Debt securities | 7 | 34 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 2,909 | 2,064 |
Bank | Debt securities issued by the Swiss federal, cantonal or local government entities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 0 | 197 |
Gross unrealized gains, Debt securities | 0 | 13 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 0 | 210 |
Bank | Debt securities issued by foreign governments | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 821 | 1,215 |
Gross unrealized gains, Debt securities | 7 | 21 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 828 | 1,236 |
Bank | Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 649 | 238 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 649 | 238 |
Bank | Residential mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 1,430 | 207 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 1,430 | 207 |
Bank | Commercial mortgage-backed securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2 | 173 |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | SFr 2 | 173 |
Bank | Equity securities | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 95 | |
Gross unrealized gains, Equity securities | 30 | |
Gross unrealized losses, Equity securities | 0 | |
Fair value, Equity securities | 125 | |
Bank | Banks, trust and insurance companies | ||
Available-for-sale securities | ||
Amortized cost, Equity securities | 95 | |
Gross unrealized gains, Equity securities | 30 | |
Gross unrealized losses, Equity securities | 0 | |
Fair value, Equity securities | SFr 125 |
Investment securities - Proceed
Investment securities - Proceeds/realized gains/losses (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | SFr 255 | SFr 7 | SFr 9 |
Realized gains | 8 | 0 | 0 |
Equity securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 7 | 4 | |
Realized gains | 0 | 0 | |
Bank | Debt securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 255 | 7 | 9 |
Realized gains | SFr 8 | 0 | 0 |
Bank | Equity securities | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 7 | 4 | |
Realized gains | SFr 0 | SFr 0 |
Investment securities - Maturit
Investment securities - Maturities of amortized costs/FV/Avg yield (Details 5) - Debt securities - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-sale debt securities amortized cost disclosures | ||
Due within 1 year, amortized cost | SFr 844 | |
Due from 1 to 5 years, amortized cost | 8 | |
Due from 5 to 10 years, amortized cost | 620 | |
Due after 10 years, amortized cost | 1,432 | |
Total, amortized cost | 2,904 | SFr 2,032 |
Available-for-sale debt securities fair value disclosures | ||
Due within 1 year, fair value | 850 | |
Due from 1 to 5 years, fair value | 8 | |
Due from 5 to 10 years, fair value | 621 | |
Due after 10 years, fair value | 1,432 | |
Total, fair value | SFr 2,911 | 2,066 |
Available-for-sale debt securities average yield disclosures | ||
Due within 1 year, average yield (as a percent) | 0.72% | |
Due from 1 to 5 years, average yield (as a percent) | 4.30% | |
Due from 5 to 10 years, average yield (as a percent) | 0.83% | |
Due after 10 years, average yield (as a percent) | 2.45% | |
Total, average yield (as a percent) | 1.61% | |
Bank | ||
Available-for-sale debt securities amortized cost disclosures | ||
Due within 1 year, amortized cost | SFr 844 | |
Due from 1 to 5 years, amortized cost | 6 | |
Due from 5 to 10 years, amortized cost | 620 | |
Due after 10 years, amortized cost | 1,432 | |
Total, amortized cost | 2,902 | 2,030 |
Available-for-sale debt securities fair value disclosures | ||
Due within 1 year, fair value | 850 | |
Due from 1 to 5 years, fair value | 6 | |
Due from 5 to 10 years, fair value | 621 | |
Due after 10 years, fair value | 1,432 | |
Total, fair value | SFr 2,909 | SFr 2,064 |
Available-for-sale debt securities average yield disclosures | ||
Due within 1 year, average yield (as a percent) | 0.72% | |
Due from 1 to 5 years, average yield (as a percent) | 4.54% | |
Due from 5 to 10 years, average yield (as a percent) | 0.83% | |
Due after 10 years, average yield (as a percent) | 2.45% | |
Total, average yield (as a percent) | 1.61% |
Other investments (Details)
Other investments (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other investments | |||
Other investments | SFr 4,890 | SFr 5,964 | |
Accumulated depreciation, real estate held for investment | 31 | 140 | SFr 137 |
Impairment charges | 0 | 16 | 31 |
Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 3 | 41 | |
Equity method investments | |||
Other investments | |||
Other investments | 2,467 | 3,066 | |
Equity securities (without a readily determinable fair value) | |||
Other investments | |||
Other investments | 1,207 | 1,292 | |
of which at net asset value | |||
Other investments | |||
Other investments | 530 | 742 | |
of which at measurement alternative | |||
Other investments | |||
Other investments | 227 | 175 | |
of which at fair value | |||
Other investments | |||
Other investments | 208 | 161 | |
of which at cost less impairment | |||
Other investments | |||
Other investments | 242 | 214 | |
Real estate held for investment | |||
Other investments | |||
Other investments | 79 | 232 | |
Real estate held for investment | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 3 | 41 | |
Life finance instruments | |||
Other investments | |||
Other investments | 1,137 | 1,374 | |
Bank | |||
Other investments | |||
Other investments | 4,824 | 5,893 | |
Accumulated depreciation, real estate held for investment | 27 | 136 | 133 |
Impairment charges | 0 | 16 | SFr 31 |
Bank | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 3 | 41 | |
Bank | Equity method investments | |||
Other investments | |||
Other investments | 2,429 | 3,027 | |
Bank | Equity securities (without a readily determinable fair value) | |||
Other investments | |||
Other investments | 1,202 | 1,283 | |
Bank | of which at net asset value | |||
Other investments | |||
Other investments | 526 | 734 | |
Bank | of which at measurement alternative | |||
Other investments | |||
Other investments | 227 | 175 | |
Bank | of which at fair value | |||
Other investments | |||
Other investments | 208 | 161 | |
Bank | of which at cost less impairment | |||
Other investments | |||
Other investments | 241 | 213 | |
Bank | Real estate held for investment | |||
Other investments | |||
Other investments | 56 | 209 | |
Bank | Real estate held for investment | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 3 | 41 | |
Bank | Life finance instruments | |||
Other investments | |||
Other investments | SFr 1,137 | SFr 1,374 |
Other investments (Details 2)
Other investments (Details 2) SFr in Millions | 12 Months Ended |
Dec. 31, 2018CHF (SFr) | |
Other investments | |
Impairments and downward adjustments | SFr (7) |
Impairments and downward adjustments, Annual Amount | (4) |
Bank | |
Other investments | |
Impairments and downward adjustments | (7) |
Impairments and downward adjustments, Annual Amount | SFr (4) |
Loans, allowance for loan los_3
Loans, allowance for loan losses and credit quality (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans | ||||
Gross loans | SFr 288,596 | SFr 280,137 | ||
of which held at amortized cost | 273,723 | 264,830 | SFr 257,515 | |
of which held at fair value | 14,873 | 15,307 | ||
Net (unearned income)/deferred expenses | (113) | (106) | ||
Allowance for loan losses | (902) | (882) | (938) | SFr (866) |
Net loans | 287,581 | 279,149 | ||
Foreign | ||||
Loans | ||||
Gross loans | 128,152 | 122,441 | ||
Switzerland | ||||
Loans | ||||
Gross loans | 160,444 | 157,696 | ||
Corporate and institutional | ||||
Loans | ||||
Gross loans | 134,812 | 127,840 | ||
of which held at amortized cost | 119,962 | 112,553 | 112,445 | |
Allowance for loan losses | (715) | (662) | (722) | (650) |
Corporate and institutional | Real estate | ||||
Loans | ||||
Gross loans | 26,727 | 26,599 | ||
of which held at amortized cost | 26,065 | 26,003 | ||
Corporate and institutional | Commercial and industrial loans | ||||
Loans | ||||
Gross loans | 85,698 | 81,670 | ||
of which held at amortized cost | 79,773 | 76,025 | ||
Corporate and institutional | Financial institutions | ||||
Loans | ||||
Gross loans | 18,494 | 15,697 | ||
of which held at amortized cost | 12,939 | 9,326 | ||
Corporate and institutional | Governments and public institutions | ||||
Loans | ||||
Gross loans | 3,893 | 3,874 | ||
of which held at amortized cost | 1,185 | 1,199 | ||
Consumer | ||||
Loans | ||||
Gross loans | 153,784 | 152,297 | ||
of which held at amortized cost | 153,761 | 152,277 | 145,070 | |
Allowance for loan losses | (187) | (220) | (216) | (216) |
Consumer | Mortgages | ||||
Loans | ||||
Gross loans | 107,845 | 106,039 | ||
of which held at amortized cost | 107,845 | 106,039 | ||
Consumer | Loans collateralized by securities | ||||
Loans | ||||
Gross loans | 42,034 | 42,016 | ||
of which held at amortized cost | 42,034 | 42,016 | ||
Consumer | Consumer finance | ||||
Loans | ||||
Gross loans | 3,905 | 4,242 | ||
of which held at amortized cost | 3,882 | 4,222 | ||
Bank | ||||
Loans | ||||
Gross loans | 293,889 | 284,224 | ||
of which held at amortized cost | 279,016 | 268,917 | 260,498 | |
of which held at fair value | 14,873 | 15,307 | ||
Net (unearned income)/deferred expenses | (113) | (106) | ||
Allowance for loan losses | (901) | (881) | (937) | (865) |
Net loans | 292,875 | 283,237 | ||
Bank | Foreign | ||||
Loans | ||||
Gross loans | 128,705 | 122,579 | ||
Bank | Switzerland | ||||
Loans | ||||
Gross loans | 165,184 | 161,645 | ||
Bank | Corporate and institutional | ||||
Loans | ||||
Gross loans | 140,105 | 131,927 | ||
of which held at amortized cost | 125,255 | 116,640 | 115,428 | |
Allowance for loan losses | (714) | (661) | (721) | (649) |
Bank | Corporate and institutional | Real estate | ||||
Loans | ||||
Gross loans | 26,727 | 26,599 | ||
of which held at amortized cost | 26,065 | 26,003 | ||
Bank | Corporate and institutional | Commercial and industrial loans | ||||
Loans | ||||
Gross loans | 86,165 | 81,792 | ||
of which held at amortized cost | 80,241 | 76,147 | ||
Bank | Corporate and institutional | Financial institutions | ||||
Loans | ||||
Gross loans | 23,320 | 19,662 | ||
of which held at amortized cost | 17,764 | 13,291 | ||
Bank | Corporate and institutional | Governments and public institutions | ||||
Loans | ||||
Gross loans | 3,893 | 3,874 | ||
of which held at amortized cost | 1,185 | 1,199 | ||
Bank | Consumer | ||||
Loans | ||||
Gross loans | 153,784 | 152,297 | ||
of which held at amortized cost | 153,761 | 152,277 | 145,070 | |
Allowance for loan losses | (187) | (220) | SFr (216) | SFr (216) |
Bank | Consumer | Mortgages | ||||
Loans | ||||
Gross loans | 107,845 | 106,039 | ||
of which held at amortized cost | 107,845 | 106,039 | ||
Bank | Consumer | Loans collateralized by securities | ||||
Loans | ||||
Gross loans | 42,034 | 42,016 | ||
of which held at amortized cost | 42,034 | 42,016 | ||
Bank | Consumer | Consumer finance | ||||
Loans | ||||
Gross loans | 3,905 | 4,242 | ||
of which held at amortized cost | SFr 3,882 | SFr 4,222 |
Loans, allowance for loan los_4
Loans, allowance for loan losses and credit quality - Allowance roll-forward (Details 2) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018CHF (SFr)dayyear | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | |
Allowance for loan losses | |||
Balance at beginning of period | SFr 882 | SFr 938 | SFr 866 |
Net movements recognized in statements of operations | 201 | 190 | 249 |
Gross write-offs | (269) | (302) | (278) |
Recoveries | 58 | 53 | 66 |
Net write-offs | (211) | (249) | (212) |
Provisions for interest | 30 | 13 | 18 |
Foreign currency translation impact and other adjustments, net | 0 | (10) | 17 |
Balance at end of period | 902 | 882 | 938 |
of which individually evaluated for impairment | 608 | 654 | 700 |
of which collectively evaluated for impairment | 294 | 228 | 238 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 273,723 | 264,830 | 257,515 |
of which individually evaluated for impairment | 2,192 | 2,110 | 2,472 |
of which collectively evaluated for impairment | 271,531 | 262,720 | 255,043 |
Loans held at amortized cost | |||
Purchases | 2,163 | 3,381 | 3,435 |
Reclassifications from loans held-for-sale | 1 | 63 | 125 |
Reclassifications to loans held-for-sale | 2,352 | 7,407 | 4,400 |
Sales | SFr 2,268 | 7,051 | 2,159 |
Value of collateral | |||
Maximum period for fair value determination of collateral on impaired loans (in days) | day | 90 | ||
Period for appraisal of Property values, Minimum (in years) | year | 1 | ||
Corporate and institutional | |||
Allowance for loan losses | |||
Balance at beginning of period | SFr 662 | 722 | 650 |
Net movements recognized in statements of operations | 182 | 136 | 186 |
Gross write-offs | (184) | (242) | (192) |
Recoveries | 37 | 41 | 53 |
Net write-offs | (147) | (201) | (139) |
Provisions for interest | 19 | 14 | 8 |
Foreign currency translation impact and other adjustments, net | (1) | (9) | 17 |
Balance at end of period | 715 | 662 | 722 |
of which individually evaluated for impairment | 462 | 475 | 528 |
of which collectively evaluated for impairment | 253 | 187 | 194 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 119,962 | 112,553 | 112,445 |
of which individually evaluated for impairment | 1,515 | 1,478 | 1,810 |
of which collectively evaluated for impairment | 118,447 | 111,075 | 110,635 |
Loans held at amortized cost | |||
Purchases | 2,163 | 3,381 | 3,405 |
Reclassifications from loans held-for-sale | 1 | 63 | 125 |
Reclassifications to loans held-for-sale | 2,351 | 7,407 | 2,768 |
Sales | 2,267 | 7,051 | 2,087 |
Consumer | |||
Allowance for loan losses | |||
Balance at beginning of period | 220 | 216 | 216 |
Net movements recognized in statements of operations | 19 | 54 | 63 |
Gross write-offs | (85) | (60) | (86) |
Recoveries | 21 | 12 | 13 |
Net write-offs | (64) | (48) | (73) |
Provisions for interest | 11 | (1) | 10 |
Foreign currency translation impact and other adjustments, net | 1 | (1) | 0 |
Balance at end of period | 187 | 220 | 216 |
of which individually evaluated for impairment | 146 | 179 | 172 |
of which collectively evaluated for impairment | 41 | 41 | 44 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 153,761 | 152,277 | 145,070 |
of which individually evaluated for impairment | 677 | 632 | 662 |
of which collectively evaluated for impairment | 153,084 | 151,645 | 144,408 |
Loans held at amortized cost | |||
Purchases | 0 | 0 | 30 |
Reclassifications from loans held-for-sale | 0 | 0 | 0 |
Reclassifications to loans held-for-sale | 1 | 0 | 1,632 |
Sales | 1 | 0 | 72 |
Bank | |||
Allowance for loan losses | |||
Balance at beginning of period | 881 | 937 | 865 |
Net movements recognized in statements of operations | 201 | 190 | 249 |
Gross write-offs | (269) | (302) | (278) |
Recoveries | 58 | 53 | 66 |
Net write-offs | (211) | (249) | (212) |
Provisions for interest | 30 | 13 | 18 |
Foreign currency translation impact and other adjustments, net | 0 | (10) | 17 |
Balance at end of period | 901 | 881 | 937 |
of which individually evaluated for impairment | 607 | 653 | 699 |
of which collectively evaluated for impairment | 294 | 228 | 238 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 279,016 | 268,917 | 260,498 |
of which individually evaluated for impairment | 2,180 | 2,097 | 2,460 |
of which collectively evaluated for impairment | 276,836 | 266,820 | 258,038 |
Loans held at amortized cost | |||
Purchases | 2,163 | 3,381 | 3,435 |
Reclassifications from loans held-for-sale | 1 | 63 | 125 |
Reclassifications to loans held-for-sale | 2,352 | 7,407 | 4,400 |
Sales | 2,268 | 7,051 | 2,159 |
Bank | Corporate and institutional | |||
Allowance for loan losses | |||
Balance at beginning of period | 661 | 721 | 649 |
Net movements recognized in statements of operations | 182 | 136 | 186 |
Gross write-offs | (184) | (242) | (192) |
Recoveries | 37 | 41 | 53 |
Net write-offs | (147) | (201) | (139) |
Provisions for interest | 19 | 14 | 8 |
Foreign currency translation impact and other adjustments, net | (1) | (9) | 17 |
Balance at end of period | 714 | 661 | 721 |
of which individually evaluated for impairment | 461 | 474 | 527 |
of which collectively evaluated for impairment | 253 | 187 | 194 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 125,255 | 116,640 | 115,428 |
of which individually evaluated for impairment | 1,503 | 1,465 | 1,798 |
of which collectively evaluated for impairment | 123,752 | 115,175 | 113,630 |
Loans held at amortized cost | |||
Purchases | 2,163 | 3,381 | 3,405 |
Reclassifications from loans held-for-sale | 1 | 63 | 125 |
Reclassifications to loans held-for-sale | 2,351 | 7,407 | 2,768 |
Sales | 2,267 | 7,051 | 2,087 |
Bank | Consumer | |||
Allowance for loan losses | |||
Balance at beginning of period | 220 | 216 | 216 |
Net movements recognized in statements of operations | 19 | 54 | 63 |
Gross write-offs | (85) | (60) | (86) |
Recoveries | 21 | 12 | 13 |
Net write-offs | (64) | (48) | (73) |
Provisions for interest | 11 | (1) | 10 |
Foreign currency translation impact and other adjustments, net | 1 | (1) | 0 |
Balance at end of period | 187 | 220 | 216 |
of which individually evaluated for impairment | 146 | 179 | 172 |
of which collectively evaluated for impairment | 41 | 41 | 44 |
Gross loans held at amortized cost | |||
Gross loans held at amortized cost | 153,761 | 152,277 | 145,070 |
of which individually evaluated for impairment | 677 | 632 | 662 |
of which collectively evaluated for impairment | 153,084 | 151,645 | 144,408 |
Loans held at amortized cost | |||
Purchases | 0 | 0 | 30 |
Reclassifications from loans held-for-sale | 0 | 0 | 0 |
Reclassifications to loans held-for-sale | 1 | 0 | 1,632 |
Sales | SFr 1 | SFr 0 | SFr 72 |
Loans, allowance for loan los_5
Loans, allowance for loan losses and credit quality - Counterparty rating (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | SFr 273,723 | SFr 264,830 | SFr 257,515 |
Value of collateral | 242,034 | 239,741 | |
Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 210,330 | 202,876 | |
Value of collateral | 192,579 | 189,048 | |
Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 61,287 | 59,971 | |
Value of collateral | 47,999 | 49,271 | |
Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,106 | 1,983 | |
Value of collateral | 1,456 | 1,422 | |
Corporate and institutional | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 119,962 | 112,553 | 112,445 |
Corporate and institutional | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 72,180 | 68,135 | |
Corporate and institutional | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 46,318 | 42,986 | |
Corporate and institutional | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,464 | 1,432 | |
Corporate and institutional | Real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 26,065 | 26,003 | |
Corporate and institutional | Real estate | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 19,461 | 20,278 | |
Corporate and institutional | Real estate | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 6,494 | 5,640 | |
Corporate and institutional | Real estate | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 110 | 85 | |
Corporate and institutional | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 79,773 | 76,025 | |
Corporate and institutional | Commercial and industrial loans | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 40,872 | 39,475 | |
Corporate and institutional | Commercial and industrial loans | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 37,633 | 35,250 | |
Corporate and institutional | Commercial and industrial loans | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,268 | 1,300 | |
Corporate and institutional | Financial institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 12,939 | 9,326 | |
Corporate and institutional | Financial institutions | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 10,715 | 7,258 | |
Corporate and institutional | Financial institutions | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,138 | 2,022 | |
Corporate and institutional | Financial institutions | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 86 | 46 | |
Corporate and institutional | Governments and public institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,185 | 1,199 | |
Corporate and institutional | Governments and public institutions | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,132 | 1,124 | |
Corporate and institutional | Governments and public institutions | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 53 | 74 | |
Corporate and institutional | Governments and public institutions | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 0 | 1 | |
Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 153,761 | 152,277 | 145,070 |
Consumer | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 138,150 | 134,741 | |
Consumer | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 14,969 | 16,985 | |
Consumer | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 642 | 551 | |
Consumer | Mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 107,845 | 106,039 | |
Consumer | Mortgages | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 97,404 | 94,553 | |
Consumer | Mortgages | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 10,046 | 11,214 | |
Consumer | Mortgages | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 395 | 272 | |
Consumer | Loans collateralized by securities | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 42,034 | 42,016 | |
Consumer | Loans collateralized by securities | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 39,281 | 38,387 | |
Consumer | Loans collateralized by securities | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,676 | 3,530 | |
Consumer | Loans collateralized by securities | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 77 | 99 | |
Consumer | Consumer finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 3,882 | 4,222 | |
Consumer | Consumer finance | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,465 | 1,801 | |
Consumer | Consumer finance | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,247 | 2,241 | |
Consumer | Consumer finance | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 170 | 180 | |
Bank | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 279,016 | 268,917 | 260,498 |
Value of collateral | 242,060 | 239,772 | |
Bank | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 215,635 | 206,976 | |
Value of collateral | 192,617 | 189,092 | |
Bank | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 61,287 | 59,971 | |
Value of collateral | 47,999 | 49,271 | |
Bank | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,094 | 1,970 | |
Value of collateral | 1,444 | 1,409 | |
Bank | Corporate and institutional | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 125,255 | 116,640 | 115,428 |
Bank | Corporate and institutional | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 77,485 | 72,235 | |
Bank | Corporate and institutional | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 46,318 | 42,986 | |
Bank | Corporate and institutional | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,452 | 1,419 | |
Bank | Corporate and institutional | Real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 26,065 | 26,003 | |
Bank | Corporate and institutional | Real estate | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 19,461 | 20,278 | |
Bank | Corporate and institutional | Real estate | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 6,494 | 5,640 | |
Bank | Corporate and institutional | Real estate | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 110 | 85 | |
Bank | Corporate and institutional | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 80,241 | 76,147 | |
Bank | Corporate and institutional | Commercial and industrial loans | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 41,352 | 39,610 | |
Bank | Corporate and institutional | Commercial and industrial loans | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 37,633 | 35,250 | |
Bank | Corporate and institutional | Commercial and industrial loans | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,256 | 1,287 | |
Bank | Corporate and institutional | Financial institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 17,764 | 13,291 | |
Bank | Corporate and institutional | Financial institutions | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 15,540 | 11,223 | |
Bank | Corporate and institutional | Financial institutions | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,138 | 2,022 | |
Bank | Corporate and institutional | Financial institutions | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 86 | 46 | |
Bank | Corporate and institutional | Governments and public institutions | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,185 | 1,199 | |
Bank | Corporate and institutional | Governments and public institutions | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,132 | 1,124 | |
Bank | Corporate and institutional | Governments and public institutions | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 53 | 74 | |
Bank | Corporate and institutional | Governments and public institutions | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 0 | 1 | |
Bank | Consumer | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 153,761 | 152,277 | SFr 145,070 |
Bank | Consumer | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 138,150 | 134,741 | |
Bank | Consumer | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 14,969 | 16,985 | |
Bank | Consumer | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 642 | 551 | |
Bank | Consumer | Mortgages | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 107,845 | 106,039 | |
Bank | Consumer | Mortgages | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 97,404 | 94,553 | |
Bank | Consumer | Mortgages | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 10,046 | 11,214 | |
Bank | Consumer | Mortgages | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 395 | 272 | |
Bank | Consumer | Loans collateralized by securities | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 42,034 | 42,016 | |
Bank | Consumer | Loans collateralized by securities | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 39,281 | 38,387 | |
Bank | Consumer | Loans collateralized by securities | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,676 | 3,530 | |
Bank | Consumer | Loans collateralized by securities | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 77 | 99 | |
Bank | Consumer | Consumer finance | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 3,882 | 4,222 | |
Bank | Consumer | Consumer finance | Investment grade | AAA to BBB | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 1,465 | 1,801 | |
Bank | Consumer | Consumer finance | Non-investment grade | BB to C | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | 2,247 | 2,241 | |
Bank | Consumer | Consumer finance | Non-investment grade | D | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross loans held at amortized cost | SFr 170 | SFr 180 |
Loans, allowance for loan los_6
Loans, allowance for loan losses and credit quality - Aging analysis (Details 4) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | SFr 270,976 | SFr 262,103 | |
Gross loans held at amortized cost, past due | 2,747 | 2,727 | |
Gross loans held at amortized cost | 273,723 | 264,830 | SFr 257,515 |
Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1,020 | 1,236 | |
Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 177 | 119 | |
Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 127 | 272 | |
Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1,423 | 1,100 | |
Corporate and institutional | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 118,293 | 110,846 | |
Gross loans held at amortized cost, past due | 1,669 | 1,707 | |
Gross loans held at amortized cost | 119,962 | 112,553 | 112,445 |
Corporate and institutional | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 558 | 800 | |
Corporate and institutional | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 119 | 53 | |
Corporate and institutional | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 85 | 218 | |
Corporate and institutional | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 907 | 636 | |
Corporate and institutional | Real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 25,914 | 25,871 | |
Gross loans held at amortized cost, past due | 151 | 132 | |
Gross loans held at amortized cost | 26,065 | 26,003 | |
Corporate and institutional | Real estate | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 63 | 37 | |
Corporate and institutional | Real estate | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 4 | 12 | |
Corporate and institutional | Real estate | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 15 | |
Corporate and institutional | Real estate | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 84 | 68 | |
Corporate and institutional | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 78,439 | 74,831 | |
Gross loans held at amortized cost, past due | 1,334 | 1,194 | |
Gross loans held at amortized cost | 79,773 | 76,025 | |
Corporate and institutional | Commercial and industrial loans | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 378 | 429 | |
Corporate and institutional | Commercial and industrial loans | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 96 | 40 | |
Corporate and institutional | Commercial and industrial loans | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 82 | 201 | |
Corporate and institutional | Commercial and industrial loans | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 778 | 524 | |
Corporate and institutional | Financial institutions | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 12,768 | 8,947 | |
Gross loans held at amortized cost, past due | 171 | 379 | |
Gross loans held at amortized cost | 12,939 | 9,326 | |
Corporate and institutional | Financial institutions | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 104 | 333 | |
Corporate and institutional | Financial institutions | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 19 | 1 | |
Corporate and institutional | Financial institutions | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 3 | 2 | |
Corporate and institutional | Financial institutions | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 45 | 43 | |
Corporate and institutional | Governments and public institutions | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 1,172 | 1,197 | |
Gross loans held at amortized cost, past due | 13 | 2 | |
Gross loans held at amortized cost | 1,185 | 1,199 | |
Corporate and institutional | Governments and public institutions | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 13 | 1 | |
Corporate and institutional | Governments and public institutions | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Corporate and institutional | Governments and public institutions | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Corporate and institutional | Governments and public institutions | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 1 | |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 152,683 | 151,257 | |
Gross loans held at amortized cost, past due | 1,078 | 1,020 | |
Gross loans held at amortized cost | 153,761 | 152,277 | 145,070 |
Consumer | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 462 | 436 | |
Consumer | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 58 | 66 | |
Consumer | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 42 | 54 | |
Consumer | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 516 | 464 | |
Consumer | Mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 107,364 | 105,689 | |
Gross loans held at amortized cost, past due | 481 | 350 | |
Gross loans held at amortized cost | 107,845 | 106,039 | |
Consumer | Mortgages | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 155 | 102 | |
Consumer | Mortgages | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 23 | 27 | |
Consumer | Mortgages | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 10 | 14 | |
Consumer | Mortgages | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 293 | 207 | |
Consumer | Loans collateralized by securities | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 41,936 | 41,867 | |
Gross loans held at amortized cost, past due | 98 | 149 | |
Gross loans held at amortized cost | 42,034 | 42,016 | |
Consumer | Loans collateralized by securities | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 21 | 37 | |
Consumer | Loans collateralized by securities | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Consumer | Loans collateralized by securities | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Consumer | Loans collateralized by securities | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 77 | 112 | |
Consumer | Consumer finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 3,383 | 3,701 | |
Gross loans held at amortized cost, past due | 499 | 521 | |
Gross loans held at amortized cost | 3,882 | 4,222 | |
Consumer | Consumer finance | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 286 | 297 | |
Consumer | Consumer finance | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 35 | 39 | |
Consumer | Consumer finance | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 32 | 40 | |
Consumer | Consumer finance | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 146 | 145 | |
Bank | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 276,281 | 266,203 | |
Gross loans held at amortized cost, past due | 2,735 | 2,714 | |
Gross loans held at amortized cost | 279,016 | 268,917 | 260,498 |
Bank | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1,020 | 1,236 | |
Bank | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 177 | 119 | |
Bank | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 127 | 272 | |
Bank | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 1,411 | 1,087 | |
Bank | Corporate and institutional | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 123,598 | 114,946 | |
Gross loans held at amortized cost, past due | 1,657 | 1,694 | |
Gross loans held at amortized cost | 125,255 | 116,640 | 115,428 |
Bank | Corporate and institutional | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 558 | 800 | |
Bank | Corporate and institutional | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 119 | 53 | |
Bank | Corporate and institutional | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 85 | 218 | |
Bank | Corporate and institutional | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 895 | 623 | |
Bank | Corporate and institutional | Real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 25,914 | 25,871 | |
Gross loans held at amortized cost, past due | 151 | 132 | |
Gross loans held at amortized cost | 26,065 | 26,003 | |
Bank | Corporate and institutional | Real estate | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 63 | 37 | |
Bank | Corporate and institutional | Real estate | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 4 | 12 | |
Bank | Corporate and institutional | Real estate | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 15 | |
Bank | Corporate and institutional | Real estate | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 84 | 68 | |
Bank | Corporate and institutional | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 78,919 | 74,966 | |
Gross loans held at amortized cost, past due | 1,322 | 1,181 | |
Gross loans held at amortized cost | 80,241 | 76,147 | |
Bank | Corporate and institutional | Commercial and industrial loans | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 378 | 429 | |
Bank | Corporate and institutional | Commercial and industrial loans | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 96 | 40 | |
Bank | Corporate and institutional | Commercial and industrial loans | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 82 | 201 | |
Bank | Corporate and institutional | Commercial and industrial loans | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 766 | 511 | |
Bank | Corporate and institutional | Financial institutions | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 17,593 | 12,912 | |
Gross loans held at amortized cost, past due | 171 | 379 | |
Gross loans held at amortized cost | 17,764 | 13,291 | |
Bank | Corporate and institutional | Financial institutions | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 104 | 333 | |
Bank | Corporate and institutional | Financial institutions | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 19 | 1 | |
Bank | Corporate and institutional | Financial institutions | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 3 | 2 | |
Bank | Corporate and institutional | Financial institutions | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 45 | 43 | |
Bank | Corporate and institutional | Governments and public institutions | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 1,172 | 1,197 | |
Gross loans held at amortized cost, past due | 13 | 2 | |
Gross loans held at amortized cost | 1,185 | 1,199 | |
Bank | Corporate and institutional | Governments and public institutions | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 13 | 1 | |
Bank | Corporate and institutional | Governments and public institutions | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Bank | Corporate and institutional | Governments and public institutions | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Bank | Corporate and institutional | Governments and public institutions | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 1 | |
Bank | Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 152,683 | 151,257 | |
Gross loans held at amortized cost, past due | 1,078 | 1,020 | |
Gross loans held at amortized cost | 153,761 | 152,277 | SFr 145,070 |
Bank | Consumer | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 462 | 436 | |
Bank | Consumer | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 58 | 66 | |
Bank | Consumer | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 42 | 54 | |
Bank | Consumer | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 516 | 464 | |
Bank | Consumer | Mortgages | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 107,364 | 105,689 | |
Gross loans held at amortized cost, past due | 481 | 350 | |
Gross loans held at amortized cost | 107,845 | 106,039 | |
Bank | Consumer | Mortgages | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 155 | 102 | |
Bank | Consumer | Mortgages | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 23 | 27 | |
Bank | Consumer | Mortgages | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 10 | 14 | |
Bank | Consumer | Mortgages | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 293 | 207 | |
Bank | Consumer | Loans collateralized by securities | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 41,936 | 41,867 | |
Gross loans held at amortized cost, past due | 98 | 149 | |
Gross loans held at amortized cost | 42,034 | 42,016 | |
Bank | Consumer | Loans collateralized by securities | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 21 | 37 | |
Bank | Consumer | Loans collateralized by securities | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Bank | Consumer | Loans collateralized by securities | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 0 | 0 | |
Bank | Consumer | Loans collateralized by securities | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 77 | 112 | |
Bank | Consumer | Consumer finance | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, current | 3,383 | 3,701 | |
Gross loans held at amortized cost, past due | 499 | 521 | |
Gross loans held at amortized cost | 3,882 | 4,222 | |
Bank | Consumer | Consumer finance | Past due up to 30 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 286 | 297 | |
Bank | Consumer | Consumer finance | Past due 31 - 60 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 35 | 39 | |
Bank | Consumer | Consumer finance | Past due 61 - 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | 32 | 40 | |
Bank | Consumer | Consumer finance | Past due more than 90 days | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Gross loans held at amortized cost, past due | SFr 146 | SFr 145 |
Loans, allowance for loan los_7
Loans, allowance for loan losses and credit quality - Impaired loans (Details 5) SFr in Millions | 12 Months Ended | |
Dec. 31, 2018CHF (SFr)dayquarter | Dec. 31, 2017CHF (SFr) | |
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | SFr 1,503 | SFr 1,271 |
Restructured loans | 299 | 290 |
Potential problem loans | 390 | 549 |
Total other impaired loans | 689 | 839 |
Gross impaired loans | 2,192 | 2,110 |
Non-interest-earning loans | 300 | 223 |
Non-performing loans | 1,203 | 1,048 |
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | SFr 123 | 90 |
Minimum | ||
Gross impaired loans by category | ||
Loan provision threshold, as percentage of loan notional amount, at which loans are written down to net book value | 80.00% | |
Number of days of default on interest or principal considered to assess credit worthiness | day | 90 | |
Maximum | ||
Gross impaired loans by category | ||
Period of anticipated repayment after which loan is written down to net book value (in quarters) | quarter | 2 | |
Corporate and institutional | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | SFr 936 | 721 |
Restructured loans | 265 | 277 |
Potential problem loans | 314 | 480 |
Total other impaired loans | 579 | 757 |
Gross impaired loans | 1,515 | 1,478 |
Non-interest-earning loans | 269 | 181 |
Non-performing loans | 667 | 540 |
Corporate and institutional | Real estate | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 84 | 77 |
Restructured loans | 0 | 0 |
Potential problem loans | 38 | 19 |
Total other impaired loans | 38 | 19 |
Gross impaired loans | 122 | 96 |
Non-interest-earning loans | 4 | 4 |
Non-performing loans | 80 | 73 |
Corporate and institutional | Commercial and industrial loans | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 770 | 599 |
Restructured loans | 265 | 277 |
Potential problem loans | 272 | 458 |
Total other impaired loans | 537 | 735 |
Gross impaired loans | 1,307 | 1,334 |
Non-interest-earning loans | 223 | 134 |
Non-performing loans | 547 | 465 |
Corporate and institutional | Financial institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 82 | 44 |
Restructured loans | 0 | 0 |
Potential problem loans | 4 | 3 |
Total other impaired loans | 4 | 3 |
Gross impaired loans | 86 | 47 |
Non-interest-earning loans | 42 | 43 |
Non-performing loans | 40 | 1 |
Corporate and institutional | Governments and public institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 1 | |
Restructured loans | 0 | |
Potential problem loans | 0 | |
Total other impaired loans | 0 | |
Gross impaired loans | 1 | |
Non-interest-earning loans | 0 | |
Non-performing loans | 1 | |
Consumer | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 567 | 550 |
Restructured loans | 34 | 13 |
Potential problem loans | 76 | 69 |
Total other impaired loans | 110 | 82 |
Gross impaired loans | 677 | 632 |
Non-interest-earning loans | 31 | 42 |
Non-performing loans | 536 | 508 |
Consumer | Mortgages | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 316 | 253 |
Restructured loans | 34 | 13 |
Potential problem loans | 72 | 66 |
Total other impaired loans | 106 | 79 |
Gross impaired loans | 422 | 332 |
Non-interest-earning loans | 12 | 17 |
Non-performing loans | 304 | 236 |
Consumer | Loans collateralized by securities | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 75 | 112 |
Restructured loans | 0 | 0 |
Potential problem loans | 3 | 2 |
Total other impaired loans | 3 | 2 |
Gross impaired loans | 78 | 114 |
Non-interest-earning loans | 13 | 16 |
Non-performing loans | 62 | 96 |
Consumer | Consumer finance | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 176 | 185 |
Restructured loans | 0 | 0 |
Potential problem loans | 1 | 1 |
Total other impaired loans | 1 | 1 |
Gross impaired loans | 177 | 186 |
Non-interest-earning loans | 6 | 9 |
Non-performing loans | 170 | 176 |
Bank | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 1,491 | 1,258 |
Restructured loans | 299 | 290 |
Potential problem loans | 390 | 549 |
Total other impaired loans | 689 | 839 |
Gross impaired loans | 2,180 | 2,097 |
Non-interest-earning loans | 288 | 210 |
Non-performing loans | 1,203 | 1,048 |
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | 123 | 90 |
Bank | Corporate and institutional | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 924 | 708 |
Restructured loans | 265 | 277 |
Potential problem loans | 314 | 480 |
Total other impaired loans | 579 | 757 |
Gross impaired loans | 1,503 | 1,465 |
Non-interest-earning loans | 257 | 168 |
Non-performing loans | 667 | 540 |
Bank | Corporate and institutional | Real estate | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 84 | 77 |
Restructured loans | 0 | 0 |
Potential problem loans | 38 | 19 |
Total other impaired loans | 38 | 19 |
Gross impaired loans | 122 | 96 |
Non-interest-earning loans | 4 | 4 |
Non-performing loans | 80 | 73 |
Bank | Corporate and institutional | Commercial and industrial loans | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 758 | 586 |
Restructured loans | 265 | 277 |
Potential problem loans | 272 | 458 |
Total other impaired loans | 537 | 735 |
Gross impaired loans | 1,295 | 1,321 |
Non-interest-earning loans | 211 | 121 |
Non-performing loans | 547 | 465 |
Bank | Corporate and institutional | Financial institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 82 | 44 |
Restructured loans | 0 | 0 |
Potential problem loans | 4 | 3 |
Total other impaired loans | 4 | 3 |
Gross impaired loans | 86 | 47 |
Non-interest-earning loans | 42 | 43 |
Non-performing loans | 40 | 1 |
Bank | Corporate and institutional | Governments and public institutions | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 1 | |
Restructured loans | 0 | |
Potential problem loans | 0 | |
Total other impaired loans | 0 | |
Gross impaired loans | 1 | |
Non-interest-earning loans | 0 | |
Non-performing loans | 1 | |
Bank | Consumer | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 567 | 550 |
Restructured loans | 34 | 13 |
Potential problem loans | 76 | 69 |
Total other impaired loans | 110 | 82 |
Gross impaired loans | 677 | 632 |
Non-interest-earning loans | 31 | 42 |
Non-performing loans | 536 | 508 |
Bank | Consumer | Mortgages | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 316 | 253 |
Restructured loans | 34 | 13 |
Potential problem loans | 72 | 66 |
Total other impaired loans | 106 | 79 |
Gross impaired loans | 422 | 332 |
Non-interest-earning loans | 12 | 17 |
Non-performing loans | 304 | 236 |
Bank | Consumer | Loans collateralized by securities | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 75 | 112 |
Restructured loans | 0 | 0 |
Potential problem loans | 3 | 2 |
Total other impaired loans | 3 | 2 |
Gross impaired loans | 78 | 114 |
Non-interest-earning loans | 13 | 16 |
Non-performing loans | 62 | 96 |
Bank | Consumer | Consumer finance | ||
Gross impaired loans by category | ||
Total non-performing and non-interest-earning loans | 176 | 185 |
Restructured loans | 0 | 0 |
Potential problem loans | 1 | 1 |
Total other impaired loans | 1 | 1 |
Gross impaired loans | 177 | 186 |
Non-interest-earning loans | 6 | 9 |
Non-performing loans | SFr 170 | SFr 176 |
Loans, allowance for loan los_8
Loans, allowance for loan losses and credit quality - Impaired loans details (Details 6) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Recorded investment | ||
Recorded investment, with a specific allowance | SFr 1,470 | SFr 1,676 |
Recorded investment, without specific allowance | 722 | 434 |
Gross impaired loans | 2,192 | 2,110 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 1,378 | 1,581 |
Unpaid principal balance, without specific allowance | 722 | 434 |
Unpaid principal balance | 2,100 | 2,015 |
Associated specific allowance | 608 | 654 |
Corporate and institutional | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 941 | 1,131 |
Recorded investment, without specific allowance | 574 | 347 |
Gross impaired loans | 1,515 | 1,478 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 899 | 1,085 |
Unpaid principal balance, without specific allowance | 574 | 347 |
Unpaid principal balance | 1,473 | 1,432 |
Associated specific allowance | 462 | 475 |
Corporate and institutional | Real estate | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 82 | 86 |
Recorded investment, without specific allowance | 40 | 10 |
Gross impaired loans | 122 | 96 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 73 | 79 |
Unpaid principal balance, without specific allowance | 40 | 10 |
Associated specific allowance | 10 | 11 |
Corporate and institutional | Commercial and industrial loans | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 773 | 997 |
Recorded investment, without specific allowance | 534 | 337 |
Gross impaired loans | 1,307 | 1,334 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 742 | 959 |
Unpaid principal balance, without specific allowance | 534 | 337 |
Associated specific allowance | 401 | 427 |
Corporate and institutional | Financial institutions | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 86 | 47 |
Gross impaired loans | 86 | 47 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 84 | 46 |
Associated specific allowance | 51 | 37 |
Corporate and institutional | Governments and public institutions | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 0 | 1 |
Gross impaired loans | 1 | |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 0 | 1 |
Associated specific allowance | 0 | 0 |
Consumer | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 529 | 545 |
Recorded investment, without specific allowance | 148 | 87 |
Gross impaired loans | 677 | 632 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 479 | 496 |
Unpaid principal balance, without specific allowance | 148 | 87 |
Unpaid principal balance | 627 | 583 |
Associated specific allowance | 146 | 179 |
Consumer | Mortgages | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 278 | 254 |
Recorded investment, without specific allowance | 144 | 78 |
Gross impaired loans | 422 | 332 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 262 | 239 |
Unpaid principal balance, without specific allowance | 144 | 78 |
Associated specific allowance | 21 | 36 |
Consumer | Loans collateralized by securities | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 77 | 111 |
Recorded investment, without specific allowance | 1 | 3 |
Gross impaired loans | 78 | 114 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 63 | 97 |
Unpaid principal balance, without specific allowance | 1 | 3 |
Associated specific allowance | 35 | 49 |
Consumer | Consumer finance | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 174 | 180 |
Recorded investment, without specific allowance | 3 | 6 |
Gross impaired loans | 177 | 186 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 154 | 160 |
Unpaid principal balance, without specific allowance | 3 | 6 |
Associated specific allowance | 90 | 94 |
Bank | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 1,458 | 1,663 |
Recorded investment, without specific allowance | 722 | 434 |
Gross impaired loans | 2,180 | 2,097 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 1,366 | 1,569 |
Unpaid principal balance, without specific allowance | 722 | 434 |
Unpaid principal balance | 2,088 | 2,003 |
Associated specific allowance | 607 | 653 |
Bank | Corporate and institutional | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 929 | 1,118 |
Recorded investment, without specific allowance | 574 | 347 |
Gross impaired loans | 1,503 | 1,465 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 887 | 1,073 |
Unpaid principal balance, without specific allowance | 574 | 347 |
Unpaid principal balance | 1,461 | 1,420 |
Associated specific allowance | 461 | 474 |
Bank | Corporate and institutional | Real estate | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 82 | 86 |
Recorded investment, without specific allowance | 40 | 10 |
Gross impaired loans | 122 | 96 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 73 | 79 |
Unpaid principal balance, without specific allowance | 40 | 10 |
Associated specific allowance | 10 | 11 |
Bank | Corporate and institutional | Commercial and industrial loans | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 761 | 984 |
Recorded investment, without specific allowance | 534 | 337 |
Gross impaired loans | 1,295 | 1,321 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 730 | 947 |
Unpaid principal balance, without specific allowance | 534 | 337 |
Associated specific allowance | 400 | 426 |
Bank | Corporate and institutional | Financial institutions | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 86 | 47 |
Gross impaired loans | 86 | 47 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 84 | 46 |
Associated specific allowance | 51 | 37 |
Bank | Corporate and institutional | Governments and public institutions | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 0 | 1 |
Gross impaired loans | 1 | |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 0 | 1 |
Associated specific allowance | 0 | 0 |
Bank | Consumer | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 529 | 545 |
Recorded investment, without specific allowance | 148 | 87 |
Gross impaired loans | 677 | 632 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 479 | 496 |
Unpaid principal balance, without specific allowance | 148 | 87 |
Unpaid principal balance | 627 | 583 |
Associated specific allowance | 146 | 179 |
Bank | Consumer | Mortgages | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 278 | 254 |
Recorded investment, without specific allowance | 144 | 78 |
Gross impaired loans | 422 | 332 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 262 | 239 |
Unpaid principal balance, without specific allowance | 144 | 78 |
Associated specific allowance | 21 | 36 |
Bank | Consumer | Loans collateralized by securities | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 77 | 111 |
Recorded investment, without specific allowance | 1 | 3 |
Gross impaired loans | 78 | 114 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 63 | 97 |
Unpaid principal balance, without specific allowance | 1 | 3 |
Associated specific allowance | 35 | 49 |
Bank | Consumer | Consumer finance | ||
Recorded investment | ||
Recorded investment, with a specific allowance | 174 | 180 |
Recorded investment, without specific allowance | 3 | 6 |
Gross impaired loans | 177 | 186 |
Unpaid principal balance | ||
Unpaid principal balance, with a specific allowance | 154 | 160 |
Unpaid principal balance, without specific allowance | 3 | 6 |
Associated specific allowance | SFr 90 | SFr 94 |
Loans, allowance for loan los_9
Loans, allowance for loan losses and credit quality - Impaired loans details (Details 7) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Average recorded investment | |||
Average recorded investment, with a specific allowance | SFr 1,594 | SFr 1,834 | SFr 1,823 |
Average recorded investment, without specific allowance | 401 | 391 | 466 |
Average recorded investment | 1,995 | 2,225 | 2,289 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 20 | 27 | 16 |
Interest income recognized, without specific allowance | 20 | 15 | 11 |
Interest income recognized | 40 | 42 | 27 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 9 | 13 | 7 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | 10 | 14 | 8 |
Corporate and institutional | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,065 | 1,322 | 1,270 |
Average recorded investment, without specific allowance | 306 | 298 | 348 |
Average recorded investment | 1,371 | 1,620 | 1,618 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 15 | 19 | 12 |
Interest income recognized, without specific allowance | 17 | 12 | 8 |
Interest income recognized | 32 | 31 | 20 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 5 | 6 | 4 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | 6 | 7 | 5 |
Corporate and institutional | Real estate | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 90 | 78 | 72 |
Average recorded investment, without specific allowance | 14 | 27 | 31 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 1 | 1 |
Interest income recognized, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Corporate and institutional | Commercial and industrial loans | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 917 | 1,163 | 1,039 |
Average recorded investment, without specific allowance | 292 | 271 | 307 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 14 | 17 | 10 |
Interest income recognized, without specific allowance | 16 | 11 | 7 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 5 | 5 | 4 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Corporate and institutional | Financial institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 58 | 76 | 154 |
Average recorded investment, without specific allowance | 0 | 0 | 5 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 1 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Corporate and institutional | Governments and public institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 0 | 5 | 5 |
Average recorded investment, without specific allowance | 0 | 0 | 5 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Consumer | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 529 | 512 | 553 |
Average recorded investment, without specific allowance | 95 | 93 | 118 |
Average recorded investment | 624 | 605 | 671 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 5 | 8 | 4 |
Interest income recognized, without specific allowance | 3 | 3 | 3 |
Interest income recognized | 8 | 11 | 7 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 4 | 7 | 3 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | 4 | 7 | 3 |
Consumer | Mortgages | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 261 | 229 | 195 |
Average recorded investment, without specific allowance | 91 | 83 | 83 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 2 | 2 | 2 |
Interest income recognized, without specific allowance | 3 | 3 | 3 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Consumer | Loans collateralized by securities | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 92 | 116 | 153 |
Average recorded investment, without specific allowance | 1 | 7 | 24 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Consumer | Consumer finance | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 176 | 167 | 205 |
Average recorded investment, without specific allowance | 3 | 3 | 11 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 2 | 5 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 5 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,582 | 1,822 | 1,813 |
Average recorded investment, without specific allowance | 401 | 391 | 466 |
Average recorded investment | 1,983 | 2,213 | 2,279 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 20 | 27 | 16 |
Interest income recognized, without specific allowance | 20 | 15 | 11 |
Interest income recognized | 40 | 42 | 27 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 9 | 13 | 7 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | 10 | 14 | 8 |
Bank | Corporate and institutional | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 1,053 | 1,310 | 1,260 |
Average recorded investment, without specific allowance | 306 | 298 | 348 |
Average recorded investment | 1,359 | 1,608 | 1,608 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 15 | 19 | 12 |
Interest income recognized, without specific allowance | 17 | 12 | 8 |
Interest income recognized | 32 | 31 | 20 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 5 | 6 | 4 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | 6 | 7 | 5 |
Bank | Corporate and institutional | Real estate | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 90 | 78 | 72 |
Average recorded investment, without specific allowance | 14 | 27 | 31 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 1 | 1 |
Interest income recognized, without specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Corporate and institutional | Commercial and industrial loans | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 905 | 1,151 | 1,029 |
Average recorded investment, without specific allowance | 292 | 271 | 307 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 14 | 17 | 10 |
Interest income recognized, without specific allowance | 16 | 11 | 7 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 5 | 5 | 4 |
Interest income recognized on a cash basis, without specific allowance | 1 | 1 | 1 |
Bank | Corporate and institutional | Financial institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 58 | 76 | 154 |
Average recorded investment, without specific allowance | 0 | 0 | 5 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 1 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Corporate and institutional | Governments and public institutions | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 0 | 5 | 5 |
Average recorded investment, without specific allowance | 0 | 0 | 5 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 0 | 0 | 0 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Consumer | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 529 | 512 | 553 |
Average recorded investment, without specific allowance | 95 | 93 | 118 |
Average recorded investment | 624 | 605 | 671 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 5 | 8 | 4 |
Interest income recognized, without specific allowance | 3 | 3 | 3 |
Interest income recognized | 8 | 11 | 7 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 4 | 7 | 3 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | 4 | 7 | 3 |
Bank | Consumer | Mortgages | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 261 | 229 | 195 |
Average recorded investment, without specific allowance | 91 | 83 | 83 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 2 | 2 | 2 |
Interest income recognized, without specific allowance | 3 | 3 | 3 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Consumer | Loans collateralized by securities | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 92 | 116 | 153 |
Average recorded investment, without specific allowance | 1 | 7 | 24 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 1 | 1 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 1 | 1 | 1 |
Interest income recognized on a cash basis, without specific allowance | 0 | 0 | 0 |
Bank | Consumer | Consumer finance | |||
Average recorded investment | |||
Average recorded investment, with a specific allowance | 176 | 167 | 205 |
Average recorded investment, without specific allowance | 3 | 3 | 11 |
Interest income recognized | |||
Interest income recognized, with a specific allowance | 2 | 5 | 1 |
Interest income recognized, without specific allowance | 0 | 0 | 0 |
Interest income recognized on a cash basis | |||
Interest income recognized on a cash basis, with a specific allowance | 2 | 5 | 1 |
Interest income recognized on a cash basis, without specific allowance | SFr 0 | SFr 0 | SFr 0 |
Loans, allowance for loan lo_10
Loans, allowance for loan losses and credit quality - Restructured loans (Details 8) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018CHF (SFr)contract | Dec. 31, 2017CHF (SFr)contract | Dec. 31, 2016CHF (SFr)contract | |
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 18 | 15 | 16 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 211 | SFr 123 | SFr 201 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 189 | SFr 119 | SFr 201 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 9 | 1 | 0 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 84 | SFr 48 | SFr 0 |
Consumer | Mortgages | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 5 | 0 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 29 | SFr 0 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 29 | SFr 0 | SFr 0 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 1 | 0 | 0 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 8 | SFr 0 | SFr 0 |
Corporate and institutional | Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 13 | 15 | 16 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 182 | SFr 123 | SFr 201 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 160 | SFr 119 | SFr 201 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 8 | 1 | 0 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 76 | SFr 48 | SFr 0 |
Bank | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 18 | 15 | 16 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 211 | SFr 123 | SFr 201 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 189 | SFr 119 | SFr 201 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 9 | 1 | 0 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 84 | SFr 48 | SFr 0 |
Bank | Consumer | Mortgages | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 5 | 0 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 29 | SFr 0 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 29 | SFr 0 | SFr 0 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 1 | 0 | 0 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 8 | SFr 0 | SFr 0 |
Bank | Corporate and institutional | Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 13 | 15 | 16 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 182 | SFr 123 | SFr 201 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 160 | SFr 119 | SFr 201 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 8 | 1 | 0 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 76 | SFr 48 | SFr 0 |
Premises and equipment (Details
Premises and equipment (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Premises and equipment disclosures | |||
Buildings and improvements | SFr 1,617 | SFr 1,648 | |
Land | 347 | 346 | |
Leasehold improvements | 1,880 | 1,812 | |
Software | 5,909 | 5,709 | |
Equipment | 1,805 | 1,828 | |
Premises and equipment | 11,558 | 11,343 | |
Accumulated depreciation | (6,720) | (6,657) | |
Total premises and equipment, net | 4,838 | 4,686 | |
Depreciation and impairment | |||
Depreciation | 830 | 826 | SFr 887 |
Impairment | 8 | 33 | 25 |
Bank | |||
Premises and equipment disclosures | |||
Buildings and improvements | 1,595 | 1,624 | |
Land | 347 | 346 | |
Leasehold improvements | 1,752 | 1,751 | |
Software | 5,715 | 5,583 | |
Equipment | 1,136 | 1,226 | |
Premises and equipment | 10,545 | 10,530 | |
Accumulated depreciation | (6,015) | (6,085) | |
Total premises and equipment, net | 4,530 | 4,445 | |
Depreciation and impairment | |||
Depreciation | 745 | 770 | 882 |
Impairment | SFr 8 | SFr 33 | SFr 25 |
Goodwill (Details)
Goodwill (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Gross amount of goodwill | ||
Balance at beginning of period | SFr 8,633 | SFr 8,804 |
Foreign currency translation impact | 29 | (158) |
Other | (5) | (13) |
Balance at end of period | 8,657 | 8,633 |
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 | 4,766 | 4,742 |
Operating Segments | Swiss Universal Bank | ||
Gross amount of goodwill | ||
Balance at beginning of period | 610 | 623 |
Foreign currency translation impact | 2 | (13) |
Other | 3 | 0 |
Balance at end of period | 615 | 610 |
Accumulated impairment | ||
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Net book value | ||
Net book value | 615 | 610 |
Operating Segments | International Wealth Management | ||
Gross amount of goodwill | ||
Balance at beginning of period | 1,544 | 1,612 |
Foreign currency translation impact | 8 | (55) |
Other | (8) | (13) |
Balance at end of period | 1,544 | 1,544 |
Accumulated impairment | ||
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Net book value | ||
Net book value | 1,544 | 1,544 |
Operating Segments | Asia Pacific | ||
Gross amount of goodwill | ||
Balance at beginning of period | 2,268 | 2,318 |
Foreign currency translation impact | 10 | (50) |
Other | 0 | 0 |
Balance at end of period | 2,278 | 2,268 |
Accumulated impairment | ||
Balance at beginning of period | 772 | 772 |
Balance at end of period | 772 | 772 |
Net book value | ||
Net book value | 1,506 | 1,496 |
Operating Segments | Global Markets | ||
Gross amount of goodwill | ||
Balance at beginning of period | 3,178 | 3,195 |
Foreign currency translation impact | 4 | (17) |
Other | 0 | 0 |
Balance at end of period | 3,182 | 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 | 463 | 459 |
Operating Segments | Investment Banking & Capital Markets | ||
Gross amount of goodwill | ||
Balance at beginning of period | 1,021 | 1,044 |
Foreign currency translation impact | 5 | (23) |
Other | 0 | 0 |
Balance at end of period | 1,026 | 1,021 |
Accumulated impairment | ||
Balance at beginning of period | 388 | 388 |
Balance at end of period | 388 | 388 |
Net book value | ||
Net book value | 638 | 633 |
Operating Segments | Strategic Resolution Unit | ||
Gross amount of goodwill | ||
Balance at beginning of period | 12 | 12 |
Foreign currency translation impact | 0 | 0 |
Other | 0 | 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 | ||
Gross amount of goodwill | ||
Balance at beginning of period | 7,927 | 8,080 |
Foreign currency translation impact | 25 | (140) |
Other | (5) | (13) |
Balance at end of period | 7,947 | 7,927 |
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 | 4,056 | 4,036 |
Bank | Operating Segments | Swiss Universal Bank | ||
Gross amount of goodwill | ||
Balance at beginning of period | 592 | 605 |
Foreign currency translation impact | 2 | (13) |
Other | 3 | 0 |
Balance at end of period | 597 | 592 |
Accumulated impairment | ||
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Net book value | ||
Net book value | 597 | 592 |
Bank | Operating Segments | International Wealth Management | ||
Gross amount of goodwill | ||
Balance at beginning of period | 1,531 | 1,598 |
Foreign currency translation impact | 8 | (54) |
Other | (8) | (13) |
Balance at end of period | 1,531 | 1,531 |
Accumulated impairment | ||
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Net book value | ||
Net book value | 1,531 | 1,531 |
Bank | Operating Segments | Asia Pacific | ||
Gross amount of goodwill | ||
Balance at beginning of period | 2,044 | 2,090 |
Foreign currency translation impact | 9 | (46) |
Other | 0 | 0 |
Balance at end of period | 2,053 | 2,044 |
Accumulated impairment | ||
Balance at beginning of period | 772 | 772 |
Balance at end of period | 772 | 772 |
Net book value | ||
Net book value | 1,281 | 1,272 |
Bank | Operating Segments | Global Markets | ||
Gross amount of goodwill | ||
Balance at beginning of period | 2,837 | 2,842 |
Foreign currency translation impact | 1 | (5) |
Other | 0 | 0 |
Balance at end of period | 2,838 | 2,837 |
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 | 119 | 118 |
Bank | Operating Segments | Investment Banking & Capital Markets | ||
Gross amount of goodwill | ||
Balance at beginning of period | 911 | 933 |
Foreign currency translation impact | 5 | (22) |
Other | 0 | 0 |
Balance at end of period | 916 | 911 |
Accumulated impairment | ||
Balance at beginning of period | 388 | 388 |
Balance at end of period | 388 | 388 |
Net book value | ||
Net book value | 528 | 523 |
Bank | Operating Segments | Strategic Resolution Unit | ||
Gross amount of goodwill | ||
Balance at beginning of period | 12 | 12 |
Foreign currency translation impact | 0 | 0 |
Other | 0 | 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 | SFr 0 | SFr 0 |
Other intangible assets (Detail
Other intangible assets (Details 1) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other intangible assets | |||
Gross carrying amount | SFr 68 | SFr 79 | |
Accumulated amortization | (44) | (47) | |
Net carrying amount | 24 | 32 | |
Non-amortizing other intangible assets | 195 | 191 | |
Other intangible assets (mortgage servicing rights), at fair value | 163 | 158 | |
Total other intangible assets, net | 219 | 223 | |
Aggregate amortization expenses and impairment losses | |||
Aggregate amortization | 8 | 7 | SFr 8 |
Impairment | 1 | 2 | 0 |
Estimated amortization expenses | |||
In the next 12 months | 4 | ||
Year two | 3 | ||
Year three | 2 | ||
Year four | 2 | ||
Year five | 2 | ||
Tradenames / trademarks | |||
Other intangible assets | |||
Gross carrying amount | 27 | 27 | |
Accumulated amortization | (26) | (26) | |
Net carrying amount | 1 | 1 | |
Client relationships | |||
Other intangible assets | |||
Gross carrying amount | 43 | 47 | |
Accumulated amortization | (20) | (18) | |
Net carrying amount | 23 | 29 | |
Other | |||
Other intangible assets | |||
Gross carrying amount | (2) | 5 | |
Accumulated amortization | 2 | (3) | |
Net carrying amount | 0 | 2 | |
Total other intangible assets, gross | 263 | 270 | |
Bank | |||
Other intangible assets | |||
Gross carrying amount | 68 | 79 | |
Accumulated amortization | (44) | (47) | |
Net carrying amount | 24 | 32 | |
Non-amortizing other intangible assets | 195 | 191 | |
Other intangible assets (mortgage servicing rights), at fair value | 163 | 158 | |
Total other intangible assets, net | 219 | 223 | |
Aggregate amortization expenses and impairment losses | |||
Aggregate amortization | 8 | 7 | 8 |
Impairment | 1 | 2 | SFr 0 |
Estimated amortization expenses | |||
In the next 12 months | 4 | ||
Year two | 3 | ||
Year three | 2 | ||
Year four | 2 | ||
Year five | 2 | ||
Bank | Tradenames / trademarks | |||
Other intangible assets | |||
Gross carrying amount | 27 | 27 | |
Accumulated amortization | (26) | (26) | |
Net carrying amount | 1 | 1 | |
Bank | Client relationships | |||
Other intangible assets | |||
Gross carrying amount | 43 | 47 | |
Accumulated amortization | (20) | (18) | |
Net carrying amount | 23 | 29 | |
Bank | Other | |||
Other intangible assets | |||
Gross carrying amount | (2) | 5 | |
Accumulated amortization | 2 | (3) | |
Net carrying amount | 0 | 2 | |
Total other intangible assets, gross | SFr 263 | SFr 270 |
Other assets and other liabil_3
Other assets and other liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Other assets | ||||
Cash collateral on derivative instruments | SFr 7,057 | SFr 5,141 | ||
Cash collateral on non-derivative transactions | 465 | 490 | ||
Derivative instruments used for hedging | 33 | 50 | ||
Assets held-for-sale | 6,744 | 8,300 | ||
of which loans | 6,630 | 8,130 | ||
of which real estate | 54 | 141 | ||
of which long-lived assets | 60 | 29 | ||
Assets held for separate accounts | 125 | 190 | ||
Interest and fees receivable | 5,055 | 4,669 | ||
Deferred tax assets | 4,943 | 5,522 | ||
Prepaid expenses | 613 | 379 | ||
Failed purchases | 1,283 | 1,327 | ||
Defined benefit pension and post-retirement plan assets | 1,794 | 2,170 | ||
Other | 4,509 | 3,833 | ||
Other assets | 32,621 | 32,071 | ||
Other liabilities | ||||
Cash collateral on derivative instruments | 6,903 | 8,644 | ||
Cash collateral on non-derivative transactions | 514 | 473 | ||
Derivative instruments used for hedging | 8 | 99 | ||
Provisions | 928 | 1,007 | ||
of which off-balance sheet risk | 151 | 106 | ||
Restructuring liabilities | 346 | 306 | SFr 311 | SFr 199 |
Liabilities held for separate accounts | 125 | 190 | ||
Interest and fees payable | 5,159 | 5,591 | ||
Current tax liabilities | 927 | 700 | ||
Deferred tax liabilities | 438 | 394 | ||
Failed sales | 2,187 | 720 | ||
Defined benefit pension and post-retirement plan liabilities | 518 | 541 | ||
Other | 12,054 | 12,947 | ||
Other liabilities | 30,107 | 31,612 | ||
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 687 | 534 | ||
Foreclosed or repossessed real estate | 13 | 8 | ||
Foreclosed or repossessed residential real estate | 10 | 5 | ||
Bank | ||||
Other assets | ||||
Cash collateral on derivative instruments | 7,057 | 5,142 | ||
Cash collateral on non-derivative transactions | 465 | 490 | ||
Derivative instruments used for hedging | 33 | 50 | ||
Assets held-for-sale | 6,744 | 8,300 | ||
of which loans | 6,630 | 8,130 | ||
of which real estate | 54 | 141 | ||
of which long-lived assets | 60 | 29 | ||
Assets held for separate accounts | 125 | 190 | ||
Interest and fees receivable | 5,506 | 4,819 | ||
Deferred tax assets | 4,887 | 5,457 | ||
Prepaid expenses | 560 | 330 | ||
Failed purchases | 1,283 | 1,327 | ||
Defined benefit pension and post-retirement plan assets | 1,001 | 1,058 | ||
Other | 4,482 | 3,793 | ||
Other assets | 32,143 | 30,956 | ||
Other liabilities | ||||
Cash collateral on derivative instruments | 6,903 | 8,644 | ||
Cash collateral on non-derivative transactions | 514 | 473 | ||
Derivative instruments used for hedging | 8 | 99 | ||
Provisions | 920 | 998 | ||
of which off-balance sheet risk | 151 | 106 | ||
Restructuring liabilities | 342 | 301 | SFr 311 | SFr 199 |
Liabilities held for separate accounts | 125 | 190 | ||
Interest and fees payable | 5,521 | 5,804 | ||
Current tax liabilities | 907 | 687 | ||
Deferred tax liabilities | 268 | 152 | ||
Failed sales | 2,187 | 720 | ||
Defined benefit pension and post-retirement plan liabilities | 518 | 541 | ||
Other | 12,114 | 13,074 | ||
Other liabilities | 30,327 | 31,683 | ||
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 687 | 534 | ||
Foreclosed or repossessed real estate | 13 | 8 | ||
Foreclosed or repossessed residential real estate | SFr 10 | SFr 5 |
Deposits (Details)
Deposits (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits | ||
Non-interest-bearing demand deposits | SFr 4,692 | SFr 4,651 |
Interest-bearing demand deposits | 153,779 | 158,055 |
Savings deposits | 63,972 | 64,086 |
Time deposits | 156,702 | 149,783 |
Total deposits | 379,145 | 376,575 |
of which due to banks | 15,220 | 15,413 |
of which customer deposits | 363,925 | 361,162 |
Concentration risk, time deposits in Swiss franc equivalent amounts of USD 100,000 | 156,562 | 149,659 |
Overdrawn deposits not included in total deposits, reclassified as loans | 137 | 135 |
Foreign | ||
Deposits | ||
Non-interest-bearing demand deposits | 1,979 | 2,058 |
Interest-bearing demand deposits | 27,794 | 32,732 |
Savings deposits | 48 | 18 |
Time deposits | 125,021 | 117,252 |
Total deposits | 154,842 | 152,060 |
Switzerland | ||
Deposits | ||
Non-interest-bearing demand deposits | 2,713 | 2,593 |
Interest-bearing demand deposits | 125,985 | 125,323 |
Savings deposits | 63,924 | 64,068 |
Time deposits | 31,681 | 32,531 |
Total deposits | 224,303 | 224,515 |
Bank | ||
Deposits | ||
Non-interest-bearing demand deposits | 4,694 | 4,652 |
Interest-bearing demand deposits | 154,426 | 158,650 |
Savings deposits | 63,972 | 64,086 |
Time deposits | 157,391 | 150,326 |
Total deposits | 380,483 | 377,714 |
of which due to banks | 15,220 | 15,411 |
of which customer deposits | 365,263 | 362,303 |
Concentration risk, time deposits in Swiss franc equivalent amounts of USD 100,000 | 157,252 | 150,203 |
Overdrawn deposits not included in total deposits, reclassified as loans | 137 | 135 |
Bank | Foreign | ||
Deposits | ||
Non-interest-bearing demand deposits | 1,981 | 2,058 |
Interest-bearing demand deposits | 28,010 | 32,965 |
Savings deposits | 48 | 18 |
Time deposits | 125,044 | 117,275 |
Total deposits | 155,083 | 152,316 |
Bank | Switzerland | ||
Deposits | ||
Non-interest-bearing demand deposits | 2,713 | 2,594 |
Interest-bearing demand deposits | 126,416 | 125,685 |
Savings deposits | 63,924 | 64,068 |
Time deposits | 32,347 | 33,051 |
Total deposits | SFr 225,400 | SFr 225,398 |
Long-term debt (Details)
Long-term debt (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term debt | ||
Senior | SFr 136,392 | SFr 148,542 |
Subordinated | 16,152 | 23,627 |
Non-recourse liabilities from consolidated VIEs | 1,764 | 863 |
Long-term debt | 154,308 | 173,032 |
of which reported at fair value | 63,935 | 63,628 |
Structured notes | ||
Long-term debt | ||
Long-term debt | 48,064 | 51,465 |
Bank | ||
Long-term debt | ||
Senior | 136,445 | 148,568 |
Subordinated | 15,224 | 22,611 |
Non-recourse liabilities from consolidated VIEs | 1,764 | 863 |
Long-term debt | 153,433 | 172,042 |
of which reported at fair value | 63,027 | 62,622 |
Bank | Structured notes | ||
Long-term debt | ||
Long-term debt | SFr 48,064 | SFr 51,465 |
Long-term debt - Maturities (De
Long-term debt - Maturities (Details 2) SFr in Millions, ¥ in Billions | Dec. 31, 2018CHF (SFr) | Dec. 31, 2018JPY (¥) | Dec. 31, 2017CHF (SFr) |
Long-term debt by maturities | |||
Next twelve months | SFr 26,471 | ||
Year two | 21,345 | ||
Year three | 15,946 | ||
Year four | 15,024 | ||
Year five | 17,931 | ||
Thereafter | 57,591 | ||
Long-term debt | 154,308 | SFr 173,032 | |
Notes with a contractual maturity of greater than one year, but likelihood of redemption within one year | 500 | ||
Structured notes | |||
Long-term debt by maturities | |||
Next twelve months | 8,268 | ||
Year two | 9,260 | ||
Year three | 5,779 | ||
Year four | 3,787 | ||
Year five | 2,726 | ||
Thereafter | 18,244 | ||
Long-term debt | 48,064 | 51,465 | |
Structured notes | Equity | |||
Long-term debt by maturities | |||
Long-term debt | 30,698 | 32,059 | |
Structured notes | Fixed income | |||
Long-term debt by maturities | |||
Long-term debt | 13,128 | 14,471 | |
Structured notes | Credit | |||
Long-term debt by maturities | |||
Long-term debt | 3,898 | 4,678 | |
Structured notes | Other | |||
Long-term debt by maturities | |||
Long-term debt | 340 | 257 | |
Group Parent Company, intercompany transactions excluded | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 2,427 | ||
Year five | 7,909 | ||
Thereafter | 14,076 | ||
Long-term debt | SFr 24,412 | ||
Group Parent Company, intercompany transactions excluded | Senior notes | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.00% | 3.00% | |
Group Parent Company, intercompany transactions excluded | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.60% | 0.60% | |
Group Parent Company, intercompany transactions excluded | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.00% | 4.00% | |
Group Parent Company, intercompany transactions excluded | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.90% | 0.90% | |
Group Parent Company, intercompany transactions excluded | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 5.40% | 5.40% | |
Group Parent Company, intercompany transactions excluded | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.10% | 7.10% | |
Group Parent Company, intercompany transactions excluded | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.90% | 3.90% | |
Group Parent Company, intercompany transactions excluded | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.50% | 7.50% | |
Group Parent Company, intercompany transactions excluded | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.50% | 3.50% | |
Group Parent Company, intercompany transactions excluded | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.30% | 7.30% | |
Group Parent Company, intercompany transactions excluded | Fixed rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | SFr 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 2,706 | ||
Thereafter | 9,044 | ||
Long-term debt | 11,750 | ||
Group Parent Company, intercompany transactions excluded | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 1,462 | ||
Year five | 4,366 | ||
Thereafter | 4,010 | ||
Long-term debt | 9,838 | ||
Group Parent Company, intercompany transactions excluded | Variable rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 965 | ||
Year five | 837 | ||
Thereafter | 1,022 | ||
Long-term debt | 2,824 | ||
Group subsidiaries | |||
Long-term debt by maturities | |||
Next twelve months | 26,471 | ||
Year two | 21,345 | ||
Year three | 15,946 | ||
Year four | 12,597 | ||
Year five | 10,022 | ||
Thereafter | 43,515 | ||
Long-term debt | SFr 129,896 | ||
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.80% | 8.80% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 22.50% | 22.50% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.70% | 6.70% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.20% | 8.20% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.20% | 4.20% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.20% | 0.20% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.10% | 7.10% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.70% | 2.70% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.30% | 3.30% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.00% | 7.00% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.30% | 3.30% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.50% | 7.50% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.50% | 6.50% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 5.70% | 5.70% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.00% | 8.00% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.90% | 2.90% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.20% | 7.20% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.80% | 3.80% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 9.30% | 9.30% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.30% | 10.30% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.20% | 1.20% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.70% | 10.70% | |
Group subsidiaries | Fixed rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | SFr 15,799 | ||
Year two | 9,358 | ||
Year three | 7,758 | ||
Year four | 8,269 | ||
Year five | 4,706 | ||
Thereafter | 21,977 | ||
Long-term debt | 67,867 | ||
Group subsidiaries | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 1,797 | ||
Year three | 19 | ||
Year four | 90 | ||
Year five | 2,543 | ||
Thereafter | 1,648 | ||
Long-term debt | 6,097 | ||
Group subsidiaries | Fixed rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 346 | ||
Year two | 235 | ||
Year three | 23 | ||
Year four | 0 | ||
Year five | 0 | ||
Thereafter | 0 | ||
Long-term debt | 604 | ||
Group subsidiaries | Variable rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 10,001 | ||
Year two | 9,953 | ||
Year three | 8,142 | ||
Year four | 4,232 | ||
Year five | 2,746 | ||
Thereafter | 18,877 | ||
Long-term debt | 53,951 | ||
Group subsidiaries | Variable rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 211 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 6 | ||
Thereafter | 0 | ||
Long-term debt | 217 | ||
Group subsidiaries | Variable rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 114 | ||
Year two | 2 | ||
Year three | 4 | ||
Year four | 6 | ||
Year five | 21 | ||
Thereafter | 1,013 | ||
Long-term debt | 1,160 | ||
Bank | |||
Long-term debt by maturities | |||
Next twelve months | 26,470 | ||
Year two | 21,346 | ||
Year three | 15,947 | ||
Year four | 18,569 | ||
Year five | 15,454 | ||
Thereafter | 55,647 | ||
Long-term debt | 153,433 | 172,042 | |
Maximum principal amount of notes that can be issued | ¥ | ¥ 500 | ||
Notes with a contractual maturity of greater than one year, but likelihood of redemption within one year | SFr 500 | ||
Bank | Senior notes | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Senior notes | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.80% | 8.80% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 22.50% | 22.50% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.70% | 6.70% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.20% | 8.20% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.20% | 4.20% | |
Bank | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.20% | 0.20% | |
Bank | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.10% | 7.10% | |
Bank | Subordinated | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.70% | 2.70% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.30% | 3.30% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.00% | 7.00% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.30% | 3.30% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.10% | 7.10% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.50% | 7.50% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.90% | 3.90% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.00% | 8.00% | |
Bank | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.50% | 3.50% | |
Bank | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.00% | 8.00% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.90% | 2.90% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.20% | 7.20% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.80% | 3.80% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 9.30% | 9.30% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.30% | 10.30% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.20% | 1.20% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.70% | 10.70% | |
Bank | Structured notes | |||
Long-term debt by maturities | |||
Next twelve months | SFr 8,268 | ||
Year two | 9,260 | ||
Year three | 5,779 | ||
Year four | 3,787 | ||
Year five | 2,726 | ||
Thereafter | 18,244 | ||
Long-term debt | 48,064 | 51,465 | |
Bank | Structured notes | Equity | |||
Long-term debt by maturities | |||
Long-term debt | 30,698 | 32,059 | |
Bank | Structured notes | Fixed income | |||
Long-term debt by maturities | |||
Long-term debt | 13,128 | 14,471 | |
Bank | Structured notes | Credit | |||
Long-term debt by maturities | |||
Long-term debt | 3,898 | 4,678 | |
Bank | Structured notes | Other | |||
Long-term debt by maturities | |||
Long-term debt | 340 | SFr 257 | |
Bank | Fixed rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 15,798 | ||
Year two | 9,359 | ||
Year three | 7,759 | ||
Year four | 11,321 | ||
Year five | 6,041 | ||
Thereafter | 29,899 | ||
Long-term debt | 80,177 | ||
Bank | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 1,797 | ||
Year three | 19 | ||
Year four | 1,552 | ||
Year five | 5,781 | ||
Thereafter | 5,858 | ||
Long-term debt | 15,007 | ||
Bank | Fixed rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 346 | ||
Year two | 235 | ||
Year three | 23 | ||
Year four | 0 | ||
Year five | 0 | ||
Thereafter | 0 | ||
Long-term debt | 604 | ||
Bank | Variable rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 10,001 | ||
Year two | 9,953 | ||
Year three | 8,142 | ||
Year four | 5,690 | ||
Year five | 3,605 | ||
Thereafter | 18,877 | ||
Long-term debt | 56,268 | ||
Bank | Variable rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 211 | ||
Year two | 0 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 6 | ||
Thereafter | 0 | ||
Long-term debt | 217 | ||
Bank | Variable rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 114 | ||
Year two | 2 | ||
Year three | 4 | ||
Year four | 6 | ||
Year five | 21 | ||
Thereafter | 1,013 | ||
Long-term debt | SFr 1,160 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | SFr (18,738) | ||
Balance at end of period | (17,981) | SFr (18,738) | |
Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (62) | (35) | SFr (15) |
Increase/(decrease) | (114) | (61) | (6) |
Increase/(decrease) due to equity method investments | (10) | 1 | (6) |
Reclassification adjustments, included in net income | 114 | 33 | (8) |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (10) | (27) | (20) |
Balance at end of period | (72) | (62) | (35) |
Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (13,119) | (12,095) | (12,615) |
Increase/(decrease) | (342) | (1,054) | 441 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 19 | 30 | 79 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (323) | (1,024) | 520 |
Balance at end of period | (13,442) | (13,119) | (12,095) |
Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 48 | 61 | 60 |
Increase/(decrease) | (10) | (13) | 1 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | (7) | 0 | 0 |
Cumulative effect of accounting changes, net of tax | (21) | 0 | |
Total increase/(decrease) | (38) | (13) | 1 |
Balance at end of period | 10 | 48 | 61 |
Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (3,583) | (4,278) | (4,672) |
Increase/(decrease) | (710) | 337 | 7 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 319 | 358 | 387 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (391) | 695 | 394 |
Balance at end of period | (3,974) | (3,583) | (4,278) |
Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 522 | 643 | 607 |
Increase/(decrease) | (26) | 0 | 142 |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | (109) | (121) | (106) |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (135) | (121) | 36 |
Balance at end of period | 387 | 522 | 643 |
Accumulated Gains (Losses) On Liabilities Related To Credit Risk | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (2,544) | (568) | |
Increase/(decrease) | 1,605 | (2,008) | (1,043) |
Increase/(decrease) due to equity method investments | 0 | 0 | 0 |
Reclassification adjustments, included in net income | 49 | 32 | 0 |
Cumulative effect of accounting changes, net of tax | 0 | 475 | |
Total increase/(decrease) | 1,654 | (1,976) | (568) |
Balance at end of period | (890) | (2,544) | (568) |
Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (18,738) | (16,272) | (16,635) |
Increase/(decrease) | 403 | (2,799) | (458) |
Increase/(decrease) due to equity method investments | (10) | 1 | (6) |
Reclassification adjustments, included in net income | 385 | 332 | 352 |
Cumulative effect of accounting changes, net of tax | (21) | 475 | |
Total increase/(decrease) | 757 | (2,466) | 363 |
Balance at end of period | (17,981) | (18,738) | (16,272) |
Bank | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (15,932) | ||
Balance at end of period | (14,840) | (15,932) | |
Bank | Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (51) | (16) | 6 |
Increase/(decrease) | (115) | (61) | (6) |
Reclassification adjustments, included in net income | 108 | 26 | (16) |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (7) | (35) | (22) |
Balance at end of period | (58) | (51) | (16) |
Bank | Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (13,248) | (12,269) | (12,750) |
Increase/(decrease) | (344) | (1,009) | 409 |
Reclassification adjustments, included in net income | 19 | 30 | 72 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (325) | (979) | 481 |
Balance at end of period | (13,573) | (13,248) | (12,269) |
Bank | Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 48 | 61 | 60 |
Increase/(decrease) | (11) | (13) | 1 |
Reclassification adjustments, included in net income | (7) | 0 | 0 |
Cumulative effect of accounting changes, net of tax | (21) | 0 | |
Total increase/(decrease) | (39) | (13) | 1 |
Balance at end of period | 9 | 48 | 61 |
Bank | Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (381) | (402) | (612) |
Increase/(decrease) | (18) | (40) | 131 |
Reclassification adjustments, included in net income | 49 | 61 | 79 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | 31 | 21 | 210 |
Balance at end of period | (350) | (381) | (402) |
Bank | Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 2 | 2 | 2 |
Increase/(decrease) | (10) | 0 | 0 |
Reclassification adjustments, included in net income | 0 | 0 | 0 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (10) | 0 | 0 |
Balance at end of period | (8) | 2 | 2 |
Bank | Accumulated Gains (Losses) On Liabilities Related To Credit Risk | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (2,302) | (618) | |
Increase/(decrease) | 1,394 | (1,716) | (1,082) |
Reclassification adjustments, included in net income | 48 | 32 | 0 |
Cumulative effect of accounting changes, net of tax | 0 | 464 | |
Total increase/(decrease) | 1,442 | (1,684) | (618) |
Balance at end of period | (860) | (2,302) | (618) |
Bank | Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (15,932) | (13,242) | (13,294) |
Increase/(decrease) | 896 | (2,839) | (547) |
Reclassification adjustments, included in net income | 217 | 149 | 135 |
Cumulative effect of accounting changes, net of tax | (21) | 464 | |
Total increase/(decrease) | 1,092 | (2,690) | 52 |
Balance at end of period | SFr (14,840) | SFr (15,932) | SFr (13,242) |
AOCI - Additional share informa
AOCI - Additional share information (Details 2) - SFr / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Common shares issued | ||||
Common Stock, Shares, Issued, Beginning Balance | 2,556,011,720 | 2,089,897,378 | 1,957,379,244 | |
Issuance of common shares | 0 | 466,114,342 | 132,518,134 | |
of which reserved for share-based compensation | 0 | 0 | 30,000,000 | |
Common Stock, Shares, Issued, Ending Balance | 2,556,011,720 | 2,556,011,720 | 2,089,897,378 | |
Treasury shares | ||||
Treasury Stock, Shares, Beginning Balance | 5,757,666 | 0 | 5,910,224 | |
Sale of treasury shares | 770,559,108 | 809,307,879 | 1,218,245,936 | |
Repurchase of treasury shares | 816,841,331 | 857,049,873 | 1,224,501,214 | |
Share-based compensation, net of tax | 46,612,198 | 41,984,328 | 12,165,502 | |
Treasury Stock, Shares, Ending Balance | 5,427,691 | 5,757,666 | 0 | |
Common shares outstanding | 2,550,584,029 | 2,550,254,054 | 2,089,897,378 | |
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | ||
Authorized shares (in shares) | [1] | 3,271,129,950 | 3,271,129,950 | |
Unissued shares (in shares) | 653,000,000 | 653,000,000 | ||
Capital Instrument Reserved | ||||
Treasury shares | ||||
Unissued shares (in shares) | 111,193,477 | 505,062,294 | ||
Bank | ||||
Common shares issued | ||||
Common Stock, Shares, Issued, Beginning Balance | [2] | 4,399,680,200 | ||
Common Stock, Shares, Issued, Ending Balance | [2] | 4,399,680,200 | 4,399,680,200 | |
Treasury shares | ||||
Common shares outstanding | [2] | 4,399,680,200 | 4,399,680,200 | |
Par value (in CHF per share) | [2] | SFr 1 | SFr 1 | |
[1] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). | |||
[2] | The Bank's total share capital is fully paid and consists of 4'399'680'200 registered shares as of December 31, 2018. Each share is entitled to one vote. The Bank has no warrants on its own shares outstanding. |
AOCI - Significant reclassifica
AOCI - Significant reclassification adjustments (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification adjustments, included in net income | |||
Income tax expense/(benefit) | SFr 1,361 | SFr 2,741 | SFr 441 |
Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 114 | 33 | (8) |
Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 19 | 30 | 79 |
Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (7) | 0 | 0 |
Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 385 | 332 | 352 |
Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (109) | (121) | (106) |
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 | (138) | (153) | (134) |
Income tax expense/(benefit) | 29 | 32 | 28 |
Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 319 | 358 | 387 |
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 | 396 | 444 | 513 |
Income tax expense/(benefit) | (77) | (86) | (126) |
Credit Suisse (Gibraltar) Limited | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | 59 | ||
AJP Cayman Ltd [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | 17 | ||
Credit Suisse Monaco SAM [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | 23 | ||
Credit Suisse Securities Johannesburg Proprietary Limited [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | 21 | ||
Bank | |||
Reclassification adjustments, included in net income | |||
Income tax expense/(benefit) | 1,134 | 2,781 | 400 |
Bank | Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 108 | 26 | (16) |
Bank | Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 19 | 30 | 72 |
Bank | Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (7) | 0 | 0 |
Bank | Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 217 | 149 | 135 |
Bank | Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 0 | 0 | 0 |
Bank | Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 49 | 61 | 79 |
Bank | Actuarial gains/(losses) | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income, before tax | 55 | 68 | 123 |
Income tax expense/(benefit) | (6) | (7) | (44) |
Bank | Credit Suisse (Gibraltar) Limited | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | 59 | ||
Bank | AJP Cayman Ltd [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | SFr 17 | ||
Bank | Credit Suisse Monaco SAM [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | SFr 23 | ||
Bank | Credit Suisse Securities Johannesburg Proprietary Limited [Member] | Cumulative translation adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification adjustments, included in net income | |||
Net releases | SFr 21 |
Offsetting of financial asset_3
Offsetting of financial assets (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 124,700 | SFr 145,000 |
Offsetting | (110,100) | (128,800) |
of which counterparty netting | (96,900) | (113,800) |
of which cash collateral netting | (13,200) | (15,000) |
Total net derivatives subject to enforceable master netting agreements | 14,600 | 16,200 |
Total derivatives not subject to enforceable master netting agreements | 3,700 | 3,400 |
Total net derivatives presented in the consolidated balance sheets | 18,300 | 19,600 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 86,600 | 89,400 |
Securities purchased under resale agreements, offsetting | (20,900) | (28,800) |
Securities purchased under resale agreements, net | 65,700 | 60,600 |
Securities borrowing transactions, gross | 12,600 | 18,700 |
Securities borrowing transactions, offsetting | (2,200) | (5,000) |
Securities borrowing transactions, net | 10,400 | 13,700 |
Total subject to enforceable master netting agreements, gross | 99,200 | 108,100 |
Total subject to enforceable master netting agreements, offsetting | (23,100) | (33,800) |
Total subject to enforceable master netting agreements, net | 76,100 | 74,300 |
Total not subject to enforceable master netting agreements | 41,000 | 41,000 |
Total, gross | 140,200 | 149,100 |
Total, net | 117,100 | 115,300 |
of which reported at fair value | 81,818 | 77,498 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 14,600 | 16,200 |
Derivatives, financial instruments | 4,500 | 5,200 |
Derivatives, cash collateral received/pledged | 100 | 0 |
Derivatives, net exposure | 10,000 | 11,000 |
Securities purchased under resale agreements, net | 65,700 | 60,600 |
Securities purchased under resale agreements, financial instruments | 65,700 | 60,600 |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 0 |
Securities purchased under resale agreements, net exposure | 0 | 0 |
Securities borrowing transactions, net | 10,400 | 13,700 |
Securities borrowing transactions, financial instruments | 10,000 | 13,200 |
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 |
Securities borrowing transactions, net exposure | 400 | 500 |
Total financial assets subject to enforceable master netting agreements, net | 90,700 | 90,500 |
Total financial assets subject to enforceable master netting agreements, financial instruments | 80,200 | 79,000 |
Total financial assets subject to enforceable master netting agreements, cash collateral received/pledged | 100 | 0 |
Total financial assets subject to enforceable master netting agreements, net exposure | 10,400 | 11,500 |
Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 18,300 | 19,600 |
Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 0 | 0 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 7,100 | 6,300 |
Offsetting | (5,900) | (5,700) |
Total net derivatives subject to enforceable master netting agreements | 1,200 | 600 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 1,200 | 600 |
OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 105,500 | 129,400 |
Offsetting | (92,600) | (114,500) |
Total net derivatives subject to enforceable master netting agreements | 12,900 | 14,900 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 12,900 | 14,900 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 12,100 | 9,300 |
Offsetting | (11,600) | (8,600) |
Total net derivatives subject to enforceable master netting agreements | 500 | 700 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 500 | 700 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 69,100 | 85,900 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 5,500 | 2,500 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 63,400 | 83,300 |
Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 200 | 100 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 27,000 | 29,300 |
Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 200 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 26,900 | 29,100 |
Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 22,000 | 20,900 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 10,200 | 11,700 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 11,800 | 9,200 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 5,300 | 7,500 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,500 | 3,600 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 3,800 | 3,900 |
Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,300 | 1,400 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,200 | 1,400 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 0 |
Bank | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 124,700 | 145,000 |
Offsetting | (110,100) | (128,800) |
of which counterparty netting | (96,900) | (113,800) |
of which cash collateral netting | (13,200) | (15,000) |
Total net derivatives subject to enforceable master netting agreements | 14,600 | 16,200 |
Total derivatives not subject to enforceable master netting agreements | 3,800 | 3,700 |
Total net derivatives presented in the consolidated balance sheets | 18,400 | 19,900 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 86,600 | 89,400 |
Securities purchased under resale agreements, offsetting | (20,900) | (28,800) |
Securities purchased under resale agreements, net | 65,700 | 60,600 |
Securities borrowing transactions, gross | 12,600 | 18,700 |
Securities borrowing transactions, offsetting | (2,200) | (5,000) |
Securities borrowing transactions, net | 10,400 | 13,700 |
Total subject to enforceable master netting agreements, gross | 99,200 | 108,100 |
Total subject to enforceable master netting agreements, offsetting | (23,100) | (33,800) |
Total subject to enforceable master netting agreements, net | 76,100 | 74,300 |
Total not subject to enforceable master netting agreements | 41,000 | 41,000 |
Total, gross | 140,200 | 149,100 |
Total, net | 117,100 | 115,300 |
of which reported at fair value | 81,818 | 77,498 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 14,600 | 16,200 |
Derivatives, financial instruments | 4,500 | 5,200 |
Derivatives, cash collateral received/pledged | 100 | 0 |
Derivatives, net exposure | 10,000 | 11,000 |
Securities purchased under resale agreements, net | 65,700 | 60,600 |
Securities purchased under resale agreements, financial instruments | 65,700 | 60,600 |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 0 |
Securities purchased under resale agreements, net exposure | 0 | 0 |
Securities borrowing transactions, net | 10,400 | 13,700 |
Securities borrowing transactions, financial instruments | 10,000 | 13,200 |
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 |
Securities borrowing transactions, net exposure | 400 | 500 |
Total financial assets subject to enforceable master netting agreements, net | 90,700 | 90,500 |
Total financial assets subject to enforceable master netting agreements, financial instruments | 80,200 | 79,000 |
Total financial assets subject to enforceable master netting agreements, cash collateral received/pledged | 100 | 0 |
Total financial assets subject to enforceable master netting agreements, net exposure | 10,400 | 11,500 |
Bank | Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 18,400 | 19,900 |
Bank | Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 0 | 0 |
Bank | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 7,100 | 6,300 |
Offsetting | (6,000) | (5,700) |
Total net derivatives subject to enforceable master netting agreements | 1,100 | 600 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 1,100 | 600 |
Bank | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 105,600 | 129,400 |
Offsetting | (92,500) | (114,500) |
Total net derivatives subject to enforceable master netting agreements | 13,100 | 14,900 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 13,100 | 14,900 |
Bank | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 12,000 | 9,300 |
Offsetting | (11,600) | (8,600) |
Total net derivatives subject to enforceable master netting agreements | 400 | 700 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 400 | 700 |
Bank | Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 69,100 | 85,900 |
Bank | Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 5,500 | 2,500 |
Bank | Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 63,400 | 83,300 |
Bank | Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 200 | 100 |
Bank | Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 27,000 | 29,300 |
Bank | Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 100 | 200 |
Bank | Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 26,900 | 29,100 |
Bank | Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 22,000 | 20,900 |
Bank | Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 10,200 | 11,700 |
Bank | Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 11,800 | 9,200 |
Bank | Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 5,300 | 7,500 |
Bank | Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,500 | 3,600 |
Bank | Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 3,800 | 3,900 |
Bank | Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,300 | 1,400 |
Bank | Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 1,300 | SFr 1,400 |
Offsetting of financial liabili
Offsetting of financial liabilities (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 128,600 | SFr 146,700 |
Offsetting | (117,300) | (137,100) |
of which counterparty netting | (96,900) | (113,800) |
of which cash collateral netting | (20,400) | (23,300) |
Total net derivatives subject to enforceable master netting agreements | 11,300 | 9,600 |
Total derivatives not subject to enforceable master netting agreements | 3,900 | 5,200 |
Total net derivatives presented in the consolidated balance sheets | 15,200 | 14,800 |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Securities sold under repurchase agreements, gross | 42,300 | 49,400 |
Securities sold under repurchase agreements, offsetting | (22,500) | (31,500) |
Securities sold under repurchase agreements, net | 19,800 | 17,900 |
Securities lending transactions, gross | 4,200 | 7,100 |
Securities lending transactions, offsetting | (600) | (2,300) |
Securities lending transactions, net | 3,600 | 4,800 |
Obligation to return securities received as collateral, at fair value, gross | 39,400 | 37,000 |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net | 39,400 | 37,000 |
Total subject to enforceable master netting agreements, gross | 85,900 | 93,500 |
Total subject to enforceable master netting agreements, offsetting | (23,100) | (33,800) |
Total subject to enforceable master netting agreements, net | 62,800 | 59,700 |
Total not subject to enforceable master netting agreements | 3,500 | 4,900 |
Total, gross | 89,400 | 98,400 |
Total, net | 66,300 | 64,600 |
of which reported at fair value | 14,828 | 15,262 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 11,300 | 9,600 |
Derivatives, financial instruments | 1,400 | 2,100 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 9,900 | 7,500 |
Securities sold under repurchase agreements, net | 19,800 | 17,900 |
Securities sold under repurchase agreements, financial instruments | 19,700 | 17,900 |
Securities sold under repurchase agreements, cash collateral received/pledged | 100 | 0 |
Securities sold under repurchase agreements, net exposure | 0 | 0 |
Securities lending transactions, net | 3,600 | 4,800 |
Securities lending transactions, financial instruments | 3,200 | 4,400 |
Securities lending transactions, cash collateral received/pledged | 0 | 0 |
Securities lending transactions, net exposure | 400 | 400 |
Obligation to return securities received as collateral, at fair value, net | 39,400 | 37,000 |
Obligation to return securities received as collateral, financial instruments | 34,300 | 32,700 |
Obligation to return securities received as collateral, cash collateral received/pledged | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net exposure | 5,100 | 4,300 |
Total financial liabilities subject to enforceable master netting agreements, net | 74,100 | 69,300 |
Total financial liabilities subject to enforceable master netting agreements, financial instruments | 58,600 | 57,100 |
Total financial liabilities subject to enforceable master netting agreements, cash collateral received/pledged | 100 | 0 |
Total financial liabilities subject to enforceable master netting agreements, net exposure | 15,400 | 12,200 |
Trading liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 15,200 | 14,700 |
Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 0 | 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 | (23,100) | (33,800) |
Total, gross | 47,700 | 60,300 |
Total, net | 24,600 | 26,500 |
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 | 41,700 | 38,100 |
Total, net | 41,700 | 38,100 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 6,600 | 5,800 |
Offsetting | (5,800) | (5,400) |
Total net derivatives subject to enforceable master netting agreements | 800 | 400 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 800 | 400 |
OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 107,200 | 130,900 |
Offsetting | (99,000) | (122,100) |
Total net derivatives subject to enforceable master netting agreements | 8,200 | 8,800 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 8,200 | 8,800 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,800 | 10,000 |
Offsetting | (12,500) | (9,600) |
Total net derivatives subject to enforceable master netting agreements | 2,300 | 400 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 2,300 | 400 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 65,700 | 81,000 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,800 | 1,800 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 60,600 | 79,000 |
Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 300 | 200 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 31,300 | 34,800 |
Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200 | 200 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 31,100 | 34,600 |
Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 24,400 | 21,500 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 10,200 | 11,700 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,200 | 9,800 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 6,500 | 8,500 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,600 | 3,800 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,900 | 4,700 |
Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 700 | 900 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 400 | 900 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 300 | 0 |
Bank | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 128,700 | 147,000 |
Offsetting | (117,400) | (137,400) |
of which counterparty netting | (96,900) | (113,800) |
of which cash collateral netting | (20,500) | (23,600) |
Total net derivatives subject to enforceable master netting agreements | 11,300 | 9,600 |
Total derivatives not subject to enforceable master netting agreements | 3,900 | 5,200 |
Total net derivatives presented in the consolidated balance sheets | 15,200 | 14,800 |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Securities sold under repurchase agreements, gross | 42,300 | 49,400 |
Securities sold under repurchase agreements, offsetting | (22,500) | (31,500) |
Securities sold under repurchase agreements, net | 19,800 | 17,900 |
Securities lending transactions, gross | 4,200 | 7,100 |
Securities lending transactions, offsetting | (600) | (2,300) |
Securities lending transactions, net | 3,600 | 4,800 |
Obligation to return securities received as collateral, at fair value, gross | 39,400 | 37,000 |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net | 39,400 | 37,000 |
Total subject to enforceable master netting agreements, gross | 85,900 | 93,500 |
Total subject to enforceable master netting agreements, offsetting | (23,100) | (33,800) |
Total subject to enforceable master netting agreements, net | 62,800 | 59,700 |
Total not subject to enforceable master netting agreements | 3,500 | 4,900 |
Total, gross | 89,400 | 98,400 |
Total, net | 66,300 | 64,600 |
of which reported at fair value | 14,828 | 15,262 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 11,300 | 9,600 |
Derivatives, financial instruments | 1,400 | 2,100 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 9,900 | 7,500 |
Securities sold under repurchase agreements, net | 19,800 | 17,900 |
Securities sold under repurchase agreements, financial instruments | 19,700 | 17,900 |
Securities sold under repurchase agreements, cash collateral received/pledged | 100 | 0 |
Securities sold under repurchase agreements, net exposure | 0 | 0 |
Securities lending transactions, net | 3,600 | 4,800 |
Securities lending transactions, financial instruments | 3,200 | 4,400 |
Securities lending transactions, cash collateral received/pledged | 0 | 0 |
Securities lending transactions, net exposure | 400 | 400 |
Obligation to return securities received as collateral, at fair value, net | 39,400 | 37,000 |
Obligation to return securities received as collateral, financial instruments | 34,300 | 32,700 |
Obligation to return securities received as collateral, cash collateral received/pledged | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net exposure | 5,100 | 4,300 |
Total financial liabilities subject to enforceable master netting agreements, net | 74,100 | 69,300 |
Total financial liabilities subject to enforceable master netting agreements, financial instruments | 58,600 | 57,100 |
Total financial liabilities subject to enforceable master netting agreements, cash collateral received/pledged | 100 | 0 |
Total financial liabilities subject to enforceable master netting agreements, net exposure | 15,400 | 12,200 |
Bank | Trading liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 15,200 | 14,700 |
Bank | Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 0 | 100 |
Bank | Securities sold under repurchase agreements and securities | ||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Total subject to enforceable master netting agreements, offsetting | (23,100) | (33,800) |
Total, gross | 47,700 | 60,300 |
Total, net | 24,600 | 26,500 |
Bank | Obligation to return securities received as collateral | ||
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Total subject to enforceable master netting agreements, offsetting | 0 | 0 |
Total, gross | 41,700 | 38,100 |
Total, net | 41,700 | 38,100 |
Bank | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 6,600 | 5,800 |
Offsetting | (5,800) | (5,400) |
Total net derivatives subject to enforceable master netting agreements | 800 | 400 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 800 | 400 |
Bank | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 107,600 | 131,200 |
Offsetting | (99,100) | (122,400) |
Total net derivatives subject to enforceable master netting agreements | 8,500 | 8,800 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 8,500 | 8,800 |
Bank | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,500 | 10,000 |
Offsetting | (12,500) | (9,600) |
Total net derivatives subject to enforceable master netting agreements | 2,000 | 400 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 2,000 | 400 |
Bank | Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 65,800 | 81,000 |
Bank | Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,800 | 1,800 |
Bank | Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 60,700 | 79,000 |
Bank | Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 300 | 200 |
Bank | Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 31,400 | 34,800 |
Bank | Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 200 | 200 |
Bank | Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 31,200 | 34,600 |
Bank | Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 24,500 | 21,800 |
Bank | Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 10,300 | 12,000 |
Bank | Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 14,200 | 9,800 |
Bank | Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 6,500 | 8,500 |
Bank | Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 1,600 | 3,800 |
Bank | Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,900 | 4,700 |
Bank | Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 500 | 900 |
Bank | Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 500 | SFr 900 |
Tax - Income statement related_
Tax - Income statement related/reconciliation of tax rate (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income from continuing operations before taxes (CHF) | |||
Switzerland | SFr 1,924 | SFr 1,736 | SFr 2,111 |
Foreign | 1,448 | 57 | (4,377) |
Income/(loss) before taxes | 3,372 | 1,793 | (2,266) |
Current and deferred taxes | |||
Switzerland | 135 | 82 | 133 |
Foreign | 426 | 421 | 501 |
Current income tax expense | 561 | 503 | 634 |
Switzerland | 479 | 244 | (125) |
Foreign | 321 | 1,994 | (68) |
Deferred income tax expense | 800 | 2,238 | (193) |
Income tax expense | 1,361 | 2,741 | 441 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Gains/(losses) on cash flow hedges | (28) | (24) | (6) |
Cumulative translation adjustment | (7) | 1 | (4) |
Unrealized gains/(losses) on securities | (5) | 1 | 1 |
Actuarial gains/(losses), Tax | (102) | 172 | 136 |
Net prior service credit/(cost) | (33) | (32) | 10 |
Share-based compensation and treasury shares | 1 | 3 | 104 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Income tax expense computed at the statutory tax rate of 22% | 742 | 394 | (499) |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 107 | (110) | (498) |
of which total foreign tax expense | 747 | 2,415 | 433 |
Changes in tax law and rates | (2) | 2,095 | 145 |
Non-deductible amortization of other intangible assets and goodwill impairment | 3 | 0 | 1 |
Other non-deductible expenses | 457 | 354 | 1,540 |
of which non-deductible interest expenses | 325 | 217 | 420 |
of which non-deductible bank levy costs and other non-deductible compensation expenses | 49 | 27 | 52 |
of which non-deductible provision accruals | 15 | 57 | 983 |
of which non-deductible leased property provision | 25 | ||
of which non-deductible foreign exchange losses | 10 | 31 | |
of which non-deductible other expenses | 43 | 29 | |
of which contingency accrual relating to non-deductible interest expense | 92 | 155 | |
Additional taxable income | 5 | 0 | 87 |
Lower taxed income | (190) | (276) | (219) |
of which tax benefit in respect to non-taxable dividend income | 66 | 78 | 58 |
of which tax benefit related to non-taxable foreign exchange gains | 0 | ||
of which tax benefit related non-taxable life insurance income | 48 | 86 | 71 |
of which tax benefit from tax taxed at lower than statutory rate | 33 | 31 | 19 |
of which exempt income | 23 | 25 | 11 |
(Income)/loss taxable to non-controlling interests | 12 | 7 | (11) |
Changes in deferred tax valuation allowance | (106) | 123 | 76 |
Tax deductible impairments of Swiss subsidiary investments | (65) | 88 | (68) |
Change in recognition of outside basis difference | (32) | (19) | 218 |
(Windfall tax benefits)/shortfall tax charges on share-based compensation | 10 | 91 | |
Other | 420 | (6) | (331) |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 26 | 16 | 22 |
of which tax benefit from tax settlement | (49) | ||
of which tax (benefit)/charge from the impact of prior year adjustments | (76) | (17) | 33 |
of which tax benefit from the reduction in own-credit revaluation gains/(losses) | 130 | 105 | 37 |
of which tax benefit for the reassessment relating to the tax deductibility on previously taken litigation accruals | 85 | ||
of which tax impact of transitional adjustments arising from adoption of new accounting standards | 202 | ||
of which tax impact of the US Base Erosion and Anti-abuse Tax (BEAT) | 65 | ||
Income tax expense | 1,361 | SFr 2,741 | SFr 441 |
US | |||
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 21.00% | 35.00% | |
Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | SFr 1,924 | SFr 1,736 | SFr 2,111 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 22.00% | 22.00% | 22.00% |
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | SFr 85 | ||
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | 56 | SFr (248) | SFr 392 |
UK | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 139 | ||
Changes in deferred tax valuation allowance | (191) | 320 | (193) |
of which releases of valuation allowances due to the change in corporation tax rates | 130 | ||
UK and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | (197) | ||
UK, Hong Kong and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 308 | ||
Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 91 | ||
Italy | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 0 | 89 | |
Asia Pacific | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | 78 | 80 | (344) |
Other countries | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 6 | ||
Bank | |||
Income from continuing operations before taxes (CHF) | |||
Switzerland | 1,927 | 1,648 | 1,955 |
Foreign | 929 | (95) | (4,444) |
Income/(loss) before taxes | 2,856 | 1,553 | (2,489) |
Current and deferred taxes | |||
Switzerland | 126 | 76 | 135 |
Foreign | 416 | 420 | 499 |
Current income tax expense | 542 | 496 | 634 |
Switzerland | 266 | 285 | (167) |
Foreign | 326 | 2,000 | (67) |
Deferred income tax expense | 592 | 2,285 | (234) |
Income tax expense | 1,134 | 2,781 | 400 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Gains/(losses) on cash flow hedges | (28) | (24) | (6) |
Cumulative translation adjustment | (7) | 1 | (4) |
Unrealized gains/(losses) on securities | (5) | 1 | 1 |
Actuarial gains/(losses), Tax | 7 | (7) | 87 |
Share-based compensation and treasury shares | 0 | 0 | 106 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Income tax expense computed at the statutory tax rate of 22% | 628 | 342 | (548) |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 89 | (92) | (559) |
of which total foreign tax expense | 742 | 2,420 | 432 |
Changes in tax law and rates | (2) | 2,095 | 145 |
Non-deductible amortization of other intangible assets and goodwill impairment | 3 | 0 | 1 |
Other non-deductible expenses | 455 | 354 | 1,533 |
of which non-deductible interest expenses | 325 | 217 | 420 |
of which non-deductible bank levy costs and other non-deductible compensation expenses | 49 | 27 | 52 |
of which non-deductible provision accruals | 15 | 57 | 983 |
of which non-deductible leased property provision | 25 | ||
of which non-deductible foreign exchange losses | 10 | 31 | |
of which non-deductible other expenses | 43 | 22 | |
of which contingency accrual relating to non-deductible interest expense | 92 | 155 | |
Additional taxable income | 5 | 0 | 87 |
Lower taxed income | (187) | (272) | (216) |
of which tax benefit in respect to non-taxable dividend income | 66 | 78 | 58 |
of which tax benefit related non-taxable life insurance income | 48 | 86 | 71 |
of which tax benefit from tax taxed at lower than statutory rate | 33 | 31 | 19 |
of which exempt income | 23 | 25 | 11 |
(Income)/loss taxable to non-controlling interests | 10 | 7 | (10) |
Changes in deferred tax valuation allowance | (115) | 88 | 76 |
Tax deductible impairments of Swiss subsidiary investments | (65) | 88 | (68) |
Change in recognition of outside basis difference | (32) | (12) | 211 |
(Windfall tax benefits)/shortfall tax charges on share-based compensation | 10 | 91 | |
Other | 335 | 92 | (252) |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 26 | 26 | 22 |
of which tax benefit from tax settlement | (49) | ||
of which tax (benefit)/charge from the impact of prior year adjustments | (76) | (17) | 33 |
of which tax benefit for the reassessment relating to the tax deductibility on previously taken litigation accruals | 85 | ||
of which tax impact of transitional adjustments arising from adoption of new accounting standards | 202 | ||
of which tax impact of the US Base Erosion and Anti-abuse Tax (BEAT) | 65 | ||
Income tax expense | 1,134 | SFr 2,781 | SFr 400 |
Bank | US | |||
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 21.00% | 35.00% | |
Bank | Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | SFr 1,927 | SFr 1,648 | SFr 1,955 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 22.00% | 22.00% | 22.00% |
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | SFr 76 | ||
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | (56) | SFr 231 | SFr 340 |
Bank | UK | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | 139 | ||
Changes in deferred tax valuation allowance | (191) | 285 | (193) |
of which releases of valuation allowances due to the change in corporation tax rates | 130 | ||
Bank | UK and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | (197) | ||
Bank | UK, Hong Kong and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 308 | ||
Bank | Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 91 | ||
Bank | Italy | |||
Increase/(decrease) in income taxes resulting from: | |||
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 89 | ||
Bank | Asia Pacific | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | SFr 105 | SFr 70 | (355) |
Bank | Other countries | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in tax law and rates | SFr 6 |
Tax - Balance sheet related (De
Tax - Balance sheet related (Details 2) SFr in Millions | 12 Months Ended | |||||
Dec. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | |
Tax effect of temporary differences | ||||||
Compensation and benefits | SFr 957 | SFr 1,103 | ||||
Loans | 192 | 330 | ||||
Investment securities | 1,986 | 1,039 | ||||
Provisions | 582 | 441 | ||||
Derivatives | 62 | 97 | ||||
Real estate | 285 | 337 | ||||
Net operating loss carry-forwards | 6,227 | 6,829 | ||||
Net operating loss carry-forwards, after allocation of valuation allowances | 1,647 | 2,213 | ||||
Goodwill and intangible assets | 518 | 696 | ||||
Other | 198 | 135 | ||||
Gross deferred tax assets before valuation allowance | 11,007 | 11,007 | ||||
Less valuation allowance | SFr (4,021) | SFr (4,279) | SFr (3,905) | (4,021) | (4,279) | SFr (4,188) |
Gross deferred tax assets net of valuation allowance | 6,986 | 6,728 | ||||
Compensation and benefits | (426) | (512) | ||||
Loans | (87) | (36) | ||||
Investment securities | (1,170) | (197) | ||||
Provisions | (369) | (520) | ||||
Business combinations | (1) | (1) | ||||
Derivatives | (214) | (154) | ||||
Real estate | (60) | (54) | ||||
Other | (154) | (126) | ||||
Gross deferred tax liabilities | (2,481) | (1,600) | ||||
Net deferred tax assets | 4,505 | 5,128 | 5,699 | |||
Net deferred tax assets change | (623) | |||||
Income tax effects allocated directly to equity share-based compensation pension plan remeasurement | 98 | |||||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | 23 | |||||
Net deferred tax assets increase/(decrease) related to temporary differences and taxable income | 694 | |||||
Net deferred tax increase (decrease) from adoption of new accounting standards | 0 | |||||
Net operating loss carry-forwards | ||||||
Due to expire within 1 year | 108 | |||||
Due to expire within 2 to 5 years | 6,658 | |||||
Due to expire within 6 to 10 years | 1,404 | |||||
Due to expire within 11 to 20 years | 6,798 | |||||
Amount due to expire | 14,968 | |||||
Amount not due to expire | 18,631 | |||||
Total net operating loss carry-forwards | 33,599 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 4,279 | 4,188 | 3,905 | |||
Net changes | (258) | 91 | 283 | |||
Balance at end of period | 4,021 | 4,279 | 4,188 | |||
Tax benefits associated with share-based compensation | ||||||
Tax benefits recorded in the consolidated statements of operations | 242 | 314 | 391 | |||
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | (110) | |||||
Movements in gross unrecognized tax benefits | ||||||
Balance at beginning of period | 481 | 410 | 369 | |||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 10 | 131 | 52 | |||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | (2) | (104) | (43) | |||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 112 | 117 | 17 | |||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | 0 | (73) | (2) | |||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (4) | (3) | (7) | |||
Other (including foreign currency translation) | (23) | 3 | 24 | |||
Balance at end of period | 574 | 481 | 410 | |||
of which, if recognized, would affect the effective tax rate | 574 | 481 | 410 | |||
Interest and penalties | ||||||
Interest and penalties recognized in the consolidated statements of operations | SFr (28) | 29 | 2 | |||
Interest and penalties recognized in the consolidated balance sheets | 87 | 115 | 86 | |||
US | ||||||
Tax effect of temporary differences | ||||||
Write-down of net deferred tax assets as a result of changes to corporation tax rates | 0 | |||||
Movements in the valuation allowance | ||||||
Net operating loss carryforward period as per US tax law (in years) | 20 | |||||
Switzerland | ||||||
Tax effect of temporary differences | ||||||
Tax benefit from the remeasurement and release of valuation allowances on deferred tax assets | SFr (50) | |||||
Movements in the valuation allowance | ||||||
Net operating loss carryforward period as per Swiss tax law (in years) | 7 | |||||
US and Switzerland | ||||||
Tax effect of temporary differences | ||||||
Less valuation allowance | SFr (584) | (541) | (584) | (541) | ||
Net deferred tax assets | 4,175 | 4,809 | ||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 541 | |||||
Balance at end of period | 584 | 541 | ||||
Bank | ||||||
Tax effect of temporary differences | ||||||
Compensation and benefits | 944 | 1,095 | ||||
Loans | 192 | 330 | ||||
Investment securities | 1,986 | 1,039 | ||||
Provisions | 582 | 441 | ||||
Derivatives | 65 | 96 | ||||
Real estate | 278 | 333 | ||||
Net operating loss carry-forwards | 6,142 | 6,762 | ||||
Net operating loss carry-forwards, after allocation of valuation allowances | 1,632 | 2,200 | ||||
Goodwill and intangible assets | 497 | 664 | ||||
Other | 197 | 127 | ||||
Gross deferred tax assets before valuation allowance | 10,883 | 10,887 | ||||
Less valuation allowance | (3,957) | (4,224) | (3,898) | (3,957) | (4,224) | (4,168) |
Gross deferred tax assets net of valuation allowance | 6,926 | 6,663 | ||||
Compensation and benefits | (257) | (278) | ||||
Loans | (87) | (36) | ||||
Investment securities | (1,170) | (197) | ||||
Provisions | (368) | (519) | ||||
Business combinations | (1) | (1) | ||||
Derivatives | (214) | (154) | ||||
Real estate | (56) | (54) | ||||
Other | (154) | (119) | ||||
Gross deferred tax liabilities | (2,307) | (1,358) | ||||
Net deferred tax assets | 4,619 | 5,305 | ||||
Net deferred tax assets change | (686) | |||||
Income tax effects allocated directly to equity share-based compensation pension plan remeasurement | 32 | |||||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | 23 | |||||
Net deferred tax assets increase/(decrease) related to temporary differences and taxable income | 691 | |||||
Net operating loss carry-forwards | ||||||
Due to expire within 1 year | 106 | |||||
Due to expire within 2 to 5 years | 6,545 | |||||
Due to expire within 6 to 10 years | 828 | |||||
Due to expire within 11 to 20 years | 6,798 | |||||
Amount due to expire | 14,277 | |||||
Amount not due to expire | 18,618 | |||||
Total net operating loss carry-forwards | 32,895 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 4,224 | 4,168 | 3,898 | |||
Net changes | (267) | 56 | 270 | |||
Balance at end of period | 3,957 | 4,224 | 4,168 | |||
Tax benefits associated with share-based compensation | ||||||
Tax benefits recorded in the consolidated statements of operations | 236 | 310 | 390 | |||
Windfall tax benefits/(shortfall tax charge) recorded in additional paid-in capital | (110) | |||||
Movements in gross unrecognized tax benefits | ||||||
Balance at beginning of period | 481 | 401 | 360 | |||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 10 | 131 | 52 | |||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | (2) | (95) | (43) | |||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 112 | 117 | 17 | |||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | 0 | (73) | (2) | |||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (4) | (3) | (7) | |||
Other (including foreign currency translation) | (23) | 3 | 24 | |||
Balance at end of period | 574 | 481 | 401 | |||
of which, if recognized, would affect the effective tax rate | 574 | 481 | 401 | |||
Interest and penalties | ||||||
Interest and penalties recognized in the consolidated statements of operations | (28) | SFr 30 | SFr 2 | |||
Interest and penalties recognized in the consolidated balance sheets | SFr 87 | SFr 115 | SFr 85 | |||
Bank | Switzerland | ||||||
Tax effect of temporary differences | ||||||
Tax benefit from the remeasurement and release of valuation allowances on deferred tax assets | SFr (50) |
Tax - Net deferred tax assets_l
Tax - Net deferred tax assets/liabilities by type (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net deferred tax assets | |||
Deferred tax assets | SFr 4,943 | SFr 5,522 | |
Net operating loss carry-forwards | 6,227 | 6,829 | |
Net operating loss carry-forwards, after allocation of valuation allowances | 1,647 | 2,213 | |
Temporary differences | 3,296 | 3,309 | |
Deferred tax liabilities | 438 | 394 | |
Deferred Tax Assets (Liabilities), Net | 4,505 | 5,128 | SFr 5,699 |
Net deferred tax assets change - Net operating losses | (566) | ||
Net deferred tax assets change | (623) | ||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | 23 | ||
Accumulated undistributed earnings from foreign subsidiaries | 9,600 | 5,100 | |
Minimum | |||
Net deferred tax assets | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 0 | ||
Maximum | |||
Net deferred tax assets | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 26 | ||
Bank | |||
Net deferred tax assets | |||
Deferred tax assets | 4,887 | 5,457 | |
Net operating loss carry-forwards | 6,142 | 6,762 | |
Net operating loss carry-forwards, after allocation of valuation allowances | 1,632 | 2,200 | |
Temporary differences | 3,255 | 3,257 | |
Deferred tax liabilities | 268 | 152 | |
Deferred Tax Assets (Liabilities), Net | 4,619 | 5,305 | |
Net deferred tax assets change | (686) | ||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | 23 | ||
Accumulated undistributed earnings from foreign subsidiaries | 9,100 | SFr 4,600 | |
Bank | Minimum | |||
Net deferred tax assets | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 0 | ||
Bank | Maximum | |||
Net deferred tax assets | |||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | SFr 26 |
Deferred compensation expense (
Deferred compensation expense (Details) shares in Millions | 12 Months Ended | |||
Dec. 31, 2018CHF (SFr)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017CHF (SFr)shares | Dec. 31, 2016CHF (SFr)shares | |
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 1,339,000,000 | SFr 1,636,000,000 | SFr 1,629,000,000 | |
Total shares delivered | ||||
Minimum total compensation of certain employees to whom share awards are granted | SFr 250,000 | $ 250,000 | ||
Moratorium period on early retirement, determined from grant date (in years) | 2 years | 2 years | ||
Other Cash Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 263,000,000 | 440,000,000 | 335,000,000 | |
2008 Partner Asset Facility (PAF) awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 7,000,000 | 13,000,000 | ||
Plus Bond awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 5,000,000 | |||
Contingent Capital Awards (CCA) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 154,000,000 | 280,000,000 | 235,000,000 | |
Capital Opportunity Facility (COF) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 12,000,000 | 14,000,000 | 13,000,000 | |
Performance shares | Performance share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 382,000,000 | SFr 348,000,000 | SFr 370,000,000 | |
Stock compensation plan | ||||
Total shares delivered | ||||
Total shares delivered (in shares) | shares | 46.6 | 46.6 | 42 | 42.1 |
Stock compensation plan | Share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 526,000,000 | SFr 529,000,000 | SFr 628,000,000 | |
Stock compensation plan | Contingent Capital share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 2,000,000 | 18,000,000 | 30,000,000 | |
Bank | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 1,302,000,000 | 1,593,000,000 | 1,620,000,000 | |
Bank | Other Cash Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 257,000,000 | 417,000,000 | 331,000,000 | |
Bank | 2008 Partner Asset Facility (PAF) awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 7,000,000 | 13,000,000 | ||
Bank | Plus Bond awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 5,000,000 | |||
Bank | Contingent Capital Awards (CCA) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 149,000,000 | 277,000,000 | 234,000,000 | |
Bank | Capital Opportunity Facility (COF) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 12,000,000 | 14,000,000 | 13,000,000 | |
Bank | Performance shares | Performance share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 371,000,000 | SFr 342,000,000 | SFr 370,000,000 | |
Bank | Stock compensation plan | ||||
Total shares delivered | ||||
Total shares delivered (in shares) | shares | 45 | 45 | 41.2 | 41.5 |
Bank | Stock compensation plan | Share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 512,000,000 | SFr 519,000,000 | SFr 624,000,000 | |
Bank | Stock compensation plan | Contingent Capital share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 1,000,000 | SFr 17,000,000 | SFr 30,000,000 |
Estimated unrecognized deferred
Estimated unrecognized deferred compensation (Details 2) SFr in Millions | 12 Months Ended |
Dec. 31, 2018CHF (SFr) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 953 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 3 months 19 days |
Other Cash Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 179 |
Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 141 |
Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 167 |
Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 466 |
Bank | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 912 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 3 months 19 days |
Bank | Other Cash Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 160 |
Bank | Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 136 |
Bank | Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 161 |
Bank | Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 455 |
Share-based awards (Details 3)
Share-based awards (Details 3) - CHF (SFr) SFr / shares in Units, shares in Millions, SFr in Millions | 2 Months Ended | 12 Months Ended | ||
Feb. 15, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 953 | |||
Performance shares | Performance share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Managing directors and all material risk takers and controllers (employees whose activities are considered to have a potentially material impact on the Group's risk profile) received a portion of their deferred variable compensation in the form of performance share awards. Performance share awards are similar to share awards, except that the full balance of outstanding performance share awards, including those awarded in prior years, are subject to performance-based malus provisions. Performance share awards granted from 2016 and onward are subject to a negative adjustment in the event of a divisional loss by the division in which the employees worked as of December 31, 2018, or a negative ROE of the Group, whichever results in a larger adjustment. For employees in corporate functions and the Strategic Resolution Unit, the negative adjustment only applies in the event of a negative ROE of the Group and is not linked to the performance of the divisions. The basis for the ROE calculation may vary from year to year, depending on the Compensation Committee's determination for the year in which the performance shares are granted. | |||
Method of Measuring Cost of Award | Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. | |||
Total estimated unrecognized compensation expense | SFr 167 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 16.33 | SFr 15.88 | SFr 19.11 | SFr 21.01 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 16.98 | 14.41 | 18.62 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 16.07 | 20.41 | 22.67 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 16.26 | 16.38 | 19.64 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 16.33 | SFr 15.88 | SFr 19.11 | |
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 | 51.7 | 54.2 | 48.4 | 55.9 |
Granted (in shares) | 26.5 | 31.8 | 21.4 | |
Settled (in shares) | (26.3) | (23.9) | (26.5) | |
Forfeited (in shares) | (2.7) | (2.1) | (2.4) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 51.7 | 54.2 | 48.4 | |
of which vested (in shares) | 5.4 | 6.7 | 6.8 | |
of which unvested (in shares) | 46.3 | 47.5 | 41.6 | |
Performance shares | Performance share awards | Grant Date, February 2019 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 532 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 11.75 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 46.1 | |||
Performance shares | Performance share awards | Grant Date, February 2019 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 521 | |||
Performance shares | Performance share awards | Grant Date, 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 478 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 17.22 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 26.5 | |||
Performance shares | Performance share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 451 | |||
Method of Measuring Cost of Award | The number of performance share awards granted to employees was generally determined by dividing the deferred component of variable compensation being granted as performance share awards by the average price of a Group share over the ten consecutive trading days ended February 28, 2019. The fair value of each performance share award was CHF 11.75, the Group share price on the grant date. The majority of performance share awards granted include the right to receive dividend equivalents on vested shares. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 15.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 29.7 | |||
Stock compensation plan | Share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | Share awards granted in February 2019 are similar to those granted in February 2018. Each share award granted entitles the holder of the award to receive one Group share, subject to service conditions. Share awards vest over three years with one third of the share awards vesting on each of the three anniversaries of the grant date (ratable vesting), with the exception of awards granted to individuals classified as risk managers or senior managers under the UK PRA Remuneration Code or similar regulations in other jurisdictions. Share awards granted to risk managers vest over five years with one fifth of the award vesting on each of the five anniversaries of the grant date, while share awards granted to senior managers vest over five years commencing on the third anniversary of the grant date, with one fifth of the award vesting on each of the third to seventh anniversaries of the grant date. Share awards are expensed over the service period of the awards. The value of the share awards is solely dependent on the Group share price at the time of delivery. | |||
Vesting period | 3 years | |||
Method of Measuring Cost of Award | Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. | |||
Total estimated unrecognized compensation expense | SFr 466 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 16.15 | SFr 15.73 | SFr 18.77 | SFr 21.58 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 16.91 | 14.53 | 17.47 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 16.09 | 19.74 | 22.64 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 16.24 | 16.47 | 21.87 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 16.15 | SFr 15.73 | SFr 18.77 | |
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 | 83.2 | 84.9 | 73.2 | 80.3 |
Granted (in shares) | 43.8 | 54.3 | 39.7 | |
Settled (in shares) | (40.7) | (38.2) | (37.7) | |
Forfeited (in shares) | (4.8) | (4.4) | (9.1) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 83.2 | 84.9 | 73.2 | |
of which vested (in shares) | 8.6 | 8.5 | 8.1 | |
of which unvested (in shares) | 74.6 | 76.4 | 65.1 | |
Stock compensation plan | Share awards | Grant Date, February 2019 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 638 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 11.75 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 55.6 | |||
Stock compensation plan | Share awards | Grant Date, February 2019 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 629 | |||
Stock compensation plan | Share awards | Grant Date, 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 613 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 17.22 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 34.1 | |||
Stock compensation plan | Share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 566 | |||
Method of Measuring Cost of Award | The number of share awards granted to employees was generally determined by dividing the deferred component of variable compensation being granted as share awards by the average price of a Group share over the ten consecutive trading days ended February 28, 2019. The fair value of each share award was CHF 11.75, the Group share price on the grant date. The majority of share awards granted include the right to receive dividend equivalents on vested shares. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted-average grant-date fair value - Granted (in CHF per share) | SFr 15.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 37.8 | |||
Stock compensation plan | Share awards | UK PRA staff or similuar regulations, Risk takers | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Stock compensation plan | Share awards | UK PRA staff or similuar regulations, Senior managemement | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 7 years | |||
Stock compensation plan | Contingent Capital share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. | |||
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 | 3.4 | 8.4 | 13.5 | |
Granted (in shares) | 0 | 0.3 | 16.4 | |
Settled (in shares) | (4.9) | (5) | (2.6) | |
Forfeited (in shares) | (0.1) | (0.4) | (0.3) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 3.4 | 8.4 | 13.5 | |
of which vested (in shares) | 0.7 | 1.3 | 1 | |
of which unvested (in shares) | 2.7 | 7.1 | 12.5 | |
Stock compensation plan | Contingent Capital share awards | Grant Date, February 2019 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 299 | |||
Stock compensation plan | Contingent Capital share awards | Grant Date, February 2019 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | 273 | |||
Stock compensation plan | Contingent Capital share awards | Grant Date, 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 241 | |||
Stock compensation plan | Contingent Capital share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 229 | |||
Stock compensation plan | Special awards and blocked shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | The Group's share awards include other awards, such as blocked shares and special awards, which may be granted to new employees. Other share awards entitle the holder to receive one Group share and are generally subject to continued employment with the Group, contain restrictive covenants and cancellation provisions and generally vest between zero and five years. | |||
Stock compensation plan | Special awards and blocked shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 0 years | |||
Stock compensation plan | Special awards and blocked shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Stock compensation plan | European Union and blocked share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | In order to comply with Capital Requirements Directive IV requirements, employees who hold key roles in respect of certain Group subsidiaries receive shares that are subject to transfer restrictions for 50% of the amount that would have been paid to them in cash. These shares are vested at the time of grant but remain blocked, that is, subject to transfer restrictions, for six months to three years from the date of grant, depending on the location. | |||
Stock compensation plan | European Union and blocked share awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 6 months | |||
Stock compensation plan | European Union and blocked share awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, February 2019 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 35 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 3 | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 38 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 2.1 | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 37 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 2.5 | |||
Bank | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 912 | |||
Bank | Performance shares | Performance share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for performance share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional performance shares granted. | |||
Total estimated unrecognized compensation expense | SFr 161 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 16.33 | SFr 15.88 | SFr 19.12 | SFr 21.01 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 16.98 | 14.41 | 18.62 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 16.07 | 20.41 | 22.66 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 16.26 | 16.37 | 18.98 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 16.33 | SFr 15.88 | SFr 19.12 | |
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 | 50 | 52.8 | 48.1 | 55.5 |
Granted (in shares) | 25.6 | 31.1 | 21.3 | |
Settled (in shares) | (25.6) | (23.6) | (26.4) | |
Forfeited (in shares) | (2.8) | (2.8) | (2.3) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 50 | 52.8 | 48.1 | |
of which vested (in shares) | 5.2 | 6.6 | 6.8 | |
of which unvested (in shares) | 44.8 | 46.2 | 41.3 | |
Bank | Performance shares | Performance share awards | Grant Date, February 2019 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 515 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 44.6 | |||
Bank | Performance shares | Performance share awards | Grant Date, February 2019 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 505 | |||
Bank | Performance shares | Performance share awards | Grant Date, 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 462 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 25.6 | |||
Bank | Performance shares | Performance share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 449 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 29.6 | |||
Bank | Stock compensation plan | Share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional shares granted. | |||
Total estimated unrecognized compensation expense | SFr 455 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | SFr 16.23 | SFr 15.77 | SFr 18.78 | SFr 21.56 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 16.97 | 14.54 | 17.59 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 16.02 | 19.75 | 22.68 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 16.33 | 16.47 | 21.88 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 16.23 | SFr 15.77 | SFr 18.78 | |
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 | 77.1 | 79.9 | 70.8 | 79 |
Granted (in shares) | 40.5 | 51.5 | 38.1 | |
Settled (in shares) | (39) | (36.8) | (37.2) | |
Forfeited (in shares) | (4.3) | (5.6) | (9.1) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 77.1 | 79.9 | 70.8 | |
of which vested (in shares) | 8.4 | 7.8 | 8.1 | |
of which unvested (in shares) | 68.7 | 72.1 | 62.7 | |
Bank | Stock compensation plan | Share awards | Grant Date, February 2019 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 620 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 54 | |||
Bank | Stock compensation plan | Share awards | Grant Date, February 2019 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 611 | |||
Bank | Stock compensation plan | Share awards | Grant Date, 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 596 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 33.1 | |||
Bank | Stock compensation plan | Share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 563 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 37.6 | |||
Bank | Stock compensation plan | Contingent Capital share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Method of Measuring Cost of Award | Includes an adjustment for Contingent Capital share awards granted in the second quarter of 2017 to compensate for the proportionate dilution of Group shares resulting from the rights offering approved on May 18, 2017. The number of deferred share-based awards held by each individual was increased by 3.64%. The terms and conditions of the adjusted shares were the same as the existing share-based awards, thereby ensuring that holders of the awards were neither advantaged nor disadvantaged by the additional Contingent Capital shares granted. | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Beginning Balance | 2.7 | 7.5 | 12.8 | |
Granted (in shares) | 0 | 0.3 | 15.6 | |
Settled (in shares) | (4.6) | (4.9) | (2.5) | |
Forfeited (in shares) | (0.2) | (0.7) | (0.3) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 2.7 | 7.5 | 12.8 | |
of which vested (in shares) | 0.7 | 1.3 | 1 | |
of which unvested (in shares) | 2 | 6.2 | 11.8 | |
Bank | Stock compensation plan | Contingent Capital share awards | Grant Date, February 2019 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 289 | |||
Bank | Stock compensation plan | Contingent Capital share awards | Grant Date, February 2019 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | 264 | |||
Bank | Stock compensation plan | Contingent Capital share awards | Grant Date, 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 233 | |||
Bank | Stock compensation plan | Contingent Capital share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 228 | |||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, February 2019 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 31 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 2.7 | |||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 35 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 1.9 | |||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, 2017 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 37 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 2.4 |
Cash-based awards (Details 5)
Cash-based awards (Details 5) - CHF (SFr) SFr / shares in Units, SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Estimated unrecognized compensation expense | SFr 953 | ||
Contingent Capital Awards (CCA) | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | CCA were granted in February 2019, 2018 and 2017 to managing directors and directors as part of the 2018, 2017 and 2016 deferred variable compensation and have rights and risks similar to those of certain contingent capital instruments issued by the Group in the market. CCA are scheduled to vest on the third anniversary of the grant date, other than those granted to individuals classified as risk managers or senior managers under the UK PRA Remuneration Code or similar regulations in other jurisdictions, where CCA vest on the fifth and seventh anniversaries of the grant date, respectively, and will be expensed over the vesting period. CCA generally provide a conditional right to receive semi-annual cash payments of interest equivalents until settled, with rates being dependent upon the vesting period and currency of denomination: p CCA granted in 2019, 2018 and 2017 that are denominated in US dollars and vest three years from the date of grant receive interest equivalents at a rate of 4.46%, 3.05% and 4.27%, respectively, per annum over the six-month US dollar London Interbank Offered Rate (LIBOR); p CCA granted in 2019, 2018 and 2017 that are denominated in Swiss francs and vest three years from the date of grant receive interest equivalents at a rate of 3.73%, 2.24% and 3.17%, respectively, per annum over the six-month Swiss franc LIBOR; p CCA granted in 2017 that are denominated in US dollars and vest five or seven years from the date of grant receive interest equivalents at a rate of 4.27% per annum over the six-month US-dollar LIBOR; and p CCA granted in 2017 that are denominated in Swiss francs and vest five or seven years from the date of grant receive interest equivalents at a rate of 3.03% and 2.93%, respectively, per annum over the six-month Swiss franc LIBOR. The rates were set in line with market conditions at the time of grant and existing high-trigger and low-trigger contingent capital instruments that the Group has issued. For CCA granted in February 2019, employees who received compensation in Swiss francs received CCA denominated in Swiss francs and all other employees received CCA denominated in US dollars. As CCA qualify as going concern loss-absorbing capital of the Group, the timing and form of distribution upon settlement is subject to approval by FINMA. At settlement, employees will receive either a contingent capital instrument or a cash payment based on the fair value of the CCA. The fair value will be determined by the Group. In the case of a cash settlement, the CCA award will be converted into the local currency of each respective employee. CCA have loss-absorbing features such that prior to settlement, the principal amount of the CCA would be written down to zero and forfeited if any of the following trigger events were to occur: p the Group’s reported common equity tier 1 (CET1) ratio falls below 7%; or p FINMA determines that cancellation of the CCA and other similar contingent capital instruments is necessary, or that the Group requires public sector capital support, in either case to prevent it from becoming insolvent or otherwise failing. | ||
Estimated unrecognized compensation expense | SFr 141 | ||
Contingent Capital Awards (CCA) | Cliff vesting [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||
Contingent Capital Awards (CCA) | UK PRA staff or similuar regulations, Risk takers | 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 | 5 years | ||
Contingent Capital Awards (CCA) | UK PRA staff or similuar regulations, Senior managemement | 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 | 7 years | ||
Contingent Capital Share Awards Conversion | Grant Date, March, 2016 | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | In March 2016, the Group executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective CCA into Contingent Capital share awards at a conversion price of CHF 14.57. CCA holders elected to convert CHF 226 million of their CCA into Contingent Capital share awards during the election period. This fair value represented an approximate conversion rate of 15%. Each Contingent Capital share award had a grant-date fair value of CHF 14.45 and contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original CCA. | ||
Percentage of employees electing to exchange their existing awards for new awards | 15.00% | ||
Conversion price | SFr 14.57 | ||
Grant-date fair value | SFr 14.45 | ||
Amount of cash awards that were converted into share awards | SFr 226 | ||
Other Cash Awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Estimated unrecognized compensation expense | SFr 179 | ||
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 | ||
Capital Opportunity Facility (COF) | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | Capital Opportunity Facility (COF): participants elected for their award to be referenced to a COF. The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021; | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 7 years | ||
2008 Partner Asset Facility (PAF) awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | As part of the 2008 annual compensation process, the Group granted employees in the former Investment Banking division with the corporate title of managing director or director the majority of the deferred compensation in the form of 2008 Partner Asset Facility (PAF) awards, denominated in US dollars. The PAF awards were indexed to, and represented a first-loss interest in, a specified pool of illiquid assets (Asset Pool) that originated in the former Investment Banking division. In the final year of the contractual term, the PAF holders received a final settlement in cash equal to the notional value, less all previous cash payments made to the PAF holder, plus any related gains or less any related losses on the liquidation of the Asset Pool. During 2017, the final settlement of the outstanding PAF awards of CHF 789 million was made. | ||
Final payout upon settlement | SFr 789 | ||
2011 Partner Asset Facility (PAF2) | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | As part of the 2011 annual compensation process, the Group awarded a portion of deferred variable compensation for senior employees in the form of 2011 Partner Asset Facility (PAF2) units. PAF2 units were essentially fixed income structured notes that are exposed to a portion of the credit risk that arises in the Group's derivative activities, including both current and possible future swaps and other derivative transactions. | ||
2011 Partner Asset Facility Conversion (PAF2) | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | PAF2 awards were linked to a portfolio of the Group's credit exposures, providing risk offset and capital relief. Due to regulatory changes, this capital relief would no longer be available. As a result, the Group restructured the awards, requiring PAF2 holders to reallocate the exposure of their awards from the pool of counterparty credit risks in the original PAF2 structure to one of the following options, or a combination thereof: p i) Capital Opportunity Facility (COF): participants elected for their award to be referenced to a COF. The COF is a seven-year facility that is linked to the performance of a portfolio of risk-transfer and capital mitigation transactions to be entered into with the Group chosen by a COF management team. The value of the COF awards will be reduced if there are losses from the COF portfolio, up to the full amount of the award. Participants who elect the COF will receive semi-annual US dollar cash distributions of 6.5% per annum until settlement in cash in 2021, and such semi-annual distributions will reduce the cash settlement amount payable in 2021; and p ii) CCA: participants elected to receive CCA, with similar terms to the instruments granted as part of the 2013 compensation awards. | ||
Bank | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Estimated unrecognized compensation expense | SFr 912 | ||
Bank | Contingent Capital Awards (CCA) | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Estimated unrecognized compensation expense | SFr 136 | ||
Bank | Contingent Capital Share Awards Conversion | Grant Date, March, 2016 | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | In March 2016, the Bank executed a voluntary exchange offer, under which employees had the right to voluntarily convert all or a portion of their respective CCA into Contingent Capital share awards at a conversion price of CHF 14.57. CCA holders elected to convert CHF 213 million of their CCA into Contingent Capital share awards during the election period. This fair value represented an approximate conversion rate of 15%. Each Contingent Capital share award had a grant-date fair value of CHF 14.45 and contains the same contractual term, vesting period, performance criteria and other terms and conditions as the original CCA. | ||
Percentage of employees electing to exchange their existing awards for new awards | 15.00% | ||
Conversion price | SFr 14.57 | ||
Grant-date fair value | SFr 14.45 | ||
Amount of cash awards that were converted into share awards | SFr 213 | ||
Bank | Other Cash Awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Estimated unrecognized compensation expense | SFr 160 | ||
Bank | Plus Bond awards | Cliff vesting [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||
Bank | 2008 Partner Asset Facility (PAF) awards | Cliff vesting [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Final payout upon settlement | SFr 789 |
Other variable compensation (De
Other variable compensation (Details 8) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Compensation expense relating to deferred compensation | SFr 1,339 | SFr 1,636 | SFr 1,629 |
Other variable compensation | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | Other cash awards include certain special awards as well as voluntary deferred compensation plans and employee investment plans. For certain special awards, compensation expense was primarily driven by their vesting schedule; for other cash awards, compensation expense was driven by mark to market and performance adjustments, as the majority of the awards are fully vested. During 2018, the Group granted deferred fixed cash compensation of CHF 98 million to certain employees in the Americas. This compensation will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of this compensation totaled CHF 52 million in 2018. During 2017, the Group granted deferred cash retention awards of CHF 65 million relating to the reorganization of the Asia Pacific business. These awards will be expensed over a two-year vesting period from the grant date. Amortization of these awards totaled CHF 28 million in 2017 and was recognized in the Corporate Center. The Group granted deferred fixed cash awards of CHF 90 million to certain employees in the US. These awards will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of these awards totaled CHF 48 million in 2017. In 2016, the Group granted deferred share and cash retention awards of CHF 249 million relating to the reorganization of the Global Markets and Investment Banking & Capital Markets businesses. These awards will be expensed over a vesting period of up to seven years from the grant date. Amortization of these awards in 2016 of CHF 118 million was recognized in the Corporate Center. | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 7 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 249 | ||
Compensation expense relating to deferred compensation | 118 | ||
Deferred cash retention 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 | 65 | ||
Compensation expense relating to deferred compensation | 28 | ||
Deferred fixed cash awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 98 | 90 | |
Compensation expense relating to deferred compensation | 52 | 48 | |
Bank | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Compensation expense relating to deferred compensation | SFr 1,302 | 1,593 | 1,620 |
Bank | Other variable compensation | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Description | On February 15, 2019, the Bank granted CHF 47 million of upfront cash awards with a claw back provision to certain employees in Asia Pacific. This compensation will be expensed over a three-year vesting period from the grant date. During 2018, the Bank granted deferred fixed cash compensation of CHF 98 million to certain employees in the Americas. This compensation will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of this compensation totaled CHF 52 million in 2018. During 2017, the Bank granted deferred cash retention awards of CHF 65 million relating to the reorganization of the Asia Pacific business. These awards will be expensed over a two-year vesting period from the grant date. Amortization of these awards totaled CHF 28 million in 2017 and was recognized in the Corporate Center. The Bank granted deferred fixed cash awards of CHF 90 million to certain employees in the US. These awards will be expensed in the Global Markets, Investment Banking & Capital Markets and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of these awards totaled CHF 48 million in 2017. In 2016, the Bank granted deferred share and cash retention awards of CHF 249 million relating to the reorganization of the Global Markets and Investment Banking & Capital Markets businesses. These awards will be expensed over a vesting period of up to seven years from the grant date. Amortization of these awards in 2016 of CHF 118 million was recognized in the Corporate Center. | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 7 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 249 | ||
Compensation expense relating to deferred compensation | SFr 118 | ||
Bank | Deferred cash retention 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 | 65 | ||
Compensation expense relating to deferred compensation | 28 | ||
Bank | Deferred fixed cash awards | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | ||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 98 | 90 | |
Compensation expense relating to deferred compensation | SFr 52 | SFr 48 |
Related parties - Executive Boa
Related parties - Executive Board/Board of directors loans (Details) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018CHF (SFr)yearmember | Dec. 31, 2017CHF (SFr)member | Dec. 31, 2016CHF (SFr) | |
Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 26 | SFr 25 | SFr 26 |
Additions | 8 | 3 | 6 |
Reductions | (1) | (2) | (7) |
Balance at end of period | SFr 33 | SFr 26 | 25 |
Loans to members of the Executive Board, number of members | member | 8 | 8 | |
Loans to members of the Executive Board, term (in years) | year | 10 | ||
Highest loan outstanding with an individual Executive Board member | SFr 6 | ||
Members of the Board of Directors | |||
Activity in loans to related parties | |||
Balance at beginning of period | 11 | SFr 10 | 8 |
Additions | 0 | 1 | 3 |
Reductions | (1) | 0 | (1) |
Balance at end of period | SFr 10 | SFr 11 | 10 |
Loans to members of the Board of Directors, number of members | member | 4 | 4 | |
Loans made by Group or any of its subsidiaries to equity method investees | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 173 | SFr 173 | 135 |
Net borrowings/(repayments) | 158 | 0 | 38 |
Balance at end of period | 331 | 173 | 173 |
Bank | |||
Activity in loans to related parties | |||
Balance at beginning of period | 4,100 | ||
Balance at end of period | 5,305 | 4,100 | |
Bank | Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | 26 | 25 | 26 |
Additions | 8 | 3 | 6 |
Reductions | (1) | (2) | (7) |
Balance at end of period | SFr 33 | SFr 26 | 25 |
Loans to members of the Executive Board, number of members | member | 8 | 7 | |
Bank | Members of the Board of Directors | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 11 | SFr 10 | 8 |
Additions | 0 | 1 | 3 |
Reductions | (1) | 0 | (1) |
Balance at end of period | SFr 10 | SFr 11 | SFr 10 |
Loans to members of the Board of Directors, number of members | member | 4 | 4 |
Related parties - Liabilities t
Related parties - Liabilities to own pension funds (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | SFr 735 | SFr 336 |
Bank | ||
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | SFr 735 | SFr 336 |
Related parties - Tier 1 capita
Related parties - Tier 1 capital instruments (Details 3) SFr in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018CHF (SFr) | Dec. 31, 2018USD ($) | Dec. 31, 2017CHF (SFr) | |
Capital transactions | |||
Recorded investment, with a specific allowance | SFr 1,470 | SFr 1,676 | |
Qatar Investment Authority (QIA) and The Olayan Group | Tier 1 capital instrument | |||
Capital transactions | |||
Related Party Transaction, Arms Length, Basis of Transactions | Beginning in February 2011, the Group entered into agreements with entities affiliated with Qatar Investment Authority (QIA) and The Olayan Group, each of which has significant holdings of Group shares and other Group financial products, to purchase tier 1 high-trigger capital instruments. The agreements were subsequently amended in 2012 and 2013. In October 2018, the Group redeemed the following tier 1 high-trigger capital instruments: p USD 1.725 billion 9.5%, held by an affiliate of The Olayan Group; p USD 1.72 billion 9.5%, held by an affiliate of QIA; and p CHF 2.5 billion 9.0%, held by an affiliate of QIA. At the time of the original transaction, the Group determined that this was a material transaction and deemed QIA and The Olayan Group to be related parties of the Group's then Board of Directors members Jassim Bin Hamad J.J. Al Thani and Aziz R.D. Syriani for purposes of evaluating the terms and corporate governance of the original transaction. At that time, the Board of Directors (except for Mr. Bin Hamad J.J. Al Thani and Mr. Syriani, who abstained from participating in the determination process) determined that the terms of the original transaction, given its size, the nature of the contingent capital instrument, for which there was no established market, and the terms of the notes issued and held by QIA and The Olayan Group, were fair. As of April 26, 2013 and April 28, 2017, respectively, Mr. Syriani and Mr. Bin Hamad J.J. Al Thani retired from the Board of Directors and no other person affiliated with The Olayan Group or with QIA has been elected as a member of the Board of Directors. | ||
Affiliate of The Olayan Group | Tier 1 capital instrument | Tier 1 Capital Instrument, USD | |||
Capital transactions | |||
Subordinated debt | $ | $ 1,725 | ||
Subordinated debt interest rate | 9.50% | ||
Affiliate of Qatar Investment Authority [Member] | Tier 1 capital instrument | Tier 1 Capital Instrument, CHF | |||
Capital transactions | |||
Subordinated debt | SFr 2,500 | ||
Subordinated debt interest rate | 9.00% | ||
Affiliate of Qatar Investment Authority [Member] | Tier 1 capital instrument | Tier 1 Capital Instrument, USD | |||
Capital transactions | |||
Subordinated debt | $ | $ 1,720 | ||
Subordinated debt interest rate | 9.50% | ||
Bank | |||
Capital transactions | |||
Recorded investment, with a specific allowance | SFr 1,458 | SFr 1,663 |
Related parties - Bank (Details
Related parties - Bank (Details 4) - Bank - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | |||
Net loans | SFr 5,305 | SFr 4,100 | |
Other assets | 508 | 208 | |
Total assets | 5,813 | 4,308 | |
Liabilities | |||
Due to banks/customer deposits | 1,338 | 1,141 | |
Short-term borrowings | 493 | 489 | |
Long-term debt | 23,456 | 15,612 | |
Other liabilities | 1,122 | 851 | |
Total liabilities | 26,409 | 18,093 | |
Related party revenues and expenses | |||
Interest and dividend income | 10 | 2 | SFr (2) |
Interest expense | (924) | (574) | (280) |
Net interest income | (914) | (572) | (282) |
Commissions and fees | 87 | 46 | 41 |
Other revenues | 72 | 67 | 119 |
Net revenues | (755) | (459) | (122) |
Total operating expenses | 1,642 | 1,044 | SFr 152 |
Related party guarantees | |||
Guarantees | 5 | 4 | |
Credit guarantees and similar instruments | |||
Related party guarantees | |||
Guarantees | SFr 5 | SFr 4 |
Related parties - Other transac
Related parties - Other transactions (Details 5) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Other Affiliates [Member] | |
Related party disclosures | |
Gain (Loss) on Sale of Interest in Projects | $ 80 |
Pension and other post-retire_3
Pension and other post-retirement benefits - Obligation and funded status (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2019 | Jan. 01, 2019 | Jan. 01, 2018 | |
Defined benefit plan, Disclosure | ||||||
Planning horizon of conversion rates | 8 years | |||||
Total benefit costs | ||||||
Net periodic benefit/(costs) | SFr 258 | SFr 265 | SFr 308 | |||
Total amount recognized | ||||||
Noncurrent assets | 1,794 | 2,170 | ||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (3,974) | (3,583) | ||||
Prior service credit/(cost) | 387 | 522 | ||||
Total | (3,587) | (3,061) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Tax | 102 | (172) | (136) | |||
Actuarial gains/(losses), Net | (716) | 323 | ||||
Prior service credit/(cost), Net | (26) | |||||
Amortization of actuarial losses/ (gains), Net | 291 | 328 | ||||
Amortization of prior service cost/(credit), Net | (99) | (105) | ||||
Immediate recognition due to curtailment/settlement, Net | 24 | 28 | ||||
Total amounts recognized in other comprehensive income, Net | (526) | 574 | ||||
Defined benefit pension plans | ||||||
Fair value of plan assets | ||||||
Beginning of the measurement period | 21,084 | |||||
End of the measurement period | 19,829 | 21,084 | ||||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | 1,446 | 1,809 | ||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (3,951) | (3,547) | ||||
Prior service credit/(cost) | 384 | 519 | ||||
Total | (3,567) | (3,028) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Gross | (905) | 406 | ||||
Actuarial gains/(losses), Tax | 182 | (82) | ||||
Actuarial gains/(losses), Net | (723) | 324 | ||||
Prior service credit/(cost), Gross | (30) | |||||
Prior service credit/(cost), Tax | 4 | |||||
Prior service credit/(cost), Net | (26) | |||||
Amortization of actuarial losses/(gains), Gross | 353 | 400 | ||||
Amortization of actuarial losses/(gains), Tax | (68) | (76) | ||||
Amortization of actuarial losses/ (gains), Net | 285 | 324 | ||||
Amortization of prior service cost/(credit), Gross | (126) | (131) | ||||
Amortization of prior service cost/(credit), Tax | 27 | 26 | ||||
Amortization of prior service cost/(credit), Net | (99) | (105) | ||||
Immediate recognition due to curtailment/settlement, Gross | 30 | 36 | ||||
Immediate recognition due to curtailment/settlement, Tax | (6) | (8) | ||||
Immediate recognition due to curtailment/settlement, Net | 24 | 28 | ||||
Total amounts recognized in other comprehensive income, Gross | (678) | 711 | ||||
Total amounts recognized in other comprehensive income, Tax | 139 | (140) | ||||
Total amounts recognized in other comprehensive income, Net | (539) | 571 | ||||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | ||||||
Amortization of actuarial losses/(gains) | 238 | |||||
Amortization of prior service cost/(credit) | (122) | |||||
Total | 116 | |||||
Defined benefit pension plans | Forecast/Estimate | ||||||
Contributions disclosures | ||||||
Contribution to be made by the entity in next fiscal year | SFr 384 | |||||
Other post-retirement defined benefit plans | ||||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (23) | (36) | ||||
Prior service credit/(cost) | 3 | 3 | ||||
Total | (20) | (33) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Gross | 9 | (2) | ||||
Actuarial gains/(losses), Tax | (2) | 1 | ||||
Actuarial gains/(losses), Net | 7 | (1) | ||||
Prior service credit/(cost), Gross | 0 | |||||
Prior service credit/(cost), Tax | 0 | |||||
Prior service credit/(cost), Net | 0 | |||||
Amortization of actuarial losses/(gains), Gross | 8 | 7 | ||||
Amortization of actuarial losses/(gains), Tax | (2) | (3) | ||||
Amortization of actuarial losses/ (gains), Net | 6 | 4 | ||||
Amortization of prior service cost/(credit), Gross | 0 | 0 | ||||
Amortization of prior service cost/(credit), Tax | 0 | 0 | ||||
Amortization of prior service cost/(credit), Net | 0 | 0 | ||||
Immediate recognition due to curtailment/settlement, Gross | 0 | 0 | ||||
Immediate recognition due to curtailment/settlement, Tax | 0 | 0 | ||||
Immediate recognition due to curtailment/settlement, Net | 0 | 0 | ||||
Total amounts recognized in other comprehensive income, Gross | 17 | 5 | ||||
Total amounts recognized in other comprehensive income, Tax | (4) | (2) | ||||
Total amounts recognized in other comprehensive income, Net | 13 | 3 | ||||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | ||||||
Amortization of actuarial losses/(gains) | 2 | |||||
Amortization of prior service cost/(credit) | 0 | |||||
Total | 2 | |||||
Other post-retirement defined benefit plans | Forecast/Estimate | ||||||
Contributions disclosures | ||||||
Contribution to be made by the entity in next fiscal year | SFr 11 | |||||
Defined benefit and defined contribution | ||||||
Total benefit costs | ||||||
Service costs on benefit obligation | 411 | 432 | 464 | |||
PBO | ||||||
Service costs | SFr 411 | SFr 432 | 464 | |||
Switzerland | Defined benefit pension plans | ||||||
Defined benefit plan, Disclosure | ||||||
Employees participating in defined benefit plans (as a percent) | 69.00% | 73.00% | ||||
Value of plan assets (as a percent) | 82.00% | 81.00% | ||||
Pension benefit obligation (as a percent) | 83.00% | 82.00% | ||||
Employee contributions, number of contribution levels | 3 | |||||
Total benefit costs | ||||||
Service costs on benefit obligation | SFr 242 | SFr 243 | 288 | |||
Interest costs on benefit obligation | 63 | 57 | 141 | |||
Expected return on plan assets | (483) | (473) | (536) | |||
Amortization of recognized prior service cost/(credit) | (126) | (131) | (116) | |||
Amortization of recognized actuarial losses/(gains) | 306 | 340 | 366 | |||
Settlement losses/(gains) | 35 | 37 | 24 | |||
Curtailment losses/(gains) | (12) | (23) | (18) | |||
Special termination benefits | 38 | 19 | 22 | |||
Net periodic benefit/(costs) | 63 | 69 | 171 | |||
PBO | ||||||
Beginning of the measurement period | 15,885 | 15,885 | ||||
Plan participant contributions | 204 | 205 | ||||
Service costs | 242 | 243 | 288 | |||
Interest costs | 63 | 57 | 141 | |||
Plan amendments | 20 | 0 | ||||
Settlements | (125) | (144) | ||||
Curtailments | (8) | (22) | ||||
Special termination benefits | 38 | 19 | ||||
Actuarial losses/(gains) | (58) | 471 | ||||
Benefit payments | (829) | (829) | ||||
Exchange rate losses/(gains) | 0 | 0 | ||||
End of the measurement period | 15,432 | 15,885 | 15,885 | |||
Fair value of plan assets | ||||||
Beginning of the measurement period | 16,996 | 15,951 | ||||
Actual return on plan assets | (454) | 1,398 | ||||
Employer contributions | 433 | 415 | ||||
Plan participant contributions | 204 | 205 | ||||
Settlements | (125) | (144) | ||||
Benefit payments | (829) | (829) | ||||
Exchange rate gains/(losses) | 0 | 0 | ||||
End of the measurement period | 16,225 | 16,996 | SFr 15,951 | |||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | 793 | 1,111 | ||||
Total funded status recognized in the consolidated balance sheet at December 31 | 793 | 1,111 | ||||
Total amount recognized | ||||||
Noncurrent assets | 793 | 1,111 | ||||
Current liabilities | 0 | 0 | ||||
Noncurrent liabilities | 0 | 0 | ||||
Total amount recognized in the consolidated balance sheet at December 31 | 793 | 1,111 | ||||
ABO | ||||||
End of the measurement period | SFr 14,534 | SFr 14,841 | ||||
Net benefit pension cost (%) | ||||||
Discount rate - service costs (as a percent) | 1.02% | 1.01% | 0.90% | |||
Discount rate - interest costs (as a percent) | 0.41% | 0.37% | 0.90% | |||
Salary increases (as a percent) | 0.50% | 0.50% | 0.80% | |||
Expected long-term rate of return on plan assets (as a percent) | 3.00% | 3.00% | 3.50% | |||
Interest rate on savings plan (as a percent) | 0.86% | 0.85% | 1.25% | |||
Benefit obligation (%) | ||||||
Discount rate (as a percent) | 1.03% | 0.86% | 0.85% | |||
Salary increases (as a percent) | 0.75% | 0.50% | 0.50% | |||
Interest rate on savings plan (as a percent) | 1.03% | 0.86% | 0.85% | |||
Switzerland | Defined benefit pension plans | Minimum | ||||||
Defined benefit plan, Disclosure | ||||||
Employee contributions (as a percent) | 5.00% | |||||
Employer contributions (as a percent) | 7.50% | |||||
Benefit obligation (%) | ||||||
Interest rate on savings plan (as a percent) | 1.00% | 1.00% | ||||
Switzerland | Defined benefit pension plans | Maximum | ||||||
Defined benefit plan, Disclosure | ||||||
Employee contributions (as a percent) | 14.00% | |||||
Employer contributions (as a percent) | 25.00% | |||||
International | Defined benefit pension plans | ||||||
Total benefit costs | ||||||
Service costs on benefit obligation | SFr 16 | SFr 22 | SFr 20 | |||
Interest costs on benefit obligation | 86 | 91 | 124 | |||
Expected return on plan assets | (114) | (133) | (175) | |||
Amortization of recognized prior service cost/(credit) | 0 | 0 | 0 | |||
Amortization of recognized actuarial losses/(gains) | 47 | 60 | 41 | |||
Settlement losses/(gains) | 0 | 0 | 72 | |||
Curtailment losses/(gains) | (1) | (10) | 0 | |||
Special termination benefits | 0 | 0 | 0 | |||
Net periodic benefit/(costs) | 34 | 30 | 82 | |||
PBO | ||||||
Beginning of the measurement period | 3,390 | 3,337 | ||||
Plan participant contributions | 0 | 0 | ||||
Service costs | 16 | 22 | 20 | |||
Interest costs | 86 | 91 | 124 | |||
Plan amendments | 10 | 0 | ||||
Settlements | (1) | 0 | ||||
Curtailments | (1) | (11) | ||||
Special termination benefits | 1 | 1 | ||||
Actuarial losses/(gains) | (229) | 171 | ||||
Benefit payments | (233) | (287) | ||||
Exchange rate losses/(gains) | (88) | 66 | ||||
End of the measurement period | 2,951 | 3,390 | 3,337 | |||
Fair value of plan assets | ||||||
Beginning of the measurement period | 4,088 | 4,000 | ||||
Actual return on plan assets | (141) | 256 | ||||
Employer contributions | 19 | 22 | ||||
Plan participant contributions | 0 | 0 | ||||
Settlements | (1) | 0 | ||||
Benefit payments | (233) | (287) | ||||
Exchange rate gains/(losses) | (128) | 97 | ||||
End of the measurement period | 3,604 | 4,088 | SFr 4,000 | |||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | 653 | 698 | ||||
Total funded status recognized in the consolidated balance sheet at December 31 | 653 | 698 | ||||
Total amount recognized | ||||||
Noncurrent assets | 1,001 | 1,058 | ||||
Current liabilities | (10) | (11) | ||||
Noncurrent liabilities | (338) | (349) | ||||
Total amount recognized in the consolidated balance sheet at December 31 | 653 | 698 | ||||
ABO | ||||||
End of the measurement period | SFr 2,921 | SFr 3,351 | ||||
Net benefit pension cost (%) | ||||||
Discount rate - service costs (as a percent) | 2.96% | 2.92% | 4.05% | |||
Discount rate - interest costs (as a percent) | 2.77% | 2.79% | 4.05% | |||
Salary increases (as a percent) | 2.97% | 3.55% | 3.56% | |||
Expected long-term rate of return on plan assets (as a percent) | 3.22% | 3.88% | 5.07% | |||
Benefit obligation (%) | ||||||
Discount rate (as a percent) | 3.30% | 2.83% | 3.10% | |||
Salary increases (as a percent) | 2.90% | 2.97% | 3.55% | |||
International | Other post-retirement defined benefit plans | ||||||
Total benefit costs | ||||||
Service costs on benefit obligation | SFr 0 | SFr 0 | SFr 0 | |||
Interest costs on benefit obligation | 5 | 6 | 8 | |||
Expected return on plan assets | 0 | 0 | 0 | |||
Amortization of recognized prior service cost/(credit) | 0 | 0 | 0 | |||
Amortization of recognized actuarial losses/(gains) | 8 | 7 | 10 | |||
Settlement losses/(gains) | 0 | 0 | 0 | |||
Curtailment losses/(gains) | 0 | 0 | 0 | |||
Special termination benefits | 0 | 0 | 0 | |||
Net periodic benefit/(costs) | 13 | 13 | 18 | |||
PBO | ||||||
Beginning of the measurement period | 173 | 184 | ||||
Plan participant contributions | 0 | 0 | ||||
Service costs | 0 | 0 | 0 | |||
Interest costs | 5 | 6 | 8 | |||
Plan amendments | 0 | 0 | ||||
Settlements | 0 | 0 | ||||
Curtailments | 0 | 0 | ||||
Special termination benefits | 0 | 0 | ||||
Actuarial losses/(gains) | (9) | 2 | ||||
Benefit payments | (11) | (11) | ||||
Exchange rate losses/(gains) | 2 | (8) | ||||
End of the measurement period | 160 | 173 | 184 | |||
Fair value of plan assets | ||||||
Beginning of the measurement period | 0 | 0 | ||||
Actual return on plan assets | 0 | 0 | ||||
Employer contributions | 11 | 11 | ||||
Plan participant contributions | 0 | 0 | ||||
Settlements | 0 | 0 | ||||
Benefit payments | (11) | (11) | ||||
Exchange rate gains/(losses) | 0 | 0 | ||||
End of the measurement period | 0 | 0 | SFr 0 | |||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | (160) | (173) | ||||
Total funded status recognized in the consolidated balance sheet at December 31 | (160) | (173) | ||||
Total amount recognized | ||||||
Noncurrent assets | 0 | 0 | ||||
Current liabilities | (11) | (11) | ||||
Noncurrent liabilities | (149) | (162) | ||||
Total amount recognized in the consolidated balance sheet at December 31 | (160) | (173) | ||||
ABO | ||||||
End of the measurement period | SFr 160 | SFr 173 | ||||
Net benefit pension cost (%) | ||||||
Discount rate - service costs (as a percent) | 3.86% | 4.03% | 4.50% | |||
Discount rate - interest costs (as a percent) | 3.28% | 3.48% | 4.50% | |||
Benefit obligation (%) | ||||||
Discount rate (as a percent) | 4.37% | 3.70% | 4.21% | |||
Health care cost assumptions | ||||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.70% | 8.30% | 8.30% | |||
Weighted-average rate of health care benefit decrease (as a percent) | 5.00% | |||||
Increase in post-retirement expenses due 1% increase in health care cost trend rate assumption | SFr 0.1 | SFr 0.1 | SFr 0.2 | |||
Increase in accumulated post-retirement defined benefit obligation due 1% increase in health care cost trend rate assumption | 3 | 3 | 4 | |||
Decrease in post-retirement expenses due to 1% decrease in health care cost trend rate assumption | 0.1 | 0.1 | 0.2 | |||
Decrease in post-retirement defined benefit obligation due to 1% decrease in health care cost trend rate assumption | 3 | 3 | 4 | |||
International | Other post-retirement defined benefit plans | Forecast/Estimate | ||||||
Health care cost assumptions | ||||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.70% | |||||
Bank | ||||||
Total benefit costs | ||||||
Net periodic benefit/(costs) | 16 | 22 | 20 | |||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | 493 | 525 | ||||
Total amount recognized | ||||||
Noncurrent assets | 1,001 | 1,058 | ||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (350) | (381) | ||||
Prior service credit/(cost) | (8) | 2 | ||||
Total | (358) | (379) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Tax | (7) | 7 | (87) | |||
Actuarial gains/(losses), Net | (18) | (35) | ||||
Prior service credit/(cost), Net | (10) | |||||
Amortization of actuarial losses/ (gains), Net | 49 | 57 | ||||
Total amounts recognized in other comprehensive income, Net | 21 | 22 | ||||
Bank | Defined benefit pension plans | ||||||
Total benefit costs | ||||||
Amortization of recognized actuarial losses/(gains) | 16 | SFr 22 | SFr 20 | |||
Bank | Defined benefit and defined contribution | ||||||
Total benefit costs | ||||||
Service costs on benefit obligation | 533 | |||||
PBO | ||||||
Service costs | SFr 533 | |||||
Bank | Switzerland | Defined benefit pension plans | ||||||
PBO | ||||||
Entity contribution to the group plan (as a percent) | 88.00% | |||||
Bank | Switzerland | Defined benefit pension plans | Minimum | ||||||
Defined benefit plan, Disclosure | ||||||
Employer contributions (as a percent) | 7.50% | |||||
Bank | Switzerland | Defined benefit pension plans | Maximum | ||||||
Defined benefit plan, Disclosure | ||||||
Employer contributions (as a percent) | 25.00% | |||||
Bank | Switzerland | Defined benefit pension plans | Forecast/Estimate | ||||||
Contributions disclosures | ||||||
Contributions by the entity to the group plan | SFr 323 | |||||
Bank | Switzerland | Other post-retirement defined benefit plans | ||||||
Health care cost assumptions | ||||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.70% | 8.30% | 8.30% | |||
Increase in post-retirement expenses due 1% increase in health care cost trend rate assumption | SFr 0.1 | SFr 0.1 | SFr 0.2 | |||
Increase in accumulated post-retirement defined benefit obligation due 1% increase in health care cost trend rate assumption | 3 | 3 | 4 | |||
Decrease in post-retirement expenses due to 1% decrease in health care cost trend rate assumption | 0.1 | 0.1 | 0.2 | |||
Decrease in post-retirement defined benefit obligation due to 1% decrease in health care cost trend rate assumption | 3 | 3 | 4 | |||
Bank | International | Defined benefit pension plans | ||||||
Total benefit costs | ||||||
Service costs on benefit obligation | 16 | 22 | 20 | |||
Interest costs on benefit obligation | 86 | 91 | 124 | |||
Expected return on plan assets | (114) | (133) | (175) | |||
Amortization of recognized actuarial losses/(gains) | 47 | 60 | 41 | |||
Settlement losses/(gains) | 0 | 0 | 72 | |||
Curtailment losses/(gains) | (1) | (10) | 0 | |||
Net periodic benefit/(costs) | 34 | 30 | 82 | |||
PBO | ||||||
Beginning of the measurement period | 3,390 | 3,337 | ||||
Service costs | 16 | 22 | 20 | |||
Interest costs | 86 | 91 | 124 | |||
Plan amendments | 10 | 0 | ||||
Settlements | (1) | 0 | ||||
Curtailments | (1) | (11) | ||||
Special termination benefits | 1 | 1 | ||||
Actuarial losses/(gains) | (229) | 171 | ||||
Benefit payments | (233) | (287) | ||||
Exchange rate losses/(gains) | (88) | 66 | ||||
End of the measurement period | 2,951 | 3,390 | 3,337 | |||
Fair value of plan assets | ||||||
Beginning of the measurement period | 4,088 | 4,000 | ||||
Actual return on plan assets | (141) | 256 | ||||
Employer contributions | 19 | 22 | ||||
Settlements | (1) | 0 | ||||
Benefit payments | (233) | (287) | ||||
Exchange rate gains/(losses) | (128) | 97 | ||||
End of the measurement period | 3,604 | 4,088 | SFr 4,000 | |||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | 653 | 698 | ||||
Total funded status recognized in the consolidated balance sheet at December 31 | 653 | 698 | ||||
Total amount recognized | ||||||
Noncurrent assets | 1,001 | 1,058 | ||||
Current liabilities | (10) | (11) | ||||
Noncurrent liabilities | (338) | (349) | ||||
Total amount recognized in the consolidated balance sheet at December 31 | 653 | 698 | ||||
ABO | ||||||
End of the measurement period | 2,921 | 3,351 | ||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (327) | (345) | ||||
Prior service credit/(cost) | (11) | (1) | ||||
Total | (338) | (346) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Gross | (26) | (48) | ||||
Actuarial gains/(losses), Tax | 1 | 14 | ||||
Actuarial gains/(losses), Net | (25) | (34) | ||||
Prior service credit/(cost), Gross | (10) | |||||
Prior service credit/(cost), Tax | 0 | |||||
Prior service credit/(cost), Net | (10) | |||||
Amortization of actuarial losses/(gains), Gross | 47 | 60 | ||||
Amortization of actuarial losses/(gains), Tax | (4) | (7) | ||||
Amortization of actuarial losses/ (gains), Net | 43 | 53 | ||||
Total amounts recognized in other comprehensive income, Gross | 11 | 12 | ||||
Total amounts recognized in other comprehensive income, Tax | (3) | 7 | ||||
Total amounts recognized in other comprehensive income, Net | 8 | SFr 19 | ||||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | ||||||
Amortization of actuarial losses/(gains) | 15 | |||||
Amortization of prior service cost/(credit) | 1 | |||||
Total | SFr 16 | |||||
Net benefit pension cost (%) | ||||||
Discount rate - service costs (as a percent) | 2.96% | 2.92% | 4.05% | |||
Discount rate - interest costs (as a percent) | 2.77% | 2.79% | 4.05% | |||
Salary increases (as a percent) | 2.97% | 3.55% | 3.56% | |||
Expected long-term rate of return on plan assets (as a percent) | 3.22% | 3.88% | 5.07% | |||
Benefit obligation (%) | ||||||
Discount rate (as a percent) | 3.30% | 2.83% | 3.10% | |||
Salary increases (as a percent) | 2.90% | 2.97% | 3.55% | |||
Bank | International | Defined benefit pension plans | Forecast/Estimate | ||||||
Contributions disclosures | ||||||
Contribution to be made by the entity in next fiscal year | 16 | |||||
Bank | International | Other post-retirement defined benefit plans | ||||||
Total benefit costs | ||||||
Service costs on benefit obligation | SFr 0 | SFr 0 | SFr 0 | |||
Interest costs on benefit obligation | 5 | 6 | 8 | |||
Expected return on plan assets | 0 | 0 | 0 | |||
Amortization of recognized actuarial losses/(gains) | 8 | 7 | 10 | |||
Settlement losses/(gains) | 0 | 0 | 0 | |||
Curtailment losses/(gains) | 0 | 0 | 0 | |||
Net periodic benefit/(costs) | 13 | 13 | 18 | |||
PBO | ||||||
Beginning of the measurement period | 173 | 184 | ||||
Service costs | 0 | 0 | 0 | |||
Interest costs | 5 | 6 | 8 | |||
Plan amendments | 0 | 0 | ||||
Settlements | 0 | 0 | ||||
Curtailments | 0 | 0 | ||||
Special termination benefits | 0 | 0 | ||||
Actuarial losses/(gains) | (9) | 2 | ||||
Benefit payments | (11) | (11) | ||||
Exchange rate losses/(gains) | 2 | (8) | ||||
End of the measurement period | 160 | 173 | 184 | |||
Fair value of plan assets | ||||||
Beginning of the measurement period | 0 | 0 | ||||
Actual return on plan assets | 0 | 0 | ||||
Employer contributions | 11 | 11 | ||||
Settlements | 0 | 0 | ||||
Benefit payments | (11) | (11) | ||||
Exchange rate gains/(losses) | 0 | 0 | ||||
End of the measurement period | 0 | 0 | SFr 0 | |||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | (160) | (173) | ||||
Total funded status recognized in the consolidated balance sheet at December 31 | (160) | (173) | ||||
Total amount recognized | ||||||
Noncurrent assets | 0 | 0 | ||||
Current liabilities | (11) | (11) | ||||
Noncurrent liabilities | (149) | (162) | ||||
Total amount recognized in the consolidated balance sheet at December 31 | (160) | (173) | ||||
ABO | ||||||
End of the measurement period | 160 | 173 | ||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (23) | (36) | ||||
Prior service credit/(cost) | 3 | 3 | ||||
Total | (20) | (33) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Gross | 9 | (2) | ||||
Actuarial gains/(losses), Tax | (2) | 1 | ||||
Actuarial gains/(losses), Net | 7 | (1) | ||||
Prior service credit/(cost), Gross | 0 | |||||
Prior service credit/(cost), Tax | 0 | |||||
Prior service credit/(cost), Net | 0 | |||||
Amortization of actuarial losses/(gains), Gross | 8 | 7 | ||||
Amortization of actuarial losses/(gains), Tax | (2) | (3) | ||||
Amortization of actuarial losses/ (gains), Net | 6 | 4 | ||||
Total amounts recognized in other comprehensive income, Gross | 17 | 5 | ||||
Total amounts recognized in other comprehensive income, Tax | (4) | (2) | ||||
Total amounts recognized in other comprehensive income, Net | 13 | SFr 3 | ||||
Amounts in AOCI, net of tax, expected to be amortized in the next fiscal year | ||||||
Amortization of actuarial losses/(gains) | 2 | |||||
Amortization of prior service cost/(credit) | 0 | |||||
Total | SFr 2 | |||||
Net benefit pension cost (%) | ||||||
Discount rate - service costs (as a percent) | 3.86% | 4.03% | 4.50% | |||
Discount rate - interest costs (as a percent) | 3.28% | 3.48% | 4.50% | |||
Benefit obligation (%) | ||||||
Discount rate (as a percent) | 4.37% | 3.70% | 4.21% | |||
Health care cost assumptions | ||||||
Weighted-average rate of health care benefit decrease (as a percent) | 5.00% | |||||
Bank | International | Other post-retirement defined benefit plans | Forecast/Estimate | ||||||
Contributions disclosures | ||||||
Contribution to be made by the entity in next fiscal year | SFr 11 | |||||
Health care cost assumptions | ||||||
Weighted-average rate of health care benefit assumed (as a percent) | 8.70% |
Pension and other post-retire_4
Pension and other post-retirement benefits - PBO/ABO/Fair value (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
PBO | SFr 15,432 | SFr 15,885 | SFr 15,885 |
ABO | 14,534 | 14,841 | |
Switzerland | Defined benefit pension plans | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 0 | 0 | |
ABO | 0 | 0 | |
Fair value of plan assets | 0 | 0 | |
Switzerland | Defined benefit pension plans | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 0 | 0 | |
ABO | 0 | 0 | |
Fair value of plan assets | 0 | 0 | |
International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
PBO | 2,951 | 3,390 | 3,337 |
ABO | 2,921 | 3,351 | |
International | Defined benefit pension plans | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,336 | 1,464 | |
ABO | 1,312 | 1,433 | |
Fair value of plan assets | 989 | 1,104 | |
International | Defined benefit pension plans | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,325 | 1,447 | |
ABO | 1,304 | 1,420 | |
Fair value of plan assets | 978 | 1,088 | |
International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
PBO | 160 | 173 | 184 |
ABO | 160 | 173 | |
Bank | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
PBO | 2,951 | 3,390 | 3,337 |
ABO | 2,921 | 3,351 | |
Bank | International | Defined benefit pension plans | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,336 | 1,464 | |
ABO | 1,312 | 1,433 | |
Fair value of plan assets | 989 | 1,104 | |
Bank | International | Defined benefit pension plans | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,325 | 1,447 | |
ABO | 1,304 | 1,420 | |
Fair value of plan assets | 978 | 1,088 | |
Bank | International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
PBO | 160 | 173 | SFr 184 |
ABO | SFr 160 | SFr 173 |
Pension and other post-retire_5
Pension and other post-retirement benefits - Plan assets measured at fair value (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | SFr 19,829 | SFr 21,084 | |
Plan assets at fair value, measured at net asset value per share | 3,967 | 4,425 | |
Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 16,225 | 16,996 | SFr 15,951 |
Plan assets at fair value, measured at net asset value per share | 3,475 | 3,805 | |
International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,604 | 4,088 | 4,000 |
Plan assets at fair value, measured at net asset value per share | 492 | 620 | |
International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | 0 |
Level 1 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 13,224 | 13,664 | |
Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 11,197 | 11,548 | |
Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,027 | 2,116 | |
Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,259 | 1,701 | |
Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 174 | 349 | |
Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,085 | 1,352 | |
Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,379 | 1,294 | 1,211 |
Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,379 | 1,294 | 1,204 |
Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | 7 |
Group equity securities and options | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 76 | 118 | |
Group equity securities and options | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 5,113 | 6,790 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Impact of exchange-traded futures not carried at fair value | |||
Plan Assets not carried at fair value | 86 | (1,329) | |
Group equity securities and options | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 138 | 216 | |
Plan assets at fair value, measured at net asset value per share | 74 | 147 | |
Group equity securities and options | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 5,113 | 6,780 | |
Group equity securities and options | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 52 | 55 | |
Group equity securities and options | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 10 | |
Group equity securities and options | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 12 | 14 | |
Group equity securities and options | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Group equity securities and options | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Cash and cash equivalents | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 763 | 384 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Impact of exchange-traded futures not carried at fair value | |||
Plan Assets not carried at fair value | (86) | 1,405 | |
Cash and cash equivalents | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 209 | 203 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Cash and cash equivalents | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 763 | 384 | |
Cash and cash equivalents | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 86 | 70 | |
Cash and cash equivalents | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Cash and cash equivalents | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 123 | 133 | |
Cash and cash equivalents | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Cash and cash equivalents | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Debt securities | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,677 | 4,248 | |
Plan assets at fair value, measured at net asset value per share | 751 | 742 | |
Impact of exchange-traded futures not carried at fair value | |||
Plan Assets not carried at fair value | 76 | ||
Debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,063 | 3,441 | |
Plan assets at fair value, measured at net asset value per share | 328 | 370 | |
Debt securities | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,742 | 3,144 | |
Debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,889 | 1,991 | |
Debt securities | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 150 | 325 | |
Debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 846 | 1,080 | |
Debt securities | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 34 | 37 | |
Debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Government debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,579 | 1,631 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Government debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,574 | 1,622 | |
Government debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 5 | 9 | |
Government debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Corporate debt securities | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,677 | 4,248 | |
Plan assets at fair value, measured at net asset value per share | 751 | 742 | |
Corporate debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,484 | 1,810 | |
Plan assets at fair value, measured at net asset value per share | 328 | 370 | |
Corporate debt securities | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,742 | 3,144 | |
Corporate debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 315 | 369 | |
Corporate debt securities | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 150 | 325 | |
Corporate debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 841 | 1,071 | |
Corporate debt securities | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 34 | 37 | 7 |
Corporate debt securities | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 34 | 37 | |
Corporate debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,220 | 1,984 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Real estate | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 875 | 727 | |
Real estate | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,345 | 1,257 | 1,204 |
Real estate | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,345 | 1,257 | |
Real estate - direct | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,297 | 1,244 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Real estate - direct | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - direct | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - direct | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,297 | 1,244 | 1,204 |
Real estate - direct | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,297 | 1,244 | |
Real estate - indirect | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 923 | 740 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Real estate - indirect | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 29 | 27 | |
Plan assets at fair value, measured at net asset value per share | 29 | 27 | |
Real estate - indirect | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 875 | 727 | |
Real estate - indirect | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - indirect | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - indirect | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Real estate - indirect | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 48 | 13 | 0 |
Real estate - indirect | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 48 | 13 | |
Real estate - indirect | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Alternative investments | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,452 | 3,590 | |
Plan assets at fair value, measured at net asset value per share | 2,724 | 3,063 | |
Alternative investments | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 80 | 109 | |
Plan assets at fair value, measured at net asset value per share | 61 | 76 | |
Alternative investments | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 704 | 513 | |
Alternative investments | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Alternative investments | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 24 | 14 | |
Alternative investments | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 19 | 33 | |
Alternative investments | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Alternative investments | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Private equity - alternative investments | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,503 | 1,313 | |
Plan assets at fair value, measured at net asset value per share | 1,503 | 1,313 | |
Private equity - alternative investments | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Private equity - alternative investments | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Private equity - alternative investments | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,118 | 1,445 | |
Plan assets at fair value, measured at net asset value per share | 762 | 1,292 | |
Hedge funds | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 61 | 76 | |
Plan assets at fair value, measured at net asset value per share | 61 | 76 | |
Hedge funds | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 356 | 153 | |
Hedge funds | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Hedge funds | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other alternative investments | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 831 | 832 | |
Plan assets at fair value, measured at net asset value per share | 459 | 458 | |
Other alternative investments | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 19 | 33 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Other alternative investments | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 348 | 360 | |
Other alternative investments | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other alternative investments | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 24 | 14 | |
Other alternative investments | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 19 | 33 | |
Other alternative investments | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other alternative investments | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other investments, plan assets | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 85 | 92 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Other investments, plan assets | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Other investments, plan assets | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 85 | 92 | |
Other investments, plan assets | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,604 | 4,088 | 4,000 |
Plan assets at fair value, measured at net asset value per share | 492 | 620 | |
Bank | International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | 0 |
Bank | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,027 | 2,116 | |
Bank | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,085 | 1,352 | |
Bank | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | 7 |
Bank | Group equity securities and options | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 138 | 216 | |
Plan assets at fair value, measured at net asset value per share | 74 | 147 | |
Bank | Group equity securities and options | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 52 | 55 | |
Bank | Group equity securities and options | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 12 | 14 | |
Bank | Group equity securities and options | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Cash and cash equivalents | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 209 | 203 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Bank | Cash and cash equivalents | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 86 | 70 | |
Bank | Cash and cash equivalents | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 123 | 133 | |
Bank | Cash and cash equivalents | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,063 | 3,441 | |
Plan assets at fair value, measured at net asset value per share | 328 | 370 | |
Bank | Debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,889 | 1,991 | |
Bank | Debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 846 | 1,080 | |
Bank | Debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Government debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,579 | 1,631 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Bank | Government debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,574 | 1,622 | |
Bank | Government debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 5 | 9 | |
Bank | Government debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Corporate debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,484 | 1,810 | |
Plan assets at fair value, measured at net asset value per share | 328 | 370 | |
Bank | Corporate debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 315 | 369 | |
Bank | Corporate debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 841 | 1,071 | |
Bank | Corporate debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | SFr 7 |
Bank | Real estate - indirect | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 29 | 27 | |
Plan assets at fair value, measured at net asset value per share | 29 | 27 | |
Bank | Real estate - indirect | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Real estate - indirect | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Real estate - indirect | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Alternative investments | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 80 | 109 | |
Plan assets at fair value, measured at net asset value per share | 61 | 76 | |
Bank | Alternative investments | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Alternative investments | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 19 | 33 | |
Bank | Alternative investments | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Hedge funds | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 61 | 76 | |
Plan assets at fair value, measured at net asset value per share | 61 | 76 | |
Bank | Hedge funds | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Hedge funds | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Hedge funds | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Other alternative investments | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 19 | 33 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Bank | Other alternative investments | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Other alternative investments | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 19 | 33 | |
Bank | Other alternative investments | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Other investments, plan assets | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 85 | 92 | |
Plan assets at fair value, measured at net asset value per share | 0 | 0 | |
Bank | Other investments, plan assets | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Other investments, plan assets | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 85 | 92 | |
Bank | Other investments, plan assets | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | SFr 0 | SFr 0 |
Pension and other post-retire_6
Pension and other post-retirement benefits - Plan assets measured at fair value roll-forward (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | SFr 118 | |
End of the measurement period | 76 | SFr 118 |
Defined benefit pension plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 21,084 | |
End of the measurement period | 19,829 | 21,084 |
Defined benefit pension plans | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,294 | 1,211 |
Transfers In | 0 | 48 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 53 | 43 |
On assets sold during the period | 0 | 1 |
Purchases, sales, settlements | 32 | (9) |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,379 | 1,294 |
Defined benefit pension plans | Level 3 | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 37 | 7 |
Transfers In | 0 | 35 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 0 | 1 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | (3) | (6) |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 34 | 37 |
Defined benefit pension plans | Level 3 | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,257 | 1,204 |
Transfers In | 0 | 13 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 53 | 42 |
On assets sold during the period | 0 | 1 |
Purchases, sales, settlements | 35 | (3) |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,345 | 1,257 |
Defined benefit pension plans | Level 3 | Real estate - direct | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,244 | 1,204 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 53 | 42 |
On assets sold during the period | 0 | 1 |
Purchases, sales, settlements | 0 | (3) |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,297 | 1,244 |
Defined benefit pension plans | Level 3 | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 13 | 0 |
Transfers In | 0 | 13 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 0 | 0 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 35 | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 48 | 13 |
Switzerland | Defined benefit pension plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 16,996 | 15,951 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 16,225 | 16,996 |
Switzerland | Defined benefit pension plans | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 4,248 | |
End of the measurement period | 4,677 | 4,248 |
Switzerland | Defined benefit pension plans | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 4,248 | |
End of the measurement period | 4,677 | 4,248 |
Switzerland | Defined benefit pension plans | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 6,790 | |
End of the measurement period | 5,113 | 6,790 |
Switzerland | Defined benefit pension plans | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,984 | |
End of the measurement period | 2,220 | 1,984 |
Switzerland | Defined benefit pension plans | Real estate - direct | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,244 | |
End of the measurement period | 1,297 | 1,244 |
Switzerland | Defined benefit pension plans | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 740 | |
End of the measurement period | 923 | 740 |
Switzerland | Defined benefit pension plans | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 3,590 | |
End of the measurement period | 3,452 | 3,590 |
Switzerland | Defined benefit pension plans | Private equity - alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,313 | |
End of the measurement period | 1,503 | 1,313 |
Switzerland | Defined benefit pension plans | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,445 | |
End of the measurement period | 1,118 | 1,445 |
Switzerland | Defined benefit pension plans | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 832 | |
End of the measurement period | 831 | 832 |
Switzerland | Defined benefit pension plans | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,294 | 1,204 |
Transfers In | 0 | 48 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 53 | 43 |
On assets sold during the period | 0 | 1 |
Purchases, sales, settlements | 32 | (2) |
Exchange rate gains/(losses) on investments | 0 | 0 |
End of the measurement period | 1,379 | 1,294 |
Switzerland | Defined benefit pension plans | Level 3 | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 37 | |
End of the measurement period | 34 | 37 |
Switzerland | Defined benefit pension plans | Level 3 | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 37 | |
End of the measurement period | 34 | 37 |
Switzerland | Defined benefit pension plans | Level 3 | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Real estate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,257 | |
End of the measurement period | 1,345 | 1,257 |
Switzerland | Defined benefit pension plans | Level 3 | Real estate - direct | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,244 | |
End of the measurement period | 1,297 | 1,244 |
Switzerland | Defined benefit pension plans | Level 3 | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 13 | |
End of the measurement period | 48 | 13 |
Switzerland | Defined benefit pension plans | Level 3 | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Private equity - alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Switzerland | Defined benefit pension plans | Level 3 | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 4,088 | 4,000 |
Foreign currency translation impact | (128) | 97 |
End of the measurement period | 3,604 | 4,088 |
International | Defined benefit pension plans | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 3,441 | |
End of the measurement period | 3,063 | 3,441 |
International | Defined benefit pension plans | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,810 | |
End of the measurement period | 1,484 | 1,810 |
International | Defined benefit pension plans | Government debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,631 | |
End of the measurement period | 1,579 | 1,631 |
International | Defined benefit pension plans | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 216 | |
End of the measurement period | 138 | 216 |
International | Defined benefit pension plans | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 27 | |
End of the measurement period | 29 | 27 |
International | Defined benefit pension plans | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 109 | |
End of the measurement period | 80 | 109 |
International | Defined benefit pension plans | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 76 | |
End of the measurement period | 61 | 76 |
International | Defined benefit pension plans | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 33 | |
End of the measurement period | 19 | 33 |
International | Defined benefit pension plans | Other investments, plan assets | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 92 | |
End of the measurement period | 85 | 92 |
International | Defined benefit pension plans | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | 7 |
Transfers In | 0 | |
Transfers Out | 0 | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | (7) | |
Foreign currency translation impact | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Government debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Defined benefit pension plans | Level 3 | Other investments, plan assets | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
International | Other post-retirement defined benefit plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 4,088 | 4,000 |
Foreign currency translation impact | (128) | 97 |
End of the measurement period | 3,604 | 4,088 |
Bank | International | Defined benefit pension plans | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 3,441 | |
End of the measurement period | 3,063 | 3,441 |
Bank | International | Defined benefit pension plans | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,810 | |
End of the measurement period | 1,484 | 1,810 |
Bank | International | Defined benefit pension plans | Government debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 1,631 | |
End of the measurement period | 1,579 | 1,631 |
Bank | International | Defined benefit pension plans | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 216 | |
End of the measurement period | 138 | 216 |
Bank | International | Defined benefit pension plans | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 27 | |
End of the measurement period | 29 | 27 |
Bank | International | Defined benefit pension plans | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 109 | |
End of the measurement period | 80 | 109 |
Bank | International | Defined benefit pension plans | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 76 | |
End of the measurement period | 61 | 76 |
Bank | International | Defined benefit pension plans | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 33 | |
End of the measurement period | 19 | 33 |
Bank | International | Defined benefit pension plans | Other investments, plan assets | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 92 | |
End of the measurement period | 85 | 92 |
Bank | International | Defined benefit pension plans | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | 7 |
Transfers In | 0 | |
Transfers Out | 0 | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | (7) | |
Foreign currency translation impact | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Corporate debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | 7 |
Transfers In | 0 | |
Transfers Out | 0 | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | (7) | |
Foreign currency translation impact | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Government debt securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Real estate - indirect | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Hedge funds | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Other alternative investments | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Defined benefit pension plans | Level 3 | Other investments, plan assets | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | |
End of the measurement period | 0 | 0 |
Bank | International | Other post-retirement defined benefit plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 0 | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | SFr 0 | SFr 0 |
Pension and other post-retire_7
Pension and other post-retirement benefits - Weighted-average assumptions (Details 5) - Defined benefit pension plans | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Switzerland | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
Switzerland | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
Switzerland | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 4.70% | 2.30% | |
Switzerland | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 10.00% | ||
Switzerland | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 28.80% | 25.00% | |
Switzerland | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 32.00% | ||
Switzerland | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 31.50% | 39.90% | |
Switzerland | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 30.00% | ||
Switzerland | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 13.70% | 11.70% | |
Switzerland | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 10.00% | ||
Switzerland | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 21.30% | 21.10% | |
Switzerland | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 18.00% | ||
Switzerland | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.00% | 0.00% | |
Switzerland | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.00% | ||
International | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
International | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
International | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 5.80% | 5.00% | |
International | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.30% | ||
International | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 85.00% | 84.00% | |
International | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 88.90% | ||
International | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 3.80% | 5.30% | |
International | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 5.10% | ||
International | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.80% | 0.70% | |
International | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.60% | ||
International | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.20% | 2.70% | |
International | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.70% | ||
International | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.40% | 2.30% | |
International | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.40% | ||
Bank | International | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 100.00% | 100.00% | |
Bank | International | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 100.00% | ||
Bank | International | Cash and cash equivalents | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 5.80% | 5.00% | |
Bank | International | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.30% | ||
Bank | International | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 85.00% | 84.00% | |
Bank | International | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 88.90% | ||
Bank | International | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 3.80% | 5.30% | |
Bank | International | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 5.10% | ||
Bank | International | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.80% | 0.70% | |
Bank | International | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 0.60% | ||
Bank | International | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.20% | 2.70% | |
Bank | International | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.70% | ||
Bank | International | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.40% | 2.30% | |
Bank | International | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.40% |
Pension and other post-retire_8
Pension and other post-retirement benefits - Estimated future benefit payments (Details 6) SFr in Millions | Dec. 31, 2018CHF (SFr) |
Defined benefit pension plans | |
Estimated future benefit payments | |
Next twelve months | SFr 1,199 |
Year two | 927 |
Year three | 925 |
Year four | 903 |
Year five | 915 |
For five years thereafter | 4,686 |
Other post-retirement defined benefit plans | |
Estimated future benefit payments | |
Next twelve months | 11 |
Year two | 12 |
Year three | 12 |
Year four | 12 |
Year five | 12 |
For five years thereafter | 53 |
Bank | International | Defined benefit pension plans | |
Estimated future benefit payments | |
Next twelve months | 92 |
Year two | 90 |
Year three | 107 |
Year four | 98 |
Year five | 108 |
For five years thereafter | 622 |
Bank | International | Other post-retirement defined benefit plans | |
Estimated future benefit payments | |
Next twelve months | 11 |
Year two | 12 |
Year three | 12 |
Year four | 12 |
Year five | 12 |
For five years thereafter | SFr 53 |
Pension and other post-retire_9
Pension and other post-retirement benefits - Contributions (Details 7) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | SFr 153 | SFr 165 | SFr 161 |
Bank | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | 140 | 156 | 160 |
Contributions made by the Entity to the group defined benefit plan | SFr 377 | SFr 379 | SFr 438 |
Pension and other post-retir_10
Pension and other post-retirement benefits - Mortality tables and life expectancies (Details 9) - year | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined benefit plan, Disclosure | ||
Assumptions pertaining to mortality tables | The BVG 2015 tables were used, which included final CMI projections, with a long-term rate of improvement of 1.25% per annum. 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included final CMI projections, with a long-term rate of improvement of 1.5% per annum. | |
BVG 2015 [Member] | ||
Defined benefit plan, Disclosure | ||
Continuous Mortality Investigation (CMI) model, long-term improvement rate | 1.25% | |
RP-2014 [Member] | ||
Defined benefit plan, Disclosure | ||
Continuous Mortality Investigation (CMI) model, long-term improvement rate | 1.50% | |
Switzerland | BVG 2015 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 21.6 | 21.6 |
Life expectancy rate at age 65, Female | 23.6 | 23.5 |
Switzerland | BVG 2015 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 23.2 | 23.1 |
Life expectancy rate at age 65, Female | 25.1 | 25.1 |
UK | SAPS S2 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 23.7 | 23.8 |
Life expectancy rate at age 65, Female | 24.8 | 24.8 |
UK | SAPS S2 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 25.3 | 25.4 |
Life expectancy rate at age 65, Female | 26.5 | 26.6 |
US | RP-2014 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 21.5 | 21.5 |
Life expectancy rate at age 65, Female | 23.4 | 23.3 |
US | RP-2014 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 22.7 | 22.7 |
Life expectancy rate at age 65, Female | 24.5 | 24.4 |
Bank | ||
Defined benefit plan, Disclosure | ||
Assumptions pertaining to mortality tables | 95% of Self-Administered Pension Scheme (SAPS) S2 light tables were used, which included proposed CMI projections with a long-term rate of improvement of 1.5% per annum. | |
Bank | BVG 2015 [Member] | ||
Defined benefit plan, Disclosure | ||
Continuous Mortality Investigation (CMI) model, long-term improvement rate | 1.50% | |
Bank | UK | SAPS S2 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 23.7 | 23.8 |
Life expectancy rate at age 65, Female | 24.8 | 24.8 |
Bank | UK | SAPS S2 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 25.3 | 25.4 |
Life expectancy rate at age 65, Female | 26.5 | 26.6 |
Bank | US | RP-2014 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 21.5 | 21.5 |
Life expectancy rate at age 65, Female | 23.4 | 23.3 |
Bank | US | RP-2014 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 22.7 | 22.7 |
Life expectancy rate at age 65, Female | 24.5 | 24.4 |
Pension and other post-retir_11
Pension and other post-retirement benefits - PBO Models/Approaches (Details 10) SFr in Millions | Dec. 31, 2017CHF (SFr) |
Implementation of spot rate approach | |
Defined benefit plan, Disclosure | |
Defined Benefit Plan, Net Periodic Benefit Plan, Increase/(Decrease) | SFr (87) |
Adoption of CMI model | |
Defined benefit plan, Disclosure | |
Defined Benefit Plan, Projected Benefit Obligation, Increase/(Decrease) | SFr 140 |
Derivatives and hedging activ_3
Derivatives and hedging activities - Fair value - balance sheet related (Details) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair value of derivative instruments | ||
Notional amount | SFr 26,329.3 | SFr 28,767.5 |
Positive replacement value (PRV) | 128.4 | 148.4 |
Negative replacement value (NRV) | SFr 132.5 | 151.9 |
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 26,272.7 | 28,705.3 |
Positive replacement value (PRV) | 128.2 | 148.2 |
Negative replacement value (NRV) | 132.2 | 151.5 |
Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 23,093.7 | 24,898.6 |
Positive replacement value (PRV) | 69.9 | 87 |
Negative replacement value (NRV) | 66.5 | 82.1 |
Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 7,477.7 | 8,509.3 |
Positive replacement value (PRV) | 3.6 | 1.2 |
Negative replacement value (NRV) | 3.7 | 1.2 |
Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 13,220.5 | 13,047.8 |
Positive replacement value (PRV) | 49 | 60.4 |
Negative replacement value (NRV) | 45.4 | 56.6 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 2,027.6 | 2,374.5 |
Positive replacement value (PRV) | 17 | 25.2 |
Negative replacement value (NRV) | 17.1 | 24 |
Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 256.8 | 547.8 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 111.1 | 419.2 |
Positive replacement value (PRV) | 0.3 | 0.2 |
Negative replacement value (NRV) | 0.3 | 0.3 |
Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 1,906.1 | 2,402.2 |
Positive replacement value (PRV) | 27.8 | 30.5 |
Negative replacement value (NRV) | 32.2 | 35.8 |
Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1,124.5 | 1,387.9 |
Positive replacement value (PRV) | 9.5 | 10.7 |
Negative replacement value (NRV) | 10.5 | 11.1 |
Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 456.6 | 581.1 |
Positive replacement value (PRV) | 14.4 | 15.2 |
Negative replacement value (NRV) | 17.4 | 19.9 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 313 | 414.8 |
Positive replacement value (PRV) | 3.9 | 4.6 |
Negative replacement value (NRV) | 4.3 | 4.8 |
Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 10.7 | 13 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 1.3 | 5.4 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 469.4 | 524.9 |
Positive replacement value (PRV) | 5.4 | 7.7 |
Negative replacement value (NRV) | 6.6 | 8.9 |
Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 761.1 | 826.9 |
Positive replacement value (PRV) | 23.4 | 21.4 |
Negative replacement value (NRV) | 26.1 | 23.2 |
Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0.7 | 0.9 |
Positive replacement value (PRV) | 0.2 | 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 | 152.6 | 198.7 |
Positive replacement value (PRV) | 4 | 3.8 |
Negative replacement value (NRV) | 5.1 | 4.9 |
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 211.9 | 221.3 |
Positive replacement value (PRV) | 7.3 | 8.3 |
Negative replacement value (NRV) | 6.5 | 7.9 |
Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 39.2 | 32.8 |
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 | 356.7 | 373.2 |
Positive replacement value (PRV) | 11.9 | 9.3 |
Negative replacement value (NRV) | 14.4 | 10.3 |
Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 42.4 | 52.7 |
Positive replacement value (PRV) | 1.7 | 1.6 |
Negative replacement value (NRV) | 0.8 | 1.5 |
Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 8.2 | 7 |
Positive replacement value (PRV) | 0.1 | 0 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 13.5 | 17.9 |
Positive replacement value (PRV) | 1.5 | 1.5 |
Negative replacement value (NRV) | 0.6 | 1.4 |
Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 9.5 | 10.1 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0 |
Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 9.3 | 15.6 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Not designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 1.9 | 2.1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 56.6 | 62.2 |
Positive replacement value (PRV) | 0.2 | 0.2 |
Negative replacement value (NRV) | 0.3 | 0.4 |
Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 44.6 | 46.8 |
Positive replacement value (PRV) | 0.1 | 0.2 |
Negative replacement value (NRV) | 0.2 | 0.2 |
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 | 44.6 | 46.8 |
Positive replacement value (PRV) | 0.1 | 0.2 |
Negative replacement value (NRV) | 0.2 | 0.2 |
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 | 12 | 15.4 |
Positive replacement value (PRV) | 0.1 | 0 |
Negative replacement value (NRV) | 0.1 | 0.2 |
Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 12 | 13.3 |
Positive replacement value (PRV) | 0.1 | 0 |
Negative replacement value (NRV) | 0.1 | 0.2 |
Designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 2.1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | ||
Fair value of derivative instruments | ||
Notional amount | 26,331 | 28,769.4 |
Positive replacement value (PRV) | 128.5 | 148.7 |
Negative replacement value (NRV) | SFr 132.6 | 152.2 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 5 years | |
Bank | Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | SFr 26,274.4 | 28,707.2 |
Positive replacement value (PRV) | 128.3 | 148.5 |
Negative replacement value (NRV) | 132.3 | 151.8 |
Bank | Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 23,094.7 | 24,899.6 |
Positive replacement value (PRV) | 69.9 | 87 |
Negative replacement value (NRV) | 66.5 | 81.8 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 7,477.7 | 8,509.3 |
Positive replacement value (PRV) | 3.6 | 1.2 |
Negative replacement value (NRV) | 3.7 | 1.2 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 13,221.5 | 13,048.8 |
Positive replacement value (PRV) | 49 | 60.4 |
Negative replacement value (NRV) | 45.4 | 56.3 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 2,027.6 | 2,374.5 |
Positive replacement value (PRV) | 17 | 25.2 |
Negative replacement value (NRV) | 17.1 | 24 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 256.8 | 547.8 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 111.1 | 419.2 |
Positive replacement value (PRV) | 0.3 | 0.2 |
Negative replacement value (NRV) | 0.3 | 0.3 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 1,906.1 | 2,402.2 |
Positive replacement value (PRV) | 27.8 | 30.5 |
Negative replacement value (NRV) | 32.2 | 35.8 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1,124.5 | 1,387.9 |
Positive replacement value (PRV) | 9.5 | 10.7 |
Negative replacement value (NRV) | 10.5 | 11.1 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 456.6 | 581.1 |
Positive replacement value (PRV) | 14.4 | 15.2 |
Negative replacement value (NRV) | 17.4 | 19.9 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 313 | 414.8 |
Positive replacement value (PRV) | 3.9 | 4.6 |
Negative replacement value (NRV) | 4.3 | 4.8 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 10.7 | 13 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 1.3 | 5.4 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 469.4 | 524.9 |
Positive replacement value (PRV) | 5.4 | 7.7 |
Negative replacement value (NRV) | 6.6 | 8.9 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 761.8 | 827.8 |
Positive replacement value (PRV) | 23.5 | 21.7 |
Negative replacement value (NRV) | 26.2 | 23.8 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0.7 | 0.9 |
Positive replacement value (PRV) | 0.2 | 0 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 152.9 | 199.1 |
Positive replacement value (PRV) | 4.1 | 3.8 |
Negative replacement value (NRV) | 5 | 4.9 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 212.3 | 221.8 |
Positive replacement value (PRV) | 7.3 | 8.6 |
Negative replacement value (NRV) | 6.7 | 8.5 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 39.2 | 32.8 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 356.7 | 373.2 |
Positive replacement value (PRV) | 11.9 | 9.3 |
Negative replacement value (NRV) | 14.4 | 10.3 |
Bank | Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 42.4 | 52.7 |
Positive replacement value (PRV) | 1.7 | 1.6 |
Negative replacement value (NRV) | 0.8 | 1.5 |
Bank | Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 8.2 | 7 |
Positive replacement value (PRV) | 0.1 | 0 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Bank | Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 13.5 | 17.9 |
Positive replacement value (PRV) | 1.5 | 1.5 |
Negative replacement value (NRV) | 0.6 | 1.4 |
Bank | Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 9.5 | 10.1 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0 |
Bank | Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 9.3 | 15.6 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Not designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 1.9 | 2.1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 56.6 | 62.2 |
Positive replacement value (PRV) | 0.2 | 0.2 |
Negative replacement value (NRV) | 0.3 | 0.4 |
Bank | Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 44.6 | 46.8 |
Positive replacement value (PRV) | 0.1 | 0.2 |
Negative replacement value (NRV) | 0.2 | 0.2 |
Bank | Designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 44.6 | 46.8 |
Positive replacement value (PRV) | 0.1 | 0.2 |
Negative replacement value (NRV) | 0.2 | 0.2 |
Bank | Designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 12 | 15.4 |
Positive replacement value (PRV) | 0.1 | 0 |
Negative replacement value (NRV) | 0.1 | 0.2 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 12 | 13.3 |
Positive replacement value (PRV) | 0.1 | 0 |
Negative replacement value (NRV) | 0.1 | 0.2 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 2.1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Credit derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Other products | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | SFr 0 | SFr 0 |
Derivatives and hedging activ_4
Derivatives and hedging activities - Movements (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair value hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | SFr (415) | SFr (285) | SFr (116) |
Gains/(losses) recognized in income on hedged items | 423 | 290 | 111 |
Net gains/(losses) on the ineffective portion | 8 | 5 | (5) |
Fair value hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | (415) | (285) | (116) |
Gains/(losses) recognized in income on hedged items | 423 | 290 | 111 |
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Net gains/(losses) on the ineffective portion | 0 | (1) | (1) |
Gains/(losses) recognized in AOCI on derivatives | (171) | (86) | (14) |
Gains/(losses) reclassified from AOCI into income | (133) | (35) | 13 |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | (53) | ||
Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (76) | (56) | (5) |
Gains/(losses) reclassified from AOCI into income | (85) | (11) | 29 |
Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (95) | (30) | (9) |
Gains/(losses) reclassified from AOCI into income | (48) | (24) | (16) |
Net investment hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 133 | (475) | (536) |
Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 133 | (475) | (536) |
Bank | Fair value hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | (415) | (285) | (116) |
Gains/(losses) recognized in income on hedged items | 423 | 290 | 111 |
Net gains/(losses) on the ineffective portion | 8 | 5 | (5) |
Bank | Fair value hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in income on derivatives | (415) | (285) | (116) |
Gains/(losses) recognized in income on hedged items | 423 | 290 | 111 |
Bank | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Net gains/(losses) on the ineffective portion | 0 | (1) | (1) |
Gains/(losses) recognized in AOCI on derivatives | (162) | (87) | (8) |
Gains/(losses) reclassified from AOCI into income | (127) | (28) | 22 |
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | (39) | ||
Bank | Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (76) | (56) | (5) |
Gains/(losses) reclassified from AOCI into income | (85) | (11) | 29 |
Bank | Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | (86) | (31) | (3) |
Gains/(losses) reclassified from AOCI into income | (42) | (17) | (7) |
Bank | Net investment hedges | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | 131 | (475) | (537) |
Bank | Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Gains/(losses) recognized in AOCI on derivatives | SFr 131 | SFr (475) | SFr (537) |
Derivatives and hedging activ_5
Derivatives and hedging activities - Contingent credit risk (Details 3) - CHF (SFr) SFr in Billions | Dec. 31, 2018 | Dec. 31, 2017 |
Contingent credit risk | ||
Current net exposure | SFr 4 | SFr 6.7 |
Collateral posted | 3.5 | 4.5 |
Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.2 | 0.4 |
Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 1 | 1.6 |
Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 1.3 | 2.1 |
Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 3.6 | 5.4 |
Collateral posted | 3.4 | 4.4 |
Bilateral counterparties | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.2 | 0.2 |
Bilateral counterparties | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.9 | 0.9 |
Bilateral counterparties | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 1 | 1 |
Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.1 | 0.1 |
Collateral posted | 0.1 | 0.1 |
Special purpose entities | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Special purpose entities | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.2 |
Special purpose entities | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.1 | 0.4 |
Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 0.3 | 1.2 |
Accelerated terminations | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Accelerated terminations | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.1 | 0.5 |
Accelerated terminations | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.2 | 0.7 |
Bank | ||
Contingent credit risk | ||
Current net exposure | 4 | 6.7 |
Collateral posted | 3.5 | 4.5 |
Bank | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.2 | 0.4 |
Bank | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 1 | 1.6 |
Bank | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 1.3 | 2.1 |
Bank | Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 3.6 | 5.4 |
Collateral posted | 3.4 | 4.4 |
Bank | Bilateral counterparties | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.2 | 0.2 |
Bank | Bilateral counterparties | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.9 | 0.9 |
Bank | Bilateral counterparties | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 1 | 1 |
Bank | Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0.1 | 0.1 |
Collateral posted | 0.1 | 0.1 |
Bank | Special purpose entities | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Bank | Special purpose entities | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.2 |
Bank | Special purpose entities | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.1 | 0.4 |
Bank | Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 0.3 | 1.2 |
Bank | Accelerated terminations | Impact of a one-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Bank | Accelerated terminations | Impact of a two-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | 0.1 | 0.5 |
Bank | Accelerated terminations | Impact of a three-notch downgrade event | ||
Contingent credit risk | ||
Collateral posted | SFr 0.2 | SFr 0.7 |
Derivatives and hedging activ_6
Derivatives and hedging activities - Credit protection sold/purchased (Details 4) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Credit protection sold/purchased | ||
Credit protection sold | SFr (201.6) | SFr (213.9) |
Credit protection purchased | 195.1 | 203.6 |
Net credit protection (sold)/purchased | (6.5) | (10.3) |
Other protection purchased | 63 | 100.9 |
Fair value of credit protection sold | (0.7) | 3 |
Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (9.7) | (6.7) |
Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (41.9) | (52.8) |
Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (135.5) | (139.3) |
Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (24.2) | (21.8) |
Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (16.6) | (21.3) |
Credit protection purchased | 15.2 | 19.5 |
Net credit protection (sold)/purchased | (1.4) | (1.8) |
Other protection purchased | 5.5 | 6.5 |
Fair value of credit protection sold | (0.1) | 0.2 |
Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (185) | (192.6) |
Credit protection purchased | 179.9 | 184.1 |
Net credit protection (sold)/purchased | (5.1) | (8.5) |
Other protection purchased | 57.5 | 94.4 |
Fair value of credit protection sold | (0.6) | 2.8 |
Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (148.9) | (164.7) |
Credit protection purchased | 145.5 | 158.5 |
Net credit protection (sold)/purchased | (3.4) | (6.2) |
Other protection purchased | 36.9 | 74.6 |
Fair value of credit protection sold | (0.6) | 1.6 |
Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.7) | (49.2) |
Credit protection purchased | 49.6 | 45.1 |
Net credit protection (sold)/purchased | (3.1) | (4.1) |
Other protection purchased | 26.1 | 26.3 |
Fair value of credit protection sold | (0.1) | 1.4 |
Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (72.2) | (85.8) |
Credit protection purchased | 67.4 | 79.3 |
Net credit protection (sold)/purchased | (4.8) | (6.5) |
Other protection purchased | 29.5 | 29.6 |
Fair value of credit protection sold | 0 | 1.4 |
Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (13.1) | (21.6) |
Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (54.9) | (59.4) |
Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (4.2) | (4.8) |
Single-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (16.4) | (21) |
Credit protection purchased | 15 | 19.2 |
Net credit protection (sold)/purchased | (1.4) | (1.8) |
Other protection purchased | 5.5 | 6.2 |
Fair value of credit protection sold | (0.1) | 0.2 |
Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (55.8) | (64.8) |
Credit protection purchased | 52.4 | 60.1 |
Net credit protection (sold)/purchased | (3.4) | (4.7) |
Other protection purchased | 24 | 23.4 |
Fair value of credit protection sold | 0.1 | 1.2 |
Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (46) | (57.6) |
Credit protection purchased | 43.1 | 53.8 |
Net credit protection (sold)/purchased | (2.9) | (3.8) |
Other protection purchased | 11.8 | 15.3 |
Fair value of credit protection sold | 0.2 | 0.9 |
Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (26.2) | (28.2) |
Credit protection purchased | 24.3 | 25.5 |
Net credit protection (sold)/purchased | (1.9) | (2.7) |
Other protection purchased | 17.7 | 14.3 |
Fair value of credit protection sold | (0.2) | 0.5 |
Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (129.4) | (128.1) |
Credit protection purchased | 127.7 | 124.3 |
Net credit protection (sold)/purchased | (1.7) | (3.8) |
Other protection purchased | 33.5 | 71.3 |
Fair value of credit protection sold | (0.7) | 1.6 |
Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (28.8) | (31.2) |
Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (80.6) | (79.9) |
Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (20) | (17) |
Multi-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (0.2) | (0.3) |
Credit protection purchased | 0.2 | 0.3 |
Net credit protection (sold)/purchased | 0 | 0 |
Other protection purchased | 0 | 0.3 |
Fair value of credit protection sold | 0 | 0 |
Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (129.2) | (127.8) |
Credit protection purchased | 127.5 | 124 |
Net credit protection (sold)/purchased | (1.7) | (3.8) |
Other protection purchased | 33.5 | 71 |
Fair value of credit protection sold | (0.7) | 1.6 |
Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (102.9) | (107.1) |
Credit protection purchased | 102.4 | 104.7 |
Net credit protection (sold)/purchased | (0.5) | (2.4) |
Other protection purchased | 25.1 | 59.3 |
Fair value of credit protection sold | (0.8) | 0.7 |
Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (26.5) | (21) |
Credit protection purchased | 25.3 | 19.6 |
Net credit protection (sold)/purchased | (1.2) | (1.4) |
Other protection purchased | 8.4 | 12 |
Fair value of credit protection sold | 0.1 | 0.9 |
Bank | ||
Credit protection sold/purchased | ||
Credit protection sold | (201.6) | (213.9) |
Credit protection purchased | 195.1 | 203.6 |
Net credit protection (sold)/purchased | (6.5) | (10.3) |
Other protection purchased | 63 | 100.9 |
Fair value of credit protection sold | (0.7) | 3 |
Bank | Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (9.7) | (6.7) |
Bank | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (41.9) | (52.8) |
Bank | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (135.5) | (139.3) |
Bank | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (24.2) | (21.8) |
Bank | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (16.6) | (21.3) |
Credit protection purchased | 15.2 | 19.5 |
Net credit protection (sold)/purchased | (1.4) | (1.8) |
Other protection purchased | 5.5 | 6.5 |
Fair value of credit protection sold | (0.1) | 0.2 |
Bank | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (185) | (192.6) |
Credit protection purchased | 179.9 | 184.1 |
Net credit protection (sold)/purchased | (5.1) | (8.5) |
Other protection purchased | 57.5 | 94.4 |
Fair value of credit protection sold | (0.6) | 2.8 |
Bank | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (148.9) | (164.7) |
Credit protection purchased | 145.5 | 158.5 |
Net credit protection (sold)/purchased | (3.4) | (6.2) |
Other protection purchased | 36.9 | 74.6 |
Fair value of credit protection sold | (0.6) | 1.6 |
Bank | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.7) | (49.2) |
Credit protection purchased | 49.6 | 45.1 |
Net credit protection (sold)/purchased | (3.1) | (4.1) |
Other protection purchased | 26.1 | 26.3 |
Fair value of credit protection sold | (0.1) | 1.4 |
Bank | Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (72.2) | (85.8) |
Credit protection purchased | 67.4 | 79.3 |
Net credit protection (sold)/purchased | (4.8) | (6.5) |
Other protection purchased | 29.5 | 29.6 |
Fair value of credit protection sold | 0 | 1.4 |
Bank | Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (13.1) | (21.6) |
Bank | Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (54.9) | (59.4) |
Bank | Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (4.2) | (4.8) |
Bank | Single-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (16.4) | (21) |
Credit protection purchased | 15 | 19.2 |
Net credit protection (sold)/purchased | (1.4) | (1.8) |
Other protection purchased | 5.5 | 6.2 |
Fair value of credit protection sold | (0.1) | 0.2 |
Bank | Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (55.8) | (64.8) |
Credit protection purchased | 52.4 | 60.1 |
Net credit protection (sold)/purchased | (3.4) | (4.7) |
Other protection purchased | 24 | 23.4 |
Fair value of credit protection sold | 0.1 | 1.2 |
Bank | Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (46) | (57.6) |
Credit protection purchased | 43.1 | 53.8 |
Net credit protection (sold)/purchased | (2.9) | (3.8) |
Other protection purchased | 11.8 | 15.3 |
Fair value of credit protection sold | 0.2 | 0.9 |
Bank | Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (26.2) | (28.2) |
Credit protection purchased | 24.3 | 25.5 |
Net credit protection (sold)/purchased | (1.9) | (2.7) |
Other protection purchased | 17.7 | 14.3 |
Fair value of credit protection sold | (0.2) | 0.5 |
Bank | Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (129.4) | (128.1) |
Credit protection purchased | 127.7 | 124.3 |
Net credit protection (sold)/purchased | (1.7) | (3.8) |
Other protection purchased | 33.5 | 71.3 |
Fair value of credit protection sold | (0.7) | 1.6 |
Bank | Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (28.8) | (31.2) |
Bank | Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (80.6) | (79.9) |
Bank | Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (20) | (17) |
Bank | Multi-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (0.2) | (0.3) |
Credit protection purchased | 0.2 | 0.3 |
Net credit protection (sold)/purchased | 0 | 0 |
Other protection purchased | 0 | 0.3 |
Fair value of credit protection sold | 0 | 0 |
Bank | Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (129.2) | (127.8) |
Credit protection purchased | 127.5 | 124 |
Net credit protection (sold)/purchased | (1.7) | (3.8) |
Other protection purchased | 33.5 | 71 |
Fair value of credit protection sold | (0.7) | 1.6 |
Bank | Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (102.9) | (107.1) |
Credit protection purchased | 102.4 | 104.7 |
Net credit protection (sold)/purchased | (0.5) | (2.4) |
Other protection purchased | 25.1 | 59.3 |
Fair value of credit protection sold | (0.8) | 0.7 |
Bank | Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (26.5) | (21) |
Credit protection purchased | 25.3 | 19.6 |
Net credit protection (sold)/purchased | (1.2) | (1.4) |
Other protection purchased | 8.4 | 12 |
Fair value of credit protection sold | SFr 0.1 | SFr 0.9 |
Derivatives and hedging activ_7
Derivatives and hedging activities - Credit derivatives (Details 5) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Credit Derivatives [Line Items] | ||
Credit protection sold | SFr 201.6 | SFr 213.9 |
Credit protection purchased | 195.1 | 203.6 |
Other protection purchased | 63 | 100.9 |
Other instruments | 9.7 | 6.5 |
Total credit derivatives | 469.4 | 524.9 |
Bank | ||
Credit Derivatives [Line Items] | ||
Credit protection sold | 201.6 | 213.9 |
Credit protection purchased | 195.1 | 203.6 |
Other protection purchased | 63 | 100.9 |
Other instruments | 9.7 | 6.5 |
Total credit derivatives | SFr 469.4 | SFr 524.9 |
Guarantees and commitments - Gu
Guarantees and commitments - Guarantees maturity (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Guarantees | ||
Maturity less than 1 year | SFr 29,155 | SFr 26,729 |
Maturity between 1 to 3 years | 7,183 | 10,025 |
Maturity between 3 to 5 years | 2,666 | 2,792 |
Maturity greater than 5 years | 1,933 | 1,865 |
Total gross amount | 40,937 | 41,411 |
Total net amount | 39,909 | 40,230 |
Carrying value | 1,033 | 506 |
Collateral received | 9,070 | 8,448 |
Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 2,228 | 1,817 |
Maturity between 1 to 3 years | 439 | 520 |
Maturity between 3 to 5 years | 218 | 314 |
Maturity greater than 5 years | 398 | 435 |
Total gross amount | 3,283 | 3,086 |
Total net amount | 3,194 | 2,837 |
Carrying value | 14 | 12 |
Collateral received | 1,748 | 1,603 |
Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 5,008 | 4,931 |
Maturity between 1 to 3 years | 1,344 | 1,639 |
Maturity between 3 to 5 years | 552 | 373 |
Maturity greater than 5 years | 240 | 200 |
Total gross amount | 7,144 | 7,143 |
Total net amount | 6,278 | 6,216 |
Carrying value | 44 | 44 |
Collateral received | 3,153 | 3,012 |
Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 17,594 | 15,520 |
Maturity between 1 to 3 years | 3,995 | 6,860 |
Maturity between 3 to 5 years | 1,256 | 1,397 |
Maturity greater than 5 years | 778 | 727 |
Total gross amount | 23,623 | 24,504 |
Total net amount | 23,623 | 24,504 |
Carrying value | 919 | 403 |
Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 4,325 | 4,461 |
Maturity between 1 to 3 years | 1,405 | 1,006 |
Maturity between 3 to 5 years | 640 | 708 |
Maturity greater than 5 years | 517 | 503 |
Total gross amount | 6,887 | 6,678 |
Total net amount | 6,814 | 6,673 |
Carrying value | 56 | 47 |
Collateral received | 4,169 | 3,833 |
Bank | ||
Guarantees | ||
Maturity less than 1 year | 29,156 | 26,732 |
Maturity between 1 to 3 years | 7,183 | 10,025 |
Maturity between 3 to 5 years | 2,666 | 2,792 |
Maturity greater than 5 years | 1,937 | 1,865 |
Total gross amount | 40,942 | 41,414 |
Total net amount | 39,914 | 40,233 |
Carrying value | 1,033 | 506 |
Collateral received | 9,074 | 8,448 |
Bank | Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 2,229 | 1,820 |
Maturity between 1 to 3 years | 439 | 520 |
Maturity between 3 to 5 years | 218 | 314 |
Maturity greater than 5 years | 402 | 435 |
Total gross amount | 3,288 | 3,089 |
Total net amount | 3,199 | 2,840 |
Carrying value | 14 | 12 |
Collateral received | 1,752 | 1,603 |
Bank | Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 5,008 | 4,931 |
Maturity between 1 to 3 years | 1,344 | 1,639 |
Maturity between 3 to 5 years | 552 | 373 |
Maturity greater than 5 years | 240 | 200 |
Total gross amount | 7,144 | 7,143 |
Total net amount | 6,278 | 6,216 |
Carrying value | 44 | 44 |
Collateral received | 3,153 | 3,012 |
Bank | Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 17,594 | 15,520 |
Maturity between 1 to 3 years | 3,995 | 6,860 |
Maturity between 3 to 5 years | 1,256 | 1,397 |
Maturity greater than 5 years | 778 | 727 |
Total gross amount | 23,623 | 24,504 |
Total net amount | 23,623 | 24,504 |
Carrying value | 919 | 403 |
Bank | Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 4,325 | 4,461 |
Maturity between 1 to 3 years | 1,405 | 1,006 |
Maturity between 3 to 5 years | 640 | 708 |
Maturity greater than 5 years | 517 | 503 |
Total gross amount | 6,887 | 6,678 |
Total net amount | 6,814 | 6,673 |
Carrying value | 56 | 47 |
Collateral received | SFr 4,169 | SFr 3,833 |
Guarantees and commitments - Ot
Guarantees and commitments - Other guarantees (Details 2) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
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 0.5 | |
Bank | ||
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 0.5 |
Guarantees and commitments - Le
Guarantees and commitments - Lease commitments maturity (Details 5) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Lease commitments | |||
In one year | SFr 501 | ||
In two years | 445 | ||
In three years | 331 | ||
In four years | 306 | ||
In five years | 261 | ||
Thereafter | 1,980 | ||
Future operating lease commitments | 3,824 | ||
Less minimum non-cancellable sublease rentals | 190 | ||
Total net future minimum lease commitments | 3,634 | ||
Rental expense for operating leases | |||
Minimum rental expense | 516 | SFr 575 | SFr 550 |
Sublease rental income | (54) | (65) | (89) |
Total net expenses for operating leases | 462 | 510 | 461 |
Bank | |||
Lease commitments | |||
In one year | 427 | ||
In two years | 376 | ||
In three years | 262 | ||
In four years | 239 | ||
In five years | 198 | ||
Thereafter | 1,292 | ||
Future operating lease commitments | 2,794 | ||
Less minimum non-cancellable sublease rentals | 436 | ||
Total net future minimum lease commitments | 2,358 | ||
Rental expense for operating leases | |||
Minimum rental expense | 446 | 528 | 550 |
Sublease rental income | (66) | (65) | (89) |
Total net expenses for operating leases | SFr 380 | SFr 463 | SFr 461 |
Guarantees and commitments - Sa
Guarantees and commitments - Sale-leaseback transactions (Details 6) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other transactions | |||
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Rent Expense, Total Expected During Lease Term | SFr 5 | SFr 0 | SFr 30 |
Sale Leaseback Transactions 2018 | |||
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Lease Terms | During 2018, the Group entered into one sale-leaseback transaction in respect of own property, which was recognized as an operating lease arrangement with a lease term of ten years. In 2017, we did not enter into any sale-leaseback transactions, and in 2016, the Group entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between one and five years. | ||
Sale Leaseback Transactions 2017 | |||
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Lease Terms | In 2017, we did not enter into any sale-leaseback transactions, | ||
Sale Leaseback Transactions 2016 | |||
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Lease Terms | and in 2016, the Group entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of between one and five years. | ||
Bank | Other transactions | |||
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Rent Expense, Total Expected During Lease Term | SFr 5 | SFr 0 | SFr 19 |
Bank | Sale Leaseback Transactions 2018 | |||
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Lease Terms | During 2018, we entered into one sale-leaseback transaction in respect of own property, which was recognized as an operating lease arrangement with a lease term of ten years. | ||
Bank | Sale Leaseback Transactions 2017 | |||
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Lease Terms | In 2017, we did not enter into any sale-leaseback transactions | ||
Bank | Sale Leaseback Transactions 2016 | |||
Sale Leaseback Transaction [Line Items] | |||
Sale Leaseback Transaction, Lease Terms | and in 2016, the Bank entered into several smaller sale-leaseback transactions in respect of own property, which were all recognized as operating lease arrangements with lease terms of two years. |
Guarantees and commitments - _2
Guarantees and commitments - Other commitments maturity (Details 7) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other commitments | ||
Maturity less than 1 year | SFr 32,298 | SFr 29,503 |
Maturity between 1 to 3 years | 34,381 | 33,775 |
Maturity between 3 to 5 years | 46,057 | 40,437 |
Maturity greater than 5 years | 9,098 | 8,136 |
Total gross amount | 121,834 | 111,851 |
Total net amount | 117,567 | 106,629 |
Collateral received | 60,839 | 45,537 |
Unused revocable credit limits | 113,580 | 108,663 |
Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 5,056 | 4,976 |
Maturity between 1 to 3 years | 182 | 113 |
Maturity between 3 to 5 years | 0 | 1 |
Maturity greater than 5 years | 0 | 1 |
Total gross amount | 5,238 | 5,091 |
Total net amount | 5,077 | 5,000 |
Collateral received | 3,651 | 3,218 |
Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 26,882 | 24,296 |
Maturity between 1 to 3 years | 34,188 | 33,649 |
Maturity between 3 to 5 years | 45,938 | 40,425 |
Maturity greater than 5 years | 9,065 | 8,031 |
Total gross amount | 116,073 | 106,401 |
Total net amount | 111,967 | 101,270 |
Collateral received | 57,153 | 42,307 |
Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 31 | 12 |
Maturity between 1 to 3 years | 0 | 0 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 31 | 12 |
Total net amount | 31 | 12 |
Collateral received | 31 | 12 |
Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 329 | 219 |
Maturity between 1 to 3 years | 11 | 13 |
Maturity between 3 to 5 years | 119 | 11 |
Maturity greater than 5 years | 33 | 104 |
Total gross amount | 492 | 347 |
Total net amount | 492 | 347 |
Collateral received | 4 | 0 |
Bank | ||
Other commitments | ||
Maturity less than 1 year | 32,298 | 29,503 |
Maturity between 1 to 3 years | 34,381 | 33,775 |
Maturity between 3 to 5 years | 46,057 | 40,437 |
Maturity greater than 5 years | 9,098 | 8,136 |
Total gross amount | 121,834 | 111,851 |
Total net amount | 117,567 | 106,629 |
Collateral received | 60,839 | 45,537 |
Unused revocable credit limits | 113,593 | 108,665 |
Bank | Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 5,056 | 4,976 |
Maturity between 1 to 3 years | 182 | 113 |
Maturity between 3 to 5 years | 0 | 1 |
Maturity greater than 5 years | 0 | 1 |
Total gross amount | 5,238 | 5,091 |
Total net amount | 5,077 | 5,000 |
Collateral received | 3,651 | 3,218 |
Bank | Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 26,882 | 24,296 |
Maturity between 1 to 3 years | 34,188 | 33,649 |
Maturity between 3 to 5 years | 45,938 | 40,425 |
Maturity greater than 5 years | 9,065 | 8,031 |
Total gross amount | 116,073 | 106,401 |
Total net amount | 111,967 | 101,270 |
Collateral received | 57,153 | 42,307 |
Bank | Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 31 | 12 |
Maturity between 1 to 3 years | 0 | 0 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 31 | 12 |
Total net amount | 31 | 12 |
Collateral received | 31 | 12 |
Bank | Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 329 | 219 |
Maturity between 1 to 3 years | 11 | 13 |
Maturity between 3 to 5 years | 119 | 11 |
Maturity greater than 5 years | 33 | 104 |
Total gross amount | 492 | 347 |
Total net amount | 492 | 347 |
Collateral received | SFr 4 | SFr 0 |
Transfers of financial assets (
Transfers of financial assets (TFA) - Securitizations (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | SFr 10 | SFr 37 | SFr (2) |
Proceeds from transfer of assets | 5,861 | 6,604 | 3,954 |
Cash received on interests that continue to be held | 41 | 28 | 69 |
RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | (1) | 0 | (4) |
Proceeds from transfer of assets | 22,536 | 14,817 | 9,866 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | (2) | 0 |
Servicing fees | 3 | 3 | 2 |
Cash received on interests that continue to be held | 576 | 368 | 529 |
Other asset-backed financings | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 77 | 31 | 26 |
Proceeds from transfer of assets | 6,422 | 7,664 | 2,813 |
Purchases of previously transferred financial assets or their underlying collateral | (318) | (380) | (68) |
Servicing fees | 142 | 135 | 137 |
Cash received on interests that continue to be held | 3 | 4 | 2 |
Bank | CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 10 | 37 | (2) |
Proceeds from transfer of assets | 5,861 | 6,604 | 3,954 |
Cash received on interests that continue to be held | 41 | 28 | 69 |
Bank | RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | (1) | 0 | (4) |
Proceeds from transfer of assets | 22,536 | 14,817 | 9,866 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | (2) | 0 |
Servicing fees | 3 | 3 | 2 |
Cash received on interests that continue to be held | 576 | 368 | 529 |
Bank | Other asset-backed financings | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 77 | 31 | 26 |
Proceeds from transfer of assets | 6,422 | 7,664 | 2,813 |
Purchases of previously transferred financial assets or their underlying collateral | (318) | (380) | (68) |
Servicing fees | 142 | 135 | 137 |
Cash received on interests that continue to be held | SFr 3 | SFr 4 | SFr 2 |
TFA - Principal amounts outstan
TFA - Principal amounts outstanding / total assets - continuing involvement (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | SFr 25,330 | SFr 19,918 |
Total assets of SPE | 35,760 | 31,586 |
RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 40,253 | 35,645 |
Total assets of SPE | 41,242 | 36,770 |
Other asset-backed financings | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 23,036 | 20,916 |
Total assets of SPE | 47,542 | 39,330 |
Bank | CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 25,330 | 19,918 |
Total assets of SPE | 35,760 | 31,586 |
Bank | RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 40,253 | 35,645 |
Total assets of SPE | 41,242 | 36,770 |
Bank | Other asset-backed financings | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 23,036 | 20,916 |
Total assets of SPE | SFr 47,542 | SFr 39,330 |
TFA - Key economic assumptions
TFA - Key economic assumptions at time of transfer (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 662 | SFr 445 | SFr 69 |
Weighted-average life, in years | 6 years 7 months 7 days | 10 years | 8 years 4 months 26 days |
CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 3.60% | 2.40% | 2.40% |
Expected credit losses (rate per annum), in % (as a percent) | 1.80% | 0.60% | 0.00% |
CMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 9.80% | 9.00% | 4.90% |
Expected credit losses (rate per annum), in % (as a percent) | 3.10% | 3.40% | 0.00% |
CMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 640 | SFr 444 | SFr 69 |
CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 22 | 1 | 0 |
RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 3,613 | SFr 2,400 | SFr 2,068 |
Weighted-average life, in years | 7 years 9 months 18 days | 6 years | 7 years 2 months 13 days |
RMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 5.00% | 1.00% | 5.00% |
Cash flow discount rate (rate per annum), in % (as a percent) | 3.00% | 2.00% | 1.20% |
Expected credit losses (rate per annum), in % (as a percent) | 2.30% | 0.80% | 2.50% |
RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 13.50% | 22.90% | 33.00% |
Cash flow discount rate (rate per annum), in % (as a percent) | 13.60% | 29.50% | 24.40% |
Expected credit losses (rate per annum), in % (as a percent) | 7.20% | 6.30% | 11.20% |
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 3,509 | SFr 2,221 | SFr 1,827 |
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 103 | 179 | 241 |
Bank | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed rate assumed used for projecting payments over the life of a residential mortgage loan (as a percent) | 100.00% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans in the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Prepayment rate per annum of the outstanding principal balance of mortgage loans after the first month assuming 100% prepayment (as a percent) | 0.20% | ||
Constant prepayment rate assumed using a 100% prepayment assumption (as a percent) | 6.00% | ||
Bank | CMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 662 | SFr 445 | SFr 69 |
Weighted-average life, in years | 6 years 7 months 7 days | 10 years | 8 years 4 months 26 days |
Bank | CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 3.60% | 2.40% | 2.40% |
Expected credit losses (rate per annum), in % (as a percent) | 1.80% | 0.60% | 0.00% |
Bank | CMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 9.80% | 9.00% | 4.90% |
Expected credit losses (rate per annum), in % (as a percent) | 3.10% | 3.40% | 0.00% |
Bank | CMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 640 | SFr 444 | SFr 69 |
Bank | CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 22 | 1 | 0 |
Bank | RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 3,613 | SFr 2,400 | SFr 2,068 |
Weighted-average life, in years | 7 years 9 months 18 days | 6 years | 7 years 2 months 13 days |
Bank | RMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 5.00% | 1.00% | 5.00% |
Cash flow discount rate (rate per annum), in % (as a percent) | 3.00% | 2.00% | 1.20% |
Expected credit losses (rate per annum), in % (as a percent) | 2.30% | 0.80% | 2.50% |
Bank | RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 13.50% | 22.90% | 33.00% |
Cash flow discount rate (rate per annum), in % (as a percent) | 13.60% | 29.50% | 24.40% |
Expected credit losses (rate per annum), in % (as a percent) | 7.20% | 6.30% | 11.20% |
Bank | RMBS | Level 2 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 3,509 | SFr 2,221 | SFr 1,827 |
Bank | RMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 103 | SFr 179 | SFr 241 |
TFA - Key economic assumption_2
TFA - Key economic assumptions at balance sheet date (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
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 805 | SFr 579 |
Weighted-average life, in years | 5 years 8 months 12 days | 4 years 8 months 12 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (20.7) | SFr (8.8) |
Impact on fair value from 20% adverse change in cash flow discount rate | (37.6) | (17) |
Impact on fair value from 10% adverse change in expected credit losses | (10.2) | (3.9) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (17.3) | SFr (7.8) |
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) | 3.40% | 2.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.80% | 0.60% |
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) | 14.30% | 12.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 4.70% | 6.30% |
CMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 112 | SFr 100 |
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 2,006 | SFr 1,985 |
Weighted-average life, in years | 7 years 10 months 23 days | 8 years 1 month 5 days |
Impact on fair value from 10% adverse change in prepayment speed | SFr (22.3) | SFr (35) |
Impact on fair value from 20% adverse change in prepayment speed | (43.2) | (68.1) |
Impact on fair value from 10% adverse change in cash flow discount rate | (52.1) | (49.2) |
Impact on fair value from 20% adverse change in cash flow discount rate | (101.3) | (95.3) |
Impact on fair value from 10% adverse change in expected credit losses | (23.8) | (23.6) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (46.7) | SFr (46.1) |
RMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 2.00% | 1.00% |
Cash flow discount rate per annum, in % (as a percent) | 3.00% | 1.90% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.60% | 0.50% |
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) | 20.00% | 25.00% |
Cash flow discount rate per annum, in % (as a percent) | 21.30% | 30.60% |
Expected credit losses rate (rate per annum), in % (as a percent) | 18.80% | 28.20% |
RMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 307 | SFr 508 |
Other asset-backed financings | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 226 | SFr 665 |
Weighted-average life, in years | 5 years 7 months 7 days | 6 years 4 months 26 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (2.9) | SFr (12.4) |
Impact on fair value from 20% adverse change in cash flow discount rate | (5.7) | (24.5) |
Impact on fair value from 10% adverse change in expected credit losses | (2.4) | (6.6) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (4.8) | SFr (12.9) |
Other asset-backed financings | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 1.00% | 1.00% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.00% | 0.70% |
Other asset-backed financings | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 21.20% | 21.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 21.20% | 21.20% |
Other asset-backed financings | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 26 | SFr 50 |
Bank | CMBS | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 805 | SFr 579 |
Weighted-average life, in years | 5 years 8 months 12 days | 4 years 8 months 12 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (20.7) | SFr (8.8) |
Impact on fair value from 20% adverse change in cash flow discount rate | (37.6) | (17) |
Impact on fair value from 10% adverse change in expected credit losses | (10.2) | (3.9) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (17.3) | SFr (7.8) |
Bank | CMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 3.40% | 2.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.80% | 0.60% |
Bank | CMBS | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 14.30% | 12.30% |
Expected credit losses rate (rate per annum), in % (as a percent) | 4.70% | 6.30% |
Bank | CMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 112 | SFr 100 |
Bank | RMBS | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 2,006 | SFr 1,985 |
Weighted-average life, in years | 7 years 10 months 23 days | 8 years 1 month 5 days |
Impact on fair value from 10% adverse change in prepayment speed | SFr (22.3) | SFr (35) |
Impact on fair value from 20% adverse change in prepayment speed | (43.2) | (68.1) |
Impact on fair value from 10% adverse change in cash flow discount rate | (52.1) | (49.2) |
Impact on fair value from 20% adverse change in cash flow discount rate | (101.3) | (95.3) |
Impact on fair value from 10% adverse change in expected credit losses | (23.8) | (23.6) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (46.7) | SFr (46.1) |
Bank | RMBS | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 2.00% | 1.00% |
Cash flow discount rate per annum, in % (as a percent) | 3.00% | 1.90% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.60% | 0.50% |
Bank | RMBS | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 20.00% | 25.00% |
Cash flow discount rate per annum, in % (as a percent) | 21.30% | 30.60% |
Expected credit losses rate (rate per annum), in % (as a percent) | 18.80% | 28.20% |
Bank | RMBS | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 307 | SFr 508 |
Bank | Other asset-backed financings | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 226 | SFr 665 |
Weighted-average life, in years | 5 years 7 months 7 days | 6 years 4 months 26 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (2.9) | SFr (12.4) |
Impact on fair value from 20% adverse change in cash flow discount rate | (5.7) | (24.5) |
Impact on fair value from 10% adverse change in expected credit losses | (2.4) | (6.6) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (4.8) | SFr (12.9) |
Bank | Other asset-backed financings | Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 1.00% | 1.00% |
Expected credit losses rate (rate per annum), in % (as a percent) | 1.00% | 0.70% |
Bank | Other asset-backed financings | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Cash flow discount rate per annum, in % (as a percent) | 21.20% | 21.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 21.20% | 21.20% |
Bank | Other asset-backed financings | Non-investment grade | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Fair value of beneficial interests held in SPEs | SFr 26 | SFr 50 |
TFA - Carrying amounts for sale
TFA - Carrying amounts for sale treatmen not achieved (Details 5) - Other asset-backed financings - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trading assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | SFr 255 | SFr 347 |
Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 0 | 48 |
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 | (255) | (395) |
Bank | Trading assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 255 | 347 |
Bank | Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 0 | 48 |
Bank | 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 (255) | SFr (395) |
TFA - Transfer of certain finan
TFA - Transfer of certain financial assets accounted for as secured borrowings (Details 6) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | SFr 42,700 | SFr 52,100 |
Securities lending transactions | 5,000 | 8,200 |
Obligation to return securities received as collateral, at fair value | 41,696 | 38,074 |
Total | 89,400 | 98,400 |
Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 9,600 | 15,100 |
Securities lending transactions | 200 | 400 |
Obligation to return securities received as collateral, at fair value | 1,000 | 600 |
Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 1,800 | 5,000 |
Obligation to return securities received as collateral, at fair value | 100 | 0 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending transactions | 3,200 | 4,800 |
Obligation to return securities received as collateral, at fair value | 37,000 | 35,600 |
Other | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 200 | 600 |
Securities lending transactions | 200 | 300 |
Obligation to return securities received as collateral, at fair value | 0 | 100 |
Government debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 31,100 | 31,400 |
Securities lending transactions | 1,400 | 2,700 |
Obligation to return securities received as collateral, at fair value | 3,600 | 1,800 |
Maturity on Demand [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 7,400 | 7,200 |
Securities lending transactions | 4,100 | 5,700 |
Obligation to return securities received as collateral, at fair value | 41,400 | 37,900 |
Total | 52,900 | 50,800 |
Maturity Less than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 26,300 | 32,500 |
Securities lending transactions | 900 | 2,200 |
Obligation to return securities received as collateral, at fair value | 100 | 0 |
Total | 27,300 | 34,700 |
Maturity 30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 6,700 | 5,200 |
Securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral, at fair value | 200 | 0 |
Total | 6,900 | 5,200 |
Maturity Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 2,300 | 7,200 |
Securities lending transactions | 0 | 300 |
Obligation to return securities received as collateral, at fair value | 0 | 200 |
Total | 2,300 | 7,700 |
Bank | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 42,700 | 52,100 |
Securities lending transactions | 5,000 | 8,200 |
Obligation to return securities received as collateral, at fair value | 41,696 | 38,074 |
Total | 89,400 | 98,400 |
Bank | Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 9,600 | 15,100 |
Securities lending transactions | 200 | 400 |
Obligation to return securities received as collateral, at fair value | 1,000 | 600 |
Bank | Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 1,800 | 5,000 |
Obligation to return securities received as collateral, at fair value | 100 | 0 |
Bank | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending transactions | 3,200 | 4,800 |
Obligation to return securities received as collateral, at fair value | 37,000 | 35,600 |
Bank | Other | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 200 | 600 |
Securities lending transactions | 200 | 300 |
Obligation to return securities received as collateral, at fair value | 0 | 100 |
Bank | Government debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 31,100 | 31,400 |
Securities lending transactions | 1,400 | 2,700 |
Obligation to return securities received as collateral, at fair value | 3,600 | 1,800 |
Bank | Maturity on Demand [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 7,400 | 7,200 |
Securities lending transactions | 4,100 | 5,700 |
Obligation to return securities received as collateral, at fair value | 41,400 | 37,900 |
Total | 52,900 | 50,800 |
Bank | Maturity Less than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 26,300 | 32,500 |
Securities lending transactions | 900 | 2,200 |
Obligation to return securities received as collateral, at fair value | 100 | 0 |
Total | 27,300 | 34,700 |
Bank | Maturity 30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 6,700 | 5,200 |
Securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral, at fair value | 200 | 0 |
Total | 6,900 | 5,200 |
Bank | Maturity Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 2,300 | 7,200 |
Securities lending transactions | 0 | 300 |
Obligation to return securities received as collateral, at fair value | 0 | 200 |
Total | SFr 2,300 | SFr 7,700 |
Variable interest entities (VIE
Variable interest entities (VIE) - Consolidated (Details 7) SFr in Millions | 12 Months Ended | |||
Dec. 31, 2018CHF (SFr)day | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | Dec. 31, 2015CHF (SFr) | |
VIE Disclosures | ||||
Percentage of control in which Group is determined to have power (percent) | 50.00% | |||
Minimum percentage of outstanding issuances held by primary beneficiary used under the previous consolidation model | 50.00% | |||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 100,047 | SFr 109,815 | SFr 121,161 | SFr 92,328 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 117,095 | 115,346 | ||
Trading assets | 132,203 | 156,334 | ||
Investment securities | 2,911 | 2,191 | ||
Other investments | 4,890 | 5,964 | ||
Net loans | 287,581 | 279,149 | ||
Premises and equipment | 4,838 | 4,686 | ||
Other assets | 32,621 | 32,071 | ||
of which loans held-for-sale | 6,630 | 8,130 | ||
Customer deposits | 363,925 | 361,162 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 24,623 | 26,496 | ||
Trading liabilities | 42,169 | 39,119 | ||
Short-term borrowings | 21,926 | 25,889 | ||
Long-term debt | 154,308 | 173,032 | ||
Other liabilities | SFr 30,107 | 31,612 | ||
CP Conduit | ||||
VIE Disclosures | ||||
Average maturity of CP (in days) | day | 129 | |||
Consolidated VIEs | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 173 | 232 | ||
Trading assets | 1,616 | 1,348 | ||
Investment securities | 1,432 | 381 | ||
Other investments | 1,505 | 1,833 | ||
Net loans | 387 | 267 | ||
Premises and equipment | 39 | 151 | ||
Other assets | 2,010 | 2,398 | ||
of which loans held-for-sale | 167 | 238 | ||
Total assets of consolidated VIEs | 7,162 | 6,610 | ||
Trading liabilities | 3 | 3 | ||
Short-term borrowings | 5,465 | 6,672 | ||
Long-term debt | 1,764 | 863 | ||
Other liabilities | 277 | 441 | ||
Total liabilities of consolidated VIEs | 7,509 | 7,979 | ||
Consolidated VIEs | Collateralized debt obligations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 15 | 22 | ||
Trading assets | 72 | 17 | ||
Investment securities | 0 | 0 | ||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 57 | 83 | ||
of which loans held-for-sale | 57 | 83 | ||
Total assets of consolidated VIEs | 144 | 122 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 48 | 51 | ||
Other liabilities | 0 | 0 | ||
Total liabilities of consolidated VIEs | 48 | 51 | ||
Consolidated VIEs | CP Conduit | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 1 | 0 | ||
Trading assets | 0 | 0 | ||
Investment securities | 0 | 0 | ||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 16 | 4 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 17 | 4 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 5,465 | 6,672 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 43 | 237 | ||
Total liabilities of consolidated VIEs | 5,508 | 6,909 | ||
Consolidated VIEs | Financial intermediation - Securitizations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 68 | 96 | ||
Trading assets | 170 | 10 | ||
Investment securities | 1,432 | 381 | ||
Other investments | 0 | 0 | ||
Net loans | 119 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 863 | 1,070 | ||
of which loans held-for-sale | 107 | 152 | ||
Total assets of consolidated VIEs | 2,652 | 1,557 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 1,487 | 752 | ||
Other liabilities | 1 | 1 | ||
Total liabilities of consolidated VIEs | 1,488 | 753 | ||
Consolidated VIEs | Financial intermediation - Funds | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 17 | 32 | ||
Trading assets | 418 | 179 | ||
Investment securities | 0 | 0 | ||
Other investments | 153 | 350 | ||
Net loans | 0 | 3 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 4 | 21 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 592 | 585 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 174 | 0 | ||
Other liabilities | 8 | 26 | ||
Total liabilities of consolidated VIEs | 182 | 26 | ||
Consolidated VIEs | Financial intermediation - Loans | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 52 | 70 | ||
Trading assets | 944 | 1,122 | ||
Investment securities | 0 | 0 | ||
Other investments | 1,073 | 1,197 | ||
Net loans | 23 | 21 | ||
Premises and equipment | 39 | 151 | ||
Other assets | 33 | 32 | ||
of which loans held-for-sale | 3 | 3 | ||
Total assets of consolidated VIEs | 2,164 | 2,593 | ||
Trading liabilities | 3 | 3 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 26 | 26 | ||
Other liabilities | 98 | 111 | ||
Total liabilities of consolidated VIEs | 127 | 140 | ||
Consolidated VIEs | Financial intermediation - Other | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 20 | 12 | ||
Trading assets | 12 | 20 | ||
Investment securities | 0 | 0 | ||
Other investments | 279 | 286 | ||
Net loans | 245 | 243 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1,037 | 1,188 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 1,593 | 1,749 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 29 | 34 | ||
Other liabilities | 127 | 66 | ||
Total liabilities of consolidated VIEs | 156 | 100 | ||
Bank | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 99,314 | 109,510 | SFr 121,066 | SFr 92,254 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 117,095 | 115,346 | ||
Trading assets | 132,427 | 156,774 | ||
Investment securities | 2,909 | 2,189 | ||
Other investments | 4,824 | 5,893 | ||
Net loans | 292,875 | 283,237 | ||
Premises and equipment | 4,530 | 4,445 | ||
Other assets | 32,143 | 30,956 | ||
of which loans held-for-sale | 6,630 | 8,130 | ||
Customer deposits | 365,263 | 362,303 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 24,623 | 26,496 | ||
Trading liabilities | 42,171 | 39,132 | ||
Short-term borrowings | 22,419 | 26,378 | ||
Long-term debt | 153,433 | 172,042 | ||
Other liabilities | SFr 30,327 | 31,683 | ||
Bank | CP Conduit | ||||
VIE Disclosures | ||||
Average maturity of CP (in days) | day | 129 | |||
Bank | Consolidated VIEs | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | SFr 173 | 232 | ||
Trading assets | 1,616 | 1,348 | ||
Investment securities | 1,432 | 381 | ||
Other investments | 1,505 | 1,833 | ||
Net loans | 387 | 267 | ||
Premises and equipment | 18 | 128 | ||
Other assets | 2,009 | 2,396 | ||
of which loans held-for-sale | 167 | 238 | ||
Total assets of consolidated VIEs | 7,140 | 6,585 | ||
Trading liabilities | 3 | 3 | ||
Short-term borrowings | 5,465 | 6,672 | ||
Long-term debt | 1,764 | 863 | ||
Other liabilities | 277 | 441 | ||
Total liabilities of consolidated VIEs | 7,509 | 7,979 | ||
Bank | Consolidated VIEs | Collateralized debt obligations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 15 | 22 | ||
Trading assets | 72 | 17 | ||
Investment securities | 0 | 0 | ||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 57 | 83 | ||
of which loans held-for-sale | 57 | 83 | ||
Total assets of consolidated VIEs | 144 | 122 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 48 | 51 | ||
Other liabilities | 0 | 0 | ||
Total liabilities of consolidated VIEs | 48 | 51 | ||
Bank | Consolidated VIEs | CP Conduit | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 1 | 0 | ||
Trading assets | 0 | 0 | ||
Investment securities | 0 | 0 | ||
Other investments | 0 | 0 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 16 | 4 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 17 | 4 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 5,465 | 6,672 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 43 | 237 | ||
Total liabilities of consolidated VIEs | 5,508 | 6,909 | ||
Bank | Consolidated VIEs | Financial intermediation - Securitizations | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 68 | 96 | ||
Trading assets | 170 | 10 | ||
Investment securities | 1,432 | 381 | ||
Other investments | 0 | 0 | ||
Net loans | 119 | 0 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 863 | 1,070 | ||
of which loans held-for-sale | 107 | 152 | ||
Total assets of consolidated VIEs | 2,652 | 1,557 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 1,487 | 752 | ||
Other liabilities | 1 | 1 | ||
Total liabilities of consolidated VIEs | 1,488 | 753 | ||
Bank | Consolidated VIEs | Financial intermediation - Funds | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 17 | 32 | ||
Trading assets | 418 | 179 | ||
Investment securities | 0 | 0 | ||
Other investments | 153 | 350 | ||
Net loans | 0 | 3 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 4 | 21 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 592 | 585 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 174 | 0 | ||
Other liabilities | 8 | 26 | ||
Total liabilities of consolidated VIEs | 182 | 26 | ||
Bank | Consolidated VIEs | Financial intermediation - Loans | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 52 | 70 | ||
Trading assets | 944 | 1,122 | ||
Investment securities | 0 | 0 | ||
Other investments | 1,073 | 1,197 | ||
Net loans | 23 | 21 | ||
Premises and equipment | 18 | 128 | ||
Other assets | 32 | 31 | ||
of which loans held-for-sale | 3 | 3 | ||
Total assets of consolidated VIEs | 2,142 | 2,569 | ||
Trading liabilities | 3 | 3 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 26 | 26 | ||
Other liabilities | 98 | 111 | ||
Total liabilities of consolidated VIEs | 127 | 140 | ||
Bank | Consolidated VIEs | Financial intermediation - Other | ||||
Consolidated VIEs in which the Group was the primary beneficiary | ||||
Cash and due from banks | 20 | 12 | ||
Trading assets | 12 | 20 | ||
Investment securities | 0 | 0 | ||
Other investments | 279 | 286 | ||
Net loans | 245 | 243 | ||
Premises and equipment | 0 | 0 | ||
Other assets | 1,037 | 1,187 | ||
of which loans held-for-sale | 0 | 0 | ||
Total assets of consolidated VIEs | 1,593 | 1,748 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 29 | 34 | ||
Other liabilities | 127 | 66 | ||
Total liabilities of consolidated VIEs | SFr 156 | SFr 100 |
VIE - Non-consolidated (Details
VIE - Non-consolidated (Details 8) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Non-consolidated VIEs | ||
Trading assets | SFr 132,203 | SFr 156,334 |
Net loans | 287,581 | 279,149 |
Other assets | 32,621 | 32,071 |
Other liabilities | 30,107 | 31,612 |
Non-consolidated VIEs | ||
Non-consolidated VIEs | ||
Trading assets | 9,549 | 8,945 |
Net loans | 8,896 | 9,540 |
Other assets | 586 | 525 |
Total variable interest assets, non-consolidated VIEs | 19,031 | 19,010 |
Maximum exposure to loss | 24,486 | 23,658 |
Non-consolidated VIE assets | 223,914 | 198,884 |
Non-consolidated VIEs | Collateralized debt obligations | ||
Non-consolidated VIEs | ||
Trading assets | 209 | 746 |
Net loans | 154 | 620 |
Other assets | 3 | 9 |
Total variable interest assets, non-consolidated VIEs | 366 | 1,375 |
Maximum exposure to loss | 366 | 1,375 |
Non-consolidated VIE assets | 7,033 | 15,874 |
Non-consolidated VIEs | Financial intermediation - Securitizations | ||
Non-consolidated VIEs | ||
Trading assets | 4,527 | 4,573 |
Net loans | 1,475 | 1,563 |
Other assets | 19 | 11 |
Total variable interest assets, non-consolidated VIEs | 6,021 | 6,147 |
Maximum exposure to loss | 7,637 | 7,617 |
Non-consolidated VIE assets | 96,483 | 64,839 |
Non-consolidated VIEs | Financial intermediation - Funds | ||
Non-consolidated VIEs | ||
Trading assets | 927 | 1,014 |
Net loans | 1,591 | 2,438 |
Other assets | 120 | 67 |
Total variable interest assets, non-consolidated VIEs | 2,638 | 3,519 |
Maximum exposure to loss | 2,653 | 3,526 |
Non-consolidated VIE assets | 68,258 | 66,703 |
Non-consolidated VIEs | Financial intermediation - Loans | ||
Non-consolidated VIEs | ||
Trading assets | 183 | 224 |
Net loans | 5,246 | 4,591 |
Other assets | 0 | 1 |
Total variable interest assets, non-consolidated VIEs | 5,429 | 4,816 |
Maximum exposure to loss | 8,680 | 7,061 |
Non-consolidated VIE assets | 20,804 | 16,270 |
Non-consolidated VIEs | Financial intermediation - Other | ||
Non-consolidated VIEs | ||
Trading assets | 3,703 | 2,388 |
Net loans | 430 | 328 |
Other assets | 444 | 437 |
Total variable interest assets, non-consolidated VIEs | 4,577 | 3,153 |
Maximum exposure to loss | 5,150 | 4,079 |
Non-consolidated VIE assets | 31,336 | 35,198 |
Bank | ||
Non-consolidated VIEs | ||
Trading assets | 132,427 | 156,774 |
Net loans | 292,875 | 283,237 |
Other assets | 32,143 | 30,956 |
Other liabilities | 30,327 | 31,683 |
Bank | Non-consolidated VIEs | ||
Non-consolidated VIEs | ||
Trading assets | 9,549 | 8,945 |
Net loans | 8,896 | 9,540 |
Other assets | 578 | 513 |
Total variable interest assets, non-consolidated VIEs | 19,023 | 18,998 |
Maximum exposure to loss | 24,478 | 23,646 |
Non-consolidated VIE assets | 198,952 | 166,752 |
Bank | Non-consolidated VIEs | Collateralized debt obligations | ||
Non-consolidated VIEs | ||
Trading assets | 209 | 746 |
Net loans | 154 | 620 |
Other assets | 3 | 9 |
Total variable interest assets, non-consolidated VIEs | 366 | 1,375 |
Maximum exposure to loss | 366 | 1,375 |
Non-consolidated VIE assets | 7,033 | 15,874 |
Bank | Non-consolidated VIEs | Financial intermediation - Securitizations | ||
Non-consolidated VIEs | ||
Trading assets | 4,527 | 4,573 |
Net loans | 1,475 | 1,563 |
Other assets | 19 | 11 |
Total variable interest assets, non-consolidated VIEs | 6,021 | 6,147 |
Maximum exposure to loss | 7,637 | 7,617 |
Non-consolidated VIE assets | 96,483 | 64,839 |
Bank | Non-consolidated VIEs | Financial intermediation - Funds | ||
Non-consolidated VIEs | ||
Trading assets | 927 | 1,014 |
Net loans | 1,591 | 2,438 |
Other assets | 112 | 55 |
Total variable interest assets, non-consolidated VIEs | 2,630 | 3,507 |
Maximum exposure to loss | 2,645 | 3,514 |
Non-consolidated VIE assets | 65,848 | 63,504 |
Bank | Non-consolidated VIEs | Financial intermediation - Loans | ||
Non-consolidated VIEs | ||
Trading assets | 183 | 224 |
Net loans | 5,246 | 4,591 |
Other assets | 0 | 1 |
Total variable interest assets, non-consolidated VIEs | 5,429 | 4,816 |
Maximum exposure to loss | 8,680 | 7,061 |
Non-consolidated VIE assets | 20,804 | 16,270 |
Bank | Non-consolidated VIEs | Financial intermediation - Other | ||
Non-consolidated VIEs | ||
Trading assets | 3,703 | 2,388 |
Net loans | 430 | 328 |
Other assets | 444 | 437 |
Total variable interest assets, non-consolidated VIEs | 4,577 | 3,153 |
Maximum exposure to loss | 5,150 | 4,079 |
Non-consolidated VIE assets | SFr 8,784 | SFr 6,265 |
Financial instruments (FI) - As
Financial instruments (FI) - Assets measured at fair value on recurring basis (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and Due from Banks | SFr 115 | SFr 212 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Securities received as collateral | 41,696 | 38,074 |
Trading assets | 132,203 | 156,334 |
Investment securities | 2,911 | 2,191 |
Other investments | 2,434 | 3,506 |
Loans | 14,873 | 15,307 |
Other intangible assets (mortgage servicing rights), at fair value | 163 | 158 |
Other assets | 7,263 | 9,018 |
Netting impact | (110,100) | (128,800) |
Total assets at fair value, measured at net asset value per share | 2,220 | 2,908 |
Recurring basis | ||
Assets | ||
Cash and Due from Banks | 115 | 212 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Securities received as collateral | 41,696 | 38,074 |
Trading assets | 132,203 | 156,334 |
Trading assets, measured at net asset value per share | 1,126 | 1,053 |
Investment securities | 2,911 | 2,191 |
Other investments | 2,434 | 3,506 |
Other investments, measured at net asset value per share | 1,104 | 1,864 |
Loans | 14,873 | 15,307 |
Loans - of which commercial and industrial | 5,925 | 5,644 |
Loans - of which financial institutions | 5,555 | 6,370 |
Loans - of which real estate | 661 | |
Other intangible assets (mortgage servicing rights), at fair value | 163 | 158 |
Other assets | 7,263 | 9,018 |
Other assets - of which loans held-for-sale | 5,473 | 7,150 |
Netting impact | (110,131) | (128,756) |
Total assets at fair value | 283,476 | 302,298 |
Total assets at fair value, measured at net asset value per share | 2,230 | 2,917 |
Recurring basis | Private equity | ||
Assets | ||
Other investments | 380 | |
Other investments, measured at net asset value per share | 351 | |
Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 163 | |
Other investments, measured at net asset value per share | 141 | |
Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 391 | |
Other investments, measured at net asset value per share | 391 | |
Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 239 | |
Other investments, measured at net asset value per share | 239 | |
Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 1,427 | |
Other investments, measured at net asset value per share | 1,122 | |
Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 1,420 | |
Other investments, measured at net asset value per share | 1,122 | |
Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,067 | 1,308 |
Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 1,378 | |
Trading assets | 62,135 | 72,765 |
Trading assets, measured at net asset value per share | 12 | |
Investment securities | 2,066 | |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 28,321 | 34,087 |
Investment securities | 1,236 | |
Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 726 | |
Trading assets | 9,322 | 11,822 |
Trading assets, measured at net asset value per share | 12 | |
Investment securities | 238 | |
Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 19,921 | 21,719 |
Investment securities | 207 | |
Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 2,517 | |
Investment securities | 173 | |
Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 2,381 | |
Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 36,696 | |
Trading assets | 46,463 | 55,722 |
Trading assets, measured at net asset value per share | 1,114 | 1,053 |
Investment securities | 125 | |
Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 18,312 | 19,621 |
Netting impact | (109,927) | (128,592) |
Recurring basis | Trading assets | ||
Assets | ||
Netting impact | (109,927) | (128,592) |
Recurring basis | Other | ||
Assets | ||
Trading assets | 5,293 | 8,226 |
Recurring basis | Other assets | ||
Assets | ||
Netting impact | (204) | (164) |
Level 1 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 0 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Securities received as collateral | 37,962 | 36,697 |
Trading assets | 76,124 | 87,352 |
Investment securities | 2 | 250 |
Other investments | 14 | 25 |
Loans | 0 | 0 |
Loans - of which commercial and industrial | 0 | 0 |
Loans - of which financial institutions | 0 | 0 |
Loans - of which real estate | 0 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 117 | 101 |
Other assets - of which loans held-for-sale | 0 | 0 |
Total assets at fair value | 114,219 | 124,425 |
Level 1 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 0 | |
Level 1 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 0 | |
Level 1 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | |
Level 1 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | |
Level 1 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 25 | |
Level 1 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 18 | |
Level 1 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Level 1 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 576 | |
Trading assets | 23,726 | 29,828 |
Investment securities | 244 | |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 23,547 | 29,561 |
Investment securities | 97 | |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | |
Trading assets | 66 | 179 |
Investment securities | 0 | |
Level 1 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 0 | 0 |
Investment securities | 0 | |
Level 1 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 0 | |
Investment securities | 0 | |
Level 1 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 0 | |
Level 1 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 36,121 | |
Trading assets | 42,758 | 51,025 |
Investment securities | 6 | |
Level 1 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 7,999 | 3,577 |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 3,557 | 1,219 |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 25 | 19 |
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 4,415 | 2,338 |
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 0 | 0 |
Level 1 | Recurring basis | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 1 | |
Level 1 | Recurring basis | Other | ||
Assets | ||
Trading assets | 1,641 | 2,922 |
Level 2 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 115 | 212 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Securities received as collateral | 3,704 | 1,331 |
Trading assets | 156,066 | 187,767 |
Investment securities | 2,743 | 1,899 |
Other investments | 7 | 16 |
Loans | 10,549 | 10,777 |
Loans - of which commercial and industrial | 3,976 | 3,437 |
Loans - of which financial institutions | 4,164 | 4,890 |
Loans - of which real estate | 146 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 5,807 | 7,570 |
Other assets - of which loans held-for-sale | 4,238 | 5,800 |
Total assets at fair value | 260,809 | 287,070 |
Level 2 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 0 | |
Level 2 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 0 | |
Level 2 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | |
Level 2 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | |
Level 2 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 9 | |
Level 2 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 9 | |
Level 2 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 0 | 7 |
Level 2 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 802 | |
Trading assets | 36,321 | 40,645 |
Investment securities | 1,780 | |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 4,542 | 4,256 |
Investment securities | 1,139 | |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 726 | |
Trading assets | 7,984 | 10,231 |
Investment securities | 238 | |
Level 2 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 19,652 | 21,399 |
Investment securities | 167 | |
Level 2 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 2,501 | |
Investment securities | 171 | |
Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 2,255 | |
Level 2 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 529 | |
Trading assets | 2,459 | 3,481 |
Investment securities | 119 | |
Level 2 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 116,942 | 141,347 |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 65,823 | 84,932 |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 27,526 | 30,302 |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 17,967 | 18,251 |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 4,739 | 7,107 |
Level 2 | Recurring basis | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 633 | |
Level 2 | Recurring basis | Other | ||
Assets | ||
Trading assets | 344 | 2,294 |
Level 3 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 0 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Securities received as collateral | 30 | 46 |
Trading assets | 8,814 | 8,754 |
Investment securities | 166 | 42 |
Other investments | 1,309 | 1,601 |
Loans | 4,324 | 4,530 |
Loans - of which commercial and industrial | 1,949 | 2,207 |
Loans - of which financial institutions | 1,391 | 1,480 |
Loans - of which real estate | 515 | |
Other intangible assets (mortgage servicing rights), at fair value | 163 | 158 |
Other assets | 1,543 | 1,511 |
Other assets - of which loans held-for-sale | 1,235 | 1,350 |
Total assets at fair value | 16,349 | 16,642 |
Level 3 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 29 | |
Level 3 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 22 | |
Level 3 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | |
Level 3 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | |
Level 3 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 271 | |
Level 3 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 271 | |
Level 3 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,067 | 1,301 |
Level 3 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 0 | |
Trading assets | 2,076 | 2,292 |
Investment securities | 42 | |
Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 232 | 270 |
Investment securities | 0 | |
Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | |
Trading assets | 1,260 | 1,412 |
Investment securities | 0 | |
Level 3 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 269 | 320 |
Investment securities | 40 | |
Level 3 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 16 | |
Investment securities | 2 | |
Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 126 | |
Level 3 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 46 | |
Trading assets | 132 | 163 |
Investment securities | 0 | |
Level 3 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 3,298 | 3,289 |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 507 | 801 |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 258 | 188 |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 1,054 | 833 |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 673 | 634 |
Level 3 | Recurring basis | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 806 | |
Level 3 | Recurring basis | Other | ||
Assets | ||
Trading assets | 3,308 | 3,010 |
Bank | ||
Assets | ||
Cash and Due from Banks | 115 | 212 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Securities received as collateral | 41,696 | 38,074 |
Trading assets | 132,427 | 156,774 |
Investment securities | 2,909 | 2,189 |
Other investments | 2,430 | 3,497 |
Loans | 14,873 | 15,307 |
Other intangible assets (mortgage servicing rights), at fair value | 163 | 158 |
Other assets | 7,263 | 9,018 |
Netting impact | (110,100) | (128,800) |
Total assets at fair value, measured at net asset value per share | 2,216 | 2,899 |
Bank | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 115 | 212 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Securities received as collateral | 41,696 | 38,074 |
Trading assets | 132,427 | 156,774 |
Trading assets, measured at net asset value per share | 1,126 | 1,053 |
Investment securities | 2,909 | 2,189 |
Other investments | 2,430 | 3,497 |
Other investments, measured at net asset value per share | 1,100 | 1,855 |
Loans | 14,873 | 15,307 |
Loans - of which commercial and industrial | 5,925 | 5,644 |
Loans - of which financial institutions | 5,555 | 6,370 |
Loans - of which real estate | 661 | |
Other intangible assets (mortgage servicing rights), at fair value | 163 | 158 |
Other assets | 7,263 | 9,018 |
Other assets - of which loans held-for-sale | 5,473 | 7,150 |
Netting impact | (110,134) | (128,771) |
Total assets at fair value | 283,694 | 302,727 |
Total assets at fair value, measured at net asset value per share | 2,226 | 2,908 |
Bank | Recurring basis | Private equity | ||
Assets | ||
Other investments | 372 | |
Other investments, measured at net asset value per share | 343 | |
Bank | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 155 | |
Other investments, measured at net asset value per share | 133 | |
Bank | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 391 | |
Other investments, measured at net asset value per share | 391 | |
Bank | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 239 | |
Other investments, measured at net asset value per share | 239 | |
Bank | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 1,426 | |
Other investments, measured at net asset value per share | 1,121 | |
Bank | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 1,419 | |
Other investments, measured at net asset value per share | 1,121 | |
Bank | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,067 | 1,308 |
Bank | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 1,378 | |
Trading assets | 62,216 | 72,826 |
Trading assets, measured at net asset value per share | 12 | |
Investment securities | 2,064 | |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 28,321 | 34,087 |
Investment securities | 1,236 | |
Bank | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 726 | |
Trading assets | 9,403 | 11,883 |
Trading assets, measured at net asset value per share | 12 | |
Investment securities | 238 | |
Bank | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 19,921 | 21,719 |
Investment securities | 207 | |
Bank | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 2,517 | |
Investment securities | 173 | |
Bank | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 2,381 | |
Bank | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 36,696 | |
Trading assets | 46,517 | 55,822 |
Trading assets, measured at net asset value per share | 1,114 | 1,053 |
Investment securities | 125 | |
Bank | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 18,402 | 19,900 |
Netting impact | (109,930) | (128,607) |
Bank | Recurring basis | Trading assets | ||
Assets | ||
Netting impact | (109,930) | (128,607) |
Bank | Recurring basis | Other | ||
Assets | ||
Trading assets | 5,292 | 8,226 |
Bank | Recurring basis | Other assets | ||
Assets | ||
Netting impact | (204) | (164) |
Bank | Level 1 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 0 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Securities received as collateral | 37,962 | 36,697 |
Trading assets | 76,178 | 87,452 |
Investment securities | 0 | 250 |
Other investments | 14 | 25 |
Loans | 0 | 0 |
Loans - of which commercial and industrial | 0 | 0 |
Loans - of which financial institutions | 0 | 0 |
Loans - of which real estate | 0 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 117 | 101 |
Other assets - of which loans held-for-sale | 0 | 0 |
Total assets at fair value | 114,271 | 124,525 |
Bank | Level 1 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 0 | |
Bank | Level 1 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 0 | |
Bank | Level 1 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | |
Bank | Level 1 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | |
Bank | Level 1 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 25 | |
Bank | Level 1 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 18 | |
Bank | Level 1 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Level 1 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 576 | |
Trading assets | 23,726 | 29,827 |
Investment securities | 244 | |
Bank | Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 23,547 | 29,561 |
Investment securities | 98 | |
Bank | Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | |
Trading assets | 66 | 179 |
Investment securities | 0 | |
Bank | Level 1 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 0 | 0 |
Investment securities | 0 | |
Bank | Level 1 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 0 | |
Investment securities | 0 | |
Bank | Level 1 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 0 | |
Bank | Level 1 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 36,121 | |
Trading assets | 42,812 | 51,125 |
Investment securities | 6 | |
Bank | Level 1 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 8,000 | 3,577 |
Bank | Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 3,557 | 1,219 |
Bank | Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 25 | 19 |
Bank | Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 4,415 | 2,339 |
Bank | Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 0 | 0 |
Bank | Level 1 | Recurring basis | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 2 | |
Bank | Level 1 | Recurring basis | Other | ||
Assets | ||
Trading assets | 1,640 | 2,923 |
Bank | Level 2 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 115 | 212 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Securities received as collateral | 3,704 | 1,331 |
Trading assets | 156,239 | 188,122 |
Investment securities | 2,743 | 1,897 |
Other investments | 7 | 16 |
Loans | 10,549 | 10,777 |
Loans - of which commercial and industrial | 3,976 | 3,437 |
Loans - of which financial institutions | 4,164 | 4,890 |
Loans - of which real estate | 146 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 5,807 | 7,570 |
Other assets - of which loans held-for-sale | 4,238 | 5,800 |
Total assets at fair value | 260,982 | 287,423 |
Bank | Level 2 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 0 | |
Bank | Level 2 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 0 | |
Bank | Level 2 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | |
Bank | Level 2 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | |
Bank | Level 2 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 9 | |
Bank | Level 2 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 9 | |
Bank | Level 2 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 0 | 7 |
Bank | Level 2 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 802 | |
Trading assets | 36,402 | 40,707 |
Investment securities | 1,778 | |
Bank | Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 4,542 | 4,256 |
Investment securities | 1,138 | |
Bank | Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 726 | |
Trading assets | 8,065 | 10,292 |
Investment securities | 238 | |
Bank | Level 2 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 19,652 | 21,399 |
Investment securities | 167 | |
Bank | Level 2 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 2,501 | |
Investment securities | 171 | |
Bank | Level 2 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 2,255 | |
Bank | Level 2 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 529 | |
Trading assets | 2,459 | 3,481 |
Investment securities | 119 | |
Bank | Level 2 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 117,034 | 141,641 |
Bank | Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 65,823 | 84,932 |
Bank | Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 27,526 | 30,302 |
Bank | Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 18,059 | 18,544 |
Bank | Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 4,739 | 7,107 |
Bank | Level 2 | Recurring basis | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 633 | |
Bank | Level 2 | Recurring basis | Other | ||
Assets | ||
Trading assets | 344 | 2,293 |
Bank | Level 3 | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 0 | 0 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Securities received as collateral | 30 | 46 |
Trading assets | 8,814 | 8,754 |
Investment securities | 166 | 42 |
Other investments | 1,309 | 1,601 |
Loans | 4,324 | 4,530 |
Loans - of which commercial and industrial | 1,949 | 2,207 |
Loans - of which financial institutions | 1,391 | 1,480 |
Loans - of which real estate | 515 | |
Other intangible assets (mortgage servicing rights), at fair value | 163 | 158 |
Other assets | 1,543 | 1,511 |
Other assets - of which loans held-for-sale | 1,235 | 1,350 |
Total assets at fair value | 16,349 | 16,642 |
Bank | Level 3 | Recurring basis | Private equity | ||
Assets | ||
Other investments | 29 | |
Bank | Level 3 | Recurring basis | Private equity - of which equity funds | ||
Assets | ||
Other investments | 22 | |
Bank | Level 3 | Recurring basis | Hedge funds | ||
Assets | ||
Other investments | 0 | |
Bank | Level 3 | Recurring basis | Hedge funds - of which debt funds | ||
Assets | ||
Other investments | 0 | |
Bank | Level 3 | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 271 | |
Bank | Level 3 | Recurring basis | Other equity investments - of which private | ||
Assets | ||
Other investments | 271 | |
Bank | Level 3 | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 1,067 | 1,301 |
Bank | Level 3 | Recurring basis | Debt securities | ||
Assets | ||
Securities received as collateral | 0 | |
Trading assets | 2,076 | 2,292 |
Investment securities | 42 | |
Bank | Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 232 | 270 |
Investment securities | 0 | |
Bank | Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Securities received as collateral | 0 | |
Trading assets | 1,260 | 1,412 |
Investment securities | 0 | |
Bank | Level 3 | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 269 | 320 |
Investment securities | 40 | |
Bank | Level 3 | Recurring basis | Debt securities | CMBS | ||
Assets | ||
Trading assets | 16 | |
Investment securities | 2 | |
Bank | Level 3 | Recurring basis | Debt securities | Collateralized debt obligations | ||
Assets | ||
Trading assets | 126 | |
Bank | Level 3 | Recurring basis | Equity securities | ||
Assets | ||
Securities received as collateral | 46 | |
Trading assets | 132 | 163 |
Investment securities | 0 | |
Bank | Level 3 | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 3,298 | 3,289 |
Bank | Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 507 | 801 |
Bank | Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 258 | 188 |
Bank | Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 1,054 | 833 |
Bank | Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 673 | 634 |
Bank | Level 3 | Recurring basis | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 806 | |
Bank | Level 3 | Recurring basis | Other | ||
Assets | ||
Trading assets | SFr 3,308 | SFr 3,010 |
FI - Liabilities measured at fa
FI - Liabilities measured at fair value on recurring basis (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities | ||
Due to banks | SFr 406 | SFr 197 |
Customer deposits | 3,292 | 3,511 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,828 | 15,262 |
Obligation to return securities received as collateral | 41,696 | 38,074 |
Trading liabilities | 42,169 | 39,119 |
Short-term borrowings | 8,068 | 11,019 |
Long-term debt | 63,935 | 63,628 |
Other liabilities | 9,001 | 8,624 |
Netting impact | (117,300) | (137,100) |
Recurring basis | ||
Liabilities | ||
Due to banks | 406 | 197 |
Customer deposits | 3,292 | 3,511 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,828 | 15,262 |
Obligation to return securities received as collateral | 41,696 | 38,074 |
Trading liabilities | 42,169 | 39,119 |
Trading liabilities, measured at net asset value per share | 10 | 9 |
Short-term borrowings | 8,068 | 11,019 |
Long-term debt | 63,935 | 63,628 |
Other liabilities | 9,001 | 8,624 |
Netting impact | (117,206) | (137,094) |
Total liabilities at fair value | 183,395 | 179,434 |
Total liabilities at fair value, measured at net asset value per share | 10 | 9 |
Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 936 | |
Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 7,770 | 6,365 |
Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 40,015 | 45,041 |
Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,282 | |
Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 5,567 | |
Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 863 | |
Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 662 | |
Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 1,378 | |
Trading liabilities | 7,996 | 9,301 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 4,583 | 5,854 |
Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 726 | |
Trading liabilities | 3,348 | |
Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 36,696 | |
Trading liabilities | 18,950 | 15,164 |
Trading liabilities, measured at net asset value per share | 10 | 9 |
Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 15,223 | 14,654 |
Netting impact | (116,985) | (136,861) |
Recurring basis | Trading liabilities | ||
Liabilities | ||
Netting impact | (116,985) | (136,861) |
Recurring basis | Other liabilities | ||
Liabilities | ||
Netting impact | (221) | (233) |
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 | 37,962 | 36,697 |
Trading liabilities | 31,940 | 23,108 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities at fair value | 69,902 | 59,805 |
Level 1 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 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 | |
Level 1 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | |
Level 1 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 0 | |
Level 1 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 0 | |
Level 1 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 576 | |
Trading liabilities | 4,460 | 5,160 |
Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 4,328 | 5,108 |
Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | |
Trading liabilities | 12 | |
Level 1 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 36,121 | |
Trading liabilities | 18,785 | 14,217 |
Level 1 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 8,695 | 3,731 |
Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 3,699 | 1,254 |
Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 32 | 8 |
Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 0 | |
Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 4,961 | 2,468 |
Level 1 | Recurring basis | Derivative instruments | Other derivatives | ||
Liabilities | ||
Trading liabilities | 0 | |
Level 2 | Recurring basis | ||
Liabilities | ||
Due to banks | 406 | 197 |
Customer deposits | 2,839 | 3,056 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,828 | 15,262 |
Obligation to return securities received as collateral | 3,704 | 1,331 |
Trading liabilities | 123,615 | 149,637 |
Short-term borrowings | 7,284 | 10,174 |
Long-term debt | 51,270 | 51,127 |
Other liabilities | 7,881 | 7,379 |
Total liabilities at fair value | 211,827 | 238,163 |
Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 936 | |
Level 2 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 7,242 | 6,216 |
Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 28,215 | 32,782 |
Level 2 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,221 | |
Level 2 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 5,567 | |
Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 833 | |
Level 2 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 439 | |
Level 2 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 802 | |
Trading liabilities | 3,511 | 4,139 |
Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 255 | 746 |
Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 726 | |
Trading liabilities | 3,334 | |
Level 2 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 529 | |
Trading liabilities | 118 | 883 |
Level 2 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 119,986 | 144,615 |
Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 62,649 | 80,534 |
Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 31,983 | 35,707 |
Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 7,982 | |
Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 19,590 | 19,459 |
Level 2 | Recurring basis | Derivative instruments | Other derivatives | ||
Liabilities | ||
Trading liabilities | 5,485 | |
Level 3 | Recurring basis | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 453 | 455 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 30 | 46 |
Trading liabilities | 3,589 | 3,226 |
Short-term borrowings | 784 | 845 |
Long-term debt | 12,665 | 12,501 |
Other liabilities | 1,341 | 1,478 |
Total liabilities at fair value | 18,862 | 18,551 |
Level 3 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 0 | |
Level 3 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 528 | 149 |
Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 11,800 | 12,259 |
Level 3 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 61 | |
Level 3 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | |
Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 30 | |
Level 3 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 223 | |
Level 3 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | |
Trading liabilities | 25 | 2 |
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 | |
Trading liabilities | 2 | |
Level 3 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 46 | |
Trading liabilities | 37 | 55 |
Level 3 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 3,527 | 3,169 |
Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 189 | 317 |
Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 160 | 100 |
Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 898 | |
Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 1,500 | 1,301 |
Level 3 | Recurring basis | Derivative instruments | Other derivatives | ||
Liabilities | ||
Trading liabilities | 1,140 | |
Bank | ||
Liabilities | ||
Due to banks | 406 | 197 |
Customer deposits | 3,292 | 3,511 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,828 | 15,262 |
Obligation to return securities received as collateral | 41,696 | 38,074 |
Trading liabilities | 42,171 | 39,132 |
Short-term borrowings | 8,068 | 11,019 |
Long-term debt | 63,027 | 62,622 |
Other liabilities | 8,983 | 8,590 |
Netting impact | (117,400) | (137,400) |
Bank | Recurring basis | ||
Liabilities | ||
Due to banks | 406 | 197 |
Customer deposits | 3,292 | 3,511 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,828 | 15,262 |
Obligation to return securities received as collateral | 41,696 | 38,074 |
Trading liabilities | 42,171 | 39,132 |
Trading liabilities, measured at net asset value per share | 10 | 9 |
Short-term borrowings | 8,068 | 11,019 |
Long-term debt | 63,027 | 62,622 |
Other liabilities | 8,983 | 8,590 |
Netting impact | (117,326) | (137,408) |
Total liabilities at fair value | 182,471 | 178,407 |
Total liabilities at fair value, measured at net asset value per share | 10 | 9 |
Bank | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 936 | |
Bank | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 7,770 | 6,365 |
Bank | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 40,015 | 45,041 |
Bank | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,282 | |
Bank | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 4,557 | |
Bank | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 863 | |
Bank | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 662 | |
Bank | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 1,378 | |
Trading liabilities | 7,998 | 9,301 |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 4,583 | 5,854 |
Bank | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 726 | |
Trading liabilities | 3,348 | |
Bank | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 36,696 | |
Trading liabilities | 18,950 | 15,177 |
Trading liabilities, measured at net asset value per share | 10 | 9 |
Bank | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 15,223 | 14,654 |
Netting impact | (117,105) | (137,175) |
Bank | Recurring basis | Trading liabilities | ||
Liabilities | ||
Netting impact | (117,105) | (137,175) |
Bank | Recurring basis | Other liabilities | ||
Liabilities | ||
Netting impact | (221) | (233) |
Bank | Level 1 | Recurring basis | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 0 | 0 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 37,962 | 36,697 |
Trading liabilities | 31,940 | 23,121 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities at fair value | 69,902 | 59,818 |
Bank | Level 1 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Level 1 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Level 1 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Level 1 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Level 1 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Level 1 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 0 | |
Bank | Level 1 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 576 | |
Trading liabilities | 4,462 | 5,160 |
Bank | Level 1 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 4,328 | 5,108 |
Bank | Level 1 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | |
Trading liabilities | 12 | |
Bank | Level 1 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 36,121 | |
Trading liabilities | 18,785 | 14,230 |
Bank | Level 1 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 8,693 | 3,731 |
Bank | Level 1 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 3,699 | 1,254 |
Bank | Level 1 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 32 | 8 |
Bank | Level 1 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Bank | Level 1 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 4,961 | 2,468 |
Bank | Level 2 | Recurring basis | ||
Liabilities | ||
Due to banks | 406 | 197 |
Customer deposits | 2,839 | 3,056 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,828 | 15,262 |
Obligation to return securities received as collateral | 3,704 | 1,331 |
Trading liabilities | 123,737 | 149,951 |
Short-term borrowings | 7,284 | 10,174 |
Long-term debt | 50,356 | 50,121 |
Other liabilities | 7,877 | 7,356 |
Total liabilities at fair value | 211,031 | 237,448 |
Bank | Level 2 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 936 | |
Bank | Level 2 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 7,242 | 6,216 |
Bank | Level 2 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 28,215 | 32,782 |
Bank | Level 2 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 2,221 | |
Bank | Level 2 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 4,557 | |
Bank | Level 2 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 833 | |
Bank | Level 2 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 439 | |
Bank | Level 2 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 802 | |
Trading liabilities | 3,511 | 4,139 |
Bank | Level 2 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 255 | 746 |
Bank | Level 2 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 726 | |
Trading liabilities | 3,334 | |
Bank | Level 2 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 529 | |
Trading liabilities | 118 | 883 |
Bank | Level 2 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 120,108 | 144,929 |
Bank | Level 2 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 62,573 | 80,290 |
Bank | Level 2 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 31,983 | 35,707 |
Bank | Level 2 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 5,485 | 7,982 |
Bank | Level 2 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 19,788 | 20,017 |
Bank | Level 3 | Recurring basis | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 453 | 455 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 30 | 46 |
Trading liabilities | 3,589 | 3,226 |
Short-term borrowings | 784 | 845 |
Long-term debt | 12,671 | 12,501 |
Other liabilities | 1,327 | 1,467 |
Total liabilities at fair value | 18,854 | 18,540 |
Bank | Level 3 | Recurring basis | Long-term debt - of which treasury debt over two years | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Level 3 | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 528 | 149 |
Bank | Level 3 | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 11,800 | 12,259 |
Bank | Level 3 | Recurring basis | Long-term debt - of which other debt instruments over two years | ||
Liabilities | ||
Long-term debt | 61 | |
Bank | Level 3 | Recurring basis | Long-term debt - of which other subordinated bonds | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Level 3 | Recurring basis | Long-term debt - of which nonrecourse liabilities | ||
Liabilities | ||
Long-term debt | 30 | |
Bank | Level 3 | Recurring basis | Other liabilities - of which failed sales | ||
Liabilities | ||
Other liabilities | 223 | |
Bank | Level 3 | Recurring basis | Debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | |
Trading liabilities | 25 | 2 |
Bank | Level 3 | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Bank | Level 3 | Recurring basis | Debt securities | Corporate debt securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 0 | |
Trading liabilities | 2 | |
Bank | Level 3 | Recurring basis | Equity securities | ||
Liabilities | ||
Obligation to return securities received as collateral | 46 | |
Trading liabilities | 37 | 55 |
Bank | Level 3 | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 3,527 | 3,169 |
Bank | Level 3 | Recurring basis | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 189 | 317 |
Bank | Level 3 | Recurring basis | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 160 | 100 |
Bank | Level 3 | Recurring basis | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 1,140 | 898 |
Bank | Level 3 | Recurring basis | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | SFr 1,500 | SFr 1,301 |
FI - Roll-forward of assets mea
FI - Roll-forward of assets measured at fair value on recurring basis (Details 4) - Recurring basis - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Interest-bearing deposits with banks | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | SFr 0 | SFr 1 |
Transfers in, assets | 40 | |
Transfers out, assets | 0 | |
Purchases, assets | 0 | |
Sales, assets | (41) | |
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 | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 0 | 174 |
Transfers in, assets | 0 | |
Transfers out, assets | 0 | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 26 | |
Settlements, assets | (193) | |
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 | (7) | |
Balance at end of period, assets | 0 | |
Securities received as collateral | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 46 | 70 |
Transfers in, assets | 0 | 3 |
Transfers out, assets | (15) | (1) |
Purchases, assets | 102 | 65 |
Sales, assets | (103) | (86) |
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 | 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 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 0 | (5) |
Balance at end of period, assets | 30 | 46 |
Trading assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 8,754 | 12,765 |
Transfers in, assets | 1,563 | 1,159 |
Transfers out, assets | (1,602) | (2,046) |
Purchases, assets | 40,057 | 15,810 |
Sales, assets | (40,138) | (18,032) |
Issuances, assets | 1,394 | 1,317 |
Settlements, assets | (1,477) | (2,068) |
Gain (loss) on transfers in/out included in trading revenues, assets | (21) | 121 |
Gain (loss) on all other activity included in trading revenues, assets | 303 | 252 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 6 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 1 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (19) | (531) |
Balance at end of period, assets | 8,814 | 8,754 |
Trading assets | Debt securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 2,292 | 3,977 |
Transfers in, assets | 802 | 608 |
Transfers out, assets | (904) | (1,074) |
Purchases, assets | 3,301 | 2,747 |
Sales, assets | (3,261) | (3,705) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 25 | (4) |
Gain (loss) on all other activity included in trading revenues, assets | (150) | (80) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 6 |
Gain (loss) on all other activity included in other revenues, assets | (3) | 1 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (26) | (184) |
Balance at end of period, assets | 2,076 | 2,292 |
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 | 1,412 | 1,674 |
Transfers in, assets | 491 | 276 |
Transfers out, assets | (593) | (654) |
Purchases, assets | 2,582 | 2,203 |
Sales, assets | (2,583) | (2,005) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 31 | (4) |
Gain (loss) on all other activity included in trading revenues, assets | (72) | 14 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 6 |
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 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (4) | (98) |
Balance at end of period, assets | 1,260 | 1,412 |
Trading assets | Debt securities | Debt securities issued by foreign governments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 270 | |
Transfers in, assets | 21 | |
Transfers out, assets | (12) | |
Purchases, assets | 45 | |
Sales, assets | (67) | |
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 | 4 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | |
Foreign currency translation impact, assets | (29) | |
Balance at end of period, assets | 232 | 270 |
Trading assets | Debt securities | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 320 | 605 |
Transfers in, assets | 211 | 280 |
Transfers out, assets | (225) | (229) |
Purchases, assets | 370 | 85 |
Sales, assets | (333) | (305) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (3) | 3 |
Gain (loss) on all other activity included in trading revenues, assets | (74) | (95) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 3 | (24) |
Balance at end of period, assets | 269 | 320 |
Trading assets | Debt securities | CMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 16 | 65 |
Transfers in, assets | 6 | |
Transfers out, assets | (17) | |
Purchases, assets | 2 | |
Sales, assets | (13) | |
Issuances, assets | 0 | |
Settlements, assets | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | (3) | |
Gain (loss) on all other activity included in trading revenues, assets | (21) | |
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 | (3) | |
Balance at end of period, assets | 16 | |
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 | 126 | 1,165 |
Transfers in, assets | 39 | |
Transfers out, assets | (157) | |
Purchases, assets | 174 | |
Sales, assets | (1,047) | |
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 | (16) | |
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 | (32) | |
Balance at end of period, assets | 126 | |
Trading assets | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 163 | 240 |
Transfers in, assets | 132 | 49 |
Transfers out, assets | (95) | (35) |
Purchases, assets | 51 | 146 |
Sales, assets | (185) | (260) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 8 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 55 | 33 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 3 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 0 | (10) |
Balance at end of period, assets | 132 | 163 |
Trading assets | Derivative instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 3,289 | 4,305 |
Transfers in, assets | 510 | 416 |
Transfers out, assets | (525) | (839) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 1,394 | 1,317 |
Settlements, assets | (1,434) | (1,817) |
Gain (loss) on transfers in/out included in trading revenues, assets | (56) | 123 |
Gain (loss) on all other activity included in trading revenues, assets | 144 | (63) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (24) | (153) |
Balance at end of period, assets | 3,298 | 3,289 |
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 | 801 | 748 |
Transfers in, assets | 18 | 56 |
Transfers out, assets | (66) | (53) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 100 | 118 |
Settlements, assets | (116) | (183) |
Gain (loss) on transfers in/out included in trading revenues, assets | 17 | 6 |
Gain (loss) on all other activity included in trading revenues, assets | (237) | 104 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (10) | 5 |
Balance at end of period, assets | 507 | 801 |
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 | 833 | 914 |
Transfers in, assets | 329 | 142 |
Transfers out, assets | (317) | (98) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 447 | 443 |
Settlements, assets | (436) | (597) |
Gain (loss) on transfers in/out included in trading revenues, assets | (77) | 14 |
Gain (loss) on all other activity included in trading revenues, assets | 300 | 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 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (25) | (43) |
Balance at end of period, assets | 1,054 | 833 |
Trading assets | Derivative instruments | Credit derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 634 | 688 |
Transfers in, assets | 160 | 216 |
Transfers out, assets | (141) | (252) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 505 | 381 |
Settlements, assets | (438) | (297) |
Gain (loss) on transfers in/out included in trading revenues, assets | 5 | 38 |
Gain (loss) on all other activity included in trading revenues, assets | (59) | (110) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 7 | (30) |
Balance at end of period, assets | 673 | 634 |
Trading assets | Derivative instruments | Foreign exchange derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 188 | |
Transfers in, assets | 3 | |
Transfers out, assets | (2) | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 14 | |
Settlements, assets | (24) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (2) | |
Gain (loss) on all other activity included in trading revenues, assets | 79 | |
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 | 2 | |
Balance at end of period, assets | 258 | 188 |
Trading assets | Derivative instruments | Other derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 833 | |
Transfers in, assets | 0 | |
Transfers out, assets | 1 | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 328 | |
Settlements, assets | (420) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | |
Gain (loss) on all other activity included in trading revenues, assets | 61 | |
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 | 2 | |
Balance at end of period, assets | 806 | 833 |
Trading assets | Other | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 3,010 | 4,243 |
Transfers in, assets | 119 | 86 |
Transfers out, assets | (78) | (98) |
Purchases, assets | 36,705 | 12,917 |
Sales, assets | (36,692) | (14,067) |
Issuances, assets | 0 | 0 |
Settlements, assets | (43) | (251) |
Gain (loss) on transfers in/out included in trading revenues, assets | 2 | 2 |
Gain (loss) on all other activity included in trading revenues, assets | 254 | 362 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 31 | (184) |
Balance at end of period, assets | 3,308 | 3,010 |
Investment securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 42 | 72 |
Transfers in, assets | 8 | 0 |
Transfers out, assets | (121) | (17) |
Purchases, assets | 281 | 100 |
Sales, assets | (28) | (113) |
Issuances, assets | 0 | 0 |
Settlements, assets | (205) | (90) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | (1) |
Gain (loss) on all other activity included in trading revenues, assets | 185 | 95 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 4 | (4) |
Balance at end of period, assets | 166 | 42 |
Other investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,601 | 1,906 |
Transfers in, assets | 79 | 23 |
Transfers out, assets | (102) | (22) |
Purchases, assets | 229 | 350 |
Sales, assets | (406) | (589) |
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 | (93) | 9 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 5 | 9 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (4) | (85) |
Balance at end of period, assets | 1,309 | 1,601 |
Other investments | Life finance instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,301 | 1,588 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 151 | 185 |
Sales, assets | (299) | (418) |
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 | (96) | 16 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 10 | (70) |
Balance at end of period, assets | 1,067 | 1,301 |
Other investments | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 300 | 318 |
Transfers in, assets | 23 | |
Transfers out, assets | (22) | |
Purchases, assets | 165 | |
Sales, assets | (171) | |
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 | (7) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 9 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | |
Foreign currency translation impact, assets | (15) | |
Balance at end of period, assets | 300 | |
Loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 4,530 | 6,585 |
Transfers in, assets | 934 | 1,130 |
Transfers out, assets | (393) | (947) |
Purchases, assets | 163 | 106 |
Sales, assets | (491) | (580) |
Issuances, assets | 1,563 | 1,151 |
Settlements, assets | (1,866) | (2,743) |
Gain (loss) on transfers in/out included in trading revenues, assets | 7 | 15 |
Gain (loss) on all other activity included in trading revenues, assets | (134) | 85 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (13) | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 24 | (272) |
Balance at end of period, assets | 4,324 | 4,530 |
Commercial and industrial loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 2,207 | 3,816 |
Transfers in, assets | 348 | 448 |
Transfers out, assets | (29) | (482) |
Purchases, assets | 1 | 71 |
Sales, assets | (226) | (395) |
Issuances, assets | 783 | 590 |
Settlements, assets | (1,057) | (1,705) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | (2) |
Gain (loss) on all other activity included in trading revenues, assets | (83) | 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 | (5) | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 10 | (155) |
Balance at end of period, assets | 1,949 | 2,207 |
Financial institutions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,480 | 1,829 |
Transfers in, assets | 335 | 352 |
Transfers out, assets | (53) | (126) |
Purchases, assets | 150 | 33 |
Sales, assets | (133) | (176) |
Issuances, assets | 332 | 444 |
Settlements, assets | (746) | (821) |
Gain (loss) on transfers in/out included in trading revenues, assets | 10 | 28 |
Gain (loss) on all other activity included in trading revenues, assets | 8 | (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 | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 8 | (77) |
Balance at end of period, assets | 1,391 | 1,480 |
Real estate | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 171 | |
Transfers in, assets | 196 | |
Transfers out, assets | (81) | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 307 | |
Settlements, assets | (64) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 2 | |
Gain (loss) on all other activity included in trading revenues, assets | (8) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (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 | 0 | |
Balance at end of period, assets | 515 | 171 |
Other intangible assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 158 | 138 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 1 | 23 |
Sales, assets | 0 | (1) |
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 | 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 | 1 | 4 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 3 | (6) |
Balance at end of period, assets | 163 | 158 |
Other assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,511 | 1,679 |
Transfers in, assets | 288 | 347 |
Transfers out, assets | (191) | (132) |
Purchases, assets | 1,610 | 759 |
Sales, assets | (1,357) | (1,056) |
Issuances, assets | 300 | 1,054 |
Settlements, assets | (540) | (885) |
Gain (loss) on transfers in/out included in trading revenues, assets | 22 | (1) |
Gain (loss) on all other activity included in trading revenues, assets | (32) | (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 | (1) | (4) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (67) | (78) |
Balance at end of period, assets | 1,543 | 1,511 |
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 | 1,350 | 1,316 |
Transfers in, assets | 243 | 286 |
Transfers out, assets | (166) | (113) |
Purchases, assets | 1,447 | 667 |
Sales, assets | (1,310) | (904) |
Issuances, assets | 300 | 1,053 |
Settlements, assets | (539) | (885) |
Gain (loss) on transfers in/out included in trading revenues, assets | 21 | (2) |
Gain (loss) on all other activity included in trading revenues, assets | (44) | 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 | (4) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (67) | (64) |
Balance at end of period, assets | 1,235 | 1,350 |
Assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 16,642 | 23,390 |
Transfers in, assets | 2,872 | 2,702 |
Transfers out, assets | (2,424) | (3,165) |
Purchases, assets | 42,443 | 17,213 |
Sales, assets | (42,523) | (20,498) |
Issuances, assets | 3,257 | 3,548 |
Settlements, assets | (4,088) | (5,979) |
Gain (loss) on transfers in/out included in trading revenues, assets | 8 | 134 |
Gain (loss) on all other activity included in trading revenues, assets | 229 | 269 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 6 |
Gain (loss) on all other activity included in other revenues, assets | (8) | 10 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (59) | (988) |
Balance at end of period, assets | 16,349 | 16,642 |
Bank | Interest-bearing deposits with banks | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 0 | 1 |
Transfers in, assets | 40 | |
Transfers out, assets | 0 | |
Purchases, assets | 0 | |
Sales, assets | (41) | |
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 | |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 0 | 174 |
Transfers in, assets | 0 | |
Transfers out, assets | 0 | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 26 | |
Settlements, assets | (193) | |
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 | (7) | |
Balance at end of period, assets | 0 | |
Bank | Securities received as collateral | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 46 | 70 |
Transfers in, assets | 0 | 3 |
Transfers out, assets | (15) | (1) |
Purchases, assets | 102 | 65 |
Sales, assets | (103) | (86) |
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 | 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 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 0 | (5) |
Balance at end of period, assets | 30 | 46 |
Bank | Trading assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 8,754 | 12,765 |
Transfers in, assets | 1,563 | 1,159 |
Transfers out, assets | (1,602) | (2,046) |
Purchases, assets | 40,057 | 15,810 |
Sales, assets | (40,138) | (18,032) |
Issuances, assets | 1,394 | 1,317 |
Settlements, assets | (1,477) | (2,068) |
Gain (loss) on transfers in/out included in trading revenues, assets | (21) | 121 |
Gain (loss) on all other activity included in trading revenues, assets | 303 | 252 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 6 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 1 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (19) | (531) |
Balance at end of period, assets | 8,814 | 8,754 |
Bank | Trading assets | Debt securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 2,292 | 3,977 |
Transfers in, assets | 802 | 608 |
Transfers out, assets | (904) | (1,074) |
Purchases, assets | 3,301 | 2,747 |
Sales, assets | (3,261) | (3,705) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 25 | (4) |
Gain (loss) on all other activity included in trading revenues, assets | (150) | (80) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 6 |
Gain (loss) on all other activity included in other revenues, assets | (3) | 1 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (26) | (184) |
Balance at end of period, assets | 2,076 | 2,292 |
Bank | 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 | 1,412 | 1,674 |
Transfers in, assets | 491 | 276 |
Transfers out, assets | (593) | (654) |
Purchases, assets | 2,582 | 2,203 |
Sales, assets | (2,583) | (2,005) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 31 | (4) |
Gain (loss) on all other activity included in trading revenues, assets | (72) | 14 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 6 |
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 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (4) | (98) |
Balance at end of period, assets | 1,260 | 1,412 |
Bank | Trading assets | Debt securities | Debt securities issued by foreign governments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 270 | |
Transfers in, assets | 21 | |
Transfers out, assets | (12) | |
Purchases, assets | 45 | |
Sales, assets | (67) | |
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 | 4 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | |
Foreign currency translation impact, assets | (29) | |
Balance at end of period, assets | 232 | 270 |
Bank | Trading assets | Debt securities | RMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 320 | 605 |
Transfers in, assets | 211 | 280 |
Transfers out, assets | (225) | (229) |
Purchases, assets | 370 | 85 |
Sales, assets | (333) | (305) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | (3) | 3 |
Gain (loss) on all other activity included in trading revenues, assets | (74) | (95) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 3 | (24) |
Balance at end of period, assets | 269 | 320 |
Bank | Trading assets | Debt securities | CMBS | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 16 | 65 |
Transfers in, assets | 6 | |
Transfers out, assets | (17) | |
Purchases, assets | 2 | |
Sales, assets | (13) | |
Issuances, assets | 0 | |
Settlements, assets | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | (3) | |
Gain (loss) on all other activity included in trading revenues, assets | (21) | |
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 | (3) | |
Balance at end of period, assets | 16 | |
Bank | 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 | 126 | 1,165 |
Transfers in, assets | 39 | |
Transfers out, assets | (157) | |
Purchases, assets | 174 | |
Sales, assets | (1,047) | |
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 | (16) | |
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 | (32) | |
Balance at end of period, assets | 126 | |
Bank | Trading assets | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 163 | 240 |
Transfers in, assets | 132 | 49 |
Transfers out, assets | (95) | (35) |
Purchases, assets | 51 | 146 |
Sales, assets | (185) | (260) |
Issuances, assets | 0 | 0 |
Settlements, assets | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, assets | 8 | 0 |
Gain (loss) on all other activity included in trading revenues, assets | 55 | 33 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 3 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 0 | (10) |
Balance at end of period, assets | 132 | 163 |
Bank | Trading assets | Derivative instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 3,289 | 4,305 |
Transfers in, assets | 510 | 416 |
Transfers out, assets | (525) | (839) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 1,394 | 1,317 |
Settlements, assets | (1,434) | (1,817) |
Gain (loss) on transfers in/out included in trading revenues, assets | (56) | 123 |
Gain (loss) on all other activity included in trading revenues, assets | 144 | (63) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (24) | (153) |
Balance at end of period, assets | 3,298 | 3,289 |
Bank | 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 | 801 | 748 |
Transfers in, assets | 18 | 56 |
Transfers out, assets | (66) | (53) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 100 | 118 |
Settlements, assets | (116) | (183) |
Gain (loss) on transfers in/out included in trading revenues, assets | 17 | 6 |
Gain (loss) on all other activity included in trading revenues, assets | (237) | 104 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (10) | 5 |
Balance at end of period, assets | 507 | 801 |
Bank | 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 | 833 | 914 |
Transfers in, assets | 329 | 142 |
Transfers out, assets | (317) | (98) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 447 | 443 |
Settlements, assets | (436) | (597) |
Gain (loss) on transfers in/out included in trading revenues, assets | (77) | 14 |
Gain (loss) on all other activity included in trading revenues, assets | 300 | 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 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (25) | (43) |
Balance at end of period, assets | 1,054 | 833 |
Bank | Trading assets | Derivative instruments | Credit derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 634 | 688 |
Transfers in, assets | 160 | 216 |
Transfers out, assets | (141) | (252) |
Purchases, assets | 0 | 0 |
Sales, assets | 0 | 0 |
Issuances, assets | 505 | 381 |
Settlements, assets | (438) | (297) |
Gain (loss) on transfers in/out included in trading revenues, assets | 5 | 38 |
Gain (loss) on all other activity included in trading revenues, assets | (59) | (110) |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 7 | (30) |
Balance at end of period, assets | 673 | 634 |
Bank | Trading assets | Derivative instruments | Foreign exchange derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 188 | |
Transfers in, assets | 3 | |
Transfers out, assets | (2) | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 14 | |
Settlements, assets | (24) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (2) | |
Gain (loss) on all other activity included in trading revenues, assets | 79 | |
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 | 2 | |
Balance at end of period, assets | 258 | 188 |
Bank | Trading assets | Derivative instruments | Other derivatives | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 833 | |
Transfers in, assets | 0 | |
Transfers out, assets | 1 | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 328 | |
Settlements, assets | (420) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | |
Gain (loss) on all other activity included in trading revenues, assets | 61 | |
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 | 2 | |
Balance at end of period, assets | 806 | 833 |
Bank | Trading assets | Other | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 3,010 | 4,243 |
Transfers in, assets | 119 | 86 |
Transfers out, assets | (78) | (98) |
Purchases, assets | 36,705 | 12,917 |
Sales, assets | (36,692) | (14,067) |
Issuances, assets | 0 | 0 |
Settlements, assets | (43) | (251) |
Gain (loss) on transfers in/out included in trading revenues, assets | 2 | 2 |
Gain (loss) on all other activity included in trading revenues, assets | 254 | 362 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 31 | (184) |
Balance at end of period, assets | 3,308 | 3,010 |
Bank | Investment securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 42 | 72 |
Transfers in, assets | 8 | 0 |
Transfers out, assets | (121) | (17) |
Purchases, assets | 281 | 100 |
Sales, assets | (28) | (113) |
Issuances, assets | 0 | 0 |
Settlements, assets | (205) | (90) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | (1) |
Gain (loss) on all other activity included in trading revenues, assets | 185 | 95 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 4 | (4) |
Balance at end of period, assets | 166 | 42 |
Bank | Other investments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,601 | 1,906 |
Transfers in, assets | 79 | 23 |
Transfers out, assets | (102) | (22) |
Purchases, assets | 228 | 324 |
Sales, assets | (405) | (562) |
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 | (93) | 9 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 5 | 9 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (4) | (86) |
Balance at end of period, assets | 1,309 | 1,601 |
Bank | Other investments | Life finance instruments | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,301 | 1,588 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 151 | 185 |
Sales, assets | (299) | (418) |
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 | (96) | 16 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 10 | (70) |
Balance at end of period, assets | 1,067 | 1,301 |
Bank | Other investments | Equity securities | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 300 | 318 |
Transfers in, assets | 23 | |
Transfers out, assets | (22) | |
Purchases, assets | 139 | |
Sales, assets | (144) | |
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 | (7) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 9 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | |
Foreign currency translation impact, assets | (16) | |
Balance at end of period, assets | 300 | |
Bank | Loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 4,530 | 6,585 |
Transfers in, assets | 934 | 1,130 |
Transfers out, assets | (393) | (947) |
Purchases, assets | 163 | 106 |
Sales, assets | (491) | (580) |
Issuances, assets | 1,563 | 1,151 |
Settlements, assets | (1,866) | (2,743) |
Gain (loss) on transfers in/out included in trading revenues, assets | 7 | 15 |
Gain (loss) on all other activity included in trading revenues, assets | (134) | 85 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 |
Gain (loss) on all other activity included in other revenues, assets | (13) | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 24 | (272) |
Balance at end of period, assets | 4,324 | 4,530 |
Bank | Commercial and industrial loans | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 2,207 | 3,816 |
Transfers in, assets | 348 | 448 |
Transfers out, assets | (29) | (482) |
Purchases, assets | 1 | 71 |
Sales, assets | (226) | (395) |
Issuances, assets | 783 | 590 |
Settlements, assets | (1,057) | (1,705) |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | (2) |
Gain (loss) on all other activity included in trading revenues, assets | (83) | 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 | (5) | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 10 | (155) |
Balance at end of period, assets | 1,949 | 2,207 |
Bank | Financial institutions | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,480 | 1,829 |
Transfers in, assets | 335 | 352 |
Transfers out, assets | (53) | (126) |
Purchases, assets | 150 | 33 |
Sales, assets | (133) | (176) |
Issuances, assets | 332 | 444 |
Settlements, assets | (746) | (821) |
Gain (loss) on transfers in/out included in trading revenues, assets | 10 | 28 |
Gain (loss) on all other activity included in trading revenues, assets | 8 | (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 | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 8 | (77) |
Balance at end of period, assets | 1,391 | 1,480 |
Bank | Real estate | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 171 | |
Transfers in, assets | 196 | |
Transfers out, assets | (81) | |
Purchases, assets | 0 | |
Sales, assets | 0 | |
Issuances, assets | 307 | |
Settlements, assets | (64) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 2 | |
Gain (loss) on all other activity included in trading revenues, assets | (8) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (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 | 0 | |
Balance at end of period, assets | 515 | 171 |
Bank | Other intangible assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 158 | 138 |
Transfers in, assets | 0 | 0 |
Transfers out, assets | 0 | 0 |
Purchases, assets | 1 | 23 |
Sales, assets | 0 | (1) |
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 | 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 | 1 | 4 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | 3 | (6) |
Balance at end of period, assets | 163 | 158 |
Bank | Other assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 1,511 | 1,679 |
Transfers in, assets | 288 | 347 |
Transfers out, assets | (191) | (132) |
Purchases, assets | 1,610 | 759 |
Sales, assets | (1,357) | (1,056) |
Issuances, assets | 300 | 1,054 |
Settlements, assets | (540) | (885) |
Gain (loss) on transfers in/out included in trading revenues, assets | 22 | (1) |
Gain (loss) on all other activity included in trading revenues, assets | (32) | (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 | (1) | (4) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (67) | (78) |
Balance at end of period, assets | 1,543 | 1,511 |
Bank | 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 | 1,350 | 1,316 |
Transfers in, assets | 243 | 286 |
Transfers out, assets | (166) | (113) |
Purchases, assets | 1,447 | 667 |
Sales, assets | (1,310) | (904) |
Issuances, assets | 300 | 1,053 |
Settlements, assets | (539) | (885) |
Gain (loss) on transfers in/out included in trading revenues, assets | 21 | (2) |
Gain (loss) on all other activity included in trading revenues, assets | (44) | 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 | (4) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (67) | (64) |
Balance at end of period, assets | 1,235 | 1,350 |
Bank | Assets | ||
Assets measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, assets | 16,642 | 23,390 |
Transfers in, assets | 2,872 | 2,702 |
Transfers out, assets | (2,424) | (3,165) |
Purchases, assets | 42,442 | 17,187 |
Sales, assets | (42,522) | (20,471) |
Issuances, assets | 3,257 | 3,548 |
Settlements, assets | (4,088) | (5,979) |
Gain (loss) on transfers in/out included in trading revenues, assets | 8 | 134 |
Gain (loss) on all other activity included in trading revenues, assets | 229 | 269 |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 6 |
Gain (loss) on all other activity included in other revenues, assets | (8) | 10 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 |
Foreign currency translation impact, assets | (59) | (989) |
Balance at end of period, assets | SFr 16,349 | SFr 16,642 |
FI - Roll-forward of liabilitie
FI - Roll-forward of liabilities measured at fair value on recurring basis (Details 5) - Recurring basis - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Due to banks and customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 455 | SFr 410 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 0 | 35 |
Settlements, liabilities | 0 | (3) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 32 | (61) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (21) | 42 |
Foreign currency translation impact, liabilities | (13) | 32 |
Balance at end of period, liabilities | 453 | 455 |
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 | 46 | 70 |
Transfers in, liabilities | 0 | 3 |
Transfers out, liabilities | (15) | (1) |
Purchases, liabilities | 102 | 65 |
Sales, liabilities | (103) | (86) |
Issuances, liabilities | 0 | 0 |
Settlements, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 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 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 0 | (5) |
Balance at end of period, liabilities | 30 | 46 |
Trading liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,226 | 3,737 |
Transfers in, liabilities | 768 | 566 |
Transfers out, liabilities | (641) | (1,049) |
Purchases, liabilities | 127 | 113 |
Sales, liabilities | (107) | (134) |
Issuances, liabilities | 2,573 | 1,193 |
Settlements, liabilities | (1,527) | (1,625) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (7) | 140 |
Gain (loss) on all other activity included in trading revenues, liabilities | (839) | 461 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | (3) | (9) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 19 | (167) |
Balance at end of period, liabilities | 3,589 | 3,226 |
Trading liabilities | Debt securities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 2 | |
Transfers in, liabilities | 30 | |
Transfers out, liabilities | (24) | |
Purchases, liabilities | 39 | |
Sales, liabilities | (23) | |
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 | 1 | |
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 | 25 | 2 |
Trading liabilities | Equity securities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 55 | |
Transfers in, liabilities | 19 | |
Transfers out, liabilities | (5) | |
Purchases, liabilities | 87 | |
Sales, liabilities | (80) | |
Issuances, liabilities | 0 | |
Settlements, liabilities | 0 | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (3) | |
Gain (loss) on all other activity included in trading revenues, liabilities | (33) | |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | |
Gain (loss) on all other activity included in other revenues, liabilities | (3) | |
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 | 37 | 55 |
Trading liabilities | Derivative instruments | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,169 | |
Transfers in, liabilities | 719 | |
Transfers out, liabilities | (612) | |
Purchases, liabilities | 1 | |
Sales, liabilities | (4) | |
Issuances, liabilities | 2,573 | |
Settlements, liabilities | (1,527) | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (4) | |
Gain (loss) on all other activity included in trading revenues, liabilities | (807) | |
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 | 19 | |
Balance at end of period, liabilities | 3,527 | 3,169 |
Trading liabilities | Derivative instruments | Interest rate derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 317 | 538 |
Transfers in, liabilities | 25 | 57 |
Transfers out, liabilities | (11) | (36) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 156 | 45 |
Settlements, liabilities | (145) | (258) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 16 | 6 |
Gain (loss) on all other activity included in trading revenues, liabilities | (171) | (14) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 2 | (21) |
Balance at end of period, liabilities | 189 | 317 |
Trading liabilities | Derivative instruments | Foreign exchange derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 100 | 150 |
Transfers in, liabilities | 19 | 11 |
Transfers out, liabilities | (1) | (1) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 55 | 9 |
Settlements, liabilities | (29) | (12) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 15 | (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 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 1 | (5) |
Balance at end of period, liabilities | 160 | 100 |
Trading liabilities | Derivative instruments | Equity/Index-related products | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,301 | 1,181 |
Transfers in, liabilities | 429 | 54 |
Transfers out, liabilities | (364) | (188) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,306 | 543 |
Settlements, liabilities | (548) | (692) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (36) | 17 |
Gain (loss) on all other activity included in trading revenues, liabilities | (592) | 441 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 4 | (55) |
Balance at end of period, liabilities | 1,500 | 1,301 |
Trading liabilities | Derivative instruments | Credit derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 898 | 851 |
Transfers in, liabilities | 247 | 377 |
Transfers out, liabilities | (235) | (392) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 806 | 350 |
Settlements, liabilities | (572) | (376) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 16 | 61 |
Gain (loss) on all other activity included in trading revenues, liabilities | (30) | 66 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 10 | (39) |
Balance at end of period, liabilities | 1,140 | 898 |
Short-term borrowings | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 845 | 516 |
Transfers in, liabilities | 335 | 95 |
Transfers out, liabilities | (242) | (172) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,090 | 865 |
Settlements, liabilities | (1,133) | (472) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 3 | (2) |
Gain (loss) on all other activity included in trading revenues, liabilities | (117) | 19 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 4 |
Gain (loss) on all other activity included in other revenues, liabilities | (4) | 10 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 6 |
Foreign currency translation impact, liabilities | 7 | (24) |
Balance at end of period, liabilities | 784 | 845 |
Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 12,501 | 13,415 |
Transfers in, liabilities | 2,988 | 1,172 |
Transfers out, liabilities | (3,108) | (3,004) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 5,628 | 4,540 |
Settlements, liabilities | (3,656) | (4,479) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (25) | (12) |
Gain (loss) on all other activity included in trading revenues, liabilities | (1,368) | 1,400 |
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 | (2) | 88 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (417) | 21 |
Foreign currency translation impact, liabilities | 124 | (640) |
Balance at end of period, liabilities | 12,665 | 12,501 |
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 149 | |
Transfers in, liabilities | 452 | |
Transfers out, liabilities | (296) | |
Purchases, liabilities | 0 | |
Sales, liabilities | 0 | |
Issuances, liabilities | 745 | |
Settlements, liabilities | (501) | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (10) | |
Gain (loss) on all other activity included in trading revenues, liabilities | (14) | |
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 | 3 | |
Balance at end of period, liabilities | 528 | 149 |
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 | 12,259 | 12,434 |
Transfers in, liabilities | 2,368 | 995 |
Transfers out, liabilities | (2,800) | (2,886) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 4,761 | 3,913 |
Settlements, liabilities | (3,115) | (3,079) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (17) | (14) |
Gain (loss) on all other activity included in trading revenues, liabilities | (1,355) | 1,390 |
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 | (2) | 87 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (417) | 17 |
Foreign currency translation impact, liabilities | 118 | (598) |
Balance at end of period, liabilities | 11,800 | 12,259 |
Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,478 | 1,684 |
Transfers in, liabilities | 117 | 150 |
Transfers out, liabilities | (29) | (102) |
Purchases, liabilities | 45 | 211 |
Sales, liabilities | (128) | (304) |
Issuances, liabilities | 20 | 9 |
Settlements, liabilities | (420) | (403) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (7) | (25) |
Gain (loss) on all other activity included in trading revenues, liabilities | 97 | (6) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 161 | 330 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 7 | (66) |
Balance at end of period, liabilities | 1,341 | 1,478 |
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 | 223 | 219 |
Transfers in, liabilities | 80 | |
Transfers out, liabilities | (70) | |
Purchases, liabilities | 189 | |
Sales, liabilities | (218) | |
Issuances, liabilities | 0 | |
Settlements, liabilities | 0 | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (7) | |
Gain (loss) on all other activity included in trading revenues, liabilities | 40 | |
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 | (10) | |
Balance at end of period, liabilities | 223 | |
Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 18,551 | 19,832 |
Transfers in, liabilities | 4,208 | 1,986 |
Transfers out, liabilities | (4,035) | (4,328) |
Purchases, liabilities | 274 | 389 |
Sales, liabilities | (338) | (524) |
Issuances, liabilities | 9,311 | 6,642 |
Settlements, liabilities | (6,736) | (6,982) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (36) | 101 |
Gain (loss) on all other activity included in trading revenues, liabilities | (2,195) | 1,813 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 4 |
Gain (loss) on all other activity included in other revenues, liabilities | 154 | 331 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | (2) | 88 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (438) | 69 |
Foreign currency translation impact, liabilities | 144 | (870) |
Balance at end of period, liabilities | 18,862 | 18,551 |
Bank | Due to banks and customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 455 | 410 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 0 | 35 |
Settlements, liabilities | 0 | (3) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 32 | (61) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (21) | 42 |
Foreign currency translation impact, liabilities | (13) | 32 |
Balance at end of period, liabilities | 453 | 455 |
Bank | Obligation to return securities received as collateral | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 46 | 70 |
Transfers in, liabilities | 0 | 3 |
Transfers out, liabilities | (15) | (1) |
Purchases, liabilities | 102 | 65 |
Sales, liabilities | (103) | (86) |
Issuances, liabilities | 0 | 0 |
Settlements, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 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 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 0 | (5) |
Balance at end of period, liabilities | 30 | 46 |
Bank | Trading liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,226 | 3,737 |
Transfers in, liabilities | 768 | 566 |
Transfers out, liabilities | (641) | (1,049) |
Purchases, liabilities | 127 | 113 |
Sales, liabilities | (107) | (134) |
Issuances, liabilities | 2,573 | 1,193 |
Settlements, liabilities | (1,527) | (1,625) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (7) | 140 |
Gain (loss) on all other activity included in trading revenues, liabilities | (839) | 461 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | (3) | (9) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 19 | (167) |
Balance at end of period, liabilities | 3,589 | 3,226 |
Bank | Trading liabilities | Debt securities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 2 | |
Transfers in, liabilities | 30 | |
Transfers out, liabilities | (24) | |
Purchases, liabilities | 39 | |
Sales, liabilities | (23) | |
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 | 1 | |
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 | 25 | 2 |
Bank | Trading liabilities | Equity securities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 55 | |
Transfers in, liabilities | 19 | |
Transfers out, liabilities | (5) | |
Purchases, liabilities | 87 | |
Sales, liabilities | (80) | |
Issuances, liabilities | 0 | |
Settlements, liabilities | 0 | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (3) | |
Gain (loss) on all other activity included in trading revenues, liabilities | (33) | |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | |
Gain (loss) on all other activity included in other revenues, liabilities | (3) | |
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 | 37 | 55 |
Bank | Trading liabilities | Derivative instruments | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,169 | |
Transfers in, liabilities | 719 | |
Transfers out, liabilities | (612) | |
Purchases, liabilities | 1 | |
Sales, liabilities | (4) | |
Issuances, liabilities | 2,573 | |
Settlements, liabilities | (1,527) | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (4) | |
Gain (loss) on all other activity included in trading revenues, liabilities | (807) | |
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 | 19 | |
Balance at end of period, liabilities | 3,527 | 3,169 |
Bank | Trading liabilities | Derivative instruments | Interest rate derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 317 | 538 |
Transfers in, liabilities | 25 | 57 |
Transfers out, liabilities | (11) | (36) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 156 | 45 |
Settlements, liabilities | (145) | (258) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 16 | 6 |
Gain (loss) on all other activity included in trading revenues, liabilities | (171) | (14) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 2 | (21) |
Balance at end of period, liabilities | 189 | 317 |
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 100 | 150 |
Transfers in, liabilities | 19 | 11 |
Transfers out, liabilities | (1) | (1) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 55 | 9 |
Settlements, liabilities | (29) | (12) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 15 | (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 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 1 | (5) |
Balance at end of period, liabilities | 160 | 100 |
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,301 | 1,181 |
Transfers in, liabilities | 429 | 54 |
Transfers out, liabilities | (364) | (188) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,306 | 543 |
Settlements, liabilities | (548) | (692) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (36) | 17 |
Gain (loss) on all other activity included in trading revenues, liabilities | (592) | 441 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 4 | (55) |
Balance at end of period, liabilities | 1,500 | 1,301 |
Bank | Trading liabilities | Derivative instruments | Credit derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 898 | 851 |
Transfers in, liabilities | 247 | 377 |
Transfers out, liabilities | (235) | (392) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 806 | 350 |
Settlements, liabilities | (572) | (376) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 16 | 61 |
Gain (loss) on all other activity included in trading revenues, liabilities | (30) | 66 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 0 | 0 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 10 | (39) |
Balance at end of period, liabilities | 1,140 | 898 |
Bank | Short-term borrowings | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 845 | 516 |
Transfers in, liabilities | 335 | 95 |
Transfers out, liabilities | (242) | (172) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,090 | 865 |
Settlements, liabilities | (1,133) | (472) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 3 | (2) |
Gain (loss) on all other activity included in trading revenues, liabilities | (117) | 19 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 4 |
Gain (loss) on all other activity included in other revenues, liabilities | (4) | 10 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 6 |
Foreign currency translation impact, liabilities | 7 | (24) |
Balance at end of period, liabilities | 784 | 845 |
Bank | Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 12,501 | 13,415 |
Transfers in, liabilities | 2,873 | 1,172 |
Transfers out, liabilities | (3,108) | (3,004) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 5,761 | 4,540 |
Settlements, liabilities | (3,656) | (4,479) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (25) | (12) |
Gain (loss) on all other activity included in trading revenues, liabilities | (1,381) | 1,400 |
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 | (2) | 88 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (417) | 21 |
Foreign currency translation impact, liabilities | 125 | (640) |
Balance at end of period, liabilities | 12,671 | 12,501 |
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 149 | |
Transfers in, liabilities | 452 | |
Transfers out, liabilities | (296) | |
Purchases, liabilities | 0 | |
Sales, liabilities | 0 | |
Issuances, liabilities | 745 | |
Settlements, liabilities | (501) | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (10) | |
Gain (loss) on all other activity included in trading revenues, liabilities | (14) | |
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 | 3 | |
Balance at end of period, liabilities | 528 | 149 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 12,259 | 12,434 |
Transfers in, liabilities | 2,368 | 995 |
Transfers out, liabilities | (2,800) | (2,886) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 4,761 | 3,913 |
Settlements, liabilities | (3,115) | (3,079) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (17) | (14) |
Gain (loss) on all other activity included in trading revenues, liabilities | (1,355) | 1,390 |
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 | (2) | 87 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (417) | 17 |
Foreign currency translation impact, liabilities | 118 | (598) |
Balance at end of period, liabilities | 11,800 | 12,259 |
Bank | Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,467 | 1,679 |
Transfers in, liabilities | 117 | 150 |
Transfers out, liabilities | (29) | (102) |
Purchases, liabilities | 45 | 211 |
Sales, liabilities | (128) | (304) |
Issuances, liabilities | 20 | 7 |
Settlements, liabilities | (417) | (398) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (7) | (25) |
Gain (loss) on all other activity included in trading revenues, liabilities | 94 | (8) |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 159 | 327 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 0 | 0 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | 0 | 0 |
Foreign currency translation impact, liabilities | 6 | (70) |
Balance at end of period, liabilities | 1,327 | 1,467 |
Bank | Other liabilities | Other liabilities - of which failed sales | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 223 | 219 |
Transfers in, liabilities | 80 | |
Transfers out, liabilities | (70) | |
Purchases, liabilities | 189 | |
Sales, liabilities | (218) | |
Issuances, liabilities | 0 | |
Settlements, liabilities | 0 | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (7) | |
Gain (loss) on all other activity included in trading revenues, liabilities | 40 | |
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 | (10) | |
Balance at end of period, liabilities | 223 | |
Bank | Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 18,540 | 19,827 |
Transfers in, liabilities | 4,093 | 1,986 |
Transfers out, liabilities | (4,035) | (4,328) |
Purchases, liabilities | 274 | 389 |
Sales, liabilities | (338) | (524) |
Issuances, liabilities | 9,444 | 6,640 |
Settlements, liabilities | (6,733) | (6,977) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (36) | 101 |
Gain (loss) on all other activity included in trading revenues, liabilities | (2,211) | 1,811 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 4 |
Gain (loss) on all other activity included in other revenues, liabilities | 152 | 328 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | (2) | 88 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (438) | 69 |
Foreign currency translation impact, liabilities | 144 | (874) |
Balance at end of period, liabilities | SFr 18,854 | SFr 18,540 |
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 | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | SFr (1,909) | SFr 3,558 |
Transfers in, net assets/liabilities | (1,336) | 716 |
Transfers out, net assets/liabilities | 1,611 | 1,163 |
Purchases, net assets/liabilities | 42,169 | 16,824 |
Sales, net assets/liabilities | (42,185) | (19,974) |
Issuances, net assets/liabilities | (6,054) | (3,094) |
Settlements, net assets/liabilities | 2,648 | 1,003 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | 44 | 33 |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | 2,424 | (1,544) |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | 0 | 2 |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | (162) | (321) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, net assets/liabilities | 2 | (88) |
Gain (loss) on all other activity included in accumulated other comprehensive income, net assets/liabilities | 438 | (69) |
Foreign currency translation impact, net assets/liabilities | (203) | (118) |
Balance at beginning of period, net assets/liabilities | (2,513) | (1,909) |
Bank | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | (1,898) | 3,563 |
Transfers in, net assets/liabilities | (1,221) | 716 |
Transfers out, net assets/liabilities | 1,611 | 1,163 |
Purchases, net assets/liabilities | 42,168 | 16,798 |
Sales, net assets/liabilities | (42,184) | (19,947) |
Issuances, net assets/liabilities | (6,187) | (3,092) |
Settlements, net assets/liabilities | 2,645 | 998 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | 44 | 33 |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | 2,440 | (1,542) |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | 0 | 2 |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | (160) | (318) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, net assets/liabilities | 2 | (88) |
Gain (loss) on all other activity included in accumulated other comprehensive income, net assets/liabilities | 438 | (69) |
Foreign currency translation impact, net assets/liabilities | (203) | (115) |
Balance at beginning of period, net assets/liabilities | SFr (2,505) | SFr (1,898) |
FI - Gains_losses on assets_lia
FI - Gains/losses on assets/liabilities using unobservable inputs (Details 7) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | SFr 2,306 | SFr (1,830) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (39) | (2,066) |
Trading revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 2,468 | (1,511) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (34) | (2,088) |
Other revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | (162) | (319) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (5) | 22 |
Bank | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 2,324 | (1,825) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (41) | (2,068) |
Bank | Trading revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | 2,484 | (1,509) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | (35) | (2,088) |
Bank | Other revenues | ||
Gains and losses on assets and liabilities | ||
Net realized/unrealized gains/(losses) included in net revenues | (160) | (316) |
Whereof: Unrealized gains/(losses) relating to assets and liabilities still held as of the reporting date | SFr (6) | SFr 20 |
FI - Non-recurring fair value c
FI - Non-recurring fair value changes (Details 8) - Nonrecurring basis - CHF (SFr) SFr in Billions | Dec. 31, 2018 | Dec. 31, 2017 |
Assets and liabilities recorded at fair value | ||
Loans | SFr 0 | SFr 0.1 |
Level 2 | ||
Assets and liabilities recorded at fair value | ||
Loans | 0 | 0.1 |
Bank | ||
Assets and liabilities recorded at fair value | ||
Loans | 0 | 0.1 |
Bank | Level 2 | ||
Assets and liabilities recorded at fair value | ||
Loans | SFr 0 | SFr 0.1 |
FI - Difference between fair va
FI - Difference between fair value and unpaid principle balances (Details 9) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Financial instruments | ||
Cash and Due from Banks | SFr 115 | SFr 212 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Loans | 14,873 | 15,307 |
Other assets | 7,263 | 9,018 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (14,828) | (15,262) |
Short-term borrowings | (8,068) | (11,019) |
Long-term debt | (63,935) | (63,628) |
Other liabilities | (9,001) | (8,624) |
Aggregate fair value | ||
Loans | ||
Non-interest-earning loans | 640 | 708 |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Loans | 14,873 | 15,307 |
Other assets | 6,706 | 8,468 |
Due to banks and customer deposits | (859) | (907) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (14,828) | (15,262) |
Short-term borrowings | (8,068) | (11,019) |
Long-term debt | (63,935) | (63,628) |
Other liabilities | (2,068) | (661) |
Aggregate unpaid principal | ||
Loans | ||
Non-interest-earning loans | 3,493 | 3,375 |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,637 | 76,643 |
Loans | 15,441 | 15,372 |
Other assets | 9,240 | 10,910 |
Due to banks and customer deposits | (778) | (861) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (14,827) | (15,180) |
Short-term borrowings | (8,647) | (11,104) |
Long-term debt | (70,883) | (63,759) |
Other liabilities | (3,125) | (1,716) |
Difference | ||
Loans | ||
Non-interest-earning loans, Difference | (2,853) | (2,667) |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 181 | 855 |
Loans | (568) | (65) |
Other assets | (2,534) | (2,442) |
Due to banks and customer deposits | (81) | (46) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1) | (82) |
Short-term borrowings | 579 | 85 |
Long-term debt | 6,948 | 131 |
Other liabilities | 1,057 | 1,055 |
Bank | ||
Financial instruments | ||
Cash and Due from Banks | 115 | 212 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Loans | 14,873 | 15,307 |
Other assets | 7,263 | 9,018 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (14,828) | (15,262) |
Short-term borrowings | (8,068) | (11,019) |
Long-term debt | (63,027) | (62,622) |
Other liabilities | (8,983) | (8,590) |
Bank | Aggregate fair value | ||
Loans | ||
Non-interest-earning loans | 640 | 708 |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Loans | 14,873 | 15,307 |
Other assets | 6,706 | 8,468 |
Due to banks and customer deposits | (859) | (907) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (14,828) | (15,262) |
Short-term borrowings | (8,068) | (11,019) |
Long-term debt | (63,027) | (62,622) |
Other liabilities | (2,068) | (661) |
Bank | Aggregate unpaid principal | ||
Loans | ||
Non-interest-earning loans | 3,493 | 3,375 |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,637 | 76,643 |
Loans | 15,441 | 15,372 |
Other assets | 9,240 | 10,910 |
Due to banks and customer deposits | (778) | (861) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (14,827) | (15,180) |
Short-term borrowings | (8,647) | (11,104) |
Long-term debt | (69,914) | (62,813) |
Other liabilities | (3,125) | (1,716) |
Bank | Difference | ||
Loans | ||
Non-interest-earning loans, Difference | (2,853) | (2,667) |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 181 | 855 |
Loans | (568) | (65) |
Other assets | (2,534) | (2,442) |
Due to banks and customer deposits | (81) | (46) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1) | (82) |
Short-term borrowings | 579 | 85 |
Long-term debt | 6,887 | 191 |
Other liabilities | SFr 1,057 | SFr 1,055 |
FI - Gains_losses on financial
FI - Gains/losses on financial instruments (Details 10) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest-bearing deposits with banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | SFr 2 | SFr 13 | SFr 4 |
Net gains/(losses) of which related to credit risk - on assets | (10) | 0 | 1 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 2,451 | 2,206 | 1,440 |
Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 241 | 216 | 212 |
Net gains/(losses) of which related to credit risk - on assets | (1) | (4) | (3) |
Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 717 | 1,542 | 1,643 |
Net gains/(losses) of which related to credit risk - on assets | (296) | 7 | (16) |
Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 770 | 480 | (518) |
Net gains/(losses) of which related to credit risk - on assets | 61 | 96 | (199) |
Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (39) | 1 | (12) |
Net gains/(losses) of which related to credit risk - on liabilities | (37) | 5 | (22) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (890) | (418) | (112) |
Short-term borrowings | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 2,807 | (512) | 323 |
Net gains/(losses) of which related to credit risk - on liabilities | (5) | (23) | (4) |
Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 4,206 | (6,857) | (1,235) |
Net gains/(losses) of which related to credit risk - on liabilities | 7 | (32) | 22 |
Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 73 | 183 | 456 |
Net gains/(losses) of which related to credit risk - on liabilities | 4 | 83 | 306 |
Bank | Interest-bearing deposits with banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 2 | 13 | 4 |
Net gains/(losses) of which related to credit risk - on assets | (10) | 0 | 1 |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 2,451 | 2,206 | 1,440 |
Bank | Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 241 | 215 | 214 |
Net gains/(losses) of which related to credit risk - on assets | (1) | (4) | (3) |
Bank | Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 717 | 1,542 | 1,643 |
Net gains/(losses) of which related to credit risk - on assets | (296) | 7 | (16) |
Bank | Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 770 | 480 | (507) |
Net gains/(losses) of which related to credit risk - on assets | 61 | 96 | (200) |
Bank | Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (39) | 1 | (12) |
Net gains/(losses) of which related to credit risk - on liabilities | (37) | 5 | (22) |
Bank | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (890) | (418) | (112) |
Bank | Short-term borrowings | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 2,807 | (512) | 323 |
Net gains/(losses) of which related to credit risk - on liabilities | (5) | (23) | (4) |
Bank | Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 4,375 | (6,615) | (1,136) |
Net gains/(losses) of which related to credit risk - on liabilities | 7 | (32) | 22 |
Bank | Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 72 | 181 | 443 |
Net gains/(losses) of which related to credit risk - on liabilities | SFr 4 | SFr 88 | SFr 312 |
FI - Fair value, unfunded commi
FI - Fair value, unfunded commitments, term of redemption conditions (Details 11) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 612 | SFr 651 |
Redeemable | 1,608 | 2,257 |
Total fair value | 2,220 | 2,908 |
Unfunded commitments | 180 | 137 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 102 | 229 |
Redeemable attributable to non-controlling interest | 167 | |
Unfunded commitments attributable to non-controlling interest | SFr 23 | 53 |
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 107 | 61 |
Redeemable | 1,009 | 983 |
Total fair value | 1,116 | 1,044 |
Unfunded commitments | 53 | 0 |
Funds held in trading assets and liabilities | Debt funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 12 | 0 |
Redeemable | 0 | 0 |
Total fair value | 12 | 0 |
Unfunded commitments | 0 | 0 |
Funds held in trading assets and liabilities | Equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 103 | 61 |
Redeemable | 1,011 | 992 |
Total fair value | 1,114 | 1,053 |
Unfunded commitments | SFr 53 | SFr 0 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 46.00% | 54.00% |
Percentage of investment subject to monthly redemption | 40.00% | 35.00% |
Percentage of investment subject to quarterly redemption | 13.00% | 9.00% |
Percentage of investment subject to annual redemption | 1.00% | 2.00% |
Funds held in trading assets and liabilities | Equity funds sold short | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Nonredeemable, liabilities | SFr (8) | SFr 0 |
Redeemable, liabilities | (2) | (9) |
Total fair value, liabilities | (10) | (9) |
Unfunded commitments | 0 | 0 |
Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 505 | 590 |
Redeemable | 599 | 1,274 |
Total fair value | 1,104 | 1,864 |
Unfunded commitments | 127 | 137 |
Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 84 | 168 |
Redeemable | 72 | 223 |
Total fair value | 156 | 391 |
Unfunded commitments | SFr 0 | SFr 9 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 35.00% | 6.00% |
Percentage of investment subject to monthly redemption | 43.00% | |
Percentage of investment subject to quarterly redemption | 65.00% | 51.00% |
Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 369 | SFr 351 |
Redeemable | 5 | 0 |
Total fair value | 374 | 351 |
Unfunded commitments | 106 | 123 |
Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 52 | 71 |
Redeemable | 522 | 1,051 |
Total fair value | 574 | 1,122 |
Unfunded commitments | 21 | 5 |
Funds held in other investments | Debt funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 68 | 164 |
Redeemable | 34 | 75 |
Total fair value | 102 | 239 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Debt funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1 | 1 |
Redeemable | 0 | 0 |
Total fair value | 1 | 1 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 14 | 2 |
Redeemable | 14 | 53 |
Total fair value | 28 | 55 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Equity funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 130 | 141 |
Redeemable | 0 | 0 |
Total fair value | 130 | 141 |
Unfunded commitments | 43 | 64 |
Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 214 | 178 |
Redeemable | 0 | 0 |
Total fair value | 214 | 178 |
Unfunded commitments | 34 | 44 |
Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 2 | 2 |
Redeemable | 24 | 95 |
Total fair value | 26 | 97 |
Unfunded commitments | 0 | 9 |
Funds held in other investments | Others | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 24 | 31 |
Redeemable | 5 | 0 |
Total fair value | 29 | 31 |
Unfunded commitments | 29 | 15 |
Bank | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 608 | 643 |
Redeemable | 1,608 | 2,256 |
Total fair value | 2,216 | 2,899 |
Unfunded commitments | 179 | 137 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable attributable to non-controlling interest | 102 | 229 |
Redeemable attributable to non-controlling interest | 167 | |
Unfunded commitments attributable to non-controlling interest | 23 | 53 |
Bank | Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 107 | 61 |
Redeemable | 1,009 | 983 |
Total fair value | 1,116 | 1,044 |
Unfunded commitments | 53 | 0 |
Bank | Funds held in trading assets and liabilities | Debt funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 12 | 0 |
Redeemable | 0 | 0 |
Total fair value | 12 | 0 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in trading assets and liabilities | Equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 103 | 61 |
Redeemable | 1,011 | 992 |
Total fair value | 1,114 | 1,053 |
Unfunded commitments | SFr 53 | SFr 0 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 46.00% | 54.00% |
Percentage of investment subject to monthly redemption | 40.00% | 35.00% |
Percentage of investment subject to quarterly redemption | 13.00% | 9.00% |
Percentage of investment subject to annual redemption | 1.00% | 2.00% |
Bank | Funds held in trading assets and liabilities | Equity funds sold short | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Nonredeemable, liabilities | SFr (8) | SFr 0 |
Redeemable, liabilities | (2) | (9) |
Total fair value, liabilities | (10) | (9) |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 501 | 582 |
Redeemable | 599 | 1,273 |
Total fair value | 1,100 | 1,855 |
Unfunded commitments | 126 | 137 |
Bank | Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 84 | 168 |
Redeemable | 72 | 223 |
Total fair value | 156 | 391 |
Unfunded commitments | SFr 0 | SFr 9 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Percentage of investment subject to on demand redemption | 35.00% | 6.00% |
Percentage of investment subject to monthly redemption | 43.00% | |
Percentage of investment subject to quarterly redemption | 65.00% | 51.00% |
Bank | Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 365 | SFr 343 |
Redeemable | 5 | 0 |
Total fair value | 370 | 343 |
Unfunded commitments | 105 | 123 |
Bank | Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 52 | 71 |
Redeemable | 522 | 1,050 |
Total fair value | 574 | 1,121 |
Unfunded commitments | 21 | 5 |
Bank | Funds held in other investments | Debt funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 68 | 164 |
Redeemable | 34 | 75 |
Total fair value | 102 | 239 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | Debt funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 1 | 1 |
Redeemable | 0 | 0 |
Total fair value | 1 | 1 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | Equity funds | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 14 | 2 |
Redeemable | 14 | 53 |
Total fair value | 28 | 55 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | Equity funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 126 | 133 |
Redeemable | 0 | 0 |
Total fair value | 126 | 133 |
Unfunded commitments | 42 | 63 |
Bank | Funds held in other investments | Real estate funds | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 214 | 178 |
Redeemable | 0 | 0 |
Total fair value | 214 | 178 |
Unfunded commitments | 34 | 44 |
Bank | Funds held in other investments | Others | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 2 | 2 |
Redeemable | 24 | 95 |
Total fair value | 26 | 97 |
Unfunded commitments | 0 | 9 |
Bank | Funds held in other investments | Others | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 24 | 31 |
Redeemable | 5 | 0 |
Total fair value | 29 | 31 |
Unfunded commitments | SFr 29 | SFr 16 |
FI - Quantitative information a
FI - Quantitative information about level 3 assets at fair value (Details 15) - Recurring basis - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest-bearing deposits with banks | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 0 | SFr 1 | |
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 | 0 | 174 | |
Securities received as collateral | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 30 | 46 | 70 |
Trading assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 8,814 | 8,754 | 12,765 |
Trading assets | Debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,076 | 2,292 | 3,977 |
Trading assets | Debt securities | Corporate debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,260 | 1,412 | 1,674 |
Trading assets | Debt securities | Corporate debt securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 621 | SFr 387 | |
Trading assets | Debt securities | Corporate debt securities | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (60.00%) | (60.00%) | |
Volatility (in %) | 0.00% | ||
Trading assets | Debt securities | Corporate debt securities | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 98.00% | 98.00% | |
Volatility (in %) | 178.00% | ||
Trading assets | Debt securities | Corporate debt securities | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 68.00% | 55.00% | |
Volatility (in %) | 30.00% | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 444 | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 37 | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 952 | ||
Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 230 | ||
Trading assets | Debt securities | Corporate debt securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 441 | SFr 545 | |
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 %) | 118.00% | 139.00% | |
Trading assets | Debt securities | Corporate debt securities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 94.00% | 84.00% | |
Trading assets | Debt securities | Debt securities issued by foreign governments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 232 | SFr 270 | |
Trading assets | Debt securities | Debt securities issued by foreign governments | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 140 | ||
Trading assets | Debt securities | Debt securities issued by foreign governments | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 140 | ||
Trading assets | Debt securities | Debt securities issued by foreign governments | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 140 | ||
Trading assets | Debt securities | RMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 269 | SFr 320 | 605 |
Trading assets | Debt securities | RMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Prepayment rate (in %) | 1.00% | 1.00% | |
Discount rate (in %) | 1.00% | 1.00% | |
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 %) | 22.00% | 36.00% | |
Discount rate (in %) | 26.00% | 24.00% | |
Default rate (in %) | 11.00% | 12.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Trading assets | Debt securities | RMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Prepayment rate (in %) | 8.00% | 10.00% | |
Discount rate (in %) | 7.00% | 11.00% | |
Default rate (in %) | 3.00% | 4.00% | |
Loss severity (in %) | 63.00% | 57.00% | |
Trading assets | Debt securities | CMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 16 | 65 | |
Trading assets | Debt securities | CMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | ||
Prepayment rate (in %) | 0.00% | ||
Discount rate (in %) | 8.00% | ||
Trading assets | Debt securities | CMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | ||
Prepayment rate (in %) | 5.00% | ||
Discount rate (in %) | 16.00% | ||
Trading assets | Debt securities | CMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | ||
Prepayment rate (in %) | 4.00% | ||
Discount rate (in %) | 14.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 126 | 1,165 | |
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 464 | ||
Prepayment rate (in %) | 5.00% | ||
Discount rate (in %) | 5.00% | ||
Default rate (in %) | 2.00% | ||
Loss severity (in %) | 0.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 669 | ||
Prepayment rate (in %) | 20.00% | ||
Discount rate (in %) | 13.00% | ||
Default rate (in %) | 5.00% | ||
Loss severity (in %) | 80.00% | ||
Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 553 | ||
Prepayment rate (in %) | 13.00% | ||
Discount rate (in %) | 8.00% | ||
Default rate (in %) | 3.00% | ||
Loss severity (in %) | 34.00% | ||
Trading assets | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 132 | SFr 163 | 240 |
Trading assets | Equity securities | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 49 | SFr 67 | |
Trading assets | Equity securities | Vendor price | Minimum | |||
Unobservable input | |||
Price (in actuals) | 0 | 0 | |
Trading assets | Equity securities | Vendor price | Maximum | |||
Unobservable input | |||
Price (in actuals) | 355 | 2,080 | |
Trading assets | Equity securities | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in actuals) | 1 | 10 | |
Trading assets | Equity securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 76 | SFr 81 | |
Trading assets | Equity securities | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 2 | 2 | |
Price (in %) | 100.00% | 18.00% | |
Trading assets | Equity securities | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 9 | 9 | |
Price (in %) | 100.00% | 100.00% | |
Trading assets | Equity securities | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 6 | 7 | |
Price (in %) | 100.00% | 67.00% | |
Trading assets | Derivative instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,298 | SFr 3,289 | 4,305 |
Trading assets | Derivative instruments | Interest rate derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 507 | SFr 801 | 748 |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 0.00% | 20.00% | |
Prepayment rate (in %) | 1.00% | 6.00% | |
Volatility skew (in %) | (4.00%) | (4.00%) | |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 100.00% | 100.00% | |
Prepayment rate (in %) | 26.00% | 34.00% | |
Volatility skew (in %) | 0.00% | 1.00% | |
Trading assets | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 69.00% | 72.00% | |
Prepayment rate (in %) | 9.00% | 17.00% | |
Volatility skew (in %) | (2.00%) | (1.00%) | |
Trading assets | Derivative instruments | Credit derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 673 | SFr 634 | 688 |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 3 | 1 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 3.00% | 3.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 16.00% | 1.00% | |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 2,147 | 956 | |
Prepayment rate (in %) | 12.00% | 14.00% | |
Recovery rate (in %) | 68.00% | 45.00% | |
Discount rate (in %) | 28.00% | 50.00% | |
Default rate (in %) | 20.00% | 20.00% | |
Loss severity (in %) | 85.00% | 100.00% | |
Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 269 | 217 | |
Prepayment rate (in %) | 6.00% | 6.00% | |
Recovery rate (in %) | 8.00% | 20.00% | |
Discount rate (in %) | 15.00% | 16.00% | |
Default rate (in %) | 4.00% | 5.00% | |
Loss severity (in %) | 56.00% | 64.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,054 | SFr 833 | 914 |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (40.00%) | (60.00%) | |
Gap risk (in %) | 0.00% | 0.00% | |
Volatility (in %) | 2.00% | 0.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 98.00% | 98.00% | |
Gap risk (in %) | 4.00% | 2.00% | |
Volatility (in %) | 178.00% | 105.00% | |
Trading assets | Derivative instruments | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 74.00% | 90.00% | |
Correlation (in %) | 80.00% | 65.00% | |
Gap risk (in %) | 1.00% | 1.00% | |
Volatility (in %) | 34.00% | 64.00% | |
Trading assets | Derivative instruments | Foreign exchange derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 258 | SFr 188 | |
Trading assets | Derivative instruments | Foreign exchange derivatives | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 218 | ||
Trading assets | Derivative instruments | Foreign exchange derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (23.00%) | ||
Prepayment rate (in %) | 21.00% | ||
Volatility (in %) | 80.00% | ||
Trading assets | Derivative instruments | Foreign exchange derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 70.00% | ||
Prepayment rate (in %) | 26.00% | ||
Volatility (in %) | 90.00% | ||
Trading assets | Derivative instruments | Foreign exchange derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 24.00% | ||
Prepayment rate (in %) | 23.00% | ||
Volatility (in %) | 85.00% | ||
Trading assets | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 28 | ||
Trading assets | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | ||
Trading assets | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | ||
Trading assets | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | ||
Trading assets | Derivative instruments | Other derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 806 | 833 | |
Trading assets | Derivative instruments | Other derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 2 | ||
Mortality rate (in %) | 87.00% | ||
Trading assets | Derivative instruments | Other derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 16 | ||
Mortality rate (in %) | 106.00% | ||
Trading assets | Derivative instruments | Other derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 5 | ||
Mortality rate (in %) | 101.00% | ||
Trading assets | Other | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,308 | 3,010 | 4,243 |
Trading assets | Other | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 249 | ||
Trading assets | Other | Option model | Minimum | |||
Unobservable input | |||
Mortality rate (in %) | 0.00% | ||
Trading assets | Other | Option model | Maximum | |||
Unobservable input | |||
Mortality rate (in %) | 70.00% | ||
Trading assets | Other | Option model | Weighted average | |||
Unobservable input | |||
Mortality rate (in %) | 6.00% | ||
Trading assets | Other | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 870 | SFr 1,095 | |
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) | 17 | 18 | |
Trading assets | Other | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 7 | 8 | |
Trading assets | Other | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 2,119 | SFr 1,605 | |
Trading assets | Other | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Trading assets | Other | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 110.00% | 110.00% | |
Trading assets | Other | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 30.00% | 23.00% | |
Other investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,309 | SFr 1,601 | 1,906 |
Other investments | Private equity | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 29 | ||
Other investments | Other equity investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 271 | ||
Other investments | Life finance instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,067 | SFr 1,301 | 1,588 |
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) | 17 | 18 | |
Other investments | Life finance instruments | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 6 | 6 | |
Other investments | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 300 | 318 | |
Loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 4,324 | 4,530 | 6,585 |
Other intangible assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 163 | 158 | 138 |
Other assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,543 | 1,511 | 1,679 |
Other assets - of which loans held-for-sale | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,235 | 1,350 | 1,316 |
Other assets - of which loans held-for-sale | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 422 | SFr 849 | |
Other assets - of which loans held-for-sale | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 105 | 117 | |
Recovery rate (in %) | 25.00% | 18.00% | |
Other assets - of which loans held-for-sale | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 2,730 | 973 | |
Recovery rate (in %) | 87.00% | 87.00% | |
Other assets - of which loans held-for-sale | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 394 | 292 | |
Recovery rate (in %) | 56.00% | 73.00% | |
Other assets - of which loans held-for-sale | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 739 | SFr 280 | |
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 %) | 130.00% | 102.00% | |
Other assets - of which loans held-for-sale | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 82.00% | 88.00% | |
Assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 16,349 | SFr 16,642 | 23,390 |
Investment securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 166 | 42 | 72 |
Commercial and industrial loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,949 | 2,207 | 3,816 |
Commercial and industrial loans | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,531 | SFr 1,924 | |
Commercial and industrial loans | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 159 | 89 | |
Commercial and industrial loans | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,184 | 1,116 | |
Commercial and industrial loans | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 582 | 420 | |
Commercial and industrial loans | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 306 | SFr 250 | |
Commercial and industrial loans | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Commercial and industrial loans | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 99.00% | 99.00% | |
Commercial and industrial loans | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 65.00% | 56.00% | |
Financial institutions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,391 | SFr 1,480 | 1,829 |
Financial institutions | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,157 | SFr 1,426 | |
Financial institutions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 88 | 43 | |
Financial institutions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,071 | 1,430 | |
Financial institutions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 596 | 371 | |
Financial institutions | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 73 | ||
Financial institutions | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 1.00% | ||
Financial institutions | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Financial institutions | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 74.00% | ||
Real estate | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 515 | SFr 171 | |
Real estate | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 200 | ||
Recovery rate (in %) | 25.00% | ||
Real estate | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,522 | ||
Recovery rate (in %) | 40.00% | ||
Real estate | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 612 | ||
Recovery rate (in %) | 39.00% | ||
Bank | Interest-bearing deposits with banks | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 0 | 1 | |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 0 | 174 | |
Bank | Securities received as collateral | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 30 | 46 | 70 |
Bank | Trading assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 8,814 | 8,754 | 12,765 |
Bank | Trading assets | Debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 2,076 | 2,292 | 3,977 |
Bank | Trading assets | Debt securities | Corporate debt securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,260 | 1,412 | 1,674 |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 621 | SFr 387 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (60.00%) | (60.00%) | |
Volatility (in %) | 0.00% | ||
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 98.00% | 98.00% | |
Volatility (in %) | 178.00% | ||
Bank | Trading assets | Debt securities | Corporate debt securities | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 68.00% | 55.00% | |
Volatility (in %) | 30.00% | ||
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 444 | ||
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 37 | ||
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 952 | ||
Bank | Trading assets | Debt securities | Corporate debt securities | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 230 | ||
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 441 | SFr 545 | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 118.00% | 139.00% | |
Bank | Trading assets | Debt securities | Corporate debt securities | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 94.00% | 84.00% | |
Bank | Trading assets | Debt securities | Debt securities issued by foreign governments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 232 | SFr 270 | |
Bank | Trading assets | Debt securities | Debt securities issued by foreign governments | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 140 | ||
Bank | Trading assets | Debt securities | Debt securities issued by foreign governments | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 140 | ||
Bank | Trading assets | Debt securities | Debt securities issued by foreign governments | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 140 | ||
Bank | Trading assets | Debt securities | RMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 269 | SFr 320 | 605 |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Prepayment rate (in %) | 1.00% | 1.00% | |
Discount rate (in %) | 1.00% | 1.00% | |
Default rate (in %) | 0.00% | 0.00% | |
Loss severity (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Prepayment rate (in %) | 22.00% | 36.00% | |
Discount rate (in %) | 26.00% | 24.00% | |
Default rate (in %) | 11.00% | 12.00% | |
Loss severity (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Debt securities | RMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Prepayment rate (in %) | 8.00% | 10.00% | |
Discount rate (in %) | 7.00% | 11.00% | |
Default rate (in %) | 3.00% | 4.00% | |
Loss severity (in %) | 63.00% | 57.00% | |
Bank | Trading assets | Debt securities | CMBS | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 16 | 65 | |
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Minimum | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | ||
Prepayment rate (in %) | 0.00% | ||
Discount rate (in %) | 8.00% | ||
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Maximum | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | ||
Prepayment rate (in %) | 5.00% | ||
Discount rate (in %) | 16.00% | ||
Bank | Trading assets | Debt securities | CMBS | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Capitalization rate (in %) | 14.00% | ||
Prepayment rate (in %) | 4.00% | ||
Discount rate (in %) | 14.00% | ||
Bank | Trading assets | Debt securities | Collateralized debt obligations | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 126 | 1,165 | |
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 464 | ||
Prepayment rate (in %) | 5.00% | ||
Discount rate (in %) | 5.00% | ||
Default rate (in %) | 2.00% | ||
Loss severity (in %) | 0.00% | ||
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 669 | ||
Prepayment rate (in %) | 20.00% | ||
Discount rate (in %) | 13.00% | ||
Default rate (in %) | 5.00% | ||
Loss severity (in %) | 80.00% | ||
Bank | Trading assets | Debt securities | Collateralized debt obligations | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 553 | ||
Prepayment rate (in %) | 13.00% | ||
Discount rate (in %) | 8.00% | ||
Default rate (in %) | 3.00% | ||
Loss severity (in %) | 34.00% | ||
Bank | Trading assets | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 132 | SFr 163 | 240 |
Bank | Trading assets | Equity securities | Vendor price | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 49 | SFr 67 | |
Bank | Trading assets | Equity securities | Vendor price | Minimum | |||
Unobservable input | |||
Price (in actuals) | 0 | 0 | |
Bank | Trading assets | Equity securities | Vendor price | Maximum | |||
Unobservable input | |||
Price (in actuals) | 355 | 2,080 | |
Bank | Trading assets | Equity securities | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in actuals) | 1 | 10 | |
Bank | Trading assets | Equity securities | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 76 | SFr 81 | |
Bank | Trading assets | Equity securities | Market comparable | Minimum | |||
Unobservable input | |||
EBITDA multiple | 2 | 2 | |
Price (in %) | 100.00% | 18.00% | |
Bank | Trading assets | Equity securities | Market comparable | Maximum | |||
Unobservable input | |||
EBITDA multiple | 9 | 9 | |
Price (in %) | 100.00% | 100.00% | |
Bank | Trading assets | Equity securities | Market comparable | Weighted average | |||
Unobservable input | |||
EBITDA multiple | 6 | 7 | |
Price (in %) | 100.00% | 67.00% | |
Bank | Trading assets | Derivative instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,298 | SFr 3,289 | 4,305 |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 507 | SFr 801 | 748 |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 0.00% | 20.00% | |
Prepayment rate (in %) | 1.00% | 6.00% | |
Volatility skew (in %) | (4.00%) | (4.00%) | |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 100.00% | 100.00% | |
Prepayment rate (in %) | 26.00% | 34.00% | |
Volatility skew (in %) | 0.00% | 1.00% | |
Bank | Trading assets | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 69.00% | 72.00% | |
Prepayment rate (in %) | 9.00% | 17.00% | |
Volatility skew (in %) | (2.00%) | (1.00%) | |
Bank | Trading assets | Derivative instruments | Credit derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 673 | SFr 634 | 688 |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 3 | 1 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 0.00% | 0.00% | |
Discount rate (in %) | 3.00% | 3.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 16.00% | 1.00% | |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 2,147 | 956 | |
Prepayment rate (in %) | 12.00% | 14.00% | |
Recovery rate (in %) | 68.00% | 45.00% | |
Discount rate (in %) | 28.00% | 50.00% | |
Default rate (in %) | 20.00% | 20.00% | |
Loss severity (in %) | 85.00% | 100.00% | |
Bank | Trading assets | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 97.00% | 97.00% | |
Credit spread (in bp) | 269 | 217 | |
Prepayment rate (in %) | 6.00% | 6.00% | |
Recovery rate (in %) | 8.00% | 20.00% | |
Discount rate (in %) | 15.00% | 16.00% | |
Default rate (in %) | 4.00% | 5.00% | |
Loss severity (in %) | 56.00% | 64.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,054 | SFr 833 | 914 |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (40.00%) | (60.00%) | |
Gap risk (in %) | 0.00% | 0.00% | |
Volatility (in %) | 2.00% | 0.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 98.00% | 98.00% | |
Gap risk (in %) | 4.00% | 2.00% | |
Volatility (in %) | 178.00% | 105.00% | |
Bank | Trading assets | Derivative instruments | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 74.00% | 90.00% | |
Correlation (in %) | 80.00% | 65.00% | |
Gap risk (in %) | 1.00% | 1.00% | |
Volatility (in %) | 34.00% | 64.00% | |
Bank | Trading assets | Derivative instruments | Foreign exchange derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 258 | SFr 188 | |
Bank | Trading assets | Derivative instruments | Foreign exchange derivatives | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 218 | ||
Bank | Trading assets | Derivative instruments | Foreign exchange derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (23.00%) | ||
Prepayment rate (in %) | 21.00% | ||
Volatility (in %) | 80.00% | ||
Bank | Trading assets | Derivative instruments | Foreign exchange derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 70.00% | ||
Prepayment rate (in %) | 26.00% | ||
Volatility (in %) | 90.00% | ||
Bank | Trading assets | Derivative instruments | Foreign exchange derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 24.00% | ||
Prepayment rate (in %) | 23.00% | ||
Volatility (in %) | 85.00% | ||
Bank | Trading assets | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 28 | ||
Bank | Trading assets | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | ||
Bank | Trading assets | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | ||
Bank | Trading assets | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Contingent probability (in %) | 95.00% | ||
Bank | Trading assets | Derivative instruments | Other derivatives | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 806 | 833 | |
Bank | Trading assets | Derivative instruments | Other derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 2 | ||
Mortality rate (in %) | 87.00% | ||
Bank | Trading assets | Derivative instruments | Other derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 16 | ||
Mortality rate (in %) | 106.00% | ||
Bank | Trading assets | Derivative instruments | Other derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 5 | ||
Mortality rate (in %) | 101.00% | ||
Bank | Trading assets | Other | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 3,308 | 3,010 | 4,243 |
Bank | Trading assets | Other | Option model | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 249 | ||
Bank | Trading assets | Other | Option model | Minimum | |||
Unobservable input | |||
Mortality rate (in %) | 0.00% | ||
Bank | Trading assets | Other | Option model | Maximum | |||
Unobservable input | |||
Mortality rate (in %) | 70.00% | ||
Bank | Trading assets | Other | Option model | Weighted average | |||
Unobservable input | |||
Mortality rate (in %) | 6.00% | ||
Bank | Trading assets | Other | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 870 | SFr 1,095 | |
Bank | Trading assets | Other | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 3 | 3 | |
Bank | Trading assets | Other | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 17 | 18 | |
Bank | Trading assets | Other | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 7 | 8 | |
Bank | Trading assets | Other | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 2,119 | SFr 1,605 | |
Bank | Trading assets | Other | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Trading assets | Other | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 110.00% | 110.00% | |
Bank | Trading assets | Other | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 30.00% | 23.00% | |
Bank | Other investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,309 | SFr 1,601 | 1,906 |
Bank | Other investments | Private equity | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 29 | ||
Bank | Other investments | Other equity investments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 271 | ||
Bank | Other investments | Life finance instruments | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,067 | SFr 1,301 | 1,588 |
Bank | Other investments | Life finance instruments | Discounted cash flow | Minimum | |||
Unobservable input | |||
Life expectancy (in years) | 2 | 2 | |
Bank | Other investments | Life finance instruments | Discounted cash flow | Maximum | |||
Unobservable input | |||
Life expectancy (in years) | 17 | 18 | |
Bank | Other investments | Life finance instruments | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Life expectancy (in years) | 6 | 6 | |
Bank | Other investments | Equity securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 300 | 318 | |
Bank | Loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 4,324 | 4,530 | 6,585 |
Bank | Other intangible assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 163 | 158 | 138 |
Bank | Other assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,543 | 1,511 | 1,679 |
Bank | Other assets - of which loans held-for-sale | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,235 | 1,350 | 1,316 |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 422 | SFr 849 | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 105 | 117 | |
Recovery rate (in %) | 25.00% | 18.00% | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 2,730 | 973 | |
Recovery rate (in %) | 87.00% | 87.00% | |
Bank | Other assets - of which loans held-for-sale | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 394 | 292 | |
Recovery rate (in %) | 56.00% | 73.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 739 | SFr 280 | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 130.00% | 102.00% | |
Bank | Other assets - of which loans held-for-sale | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 82.00% | 88.00% | |
Bank | Assets | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 16,349 | SFr 16,642 | 23,390 |
Bank | Investment securities | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 166 | 42 | 72 |
Bank | Commercial and industrial loans | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | 1,949 | 2,207 | 3,816 |
Bank | Commercial and industrial loans | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,531 | SFr 1,924 | |
Bank | Commercial and industrial loans | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 159 | 89 | |
Bank | Commercial and industrial loans | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,184 | 1,116 | |
Bank | Commercial and industrial loans | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 582 | 420 | |
Bank | Commercial and industrial loans | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 306 | SFr 250 | |
Bank | Commercial and industrial loans | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | 0.00% | |
Bank | Commercial and industrial loans | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 99.00% | 99.00% | |
Bank | Commercial and industrial loans | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 65.00% | 56.00% | |
Bank | Financial institutions | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,391 | SFr 1,480 | SFr 1,829 |
Bank | Financial institutions | Discounted cash flow | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 1,157 | SFr 1,426 | |
Bank | Financial institutions | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 88 | 43 | |
Bank | Financial institutions | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,071 | 1,430 | |
Bank | Financial institutions | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 596 | 371 | |
Bank | Financial institutions | Market comparable | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 73 | ||
Bank | Financial institutions | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 1.00% | ||
Bank | Financial institutions | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Bank | Financial institutions | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 74.00% | ||
Bank | Real estate | |||
Quantitative information about level 3 assets at fair value | |||
Fair value, assets | SFr 515 | SFr 171 | |
Bank | Real estate | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 200 | ||
Recovery rate (in %) | 25.00% | ||
Bank | Real estate | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,522 | ||
Recovery rate (in %) | 40.00% | ||
Bank | Real estate | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 612 | ||
Recovery rate (in %) | 39.00% |
FI - Quantitative information_2
FI - Quantitative information about level 3 liabilities at fair value (Details 16) - Recurring basis SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016CHF (SFr) | |
Obligation to return securities received as collateral | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 30 | SFr 46 | SFr 70 |
Due to banks and customer deposits | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 453 | 455 | 410 |
Trading liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 3,589 | 3,226 | 3,737 |
Trading liabilities | Debt securities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 25 | 2 | |
Trading liabilities | Equity securities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 37 | 55 | |
Trading liabilities | Equity securities | Equity/Index-related products | Vendor price | Minimum | |||
Unobservable input | |||
Price (in actuals) | 0 | ||
Trading liabilities | Equity securities | Equity/Index-related products | Vendor price | Maximum | |||
Unobservable input | |||
Price (in actuals) | 3 | ||
Trading liabilities | Equity securities | Equity/Index-related products | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in actuals) | 0 | ||
Trading liabilities | Derivative instruments | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 3,527 | 3,169 | |
Trading liabilities | Derivative instruments | Interest rate derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 189 | 317 | 538 |
Trading liabilities | Derivative instruments | Interest rate derivatives | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 205 | ||
Trading liabilities | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Basis spread (in bp) | (20) | (25) | |
Correlation (in %) | 1.00% | 20.00% | |
Prepayment rate (in %) | 1.00% | 6.00% | |
Trading liabilities | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Basis spread (in bp) | 147 | 52 | |
Correlation (in %) | 100.00% | 100.00% | |
Prepayment rate (in %) | 26.00% | 34.00% | |
Trading liabilities | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Basis spread (in bp) | 48 | 19 | |
Correlation (in %) | 41.00% | 60.00% | |
Prepayment rate (in %) | 7.00% | 9.00% | |
Trading liabilities | Derivative instruments | Interest rate derivatives | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 81 | ||
Trading liabilities | Derivative instruments | Interest rate derivatives | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 1.00% | ||
Trading liabilities | Derivative instruments | Interest rate derivatives | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 102.00% | ||
Trading liabilities | Derivative instruments | Interest rate derivatives | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 44.00% | ||
Trading liabilities | Derivative instruments | Foreign exchange derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 160 | SFr 100 | 150 |
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 57 | SFr 64 | |
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 35.00% | (10.00%) | |
Prepayment rate (in %) | 21.00% | 27.00% | |
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 70.00% | 70.00% | |
Prepayment rate (in %) | 26.00% | 34.00% | |
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 53.00% | 51.00% | |
Prepayment rate (in %) | 23.00% | 30.00% | |
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 62 | SFr 7 | |
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 146 | ||
Contingent probability (in %) | 95.00% | 95.00% | |
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 535 | ||
Contingent probability (in %) | 95.00% | 95.00% | |
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 379 | ||
Contingent probability (in %) | 95.00% | 95.00% | |
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 37 | ||
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Trading liabilities | Derivative instruments | Foreign exchange derivatives | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Trading liabilities | Derivative instruments | Credit derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,140 | SFr 898 | 851 |
Trading liabilities | Derivative instruments | Credit derivatives | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 20 | ||
Trading liabilities | Derivative instruments | Credit derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 50.00% | ||
Credit spread (in bp) | 35 | ||
Trading liabilities | Derivative instruments | Credit derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 50.00% | ||
Credit spread (in bp) | 1,156 | ||
Trading liabilities | Derivative instruments | Credit derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 50.00% | ||
Credit spread (in bp) | 320 | ||
Trading liabilities | Derivative instruments | Credit derivatives | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 566 | ||
Trading liabilities | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Correlation (in %) | 38.00% | 38.00% | |
Credit spread (in bp) | 3 | 2 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 0.00% | 10.00% | |
Discount rate (in %) | 3.00% | 3.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 16.00% | 25.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Trading liabilities | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Correlation (in %) | 82.00% | 85.00% | |
Credit spread (in bp) | 2,937 | 973 | |
Prepayment rate (in %) | 12.00% | 20.00% | |
Recovery rate (in %) | 80.00% | 60.00% | |
Discount rate (in %) | 28.00% | 50.00% | |
Default rate (in %) | 20.00% | 20.00% | |
Loss severity (in %) | 95.00% | 100.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Trading liabilities | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 47.00% | 54.00% | |
Credit spread (in bp) | 262 | 172 | |
Prepayment rate (in %) | 6.00% | 7.00% | |
Recovery rate (in %) | 14.00% | 38.00% | |
Discount rate (in %) | 14.00% | 16.00% | |
Default rate (in %) | 4.00% | 5.00% | |
Loss severity (in %) | 56.00% | 67.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Trading liabilities | Derivative instruments | Credit derivatives | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 508 | ||
Trading liabilities | Derivative instruments | Credit derivatives | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 75.00% | ||
Trading liabilities | Derivative instruments | Credit derivatives | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 104.00% | ||
Trading liabilities | Derivative instruments | Credit derivatives | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 89.00% | ||
Trading liabilities | Derivative instruments | Equity/Index-related products | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,500 | SFr 1,301 | 1,181 |
Trading liabilities | Derivative instruments | Equity/Index-related products | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 947 | ||
Trading liabilities | Derivative instruments | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (60.00%) | (60.00%) | |
Volatility (in %) | 0.00% | 0.00% | |
Trading liabilities | Derivative instruments | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 98.00% | 98.00% | |
Volatility (in %) | 178.00% | 105.00% | |
Trading liabilities | Derivative instruments | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 74.00% | 90.00% | |
Correlation (in %) | 74.00% | 55.00% | |
Volatility (in %) | 30.00% | 25.00% | |
Trading liabilities | Derivative instruments | Equity/Index-related products | Vendor price | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 62 | ||
Trading liabilities | Derivative instruments | Equity/Index-related products | Vendor price | Minimum | |||
Unobservable input | |||
Price (in actuals) | 0 | ||
Trading liabilities | Derivative instruments | Equity/Index-related products | Vendor price | Maximum | |||
Unobservable input | |||
Price (in actuals) | 53 | ||
Trading liabilities | Derivative instruments | Equity/Index-related products | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in actuals) | 18 | ||
Short-term borrowings | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 784 | SFr 845 | 516 |
Short-term borrowings | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 644 | SFr 288 | |
Short-term borrowings | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | ||
Correlation (in %) | (40.00%) | (40.00%) | |
Gap risk (in %) | 0.00% | ||
Volatility (in %) | 2.00% | 4.00% | |
Short-term borrowings | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | ||
Correlation (in %) | 98.00% | 98.00% | |
Gap risk (in %) | 4.00% | ||
Volatility (in %) | 178.00% | 105.00% | |
Short-term borrowings | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 74.00% | ||
Correlation (in %) | 64.00% | 60.00% | |
Gap risk (in %) | 1.00% | ||
Volatility (in %) | 32.00% | 26.00% | |
Short-term borrowings | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 61 | SFr 527 | |
Short-term borrowings | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 1,018 | 2 | |
Recovery rate (in %) | 40.00% | 25.00% | |
Short-term borrowings | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,089 | 278 | |
Recovery rate (in %) | 40.00% | 40.00% | |
Short-term borrowings | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,067 | 175 | |
Recovery rate (in %) | 40.00% | 29.00% | |
Short-term borrowings | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 24 | ||
Short-term borrowings | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 11.00% | ||
Short-term borrowings | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 47.00% | ||
Short-term borrowings | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 47.00% | ||
Long-term debt | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 12,665 | SFr 12,501 | 13,415 |
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 | 11,800 | 12,259 | 12,434 |
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 9,533 | SFr 9,739 | |
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 %) | (60.00%) | (60.00%) | |
Gap risk (in %) | 0.00% | 0.00% | |
Mean reversion (in %) | (55.00%) | (14.00%) | |
Volatility (in %) | 0.00% | 0.00% | |
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 %) | 98.00% | 99.00% | |
Gap risk (in %) | 4.00% | 2.00% | |
Mean reversion (in %) | (1.00%) | (1.00%) | |
Volatility (in %) | 178.00% | 105.00% | |
Long-term debt | Long-term debt - of which structured notes over two years | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 74.00% | 90.00% | |
Correlation (in %) | 65.00% | 55.00% | |
Gap risk (in %) | 1.00% | 1.00% | |
Mean reversion (in %) | (7.00%) | (6.00%) | |
Volatility (in %) | 27.00% | 21.00% | |
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 1,570 | SFr 1,571 | |
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | (11) | 2 | |
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,089 | 729 | |
Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 136 | 105 | |
Long-term debt | Long-term debt - of which structured notes over two years | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 43 | ||
Long-term debt | Long-term debt - of which structured notes over two years | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | ||
Long-term debt | Long-term debt - of which structured notes over two years | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 46.00% | ||
Long-term debt | Long-term debt - of which structured notes over two years | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 30.00% | ||
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 528 | SFr 149 | |
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 427 | ||
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (40.00%) | ||
Volatility (in %) | 2.00% | ||
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 98.00% | ||
Volatility (in %) | 178.00% | ||
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 71.00% | ||
Volatility (in %) | 31.00% | ||
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 3 | ||
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 112 | ||
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 112 | ||
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 112 | ||
Other liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,341 | 1,478 | 1,684 |
Other liabilities | Other liabilities - of which failed sales | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 223 | 219 | |
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 25 | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Other liabilities | Other liabilities - of which failed sales | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 122 | ||
Other liabilities | Other liabilities - of which failed sales | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | ||
Other liabilities | Other liabilities - of which failed sales | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Other liabilities | Other liabilities - of which failed sales | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 51.00% | ||
Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 18,862 | SFr 18,551 | 19,832 |
Bank | Obligation to return securities received as collateral | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 30 | 46 | 70 |
Bank | Due to banks and customer deposits | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 453 | 455 | 410 |
Bank | Trading liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 3,589 | 3,226 | 3,737 |
Bank | Trading liabilities | Equity/Index-related products | Vendor price | Minimum | |||
Unobservable input | |||
Price (in actuals) | 0 | ||
Bank | Trading liabilities | Equity/Index-related products | Vendor price | Maximum | |||
Unobservable input | |||
Price (in actuals) | 3 | ||
Bank | Trading liabilities | Equity/Index-related products | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in actuals) | 0 | ||
Bank | Trading liabilities | Debt securities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 25 | 2 | |
Bank | Trading liabilities | Equity securities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 37 | 55 | |
Bank | Trading liabilities | Derivative instruments | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 3,527 | 3,169 | |
Bank | Trading liabilities | Derivative instruments | Interest rate derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 189 | 317 | 538 |
Bank | Trading liabilities | Derivative instruments | Interest rate derivatives | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 205 | ||
Bank | Trading liabilities | Derivative instruments | Interest rate derivatives | Option model | Minimum | |||
Unobservable input | |||
Basis spread (in bp) | (20) | (25) | |
Correlation (in %) | 1.00% | 20.00% | |
Prepayment rate (in %) | 1.00% | 6.00% | |
Bank | Trading liabilities | Derivative instruments | Interest rate derivatives | Option model | Maximum | |||
Unobservable input | |||
Basis spread (in bp) | 147 | 52 | |
Correlation (in %) | 100.00% | 100.00% | |
Prepayment rate (in %) | 26.00% | 34.00% | |
Bank | Trading liabilities | Derivative instruments | Interest rate derivatives | Option model | Weighted average | |||
Unobservable input | |||
Basis spread (in bp) | 48 | 19 | |
Correlation (in %) | 41.00% | 60.00% | |
Prepayment rate (in %) | 7.00% | 9.00% | |
Bank | Trading liabilities | Derivative instruments | Interest rate derivatives | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 81 | ||
Bank | Trading liabilities | Derivative instruments | Interest rate derivatives | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 1.00% | ||
Bank | Trading liabilities | Derivative instruments | Interest rate derivatives | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 102.00% | ||
Bank | Trading liabilities | Derivative instruments | Interest rate derivatives | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 44.00% | ||
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 160 | SFr 100 | 150 |
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 57 | SFr 64 | |
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 35.00% | (10.00%) | |
Prepayment rate (in %) | 21.00% | 27.00% | |
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 70.00% | 70.00% | |
Prepayment rate (in %) | 26.00% | 34.00% | |
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 53.00% | 51.00% | |
Prepayment rate (in %) | 23.00% | 30.00% | |
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 62 | SFr 7 | |
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 146 | ||
Contingent probability (in %) | 95.00% | 95.00% | |
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 535 | ||
Contingent probability (in %) | 95.00% | 95.00% | |
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 379 | ||
Contingent probability (in %) | 95.00% | 95.00% | |
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 37 | ||
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Bank | Trading liabilities | Derivative instruments | Foreign exchange derivatives | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,140 | SFr 898 | 851 |
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 20 | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | 50.00% | ||
Credit spread (in bp) | 35 | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 50.00% | ||
Credit spread (in bp) | 1,156 | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 50.00% | ||
Credit spread (in bp) | 320 | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 566 | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Discounted cash flow | Minimum | |||
Unobservable input | |||
Correlation (in %) | 38.00% | 38.00% | |
Credit spread (in bp) | 3 | 2 | |
Prepayment rate (in %) | 0.00% | 0.00% | |
Recovery rate (in %) | 0.00% | 10.00% | |
Discount rate (in %) | 3.00% | 3.00% | |
Default rate (in %) | 1.00% | 1.00% | |
Loss severity (in %) | 16.00% | 25.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Discounted cash flow | Maximum | |||
Unobservable input | |||
Correlation (in %) | 82.00% | 85.00% | |
Credit spread (in bp) | 2,937 | 973 | |
Prepayment rate (in %) | 12.00% | 20.00% | |
Recovery rate (in %) | 80.00% | 60.00% | |
Discount rate (in %) | 28.00% | 50.00% | |
Default rate (in %) | 20.00% | 20.00% | |
Loss severity (in %) | 95.00% | 100.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 47.00% | 54.00% | |
Credit spread (in bp) | 262 | 172 | |
Prepayment rate (in %) | 6.00% | 7.00% | |
Recovery rate (in %) | 14.00% | 38.00% | |
Discount rate (in %) | 14.00% | 16.00% | |
Default rate (in %) | 4.00% | 5.00% | |
Loss severity (in %) | 56.00% | 67.00% | |
Term Total Return Swap (TRS)/Repurchase spread | 176 | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 508 | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 75.00% | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 104.00% | ||
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 89.00% | ||
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,500 | SFr 1,301 | 1,181 |
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 947 | ||
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (60.00%) | (60.00%) | |
Volatility (in %) | 0.00% | 0.00% | |
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 98.00% | 98.00% | |
Volatility (in %) | 178.00% | 105.00% | |
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 74.00% | 90.00% | |
Correlation (in %) | 74.00% | 55.00% | |
Volatility (in %) | 30.00% | 25.00% | |
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | Vendor price | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 62 | ||
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | Vendor price | Minimum | |||
Unobservable input | |||
Price (in actuals) | 0 | ||
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | Vendor price | Maximum | |||
Unobservable input | |||
Price (in actuals) | 53 | ||
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | Vendor price | Weighted average | |||
Unobservable input | |||
Price (in actuals) | 18 | ||
Bank | Short-term borrowings | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 784 | SFr 845 | 516 |
Bank | Short-term borrowings | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 644 | SFr 288 | |
Bank | Short-term borrowings | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | ||
Correlation (in %) | (40.00%) | (40.00%) | |
Gap risk (in %) | 0.00% | ||
Volatility (in %) | 2.00% | 4.00% | |
Bank | Short-term borrowings | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | ||
Correlation (in %) | 98.00% | 98.00% | |
Gap risk (in %) | 4.00% | ||
Volatility (in %) | 178.00% | 105.00% | |
Bank | Short-term borrowings | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 74.00% | ||
Correlation (in %) | 64.00% | 60.00% | |
Gap risk (in %) | 1.00% | ||
Volatility (in %) | 32.00% | 26.00% | |
Bank | Short-term borrowings | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 61 | SFr 527 | |
Bank | Short-term borrowings | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 1,018 | 2 | |
Recovery rate (in %) | 40.00% | 25.00% | |
Bank | Short-term borrowings | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,089 | 278 | |
Recovery rate (in %) | 40.00% | 40.00% | |
Bank | Short-term borrowings | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,067 | 175 | |
Recovery rate (in %) | 40.00% | 29.00% | |
Bank | Short-term borrowings | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 24 | ||
Bank | Short-term borrowings | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 11.00% | ||
Bank | Short-term borrowings | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 47.00% | ||
Bank | Short-term borrowings | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 47.00% | ||
Bank | Long-term debt | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 12,671 | SFr 12,501 | 13,415 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 11,800 | 12,259 | 12,434 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 9,533 | SFr 9,739 | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Minimum | |||
Unobservable input | |||
Buyback probability (in %) | 50.00% | 50.00% | |
Correlation (in %) | (60.00%) | (60.00%) | |
Gap risk (in %) | 0.00% | 0.00% | |
Mean reversion (in %) | (55.00%) | (14.00%) | |
Volatility (in %) | 0.00% | 0.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Maximum | |||
Unobservable input | |||
Buyback probability (in %) | 100.00% | 100.00% | |
Correlation (in %) | 98.00% | 99.00% | |
Gap risk (in %) | 4.00% | 2.00% | |
Mean reversion (in %) | (1.00%) | (1.00%) | |
Volatility (in %) | 178.00% | 105.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Option model | Weighted average | |||
Unobservable input | |||
Buyback probability (in %) | 74.00% | 90.00% | |
Correlation (in %) | 65.00% | 55.00% | |
Gap risk (in %) | 1.00% | 1.00% | |
Mean reversion (in %) | (7.00%) | (6.00%) | |
Volatility (in %) | 27.00% | 21.00% | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,570 | SFr 1,571 | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | (11) | 2 | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,089 | 729 | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 136 | 105 | |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 43 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 46.00% | ||
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 30.00% | ||
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 528 | SFr 149 | |
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Option model | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 427 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Option model | Minimum | |||
Unobservable input | |||
Correlation (in %) | (40.00%) | ||
Volatility (in %) | 2.00% | ||
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Option model | Maximum | |||
Unobservable input | |||
Correlation (in %) | 98.00% | ||
Volatility (in %) | 178.00% | ||
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Option model | Weighted average | |||
Unobservable input | |||
Correlation (in %) | 71.00% | ||
Volatility (in %) | 31.00% | ||
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 3 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 112 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 112 | ||
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 112 | ||
Bank | Other liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 1,327 | 1,467 | 1,679 |
Bank | Other liabilities | Other liabilities - of which failed sales | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | 223 | 219 | |
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 25 | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Minimum | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Maximum | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Discounted cash flow | Weighted average | |||
Unobservable input | |||
Credit spread (in bp) | 1,430 | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 122 | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Minimum | |||
Unobservable input | |||
Price (in %) | 0.00% | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Maximum | |||
Unobservable input | |||
Price (in %) | 100.00% | ||
Bank | Other liabilities | Other liabilities - of which failed sales | Market comparable | Weighted average | |||
Unobservable input | |||
Price (in %) | 51.00% | ||
Bank | Liabilities | |||
Quantitative information about level 3 liabilities at fair value | |||
Fair value, liabilities | SFr 18,854 | SFr 18,540 | SFr 19,827 |
FI - Carrying value and fair va
FI - Carrying value and fair value not held at fair value (Details 17) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | SFr 81,818 | SFr 77,498 |
Investment securities | 2,911 | 2,191 |
Loans | 14,873 | 15,307 |
Other assets | 7,263 | 9,018 |
Financial liabilities | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,828 | 15,262 |
Short-term borrowings | 8,068 | 11,019 |
Long-term debt | 63,935 | 63,628 |
Other liabilities | 9,001 | 8,624 |
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 | 35,277 | 37,848 |
Loans | 269,147 | 260,093 |
Other assets | 117,353 | 170,870 |
Financial liabilities | ||
Due to banks and deposits | 375,403 | 372,867 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 9,795 | 11,233 |
Short-term borrowings | 13,857 | 14,871 |
Long-term debt | 90,373 | 109,403 |
Other liabilities | 16,357 | 61,316 |
Estimate of fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 35,278 | 37,848 |
Loans | 276,872 | 267,502 |
Other assets | 117,523 | 171,223 |
Financial liabilities | ||
Due to banks and deposits | 375,429 | 372,856 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 9,795 | 11,233 |
Short-term borrowings | 13,859 | 14,870 |
Long-term debt | 90,505 | 112,723 |
Other liabilities | 16,285 | 61,303 |
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 | 99,976 | 109,645 |
Financial liabilities | ||
Due to banks and deposits | 196,674 | 201,575 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Estimate of fair value | Level 2 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 35,243 | 37,848 |
Loans | 269,825 | 264,290 |
Other assets | 16,750 | 60,469 |
Financial liabilities | ||
Due to banks and deposits | 178,755 | 171,281 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 9,795 | 11,233 |
Short-term borrowings | 13,859 | 14,870 |
Long-term debt | 89,651 | 112,488 |
Other liabilities | 16,101 | 61,131 |
Estimate of fair value | Level 3 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 35 | 0 |
Loans | 7,047 | 3,212 |
Other assets | 797 | 1,109 |
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 | 854 | 235 |
Other liabilities | 184 | 172 |
Bank | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,818 | 77,498 |
Investment securities | 2,909 | 2,189 |
Loans | 14,873 | 15,307 |
Other assets | 7,263 | 9,018 |
Financial liabilities | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 14,828 | 15,262 |
Short-term borrowings | 8,068 | 11,019 |
Long-term debt | 63,027 | 62,622 |
Other liabilities | 8,983 | 8,590 |
Bank | Carrying value of financial instruments not carried at fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 35,277 | 37,848 |
Loans | 274,440 | 264,181 |
Other assets | 117,002 | 170,687 |
Financial liabilities | ||
Due to banks and deposits | 376,741 | 374,006 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 9,795 | 11,233 |
Short-term borrowings | 14,351 | 15,359 |
Long-term debt | 90,406 | 109,420 |
Other liabilities | 16,803 | 61,701 |
Bank | Estimate of fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 35,278 | 37,848 |
Loans | 282,152 | 271,592 |
Other assets | 117,173 | 171,040 |
Financial liabilities | ||
Due to banks and deposits | 376,768 | 373,995 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 9,795 | 11,233 |
Short-term borrowings | 14,352 | 15,359 |
Long-term debt | 90,561 | 112,799 |
Other liabilities | 16,731 | 61,689 |
Bank | Estimate of fair value | Level 1 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 0 | 0 |
Other assets | 99,238 | 109,414 |
Financial liabilities | ||
Due to banks and deposits | 197,320 | 202,164 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Bank | Estimate of fair value | Level 2 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 35,243 | 37,848 |
Loans | 275,105 | 268,380 |
Other assets | 17,139 | 60,518 |
Financial liabilities | ||
Due to banks and deposits | 179,448 | 171,831 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 9,795 | 11,233 |
Short-term borrowings | 14,352 | 15,359 |
Long-term debt | 89,707 | 112,564 |
Other liabilities | 16,547 | 61,543 |
Bank | Estimate of fair value | Level 3 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 35 | 0 |
Loans | 7,047 | 3,212 |
Other assets | 796 | 1,108 |
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 | 854 | 235 |
Other liabilities | SFr 184 | SFr 146 |
FI - Own credit gains_(losses)
FI - Own credit gains/(losses) on fair value option elected instruments (Details 18) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financial instruments | ||
Gains/(losses) recorded into AOCI | SFr 1,645 | SFr (2,035) |
Gains/(losses) recorded into AOCI, Cumulatively | (998) | |
Gains/(losses) recorded into AOCI transferred to net income | 49 | 32 |
Due to banks and customer deposits | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 36 | (15) |
Gains/(losses) recorded into AOCI, Cumulatively | (21) | |
Gains/(losses) recorded into AOCI transferred to net income | (6) | 0 |
Short-term borrowings | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 6 | (63) |
Gains/(losses) recorded into AOCI, Cumulatively | (53) | |
Gains/(losses) recorded into AOCI transferred to net income | 2 | 0 |
Long-term debt | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 1,603 | (1,957) |
Gains/(losses) recorded into AOCI, Cumulatively | (924) | |
Gains/(losses) recorded into AOCI transferred to net income | 53 | 32 |
Long-term debt - of which structured notes over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 774 | (1,246) |
Gains/(losses) recorded into AOCI, Cumulatively | (1,060) | |
Gains/(losses) recorded into AOCI transferred to net income | 53 | 27 |
Long-term debt - of which treasury debt over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 759 | (702) |
Gains/(losses) recorded into AOCI, Cumulatively | 84 | |
Gains/(losses) recorded into AOCI transferred to net income | 0 | 0 |
Bank | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 1,562 | (1,846) |
Gains/(losses) recorded into AOCI, Cumulatively | (950) | |
Gains/(losses) recorded into AOCI transferred to net income | 49 | 32 |
Bank | Due to banks and customer deposits | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 36 | (15) |
Gains/(losses) recorded into AOCI, Cumulatively | (21) | |
Gains/(losses) recorded into AOCI transferred to net income | (6) | 0 |
Bank | Short-term borrowings | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 6 | (63) |
Gains/(losses) recorded into AOCI, Cumulatively | (53) | |
Gains/(losses) recorded into AOCI transferred to net income | 2 | 0 |
Bank | Long-term debt | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 1,520 | (1,768) |
Gains/(losses) recorded into AOCI, Cumulatively | (876) | |
Gains/(losses) recorded into AOCI transferred to net income | 53 | 32 |
Bank | Long-term debt - of which structured notes over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 774 | (1,246) |
Gains/(losses) recorded into AOCI, Cumulatively | (1,060) | |
Gains/(losses) recorded into AOCI transferred to net income | 53 | 27 |
Bank | Long-term debt - of which treasury debt over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 676 | (513) |
Gains/(losses) recorded into AOCI, Cumulatively | 132 | |
Gains/(losses) recorded into AOCI transferred to net income | SFr 0 | SFr 0 |
Assets pledged and collateral_2
Assets pledged and collateral (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | SFr 117,895 | SFr 130,038 |
of which encumbered | 58,672 | 73,189 |
Fair value of collateral received with the right to sell or repledge | 406,389 | 433,190 |
of which sold or repledged | 193,267 | 212,155 |
Other information | ||
Cash and securities restricted under foreign banking regulations | 25,139 | 26,969 |
Swiss National Bank required minimum liquidity reserves | 2,042 | 2,043 |
Bank | ||
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | 117,895 | 130,038 |
of which encumbered | 58,672 | 73,189 |
Fair value of collateral received with the right to sell or repledge | 406,389 | 433,190 |
of which sold or repledged | 193,267 | 212,155 |
Other information | ||
Cash and securities restricted under foreign banking regulations | 24,681 | 26,928 |
Swiss National Bank required minimum liquidity reserves | SFr 2,042 | SFr 2,043 |
Capital adequacy (Details)
Capital adequacy (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Swiss capital | ||
Swiss CET1 capital | SFr 35,719 | SFr 36,567 |
Going concern capital | 49,443 | 53,131 |
Gone concern capital | 35,678 | 35,712 |
Total loss-absorbing capacity (TLAC) | 85,121 | 88,843 |
Swiss risk-weighted assets and leverage exposure | ||
Swiss risk-weighted assets | 285,193 | 273,436 |
Leverage exposure | SFr 881,386 | SFr 919,053 |
Swiss capital ratios | ||
Swiss CET1 ratio | 12.50% | 13.40% |
Going concern capital ratio | 17.30% | 19.40% |
Gone concern capital ratio | 12.50% | 13.10% |
TLAC ratio | 29.80% | 32.50% |
Swiss leverage ratios | ||
Swiss CET1 leverage ratio | 4.10% | 4.00% |
Going concern leverage ratio | 5.60% | 5.80% |
Gone concern leverage ratio | 4.00% | 3.90% |
TLAC leverage ratio | 9.70% | 9.70% |
Capital ratio requirements % | ||
Swiss CET1 ratio requirement | 9.46% | 9.00% |
Going concern capital ratio requirement | 12.86% | 12.00% |
Gone concern capital ratio requirement | 8.90% | 6.20% |
TLAC ratio requirement | 21.76% | 18.20% |
Leverage ratio requirements % | ||
Swiss CET1 leverage ratio requirement | 2.90% | 2.60% |
Going concern leverage ratio requirement | 4.00% | 3.50% |
Gone concern leverage ratio requirement | 3.00% | 2.00% |
TLAC leverage ratio requirement | 7.00% | 5.50% |
Description of Other Regulatory Limitations | Certain of the Group's subsidiaries are subject to legal restrictions governing the amount of dividends they can pay (for example, pursuant to corporate law as defined by the Swiss Code of Obligations). Under the Swiss Code of Obligations, dividends may be paid out only if and to the extent the corporation has distributable profits from previous business years, or if the free reserves of the corporation are sufficient to allow distribution of a dividend. In addition, at least 5% of the annual net profits must be retained and booked as general legal reserves for so long as these reserves amount to less than 20% of the paid-in share capital. The reserves currently exceed this 20% threshold. Furthermore, dividends may be paid out only after shareholder approval at the Annual General Meeting. | |
Bank | ||
Swiss capital | ||
Swiss CET1 capital | SFr 38,810 | SFr 38,288 |
Going concern capital | 51,634 | 53,995 |
Gone concern capital | 35,683 | 35,771 |
Total loss-absorbing capacity (TLAC) | 87,317 | 89,766 |
Swiss risk-weighted assets and leverage exposure | ||
Swiss risk-weighted assets | 286,682 | 273,332 |
Leverage exposure | SFr 885,854 | SFr 921,793 |
Swiss capital ratios | ||
Swiss CET1 ratio | 13.50% | 14.00% |
Going concern capital ratio | 18.00% | 19.80% |
Gone concern capital ratio | 12.40% | 13.10% |
TLAC ratio | 30.50% | 32.80% |
Swiss leverage ratios | ||
Swiss CET1 leverage ratio | 4.40% | 4.20% |
Going concern leverage ratio | 5.80% | 5.90% |
Gone concern leverage ratio | 4.00% | 3.90% |
TLAC leverage ratio | 9.90% | 9.70% |
Capital ratio requirements % | ||
Swiss CET1 ratio requirement | 9.46% | 9.00% |
Going concern capital ratio requirement | 12.86% | 12.00% |
Gone concern capital ratio requirement | 8.90% | 6.20% |
TLAC ratio requirement | 21.76% | 18.20% |
Leverage ratio requirements % | ||
Swiss CET1 leverage ratio requirement | 2.90% | 2.60% |
Going concern leverage ratio requirement | 4.00% | 3.50% |
Gone concern leverage ratio requirement | 3.00% | 2.00% |
TLAC leverage ratio requirement | 7.00% | 5.50% |
Assets under management (Detail
Assets under management (Details) - CHF (SFr) SFr in Billions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets under management [Line Items] | |||
Assets in collective investment instruments managed by Credit Suisse | SFr 186.4 | SFr 185.2 | |
Assets with discretionary mandates | 256.5 | 267.3 | |
Other assets under management | 904.4 | 923.6 | |
Assets under management (including double counting) | 1,347.3 | 1,376.1 | SFr 1,251.1 |
of which double counting | 44.2 | 46.2 | |
Bank | |||
Assets under management [Line Items] | |||
Assets in collective investment instruments managed by Credit Suisse | 178.3 | 177.4 | |
Assets with discretionary mandates | 256.5 | 267.3 | |
Other assets under management | 904.4 | 923.6 | |
Assets under management (including double counting) | 1,339.2 | 1,368.3 | SFr 1,243.9 |
of which double counting | SFr 42.4 | SFr 44.6 |
Assets under management - Chang
Assets under management - Change (Details 2) - CHF (SFr) SFr in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in Assets under management | |||
Assets under management at beginning of period | SFr 1,347.3 | SFr 1,376.1 | SFr 1,251.1 |
Net new assets/(net asset outflows) | 56.5 | 37.8 | |
Market movements, interest, dividends and foreign exchange | (68.2) | 86.7 | |
of which market movements, interest and dividends | (55.1) | 88.9 | |
of which foreign exchange | (13.1) | (2.2) | |
Other effects | (17.1) | 0.5 | |
Assets under management at end of period | 1,347.3 | 1,376.1 | |
Impact of the updated AuM Policy | 19 | ||
Bank | |||
Changes in Assets under management | |||
Assets under management at beginning of period | SFr 1,339.2 | 1,368.3 | 1,243.9 |
Net new assets/(net asset outflows) | 56 | 36.2 | |
Market movements, interest, dividends and foreign exchange | (68) | 87.6 | |
of which market movements, interest and dividends | (54.8) | 89.8 | |
of which foreign exchange | (13.2) | (2.2) | |
Other effects | (17.1) | 0.6 | |
Assets under management at end of period | SFr 1,339.2 | SFr 1,368.3 |
Litigation (Details)
Litigation (Details) € in Millions, SFr in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019CHF (SFr) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Subsequent Event | |||||||
Litigation provisions | |||||||
Increases in litigation accruals | SFr | SFr 33 | ||||||
Pending Litigation | |||||||
Litigation provisions | |||||||
Balance at beginning of period | SFr | SFr 749 | ||||||
Increases in litigation accruals | SFr | 503 | ||||||
Decreases in litigation accruals | SFr | (91) | ||||||
Decreases for settlement and other cash payments | SFr | (481) | ||||||
Foreign exchange translation | SFr | 1 | ||||||
Balance at end of period | SFr | 681 | ||||||
Pending Litigation | Minimum | |||||||
Litigation provisions | |||||||
Range of possible losses that are not covered by existing provisions | SFr | 0 | ||||||
Pending Litigation | Maximum | |||||||
Litigation provisions | |||||||
Range of possible losses that are not covered by existing provisions | SFr | SFr 1,400 | ||||||
Rates related matters - Foreign exchange litigation | US District Court for the Southern District of New York (SDNY) | |||||||
Litigation disclosures | |||||||
Loss Contingency, Pending Claims, Number | 5 | ||||||
Litigation Hiring pracices investigation | US Securities and Exchange Commission (SEC) | |||||||
Litigation disclosures | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 29.8 | ||||||
Credit Suisse Securities (USA) LLC | Enron-related litigation | Silvercreek Management Inc v. Citigroup, Inc., et al | US District Court for the Southern District of Texas (SDT) | |||||||
Litigation disclosures | |||||||
Estimated damages | 280 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | IKB Deutsche Industriebank AG | Supreme Court for the State of New York, New York County (SCNY) | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 97 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Deposit Insurance Corporation as receiver for Citizens National Bank and Strategic Capital Bank | US District Court for the Southern District of New York (SDNY) | |||||||
Litigation disclosures | |||||||
RMBS offerings by third party | $ 141 | ||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 20.00% | 20.00% | 20.00% | ||||
Value of RMBS issued by third party underwritten by CSS LLC | $ 28 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Phoenix Light SF Ltd. | Supreme Court for the State of New York, New York County (SCNY) | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 281 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Royal Park Investments SA/NV | Supreme Court for the State of New York, New York County (SCNY) | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 360 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Deposit Insurance Corporation as receiver for Colonial Bank | Circuit court of Montgomery County, Alabama | |||||||
Litigation disclosures | |||||||
RMBS offerings by third party | $ 311 | ||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 45.00% | 45.00% | 45.00% | ||||
Value of RMBS issued by third party underwritten by CSS LLC | $ 139 | $ 153 | |||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Deposit Insurance Corporation as receiver for Colonial Bank | US District Court for the Southern District of New York (SDNY) | |||||||
Litigation disclosures | |||||||
RMBS offerings by third party | $ 394 | ||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 23.00% | 23.00% | 23.00% | ||||
Value of RMBS issued by third party underwritten by CSS LLC | $ 92 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Home Loan Banks of Seattle, and Boston - Seatle action | Washington State Court | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 145 | $ 249 | |||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Home Loan Banks of Seattle, and Boston - Boston action | US District Court for the District of Massachusetts | |||||||
Litigation disclosures | |||||||
RMBS offerings by third party | $ 5,700 | ||||||
Percentage of RMBS issued by third party underwritten by CSS LLC | 6.00% | 6.00% | 6.00% | ||||
Value of RMBS issued by third party underwritten by CSS LLC | $ 333 | $ 373 | |||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Tennessee Consolidated Retirement System | Tennessee State Court | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 24 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Monoline insurer disputes | MBIA Insurance Corp. | Supreme Court for the State of New York, New York County (SCNY) | |||||||
Litigation disclosures | |||||||
Value of RMBS issued by third party underwritten by CSS LLC | 770 | ||||||
Original principal balance of loans demanded to be repurchased | $ 549 | ||||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Government and regulatory related | New York Attorney General (NYAG) | Supreme Court for the State of New York, New York County (SCNY) | |||||||
Litigation disclosures | |||||||
RMBS issued and underwritten by entity, number | 64 | 64 | 64 | ||||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Government and regulatory related | New Jersey Attorney General (NJAG) | Superior Court of New Jersey, Chancery Diivision, Mercer County (SCNJ) | |||||||
Litigation disclosures | |||||||
RMBS issued and underwritten by entity, number | 13 | 13 | 13 | ||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Mortgage Trust Series 2006-5 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | $ 500 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Mortgage Trust Series 2006-1, 2006-3 and 2006-4 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 730 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Loan Trust Series 2006-HE7 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 341 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2006-8 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 436 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-1 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 420 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-2 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 495 | ||||||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Asset Trust Series 2007-3 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 206 | ||||||
Bank parent company and other subsidiaries | Bank loan litigation | Homeowners in four real estate developments Tamarack Resort, Yellowstone Club, Lake Las Vegas and Ginn Sur Mer | US District Court for the District of Idaho | Minimum | |||||||
Litigation disclosures | |||||||
Estimated damages | 24,000 | ||||||
Bank parent company and other subsidiaries | Bank loan litigation | Highland Capital Management LP | Texas State Court | |||||||
Litigation disclosures | |||||||
Litigation Settlement, Amount Awarded to Other Party | $ 287 | ||||||
Credit Suisse AG | ATA litigation | US District Court for the Eastern District of New York (EDNY) | |||||||
Litigation disclosures | |||||||
Number of Plaintiffs | 200 | 200 | 200 | ||||
Credit Suisse AG | Customer acount matters, against former relationship manager | Credit Suisse AG | Geneva Prosecutor's Office | |||||||
Litigation disclosures | |||||||
Estimated damages | $ 130 | ||||||
Credit Suisse Securities (Europe) Limited | Fondazione MPS litigation | Fondazione Monte dei Paschi di Siena | Civil Court of Milan, Italy | |||||||
Litigation disclosures | |||||||
Estimated damages | € | € 3,000 | ||||||
Purchase price paid by plaintiff | € | 9,000 | ||||||
Purchase price funded by rights offer and issuance of unredeemable securities | € | 5,000 | ||||||
Purchase price funded by rights offer of which invested by plaintiff | € | 2,900 | ||||||
Purchase price funded by issuance of unredeemable securities, of which invested by plaintiff | € | € 490 | ||||||
Credit Suisse AG, New York Branch | Litigation Rates related matters - ISDAFIX litigation | US District Court for the Southern District of New York (SDNY) | |||||||
Litigation disclosures | |||||||
Litigation Settlement, Amount Awarded to Other Party | 50 | ||||||
Credit Suisse Hong Kong Limited [Member] | Litigation Hiring pracices investigation | United States Department of Justice (DOJ) | |||||||
Litigation disclosures | |||||||
of which fines | $ 47 |
Significant subsidiaries and _3
Significant subsidiaries and equity method investments (Details) - 12 months ended Dec. 31, 2018 ₽ in Millions, ₺ in Millions, € in Millions, ₨ in Millions, ฿ in Millions, ر.س in Millions, ¥ in Millions, £ in Millions, zł in Millions, SFr in Millions, Rp in Millions, RM in Millions, R$ in Millions, R in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions | CHF (SFr) | USD ($) | EUR (€) | PLN (zł) | GBP (£) | BRL (R$) | MXN ($) | AUD ($) | HKD ($) | SGD ($) | INR (₨) | TRY (₺) | SAR (ر.س) | CAD ($) | JPY (¥) | ZAR (R) | MYR (RM) | RUB (₽) | THB (฿) | IDR (Rp) |
BANK-now AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 30 | |||||||||||||||||||
Credit Suisse Group Finance (U.S.) Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 100 | |||||||||||||||||||
Credit Suisse Insurance Linked Strategies Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.2 | |||||||||||||||||||
Credit Suisse (Poland) SP. z o.o | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | zł | zł 20 | |||||||||||||||||||
Credit Suisse Services AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 1 | |||||||||||||||||||
Credit Suisse Trust AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 5 | |||||||||||||||||||
Credit Suisse Trust Holdings Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | £ 2 | |||||||||||||||||||
CS LP Holdings AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Inreska Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | 3 | |||||||||||||||||||
Savoy Hotel Baur en Ville AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 88.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 7.5 | |||||||||||||||||||
Credit Suisse AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 4,399.7 | |||||||||||||||||||
Alpine Securitization LTD | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Banco Credit Suisse (Brasil) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | R$ | R$ 53.6 | |||||||||||||||||||
Banco Credit Suisse (Mexico), S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 1,716.7 | |||||||||||||||||||
Banco de Investimentos Credit Suisse (Brasil) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | R$ | 164.8 | |||||||||||||||||||
Boston Re Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 2 | |||||||||||||||||||
Casa de Bolsa Credit Suisse (Mexico), S.A. de C.V. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 274 | |||||||||||||||||||
CJSC Bank Credit Suisse (Moscow) | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 37.8 | |||||||||||||||||||
Column Financial, Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse (Australia) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 34.1 | |||||||||||||||||||
Credit Suisse (Brasil) S.A. Corretora de Titulos e Valores Mobiliarios | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | R$ | 98.4 | |||||||||||||||||||
Credit Suisse (Deutschland) Aktiengesellschaft | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | € 130 | |||||||||||||||||||
Credit Suisse (Hong Kong) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 13,758 | |||||||||||||||||||
Credit Suisse Istanbul Menkul Degerler A.S. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₺ | ₺ 6.8 | |||||||||||||||||||
Credit Suisse (Italy) S.P.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | 170 | |||||||||||||||||||
Credit Suisse (Luxembourg) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 230.9 | |||||||||||||||||||
Credit Suisse (Qatar) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 29 | |||||||||||||||||||
Credit Suisse (Schweiz) AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 100 | |||||||||||||||||||
Credit Suisse (Singapore) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 743.3 | |||||||||||||||||||
Credit Suisse (UK) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | 245.2 | |||||||||||||||||||
Credit Suisse (USA), Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Fund Service Luxembourg SA | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 1.5 | |||||||||||||||||||
Credit Suisse Asset Management (UK) Holding Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | 144.2 | |||||||||||||||||||
Credit Suisse Asset Management Immobilien Kapitalanlagegesellschaft mbH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | 6.1 | |||||||||||||||||||
Credit Suisse Asset Management International Holding Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 20 | |||||||||||||||||||
Credit Suisse Asset Management Investments Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Credit Suisse Asset Management Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | £ | £ 45 | |||||||||||||||||||
Credit Suisse Asset Management, LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 1,086.8 | |||||||||||||||||||
Credit Suisse Atlas I Investments (Luxembourg) S.a.r.l. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Brazil (Bahamas) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 70 | |||||||||||||||||||
Credit Suisse Business Analytics (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | ₨ 40 | |||||||||||||||||||
Credit Suisse Capital LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 937.6 | |||||||||||||||||||
Credit Suisse Energy LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Equities (Australia) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 62.5 | |||||||||||||||||||
Credit Suisse Finance (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | 1,050.1 | |||||||||||||||||||
Credit Suisse First Boston (Latam Holdings) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 23.8 | |||||||||||||||||||
Credit Suisse First Boston Finance B.V. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | € | € 0 | |||||||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 356.6 | |||||||||||||||||||
Credit Suisse First Boston Next Fund, Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 10 | |||||||||||||||||||
Credit Suisse Fund Management S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.3 | |||||||||||||||||||
Credit Suisse Funds AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 7 | |||||||||||||||||||
Credit Suisse Hedging-Griffo Corretora de Valores S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | R$ | R$ 29.6 | |||||||||||||||||||
Credit Suisse Holding Europe (Luxembourg) S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 32.6 | |||||||||||||||||||
Credit Suisse Holdings (Australia) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 3 | |||||||||||||||||||
Credit Suisse Holdings (USA), Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 550 | |||||||||||||||||||
Credit Suisse International | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 12,366.1 | |||||||||||||||||||
Equity interest held by other subsidiary in % | 98.00% | |||||||||||||||||||
Voting rights held by other subsidiary in % | 98.00% | |||||||||||||||||||
Credit Suisse InvestLab AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 1 | |||||||||||||||||||
Credit Suisse International (Bank) | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 98.00% | |||||||||||||||||||
Nominal capital | 12,366.1 | |||||||||||||||||||
Equity interest held by other subsidiary in % | 98.00% | |||||||||||||||||||
Voting rights held by other subsidiary in % | 98.00% | |||||||||||||||||||
Remaining voting interests held by parent in % | 2.00% | |||||||||||||||||||
Credit Suisse Leasing 92A, L.P. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 43.9 | |||||||||||||||||||
Credit Suisse Life and Pensions AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 15 | |||||||||||||||||||
Credit Suisse Life (Bermuda) Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 1 | |||||||||||||||||||
Credit Suisse Loan Funding LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Credit Suisse Management LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 896.4 | |||||||||||||||||||
Credit Suisse Prime Securities Services (USA) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 263.3 | |||||||||||||||||||
Credit Suisse Private Equity, LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 42.2 | |||||||||||||||||||
Credit Suisse PSL GmbH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0 | |||||||||||||||||||
Credit Suisse Securities (Canada), Inc | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 3.4 | |||||||||||||||||||
Credit Suisse Securities (Europe) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 3,859.3 | |||||||||||||||||||
Credit Suisse Securities (Hong Kong) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 2,080.9 | |||||||||||||||||||
Credit Suisse Securities (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | 2,214.7 | |||||||||||||||||||
Credit Suisse Securities (Japan) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ¥ | ¥ 78,100 | |||||||||||||||||||
Credit Suisse Securities (Johannesburg) (Proprietary) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | R | R 0 | |||||||||||||||||||
Credit Suisse Securities (Malaysia) Sdn. Bhd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | RM | RM 100 | |||||||||||||||||||
Credit Suisse Securities (Moscow) | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₽ | ₽ 97.1 | |||||||||||||||||||
Credit Suisse Securities (Singapore) Pte Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 30 | |||||||||||||||||||
Credit Suisse Securities (Thailand) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ฿ | ฿ 500 | |||||||||||||||||||
Credit Suisse Securities (USA) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 1,131.7 | |||||||||||||||||||
Credit Suisse Services (India) Private Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ₨ | ₨ 0.1 | |||||||||||||||||||
Credit Suisse Services (USA) LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
CSAM Americas Holding Corp. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
DLJ Merchant Banking Funding, Inc | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
CS Non-Traditional Products Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0.1 | |||||||||||||||||||
DLJ Mortgage Capital, Inc. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Fides Treasury Services AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 2 | |||||||||||||||||||
Lime Residential Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 100 | |||||||||||||||||||
Merban Equity AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Merchant Holding LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
Neue Aargauer Bank AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 134.1 | |||||||||||||||||||
Solar Investco II Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
SPS Holding Corporation | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | 0 | |||||||||||||||||||
SVC - AG fuer KMU Risikokapital | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 15 | |||||||||||||||||||
PT Credit Suisse Securities Indonesia | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 99.00% | |||||||||||||||||||
Nominal capital | Rp | Rp 235,000 | |||||||||||||||||||
Credit Suisse Hypotheken AG | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 98.00% | |||||||||||||||||||
Nominal capital | SFr | SFr 0.1 | |||||||||||||||||||
Asset Management Finance LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | $ 167.8 | |||||||||||||||||||
Credit Suisse Saudi Arabia | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Nominal capital | ر.س | ر.س 625.0 | |||||||||||||||||||
Credit Suisse Founder Securities Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 33.00% | |||||||||||||||||||
E.L. and C. Baillieu Stockbroking (Holdings) Pty Ltd | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 23.00% | |||||||||||||||||||
ICBC Credit Suisse Asset Management Co., Ltd. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 20.00% | |||||||||||||||||||
York Capital Management Global Advisors, LLC | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 5.00% | |||||||||||||||||||
Holding Verde Empreendimentos e Participacoes S.A. | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 0.00% | |||||||||||||||||||
Credit Suisse Group Finance (Guernsey) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Credit Suisse Group Funding (Guernsey) Limited | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 100.00% | |||||||||||||||||||
Swisscard AECS GmBH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 50.00% | |||||||||||||||||||
SECB Swiss Euro Clearing Bank GmbH | ||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | ||||||||||||||||||||
Equity interest in % | 25.00% |
Subsidiary guarantee informat_3
Subsidiary guarantee information - Income statement related (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed consolidating statements of operations | |||
Interest and dividend income | SFr 19,613 | SFr 17,057 | SFr 17,374 |
Interest expense | (12,604) | (10,500) | (9,812) |
Net interest income | 7,009 | 6,557 | 7,562 |
Commissions and fees | 11,890 | 11,817 | 11,092 |
Trading revenues | 624 | 1,317 | 313 |
Other revenues | 1,397 | 1,209 | 1,356 |
Net revenues | 20,920 | 20,900 | 20,323 |
Provision for credit losses | 245 | 210 | 252 |
Compensation and benefits | 9,620 | 10,367 | 10,652 |
General and administrative expenses | 5,798 | 6,645 | 9,690 |
Commission expenses | 1,259 | 1,430 | 1,455 |
Restructuring expenses | 626 | 455 | 540 |
Total other operating expenses | 7,683 | 8,530 | 11,685 |
Total operating expenses | 17,303 | 18,897 | 22,337 |
Income/(loss) before taxes | 3,372 | 1,793 | (2,266) |
Income tax expense/(benefit) | 1,361 | 2,741 | 441 |
Net income/(loss) | 2,011 | (948) | (2,707) |
Net income/(loss) attributable to noncontrolling interests | (13) | 35 | 3 |
Net income/(loss) attributable to shareholders | 2,024 | (983) | (2,710) |
Eliminations and consolidation adjustments | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | (942) | (581) | (285) |
Interest expense | 877 | 501 | 307 |
Net interest income | (65) | (80) | 22 |
Commissions and fees | 122 | 117 | 127 |
Trading revenues | 80 | 72 | (37) |
Other revenues | (2,120) | 819 | 2,550 |
Net revenues | (1,983) | 928 | 2,662 |
Provision for credit losses | 0 | 0 | 0 |
Compensation and benefits | 698 | 329 | (182) |
General and administrative expenses | (1,270) | (688) | (107) |
Commission expenses | 0 | (2) | (1) |
Restructuring expenses | 98 | 59 | 27 |
Total other operating expenses | (1,172) | (631) | (81) |
Total operating expenses | (474) | (302) | (263) |
Income/(loss) before taxes | (1,509) | 1,230 | 2,925 |
Income tax expense/(benefit) | 226 | (33) | 33 |
Net income/(loss) | (1,735) | 1,263 | 2,892 |
Net income/(loss) attributable to noncontrolling interests | (6) | 8 | 9 |
Net income/(loss) attributable to shareholders | (1,729) | 1,255 | 2,883 |
Group parent company | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 932 | 577 | 284 |
Interest expense | (983) | (632) | (338) |
Net interest income | (51) | (55) | (54) |
Commissions and fees | 26 | 28 | 27 |
Trading revenues | 88 | (55) | (21) |
Other revenues | 2,020 | (911) | (2,684) |
Net revenues | 2,083 | (993) | (2,732) |
Provision for credit losses | 0 | 0 | 0 |
Compensation and benefits | 58 | 74 | 57 |
General and administrative expenses | 0 | (80) | (88) |
Commission expenses | 0 | 3 | 1 |
Restructuring expenses | 0 | 0 | 0 |
Total other operating expenses | 0 | (77) | (87) |
Total operating expenses | 58 | (3) | (30) |
Income/(loss) before taxes | 2,025 | (990) | (2,702) |
Income tax expense/(benefit) | 1 | (7) | 8 |
Net income/(loss) | 2,024 | (983) | (2,710) |
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Net income/(loss) attributable to shareholders | 2,024 | (983) | (2,710) |
Bank | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 19,623 | 17,061 | 17,375 |
Interest expense | (12,498) | (10,369) | (9,781) |
Net interest income | 7,125 | 6,692 | 7,594 |
Commissions and fees | 11,742 | 11,672 | 10,938 |
Trading revenues | 456 | 1,300 | 371 |
Other revenues | 1,497 | 1,301 | 1,490 |
Net revenues | 20,820 | 20,965 | 20,393 |
Provision for credit losses | 245 | 210 | 252 |
Compensation and benefits | 8,864 | 9,964 | 10,777 |
General and administrative expenses | 7,068 | 7,413 | 9,885 |
Commission expenses | 1,259 | 1,429 | 1,455 |
Restructuring expenses | 528 | 396 | 513 |
Total other operating expenses | 8,855 | 9,238 | 11,853 |
Total operating expenses | 17,719 | 19,202 | 22,630 |
Income/(loss) before taxes | 2,856 | 1,553 | (2,489) |
Income tax expense/(benefit) | 1,134 | 2,781 | 400 |
Net income/(loss) | 1,722 | (1,228) | (2,889) |
Net income/(loss) attributable to noncontrolling interests | (7) | 27 | (6) |
Net income/(loss) attributable to shareholders | 1,729 | (1,255) | (2,883) |
Bank | Credit Suisse (USA), Inc - Consolidated | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 4,086 | 5,294 | 5,697 |
Interest expense | (4,210) | (4,437) | (3,750) |
Net interest income | (124) | 857 | 1,947 |
Commissions and fees | 3,725 | 3,756 | 3,582 |
Trading revenues | 474 | (23) | (1,192) |
Other revenues | 2,006 | 942 | 830 |
Net revenues | 6,081 | 5,532 | 5,167 |
Provision for credit losses | (1) | 4 | (5) |
Compensation and benefits | 2,653 | 3,066 | 3,235 |
General and administrative expenses | 1,944 | 1,929 | 4,474 |
Commission expenses | 229 | 255 | 259 |
Restructuring expenses | 237 | 173 | 209 |
Total other operating expenses | 2,410 | 2,357 | 4,942 |
Total operating expenses | 5,063 | 5,423 | 8,177 |
Income/(loss) before taxes | 1,019 | 105 | (3,005) |
Income tax expense/(benefit) | 261 | (42) | (228) |
Net income/(loss) | 758 | 147 | (2,777) |
Net income/(loss) attributable to noncontrolling interests | 6 | 11 | 157 |
Net income/(loss) attributable to shareholders | 752 | 136 | (2,934) |
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 15,537 | 11,767 | 11,678 |
Interest expense | (8,288) | (5,932) | (6,031) |
Net interest income | 7,249 | 5,835 | 5,647 |
Commissions and fees | 8,017 | 7,916 | 7,356 |
Trading revenues | (18) | 1,323 | 1,563 |
Other revenues | (509) | 359 | 660 |
Net revenues | 14,739 | 15,433 | 15,226 |
Provision for credit losses | 246 | 206 | 257 |
Compensation and benefits | 6,211 | 6,898 | 7,542 |
General and administrative expenses | 5,124 | 5,484 | 5,411 |
Commission expenses | 1,030 | 1,174 | 1,196 |
Restructuring expenses | 291 | 223 | 304 |
Total other operating expenses | 6,445 | 6,881 | 6,911 |
Total operating expenses | 12,656 | 13,779 | 14,453 |
Income/(loss) before taxes | 1,837 | 1,448 | 516 |
Income tax expense/(benefit) | 873 | 2,823 | 628 |
Net income/(loss) | 964 | (1,375) | (112) |
Net income/(loss) attributable to noncontrolling interests | (13) | 16 | (163) |
Net income/(loss) attributable to shareholders | SFr 977 | SFr (1,391) | SFr 51 |
Subsidiary guarantee informat_4
Subsidiary guarantee information - Comprehensive income related (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Comprehensive income | |||
Net income/(loss) | SFr 2,011 | SFr (948) | SFr (2,707) |
Gains/(losses) on cash flow hedges | (10) | (27) | (20) |
Foreign currency translation | (325) | (1,031) | 515 |
Unrealized gains/(losses) on securities | (17) | (13) | 1 |
Actuarial gains/(losses) | (391) | 695 | 394 |
Net prior service cost | (135) | (121) | 36 |
Other comprehensive income/(loss), net of tax | 776 | (2,473) | (117) |
Comprehensive income/(loss) | 2,787 | (3,421) | (2,824) |
Comprehensive income/(loss) attributable to noncontrolling interests | (15) | 28 | (2) |
Comprehensive income/(loss) attributable to shareholders | 2,802 | (3,449) | (2,822) |
Gains/(losses) on liabilities related to credit risk | 1,654 | (1,976) | (1,043) |
Eliminations and consolidation adjustments | |||
Comprehensive income | |||
Net income/(loss) | (1,735) | 1,263 | 2,892 |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 |
Foreign currency translation | 7 | (17) | 10 |
Unrealized gains/(losses) on securities | 1 | 0 | 0 |
Actuarial gains/(losses) | (422) | 674 | 184 |
Net prior service cost | (125) | (121) | 36 |
Other comprehensive income/(loss), net of tax | (410) | 432 | 202 |
Comprehensive income/(loss) | (2,145) | 1,695 | 3,094 |
Comprehensive income/(loss) attributable to noncontrolling interests | (12) | 37 | (13) |
Comprehensive income/(loss) attributable to shareholders | (2,133) | 1,658 | 3,107 |
Gains/(losses) on liabilities related to credit risk | 129 | (104) | (28) |
Group parent company | |||
Comprehensive income | |||
Net income/(loss) | 2,024 | (983) | (2,710) |
Gains/(losses) on cash flow hedges | (3) | 8 | 2 |
Foreign currency translation | (11) | 1 | 7 |
Unrealized gains/(losses) on securities | 0 | 0 | 0 |
Actuarial gains/(losses) | 0 | 0 | 0 |
Net prior service cost | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | 69 | (179) | 76 |
Comprehensive income/(loss) | 2,093 | (1,162) | (2,634) |
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income/(loss) attributable to shareholders | 2,093 | (1,162) | (2,634) |
Gains/(losses) on liabilities related to credit risk | 83 | (188) | 67 |
Bank | |||
Comprehensive income | |||
Net income/(loss) | 1,722 | (1,228) | (2,889) |
Gains/(losses) on cash flow hedges | (7) | (35) | (22) |
Foreign currency translation | (321) | (1,015) | 498 |
Unrealized gains/(losses) on securities | (18) | (13) | 1 |
Actuarial gains/(losses) | 31 | 21 | 210 |
Net prior service cost | (10) | 0 | 0 |
Other comprehensive income/(loss), net of tax | 1,117 | (2,726) | (395) |
Comprehensive income/(loss) | 2,839 | (3,954) | (3,284) |
Comprehensive income/(loss) attributable to noncontrolling interests | (3) | (9) | 11 |
Comprehensive income/(loss) attributable to shareholders | 2,842 | (3,945) | (3,295) |
Gains/(losses) on liabilities related to credit risk | 1,442 | (1,684) | (1,082) |
Bank | Credit Suisse (USA), Inc - Consolidated | |||
Comprehensive income | |||
Net income/(loss) | 758 | 147 | (2,777) |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 |
Foreign currency translation | 142 | (756) | 604 |
Unrealized gains/(losses) on securities | 0 | 0 | 0 |
Actuarial gains/(losses) | 22 | (7) | 49 |
Net prior service cost | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | 192 | (796) | 589 |
Comprehensive income/(loss) | 950 | (649) | (2,188) |
Comprehensive income/(loss) attributable to noncontrolling interests | 6 | 24 | 151 |
Comprehensive income/(loss) attributable to shareholders | 944 | (673) | (2,339) |
Gains/(losses) on liabilities related to credit risk | 28 | (33) | (64) |
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | |||
Comprehensive income | |||
Net income/(loss) | 964 | (1,375) | (112) |
Gains/(losses) on cash flow hedges | (7) | (35) | (22) |
Foreign currency translation | (463) | (259) | (106) |
Unrealized gains/(losses) on securities | (18) | (13) | 1 |
Actuarial gains/(losses) | 9 | 28 | 161 |
Net prior service cost | (10) | 0 | 0 |
Other comprehensive income/(loss), net of tax | 925 | (1,930) | (984) |
Comprehensive income/(loss) | 1,889 | (3,305) | (1,096) |
Comprehensive income/(loss) attributable to noncontrolling interests | (9) | (33) | (140) |
Comprehensive income/(loss) attributable to shareholders | 1,898 | (3,272) | (956) |
Gains/(losses) on liabilities related to credit risk | SFr 1,414 | SFr (1,651) | SFr (1,018) |
Subsidiary guarantee informat_5
Subsidiary guarantee information - Balance sheet related (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | SFr 100,047 | SFr 109,815 | SFr 121,161 | SFr 92,328 |
Interest-bearing deposits with banks | 1,142 | 726 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 117,095 | 115,346 | ||
Securities received as collateral | 41,696 | 38,074 | ||
Trading assets | 132,203 | 156,334 | ||
Investment securities | 2,911 | 2,191 | ||
Other investments | 4,890 | 5,964 | ||
Net loans | 287,581 | 279,149 | ||
Premises and equipment | 4,838 | 4,686 | ||
Goodwill | 4,766 | 4,742 | ||
Other intangible assets | 219 | 223 | ||
Brokerage receivables | 38,907 | 46,968 | ||
Other assets | 32,621 | 32,071 | ||
Total assets | 768,916 | 796,289 | ||
Liabilities and equity | ||||
Due to banks | 15,220 | 15,413 | ||
Customer deposits | 363,925 | 361,162 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 24,623 | 26,496 | ||
Obligation to return securities received as collateral | 41,696 | 38,074 | ||
Trading liabilities | 42,169 | 39,119 | ||
Short-term borrowings | 21,926 | 25,889 | ||
Long-term debt | 154,308 | 173,032 | ||
Brokerage payables | 30,923 | 43,303 | ||
Other liabilities | 30,107 | 31,612 | ||
Total liabilities | 724,897 | 754,100 | ||
Total shareholders' equity | 43,922 | 41,902 | ||
Noncontrolling interests | 97 | 287 | ||
Total equity | 44,019 | 42,189 | 42,311 | 45,018 |
Total liabilities and equity | 768,916 | 796,289 | ||
Eliminations and consolidation adjustments | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 409 | (211) | (843) | (868) |
Interest-bearing deposits with banks | (430) | (488) | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | ||
Securities received as collateral | 0 | 0 | ||
Trading assets | (224) | (440) | ||
Investment securities | (23,454) | (15,610) | ||
Other investments | (47,964) | (45,446) | ||
Net loans | (5,294) | (4,088) | ||
Premises and equipment | 308 | 241 | ||
Goodwill | 710 | 706 | ||
Other intangible assets | 0 | 0 | ||
Brokerage receivables | 0 | 0 | ||
Other assets | (69) | 726 | ||
Total assets | (76,008) | (64,610) | ||
Liabilities and equity | ||||
Due to banks | (1,364) | (753) | ||
Customer deposits | (1,338) | (1,141) | ||
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 | (2) | (13) | ||
Short-term borrowings | (493) | (489) | ||
Long-term debt | (26,237) | (18,367) | ||
Brokerage payables | 0 | 0 | ||
Other liabilities | (677) | (584) | ||
Total liabilities | (30,111) | (21,347) | ||
Total shareholders' equity | (45,296) | (42,670) | ||
Noncontrolling interests | (601) | (593) | ||
Total equity | (45,897) | (43,263) | ||
Total liabilities and equity | (76,008) | (64,610) | ||
Group parent company | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 324 | 516 | 938 | 942 |
Interest-bearing deposits with banks | 498 | 493 | ||
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 | 23,456 | 15,612 | ||
Other investments | 48,030 | 45,517 | ||
Net loans | 0 | 0 | ||
Premises and equipment | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other intangible assets | 0 | 0 | ||
Brokerage receivables | 0 | 0 | ||
Other assets | 547 | 389 | ||
Total assets | 72,855 | 62,527 | ||
Liabilities and equity | ||||
Due to banks | 1,364 | 755 | ||
Customer deposits | 0 | 0 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | ||
Obligation to return securities received as collateral | 0 | 0 | ||
Trading liabilities | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term debt | 27,112 | 19,357 | ||
Brokerage payables | 0 | 0 | ||
Other liabilities | 457 | 513 | ||
Total liabilities | 28,933 | 20,625 | ||
Total shareholders' equity | 43,922 | 41,902 | ||
Noncontrolling interests | 0 | 0 | ||
Total equity | 43,922 | 41,902 | ||
Total liabilities and equity | 72,855 | 62,527 | ||
Bank | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 99,314 | 109,510 | 121,066 | 92,254 |
Interest-bearing deposits with banks | 1,074 | 721 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 117,095 | 115,346 | ||
Securities received as collateral | 41,696 | 38,074 | ||
Trading assets | 132,427 | 156,774 | ||
Investment securities | 2,909 | 2,189 | ||
Other investments | 4,824 | 5,893 | ||
Net loans | 292,875 | 283,237 | ||
Premises and equipment | 4,530 | 4,445 | ||
Goodwill | 4,056 | 4,036 | ||
Other intangible assets | 219 | 223 | ||
Brokerage receivables | 38,907 | 46,968 | ||
Other assets | 32,143 | 30,956 | ||
Total assets | 772,069 | 798,372 | ||
Liabilities and equity | ||||
Due to banks | 15,220 | 15,411 | ||
Customer deposits | 365,263 | 362,303 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 24,623 | 26,496 | ||
Obligation to return securities received as collateral | 41,696 | 38,074 | ||
Trading liabilities | 42,171 | 39,132 | ||
Short-term borrowings | 22,419 | 26,378 | ||
Long-term debt | 153,433 | 172,042 | ||
Brokerage payables | 30,923 | 43,303 | ||
Other liabilities | 30,327 | 31,683 | ||
Total liabilities | 726,075 | 754,822 | ||
Total shareholders' equity | 45,296 | 42,670 | ||
Noncontrolling interests | 698 | 880 | ||
Total equity | 45,994 | 43,550 | 43,858 | 46,696 |
Total liabilities and equity | 772,069 | 798,372 | ||
Bank | Credit Suisse (USA), Inc - Consolidated | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 2,540 | 3,058 | 2,491 | 5,799 |
Interest-bearing deposits with banks | 22 | 32 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 35,640 | 58,212 | ||
Securities received as collateral | 4,751 | 5,422 | ||
Trading assets | 28,034 | 24,602 | ||
Investment securities | 1,307 | 245 | ||
Other investments | 826 | 902 | ||
Net loans | 12,263 | 12,456 | ||
Premises and equipment | 1,072 | 1,001 | ||
Goodwill | 727 | 722 | ||
Other intangible assets | 200 | 195 | ||
Brokerage receivables | 20,772 | 19,717 | ||
Other assets | 11,895 | 11,217 | ||
Total assets | 120,049 | 137,781 | ||
Liabilities and equity | ||||
Due to banks | 59 | 270 | ||
Customer deposits | 0 | 1 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 6,296 | 15,352 | ||
Obligation to return securities received as collateral | 4,751 | 5,422 | ||
Trading liabilities | 8,693 | 6,549 | ||
Short-term borrowings | 9,679 | 12,224 | ||
Long-term debt | 47,074 | 50,396 | ||
Brokerage payables | 17,452 | 21,585 | ||
Other liabilities | 9,995 | 10,454 | ||
Total liabilities | 103,999 | 122,253 | ||
Total shareholders' equity | 15,971 | 15,409 | ||
Noncontrolling interests | 79 | 119 | ||
Total equity | 16,050 | 15,528 | ||
Total liabilities and equity | 120,049 | 137,781 | ||
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | ||||
Assets | ||||
Cash and Cash Equivalents, at Carrying Value | 96,774 | 106,452 | SFr 118,575 | SFr 86,455 |
Interest-bearing deposits with banks | 1,052 | 689 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 81,455 | 57,134 | ||
Securities received as collateral | 36,945 | 32,652 | ||
Trading assets | 104,393 | 132,172 | ||
Investment securities | 1,602 | 1,944 | ||
Other investments | 3,998 | 4,991 | ||
Net loans | 280,612 | 270,781 | ||
Premises and equipment | 3,458 | 3,444 | ||
Goodwill | 3,329 | 3,314 | ||
Other intangible assets | 19 | 28 | ||
Brokerage receivables | 18,135 | 27,251 | ||
Other assets | 20,248 | 19,739 | ||
Total assets | 652,020 | 660,591 | ||
Liabilities and equity | ||||
Due to banks | 15,161 | 15,141 | ||
Customer deposits | 365,263 | 362,302 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 18,327 | 11,144 | ||
Obligation to return securities received as collateral | 36,945 | 32,652 | ||
Trading liabilities | 33,478 | 32,583 | ||
Short-term borrowings | 12,740 | 14,154 | ||
Long-term debt | 106,359 | 121,646 | ||
Brokerage payables | 13,471 | 21,718 | ||
Other liabilities | 20,332 | 21,229 | ||
Total liabilities | 622,076 | 632,569 | ||
Total shareholders' equity | 29,325 | 27,261 | ||
Noncontrolling interests | 619 | 761 | ||
Total equity | 29,944 | 28,022 | ||
Total liabilities and equity | SFr 652,020 | SFr 660,591 |
Subsidiary guarantee informat_6
Subsidiary guarantee information - Cash flow related (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities | SFr 12,760 | SFr (8,542) | SFr 26,775 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (427) | 40 | 117 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (1,372) | 14,286 | (7,056) |
Purchase of investment securities | (683) | (86) | (88) |
Proceeds from sale of investment securities | 255 | 14 | 14 |
Investments in subsidiaries and other investments | (547) | (1,094) | (1,403) |
Proceeds from sale of other investments | 1,772 | 1,970 | 1,737 |
Maturities of investment securities | 853 | 422 | 363 |
(Increase)/decrease in loans | (12,500) | (13,674) | (3,745) |
Proceeds from sale of loans | 5,980 | 9,938 | 2,468 |
Capital expenditures for premises and equipment and other intangible assets | (1,095) | (1,068) | (1,164) |
Proceeds from sale of premises and equipment and other intangible assets | 30 | 1 | 55 |
Other, net | 342 | 65 | 749 |
Net cash provided by/(used in) investing activities | (7,392) | 10,814 | (7,953) |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 1,808 | 3,423 | 10,267 |
Increase/(decrease) in short-term borrowings | (2,990) | 5,018 | 6,594 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (2,052) | (5,251) | (14,525) |
Issuances of long-term debt | 33,172 | 43,556 | 52,984 |
Repayments of long-term debt | (43,851) | (62,554) | (47,132) |
Issuances of common shares | 0 | 4,253 | 725 |
Sale of treasury shares | 11,693 | 12,034 | 16,167 |
Repurchase of treasury shares | (12,441) | (12,757) | (16,197) |
Dividends paid/capital repayments | (666) | (590) | (493) |
Other, net | 181 | 77 | 377 |
Net cash provided by/(used in) financing activities | (15,146) | (12,791) | 8,767 |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | 10 | (827) | 1,244 |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (9,768) | (11,346) | 28,833 |
Cash and due from banks at beginning of period | 109,815 | 121,161 | 92,328 |
Cash and due from banks at end of period | 100,047 | 109,815 | 121,161 |
Eliminations and consolidation adjustments | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities | 564 | 90 | (211) |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (58) | 488 | 0 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 |
Purchase of investment securities | 8,793 | 5,673 | 0 |
Proceeds from sale of investment securities | 0 | 0 | 0 |
Investments in subsidiaries and other investments | 9 | 4,101 | 664 |
Proceeds from sale of other investments | (2) | 3 | 44 |
Maturities of investment securities | (290) | 0 | 0 |
(Increase)/decrease in loans | 1,201 | 6,441 | 461 |
Proceeds from sale of loans | (1) | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | (106) | (118) | 0 |
Proceeds from sale of premises and equipment and other intangible assets | (50) | (59) | 0 |
Other, net | 0 | 0 | (1) |
Net cash provided by/(used in) investing activities | 9,496 | 16,529 | 1,168 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | (807) | 2,425 | (762) |
Increase/(decrease) in short-term borrowings | (5) | (489) | 300 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 |
Issuances of long-term debt | (8,941) | (14,046) | 40 |
Repayments of long-term debt | 297 | 90 | 0 |
Issuances of common shares | 0 | 0 | |
Sale of treasury shares | 11,693 | 12,034 | 15,844 |
Repurchase of treasury shares | (11,684) | (12,127) | (15,742) |
Dividends paid/capital repayments | 10 | 7 | 145 |
Other, net | 9 | (3,891) | (760) |
Net cash provided by/(used in) financing activities | (9,428) | (15,997) | (935) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (12) | 10 | 3 |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | 620 | 632 | 25 |
Cash and due from banks at beginning of period | (211) | (843) | (868) |
Cash and due from banks at end of period | 409 | (211) | (843) |
Group parent company | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities | (215) | (142) | (22) |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (5) | (488) | 0 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 |
Purchase of investment securities | (8,793) | (5,673) | 0 |
Proceeds from sale of investment securities | 0 | 0 | 0 |
Investments in subsidiaries and other investments | (10) | (4,101) | (710) |
Proceeds from sale of other investments | 4 | 0 | 0 |
Maturities of investment securities | 290 | 0 | 0 |
(Increase)/decrease in loans | 0 | (5,336) | 15 |
Proceeds from sale of loans | 0 | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | 0 | 0 | 0 |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 |
Net cash provided by/(used in) investing activities | (8,514) | (15,598) | (695) |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 609 | (2,189) | 792 |
Increase/(decrease) in short-term borrowings | 0 | 0 | (300) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 |
Issuances of long-term debt | 8,805 | 14,035 | 0 |
Repayments of long-term debt | (290) | 0 | 0 |
Issuances of common shares | 4,253 | 725 | |
Sale of treasury shares | 0 | 0 | 323 |
Repurchase of treasury shares | (757) | (630) | (455) |
Dividends paid/capital repayments | (661) | (584) | (493) |
Other, net | 829 | 433 | 93 |
Net cash provided by/(used in) financing activities | 8,535 | 15,318 | 685 |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | 2 | 0 | 28 |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (192) | (422) | (4) |
Cash and due from banks at beginning of period | 516 | 938 | 942 |
Cash and due from banks at end of period | 324 | 516 | 938 |
Bank | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities | 12,411 | (8,490) | 27,008 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (364) | 40 | 117 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (1,372) | 14,286 | (7,056) |
Purchase of investment securities | (683) | (86) | (88) |
Proceeds from sale of investment securities | 255 | 14 | 14 |
Investments in subsidiaries and other investments | (546) | (1,094) | (1,357) |
Proceeds from sale of other investments | 1,770 | 1,967 | 1,693 |
Maturities of investment securities | 853 | 422 | 363 |
(Increase)/decrease in loans | (13,701) | (14,779) | (4,221) |
Proceeds from sale of loans | 5,981 | 9,938 | 2,468 |
Capital expenditures for premises and equipment and other intangible assets | (989) | (950) | (1,164) |
Proceeds from sale of premises and equipment and other intangible assets | 80 | 60 | 55 |
Other, net | 342 | 65 | 750 |
Net cash provided by/(used in) investing activities | (8,374) | 9,883 | (8,426) |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 2,006 | 3,187 | 10,237 |
Increase/(decrease) in short-term borrowings | (2,985) | 5,507 | 6,594 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (2,052) | (5,251) | (14,525) |
Issuances of long-term debt | 33,308 | 43,567 | 52,944 |
Repayments of long-term debt | (43,858) | (62,644) | (47,132) |
Issuances of common shares | 0 | 0 | |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (15) | (13) | (145) |
Other, net | (657) | 3,535 | 1,044 |
Net cash provided by/(used in) financing activities | (14,253) | (12,112) | 9,017 |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | 20 | (837) | 1,213 |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (10,196) | (11,556) | 28,812 |
Cash and due from banks at beginning of period | 109,510 | 121,066 | 92,254 |
Cash and due from banks at end of period | 99,314 | 109,510 | 121,066 |
Bank | Credit Suisse (USA), Inc - Consolidated | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities | (8,424) | 7,840 | 9,618 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | 11 | 0 | (3,320) |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 22,936 | 20,626 | 18,365 |
Purchase of investment securities | 0 | 0 | 0 |
Proceeds from sale of investment securities | 0 | 0 | 0 |
Investments in subsidiaries and other investments | (99) | (206) | (355) |
Proceeds from sale of other investments | 540 | 488 | 2,067 |
Maturities of investment securities | 278 | 104 | 199 |
(Increase)/decrease in loans | 310 | 3,131 | 3,038 |
Proceeds from sale of loans | 0 | 0 | 0 |
Capital expenditures for premises and equipment and other intangible assets | (307) | (295) | (329) |
Proceeds from sale of premises and equipment and other intangible assets | 0 | 2 | 50 |
Other, net | 5 | 41 | 27 |
Net cash provided by/(used in) investing activities | 23,674 | 23,891 | 19,742 |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | (213) | 191 | 20 |
Increase/(decrease) in short-term borrowings | (1,298) | (4,113) | (5,781) |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (9,127) | (37,382) | (23,838) |
Issuances of long-term debt | 119,547 | 30,223 | 1 |
Repayments of long-term debt | (124,405) | (19,174) | (2,993) |
Issuances of common shares | 0 | 0 | |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (2) | (9) | (1) |
Other, net | (300) | (780) | (143) |
Net cash provided by/(used in) financing activities | (15,798) | (31,044) | (32,735) |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | 30 | (120) | 67 |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (518) | 567 | (3,308) |
Cash and due from banks at beginning of period | 3,058 | 2,491 | 5,799 |
Cash and due from banks at end of period | 2,540 | 3,058 | 2,491 |
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | |||
Operating activities of continuing operations | |||
Net cash provided by/(used in) operating activities | 20,835 | (16,330) | 17,390 |
Investing activities of continuing operations | |||
(Increase)/decrease in interest-bearing deposits with banks | (375) | 40 | 3,437 |
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (24,308) | (6,340) | (25,421) |
Purchase of investment securities | (683) | (86) | (88) |
Proceeds from sale of investment securities | 255 | 14 | 14 |
Investments in subsidiaries and other investments | (447) | (888) | (1,002) |
Proceeds from sale of other investments | 1,230 | 1,479 | (374) |
Maturities of investment securities | 575 | 318 | 164 |
(Increase)/decrease in loans | (14,011) | (17,910) | (7,259) |
Proceeds from sale of loans | 5,981 | 9,938 | 2,468 |
Capital expenditures for premises and equipment and other intangible assets | (682) | (655) | (835) |
Proceeds from sale of premises and equipment and other intangible assets | 80 | 58 | 5 |
Other, net | 337 | 24 | 723 |
Net cash provided by/(used in) investing activities | (32,048) | (14,008) | (28,168) |
Financing activities of continuing operations | |||
Increase/(decrease) in due to banks and customer deposits | 2,219 | 2,996 | 10,217 |
Increase/(decrease) in short-term borrowings | (1,687) | 9,620 | 12,375 |
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 7,075 | 32,131 | 9,313 |
Issuances of long-term debt | (86,239) | 13,344 | 52,943 |
Repayments of long-term debt | 80,547 | (43,470) | (44,139) |
Issuances of common shares | 0 | 0 | |
Sale of treasury shares | 0 | 0 | 0 |
Repurchase of treasury shares | 0 | 0 | 0 |
Dividends paid/capital repayments | (13) | (4) | (144) |
Other, net | (357) | 4,315 | 1,187 |
Net cash provided by/(used in) financing activities | 1,545 | 18,932 | 41,752 |
Effect of exchange rate changes on cash and due from banks | |||
Effect of exchange rate changes on cash and due from banks | (10) | (717) | 1,146 |
Net increase/(decrease) in cash and due from banks | |||
Net increase/(decrease) in cash and due from banks | (9,678) | (12,123) | 32,120 |
Cash and due from banks at beginning of period | 106,452 | 118,575 | 86,455 |
Cash and due from banks at end of period | 96,774 | 106,452 | 118,575 |
Group Parent company - subsidiary that holds a banking license | Group parent company | |||
Net increase/(decrease) in cash and due from banks | |||
Dividend income from investments | 10 | 10 | 145 |
Group Parent company - subsidiary that doesn't hold a banking license | Group parent company | |||
Net increase/(decrease) in cash and due from banks | |||
Dividend income from investments | SFr 6 | SFr 14 | SFr 41 |
Significant valuation and inc_2
Significant valuation and income recognition differences between US GAAP and - Swiss GAAP banking law (Details) | 12 Months Ended |
Dec. 31, 2018year | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | |
Goodwill, maximum useful life (in years) | 5 |
Goodwill, maximum useful life for justified exceptional cases (in years) | 10 |
Intangible assets with indefinite lives, maximum useful life (in years) | 5 |
Intangible assets with indefinite lives, maximum useful life for justified exceptional cases (in years) | 10 |
Loan commitment notice period for Swiss GAAP (in weeks) | 6 |