Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2020 |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Entity File Number | 001-15244 |
Entity Registrant Name | Credit Suisse Group AG |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Address Line One | Paradeplatz 8 |
Entity Address, City or Town | Zurich |
Entity Address, Postal Zip Code | 8001 |
Entity Address, Country | CH |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 2,406,144,879 |
Entity Central Index Key | 0001159510 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
ICFR Auditor Attestation Flag | true |
Business Contact [Member] | |
Entity Information [Line Items] | |
Contact Personnel Name | David R. Mathers |
Entity Address, Address Line One | Paradeplatz 8 |
Entity Address, City or Town | Zurich |
Entity Address, Postal Zip Code | 8001 |
Entity Address, Country | CH |
City Area Code | +41 44 |
Local Phone Number | 333 1111 |
American Depositary Shares each representing one Share [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares each representing one Share |
Trading Symbol | CS |
Security Exchange Name | NYSE |
Bank | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2020 |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Entity File Number | 001-33434 |
Entity Registrant Name | Credit Suisse AG |
Entity Incorporation, State or Country Code | V8 |
Entity Address, Address Line One | Paradeplatz 8 |
Entity Address, City or Town | Zurich |
Entity Address, Postal Zip Code | 8001 |
Entity Address, Country | CH |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 4,399,680,200 |
Entity Central Index Key | 0001053092 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
ICFR Auditor Attestation Flag | true |
Bank | Business Contact [Member] | |
Entity Information [Line Items] | |
Contact Personnel Name | David R. Mathers |
Entity Address, Address Line One | Paradeplatz 8 |
Entity Address, City or Town | Zurich |
Entity Address, Postal Zip Code | 8001 |
Entity Address, Country | CH |
City Area Code | +41 44 |
Local Phone Number | 333 1111 |
Bank | Credit Suisse FI Large Cap Growth Enhanced ETNs due June 13, 2024 [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Credit Suisse FI Large Cap Growth Enhanced ETNs due June 13, 2024 Linked to the Russell 1000® Growth Index Total Return |
Trading Symbol | FLGE |
Security Exchange Name | NYSEArca |
Bank | Credit Suisse X-Links Gold Shares Covered Call ETNs due February 2, 2033 [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Credit Suisse X-Links® Gold Shares Covered Call ETNs due February 2, 2033 |
Trading Symbol | GLDI |
Security Exchange Name | NASDAQ |
Bank | Credit Suisse X-Links Silver Shares Covered Call ETNs due April 21, 2033 [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Credit Suisse X-Links® Silver Shares Covered Call ETNs due April 21, 2033 |
Trading Symbol | SLVO |
Security Exchange Name | NASDAQ |
Bank | Credit Suisse S&P MLP Index ETNs due December 4, 2034 [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Credit Suisse S&P MLP Index ETNs due December 4, 2034 Linked to the S&P MLP Index |
Trading Symbol | MLPO |
Security Exchange Name | NYSEArca |
Bank | Credit Suisse X-Links Monthly Pay 2xLeveraged Mortgage REIT ETNs due July 11, 2036 [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Credit Suisse X-Links® Monthly Pay 2xLeveraged Mortgage REIT ETNs due July 11, 2036 |
Trading Symbol | REML |
Security Exchange Name | NYSEArca |
Bank | Credit Suisse X-Links Crude Oil Shares Covered Call ETNs due April 24, 2037 [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Credit Suisse X-Links® Crude Oil Shares Covered Call ETNs due April 24, 2037 |
Trading Symbol | USOI |
Security Exchange Name | NASDAQ |
Bank | Credit Suisse FI Enhanced Europe 50 ETNs due May 11, 2028 [Member] | |
Entity Information [Line Items] | |
Title of 12(b) Security | Credit Suisse FI Enhanced Europe 50 ETNs due May 11, 2028 Linked to the STOXX® Europe 50 USD (Gross Return) Index |
Trading Symbol | FEUL |
Security Exchange Name | NYSEArca |
Consolidated statements of oper
Consolidated statements of operations - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income | SFr 13,919 | SFr 20,184 | SFr 19,613 |
Interest expense | (7,971) | (13,167) | (12,604) |
Net interest income | 5,948 | 7,017 | 7,009 |
Commissions and fees | 11,853 | 11,158 | 11,890 |
Trading revenues | 3,295 | 1,739 | 624 |
Other revenues | 1,293 | 2,570 | 1,397 |
Net revenues | 22,389 | 22,484 | 20,920 |
Provision for credit losses | 1,096 | 324 | 245 |
Compensation and benefits | 9,890 | 10,036 | 9,620 |
General and administrative expenses | 6,523 | 6,128 | 5,798 |
Commission expenses | 1,256 | 1,276 | 1,259 |
Restructuring expenses | 157 | 626 | |
Total other operating expenses | 7,936 | 7,404 | 7,683 |
Total operating expenses | 17,826 | 17,440 | 17,303 |
Income/(loss) before taxes | 3,467 | 4,720 | 3,372 |
Income tax expense/(benefit) | 801 | 1,295 | 1,361 |
Net income/(loss) | 2,666 | 3,425 | 2,011 |
Net income/(loss) attributable to noncontrolling interests | (3) | 6 | (13) |
Net income/(loss) attributable to shareholders | SFr 2,669 | SFr 3,419 | SFr 2,024 |
Basic earnings per share (CHF) | |||
Basic earnings/(loss) per share (in CHF per share) | SFr 1.09 | SFr 1.35 | SFr 0.79 |
Diluted earnings per share (CHF) | |||
Diluted earnings/(loss) per share (in CHF per share) | SFr 1.06 | SFr 1.32 | SFr 0.77 |
Bank | |||
Interest and dividend income | SFr 13,878 | SFr 20,180 | SFr 19,623 |
Interest expense | (7,918) | (13,131) | (12,498) |
Net interest income | 5,960 | 7,049 | 7,125 |
Commissions and fees | 11,850 | 11,071 | 11,742 |
Trading revenues | 3,178 | 1,773 | 456 |
Other revenues | 1,515 | 2,793 | 1,497 |
Net revenues | 22,503 | 22,686 | 20,820 |
Provision for credit losses | 1,092 | 324 | 245 |
Compensation and benefits | 8,860 | 9,105 | 8,864 |
General and administrative expenses | 7,962 | 7,588 | 7,068 |
Commission expenses | 1,256 | 1,276 | 1,259 |
Restructuring expenses | 122 | 528 | |
Total other operating expenses | 9,340 | 8,864 | 8,855 |
Total operating expenses | 18,200 | 17,969 | 17,719 |
Income/(loss) before taxes | 3,211 | 4,393 | 2,856 |
Income tax expense/(benefit) | 697 | 1,298 | 1,134 |
Net income/(loss) | 2,514 | 3,095 | 1,722 |
Net income/(loss) attributable to noncontrolling interests | 3 | 14 | (7) |
Net income/(loss) attributable to shareholders | SFr 2,511 | SFr 3,081 | SFr 1,729 |
Consolidated statements of comp
Consolidated statements of comprehensive income - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Comprehensive income | |||
Net income/(loss) | SFr 2,666 | SFr 3,425 | SFr 2,011 |
Gains/(losses) on cash flow hedges | 178 | 100 | (10) |
Foreign currency translation | (3,065) | (1,025) | (325) |
Unrealized gains/(losses) on securities | (17) | 20 | (17) |
Actuarial gains/(losses) | (37) | 326 | (391) |
Net prior service cost | (148) | 217 | (135) |
Gains/(losses) on liabilities related to credit risk | 202 | (1,860) | 1,654 |
Other comprehensive income/(loss), net of tax | (2,887) | (2,222) | 776 |
Comprehensive income/(loss) | (221) | 1,203 | 2,787 |
Comprehensive income/(loss) attributable to noncontrolling interests | (9) | 8 | (15) |
Comprehensive income/(loss) attributable to shareholders | (212) | 1,195 | 2,802 |
Bank | |||
Comprehensive income | |||
Net income/(loss) | 2,514 | 3,095 | 1,722 |
Gains/(losses) on cash flow hedges | 177 | 86 | (7) |
Foreign currency translation | (3,014) | (995) | (321) |
Unrealized gains/(losses) on securities | (17) | 21 | (18) |
Actuarial gains/(losses) | (44) | (24) | 31 |
Net prior service cost | (4) | 1 | (10) |
Gains/(losses) on liabilities related to credit risk | 151 | (1,738) | 1,442 |
Other comprehensive income/(loss), net of tax | (2,751) | (2,649) | 1,117 |
Comprehensive income/(loss) | (237) | 446 | 2,839 |
Comprehensive income/(loss) attributable to noncontrolling interests | (55) | 7 | (3) |
Comprehensive income/(loss) attributable to shareholders | SFr (182) | SFr 439 | SFr 2,842 |
Consolidated balance sheets
Consolidated balance sheets - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 | ||
Assets | ||||
Cash and due from banks | [1] | SFr 139,112 | SFr 101,879 | |
of which reported at fair value | 525 | 356 | ||
Interest-bearing deposits with banks | 1,298 | 741 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,133 | 106,997 | ||
of which reported at fair value | 57,994 | 85,556 | ||
Securities received as collateral, at fair value | 50,773 | 40,219 | ||
of which encumbered | 27,614 | 20,234 | ||
Trading assets, at fair value | 157,338 | 153,797 | ||
of which encumbered | 43,511 | 38,269 | ||
Total investment securities | 607 | 1,006 | ||
of which reported at fair value | 607 | 1,006 | ||
Other investments | 5,412 | 5,666 | ||
of which reported at fair value | 3,794 | 3,550 | ||
Net loans | 291,908 | 296,779 | ||
of which reported at fair value | 11,408 | 12,662 | ||
of which encumbered | 179 | 293 | ||
Allowance for credit losses | (1,536) | (1,049) | ||
Allowance for loan losses | (946) | |||
Goodwill | 4,426 | 4,663 | ||
Other intangible assets | 237 | 291 | ||
of which reported at fair value | 180 | 244 | ||
Brokerage receivables | 35,941 | 35,648 | ||
Other assets | 39,637 | 39,609 | ||
of which reported at fair value | 8,373 | 10,402 | ||
of which encumbered | 167 | 217 | ||
of which loans held-for-sale reported at lower of cost and market value (amortized cost base) | 650 | |||
allowance for loans held-for-sale | (48) | 0 | ||
Total assets | 805,822 | 787,295 | ||
Liabilities and equity | ||||
Due to banks | 16,423 | 16,744 | ||
of which reported at fair value | 413 | 322 | ||
Customer deposits | 390,921 | 383,783 | ||
of which reported at fair value | 4,343 | 3,339 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 23,851 | 27,533 | ||
of which reported at fair value | 13,594 | 10,715 | ||
Obligation to return securities received as collateral, at fair value | 50,773 | 40,219 | ||
Trading liabilities, at fair value | 45,871 | 38,186 | ||
Short-term borrowings | 20,868 | 28,385 | ||
of which reported at fair value | 10,740 | 11,333 | ||
Long-term debt | 161,087 | 152,005 | ||
of which reported at fair value | 70,976 | 70,331 | ||
Brokerage payables | 21,653 | 25,683 | ||
Other liabilities | 31,434 | 31,043 | ||
of which reported at fair value | 7,780 | 7,891 | ||
Total liabilities | 762,881 | 743,581 | ||
Common shares | 98 | 102 | ||
Additional paid-in capital | 33,323 | 34,661 | ||
Retained earnings | 32,834 | 30,634 | ||
Treasury shares, at cost | (428) | (1,484) | ||
Accumulated other comprehensive income/(loss) | (23,150) | (20,269) | ||
Total shareholders' equity | 42,677 | 43,644 | ||
Noncontrolling interests | 264 | 70 | ||
Total equity | 42,941 | 43,714 | ||
Total liabilities and equity | SFr 805,822 | SFr 787,295 | ||
Additional share information | ||||
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | ||
Authorized shares (in shares) | [2] | 3,100,747,720 | 3,209,011,720 | |
Issued shares (in shares) | 2,447,747,720 | 2,556,011,720 | ||
Treasury shares (in shares) | 41,602,841 | 119,761,811 | ||
Common shares outstanding (in shares) | 2,406,144,879 | 2,436,249,909 | ||
Consolidated VIEs | ||||
Assets | ||||
Cash and due from banks | SFr 90 | SFr 138 | ||
Trading assets, at fair value | 2,164 | 2,788 | ||
Other investments | 1,251 | 1,412 | ||
Net loans | 900 | 649 | ||
Other assets | 1,876 | 1,694 | ||
Total assets | 6,281 | 6,681 | ||
Liabilities and equity | ||||
Customer deposits | 1 | 0 | ||
Trading liabilities, at fair value | 10 | 8 | ||
Short-term borrowings | 4,178 | 4,885 | ||
Long-term debt | 1,746 | 1,671 | ||
Other liabilities | 208 | 297 | ||
Total liabilities | 6,143 | 6,861 | ||
Bank | ||||
Assets | ||||
Cash and due from banks | [1] | 138,207 | 101,044 | [3] |
of which reported at fair value | 525 | 356 | ||
Interest-bearing deposits with banks | 1,230 | 673 | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,133 | 106,997 | ||
of which reported at fair value | 57,994 | 85,556 | ||
Securities received as collateral, at fair value | 50,773 | 40,219 | ||
of which encumbered | 27,614 | 22,521 | ||
Trading assets, at fair value | 157,511 | 153,895 | ||
of which encumbered | 43,511 | 46,650 | ||
Total investment securities | 605 | 1,004 | ||
of which reported at fair value | 605 | 1,004 | ||
Other investments | 5,379 | 5,634 | ||
of which reported at fair value | 3,793 | 3,548 | ||
Net loans | 300,341 | 304,025 | ||
of which reported at fair value | 11,408 | 12,661 | ||
of which encumbered | 179 | 293 | ||
Allowance for credit losses | (1,535) | (1,048) | ||
Allowance for loan losses | (945) | |||
Goodwill | 3,755 | 3,960 | ||
Other intangible assets | 237 | 291 | ||
of which reported at fair value | 180 | 244 | ||
Brokerage receivables | 35,943 | 35,648 | ||
Other assets | 36,574 | 37,069 | ||
of which reported at fair value | 8,373 | 10,402 | ||
of which encumbered | 167 | 217 | ||
of which loans held-for-sale reported at lower of cost and market value (amortized cost base) | 650 | |||
allowance for loans held-for-sale | (48) | 0 | ||
Total assets | 809,688 | 790,459 | ||
Liabilities and equity | ||||
Due to banks | 16,420 | 16,742 | ||
of which reported at fair value | 413 | 322 | ||
Customer deposits | 392,039 | 384,950 | ||
of which reported at fair value | 4,343 | 3,339 | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 23,944 | 27,641 | ||
of which reported at fair value | 13,688 | 10,823 | ||
Obligation to return securities received as collateral, at fair value | 50,773 | 40,219 | ||
Trading liabilities, at fair value | 45,871 | 38,186 | ||
Short-term borrowings | 21,308 | 28,869 | ||
of which reported at fair value | 10,740 | 11,333 | ||
Long-term debt | 160,279 | 151,000 | ||
of which reported at fair value | 70,243 | 69,406 | ||
Brokerage payables | 21,655 | 25,683 | ||
Other liabilities | 30,340 | 30,406 | ||
of which reported at fair value | 7,756 | 7,869 | ||
Total liabilities | 762,629 | 743,696 | ||
Common shares | 4,400 | 4,400 | ||
Additional paid-in capital | 46,232 | 45,774 | ||
Retained earnings | 15,871 | 13,492 | ||
Accumulated other comprehensive income/(loss) | (20,239) | (17,546) | ||
Total shareholders' equity | 46,264 | 46,120 | ||
Noncontrolling interests | 795 | 643 | ||
Total equity | 47,059 | 46,763 | ||
Total liabilities and equity | SFr 809,688 | SFr 790,459 | ||
Additional share information | ||||
Par value (in CHF per share) | [4] | SFr 1 | SFr 1 | |
Issued shares (in shares) | [4] | 4,399,680,200 | 4,399,680,200 | |
Common shares outstanding (in shares) | [4] | 4,399,680,200 | 4,399,680,200 | |
Bank | Consolidated VIEs | ||||
Assets | ||||
Cash and due from banks | SFr 90 | SFr 138 | ||
Trading assets, at fair value | 2,164 | 2,788 | ||
Other investments | 1,251 | 1,412 | ||
Net loans | 900 | 649 | ||
Other assets | 1,858 | 1,674 | ||
Total assets | 6,263 | 6,661 | ||
Liabilities and equity | ||||
Customer deposits | 1 | 0 | ||
Trading liabilities, at fair value | 10 | 8 | ||
Short-term borrowings | 4,178 | 4,885 | ||
Long-term debt | 1,746 | 1,671 | ||
Other liabilities | 207 | 296 | ||
Total liabilities | SFr 6,142 | SFr 6,860 | ||
[1] | Includes restricted cash. | |||
[2] | Includes issued shares and unissued shares (conditional, conversion and authorized capital). | |||
[3] | Includes restricted cash. | |||
[4] | The Bank's total share capital is fully paid and consists of 4,399,680,200 registered shares as of December 31, 2020. 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 | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total shareholders' equity | Total shareholders' equityCumulative Effect, Period of Adoption, Adjustment [Member] | Common shares | Additional paid-in capital | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment [Member] | Treasury shares, at cost | Accumulated other comprehensive income | Accumulated other comprehensive incomeCumulative Effect, Period of Adoption, Adjustment [Member] | Noncontrolling interests | Bank | BankCumulative Effect, Period of Adoption, Adjustment [Member] | BankTotal shareholders' equity | BankTotal shareholders' equityCumulative Effect, Period of Adoption, Adjustment [Member] | BankCommon shares | BankAdditional paid-in capital | BankRetained earnings | BankRetained earningsCumulative Effect, Period of Adoption, Adjustment [Member] | BankTreasury shares, at cost | BankAccumulated other comprehensive income | BankAccumulated other comprehensive incomeCumulative Effect, Period of Adoption, Adjustment [Member] | BankNoncontrolling interests | ||||||
Balance at Dec. 31, 2017 | SFr 42,189 | SFr (45) | SFr 41,902 | SFr (45) | SFr 102 | SFr 35,668 | SFr 24,973 | SFr (24) | SFr (103) | SFr (18,738) | SFr (21) | SFr 287 | SFr 43,550 | SFr (45) | SFr 42,670 | SFr (45) | SFr 4,400 | SFr 45,718 | SFr 8,484 | SFr (24) | SFr 0 | SFr (15,932) | SFr (21) | SFr 880 | ||||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, changing ownership | (5) | (1) | (1) | (4) | ||||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (69) | (69) | (70) | (70) | ||||||||||||||||||||||||||
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 | 30 | 30 | 30 | ||||||||||||||||||||||||||
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 | 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 | (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 | 178 | 43,922 | 178 | 102 | 34,889 | 26,973 | 242 | (61) | (17,981) | SFr (64) | 97 | 45,994 | 178 | 45,296 | 178 | 4,400 | 45,557 | 10,179 | 242 | 0 | (14,840) | SFr (64) | 698 | ||||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (103) | (103) | (103) | (103) | ||||||||||||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 74 | 74 | 68 | 68 | ||||||||||||||||||||||||||
Net income/(loss) | 3,425 | 3,419 | 3,419 | 6 | 3,095 | 3,081 | 3,081 | 14 | ||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | (2,222) | (2,224) | (2,224) | 2 | (2,649) | (2,642) | (2,642) | (7) | ||||||||||||||||||||||
Sale of treasury shares | 9,624 | 9,624 | 11 | 9,613 | ||||||||||||||||||||||||||
Repurchase of treasury shares | (11,536) | (11,536) | (11,536) | |||||||||||||||||||||||||||
Share-based compensation, net of tax | 834 | 834 | 334 | 500 | 254 | 254 | 254 | |||||||||||||||||||||||
Financial instruments indexed to own shares | 122 | 122 | 122 | |||||||||||||||||||||||||||
Dividends on share-based compensation, net of tax | (35) | (35) | (35) | |||||||||||||||||||||||||||
Dividends paid | (696) | (695) | (11) | (10) | (10) | |||||||||||||||||||||||||
Dividends paid out of reserves from capital contributions | (695) | |||||||||||||||||||||||||||||
Cash dividends paid to noncontrolling interest holders | (1) | (1) | ||||||||||||||||||||||||||||
Change in scope of consolidation, net | (5) | (5) | (4) | (4) | ||||||||||||||||||||||||||
Other | (24) | (2) | (2) | (22) | ||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | 43,714 | SFr (132) | 43,644 | SFr (132) | 102 | 34,661 | 30,634 | SFr (132) | (1,484) | (20,269) | 70 | 46,763 | SFr (132) | 46,120 | SFr (132) | 4,400 | 45,774 | 13,492 | SFr (132) | 0 | [1] | (17,546) | 643 | |||||||
Increase (decrease) in shareholders' equity | ||||||||||||||||||||||||||||||
Purchase of subsidiary shares from noncontrolling interests, not changing ownership | (20) | [2],[3] | (20) | [2],[3] | (20) | [4],[5] | (20) | [4],[5] | ||||||||||||||||||||||
Sale of subsidiary shares to noncontrolling interests, not changing ownership | 19 | [3] | 19 | [3] | 19 | [5] | 19 | [5] | ||||||||||||||||||||||
Net income/(loss) | 2,666 | 2,669 | 2,669 | (3) | 2,514 | 2,511 | 2,511 | 3 | ||||||||||||||||||||||
Total other comprehensive income/(loss), net of tax | (2,887) | (2,881) | (2,881) | (6) | (2,751) | (2,693) | (2,693) | (58) | ||||||||||||||||||||||
Cancellation of repurchased shares | (4) | (1,321) | 1,325 | |||||||||||||||||||||||||||
Sale of treasury shares | 12,364 | 12,364 | (35) | 12,399 | ||||||||||||||||||||||||||
Repurchase of treasury shares | (13,253) | (13,253) | (13,253) | |||||||||||||||||||||||||||
Share-based compensation, net of tax | 962 | 962 | 377 | 585 | 494 | 494 | 494 | |||||||||||||||||||||||
Dividends on share-based compensation, net of tax | (41) | (41) | (41) | |||||||||||||||||||||||||||
Dividends paid | (716) | (716) | (337) | (10) | (10) | (10) | ||||||||||||||||||||||||
Dividends paid out of reserves from capital contributions | [6] | (379) | ||||||||||||||||||||||||||||
Change in scope of consolidation, net | 198 | 198 | 198 | 198 | ||||||||||||||||||||||||||
Other | 26 | 20 | 20 | 6 | 25 | 15 | 15 | 10 | ||||||||||||||||||||||
Balance at Dec. 31, 2020 | SFr 42,941 | SFr 42,677 | SFr 98 | SFr 33,323 | SFr 32,834 | SFr (428) | SFr (23,150) | SFr 264 | SFr 47,059 | SFr 46,264 | SFr 4,400 | SFr 46,232 | SFr 15,871 | SFr 0 | [1] | SFr (20,239) | SFr 795 | |||||||||||||
[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] | Paid out of capital contribution reserves. |
Consolidated statements of cash
Consolidated statements of cash flows - CHF (SFr) SFr in Millions | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Operating activities of continuing operations | |||||||
Net income/(loss) | SFr 2,666 | SFr 3,425 | SFr 2,011 | ||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | |||||||
Impairment, depreciation and amortization | 1,356 | 1,275 | 936 | ||||
Provision for credit losses | 1,096 | 324 | 245 | ||||
Deferred tax provision/(benefit) | 434 | 589 | 800 | ||||
Valuation adjustments related to long-term debt | 2,364 | 10,221 | (4,743) | ||||
Share of net income/(loss) from equity method investments | (121) | (79) | (111) | ||||
Trading assets and liabilities, net | (7,130) | (27,892) | 25,536 | ||||
(Increase)/decrease in other assets | (7,923) | 2,808 | 3,453 | ||||
Increase/(decrease) in other liabilities | 902 | (6,615) | (14,294) | ||||
Other, net | (158) | (2,480) | (950) | ||||
Total adjustments | (9,180) | (21,849) | 10,872 | ||||
Net cash provided by/(used in) operating activities | (6,514) | (18,424) | 12,883 | ||||
Investing activities of continuing operations | |||||||
(Increase)/decrease in interest-bearing deposits with banks | (519) | 411 | (427) | ||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 19,219 | 8,386 | (1,372) | ||||
Purchase of investment securities | (402) | (557) | (683) | ||||
Proceeds from sale of investment securities | 629 | 6 | 255 | ||||
Maturities of investment securities | 184 | 1,007 | 567 | ||||
Investments in subsidiaries and other investments | (210) | (285) | (547) | ||||
Proceeds from sale of other investments | 678 | 1,158 | 1,772 | ||||
(Increase)/decrease in loans | (5,735) | (15,344) | (12,500) | ||||
Proceeds from sale of loans | 3,860 | 4,612 | 5,980 | ||||
Capital expenditures for premises and equipment and other intangible assets | (1,188) | (1,293) | (1,095) | ||||
Proceeds from sale of premises and equipment and other intangible assets | 45 | 30 | 30 | ||||
Other, net | 113 | 543 | 342 | ||||
Net cash provided by/(used in) investing activities | 16,674 | (1,326) | (7,678) | ||||
Financing activities of continuing operations | |||||||
Increase/(decrease) in due to banks and customer deposits | 21,364 | 24,853 | 1,808 | ||||
Increase/(decrease) in short-term borrowings | (5,246) | 6,919 | (2,990) | ||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,464) | 3,381 | (2,052) | ||||
Issuances of long-term debt | 58,009 | 34,963 | 33,172 | ||||
Repayments of long-term debt | (42,768) | (46,290) | (43,851) | ||||
Issuances of common shares | 0 | ||||||
Sale of treasury shares | 12,364 | 9,624 | 11,693 | ||||
Repurchase of treasury shares | (13,253) | (11,536) | (12,441) | ||||
Dividends paid/capital repayments | (716) | (696) | (666) | ||||
Other, net | 1,450 | 971 | 344 | ||||
Net cash provided by/(used in) financing activities | 29,740 | 22,189 | (14,983) | ||||
Effect of exchange rate changes on cash and due from banks | |||||||
Effect of exchange rate changes on cash and due from banks | (2,667) | (607) | 10 | ||||
Net increase/(decrease) in cash and due from banks | |||||||
Net increase/(decrease) in cash and due from banks | 37,233 | 1,832 | (9,768) | ||||
Cash and due from banks at beginning of period | [1] | 101,879 | 100,047 | 109,815 | |||
Cash and due from banks at end of period | [1] | 139,112 | 101,879 | 100,047 | |||
Cash paid for income taxes and interest | |||||||
Cash paid for income taxes | 757 | 729 | 678 | ||||
Cash paid for interest | 8,376 | 13,115 | 12,772 | ||||
Assets and liabilities sold in business divestitures | |||||||
Assets sold | 0 | 38 | 0 | ||||
Liabilities sold | 0 | 8 | 0 | ||||
Bank | |||||||
Operating activities of continuing operations | |||||||
Net income/(loss) | 2,514 | 3,095 | 1,722 | ||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities of continuing operations | |||||||
Impairment, depreciation and amortization | 1,196 | 1,134 | 844 | ||||
Provision for credit losses | 1,092 | 324 | 245 | ||||
Deferred tax provision/(benefit) | 358 | 616 | 592 | ||||
Valuation adjustments related to long-term debt | 2,706 | 10,193 | (4,737) | ||||
Share of net income/(loss) from equity method investments | (120) | (78) | (107) | ||||
Trading assets and liabilities, net | (7,071) | (27,700) | 25,511 | ||||
(Increase)/decrease in other assets | (7,221) | 2,956 | 3,519 | ||||
Increase/(decrease) in other liabilities | 487 | (6,461) | (14,228) | ||||
Other, net | (104) | (2,497) | (827) | ||||
Total adjustments | (8,677) | (21,513) | 10,812 | ||||
Net cash provided by/(used in) operating activities | (6,163) | (18,418) | 12,534 | ||||
Investing activities of continuing operations | |||||||
(Increase)/decrease in interest-bearing deposits with banks | (520) | 411 | (364) | ||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 19,219 | 8,386 | (1,372) | ||||
Purchase of investment securities | (402) | (557) | (683) | ||||
Proceeds from sale of investment securities | 629 | 6 | 255 | ||||
Maturities of investment securities | 184 | 1,007 | 567 | ||||
Investments in subsidiaries and other investments | (210) | (284) | (546) | ||||
Proceeds from sale of other investments | 677 | 1,133 | 1,770 | ||||
(Increase)/decrease in loans | (6,979) | (17,309) | (13,701) | ||||
Proceeds from sale of loans | 3,860 | 4,612 | 5,981 | ||||
Capital expenditures for premises and equipment and other intangible assets | (1,044) | (1,133) | (989) | ||||
Proceeds from sale of premises and equipment and other intangible assets | 45 | 30 | 80 | ||||
Other, net | 113 | 537 | 342 | ||||
Net cash provided by/(used in) investing activities | 15,572 | (3,161) | (8,660) | ||||
Financing activities of continuing operations | |||||||
Increase/(decrease) in due to banks and customer deposits | 21,335 | 24,684 | 2,006 | ||||
Increase/(decrease) in short-term borrowings | (5,290) | 6,911 | (2,985) | ||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,469) | 3,491 | (2,052) | ||||
Issuances of long-term debt | 57,641 | 34,911 | 33,308 | ||||
Repayments of long-term debt | (42,768) | (46,290) | (43,858) | ||||
Issuances of common shares | 0 | ||||||
Sale of treasury shares | 0 | 0 | 0 | ||||
Repurchase of treasury shares | 0 | 0 | 0 | ||||
Dividends paid/capital repayments | (10) | (11) | (15) | ||||
Other, net | 934 | 208 | (494) | ||||
Net cash provided by/(used in) financing activities | 30,373 | 23,904 | (14,090) | ||||
Effect of exchange rate changes on cash and due from banks | |||||||
Effect of exchange rate changes on cash and due from banks | (2,619) | (595) | 20 | ||||
Net increase/(decrease) in cash and due from banks | |||||||
Net increase/(decrease) in cash and due from banks | 37,163 | 1,730 | (10,196) | ||||
Cash and due from banks at beginning of period | [2] | 101,044 | [1] | 99,314 | 109,510 | ||
Cash and due from banks at end of period | 138,207 | [1] | 101,044 | [1],[2] | 99,314 | [2] | |
Cash paid for income taxes and interest | |||||||
Cash paid for income taxes | 735 | 706 | 666 | ||||
Cash paid for interest | 8,126 | 13,015 | 12,524 | ||||
Assets and liabilities sold in business divestitures | |||||||
Assets sold | 0 | 38 | 0 | ||||
Liabilities sold | SFr 0 | SFr 8 | SFr 0 | ||||
[1] | Includes restricted cash. | ||||||
[2] | Includes restricted cash. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
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 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 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 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 36 – 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. Restricted cash is any cash or cash equivalent recorded in cash and due from banks subject to restrictions imposed by a governmental or other regulatory agency that require the Group to set aside specified amounts of cash as reserves against transactions and time deposits. Reverse repurchase and repurchase agreements Purchases of securities under agreements to resell (reverse repurchase agreements) and securities sold under agreements to repurchase (repurchase agreements) do not constitute economic sales; therefore, they are 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. 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 Group elects to apply the fair value option to selected agreements pursuant to ASC Topic 825 – Financial Instruments. Under such circumstances, the 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. Reverse repurchase and repurchase agreements may be netted if they are with the same counterparty; have the same maturity date; settle through the same qualifying clearing institution and subject to a right of offset allowed by a legally enforceable master netting agreement or a central counterparty’s clearing rules. 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 as collateral in a securities lending and borrowing transaction 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 may involve the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Group values its beneficial interests in such SPEs 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 35 – 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 a right to offset exists under an enforceable master netting agreement or a central counterparty’s clearing rules. Where no such rights exist, 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 values of the underlying hedged items are 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 used to present the changes in the fair value of the hedged item. When the Group discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective 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 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). 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. 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. 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 held-to-maturity require an assessment of the current expected credit loss (CECL) at the reporting date. 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. Debt securities classified as available-for-sale are impaired if there is a decline in fair value below amortized cost basis. If the Group intends to sell an impaired security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire difference between the amortized cost basis and fair value is recognized as a credit loss. However, if the Group does not intend to sell and is not likely to be required to sell, an assessment is made if a decline in fair value of the security is due to credit-related factors or non-credit related factors. Credit-related impairment is recognized in earnings by recording an allowance for credit losses. Any portion of the unrealized loss that relates to non-credit related factors is recognized in AOCI, net of income taxes. Amortization of premiums or discounts for debt securities is recorded in interest and dividend income using the effective yield method through the maturity date of the 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 3% 5% 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. A loan is classified as non-performing and thus considered credit impaired 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. In addition, the Group continues to add accrued interest receivable to the loan’s balance for collection purposes; however, a credit provision is recorded, resulting in no interest income recognition. 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. 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. Amortization of deferred fees and premiums and discounts ceases while a loan is deemed to be non-performing or non-interest-earning. Loans that are modified in a troubled debt restructuring are reported as restructured loans. Generally, a restructured loan would have been considered credit-impaired prior to the restructuring. Loans modified in a troubled debt restructuring are no longer considered credit-impaired in the years following the restructuring if the restructured loan carries an interest rate that is equal to or greater than the rate the Group was willing to accept at the time of the restructuring for a loan with comparable risk and the loan is not credit-impaired based on the terms specified by the restructuring agreement. 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 credit-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 continue to accrue interest. > Refer to “Note 19 – Loans” for further information. Credit losses on financial instruments measured at amortized cost The credit loss requirements apply to financial assets measured at amortized cost including loans held-to-maturity, net investments in leases as a lessor as well as off-balance sheet credit exposures, such as irrevocable loan commitments, and credit guarantees. The credit loss requirements are based on a forward-looking, lifetime CECL model by incorporating reasonable and supportable forecasts of future economic conditions available at the reporting date. The CECL amounts are estimated over the contractual term of the financial assets taking into account the effect of prepayments. This requires considerable judgment over how changes in macroeconomic factors as well as changes in forward-looking borrower-specific characteristics will affect the CECL amounts. The Group measures expected credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. For financial assets that do not share similar risk characteristics, expected credit losses are evaluated on an individual basis. CECL amounts are probability-weighted estimates of potential credit losses based on historical frequency, current trends and conditions as well as forecasted macroeconomic factors, such as gross domestic product, unemployment rates and interest rates. For financial assets that are performing at the reporting date, the allowance for credit losses is generally measured using a probability of default/loss given default approach under which both probability of default (PD), loss given default (LGD) and exposure at default (EAD) are estimated. For financial assets that are credit-impaired at the reporting date, the Group generally applies a discounted cash flow approach to determine the difference between the gross carrying amount and the present value of estimated future cash flows. An allowance for credit losses is deducted from the amortized cost basis of the financial asset. Changes in the allowance for credit losses are recorded in the consolidated statement of operations in provision for credit losses or, if related to provisions on past due interest, in net interest income. For undrawn irrevocable loan commitments, the present value is calculated based on the difference between the contractual cash flows that are due to the Group if the commitment is drawn and the cash flows that the Group expects to receive, in order to estimate the provision for expected credit losses. For credit guarantees, expected credit losses are recognized for the contingency of the credit guarantee. Provisions for off-balance sheet credit exposures are recognized as a provision in other liabilities in the consolidated balance sheets. Write-off of a financial asset occurs when it is considered certain that there is no possibility of recovering the outstanding principal. If the amount of loss on write-off is greater than the accumulated allowance for credit losses, the difference results in an additional credit loss. The additional credit loss is first recognized as an addition to the allowance; the allowance is then applied against the gross carrying amount. Any repossessed collateral is initially measured at fair value. The subsequent measurement depends on the nature of the collateral. Any uncollectible accrued interest receivable is written off by reversing the related interest income. Expected recoveries on financial assets previously written off or assessed/planned to be written off have to be reflected in the allowance for credit losses; for this purpose, the amount of expected recoveries cannot exceed the aggregate amounts previously written off or assessed/planned to be written off. Accordingly, expected recoveries from financial assets previously written off may result in an overall negative allowance for credit loss balance. Prior to January 2020, the allowance for credit losses reflected probable incurred credit losses. > Refer to “Note 20 – Financial instruments measured at amortized cost and credit losses” for further information. 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. Adjustments to the lower of amortized cost basis or fair value are presented as a valuation allowance and recorded in other revenue. 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. 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. 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 th |
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 and is performed by independent qualified actuaries. > 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, 2020 | |
Recently issued accounting standards | 2 Recently issued accounting standards Recently adopted accounting standards ASC Topic 326 – Financial Instruments – Credit Losses In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 and off-balance sheet credit exposures. ASU 2016-13 eliminated the probable initial recognition threshold under the previous 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 over the remaining contractual life (considering the effect of prepayments) based on historical experience, current conditions and reasonable and supportable forecasts. The Group has incorporated 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. In May 2019, the FASB issued ASU 2019-05, “Financial Instruments – Credit Losses” (ASU 2019-05), to provide targeted transition relief upon the adoption of ASU 2016-13. The amendment provided the option to irrevocably elect the fair value option on certain financial assets on transition. As the Group is a US Securities and Exchange Commission (SEC) filer, ASU 2016-13 and its subsequent amendments were effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. The Group adopted ASU 2016-13 and its subsequent amendments on January 1, 2020, applying the modified retrospective approach, which resulted in a decrease in retained earnings of CHF 132 million, net of tax, with no significant impact on regulatory capital. Impact from the adoption of ASC Topic 326 – Financial Instruments – Credit Losses Carrying Carrying Assets (CHF million) Cash and due from banks, net 101,879 – (1) 101,878 allowance for credit losses – – (1) (1) Interest-bearing deposits with banks, net 741 – (3) 738 allowance for credit losses – – (3) (3) Net loans 296,779 – (187) 296,592 of which reported at fair value 12,662 248 2 (84) 12,826 of which reported at amortized cost (amortized cost base) 285,179 (248) 2 – 284,931 allowance for credit losses (946) – (103) (1,049) Other assets, net 39,609 – (8) 39,632 3 allowance for credit losses – other assets held at amortized cost (33) 1 – (8) (41) Liabilities Other liabilities 31,043 – (36) 31,007 of which reported at fair value 7,891 – 7 7,898 of which provisions for expected credit losses on off-balance sheet credit exposures 172 – (43) 129 Adoption impact before taxes – – (163) – Income taxes 31 Adoption impact on retained earnings (132) 1 In the Annual Report 2019, the allowance for credit losses was reflected in the carrying value of the respective balance sheet position and was not separately disclosed. 2 Reflects the irrevocable election of the fair value option for selected positions, as applicable, in accordance with ASU 2019-05. Reclassifications are made at amortized cost before allowance of credit loss. The related release of the allowance for credit loss as well as the fair value adjustment between the amortized cost basis and the fair value are reflected in the remeasurement column. 3 Includes the adoption impact on deferred tax assets of CHF 31 million, in addition to the CECL pre-tax remeasurements. 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 removed, modified and added 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 was permitted, including in an interim period, for any eliminated or modified disclosure requirements. The Group early adopted the amendments for removing disclosures and the amendments for certain modifying disclosures upon the issuance of ASU 2018-13. The Group adopted the remaining amendments on January 1, 2020. As these amendments related only to disclosures, there was no impact from the adoption of ASU 2018-13 on the Group’s financial position, results of operations or cash flows. ASC Topic 848 – Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (ASU 2020-04), creating ASC Topic 848 - Reference Rate Reform. The amendments in ASU 2020-04 provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments are elective and apply to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform, Scope” (ASU 2021-01), which expands the scope of ASC Topic 848 to apply certain optional expedients for contract modifications and hedge accounting provided in ASU 2020-04 to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified for reference rate reform. The guidance also applies to derivatives that do not reference LIBOR or other reference rates that are expected to be discontinued. The amendments may be applied as of March 12, 2020 through December 31, 2022. The Group elected to apply ASU 2020-04 and retrospectively apply ASU 2021-01 during 2020. These elections did not have a material impact on the Group’s financial position, results of operations and cash flows. Standards to be adopted in future periods ASC Topic 740 – Income Taxes In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” (ASU 2019-12), an update to ASC Topic 740 – Income Taxes. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the accounting for basis differences when there are changes in foreign ownership. In addition, ASU 2019-12 includes clarification and simplification of other aspects of the accounting for income taxes. The amendments are effective for annual reporting periods beginning after December 15, 2020 and for the interim periods within those annual reporting periods. Early adoption is permitted, including in an interim period. The adoption of ASU 2019-12 on January 1, 2021 did not have a material impact on the Group’s financial position, results of operations or cash flows. |
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, 2020 | |
Business developments | 3 Business developments, significant shareholders and subsequent events Business developments Organizational structure and restatement Effective August 1, 2020 the Group created a single, globally integrated Investment Bank division through the combination of its former Global Markets, Investment Banking & Capital Markets and Asia Pacific – Markets businesses to achieve critical scale. The Group also launched a new Sustainability, Research & Investment Solutions (SRI) function at the Executive Board level, underlining the sharpened focus on sustainability. The Group also combined its former Risk Management and Compliance functions into a single integrated Chief Risk and Compliance Officer function to unlock potential global synergies. The Group also revised its allocations for corporate functions and funding costs to align to the new organizational structure. In addition, Global Trading Solutions (GTS) was created within the Investment Bank through the combination of the businesses of International Trading Solutions (ITS) and Asia Pacific Solutions. GTS is a joint venture among the Investment Bank, International Wealth Management, Swiss Universal Bank and Asia Pacific divisions and provides centralized trading and sales services to institutional and private clients. The methodology applied to allocate GTS results across the four divisions reflects the economic contribution from the client base that each division provides to GTS, as well as the historical performance of the constituting businesses, and combines a fixed allocation and an additional split to each division of any GTS outperformance above the fixed allocation. The Group centrally manages its funding activities. As part of the process of implementing the Group’s new divisional structure announced on July 30, 2020, the Group recalibrated its methodology for allocating funding costs across the Group to incorporate net stable funding ratio requirements, certain increased HQLA requirements, as well as funding maturity profile developments. Reflecting these updates, the Group’s financial reporting is now presented as four reporting segments plus the Corporate Center. Prior periods have been restated to conform to the current presentation. These restatements had no impact on the net income/(loss) or the total shareholders’ equity of the Group. Neue Aargauer Bank integration In the fourth quarter of 2020, the Group merged the business of its wholly owned subsidiary, Neue Aargauer Bank AG, with Credit Suisse (Schweiz) AG, in order to establish a single brand in the Canton of Aargau. The merger was effected on November 27, 2020 under simplified requirements of the Swiss Merger Act with retroactive effect as of July 1, 2020. Credit Suisse InvestLab AG Following the completion of the first step of the combination of the Group’s open architecture investment fund platform Credit Suisse InvestLab AG (InvestLab) and Allfunds Group in September 2019, the Group successfully completed the second and final step of the combination in March 2020 with the transfer of related distribution agreements to Allfunds Group. Other revenues in 2020 included CHF 268 million from this second closing, reflected in net revenues of the Swiss Universal Bank, International Wealth Management and Asia Pacific divisions. Credit Suisse Founder Securities Limited In 2020, the Group received approval from the China Securities Regulatory Commission and increased its shareholding in the securities joint venture Credit Suisse Founder Securities Limited to 51% 33.3% York Capital Management In the fourth quarter of 2020, York Capital Management (York) informed its investors of a significant change in strategy. As a result, York will focus on longer duration assets such as private equity, private debt and collateralized loan obligations, while winding down its European hedge funds business and primarily managing internal capital in its multi-strategy fund. York’s Asia Pacific business is expected to be spun off as a new and separate hedge fund in 2021, in which the Group intends to have a continuing interest. As a result of this announcement, the Group recorded an impairment of CHF 414 million to the valuation of its noncontrolling interest that it has owned since 2010, recognized in other revenues. COVID-19 pandemic The COVID-19 pandemic and the consequences for markets and the global economy affected the Group’s financial performance in 2020, including significant impacts on provision for credit losses, as well as on trading revenues and net interest income as a result of foreign exchange movements and a sharp reduction in US dollar interest rates. The Group continues to closely monitor the COVID-19 pandemic and its effects on its operations and businesses. Should current economic conditions persist or continue to deteriorate, the macroeconomic environment may have an adverse effect on these and other aspects of the Group’s business, operations and financial performance, including decreased client activity or demand for its products. 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, 2020 and 2019, respectively. Significant shareholders registered in the share register 2020 2019 Number Total nominal Share- Number Total nominal Share- Direct shareholders 1 Chase Nominees Ltd. 2 323 13 13.21 343 14 13.43 Nortrust Nominees Ltd. 2 184 7 7.53 163 7 6.37 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 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% 4.97% 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% Subsequent event On March 1, 2021, the boards of the supply chain finance funds managed by certain Group subsidiaries decided to suspend redemptions and subscriptions of those funds to protect the interests of the funds’ investors. On March 4, 2021, the boards decided to terminate those funds and proceed to their liquidation. Those decisions were based on concerns that a substantial part of the funds’ assets was subject to considerable valuation uncertainty. Credit Suisse Asset Management (Schweiz) AG (CSAM) acts as the portfolio manager of these supply chain finance funds. Redemptions and subscriptions of certain other funds managed by CSAM or CSAM subsidiaries that invest in part in these supply chain finance funds have also been suspended. The assets held by the supply chain finance funds, largely consisting of notes backed by existing and future receivables, were originated and structured by Greensill Capital (UK) Limited or one of its affiliates (Greensill Capital). The last published net asset value of the supply chain finance funds in late February was approximately USD 10 billion in the aggregate. Initial redemption payments totaling USD 3.1 billion across the supply chain finance funds were made to their investors beginning on March 8, 2021. The portfolio manager continues to work to liquidate the remaining assets in the four funds as the receivables comprising the funds’ assets mature. Greensill Capital filed for insolvency in the UK on March 8, 2021, and the portfolio manager is working closely with the administrators of Greensill Capital, Grant Thornton, and with other parties to facilitate this process. However, there remains considerable uncertainty regarding the valuation of a significant part of the remaining assets, including the fact that the portfolio manager has been informed that certain of the notes underlying the funds will not be repaid when they fall due, and the amounts that ultimately will be distributed to investors in respect of the funds. Group subsidiaries also have collateralized bridge lending and other direct and indirect exposures to Greensill Capital, including exposures relating to certain fund-linked products. With regard to the outstanding collateralized bridge loan of USD 140 million, USD 50 million was recently repaid by the administrators of Greensill Capital, reducing the outstanding amount of the loan to USD 90 million. The Group continues to analyze these matters, including with the assistance of external counsel and other experts. The Board of Directors has also initiated an investigation of these matters. It has been decided that as of March 10, 2021, three senior CSAM employees will not be performing their roles for the time being. The payout and vesting of variable compensation of a number of senior employees involved in these matters, up to and including Executive Board members, has been suspended as a measure to ensure that the Group can reconsider the variable compensation for 2020 and are able to apply malus or clawback, if appropriate. A number of regulatory investigations and actions have been initiated or are being considered in respect of these matters, including by FINMA, one of which is the agreement to a Pillar 2 buffer with Credit Suisse. Furthermore, certain investors have already threatened litigation and, as this matter develops, Credit Suisse may become subject to litigation, disputes or other actions. The priority for Credit Suisse remains the recovery of funds for CSAM’s investors, and the portfolio manager is working closely with the administrators to facilitate this process. Credit Suisse notes that it is reasonably possible that Credit Suisse will incur a loss in respect of these matters, albeit that given the early stage of this process, it is not yet possible to estimate the size of such a reasonably possible loss. However, the ultimate cost to the Group of resolving these matters may be material to its operating results. Credit Suisse might also suffer reputational harm associated with these matters that might cause client departures or loss of assets under management. |
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, 2020 | |
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 the Investment Bank division. Beginning in 2019, the Strategic Resolution Unit ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within our Corporate Center. Effective August 1, 2020 the Group created a single, globally-integrated Investment Bank division through the combination of its former Global Markets, Investment Banking & Capital Markets and Asia Pacific – Markets businesses to achieve critical scale. The Group also revised its allocations for corporate functions and funding costs to align to the new organizational structure. > Refer to “Organizational structure and restatement” in Note 3 – Business developments, significant shareholders and subsequent events – Business developments for further information. The segment information reflects the Group’s reportable segments and the Corporate Center, which are managed and reported on a pre-tax basis, as follows: ■ Swiss Universal Bank ■ International Wealth Management ■ Asia Pacific ■ Investment Bank Corporate Center includes parent company operations such as Group financing, expenses for projects sponsored by the Group and certain expenses and revenues 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 instruments for funding and capital purposes are primarily issued by Credit Suisse Group AG and are passed on to 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 2020 2019 2018 Net revenues (CHF million) Swiss Universal Bank 5,615 5,905 5,443 International Wealth Management 4,837 5,816 5,320 Asia Pacific 3,155 3,029 2,759 Investment Bank 9,098 8,161 8,004 Strategic Resolution Unit 1 – – (708) Corporate Center (316) (427) 102 Net revenues 22,389 22,484 20,920 Income/(loss) before taxes (CHF million) Swiss Universal Bank 2,104 2,573 1,991 International Wealth Management 1,052 2,065 1,610 Asia Pacific 828 922 632 Investment Bank 1,655 1,026 818 Strategic Resolution Unit 1 – – (1,381) Corporate Center (2,172) (1,866) (298) Income before taxes 3,467 4,720 3,372 1 Beginning in 2019, the Strategic Resolution Unit ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center. Total assets end of 2020 2019 Total assets (CHF million) Swiss Universal Bank 261,465 249,829 International Wealth Management 95,206 91,277 Asia Pacific 67,356 73,719 Investment Bank 270,488 266,257 Corporate Center 111,307 106,213 Total assets 805,822 787,295 Net revenues and income/(loss) before taxes by geographical location in 2020 2019 2018 Net revenues (CHF million) Switzerland 7,719 8,434 7,646 EMEA 3,885 1,962 1,686 Americas 7,614 9,103 8,731 Asia Pacific 3,171 2,985 2,857 Net revenues 22,389 22,484 20,920 Income/(loss) before taxes (CHF million) Switzerland 1,770 2,985 1,924 EMEA (124) (1,786) (2,082) Americas 1,577 3,409 3,452 Asia Pacific 244 112 78 Income before taxes 3,467 4,720 3,372 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 2020 2019 Total assets (CHF million) Switzerland 262,034 242,991 EMEA 159,661 144,888 Americas 287,619 305,328 Asia Pacific 96,508 94,088 Total assets 805,822 787,295 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 2020 2019 2018 Net revenues (CHF million) Swiss Universal Bank 5,615 5,905 5,443 International Wealth Management 4,837 5,816 5,320 Asia Pacific 3,155 3,029 2,759 Investment Bank 9,098 8,161 8,004 Adjustments 1 (202) (225) (706) Net revenues 22,503 22,686 20,820 Income/(loss) before taxes (CHF million) Swiss Universal Bank 2,104 2,573 1,991 International Wealth Management 1,052 2,065 1,610 Asia Pacific 828 922 632 Investment Bank 1,655 1,026 818 Adjustments 1 (2,428) (2,193) (2,195) Income before taxes 3,211 4,393 2,856 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 revenues and expenses that were not allocated to the segments, including such items relating to the Asset Resolution Unit. Total assets end of 2020 2019 Total assets (CHF million) Swiss Universal Bank 261,465 249,829 International Wealth Management 95,206 91,277 Asia Pacific 67,356 73,719 Investment Bank 270,488 266,257 Adjustments 1 115,173 109,377 Total assets 809,688 790,459 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 revenues and expenses that were not allocated to the segments, including such items relating to the Asset Resolution Unit. Net revenues and income/(loss) before taxes by geographical location in 2020 2019 2018 Net revenues (CHF million) Switzerland 8,659 9,239 8,047 EMEA 3,162 1,244 1,164 Americas 7,765 9,253 8,750 Asia Pacific 2,917 2,950 2,859 Net revenues 22,503 22,686 20,820 Income/(loss) before taxes (CHF million) Switzerland 2,477 3,259 1,927 EMEA (847) (2,574) (2,520) Americas 1,419 3,348 3,344 Asia Pacific 162 360 105 Income before taxes 3,211 4,393 2,856 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 2020 2019 Total assets (CHF million) Switzerland 266,095 245,819 EMEA 159,465 145,219 Americas 287,640 305,330 Asia Pacific 96,488 94,091 Total assets 809,688 790,459 The designation of total assets by region is based upon customer domicile. |
Net interest income
Net interest income | 12 Months Ended |
Dec. 31, 2020 | |
Net interest income | 5 Net interest income in 2020 2019 2018 Net interest income (CHF million) Loans 5,733 7,179 6,770 Investment securities 3 9 80 Trading assets 5,816 7,340 7,131 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,596 2,926 2,856 Other 771 2,730 2,776 Interest and dividend income 13,919 20,184 19,613 Deposits (1,113) (3,055) (2,287) Short-term borrowings (166) (409) (359) Trading liabilities (2,658) (3,513) (3,453) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (907) (1,668) (1,877) Long-term debt (2,753) (3,412) (3,816) Other (374) (1,110) (812) Interest expense (7,971) (13,167) (12,604) Net interest income 5,948 7,017 7,009 |
Bank | |
Net interest income | 5 Net interest income in 2020 2019 2018 Net interest income (CHF million) Loans 5,694 7,173 6,778 Investment securities 3 9 80 Trading assets 5,816 7,341 7,131 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,596 2,926 2,856 Other 769 2,731 2,778 Interest and dividend income 13,878 20,180 19,623 Deposits (1,107) (3,055) (2,291) Short-term borrowings (170) (422) (370) Trading liabilities (2,658) (3,513) (3,453) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (908) (1,669) (1,877) Long-term debt (2,702) (3,361) (3,696) Other (373) (1,111) (811) Interest expense (7,918) (13,131) (12,498) Net interest income 5,960 7,049 7,125 |
Commissions and fees
Commissions and fees | 12 Months Ended |
Dec. 31, 2020 | |
Commissions and fees | 6 Commissions and fees in 2020 2019 2018 Commissions and fees (CHF million) Lending business 1,631 1,687 1,931 Investment and portfolio management 3,187 3,438 3,582 Other securities business 66 63 48 Fiduciary business 3,253 3,501 3,630 Underwriting 2,255 1,564 1,718 Brokerage 3,244 2,893 2,813 Underwriting and brokerage 5,499 4,457 4,531 Other services 1,470 1,513 1,798 Commissions and fees 11,853 11,158 11,890 |
Bank | |
Commissions and fees | 6 Commissions and fees in 2020 2019 2018 Commissions and fees (CHF million) Lending business 1,612 1,663 1,902 Investment and portfolio management 3,087 3,295 3,415 Other securities business 73 89 83 Fiduciary business 3,160 3,384 3,498 Underwriting 2,348 1,602 1,735 Brokerage 3,246 2,900 2,797 Underwriting and brokerage 5,594 4,502 4,532 Other services 1,484 1,522 1,810 Commissions and fees 11,850 11,071 11,742 |
Trading revenues
Trading revenues | 12 Months Ended |
Dec. 31, 2020 | |
Trading revenues | 7 Trading revenues in 2020 2019 2018 Trading revenues (CHF million) Interest rate products (1) 96 757 Foreign exchange products 2,473 668 367 Equity/index-related products 422 1,071 (307) Credit products 192 (513) (97) Commodity and energy products 132 144 102 Other products 77 273 (198) Trading revenues 3,295 1,739 624 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 2020 2019 2018 Trading revenues (CHF million) Interest rate products (91) 67 759 Foreign exchange products 2,482 656 372 Equity/index-related products 387 1,146 (481) Credit products 192 (513) (97) Commodity and energy products 132 144 102 Other products 76 273 (199) Trading revenues 3,178 1,773 456 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, 2020 | |
Other revenues | 8 Other revenues in 2020 2019 2018 Other revenues (CHF million) Noncontrolling interests without SEI 0 0 (2) Loans held-for-sale (34) (14) (4) Long-lived assets held-for-sale 26 252 39 Equity method investments (254) 232 228 Other investments 769 1,141 337 Other 786 959 799 Other revenues 1,293 2,570 1,397 Negative other revenues from equity method investments of CHF 254 million primarily reflected an impairment of CHF 414 million relating to the Group’s equity investment in York. It also included a gain of CHF 268 million from the second and final step of the combination of InvestLab and Allfunds Group in the first quarter of 2020 as well as a revaluation gain of CHF 127 million from the Group’s equity investment in Allfunds Group in the fourth quarter of 2020. Other revenues from other investments in 2020 of CHF 769 million included a revaluation gain of CHF 158 million from the Group’s equity investment in SIX Swiss Exchange (SIX) Group AG as well as a revaluation gain of CHF 134 million from the Group’s equity investment in Pfandbriefbank. In 2019 other investments of CHF 1,141 million included a revaluation gain of CHF 498 million from the Group’s equity investment in SIX Group AG as well as CHF 327 million from the first closing of the transfer of InvestLab to Allfunds Group. > Refer to “Note 18 – Other investments” for further information. |
Bank | |
Other revenues | 8 Other revenues in 2020 2019 2018 Other revenues (CHF million) Loans held-for-sale (34) (14) (4) Long-lived assets held-for-sale 26 252 39 Equity method investments (255) 230 221 Other investments 769 1,142 335 Other 1,009 1,183 906 Other revenues 1,515 2,793 1,497 > Refer to “Note 8 – Other revenues” and “Note 18 – Other investments” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Provision for credit losses
Provision for credit losses | 12 Months Ended |
Dec. 31, 2020 | |
Provision for credit losses | 9 Provision for credit losses in 2020 2019 2018 Provision for credit losses (CHF million) Loans held at amortized cost 863 284 201 Other financial assets held at amortized cost 24 11 0 Off-balance sheet credit exposures 209 29 44 Provision for credit losses 1,096 324 245 |
Bank | |
Provision for credit losses | 9 Provision for credit losses in 2020 2019 2018 Provision for credit losses (CHF million) Loans held at amortized cost 863 284 201 Other financial assets held at amortized cost 19 11 0 Off-balance sheet credit exposures 210 29 44 Provision for credit losses 1,092 324 245 |
Compensation and benefits
Compensation and benefits | 12 Months Ended |
Dec. 31, 2020 | |
Compensation and benefits | 10 Compensation and benefits in 2020 2019 2018 Compensation and benefits (CHF million) Salaries and variable compensation 8,401 8,608 8,220 Social security 653 642 652 Other 1 836 786 748 Compensation and benefits 9,890 10,036 9,620 1 Includes pension-related expenses of CHF 517 million, CHF 437 million and CHF 411 million in 2020, 2019 and 2018, 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 2020 2019 2018 Compensation and benefits (CHF million) Salaries and variable compensation 7,521 7,733 7,449 Social security 559 554 567 Other 1 780 818 848 Compensation and benefits 8,860 9,105 8,864 1 Includes pension-related expenses of CHF 503 million, CHF 502 million and CHF 533 million in 2020, 2019 and 2018, respectively, 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, 2020 | |
General and administrative expenses | 11 General and administrative expenses in 2020 2019 2018 General and administrative expenses (CHF million) Occupancy expenses 982 1,090 964 IT, machinery and equipment 1,428 1,343 1,174 Provisions and losses 1,261 640 425 Travel and entertainment 152 337 338 Professional services 1,546 1,712 1,803 Amortization and impairment of other intangible assets 8 10 9 Other 1 1,146 996 1,085 General and administrative expenses 6,523 6,128 5,798 1 Includes pension-related expenses/(credits) of CHF (159) (204) (208) |
Bank | |
General and administrative expenses | 11 General and administrative expenses in 2020 2019 2018 General and administrative expenses (CHF million) Occupancy expenses 883 990 855 IT, machinery and equipment 1,129 1,066 926 Provisions and losses 1,253 639 433 Travel and entertainment 134 303 310 Professional services 3,025 3,132 2,991 Amortization and impairment of other intangible assets 8 10 9 Other 1 1,530 1,448 1,544 General and administrative expenses 7,962 7,588 7,068 1 Includes pension-related expenses/(credits) of CHF 10 million and CHF 32 million in 2019 and 2018, respectively, relating to certain components of net periodic benefit costs for defined benefit plans. |
Restructuring expenses
Restructuring expenses | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 12 Restructuring expenses In connection with the key strategic growth initiatives announced in July 2020, restructuring expenses of CHF 157 million were recognized in 2020. Restructuring expenses may include severance expenses, expenses in connection with the acceleration of certain deferred compensation awards, pension expenses and real estate contract termination costs. Restructuring expenses by type in 2020 2019 2018 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 107 – 246 of which severance expenses 69 – 169 of which accelerated deferred compensation 38 – 77 General and administrative-related expenses 50 – 380 of which pension expenses 38 – 74 Total restructuring expenses 157 – 626 Restructuring liabilities 2020 2019 2018 Compen- General and Compen- General and Compen- General and Restructuring liabilities (CHF million) Balance at beginning of period – – – 156 190 346 196 110 306 Net additional charges 1 69 6 75 – – – 169 219 388 Reclassifications – – – (156) 2 (190) 3 (346) – – – Utilization (19) (4) (23) – – – (209) (139) (348) Balance at end of period 50 2 52 – – – 156 190 346 1 The following items for which expense accretion was accelerated in 2020 and 2018 due to the restructuring of the Group are not included in the restructuring liabilities: unsettled share-based compensation of CHF 27 million and CHF 56 million, respectively; unsettled pension obligations of CHF 38 million and CHF 74 million, respectively, which remain classified as pension provisions; unsettled cash-based deferred compensation of CHF 11 million and CHF 21 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 6 million and CHF 87 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. 2 In 2019, CHF 97 million was transferred to litigation provisions and CHF 59 million was transferred to other liabilities. 3 In 2019, CHF 167 million was transferred to right-of-use assets in accordance with ASU 2016-02 and CHF 23 million to other liabilities. |
Bank | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 12 Restructuring expenses In connection with the key strategic growth initiatives announced in July 2020, restructuring expenses of CHF 122 million were recognized in 2020. > Refer to “Note 12 – Restructuring expenses” in VI – Consolidated financial statements – Credit Suisse Group for further information. Restructuring expenses by type in 2020 2019 2018 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 102 – 233 of which severance expenses 66 – 157 of which accelerated deferred compensation 36 – 76 General and administrative-related expenses 20 – 295 of which pension expenses 8 – 0 Total restructuring expenses 122 – 528 Restructuring liabilities 2020 2019 2018 Compen- General and Compen- General and Compen- General and Restructuring liabilities (CHF million) Balance at beginning of period – – – 152 190 342 191 110 301 Net additional charges 1 66 6 72 – – – 157 216 373 Reclassifications – – – (152) 2 (190) 3 (342) – – – Utilization (19) (4) (23) – – – (196) (136) (332) Balance at end of period 47 2 49 – – – 152 190 342 1 The following items for which expense accretion was accelerated in 2020 and 2018 due to the restructuring of the Bank are not included in the restructuring provision: unsettled share-based compensation of CHF 25 million and CHF 55 million, respectively; unsettled pension obligations of CHF 8 million and CHF 0 million, respectively, which remain classified as pension provisions; unsettled cash-based deferred compensation of CHF 11 million and CHF 21 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 6 million and CHF 79 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. 2 In 2019, CHF 97 million was transferred to litigation provisions and CHF 55 million was transferred to other liabilities. 3 In 2019, CHF 167 million was transferred to right-of-use assets in accordance with ASU 2016-02 and CHF 23 million to other liabilities. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share | 13 Earnings per share in 2020 2019 2018 Basic net income/(loss) attributable to shareholders (CHF million) Net income attributable to shareholders for basic earnings per share 2,669 3,419 2,024 Net income attributable to shareholders for diluted earnings per share 2,669 3,419 2,024 Weighted-average shares outstanding (million) For basic earnings per share available for common shares 2,457.0 2,524.2 2,574.2 Dilutive share options and warrants 1.8 2.7 3.0 Dilutive share awards 67.6 59.9 53.8 For diluted earnings per share available for common shares 1 2,526.4 2,586.8 2,631.0 Earnings/(loss) per share available for common shares (CHF) Basic earnings per share available for common shares 1.09 1.35 0.79 Diluted earnings per share available for common shares 1.06 1.32 0.77 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 6.2 million, 7.9 million and 8.7 million for 2020, 2019 and 2018, respectively. |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2020 | |
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 2020 2019 2018 Contracts with customers (CHF million) Investment and portfolio management 3,187 3,438 3,582 Other securities business 66 63 48 Underwriting 2,255 1,564 1,718 Brokerage 3,242 2,891 2,829 Other services 1,475 1,521 1,902 Total revenues from contracts with customers 10,225 9,477 10,079 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 2020 2019 Contract balances (CHF million) Contract receivables 1,001 880 Contract liabilities 48 53 Contract balances in 4Q20 3Q20 2Q20 1Q20 Revenue recognized (CHF million) Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period 7 12 12 11 The Group did not recognize any revenues in the reporting period from performance obligations satisfied in previous periods. There were no material net impairment losses on contract receivables in 2020, 2019 or 2018. The Group did not recognize any contract assets during 2020, 2019 or 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. |
Bank | |
Revenue from Contract with Customer [Text Block] | 13 Revenue from contracts with customers > Refer to “Note 14 – Revenue from contracts with customers” in VI – Consolidated financial statements – Credit Suisse Group for further information. Contracts with customers and disaggregation of revenues in 2020 2019 2018 Contracts with customers (CHF million) Investment and portfolio management 3,087 3,295 3,415 Other securities business 73 89 83 Underwriting 2,348 1,602 1,735 Brokerage 3,243 2,898 2,812 Other services 1,566 1,611 1,949 Total revenues from contracts with customers 10,317 9,495 9,994 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 2020 2019 Contract balances (CHF million) Contract receivables 993 886 Contract liabilities 48 53 Contract balances in 4Q20 3Q20 2Q20 1Q20 Revenue recognized (CHF million) Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period 7 12 12 11 The Bank’s contract terms are generally such that they do not result in any contract assets. There were no material net impairment losses on contract receivables in 2020, 2019 or 2018. The Bank did not recognize any revenues in the reporting period from performance obligations satisfied in previous periods. Capitalized costs The Bank 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 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. |
Securities borrowed, lent and s
Securities borrowed, lent and subject to repurchase agreements | 12 Months Ended |
Dec. 31, 2020 | |
Securities borrowed, lent and subject to repurchase agreements | 15 Securities borrowed, lent and subject to repurchase agreements end of 2020 2019 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 53,910 78,835 Deposits paid for securities borrowed 25,223 28,162 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 79,133 106,997 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 19,736 21,741 Deposits received for securities lent 4,115 5,792 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 23,851 27,533 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, 2020 and 2019. |
Bank | |
Securities borrowed, lent and subject to repurchase agreements | 14 Securities borrowed, lent and subject to repurchase agreements end of 2020 2019 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 53,910 78,835 Deposits paid for securities borrowed 25,223 28,162 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 79,133 106,997 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 19,829 21,849 Deposits received for securities lent 4,115 5,792 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 23,944 27,641 > 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, 2020 | |
Trading assets and liabilities | 16 Trading assets and liabilities end of 2020 2019 Trading assets (CHF million) Debt securities 64,395 66,994 Equity securities 63,237 64,542 Derivative instruments 1 25,531 17,731 Other 4,175 4,530 Trading assets 157,338 153,797 Trading liabilities (CHF million) Short positions 28,126 24,714 Derivative instruments 1 17,745 13,472 Trading liabilities 45,871 38,186 1 Amounts shown after counterparty and cash collateral netting. end of 2020 2019 Cash collateral on derivatives instruments – netted (CHF million) 1 Cash collateral paid 26,815 20,695 Cash collateral received 16,795 14,633 Cash collateral on derivatives instruments – not netted (CHF million) 2 Cash collateral paid 7,741 4,570 Cash collateral received 7,831 7,457 1 Recorded as cash collateral netting on derivative instruments in Note 28 – 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 2020 2019 Trading assets (CHF million) Debt securities 64,532 67,030 Equity securities 63,273 64,604 Derivative instruments 1 25,531 17,730 Other 4,175 4,531 Trading assets 157,511 153,895 Trading liabilities (CHF million) Short positions 28,126 24,714 Derivative instruments 1 17,745 13,472 Trading liabilities 45,871 38,186 1 Amounts shown after counterparty and cash collateral netting. end of 2020 2019 Cash collateral on derivative instruments – netted (CHF million) 1 Cash collateral paid 26,885 20,739 Cash collateral received 16,795 14,633 Cash collateral on derivative instruments – not netted (CHF million) 2 Cash collateral paid 7,741 4,570 Cash collateral received 7,831 7,457 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 22 – Other assets and other liabilities. |
Investment securities
Investment securities | 12 Months Ended |
Dec. 31, 2020 | |
Investment securities (old to delete) | 17 Investment securities end of 2020 2019 Investment securities (CHF million) Debt securities available-for-sale 607 1,006 Total investment securities 607 1,006 Investment securities by type 2020 2019 Gross Gross Gross Gross Investment securities by type (CHF million) Swiss federal, cantonal or local government entities 3 0 0 3 2 0 0 2 Foreign governments 0 0 0 0 163 8 0 171 Corporate debt securities 593 11 0 604 807 28 2 833 Debt securities available-for-sale 596 11 0 607 972 36 2 1,006 Gross unrealized losses on debt securities and the related fair value Less than 12 months 12 months or more Total Gross Gross Gross 2019 (CHF million) Corporate debt securities 204 2 0 0 204 2 Debt securities available-for-sale 204 2 0 0 204 2 Proceeds from sales, realized gains and realized losses from debt securities available-for-sale in 2020 2019 2018 Sales of debt securities available-for-sale (CHF million) Proceeds from sales 629 6 255 Realized gains 42 0 8 Amortized cost, fair value and average yield of debt securities Average 2020 (CHF million, except where indicated) Due within 1 year 149 149 0.26 Due from 1 to 5 years 2 2 3.75 Due from 5 to 10 years 445 456 (0.01) Debt securities available-for-sale 596 607 0.07 Allowance for credit losses on debt securities available-for-sale A credit loss exists if there is a decline in fair value of the security below the amortized cost as a result of the non-collectability of the amounts due in accordance with the contractual terms. An allowance for expected credit losses is recorded in the consolidated statement of operations in provision for credit losses and the non-credit-related losses are recorded in AOCI. Subsequent improvements in the estimated credit losses are immediately recorded in the consolidated statement of operations as a reduction in allowance and credit loss expense. A security is written off if it is considered certain that there is no possibility of recovering the outstanding principal. As of the end of 2020, the Group had no allowance for credit losses on debt securities available-for-sale. |
Bank | |
Investment securities (old to delete) | 16 Investment securities end of 2020 2019 Investment securities (CHF million) Debt securities available-for-sale 605 1,004 Total investment securities 605 1,004 Investment securities by type 2020 2019 Gross Gross Gross Gross Investment securities by type (CHF million) Swiss federal, cantonal or local government entities 1 0 0 1 0 0 0 0 Foreign governments 0 0 0 0 163 8 0 171 Corporate debt securities 594 10 0 604 807 28 2 833 Debt securities available-for-sale 595 10 0 605 970 36 2 1,004 Gross unrealized losses on debt securities and related fair value Less than 12 months 12 months or more Total Gross Gross Gross 2019 (CHF million) Corporate debt securities 204 2 0 0 204 2 Debt securities available-for-sale 204 2 0 0 204 2 Proceeds from sales, realized gains and realized losses from debt securities available-for-sale in 2020 2019 2018 Sales of debt securities available-for-sale (CHF million) Proceeds from sales 629 6 255 Realized gains 42 0 8 Amortized cost, fair value and average yield of debt securities Average 2020 (CHF million, except where indicated) Due within 1 year 149 149 0.26 Due from 5 to 10 years 446 456 (0.01) Debt securities available-for-sale 595 605 0.05 Allowance for credit losses on debt securities available-for-sale > Refer to “Note 17 – Investment securities” in VI – Consolidated financial statements – Credit Suisse Group for further information on allowance for credit losses on debt securities available for sale. As of the end of 2020, the Bank had no allowance for credit losses on debt securities available-for-sale. |
Other investments
Other investments | 12 Months Ended |
Dec. 31, 2020 | |
Other investments | 18 Other investments end of 2020 2019 Other investments (CHF million) Equity method investments 2,631 2,367 Equity securities (without a readily determinable fair value) 1 1,779 2,148 of which at net asset value 113 409 of which at measurement alternative 359 274 of which at fair value 1,278 1,434 of which at cost less impairment 29 31 Real estate held-for-investment 2 82 99 Life finance instruments 3 920 1,052 Total other investments 5,412 5,666 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 2020 and 2019, real estate held for investment included foreclosed or repossessed real estate of CHF 16 million and CHF 24 million, respectively, of which CHF 13 million and CHF 10 million, respectively, were related to residential real estate. 3 Includes single premium immediate annuity contracts. Accumulated depreciation related to real estate held-for-investment amounted to CHF 35 million, CHF 34 million and CHF 31 million for 2020, 2019 and 2018, respectively. An impairment of CHF 1 million was recorded on real estate held-for-investments in 2020. No impairments were recorded on real estate held-for-investments in 2019 and 2018, respectively. Equity securities at measurement alternative in / end of 2020 Cumulative 2019 Impairments and adjustments (CHF million) Impairments and downward adjustments (17) (25) (1) Upward adjustments 137 147 11 > Refer to “Note 36 – Financial instruments” for further information on such investments. In the second quarter of 2020, as a result of a corporate action by Pfandbriefbank, the Group has revalued the shares it holds in Pfandbriefbank under the measurement alternative principle in accordance with US GAAP in respect of this equity investment. Following the completion of the first step of the combination of our open architecture investment fund platform InvestLab and Allfunds Group in September 2019, the Group successfully completed the second and final step of the combination in March 2020 with the transfer of related distribution agreements to Allfunds Group. The investment is accounted for as an equity method investment. In December 2019, Credit Suisse completed a review of the accounting treatment of the shares that it holds in SIX Group AG and elected fair value accounting under US GAAP in respect of this equity investment. In the fourth quarter of 2020, York informed its investors of a significant change in strategy. As a result, York will focus on longer duration assets such as private equity, private debt and collateralized loan obligations, while winding down its European hedge funds business and primarily managing internal capital in its multi-strategy fund. York’s Asia Pacific business is expected to be spun off as a new and separate hedge fund in 2021, in which the Group intends to have a continuing interest. As a result of this announcement, the Group recorded an impairment of CHF 414 million to the valuation of its equity method investment. |
Bank | |
Other investments | 17 Other investments end of 2020 2019 Other investments (CHF million) Equity method investments 2,624 2,361 Equity securities (without a readily determinable fair value) 1 1,776 2,145 of which at net asset value 111 407 of which at measurement alternative 357 272 of which at fair value 1,278 1,434 of which at cost less impairment 30 32 Real estate held-for-investment 2 59 76 Life finance instruments 3 920 1,052 Total other investments 5,379 5,634 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 2020 and 2019, real estate held for investment included foreclosed or repossessed real estate of CHF 16 million and CHF 24 million, respectively, of which CHF 13 million and CHF 10 million, respectively, were related to residential real estate. 3 Includes single premium immediate annuity contracts. Accumulated depreciation related to real estate held-for-investment amounted to CHF 31 million, CHF 29 million and CHF 27 million for 2020, 2019 and 2018, respectively. An impairment of CHF 1 million was recorded on real estate held-for-investments in 2020. No impairments were recorded on real estate held-for-investments in 2019 and 2018, respectively. Equity securities at measurement alternative in / end of 2020 Cumulative 2019 Impairments and adjustments (CHF million) Impairments and downward adjustments (17) (25) (1) Upward adjustments 137 147 11 > Refer to “Note 36 – Financial instruments” for further information on such investments and “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, 2020 | |
Loans | 19 Loans The Group’s loan portfolio is classified into two portfolio segments, consumer loans and corporate & institutional loans. Consumer loans are disaggregated into the classes of mortgages, loans collateralized by securities and consumer finance. Corporate & institutional loans are disaggregated into the classes of real estate, commercial and industrial loans, financial institutions, and governments and public institutions. 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 2020 2019 Loans (CHF million) Mortgages 1 111,270 109,671 Loans collateralized by securities 1 51,789 56,425 Consumer finance 4,888 4,401 Consumer 167,947 170,497 Real estate 29,045 29,220 Commercial and industrial loans 1 74,097 73,495 Financial institutions 19,072 20,367 Governments and public institutions 3,378 4,262 Corporate & institutional 125,592 127,344 Gross loans 293,539 297,841 of which held at amortized cost 282,131 285,179 of which held at fair value 11,408 12,662 Net (unearned income)/deferred expenses (95) (116) Allowance for credit losses (1,536) (946) Net loans 291,908 296,779 Gross loans by location Switzerland 168,589 163,133 Foreign 124,950 134,708 Gross loans 293,539 297,841 Impaired loans Non-performing loans 1,666 1,250 Non-interest-earning loans 375 260 Non-accrual loans 2,041 1,510 Restructured loans 313 350 Potential problem loans 843 266 Other impaired loans 1,156 616 Gross impaired loans 2 3,197 2,126 1 Certain corporate & institutional loans have been reclassified to consumer loans following the application of a look-through approach with regard to beneficial owners. The prior period has been reclassified to conform to the current presentation. 2 As of December 31, 2020 and 2019, CHF 180 million and CHF 208 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. In accordance with Group policies, impaired loans include non-accrual loans, comprised of non-performing loans and non-interest-earning loans, as well as restructured loans and potential problem loans. > Refer to “Loans” in Note 1 – Summary of significant accounting policies for further information on loans and categories of impaired loans. > Refer to “Note 20 – Financial instruments measured at amortized cost and credit losses” for further information on loans held at amortized cost. |
Bank | |
Loans | 18 Loans > Refer to “Note 19 – Loans” in VI – Consolidated financial statements – Credit Suisse Group for further information. Loans end of 2020 2019 Loans (CHF million) Mortgages 1 111,270 109,671 Loans collateralized by securities 1 51,789 56,425 Consumer finance 4,888 4,401 Consumer 167,947 170,497 Real estate 29,045 29,220 Commercial and industrial loans 1 74,700 74,094 Financial institutions 26,901 27,013 Governments and public institutions 3,378 4,262 Corporate & institutional 134,024 134,589 Gross loans 301,971 305,086 of which held at amortized cost 290,563 292,425 of which held at fair value 11,408 12,661 Net (unearned income)/deferred expenses (95) (116) Allowance for credit losses (1,535) (945) Net loans 300,341 304,025 Gross loans by location Switzerland 176,312 169,671 Foreign 125,659 135,415 Gross loans 301,971 305,086 Impaired loans Non-performing loans 1,666 1,250 Non-interest-earning loans 363 248 Non-accrual loans 2,029 1,498 Restructured loans 313 350 Potential problem loans 843 266 Other impaired loans 1,156 616 Gross impaired loans 2 3,185 2,114 1 Certain corporate & institutional loans have been reclassified to consumer loans following the application of a look-through approach with regard to beneficial owners. The prior period has been reclassified to conform to the current presentation. 2 As of December 31, 2020 and 2019, CHF 180 million and CHF 208 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. > Refer to “Loans” in Note 1 – Summary of significant accounting policies in VI – Consolidated financial statements – Credit Suisse Group for further information on categories of impaired loans. > Refer to “Note 19 – Financial instruments measured at amortized cost and credit losses” for further information on loans held at amortized cost. |
CECL - Financial instruments me
CECL - Financial instruments measured at amortized cost and credit losses | 12 Months Ended |
Dec. 31, 2020 | |
Financial instruments measured at amortized cost and credit losses | 20 Financial instruments measured at amortized cost and credit losses This disclosure provides an overview of the Group’s balance sheet positions that include financial assets carried at amortized cost that are subject to the CECL accounting guidance, effective since January 1, 2020. It includes the following sections: ■ ■ ■ ■ ■ ■ ■ As of December 31, 2020, the Group had no notable balances of purchased financial assets with more than insignificant credit deterioration since origination. > Refer to “Note 1 – Summary of significant accounting policies” for further information on the accounting of financial assets and off-balance sheet credit exposure subject to the CECL accounting guidance. Overview of financial instruments measured at amortized cost – by balance sheet position 1 Allowance Net 2020 (CHF million) Cash and due from banks 138,593 (6) 138,587 Interest-bearing deposits with banks 1,303 2 (5) 1,298 Securities purchased under resale agreements and securities borrowing transactions 21,139 0 21,139 Loans 282,036 2,3 (1,536) 280,500 Brokerage receivables 35,942 2 (1) 35,941 Other assets 15,394 (43) 15,351 Total 494,407 (1,591) 492,816 1 Net of unearned income/deferred expenses, as applicable. 2 Excludes accrued interest in the total amount of CHF 351 million, with no related allowance for credit losses. Of the accrued interest balance, CHF 1 million relates to interest-bearing deposits with banks, CHF 334 million to loans and CHF 16 million to brokerage receivables. These accrued interest balances are reported in other assets. 3 Includes endangered interest of CHF 88 million on non-accrual loans which are reported as part of the loans' amortized cost balance. Allowance for credit losses Estimating expected credit losses – overview The following key elements and processes of estimating expected credit losses apply to the Group’s major classes of financial assets held at amortized cost. Expected credit losses on non-impaired credit exposures Expected credit loss models for non-impaired credit exposures have three main inputs: (i) probability of default (PD), (ii) loss given default (LGD) and (iii) exposure at default (EAD). These parameters are derived from internally developed statistical models which are based on historical data and leverage regulatory models under the advanced internal rating-based approach. Expected credit loss models use forward-looking information to derive point-in-time estimates of forward-looking term structures. PD estimates are based on statistical rating models and tailored to various categories of counterparties and exposures. These statistical rating models are based on internally and externally compiled data comprising both quantitative and qualitative factors. A migration of a counterparty or exposure between rating classes generally leads to a change in the estimate of the associated PD. Lifetime PDs are estimated considering the expected macroeconomic environment and the contractual maturities of exposures, adjusted for estimated prepayment rates where applicable. LGD estimates the size of the expected loss that may arise on a credit exposure in the event of a default. The Group estimates LGD based on the history of recovery rates of claims against defaulted counterparties, considering, as appropriate, factors such as differences in product structure, collateral type, seniority of the claim, counterparty industry and recovery costs of any collateral that is integral to the financial asset. Certain LGD values are also calibrated to reflect the expected macroeconomic environment. EAD represents the expected amount of credit exposure in the event of a default. It reflects the current drawn exposure with a counterparty and an expectation regarding the future evolution of the credit exposure under the contract or facility, including amortization and prepayments. The EAD of a financial asset is the gross carrying amount at default, which is modeled based on historical data by applying a term structure and considering portfolio-specific factors such as the drawn amount as of the reporting date, the facility limit, amortization schedules, financial collateral and product type. For certain financial assets, the Group determines EAD by modeling the range of possible exposure outcomes at various points in time using scenario and statistical techniques. Where a relationship to macroeconomic indicators is statistically sound and in line with economic expectations, the parameters are modeled accordingly, incorporating the Group’s forward looking forecasts and applying regional segmentations where appropriate. The Group’s macroeconomic and market variable forecasts for the CECL scenarios cover a five-year time horizon. For periods beyond that reasonable and supportable forecast period, the Group immediately reverts to average economic environment variables as model input factors. Alternative qualitative estimation approaches are used for certain products. For lombard loans (including share-backed loans), the PD/LGD approach used does not consider the Group’s forward looking forecasts as these are not meaningful for the estimate of expected credit losses in light of the short time-frame considered for closing out positions under daily margining arrangements. For international private residential mortgages and securitizations, the Group applies qualitative approaches where credit specialists follow a structured process and use their expertise and judgment to determine the CECL amounts. The Group measures expected credit losses considering the risk of default over the maximum contractual period (including any borrower’s extension options) during which it is exposed to credit risk, even if the Group considers a longer period for risk management purposes. The maximum contractual period extends to the date at which the Group has the right to require repayment of an advance or terminate an irrevocable loan commitment or a credit guarantee. Expected credit losses on impaired credit exposures Expected credit losses for individually impaired credit exposures are measured by performing an in-depth review and analysis of these exposures, considering factors such as recovery and exit options as well as collateral and the risk profile of the borrower. The individual measurement of expected credit losses for impaired financial assets also considers reasonable and supportable forward-looking information that is relevant to the individual counterparty (idiosyncratic information) and reflective of the macroeconomic environment that the borrower is exposed to, apart from any historical loss information and current conditions. If there are different scenarios relevant for the individual expected credit loss measurement, they are considered on a probability-weighted basis. The related allowance for credit losses is revalued by Credit Risk, at least annually or more frequently, depending on the risk profile of the borrower or credit-relevant events. For credit-impaired financial assets, the expected credit losses are measured using the present value of estimated future cash flows (unless a practical expedient for collateral-dependent financial assets is applied) and the impaired credit exposures and related allowance are revalued to reflect the passage of time. For all classes of financial assets, the trigger to detect an impaired credit exposure is non-payment of interest, principal amounts or other contractual payment obligations, or when, for example, the Group may become aware of specific adverse information relating to a counterparty’s ability to meet its contractual obligations, despite the current repayment status of its particular credit facility. For credit exposures where repayment is dependent on collateral, a decrease in collateral values can be an additional trigger to detect an impairment. Additional procedures may apply to specific classes of financial assets as described further below. Troubled debt restructurings, also referred to as restructured loans, are considered impaired credit exposures in line with the Group’s policies and subject to individual assessment and provisioning for expected credit losses by the Group’s recovery functions. Restructured loans that defaulted again within 12 months from the last restructuring remain impaired or are impaired if they were considered non-impaired at the time of the subsequent default. Macroeconomic scenarios The estimation and application of forward-looking information requires quantitative analysis and significant expert judgment. The Group’s estimation of expected credit losses is based on a discounted probability-weighted estimate that considers three future macroeconomic scenarios: a baseline scenario, an upside scenario and a downside scenario. The baseline scenario represents the most likely outcome. The two other scenarios represent more optimistic and more pessimistic outcomes with the downside scenario being more severe than the upside scenario. The scenarios are probability-weighted according to the Group’s best estimate of their relative likelihood based on historical frequency, an assessment of the current business and credit cycles as well as the macroeconomic factor (MEF) trends. The scenario design team within the Group’s Enterprise Risk Management (ERM) function determines the MEFs and market projections that are relevant for the Group’s three scenarios across the global credit portfolio. The scenario design team formulates the baseline scenario projections used for the CECL calculation from the Group’s global chief investment office in-house economic research forecasts and, where deemed appropriate, from external sources such as the Bloomberg consensus of economist forecasts (covering the views of other investment banks and external economic consultancies), forecasts from nonpartisan think tanks, major central banks and multilateral institutions, such as the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD) and the World Bank. For factors where no in-house or credible external forecasts are available, an internal model is used to calibrate the baseline scenario projections. The downside and upside scenarios are derived from these baseline scenario projections. These three scenario projections are subject to a review and challenge process and any feedback from this process is incorporated into the scenario projections by the ERM scenario design team. The CECL scenario design working group is the governance forum. The working group performs an additional review and challenge and subsequently recommends approval of the MEFs and related market projections as well as the occurrence probability weights that are allocated to the baseline, downside and upside scenarios. MEFs and related market projections as well as the scenario occurrence probability weights used for the calculation of CECL are approved by the Senior Management Approval Committee. Current-period estimate of expected credit losses The key MEFs used in each of the macroeconomic scenarios for the calculation of the expected credit losses include, but are not limited to, GDP and unemployment rates. These MEFs have been selected based on the portfolios that are most material to the estimation of CECL from a longer term perspective. As of December 31, 2020, the forecast macroeconomic scenarios were weighted 50% 40% 10% 0.1% 5.4% 0.8% 4.5% 0.3% 7.8% 2.8% 3.9% 0.5% 5.2% 2.0% 5.1% 2.4% 8.6% 2.9% 5.9% For extreme and statistically rare events which cannot be adequately reflected in CECL models, such as the effects of the COVID-19 pandemic on the global economy, the event becomes the baseline scenario. In the current environment, to address circumstances where in management’s judgment the CECL model outputs are overly sensitive to the effect of economic inputs that lie significantly outside of their historical range, model overlays are applied. These overlays are based on expert judgment and are applied in response to these exceptional circumstances to consider historical stressed losses and industry and counterparty credit level reviews. Overlays have also been used to capture judgment on the economic uncertainty from the lockdowns and other actions directed towards managing the pandemic. As a result of these overlays, provisions for credit losses are not primarily derived from MEF projections. Interest income attributable to passage of time For financial assets held at amortized cost for which the Group measures expected credit losses based on the discounted cash flow methodology the entire change in present value is reported in provision for credit losses. Methodology changes The probability of default model for commodity trade finance exposures was adjusted during the reporting period to reflect the latest model development analysis and expert feedback. This change has been supported by backtesting results. The impact from this model change has been reflected in the table “Allowance for credit losses – loans held at amortized cost”. Loans held at amortized cost The Group’s loan portfolio is classified into two portfolio segments, consumer loans and corporate & institutional loans. The main risk characteristics are described by individual class of financing receivable for each of these portfolio segments: Consumer loans: ■ ■ ■ Corporate & institutional loans: ■ ■ ■ ■ Expected credit losses on impaired loans In addition to the triggers described further above, loans managed on the Swiss platform are reviewed depending on event-driven developments. All 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 loans in recovery management on international platforms are reviewed on at least a monthly basis. Allowance for credit losses – loans held at amortized cost 2020 2019 1 2018 1 Corporate & Corporate & Corporate & Allowance for credit losses (CHF million) Balance at beginning of period 241 808 1,049 2 187 715 902 220 662 882 Current-period provision for expected credit losses 191 709 900 63 221 284 19 182 201 of which methodology changes 0 (19) (19) – – – – – – of which provisions for interest 3 22 15 37 – – – – – – Gross write-offs (87) (238) (325) (86) (213) (299) (85) (184) (269) Recoveries 8 5 13 9 16 25 21 37 58 Net write-offs (79) (233) (312) (77) (197) (274) (64) (147) (211) Provisions for interest – – – 14 28 42 11 19 30 Foreign currency translation impact and other adjustments, net (35) (66) (101) (1) (7) (8) 1 (1) 0 Balance at end of period 318 1,218 1,536 186 760 946 187 715 902 of which individually evaluated 230 636 866 145 464 609 146 462 608 of which collectively evaluated 88 582 670 41 296 337 41 253 294 1 Measured under the previous accounting guidance (incurred loss model). 2 Includes a net impact of CHF 103 million from the adoption of the new CECL guidance and the related election of the fair value option for certain loans on January 1, 2020, of which CHF 55 million is reflected in consumer loans and CHF 48 million in corporate & institutional loans. 3 Represents the current-period net provision for accrued interest on non-accrual loans and lease financing transactions which is recognized as a reversal of interest income. Gross write-offs of CHF 325 million in 2020 compared to gross write-offs of CHF 299 million in 2019 and were primarily related to corporate & institutional loans in both years. In 2020, gross write-offs in corporate & institutional loans were mainly related to the oil and gas, ship finance, lombard lending, small and medium-sized enterprises, health care and commodity trade finance sectors. Write-offs in consumer loans were mainly related to consumer finance and a share-backed loan. In 2019, gross write-offs in corporate & institutional loans were mainly related to the commodity trade finance, the large Swiss corporates and the small and medium-sized enterprises business areas, the supermarket sector in Europe, lombard loans and an infrastructure development company. Write-offs in consumer loans were mainly related to consumer finance and lombard loans. Purchases, reclassifications and sales – loans held at amortized cost 2020 2019 2018 Corporate & Corporate & Corporate & CHF million Purchases 1 45 2,756 2,801 18 2,478 2,496 0 2,163 2,163 Reclassifications from loans held-for-sale 2 0 6 6 0 11 11 0 1 1 Reclassifications to loans held-for-sale 3 18 2,007 2,025 0 3,138 3,138 1 2,351 2,352 Sales 3 18 1,626 1,644 0 3,001 3,001 1 2,267 2,268 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. |
Bank | |
Financial instruments measured at amortized cost and credit losses | 19 Financial instruments measured at amortized cost and credit losses > Refer to “Note 20 – Financial instruments measured at amortized cost and credit losses” in VI – Consolidated financial statements – Credit Suisse Group for further information on loans held at amortized cost. Overview of financial instruments measured at amortized cost – by balance sheet position 1 Allowance Net 2020 (CHF million) Cash and due from banks 137,683 (1) 137,682 Interest-bearing deposits with banks 1,235 2 (5) 1,230 Securities purchased under resale agreements and securities borrowing transactions 21,139 0 21,139 Loans 290,468 2,3 (1,535) 288,933 Brokerage receivables 35,944 2 (1) 35,943 Other assets 15,540 (41) 15,499 Total 502,009 (1,583) 500,426 1 Net of unearned income/deferred expenses, as applicable. 2 Excludes accrued interest for credit losses in the total amount of CHF 351 million, with no related allowance for credit losses. Of the accrued interest balance, CHF 1 million relates to interest-bearing deposits with banks, CHF 334 million to loans and CHF 16 million to brokerage receivables. These accrued interest balances are reported in other assets. 3 Includes endangered interest of CHF 87 million on non-accrual loans which are reported as part of the loans' amortized cost balance. Allowance for credit losses > Refer to “Note 20 – Financial instruments measured at amortized cost and credit losses” in VI – Consolidated financial statements – Credit Suisse Group for further information on estimating expected credit losses. Loans held at amortized cost Allowance for credit losses – loans held at amortized cost 2020 2019 1 2018 1 Corporate & Corporate & Corporate & Allowance for credit losses (CHF million) Balance at beginning of period 241 807 1,048 2 187 714 901 220 661 881 Current-period provision for expected credit losses 191 709 900 63 221 284 19 182 201 of which methodology changes 0 (19) (19) – – – – – – of which provisions for interest 3 22 15 37 – – – – – – Gross write-offs (87) (238) (325) (86) (213) (299) (85) (184) (269) Recoveries 8 5 13 9 16 25 21 37 58 Net write-offs (79) (233) (312) (77) (197) (274) (64) (147) (211) Provisions for interest 3 – – – 14 28 42 11 19 30 Foreign currency translation impact and other adjustments, net (35) (66) (101) (1) (7) (8) 1 (1) 0 Balance at end of period 318 1,217 1,535 186 759 945 187 714 901 of which individually evaluated 230 635 865 145 463 608 146 461 607 of which collectively evaluated 88 582 670 41 296 337 41 253 294 1 Measured under the previous accounting guidance (incurred loss model). 2 Includes a net impact of CHF 103 million from the adoption of the new CECL guidance and the related election of the fair value option for certain loans on January 1, 2020, of which CHF 55 million reflected in consumer loans and CHF 48 million in corporate & institutional loans. 3 Represents the current-period net provision for accrued interest on non-accrual loans and lease financing transactions which is recognized as a reversal of interest income. > Refer to “Note 20 – Financial instruments measured at amortized cost and credit losses” in VI – Consolidated financial statements – Credit Suisse Group for further information on the Bank’s gross write-offs. Purchases, reclassifications and sales – loans held at amortized cost 2020 2019 2018 Corporate & Corporate & Corporate & CHF million Purchases 1 45 2,756 2,801 18 2,478 2,496 0 2,163 2,163 Reclassifications from loans held-for-sale 2 0 6 6 0 11 11 0 1 1 Reclassifications to loans held-for-sale 3 18 2,007 2,025 0 3,138 3,138 1 2,351 2,352 Sales 3 18 1,626 1,644 0 3,001 3,001 1 2,267 2,268 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. Other financial assets Allowance for credit losses – other financial assets held at amortized cost 2020 CHF million Balance at beginning of period 43 Current-period provision for expected credit losses 19 Gross write-offs (12) Recoveries 2 Net write-offs (10) Foreign currency translation impact and other adjustments, net (4) Balance at end of period 48 of which individually evaluated 15 of which collectively evaluated 33 Credit quality information Credit quality of loans held at amortized cost The following table presents the Bank’s carrying value of 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, by year of origination. Consumer loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Mortgages 2020 18,765 1,664 3 20,432 2019 14,072 1,511 26 15,609 2018 10,242 932 58 11,232 2017 7,087 857 44 7,988 2016 10,951 914 76 11,941 Prior years 39,918 2,854 216 42,988 Total term loans 101,035 8,732 423 110,190 Revolving loans 528 548 4 1,080 Total 101,563 9,280 427 111,270 Loans collateralized by securities 2020 1,682 1,547 149 3,378 2019 1,019 324 0 1,343 2018 499 64 0 563 2017 61 41 0 102 2016 200 127 0 327 Prior years 563 622 0 1,185 Total term loans 4,024 2,725 149 6,898 Revolving loans 1 41,749 3,038 104 44,891 Total 45,773 5,763 253 51,789 Consumer finance 2020 1,297 903 5 2,205 2019 519 505 22 1,046 2018 279 237 23 539 2017 81 154 17 252 2016 16 57 10 83 Prior years 48 92 41 181 Total term loans 2,240 1,948 118 4,306 Revolving loans 328 88 81 497 Total 2,568 2,036 199 4,803 Consumer – total 2020 21,744 4,114 157 26,015 2019 15,610 2,340 48 17,998 2018 11,020 1,233 81 12,334 2017 7,229 1,052 61 8,342 2016 11,167 1,098 86 12,351 Prior years 40,529 3,568 257 44,354 Total term loans 107,299 13,405 690 121,394 Revolving loans 42,605 3,674 189 46,468 Total 149,904 17,079 879 167,862 1 Lombard loans are generally classified as revolving loans. Corporate & institutional loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Real estate 2020 6,054 2,792 106 8,952 2019 2,902 1,611 0 4,513 2018 1,849 1,133 24 3,006 2017 1,033 346 72 1,451 2016 1,591 285 25 1,901 Prior years 5,982 1,105 33 7,120 Total term loans 19,411 7,272 260 26,943 Revolving loans 1,027 172 69 1,268 Total 20,438 7,444 329 28,211 Commercial and industrial loans 2020 7,724 11,621 310 19,655 2019 3,851 6,411 133 10,395 2018 1,781 4,321 247 6,349 2017 964 1,981 60 3,005 2016 809 1,248 22 2,079 Prior years 2,830 3,837 116 6,783 Total term loans 17,959 29,419 888 48,266 Revolving loans 12,913 8,908 464 22,285 Total 30,872 38,327 1,352 70,551 Financial institutions 2020 3,386 697 43 4,126 2019 1,973 132 39 2,144 2018 960 432 9 1,401 2017 97 92 0 189 2016 37 102 20 159 Prior years 288 38 2 328 Total term loans 6,741 1,493 113 8,347 Revolving loans 5,718 419 1 6,138 Total 12,459 1,912 114 14,485 Governments and public institutions 2020 174 33 0 207 2019 135 20 10 165 2018 80 0 0 80 2017 35 0 0 35 2016 74 1 0 75 Prior years 388 41 0 429 Total term loans 886 95 10 991 Revolving loans 19 0 0 19 Total 905 95 10 1,010 Corporate & institutional – total 2020 17,338 15,143 459 32,940 2019 8,861 8,174 182 17,217 2018 4,670 5,886 280 10,836 2017 2,129 2,419 132 4,680 2016 2,511 1,636 67 4,214 Prior years 9,488 5,021 151 14,660 Total term loans 44,997 38,279 1,271 84,547 Revolving loans 19,677 9,499 534 29,710 Total 64,674 47,778 1,805 114,257 Total loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Loans held at amortized cost – total 2020 39,082 19,257 616 58,955 2019 24,471 10,514 230 35,215 2018 15,690 7,119 361 23,170 2017 9,358 3,471 193 13,022 2016 13,678 2,734 153 16,565 Prior years 50,017 8,589 408 59,014 Total term loans 152,296 51,684 1,961 205,941 Revolving loans 62,282 13,173 723 76,178 Total loans to third parties 214,578 64,857 2,684 282,119 Total loans to entities under common control 8,444 0 0 8,444 Total 223,022 64,857 2,684 290,563 1 1 Excludes accrued interest on loans held at amortized cost of CHF 334 million. 2019 Gross loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2019 (CHF million) Mortgages 1 99,677 9,629 365 109,671 Loans collateralized by securities 1 50,766 5,531 128 56,425 Consumer finance 1,527 2,677 167 4,371 Consumer 151,970 17,837 660 170,467 Real estate 20,524 7,674 125 28,323 Commercial and industrial loans 1 30,703 38,522 1,096 70,321 Financial institutions 19,912 2,122 47 22,081 Governments and public institutions 1,166 67 0 1,233 Corporate & institutional 72,305 48,385 1,268 121,958 Gross loans held at amortized cost 224,275 66,222 1,928 292,425 1 Certain corporate & institutional loans have been reclassified to consumer loans following the application of a look-through approach with regard to beneficial owners. The prior period has been reclassified to conform to the current presentation. Credit quality of other financial assets held at amortized cost The following table presents the Bank’s carrying value of other financial assets held at amortized cost by aggregated internal counterparty credit ratings investment grade and non-investment grade, by year of origination. Other financial assets held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Other financial assets held at amortized cost 2018 0 70 0 70 2017 0 2 0 2 2016 0 4 0 4 Total term positions 0 76 0 76 Revolving positions 0 934 0 934 Total 0 1,010 0 1,010 Includes primarily mortgage servicing advances and failed purchases. Past due financial assets Loans held at amortized cost – past due Current Past due Up to 31–60 61–90 More than 2020 (CHF million) Mortgages 110,747 63 68 34 358 523 111,270 Loans collateralized by securities 51,668 17 0 0 104 121 51,789 Consumer finance 4,361 156 68 47 171 442 4,803 Consumer 166,776 236 136 81 633 1,086 167,862 Real estate 28,070 50 3 11 77 141 28,211 Commercial and industrial loans 69,060 630 54 137 670 1,491 70,551 Financial institutions 14,311 41 15 72 46 174 14,485 Governments and public institutions 969 37 4 0 0 41 1,010 Corporate & institutional 112,410 758 76 220 793 1,847 114,257 Total loans to third parties 279,186 994 212 301 1,426 2,933 282,119 Total loans to entities under common control 8,444 0 0 0 0 0 8,444 Total loans held at amortized cost 287,630 994 212 301 1,426 2,933 290,563 1 2019 (CHF million) Mortgages 2 109,279 83 16 9 284 392 109,671 Loans collateralized by securities 2 56,287 79 0 2 57 138 56,425 Consumer finance 3,826 283 61 43 158 545 4,371 Consumer 169,392 445 77 54 499 1,075 170,467 Real estate 28,094 95 10 2 122 229 28,323 Commercial and industrial loans 2 69,075 528 62 71 585 1,246 70,321 Financial institutions 21,945 85 1 3 47 136 22,081 Governments and public institutions 1,207 26 0 0 0 26 1,233 Corporate & institutional 120,321 734 73 76 754 1,637 121,958 Total loans held at amortized cost 289,713 1,179 150 130 1,253 2,712 292,425 1 Excludes accrued interest on loans held at amortized cost of CHF 334 million. 2 Certain corporate & institutional loans have been reclassified to consumer loans following the application of a look-through approach with regard to beneficial owners. The prior period has been reclassified to conform to the current presentation. As of December 31, 2020, the Bank did not have any loans that were more than 90 days past due and still accruing interest. Also, the Bank did not have any other financial assets held at amortized cost that were past due. Non-accrual financial assets Non-accrual loans held at amortized cost 2020 Amortized CHF million Mortgages 337 418 3 60 Loans collateralized by securities 122 105 1 0 Consumer finance 168 201 3 1 Consumer 627 724 7 61 Real estate 155 324 8 27 Commercial and industrial loans 670 913 38 4 Financial institutions 46 68 0 8 Corporate & institutional 871 1,305 46 39 Total loans held at amortized cost 1,498 2,029 53 100 Collateral-dependent financial assets > Refer to “Note 20 – Financial instruments measured at amortized cost and credit losses” in VI – Consolidated financial statements – Credit Suisse Group for further information on the Bank’s collateral-dependent financial assets. Troubled debt restructurings and modifications Restructured financing receivables held at amortized cost 2020 2019 2018 Recorded Recorded Recorded Recorded Recorded Recorded CHF million, except where indicated Mortgages 0 0 0 1 7 7 5 29 29 Loans collateralized by securities 3 165 165 0 0 0 0 0 0 Commercial and industrial loans 17 127 95 25 172 161 13 182 160 Total loans 20 292 260 26 179 168 18 211 189 Restructured financing receivables held at amortized cost that defaulted within 12 months from restructuring 2020 2019 2018 Number of Recorded Number of Recorded Number of Recorded CHF million, except where indicated Mortgages 0 0 1 13 1 8 Commercial and industrial loans 4 13 1 2 8 76 Total loans 4 13 2 15 9 84 In 2020, the loan modifications of the Bank included waivers of interest, principal or other claims, extended loan repayment terms, including postponed or reduced loan amortizations, extended pay-back period or maturity date, partly in combination with changes in covenants. As of December 31, 2020 and 2019, the Bank did not have any commitments to lend additional funds to debtors whose loan terms had been modified in troubled debt restructurings. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill | 21 Goodwill Swiss International Credit 1 Gross amount of goodwill (CHF million) Balance at beginning of period 607 1,494 995 5,446 8,554 Goodwill acquired during the year 0 9 98 24 131 Foreign currency translation impact (29) (112) (62) (113) (316) Other (3) (39) (10) 0 (52) Balance at end of period 575 1,352 1,021 5,357 8,317 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 3,879 3,891 Balance at end of period 0 0 0 3,879 3,891 Net book value (CHF million) Net book value 575 1,352 1,021 1,478 4,426 2019 Gross amount of goodwill (CHF million) Balance at beginning of period 615 1,544 1,018 5,468 8,657 Foreign currency translation impact (5) (22) (13) (22) (62) Other (3) (28) (10) 0 (41) Balance at end of period 607 1,494 995 5,446 8,554 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 3,879 3,891 Balance at end of period 0 0 0 3,879 3,891 Net book value (CHF million) Net book value 607 1,494 995 1,567 4,663 1 Gross amount of goodwill and accumulated impairment include CHF 12 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 the first quarter of 2020 that a goodwill triggering event occurred for its former Investment Banking & Capital Markets reporting unit. Based on its goodwill impairment analysis performed, the Group concluded that the estimated fair value for all of the reporting units with goodwill exceeded their related carrying values and no impairments were necessary as of March 31, 2020. The Group also determined in the second quarter of 2020 that a goodwill triggering event occurred for its former Asia Pacific – Markets, Global Markets and Investment Banking & Capital Markets reporting units. Goodwill has to be tested for impairment before and immediately after a reorganization of reporting units. Based on this goodwill impairment analysis, the Group concluded that there would be no impairment necessary for its Global Markets, Investment Banking & Capital Markets and Asia Pacific – Markets reporting units under the prior reporting structure as the estimated fair value of these reporting units exceeded their related carrying values by 11% 13% 6% The approach for determining the carrying value and estimating the fair values of the reporting units was applied consistently for both the prior reporting structure and the new reporting structure. 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, intangible assets and other common equity tier 1 (CET1) capital relevant adjustments. 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 financial plan which included significant management assumptions and estimates based on its view of current and future economic conditions and regulatory changes. The Group engaged the services of an independent valuation specialist to assist in the valuation of the International Wealth Management – Asset Management, Asia Pacific and the Investment Bank reporting units as of December 31, 2020. 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 or the future outlook adversely differ from management’s 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 Swiss International 1 Gross amount of goodwill (CHF million) Balance at beginning of period 589 1,481 986 4,783 7,851 Goodwill acquired during the year 0 9 98 24 131 Foreign currency translation impact (30) (113) (68) (73) (284) Other (2) (39) (11) 0 (52) Balance at end of period 557 1,338 1,005 4,734 7,646 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 3,879 3,891 Balance at end of period 0 0 0 3,879 3,891 Net book value (CHF million) Net book value 557 1,338 1,005 855 3,755 2019 Gross amount of goodwill (CHF million) Balance at beginning of period 597 1,531 1,009 4,798 7,947 Foreign currency translation impact (5) (22) (13) (15) (55) Other (3) (28) (10) 0 (41) Balance at end of period 589 1,481 986 4,783 7,851 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 3,879 3,891 Balance at end of period 0 0 0 3,879 3,891 Net book value (CHF million) Net book value 589 1,481 986 904 3,960 1 Gross amount of goodwill and accumulated impairment include goodwill of CHF 12 million related to legacy business transferred to the former Strategic Resolution Unit in 4Q15 and fully written off at the time of transfer, in addition to the divisions disclosed. > 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, 2020 | |
Other intangible assets | 22 Other intangible assets 2020 2019 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 24 (24) 0 27 (26) 1 Client relationships 30 0 30 20 (2) 18 Other (3) 4 1 (3) 4 1 Total amortizing other intangible assets 51 (20) 31 44 (24) 20 Non-amortizing other intangible assets 206 – 206 271 – 271 of which mortgage servicing rights, at fair value 180 – 180 244 – 244 Total other intangible assets 257 (20) 237 315 (24) 291 Additional information in 2020 2019 2018 Aggregate amortization and impairment (CHF million) Aggregate amortization 6 5 8 Impairment 2 5 1 Estimated amortization Estimated amortization (CHF million) 2021 2 2022 2 2023 2 2024 1 2025 1 |
Bank | |
Other intangible assets | 21 Other intangible assets 2020 2019 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 24 (24) 0 27 (26) 1 Client relationships 30 0 30 20 (2) 18 Other (3) 3 0 (3) 4 1 Total amortizing other intangible assets 51 (21) 30 44 (24) 20 Non-amortizing other intangible assets 207 – 207 271 – 271 of which mortgage servicing rights, at fair value 180 – 180 244 – 244 Total other intangible assets 258 (21) 237 315 (24) 291 Additional information in 2020 2019 2018 Aggregate amortization and impairment (CHF million) Aggregate amortization 6 5 8 Impairment 2 5 1 Estimated amortization Estimated amortization (CHF million) 2021 2 2022 2 2023 2 2024 1 2025 1 |
Other assets and other liabilit
Other assets and other liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other assets and other liabilities | 23 Other assets and other liabilities end of 2020 2019 Other assets (CHF million) Cash collateral on derivative instruments 7,741 4,570 Cash collateral on non-derivative transactions 635 428 Derivative instruments used for hedging 131 183 Assets held-for-sale 7,077 8,971 of which loans 1 7,046 8,886 allowance for loans held-for-sale (48) 0 of which real estate 2 27 38 of which long-lived assets 4 47 Premises and equipment and right-of-use assets 7,376 7,832 Assets held for separate accounts 102 111 Interest and fees receivable 4,255 4,688 Deferred tax assets 3,667 4,399 Prepaid expenses 448 431 of which cloud computing arrangement implementation costs 38 27 Failed purchases 1,451 1,643 Defined benefit pension and post-retirement plan assets 2,872 2,878 Other 3,882 3,475 Other assets 39,637 39,609 1 Included as of December 31, 2020 and 2019 were CHF 262 million and CHF 800 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of December 31, 2020 and 2019, real estate held-for-sale included foreclosed or repossessed real estate of CHF 8 million and CHF 9 million, respectively, of which CHF 8 million and CHF 9 million, respectively, were related to residential real estate. end of 2020 2019 Other liabilities (CHF million) Cash collateral on derivative instruments 7,831 7,457 Cash collateral on non-derivative transactions 174 516 Derivative instruments used for hedging 45 48 Operating leases liabilities 2,759 3,213 Provisions 2,080 1,179 of which expected credit losses on off-balance sheet credit exposure 311 172 Restructuring liabilities 52 – Liabilities held for separate accounts 102 111 Interest and fees payable 4,297 5,101 Current tax liabilities 555 678 Deferred tax liabilities 530 523 Failed sales 1,120 936 Defined benefit pension and post-retirement plan liabilities 410 455 Other 11,479 10,826 Other liabilities 31,434 31,043 Premises, equipment and right-of-use assets end of 2020 2019 Premises and equipment (CHF million) Buildings and improvements 1,425 1,436 Land 291 294 Leasehold improvements 1,775 1,855 Software 7,038 6,478 Equipment 1,874 1,887 Premises and equipment 12,403 11,950 Accumulated depreciation (7,627) (7,153) Total premises and equipment, net 4,776 4,797 Right-of-use assets (CHF million) Right-of-use assets-operating leases 2,600 3,035 Total premises and equipment and right-of-use assets 7,376 7,832 Depreciation, amortization and impairment end of 2020 2019 2018 CHF million Depreciation on premises and equipment 964 939 830 Impairment on premises and equipment 10 3 8 Amortization and impairment on right-of-use assets 331 324 – > Refer to “Note 24 – Leases” for further information on right-of-use assets. |
Bank | |
Other assets and other liabilities | 22 Other assets and other liabilities end of 2020 2019 Other assets (CHF million) Cash collateral on derivative instruments 7,741 4,570 Cash collateral on non-derivative transactions 635 428 Derivative instruments used for hedging 131 183 Assets held-for-sale 7,077 8,971 of which loans 1 7,046 8,886 allowance for loans held-for-sale (48) 0 of which real estate 2 27 38 of which long-lived assets 4 47 Premises, equipment and right-of-use assets 6,213 6,652 Assets held for separate accounts 102 111 Interest and fees receivable 4,397 5,301 Deferred tax assets 3,630 4,337 Prepaid expenses 367 343 of which cloud computing arrangement implementation costs 32 21 Failed purchases 1,451 1,643 Defined benefit pension and post-retirement plan assets 975 1,067 Other 3,855 3,463 Other assets 36,574 37,069 1 Included as of the end of 2020 and 2019 were CHF 262 million and CHF 800 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of the end of 2020 and 2019, real estate held-for-sale included foreclosed or repossessed real estate of CHF 8 million and CHF 9 million, respectively, of which CHF 8 million and CHF 9 million, respectively, were related to residential real estate. end of 2020 2019 Other liabilities (CHF million) Cash collateral on derivative instruments 7,831 7,457 Cash collateral on non-derivative transactions 174 516 Derivative instruments used for hedging 45 48 Operating leases liabilities 1,981 2,388 Provisions 2,067 1,171 of which expected credit losses on off-balance sheet credit exposures 311 172 Restructuring liabilities 49 – Liabilities held for separate accounts 102 111 Interest and fees payable 4,397 5,690 Current tax liabilities 542 658 Deferred tax liabilities 157 167 Failed sales 1,120 936 Defined benefit pension and post-retirement plan liabilities 403 455 Other 11,472 10,809 Other liabilities 30,340 30,406 Premises, equipment and right-of-use assets end of 2020 2019 Premises and equipment (CHF million) Buildings and improvements 1,403 1,413 Land 291 294 Leasehold improvements 1,634 1,712 Software 6,663 6,190 Equipment 1,128 1,162 Premises and equipment 11,119 10,771 Accumulated depreciation (6,761) (6,359) Total premises and equipment, net 4,358 4,412 Right-of-use assets (CHF million) Operating leases 1,855 2,240 Right-of-use assets 1,855 2,240 Total premises, equipment and right-of-use assets 6,213 6,652 Depreciation, amortization and impairment end of 2020 2019 2018 CHF million Depreciation on premises and equipment 860 844 745 Impairment on premises and equipment 10 3 8 Amortization and impairment on right-of-use assets 284 279 – > Refer to “Note 23 – Leases” for further information on right-of-use assets. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases of Lessee Disclosure [Text Block] | 24 Leases The Group enters into both lessee and lessor arrangements. > Refer to “Note 1 – Summary of significant accounting policies” and “Note 23 – Other assets and other liabilities” for further information. Lessee arrangements The Group primarily enters into operating leases. When a real estate lease has both lease and non-lease components, the Group allocates the consideration in the contract based on the relative standalone selling price. For all leases other than real estate leases, the Group does not separate lease and non-lease components. The Group’s finance leases are not material. The Group has entered into leases for real estate, equipment and vehicles. Certain equipment and real estate have subsequently been subleased. Sublease income is recognized in other revenues. Lease costs end of 2020 2019 Lease costs (CHF million) Operating lease costs 369 388 Variable lease costs 50 40 Sublease income (71) (78) Net lease costs 348 350 From time to time, the Group enters into sale-leaseback transactions in which an asset is sold and immediately leased back. If specific criteria are met, the asset is derecognized from the balance sheet and an operating lease is recognized. During 2020, the Group entered into one sale-leaseback transaction, with a lease term of one year. During 2019, the Group entered into 4 sale-leaseback transactions, with lease terms ranging from 5 to 10 years. During 2018, the Group entered into one sale-leaseback transaction with a lease term of ten years. Other information end of 2020 2019 Other information (CHF million) Gains/(losses) on sale and leaseback transactions 15 274 Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows (403) (464) Right-of-use assets obtained in exchange of new operating lease liabilities 1 32 102 Changes to right-of-use assets due to lease modifications for operating leases 32 221 1 Includes right-of-use assets relating to changes in classification of scope of variable interest entities. The weighted average remaining lease terms and discount rates are based on all outstanding operating leases as well as their respective lease terms and remaining lease obligations. Weighted average remaining lease term and discount rate end of 2020 2019 Operating leases Remaining lease term (years) 11.9 12.2 Discount rate (%) 2.6 2.8 The following table reflects the undiscounted cash flows from leases for the next five years and thereafter, based on the expected lease term. Maturities relating to operating lease arrangements end of 2020 2019 Maturity (CHF million) Due within 1 year 385 468 Due between 1 and 2 years 364 387 Due between 2 and 3 years 323 371 Due between 3 and 4 years 278 336 Due between 4 and 5 years 249 286 Thereafter 1,642 1,963 Operating lease obligations 3,241 3,811 Future interest payable (482) (598) Operating lease liabilities 2,759 3,213 Lessor arrangements The Group enters into sales-type, direct financing and operating leases for real estate, equipment and vehicles. When a real estate lease has both lease and non-lease components, the Group allocates the consideration in the contract based on the relative standalone selling price. For all leases other than real estate leases, the Group does not separate lease and non-lease components. As of December 31, 2020 and 2019, the Group had approximately CHF 0.9 billion and CHF 0.8 billion, respectively, of residual value guarantees associated with lessor arrangements. The Group’s risk of loss relating to the residual value of leased assets is mitigated through contractual arrangements with manufactures or suppliers. Leased assets are also monitored through projections of the residual values at lease origination and periodic reviews of residual values. Net investments 2020 2019 Direct Direct Net investments (CHF million) Lease receivables 862 2,299 526 2,573 Unguaranteed residual values 43 188 28 440 Valuation allowances (6) (23) (3) (15) Total net investments 899 2,464 551 2,998 Maturities relating to lessor arrangements 2020 2019 Direct Direct Maturity (CHF million) Due within 1 year 359 755 48 221 917 54 Due between 1 and 2 years 213 620 41 129 689 47 Due between 2 and 3 years 142 514 37 90 550 42 Due between 3 and 4 years 84 402 36 53 391 39 Due between 4 and 5 years 43 125 34 25 136 38 Thereafter 66 48 63 37 110 103 Total 907 2,464 259 555 2,793 323 Future interest receivable (45) (165) – (29) (220) – Lease receivables 862 2,299 – 526 2,573 – The Group elected the practical expedient to not evaluate whether certain sales taxes and other similar taxes are lessor cost or lessee cost and excludes these costs from being reported as lease income with an associated expense. The Group enters into leases with fixed or variable lease payments, or with lease payments that depend on an index or a referenced rate which are included in the net investment in the lease at lease commencement, as such payments are considered unavoidable. Other variable lease payments, as well as subsequent changes in an index or referenced rate, are excluded from the net investment in the lease. Lease payments are recorded when due and payable by the lessee. Lease income end of 2020 2019 Lease income (CHF million) Interest income on sales-type leases 19 13 Interest income on direct financing leases 74 97 Lease income from operating leases 93 103 Variable lease income 0 3 Total lease income 186 216 Certain leases include i) termination options that allow lessees to terminate the leases within three months of the commencement date, with a notice period of 30 days; ii) termination options that allow the Group to terminate the lease but do not provide the lessee with the same option; iii) termination penalties; iv) options to prepay the payments for the remaining lease term; or v) options that permit the lessee to purchase the leased asset at market value or at the greater of market value and the net present value of the remaining payments. The Group may enter into vehicle leases as a lessor with members of the Board of Directors or the Executive Board. The terms of such leases with members of the Board of Directors are similar to those with third parties and the terms of such leases with members of the Executive Board reflect standard employee conditions. |
Bank | |
Leases of Lessee Disclosure [Text Block] | 23 Leases > Refer to “Note 24 – Leases” in VI – Consolidated financial statements – Credit Suisse Group for further information. Lessee arrangements Lease costs end of 2020 2019 Lease costs (CHF million) Operating lease costs 305 324 Variable lease costs 45 37 Sublease income (87) (95) Total lease costs 263 266 During 2020, the Bank entered into one sale-leaseback transaction with a lease term of one year. During 2019, the Bank entered into 4 sale-leaseback transactions with lease terms ranging from 5 to 10 years. During 2018, the Bank entered into one sale-leaseback transaction with a lease term of ten years. Other information end of 2020 2019 Other information (CHF million) Gains/(losses) on sale and leaseback transactions 15 274 Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows (340) (400) Right-of-use assets obtained in exchange of new operating lease liabilities 1 32 100 Changes to right-of-use assets due to lease modifications for operating leases 26 214 1 Includes right-of-use assets relating to changes in classification of scope of variable interest entities. Weighted average remaining lease term and discount rate end of 2020 2019 Operating leases Remaining lease term (years) 10.4 10.7 Discount rate (%) 2.9 3.0 Maturities relating to operating lease arrangements end of 2020 2019 Maturity (CHF million) Due within 1 year 320 403 Due between 1 and 2 years 299 322 Due between 2 and 3 years 262 306 Due between 3 and 4 years 219 274 Due between 4 and 5 years 190 227 Thereafter 1,054 1,314 Operating lease obligations 2,344 2,846 Future interest payable (363) (458) Operating lease liabilities 1,981 2,388 Lessor arrangements As of December 31, 2020 and 2019, the Bank had approximately CHF 0.9 billion and CHF 0.8 billion, respectively, of residual value guarantees associated with lessor arrangements. Net investments 2020 2019 Sales- Direct Sales- Direct Net investments (CHF million) Lease receivables 862 2,299 526 2,573 Unguaranteed residual assets 43 188 28 440 Valuation allowances (6) (23) (3) (15) Total net investments 899 2,464 551 2,998 Maturities relating to lessor arrangements 2020 2019 Sales- Direct Sales- Direct Maturity (CHF million) Due within 1 year 359 755 63 221 917 66 Due between 1 and 2 years 213 620 57 129 689 59 Due between 2 and 3 years 142 514 53 90 550 55 Due between 3 and 4 years 84 402 52 53 391 52 Due between 4 and 5 years 43 125 50 25 136 51 Thereafter 66 48 217 37 110 241 Total 907 2,464 492 555 2,793 524 Future interest receivable (45) (165) – (29) (220) – Lease receivables 862 2,299 – 526 2,573 – As of December 31, 2020 and 2019, the Bank had CHF 234 million and CHF 200 million, respectively, of related party operating leases. Lease income end of 2020 2019 Lease income (CHF million) Interest income on sales-type leases 19 13 Interest income on direct financing leases 74 97 Lease income from operating leases 107 119 Variable lease income 0 3 Total lease income 200 232 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits | 25 Deposits 2020 2019 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 3,231 3,085 6,316 2,665 1,744 4,409 Interest-bearing demand deposits 144,709 41,995 186,704 118,566 30,552 149,118 Savings deposits 62,769 8,764 71,533 64,304 46 64,350 Time deposits 26,864 115,927 142,791 1 27,539 155,111 182,650 1 Total deposits 237,573 169,771 407,344 2 213,074 187,453 400,527 2 of which due to banks – – 16,423 – – 16,744 of which customer deposits – – 390,921 – – 383,783 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 142,698 million and CHF 182,036 million as of December 31, 2020 and 2019, 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, 2020 and 2019 were CHF 106 million and CHF 116 million, respectively, of overdrawn deposits reclassified as loans. |
Bank | |
Deposits | 24 Deposits 2020 2019 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 3,231 3,097 6,328 2,665 1,745 4,410 Interest-bearing demand deposits 145,296 42,172 187,468 119,193 30,747 149,940 Savings deposits 62,769 8,764 71,533 64,304 46 64,350 Time deposits 27,188 115,942 143,130 1 27,847 155,145 182,992 1 Total deposits 238,484 169,975 408,459 2 214,009 187,683 401,692 2 of which due to banks – – 16,420 – – 16,742 of which customer deposits – – 392,039 – – 384,950 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 143,041 million and CHF 182,377 million as of December 31, 2020 and 2019, 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, 2020 and 2019 were CHF 106 million and CHF 116 million, respectively, of overdrawn deposits reclassified as loans. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2020 | |
Long-term debt | 26 Long-term debt end of 2020 2019 Long-term debt (CHF million) Senior 133,056 108,667 Subordinated 26,285 41,667 Non-recourse liabilities from consolidated VIEs 1,746 1,671 Long-term debt 161,087 152,005 of which reported at fair value 70,976 70,331 of which structured notes 47,039 49,435 end of 2020 2019 Structured notes by product (CHF million) Equity 29,907 31,666 Fixed income 13,882 13,558 Credit 2,881 3,734 Other 369 477 Total structured notes 47,039 49,435 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. Group-internal funding related to loss-absorbing instruments has been aligned to international standards for internal total loss-absorbing capacity (TLAC) instruments and to the new article 126b of the Swiss Capital Adequacy Ordinance, effective January 1, 2020. Due to this alignment, the bail-in debt instruments issued by Credit Suisse AG to Credit Suisse Group Funding (Guernsey) Limited, a non-consolidated funding entity, have been permanently subordinated in 2019. Effective November 3, 2020, Credit Suisse Group AG and Credit Suisse Group Funding (Guernsey) Limited exercised the voluntary issuer substitution clause included in the terms of senior unsecured notes issued by Credit Suisse Group Funding (Guernsey) Limited with a maturity date post December 31, 2022. As a result of the substitution, Credit Suisse Group AG succeeded to, and was substituted for, and became bound by every obligation of, Credit Suisse Group Funding (Guernsey) Limited as principal obligor under these notes, which qualify as TLAC debt instruments. In addition, the related subordinated internal TLAC notes issued by Credit Suisse AG and held by Credit Suisse Group Funding (Guernsey) Limited have been transferred to Credit Suisse Group AG. This resulted in a decrease in subordinated long-term debt and a respective increase in senior long-term debt. Long-term debt by maturities end of 2021 2022 2023 2024 2025 Thereafter Total Group parent company (CHF million) Senior debt Fixed rate 0 0 5,608 1,258 7,431 21,707 36,004 Variable rate 0 53 528 1,708 0 0 2,289 Interest rate (range in %) 1 – 0.8 0.6 – 3.8 1.0 – 4.2 1.3 – 3.8 0.7 – 5.4 – Subordinated debt Fixed rate 0 1,394 4,309 3,208 2,000 5,322 16,233 Interest rates (range in %) 1 – 7.1 3.9 – 7.5 3.5 – 6.3 3.0 – 7.3 4.5 – 6.4 – Subtotal – Group parent company 0 1,447 10,445 6,174 9,431 27,029 54,526 Subsidiaries (CHF million) Senior debt Fixed rate 9,364 4,581 1,873 3,856 2,398 13,931 36,003 Variable rate 13,380 12,615 8,274 4,131 6,117 14,243 58,760 Interest rates (range in %) 1 0.1 – 4.0 0.1 – 8.2 0.1 – 2.2 0.1 – 3.6 0.1 – 3.5 0.1 – 7.1 – Subordinated debt Fixed rate 1,342 5,069 2,394 23 9 131 8,968 Variable rate 881 195 0 0 4 4 1,084 Interest rates (range in %) 1 2.5 – 4.7 0.1 – 3.8 0.6 – 6.5 3.5 – 5.7 0.4 – 5.9 0.9 – 7.2 – Non-recourse liabilities from consolidated VIEs Fixed rate 7 128 0 0 208 0 343 Variable rate 9 22 17 2 25 2 14 1,316 1,403 Interest rates (range in %) 1 6.7 – 10.3 1.3 – 2.9 – – 1.9 0.0 – 10.7 – Subtotal – Subsidiaries 24,983 22,610 12,558 8,035 8,750 29,625 106,561 Total long-term debt 24,983 24,057 23,003 14,209 18,181 56,654 161,087 of which structured notes 12,299 8,788 5,132 3,508 3,956 13,356 47,039 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 3.4 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 42 – 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. The Group maintains three 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 the Swiss Financial Market Supervisory Authority FINMA (FINMA) under the Swiss banking laws and regulations. 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 | 25 Long-term debt end of 2020 2019 Long-term debt (CHF million) Senior 94,768 88,307 Subordinated 63,765 61,022 Non-recourse liabilities from consolidated VIEs 1,746 1,671 Long-term debt 160,279 151,000 of which reported at fair value 70,243 69,406 of which structured notes 47,039 49,435 end of 2020 2019 Structured notes by product (CHF million) Equity 29,907 31,666 Fixed income 13,882 13,558 Credit 2,881 3,734 Other 369 477 Total structured notes 47,039 49,435 Group-internal funding related to loss-absorbing instruments has been aligned to international standards for internal total loss-absorbing capacity (TLAC) instruments and to the new article 126b of the Swiss Capital Adequacy Ordinance, effective January 1, 2020. Due to this alignment, the bail-in debt instruments issued by Credit Suisse AG to Credit Suisse Group AG and to Credit Suisse Group Funding (Guernsey) Limited, a non-consolidated funding entity, have been permanently subordinated in 2019. Long-term debt by maturities end of 2021 2022 2023 2024 2025 Thereafter Total Long-term debt (CHF million) Senior debt Fixed rate 9,367 4,583 1,892 3,856 2,425 13,957 36,080 Variable rate 13,380 12,615 8,274 4,131 6,117 14,171 58,688 Interest rates (range in %) 1 0.1 – 4.0 0.1 – 8.2 0.1 – 2.2 0.1 – 3.6 0.1 – 3.5 0.1 – 7.1 – Subordinated debt Fixed rate 1,342 7,343 10,464 4,508 9,501 27,162 60,320 Variable rate 881 688 88 1,708 4 76 3,445 Interest rates (range in %) 1 2.5 – 4.7 0.1 – 7.1 0.6 – 8.0 0.8 – 6.5 0.4 – 7.3 0.7 – 7.2 – Non-recourse liabilities from consolidated VIEs Fixed rate 7 128 0 0 208 0 343 Variable rate 9 22 17 2 25 2 14 1,316 1,403 Interest rates (range in %) 1 6.7 – 10.3 1.3 – 2.9 – – 1.9 0.0 – 10.7 – Total long-term debt 24,986 25,379 20,735 14,228 18,269 56,682 160,279 of which structured notes 12,299 8,788 5,132 3,508 3,956 13,356 47,039 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 3.4 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 26 – 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, 2020 | |
Accumulated other comprehensive income | 27 Accumulated other comprehensive income and additional share information Accumulated other comprehensive income 1 Gains/ 2020 (CHF million) Balance at beginning of period 28 (14,469) 30 (3,690) 604 (2,772) (20,269) Increase/(decrease) 91 (3,076) (49) (327) (5) 45 (3,321) Reclassification adjustments, included in net income/(loss) 87 17 32 290 (143) 157 440 Total increase/(decrease) 178 (3,059) (17) (37) (148) 202 (2,881) Balance at end of period 206 (17,528) 13 (3,727) 456 (2,570) (23,150) 2019 (CHF million) Balance at beginning of period (72) (13,442) 10 (3,974) 387 (890) (17,981) Increase/(decrease) 65 (1,015) 20 44 338 (2,053) (2,601) Increase/(decrease) due to equity method investments 10 (18) 0 0 0 0 (8) Reclassification adjustments, included in net income/(loss) 25 6 0 282 (121) 193 385 Cumulative effect of accounting changes, net of tax 0 0 0 (42) 0 (22) (64) Total increase/(decrease) 100 (1,027) 20 284 217 (1,882) (2,288) Balance at end of period 28 (14,469) 30 (3,690) 604 (2,772) (20,269) 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) 1 No impairments on available-for-sale debt securities were recognized in net income/(loss) in 2020, 2019 and 2018. > Refer to “Note 29 – Tax” and “Note 32 – 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 2020 2019 2018 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 17 6 19 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 355 355 396 Tax expense/(benefit) (65) (73) (77) Net of tax 290 282 319 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 2 (176) (153) (138) Tax expense/(benefit) 33 32 29 Net of tax (143) (121) (109) 1 Includes net releases of CHF 21 million on the liquidation of Credit Suisse Securities (Johannesburg) Proprietary Limited in 2018. 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 32 – Pension and other post-retirement benefits" for further information. Additional share information 2020 2019 2018 Common shares issued Balance at beginning of period 2,556,011,720 2,556,011,720 2,556,011,720 Cancellation of repurchased shares (108,264,000) 0 0 Balance at end of period 2,447,747,720 2,556,011,720 2,556,011,720 Treasury shares Balance at beginning of period (119,761,811) (5,427,691) (5,757,666) Sale of treasury shares 1,222,417,138 795,576,688 770,559,108 Repurchase of treasury shares (1,303,331,434) (951,743,509) (816,841,331) Cancellation of repurchased shares 108,264,000 0 0 Share-based compensation 50,809,266 41,832,701 46,612,198 Balance at end of period (41,602,841) (119,761,811) (5,427,691) Common shares outstanding Balance at end of period 2,406,144,879 1 2,436,249,909 1 2,550,584,029 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. |
Bank | |
Accumulated other comprehensive income | 26 Accumulated other comprehensive income 1 Gains/ 2020 (CHF million) Balance at beginning of period 28 (14,560) 30 (417) (7) (2,620) (17,546) Increase/(decrease) 90 (2,974) (49) (55) (4) (6) (2,998) Reclassification adjustments, included in net income/(loss) 87 17 32 12 0 157 305 Total increase/(decrease) 177 (2,957) (17) (43) (4) 151 (2,693) Balance at end of period 205 (17,517) 13 (460) (11) (2,469) (20,239) 2019 (CHF million) Balance at beginning of period (58) (13,573) 9 (350) (8) (860) (14,840) Increase/(decrease) 65 (990) 21 (42) 0 (1,931) (2,877) Reclassification adjustments, included in net income/(loss) 21 3 0 17 1 193 235 Cumulative effect of accounting changes, net of tax 0 0 0 (42) 0 (22) (64) Total increase/(decrease) 86 (987) 21 (67) 1 (1,760) (2,706) Balance at end of period 28 (14,560) 30 (417) (7) (2,620) (17,546) 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) 1 No impairments on available-for-sale debt securities were recognized in net income/(loss) in 2020, 2019 and 2018. > 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 2020 2019 2018 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 17 3 19 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 13 22 55 Tax expense/(benefit) (1) (5) (6) Net of tax 12 17 49 1 Includes net releases of CHF 21 million on the liquidation of Credit Suisse Securities (Johannesburg) Proprietary Limited in 2018. 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. |
Offsetting of financial assets
Offsetting of financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Offsetting of financial assets and financial liabilities | 28 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 33 – 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 2020 2019 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 6.1 4.6 3.8 3.0 OTC 68.2 65.7 63.7 61.9 Exchange-traded 0.5 0.6 0.3 0.2 Interest rate products 74.8 70.9 67.8 65.1 OTC-cleared 0.2 0.2 0.1 0.2 OTC 23.1 27.7 21.0 25.4 Foreign exchange products 23.3 27.9 21.1 25.6 OTC 10.7 15.1 10.1 10.4 Exchange-traded 19.9 20.4 5.3 5.0 Equity/index-related products 30.6 35.5 15.4 15.4 OTC-cleared 0.7 0.7 2.8 3.0 OTC 3.9 4.9 3.1 4.0 Credit derivatives 4.6 5.6 5.9 7.0 OTC 1.6 0.7 1.2 0.5 Exchange-traded 0.1 0.1 0.0 0.0 Other products 1 1.7 0.8 1.2 0.5 OTC-cleared 7.0 5.5 6.7 6.2 OTC 107.5 114.1 99.1 102.2 Exchange-traded 20.5 21.1 5.6 5.2 Total gross derivatives subject to enforceable master netting agreements 135.0 140.7 111.4 113.6 Offsetting (CHF billion) OTC-cleared (6.2) (5.4) (6.0) (5.3) OTC (94.4) (104.3) (87.0) (93.6) Exchange-traded (20.0) (20.3) (4.9) (4.9) Offsetting (120.6) (130.0) (97.9) (103.8) of which counterparty netting (103.2) (103.2) (83.2) (83.2) of which cash collateral netting (17.4) (26.8) (14.7) (20.6) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.8 0.1 0.7 0.9 OTC 13.1 9.8 12.1 8.6 Exchange-traded 0.5 0.8 0.7 0.3 Total net derivatives subject to enforceable master netting agreements 14.4 10.7 13.5 9.8 Total derivatives not subject to enforceable master netting agreements 2 11.2 6.8 4.4 3.7 Total net derivatives presented in the consolidated balance sheets 25.6 17.5 17.9 13.5 of which recorded in trading assets and trading liabilities 25.5 17.5 17.7 13.5 of which recorded in other assets and other liabilities 0.1 0.0 0.2 0.0 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 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. 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 master repurchase agreement on the same date shall be set off. As permitted by US GAAP the Group has elected to net transactions under such agreements in the consolidated balance sheet when specific conditions are met. Transactions are netted if, among other conditions, they are executed with the same counterparty, have the same explicit settlement date specified at the inception of the transactions, are settled through the same securities transfer system 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 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, 2020 and December 31, 2019. 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 2020 2019 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 55.8 (7.5) 48.3 80.6 (10.9) 69.7 Securities borrowing transactions 11.9 (0.4) 11.5 12.3 (0.5) 11.8 Total subject to enforceable master netting agreements 67.7 (7.9) 59.8 92.9 (11.4) 81.5 Total not subject to enforceable master netting agreements 1 19.3 – 19.3 25.5 – 25.5 Total 87.0 (7.9) 79.1 2 118.4 (11.4) 107.0 2 1 Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 57,994 85,556 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 2020 2019 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 26.0 (7.9) 18.1 28.0 (11.4) 16.6 Securities lending transactions 3.5 0.0 3.5 5.5 0.0 5.5 Obligation to return securities received as collateral, at fair value 49.9 0.0 49.9 39.0 0.0 39.0 Total subject to enforceable master netting agreements 79.4 (7.9) 71.5 72.5 (11.4) 61.1 Total not subject to enforceable master netting agreements 1 3.1 – 3.1 2.0 – 2.0 Total 82.5 (7.9) 74.6 74.5 (11.4) 63.1 of which securities sold under repurchase agreements and securities lending transactions 31.7 (7.9) 23.8 2 34.3 (11.4) 22.9 2 of which obligation to return securities received as collateral, at fair value 50.8 0.0 50.8 40.2 0.0 40.2 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 13,594 10,715 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 2020 2019 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 14.4 5.5 0.1 8.8 13.5 4.4 0.0 9.1 Securities purchased under resale agreements 48.3 48.3 0.0 0.0 69.7 69.7 0.0 0.0 Securities borrowing transactions 11.5 11.1 0.0 0.4 11.8 11.2 0.0 0.6 Total financial assets subject to enforceable master netting agreements 74.2 64.9 0.1 9.2 95.0 85.3 0.0 9.7 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 10.7 2.2 0.0 8.5 9.8 1.7 0.0 8.1 Securities sold under repurchase agreements 18.1 18.1 0.0 0.0 16.6 16.6 0.0 0.0 Securities lending transactions 3.5 3.2 0.0 0.3 5.5 4.5 0.0 1.0 Obligation to return securities received as collateral, at fair value 49.9 43.4 0.0 6.5 39.0 33.0 0.0 6.0 Total financial liabilities subject to enforceable master netting agreements 82.2 66.9 0.0 15.3 70.9 55.8 0.0 15.1 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. Net exposure is subject to further credit mitigation through the transfer of the exposure to other market counterparties by the use of credit default swaps (CDS) and credit insurance contracts. Therefore the net exposure presented in the table above is not representative of the Group’s counterparty exposure. |
Bank | |
Offsetting of financial assets and financial liabilities | 27 Offsetting of financial assets and financial liabilities > Refer to “Note 28 – Offsetting of financial assets and financial liabilities” in VI – Consolidated financial statements – Credit Suisse Group for further information. Offsetting of derivatives 2020 2019 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 6.1 4.6 3.9 3.0 OTC 68.2 65.7 63.6 61.9 Exchange-traded 0.5 0.6 0.3 0.2 Interest rate products 74.8 70.9 67.8 65.1 OTC-cleared 0.2 0.2 0.1 0.2 OTC 23.1 27.7 21.0 25.4 Foreign exchange products 23.3 27.9 21.1 25.6 OTC 10.7 15.1 10.1 10.4 Exchange-traded 19.9 20.4 5.3 5.0 Equity/index-related products 30.6 35.5 15.4 15.4 OTC-cleared 0.7 0.7 2.8 3.0 OTC 3.9 4.9 3.1 4.0 Credit derivatives 4.6 5.6 5.9 7.0 OTC 1.6 0.8 1.2 0.5 Exchange-traded 0.1 0.1 0.0 0.0 Other products 1 1.7 0.9 1.2 0.5 OTC-cleared 7.0 5.5 6.8 6.2 OTC 107.5 114.2 99.0 102.2 Exchange-traded 20.5 21.1 5.6 5.2 Total gross derivatives subject to enforceable master netting agreements 135.0 140.8 111.4 113.6 Offsetting (CHF billion) OTC-cleared (6.2) (5.4) (6.0) (5.3) OTC (94.4) (104.4) (87.0) (93.6) Exchange-traded (20.0) (20.3) (4.9) (4.9) Offsetting (120.6) (130.1) (97.9) (103.8) of which counterparty netting (103.2) (103.2) (83.2) (83.2) of which cash collateral netting (17.4) (26.9) (14.7) (20.6) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.8 0.1 0.8 0.9 OTC 13.1 9.8 12.0 8.6 Exchange-traded 0.5 0.8 0.7 0.3 Total net derivatives subject to enforceable master netting agreements 14.4 10.7 13.5 9.8 Total derivatives not subject to enforceable master netting agreements 2 11.2 6.8 4.4 3.7 Total net derivatives presented in the consolidated balance sheets 25.6 17.5 17.9 13.5 of which recorded in trading assets and trading liabilities 25.5 17.5 17.7 13.5 of which recorded in other assets and other liabilities 0.1 0.0 0.2 0.0 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 2020 2019 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 55.8 (7.5) 48.3 80.6 (10.9) 69.7 Securities borrowing transactions 11.9 (0.4) 11.5 12.3 (0.5) 11.8 Total subject to enforceable master netting agreements 67.7 (7.9) 59.8 92.9 (11.4) 81.5 Total not subject to enforceable master netting agreements 1 19.3 – 19.3 25.5 – 25.5 Total 87.0 (7.9) 79.1 2 118.4 (11.4) 107.0 2 1 Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 57,994 million and CHF 85,556 million of the total net amount as of the end of 2020 and 2019, respectively, are reported at fair value. Offsetting of securities sold under repurchase agreements and securities lending transactions 2020 2019 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 26.1 (7.9) 18.2 28.1 (11.4) 16.7 Securities lending transactions 3.5 0.0 3.5 5.5 0.0 5.5 Obligation to return securities received as collateral, at fair value 49.9 0.0 49.9 39.0 0.0 39.0 Total subject to enforceable master netting agreements 79.5 (7.9) 71.6 72.6 (11.4) 61.2 Total not subject to enforceable master netting agreements 1 3.1 – 3.1 2.0 – 2.0 Total 82.6 (7.9) 74.7 74.6 (11.4) 63.2 of which securities sold under repurchase agreements and securities lending transactions 31.8 (7.9) 23.9 2 34.4 (11.4) 23.0 2 of which obligation to return securities received as collateral, at fair value 50.8 0.0 50.8 40.2 0.0 40.2 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 13,688 million and CHF 10,823 million of the total net amount as of the end of 2020 and 2019, respectively, are reported at fair value. Amounts not offset in the consolidated balance sheets 2020 2019 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 14.4 5.5 0.1 8.8 13.5 4.4 0.0 9.1 Securities purchased under resale agreements 48.3 48.3 0.0 0.0 69.7 69.7 0.0 0.0 Securities borrowing transactions 11.5 11.1 0.0 0.4 11.8 11.2 0.0 0.6 Total financial assets subject to enforceable master netting agreements 74.2 64.9 0.1 9.2 95.0 85.3 0.0 9.7 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 10.7 2.2 0.0 8.5 9.8 1.7 0.0 8.1 Securities sold under repurchase agreements 18.2 18.2 0.0 0.0 16.7 16.7 0.0 0.0 Securities lending transactions 3.5 3.2 0.0 0.3 5.5 4.5 0.0 1.0 Obligation to return securities received as collateral, at fair value 49.9 43.4 0.0 6.5 39.0 33.0 0.0 6.0 Total financial liabilities subject to enforceable master netting agreements 82.3 67.0 0.0 15.3 71.0 55.9 0.0 15.1 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. |
Tax
Tax | 12 Months Ended |
Dec. 31, 2020 | |
Tax | 29 Tax Details of current and deferred taxes in 2020 2019 2018 Current and deferred taxes (CHF million) Switzerland 163 175 135 Foreign 204 531 426 Current income tax expense 367 706 561 Switzerland 450 171 479 Foreign (16) 418 321 Deferred income tax expense 434 589 800 Income tax expense 801 1,295 1,361 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on cash flow hedges 25 13 (28) Cumulative translation adjustment 0 (4) (7) Unrealized gains/(losses) on debt securities (6) 7 (5) Actuarial gains/(losses) (18) 99 (102) Net prior service credit/(cost) (33) 58 (33) Share-based compensation and treasury shares (4) (5) 1 Reconciliation of taxes computed at the Swiss statutory rate in 2020 2019 2018 Income/(loss) before taxes (CHF million) Switzerland 1,770 2,985 1,924 Foreign 1,697 1,735 1,448 Income before taxes 3,467 4,720 3,372 Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate 1 693 1,038 742 Increase/(decrease) in income taxes resulting from Foreign tax rate differential (62) (101) 107 Non-deductible amortization of other intangible assets and goodwill impairment 0 1 3 Other non-deductible expenses 254 371 457 Additional taxable income 8 7 5 Lower taxed income (234) (325) (190) (Income)/loss taxable to noncontrolling interests 18 8 12 Changes in tax law and rates (6) (28) (2) Changes in deferred tax valuation allowance 322 116 (106) Change in recognition of outside basis difference (9) 4 (32) Tax deductible impairments of Swiss subsidiary investments 0 0 (65) (Windfall tax benefits) /shortfall tax charges on share-based compensation 76 39 10 Other (259) 165 420 Income tax expense 801 1,295 1,361 1 The statutory tax rate was 20% in 2020 and 22% in 2019 and 2018. 2020 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in deferred tax valuation allowances Other The US tax reform enacted in December 2017 introduced the BEAT tax regime, effective as of January 1, 2018, for which final regulations were issued by the US Department of Treasury on December 2, 2019. Following the publication of the 2019 financial statements, Credit Suisse continued its analysis of the final regulations, resulting in a revision to the technical application of the prior BEAT estimate. This new information was not available or reasonably knowable at the time of the publication of the 2019 financial statements and resulted in a change of accounting estimate reflected in 2020. 2019 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in deferred tax valuation allowances Other 2018 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in deferred tax valuation allowances Other As of December 31, 2020, the Group had accumulated undistributed earnings from foreign subsidiaries of CHF 20.1 billion compared to CHF 17.8 billion as of December 31, 2019. The increase compared to the end of 2019 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 2020 2019 Deferred tax assets and liabilities (CHF million) Compensation and benefits 931 956 Loans 653 598 Investment securities 1,347 1,437 Provisions 999 769 Leases 384 439 Derivatives 53 72 Real estate 175 189 Net operating loss carry-forwards 5,425 5,753 Goodwill and intangible assets 209 405 Other 119 78 Gross deferred tax assets before valuation allowance 10,295 10,696 Less valuation allowance (4,465) (4,136) Gross deferred tax assets net of valuation allowance 5,830 6,560 Compensation and benefits (666) (650) Loans (352) (348) Investment securities (523) (503) Provisions (333) (337) Leases (365) (405) Derivatives (231) (224) Real estate (36) (35) Other (187) (182) Gross deferred tax liabilities (2,693) (2,684) Net deferred tax assets 3,137 3,876 of which deferred tax assets 3,667 4,399 of which net operating losses 1,070 1,465 of which deductible temporary differences 2,597 2,934 of which deferred tax liabilities (530) (523) Net deferred tax assets of CHF 3,137 million decreased CHF 739 million from 2019 to 2020, primarily due to the impact of foreign exchange translation losses of CHF 348 million, which were included within the currency translation adjustments recorded in AOCI, CHF 252 million from the re-assessment of deferred tax balances in Switzerland and CHF 177 million related to current year earnings. These decreases were partially offset by the tax impacts directly recorded in equity and OCI of CHF 38 million, mainly related to own credit movements. In 2019, the US and Switzerland contributed the majority of the net deferred tax assets, CHF 3,855 million, net of a valuation allowance of CHF 606 million. In 2020, following the deferred tax asset re-assessment in Switzerland, the US contributed the majority of the net deferred tax assets, CHF 3,040 million. No valuation allowance was required on the US deferred tax assets as of the end of 2020. 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 gross deferred tax assets in the amount of CHF 4.5 billion as of December 31, 2020 compared to CHF 4.1 billion as of December 31, 2019. Amounts and expiration dates of net operating loss carry-forwards end of 2020 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 17 Due to expire within 2 to 5 years 4,774 Due to expire within 6 to 10 years 4,145 Due to expire within 11 to 20 years 5,303 Amount due to expire 14,239 Amount not due to expire 16,162 Total net operating loss carry-forwards 30,401 Movements in the valuation allowance in 2020 2019 2018 Movements (CHF million) Balance at beginning of period 4,136 4,021 4,279 Net changes 329 115 (258) Balance at end of period 4,465 4,136 4,021 As part of its normal practice, the Group conducted a detailed evaluation of its expected future results. This evaluation was dependent on management estimates and assumptions in developing the expected future results, which were 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 the utilization of deferred tax assets. US tax law allowed for a 20-year carry-forward period for existing NOLs as of the end of 2017, federal NOLs generated in tax years 2018, 2019 and 2020 can be carried back for five years and any new NOLs will have an unlimited carry-forward period. UK tax law allows for an unlimited carry-forward period for NOLs. Based on the expected future results in the Bank parent company and given that Swiss tax law allows for a seven-year carry-forward period for NOLs, a valuation allowance was recorded on the deferred tax assets of this entity. Tax benefits associated with share-based compensation in 2020 2019 2018 Tax benefits (CHF million) Tax benefits recorded in the consolidated statements of operations 1 264 263 242 1 Calculated at the statutory tax rate before valuation allowance considerations. > Refer to “Note 30 – 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 has 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 has 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 gross unrecognized tax benefits 2020 2019 2018 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 595 574 481 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 14 27 10 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (249) (64) (2) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 90 105 112 Decreases in unrecognized tax benefits relating to settlements with tax authorities (3) 0 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (17) (35) (4) Other (including foreign currency translation) (48) (12) (23) Balance at end of period 382 595 574 of which, if recognized, would affect the effective tax rate 382 595 574 Interest and penalties in 2020 2019 2018 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations (16) (10) (28) Interest and penalties recognized in the consolidated balance sheets 61 77 87 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 40 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 – 2016; Switzerland – 2015 (federal and Zurich cantonal level); the UK – 2012; the US – 2010; and the Netherlands – 2010. |
Bank | |
Tax | 28 Tax Details of current and deferred taxes in 2020 2019 2018 Current and deferred taxes (CHF million) Switzerland 151 164 126 Foreign 188 518 416 Current income tax expense 339 682 542 Switzerland 367 194 266 Foreign (9) 422 326 Deferred income tax expense 358 616 592 Income tax expense 697 1,298 1,134 Income tax expense/(benefit) reported in shareholder's equity related to: Gains/(losses) on cash flow hedges 25 13 (28) Cumulative translation adjustment 0 (4) (7) Unrealized gains/(losses) on securities (6) 7 (5) Actuarial gains/(losses) (19) 4 7 Net prior service cost 1 0 0 Reconciliation of taxes computed at the Swiss statutory rate in 2020 2019 2018 Income/(loss) before taxes (CHF million) Switzerland 2,477 3,259 1,927 Foreign 734 1,134 929 Income before taxes 3,211 4,393 2,856 Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate 1 642 966 628 Increase/(decrease) in income taxes resulting from Foreign tax rate differential (64) (109) 89 Non-deductible amortization of other intangible assets and goodwill impairment 0 1 3 Other non-deductible expenses 253 368 455 Additional taxable income 8 7 5 Lower taxed income (221) (314) (187) (Income)/loss taxable to noncontrolling interests 18 8 10 Changes in tax law and rates (5) 9 (2) Changes in deferred tax valuation allowance 281 114 (115) Change in recognition of outside basis difference (13) 4 (32) Tax deductible impairments of Swiss subsidiary investments 0 0 (65) (Windfall tax benefits)/shortfall tax charges on share-based compensation 75 39 10 Other (277) 205 335 Income tax expense 697 1,298 1,134 1 The statutory tax rate was 20% in 2020 and 22% in 2019 and 2018. 2020 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in deferred tax valuation allowances Other The US tax reform enacted in December 2017 introduced the BEAT tax regime, effective as of January 1, 2018, for which final regulations were issued by the US Department of Treasury on December 2, 2019. Following the publication of the 2019 financial statements, Credit Suisse continued its analysis of the final regulations, resulting in a revision to the technical application of the prior BEAT estimate. This new information was not available or reasonably knowable at the time of the publication of the 2019 financial statements and resulted in a change of accounting estimate reflected in 2020. 2019 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in deferred tax valuation allowances Other 2018 Foreign tax rate differential Other non-deductible expenses Lower taxed income Changes in deferred tax valuation allowances Other As of December 31, 2020, the Bank had accumulated undistributed earnings from foreign subsidiaries of CHF 19.6 billion compared to CHF 17.2 billion as of December 31, 2019. The increase compared to the end of 2019 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 2020 2019 Deferred tax assets and liabilities (CHF million) Compensation and benefits 916 950 Loans 342 341 Investment securities 1,347 1,437 Provisions 999 769 Leases 254 302 Derivatives 51 72 Real estate 168 183 Net operating loss carry-forwards 5,278 5,657 Goodwill and intangible assets 209 394 Other 107 66 Gross deferred tax assets before valuation allowance 9,671 10,171 Less valuation allowance (4,323) (4,067) Gross deferred tax assets net of valuation allowance 5,348 6,104 Compensation and benefits (304) (301) Loans (60) (108) Investment securities (523) (502) Provisions (332) (336) Leases (233) (267) Derivatives (211) (214) Real estate (36) (35) Other (176) (171) Gross deferred tax liabilities (1,875) (1,934) Net deferred tax assets 3,473 4,170 of which deferred tax assets 3,630 4,337 of which net operating losses 1,064 1,437 of which deductible temporary differences 2,566 2,900 of which deferred tax liabilities (157) (167) Net deferred tax assets of CHF 3,473 million decreased CHF 697 million from 2019 to 2020, primarily due to the impact of foreign exchange translation losses of CHF 345 million, which were included within the current translation adjustments recorded in accumulated other comprehensive income/(loss) (AOCI), CHF 222 million from the re-assessment of deferred tax balances in Switzerland and CHF 130 million related to current year earning. In 2019, the US and Switzerland contributed the majority of the net deferred tax assets, CHF 3,855 million, net of a valuation allowance of CHF 606 million. In 2020, following the deferred tax assets re-assessment in Switzerland, the US contributed the majority of the net deferred tax assets, CHF 3,040 million. No valuation allowance was required on the US deferred tax assets as of the end of 2020. 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 gross deferred tax assets in the amount of CHF 4.3 billion as of December 31, 2020, compared to CHF 4.1 billion as of December 31, 2019. Amounts and expiration dates of net operating loss carry-forwards end of 2020 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 17 Due to expire within 2 to 5 years 4,157 Due to expire within 6 to 10 years 3,720 Due to expire within 11 to 20 years 5,303 Amount due to expire 13,197 Amount not due to expire 16,156 Total net operating loss carry-forwards 29,353 Movements in the valuation allowance in 2020 2019 2018 Movements (CHF million) Balance at beginning of period 4,067 3,957 4,224 Net changes 256 110 (267) Balance at end of period 4,323 4,067 3,957 Tax benefits associated with share-based compensation in 2020 2019 2018 Tax benefits (CHF million) Tax benefits recorded in the consolidated statements of operations 1 252 256 236 1 Calculated at the statutory tax rate before valuation allowance considerations. > Refer to “Note 29 – Employee deferred compensation” for further information on share-based compensation. Uncertain tax positions Reconciliation of gross unrecognized tax benefits in 2020 2019 2018 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 595 574 481 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 14 27 10 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (249) (64) (2) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 90 105 112 Decreases in unrecognized tax benefits relating to settlements with tax authorities (3) 0 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (17) (35) (4) Other (including foreign currency translation) (48) (12) (23) Balance at end of period 382 595 574 of which, if recognized, would affect the effective tax rate 382 595 574 Interest and penalties in 2020 2019 2018 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations (16) (10) (28) Interest and penalties recognized in the consolidated balance sheets 61 77 87 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, Switzerland, the UK, the US and the Netherlands. 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 40 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 – 2016; Switzerland – 2015 (federal and Zurich cantonal level); the UK – 2012; the US – 2010; and the Netherlands – 2010. > Refer to “Note 29 – Tax” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Employee deferred compensation
Employee deferred compensation | 12 Months Ended |
Dec. 31, 2020 | |
Employee deferred compensation | 30 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 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 2020 and prior years that was recognized in the consolidated statements of operations during 2020, 2019 and 2018, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2020 and prior years outstanding as of December 31, 2020 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 2021 began in 2021 and thus had no impact on the 2020 consolidated financial statements. Deferred compensation awards for 2020 In February 2021, 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 2020 2019 2018 Deferred compensation expense (CHF million) Share awards 573 589 516 Performance share awards 448 438 382 Contingent Capital Awards 255 308 154 Deferred cash awards 398 420 233 Retention awards 43 22 54 Total deferred compensation expense 1,717 1,777 1,339 Total shares delivered (million) Total shares delivered 50.7 41.8 46.6 In 2020, Contingent Capital share awards are included in the category share awards, and Capital Opportunity Facility awards are included in the category deferred cash awards. Prior periods have been reclassified to conform to the current presentation. Estimated unrecognized deferred compensation end of 2020 Estimated unrecognized compensation expense (CHF million) Share awards 449 Performance share awards 194 Contingent Capital Awards 151 Deferred cash awards 201 Retention awards 40 Total 1,035 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.2 Does not include the estimated unrecognized compensation expense relating to grants made in 2021 for 2020. Share awards Share awards granted in February 2021 are similar to those granted in February 2020. 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 19, 2021, the Group granted 44.6 million share awards with a total value of CHF 592 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 which ended on March 4, 2021. The fair value of each share award was CHF 12.59, 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 538 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 2020 2019 2018 Shares awarded (million) 44.6 57.9 55.6 Value of shares awarded (CHF million) 592 626 638 Fair value of each share awarded (CHF) 1 12.59 10.81 11.75 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 one year from the date of grant, depending on the location. On February 19, 2021, the Group granted 2.6 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 2020. Blocked share awards granted for previous years For compensation year 2020 2019 2018 Blocked shares awarded (million) 2.6 3.2 3.0 Value of shares awarded (CHF million) 35 37 35 Share award activities 2020 2019 2018 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 110.5 13.46 83.2 16.15 84.9 15.73 Granted 69.1 10.61 69.3 11.68 43.8 16.91 Settled (47.9) 13.76 (36.9) 16.15 (40.7) 16.09 Forfeited (5.4) 11.72 (5.1) 13.83 (4.8) 16.24 Balance at end of period 126.3 11.86 110.5 13.46 83.2 16.15 of which vested 13.5 – 11.9 – 8.6 – of which unvested 112.8 – 98.6 – 74.6 – 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 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, 2020, or a negative ROE of the Group, whichever results in a larger adjustment. For employees in corporate functions and the Asset 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 19, 2021, the Group granted 37.8 million performance share awards with a total value of CHF 493 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 which ended on March 4, 2021. The fair value of each performance share award was CHF 12.59, 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 453 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 2020 2019 2018 Performance shares awarded (million) 37.8 50.7 46.1 Value of performance shares awarded (CHF million) 493 553 532 Fair value of each performance share awarded (CHF) 1 12.59 10.81 11.75 1 Based on the Group’s share price on the grant date. Performance share award activities 2020 2019 2018 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 72.4 13.38 51.7 16.33 54.2 15.88 Granted 50.9 10.63 45.4 11.60 26.5 16.98 Settled (29.0) 14.13 (22.8) 16.51 (26.3) 16.07 Forfeited (2.6) 11.62 (1.9) 13.67 (2.7) 16.26 Balance at end of period 91.7 11.66 72.4 13.38 51.7 16.33 of which vested 10.4 – 6.7 – 5.4 – of which unvested 81.3 – 65.7 – 46.3 – Contingent Capital Awards CCA were granted in February 2021, 2020 and 2019 to managing directors and directors as part of the 2020, 2019 and 2018 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. CCA granted in 2021, 2020 and 2019 that vest five or seven years from the date of grant are not eligible for semi-annual cash payments of interest equivalents. CCA granted to certain regulated employees that vest over three years are not eligible for semi-annual cash payments of interest equivalents. ■ ■ ■ ■ ■ 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 2021, 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 19, 2021, the Group awarded CHF 253 million of CCA that will be expensed over the vesting period. The estimated unrecognized compensation expense of CHF 241 million was determined based on the fair value of the awards on the grant date, including the current estimated outcome of the relevant performance criteria and estimated future forfeitures. This will be recognized over the vesting period, subject to early retirement rules. Contingent Capital Awards granted for previous years For compensation year 2020 2019 2018 CCA awarded (CHF million) 253 268 299 Deferred cash awards Deferred 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 deferred cash awards, compensation expense was driven by mark to market and performance adjustments, as the majority of the awards are fully vested. Deferred fixed cash awards The Group granted deferred fixed cash compensation during 2020, 2019 and 2018 of CHF 120 million, CHF 108 million and CHF 98 million, respectively, to certain employees in the Americas. This compensation has been expensed in the Investment Bank and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of this compensation in 2020 totaled CHF 112 million, of which CHF 65 million was related to awards granted in 2020. Upfront cash awards In February 2021, certain managing directors and directors in International Wealth Management were granted CHF 59 million of upfront cash awards as part of the cash component of their 2020 variable compensation. During 2020 and 2019, the Group granted upfront cash awards of CHF 146 million and CHF 47 million, respectively. These awards are subject to repayment (clawback) by the employee in the event of voluntary resignation, termination for cause or in connection with other specified events or conditions within three years of the award grant. The amount subject to repayment is reduced in equal monthly installments during the three-year period following the grant date. The expense recognition will occur over the three-year vesting period, subject to service conditions. Amortization of this compensation in 2020 totaled CHF 79 million. Retention awards The Group granted deferred cash and stock retention awards during 2020, 2019 and 2018 of CHF 40 million, CHF 40 million and CHF 25 million, respectively. These awards are expensed over the applicable vesting period from the grant date. Amortization of these awards in 2020 totaled CHF 43 million, of which CHF 13 million was related to awards granted in 2020. Delivered shares The Group fully covered its share delivery obligations through market purchases in 2020, 2019 and 2018. |
Bank | |
Employee deferred compensation | 29 Employee deferred compensation The following tables show the compensation expense for deferred compensation awards granted in 2020 and prior years that was recognized in the consolidated statements of operations during 2020, 2019 and 2018, the total shares delivered, the estimated unrecognized compensation expense for deferred compensation awards granted in 2020 and prior years outstanding as of December 31, 2020 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 2021 began in 2021 and thus had no impact on the 2020 consolidated financial statements. > Refer to “Note 30 – Employee deferred compensation” in VI – Consolidated financial statements – Credit Suisse Group for further information. Deferred compensation expense in 2020 2019 2018 Deferred compensation expense (CHF million) Share awards 555 573 501 Performance share awards 427 423 371 Contingent Capital Awards 245 298 149 Deferred cash awards 378 378 227 Retention awards 43 22 54 Total deferred compensation expense 1,648 1,694 1,302 Total shares delivered (million) Total shares delivered 48.3 40.1 45.0 In 2020, Contingent Capital share awards are included in the category share awards, and Capital Opportunity Facility awards are included in the category deferred cash awards. Prior periods have been reclassified to conform to the current presentation. Estimated unrecognized deferred compensation end of 2020 Estimated unrecognized compensation expense (CHF million) Share awards 435 Performance share awards 185 Contingent Capital Awards 145 Deferred cash awards 192 Retention awards 40 Total 997 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.2 Does not include the estimated unrecognized compensation expense relating to grants made in 2021 for 2020. Share awards On February 19, 2021, the Bank granted 43.5 million share awards with a total value of CHF 576 million. The estimated unrecognized compensation expense of CHF 524 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 2020 2019 2018 Shares awarded (million) 43.5 55.9 54.0 Value of shares awarded (CHF million) 576 604 620 On February 19, 2021, the Bank granted 2.3 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 2020. Blocked share awards granted for previous years For compensation year 2020 2019 2018 Blocked shares awarded (million) 2.3 2.8 2.7 Value of shares awarded (CHF million) 31 32 31 Share award activities 2020 2019 2018 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 101.9 13.45 77.1 16.23 79.9 15.77 Granted 64.0 10.65 65.0 11.69 40.5 16.97 Settled (45.1) 13.83 (35.2) 16.20 (39.0) 16.02 Forfeited (5.6) 11.74 (5.0) 13.93 (4.3) 16.33 Balance at end of period 115.2 11.82 101.9 13.45 77.1 16.23 of which vested 12.0 – 10.9 – 8.4 – of which unvested 103.2 – 91.0 – 68.7 – Performance share awards On February 19, 2021, the Bank granted 36.6 million performance share awards with a total value of CHF 478 million. The estimated unrecognized compensation expense of CHF 439 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 2020 2019 2018 Performance shares awarded (million) 36.6 48.7 44.6 Value of performance shares awarded (CHF million) 478 531 515 Performance share award activities 2020 2019 2018 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 69.7 13.37 50.0 16.33 52.8 15.88 Granted 48.8 10.63 43.9 11.60 25.6 16.98 Settled (28.0) 14.12 (22.3) 16.51 (25.6) 16.07 Forfeited (2.5) 11.64 (1.9) 13.58 (2.8) 16.26 Balance at end of period 88.0 11.67 69.7 13.37 50.0 16.33 of which vested 9.6 – 6.4 – 5.2 – of which unvested 78.4 – 63.3 – 44.8 – Contingent Capital Awards On February 19, 2021, the Bank awarded CHF 245 million of Contingent Capital Awards (CCA) that will be expensed over the vesting period. The estimated unrecognized compensation expense of CHF 234 million was determined based on the fair value of the awards on the grant date, including the current estimated outcome of the relevant performance criteria and estimated future forfeitures. This will be recognized over the vesting period, subject to early retirement rules. Contingent Capital Awards granted for previous years For compensation year 2020 2019 2018 CCA awarded (CHF million) 245 257 289 Deferred cash awards Deferred fixed cash awards The Bank granted deferred fixed cash compensation during 2020, 2019 and 2018 of CHF 120 million, CHF 108 million and CHF 98 million, respectively, to certain employees in the Americas. This compensation has been expensed in the Investment Bank and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of this compensation in 2020 totaled CHF 112 million, of which CHF 65 million was related to awards granted in 2020. Upfront cash awards In February 2021, certain managing directors and directors in International Wealth Management were granted CHF 59 million of upfront cash awards as part of the cash component of their 2020 variable compensation. During 2020 and 2019, the Bank granted upfront cash awards of CHF 146 million and CHF 47 million, respectively. These awards are subject to repayment (clawback) by the employee in the event of voluntary resignation, termination for cause or in connection with other specified events or conditions within three years of the award grant. The amount subject to repayment is reduced in equal monthly installments during the three-year period following the grant date. The expense recognition will occur over the three-year vesting period, subject to service conditions. Amortization of this compensation in 2020 totaled CHF 79 million. Retention awards The Bank granted deferred cash and stock retention awards during 2020, 2019 and 2018 of CHF 40 million, CHF 40 million and CHF 25 million, respectively. These awards are expensed over the applicable vesting period from the grant date. Amortization of these awards in 2020 totaled CHF 43 million, of which CHF 13 million was related to awards granted in 2020. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2020 | |
Related parties | 31 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, 2020, 2019 and 2018, 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. The highest loan outstanding to an Executive Board member was CHF 6 million to Thomas Gottstein as of December 31, 2020. 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 Executive Board and 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. These loans did not involve more than the normal risk of collectability or present other unfavorable features. Executive Board and Board of Directors loans in 2020 2019 2018 Executive Board loans (CHF million) Balance at beginning of period 32 1 33 26 Additions 5 13 8 Reductions (24) (14) (1) Balance at end of period 13 1 32 33 Board of Directors loans (CHF million) Balance at beginning of period 9 2 10 11 Additions 0 3 0 Reductions 0 (4) (1) Balance at end of period 9 2 9 10 1 The number of individuals with outstanding loans was five at the beginning of the year and four at the end of the year. 2 The number of individuals with outstanding loans was four at the beginning of the year and three at the end of the year. Equity method investees loans The Group or its subsidiaries grant loans to equity method investees in the normal course of business. > Refer to “Note 41 – 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 2020 2019 2018 Loans to equity method investees (CHF million) Balance at beginning of period 299 253 173 Net borrowings/(repayments) 115 46 80 Balance at end of period 414 299 253 Other related party transaction 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, 2020 and 2019 of CHF 643 million and CHF 703 million, respectively, were reflected in various liability accounts in the Group’s consolidated balance sheets. |
Bank | |
Related parties | 30 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 31 – Related parties” in VI –Consolidated financial statements – Credit Suisse Group for further information. Related party assets and liabilities end of 2020 2019 Assets (CHF million) Net loans 8,444 7,258 Other assets 200 665 Total assets 8,644 7,923 Liabilities (CHF million) Due to banks/customer deposits 1,119 1,268 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 93 108 Short-term borrowings 440 485 Long-term debt 52,144 32,764 Other liabilities 1,098 1,401 Total liabilities 54,894 36,026 Related party revenues and expenses in 2020 2019 2018 Revenues (CHF million) Interest and dividend income (39) (5) 10 Interest expense (1,618) (1,307) (924) Net interest income (1,657) (1,312) (914) Commissions and fees 114 80 87 Other revenues 104 104 72 Net revenues (1,439) (1,128) (755) Expenses (CHF million) Total operating expenses 1,967 1,867 1,642 Related party guarantees and commitments end of 2020 2019 Guarantees and commitments (CHF million) Credit guarantees and similar instruments 4 5 Revocable loan commitments 88 0 > Refer to “Note 23 – Leases” for information about related party leases. Executive Board and Board of Directors loans 2020 2019 2018 Loans to members of the Executive Board (CHF million) Balance at beginning of period 32 1 33 26 Additions 5 13 8 Reductions (24) (14) (1) Balance at end of period 13 1 32 33 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 9 2 10 11 Additions 0 3 0 Reductions 0 (4) (1) Balance at end of period 9 2 9 10 1 The number of individuals with outstanding loans was five at the beginning of the year and four at the end of the year. 2 The number of individuals with outstanding loans was four at the beginning of the year and three at the end of the year. Other related party transaction In December 2018, a subsidiary of the Bank 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 Bank’s own defined benefit pension plans as of December 31, 2020 and 2019 of CHF 643 million and CHF 703 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, 2020 | |
Pension and other post-retirement benefits | 32 Pension and other post-retirement benefits The Group sponsors defined contribution pension plans, defined benefit pension plans and other post-retirement defined benefit plans. 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 Switzerland, the US and the UK as well as other countries throughout the world. During 2020, 2019 and 2018, the Group contributed to these plans and recognized as expense CHF 299 million, CHF 167 million and CHF 153 million, respectively. This included expenses of CHF 143 million in 2020 related to the new Swiss defined contribution pension plan which took effect on January 1, 2020. 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, 2020 and 2019, the Swiss pension plan comprised 66% 71% 81% 81% 82% 82% 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% 14% 7.5% 25% 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% 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. Decisions on conversion rates are to be set for a planning horizon of at least seven 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 plan In the US, the Group has a defined benefit plan that provides 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 2020 2019 2018 2020 2019 2018 2020 2019 2018 Net periodic benefit costs (CHF million) Service costs on benefit obligation 203 256 242 15 14 16 0 0 0 Interest costs on benefit obligation 20 52 63 68 90 86 4 6 5 Expected return on plan assets (352) (394) (483) (85) (108) (114) 0 0 0 Amortization of recognized prior service cost/(credit) (167) (155) (126) 1 1 0 0 0 0 Amortization of recognized actuarial losses/(gains) 334 293 306 13 19 47 1 3 8 Settlement losses/(gains) 8 41 35 (1) 0 0 0 0 0 Curtailment losses/(gains) (10) 0 (12) 0 0 (1) 0 0 0 Special termination benefits 8 14 38 0 0 0 0 0 0 Net periodic benefit costs/(credits) 44 107 63 11 16 34 5 9 13 Service costs on benefit obligation are reflected in compensation and benefits. Other components of net periodic benefit costs are reflected in general and administrative expenses or, except for 2019, in restructuring expenses. 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 costs/(credits) and actuarial losses/(gains) recognized in AOCI. Service costs on benefit obligation reflected in compensation and benefits – other for 2020, 2019 and 2018 were CHF 218 million, CHF 270 million and CHF 258 million, respectively. 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 10 million and CHF 12 million in 2020 and 2018, respectively, reflecting the immediate recognition of a credit relating to the years of service no longer expected to be rendered. Additional costs of CHF 8 million, CHF 41 million and CHF 35 million in 2020, 2019 and 2018, 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 8 million, CHF 14 million and CHF 38 million have been recognized in 2020, 2019 and 2018, respectively, relating to early retirements in Switzerland in the context of the cost efficiency measures. Benefit obligation The benefit obligation is expressed as either accumulated benefit obligation (ABO) or PBO. While the ABO refers to the actuarial present value based on employee services rendered prior to that date and takes into account current and past compensation levels, the PBO also applies an assumption as to future compensation levels. The “Obligations and funded status of the plans” 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 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 membership data used to determine the PBO. In 2020 and 2019, 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. Obligations and funded status of the plans Defined benefit Other post-retirement Switzerland International International in / end of 2020 2019 2020 2019 2020 2019 PBO (CHF million) 1 Beginning of the measurement period 15,979 15,432 3,325 2,951 164 160 Plan participant contributions 143 205 0 0 0 0 Service cost 203 256 15 14 0 0 Interest cost 20 52 68 90 4 6 Plan amendments 0 (428) 5 0 0 0 Settlements (28) (152) (23) 0 0 0 Curtailments (17) 0 0 0 0 0 Special termination benefits 8 14 0 0 0 0 Actuarial losses/(gains) 857 1,262 456 410 13 13 Benefit payments (1,063) (662) (156) (149) (11) (12) Exchange rate losses/(gains) 0 0 (208) 9 (14) (3) End of the measurement period 16,102 15,979 3,482 3,325 156 164 Fair value of plan assets (CHF million) Beginning of the measurement period 17,790 16,225 4,111 3,604 0 0 Actual return on plan assets 860 1,767 476 487 0 0 Employer contributions 298 407 61 130 11 12 Plan participant contributions 143 205 0 0 0 0 Settlements (28) (152) (23) 0 0 0 Benefit payments (1,063) (662) (156) (149) (11) (12) Exchange rate gains/(losses) 0 0 (257) 39 0 0 End of the measurement period 18,000 17,790 4,212 4,111 0 0 Funded status recognized (CHF million) Funded status of the plan – overfunded/(underfunded) 1,898 1,811 730 786 (156) (164) Funded status recognized in the consolidated balance sheet as of December 31 1,898 1,811 730 786 (156) (164) Total amount recognized (CHF million) Noncurrent assets 1,898 1,811 975 1,068 0 0 Current liabilities 0 0 (8) (6) (11) (11) Noncurrent liabilities 0 0 (237) (276) (145) (153) Net amount recognized in the consolidated balance sheet as of December 31 1,898 1,811 730 786 (156) (164) ABO (CHF million) 2 End of the measurement period 15,637 15,459 3,449 3,294 156 164 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, 2020 and 2019 for the defined benefit pension plans was an overfunding of CHF 2,628 million and CHF 2,597 million, respectively. The remeasurement loss on the Swiss pension plan recorded as of December 31, 2020 consisted of losses on the PBO of CHF 857 million due to changes in financial and demographic assumptions, primarily a decrease in the discount rate, an increase in the interest rate on savings balances and updates on the membership data, partially offset by gains on the asset portfolio of CHF 508 million. The remeasurement gain on the Swiss pension plan recorded as of December 31, 2019 consisted of gains on the asset portfolio of CHF 1,373 million, partially offset by losses on the PBO of CHF 1,262 million due to changes in financial and demographic assumptions, primarily a decrease in the discount rate and updates on the membership data. The remeasurement loss on the international pension plans recorded as of December 31, 2020 consisted of losses on the PBO of CHF 456 million due to changes in financial and demographic assumptions, primarily a decrease in the discount rate and updates on the membership data, partially offset by gains on the asset portfolio of CHF 391 million. The remeasurement loss on the international pension plans recorded as of December 31, 2019 consisted of losses on the PBO of CHF 410 million due to changes in financial and demographic assumptions, primarily a decrease in the discount rate and updates on the membership data, partially offset by gains on the asset portfolio of CHF 379 million. In 2020, there was a special cash contribution made to the defined benefit pension plan in the US of CHF 43 million. In 2019, a special cash contribution was made to the defined benefit pension plan in Germany of CHF 111 million. In 2021, the Group expects to contribute CHF 296 million to the Swiss pension plan, CHF 16 million to the 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, 2020 and 2019, respectively. Defined benefit pension plans in which PBO or ABO exceeded plan assets International PBO exceeds 1 ABO exceeds 1 December 31 2020 2019 2020 2019 PBO/ABO exceeded plan assets (CHF million) PBO 1,404 1,455 1,393 1,443 ABO 1,377 1,431 1,369 1,422 Fair value of plan assets 1,159 1,174 1,150 1,163 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. There were no defined benefit pension plans in Switzerland in which the PBO or the ABO exceeded the plan assets. Amounts recognized in AOCI and OCI The following table shows the actuarial gains/(losses), the prior service credits/(costs) and the cumulative effect of accounting changes, 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 2020 2019 2020 2019 2020 2019 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (3,688) (3,618) (39) (30) (3,727) (3,648) Prior service credits/(costs) 453 601 3 3 456 604 Cumulative effect of accounting changes 0 (42) 0 0 0 (42) Total (3,235) (3,059) (36) (27) (3,271) (3,086) The following table shows the changes in OCI due to actuarial gains/(losses), the prior service credits/(costs) recognized in AOCI during 2020 and 2019, the amortization of the aforementioned items as components of net periodic benefit costs for these periods and the cumulative effect of accounting changes. Amounts recognized in OCI Defined benefit Other post-retirement in Gross Tax Net Gross Tax Net Total net 2020 (CHF million) Actuarial gains/(losses) (414) 83 (331) (13) 3 (10) (341) Prior service credits/(costs) (5) 0 (5) 0 0 0 (5) Amortization of actuarial losses/(gains) 347 (64) 283 1 0 1 284 Amortization of prior service costs/(credits) (166) 31 (135) 0 0 0 (135) Immediate recognition due to curtailment/settlement 14 (2) 12 0 0 0 12 Total (224) 48 (176) (12) 3 (9) (185) 2019 (CHF million) Actuarial gains/(losses) 82 (29) 53 (12) 3 (9) 44 Prior service credits/(costs) 428 (90) 338 0 0 0 338 Amortization of actuarial losses/(gains) 312 (65) 247 3 (1) 2 249 Amortization of prior service costs/(credits) (154) 33 (121) 0 0 0 (121) Immediate recognition due to curtailment/settlement 41 (8) 33 0 0 0 33 Cumulative effect of accounting changes 0 (42) (42) 0 0 0 (42) Total 709 (201) 508 (9) 2 (7) 501 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 2020 2019 2018 2020 2019 2018 2020 2019 2018 Net periodic benefit cost (%) Discount rate - service costs 0.69 1.19 1.02 3.04 3.28 2.96 – 4.38 3.86 Discount rate - interest costs 0.13 0.57 0.41 2.39 3.28 2.77 2.77 3.95 3.28 Salary increases 1.50 0.75 0.50 2.84 2.92 2.97 – – – Interest rate on savings balances 0.45 1.03 0.86 – – – – – – Expected long-term rate of return on plan assets 2.10 2.40 3.00 2.37 3.00 3.22 – – – Benefit obligation (%) Discount rate 0.40 0.45 1.03 1.67 2.38 3.30 2.55 3.23 4.37 Salary increases 1.50 1.50 0.75 2.98 2.84 2.90 – – – Interest rate on savings balances 1.25 0.45 1.03 – – – – – – 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 uses the spot rate approach for valuations, 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. 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. In prior years, Credit Suisse used 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. Due to the higher actual interest rate on savings balances payments over prior years, the interest rate on savings balances has been updated to 1.25% 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 2020 2019 2020 2019 2020 2019 2020 2019 Life expectancy (years) Switzerland BVG 2015 tables 1 21.7 21.6 23.3 23.2 23.7 23.6 25.3 25.2 UK SAPS S2 light tables 2 23.3 23.2 24.9 24.8 24.5 24.3 26.3 26.1 US Pri-2012 mortality tables 3 21.1 21.1 22.3 22.2 22.8 22.7 23.9 23.8 1 The BVG 2015 tables were used, which included final 2016 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 Private retirement plan 2012 (Pri-2012) 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. 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. Health care cost trend rates in / end of 2020 2019 2018 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 7.0 8.0 8.7 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 2025. The annual health care cost trend rate used to determine the net periodic defined benefit costs for 2021 is 7.0% 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, 2020 and 2019, the total fair value of Group equity securities and options was CHF 77 million and CHF 89 million, respectively. Fair value hierarchy of plan assets > Refer to “Fair value measurement” in Note 36 – 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, 2020 and 2019 for the Group’s defined benefit pension plans. Plan assets measured at fair value on a recurring basis end of 2020 2019 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 458 0 0 0 458 703 0 0 0 703 Debt securities 5,224 222 0 438 5,884 6,448 199 0 303 6,950 of which corporates 5,224 222 0 438 5,884 6,448 199 0 303 6,950 Equity securities 5,320 0 0 0 5,320 5,015 0 0 0 5,015 Real estate 0 1,795 1,444 0 3,239 0 1,277 1,351 0 2,628 of which direct 0 0 1,444 0 1,444 0 0 1,351 0 1,351 of which indirect 0 1,795 0 0 1,795 0 1,277 1 0 0 1,277 Alternative investments 433 514 0 2,152 3,099 0 424 0 2,070 2,494 of which private equity 0 0 0 1,794 1,794 0 0 0 1,561 1,561 of which hedge funds 0 413 0 1 414 0 385 0 126 511 of which other 433 101 0 357 891 0 39 0 383 422 Switzerland 11,435 2,531 1,444 2,590 18,000 12,166 1,900 1,351 2,373 17,790 Cash and cash equivalents 17 247 0 0 264 14 104 0 0 118 Debt securities 2,519 872 0 422 3,813 2,277 1,016 0 430 3,723 of which governments 2,169 7 0 0 2,176 1,904 9 0 0 1,913 of which corporates 350 865 0 422 1,637 373 1,007 0 430 1,810 Equity securities 33 0 0 52 85 58 0 0 91 149 Real estate – indirect 0 0 0 20 20 0 0 0 29 29 Alternative investments 0 (47) 0 0 (47) 0 (37) 0 45 8 of which hedge funds 0 0 0 0 0 0 0 0 45 45 of which other 0 (47) 2 0 0 (47) 0 (37) 2 0 0 (37) Other investments 0 77 0 0 77 0 84 0 0 84 International 2,569 1,149 0 494 4,212 2,349 1,167 0 595 4,111 Total plan assets at fair value 14,004 3,680 1,444 3,084 22,212 14,515 3,067 1,351 2,968 21,901 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 462 million and CHF (685) (685) 1 Prior period has been corrected to reclassify the leveling of certain plan assets. 2 Primarily related to derivative instruments. Plan assets measured at fair value on a recurring basis for level 3 Actual return On assets Foreign 2020 (CHF million) Real estate 1,351 0 0 69 0 24 0 1,444 of which direct 1,351 0 0 69 0 24 0 1,444 Total plan assets at fair value 1,351 0 0 69 0 24 0 1,444 of which Switzerland 1,351 0 0 69 0 24 0 1,444 2019 (CHF million) Debt securities – corporates 34 0 (34) 0 0 0 0 0 Real estate 1,345 0 (48) 54 0 0 0 1,351 of which direct 1,297 0 0 54 0 0 0 1,351 of which indirect 48 0 (48) 0 0 0 0 0 Total plan assets at fair value 1,379 0 (82) 54 0 0 0 1,351 of which Switzerland 1,379 0 (82) 54 0 0 0 1,351 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 asset class. Plan asset allocation Switzerland International December 31 2020 2019 2020 2019 Weighted-average (%) Cash and cash equivalents 2.5 3.9 6.3 2.9 Debt securities 32.7 39.1 90.5 90.6 Equity securities 29.6 28.2 2.0 3.6 Real estate 18.0 14.8 0.5 0.7 Alternative investments 17.2 14.0 (1.1) 0.2 Insurance 0.0 0.0 1.8 2.0 Total 100.0 100.0 100.0 100.0 The following table shows the target plan asset allocation for 2021 in accordance with the Group’s investment strategy. The target plan asset allocation is used to determine the expected return on plan assets to be considered in the net periodic benefit costs for 2021. 2021 target plan asset allocation Switzerland International Weighted-average (%) Cash and cash equivalents 7.0 0.3 Debt securities 32.0 94.0 Equity securities 25.0 2.1 Real estate 21.0 0.6 Alternative investments 15.0 1.2 Insurance 0.0 1.8 Total 100.0 100.0 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 Define |
Bank | |
Pension and other post-retirement benefits | 31 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 32 – 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 Switzerland, the US and the UK as well as other countries throughout the world. During 2020, 2019 and 2018, the Bank contributed to these plans and recognized as expense CHF 240 million, CHF 150 million and CHF 140 million, respectively. This included expenses of CHF 96 million in 2020 related to the new Swiss defined contribution pension plan which took effect on January 1, 2020. 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 84% 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% 25.0% During 2020, 2019 and 2018, the Bank contributed and recognized as expense CHF 249 million, CHF 338 million and CHF 377 million to the Group plan, respectively. The Bank expects to contribute CHF 249 million to the Group plan during 2021. 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 plan In the US, the Bank has a defined benefit plan that provides 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 costs/(credits) and actuarial losses/(gains) recognized in AOCI. Components of net periodic benefit costs International single-employer Other post-retirement in 2020 2019 2018 2020 2019 2018 Net periodic benefit costs (CHF million) Service costs on benefit obligation 14 14 16 0 0 0 Interest costs on benefit obligation 68 90 86 4 6 5 Expected return on plan assets (85) (108) (114) 0 0 0 Amortization of recognized prior service cost/(credit) 1 1 0 0 0 0 Amortization of recognized actuarial losses/(gains) 13 19 47 1 3 8 Settlement losses/(gains) (1) 0 0 0 0 0 Curtailment losses/(gains) 0 0 (1) 0 0 0 Net periodic benefit costs/(credits) 10 16 34 5 9 13 Service costs on benefit obligation are reflected in compensation and benefits. Other components of net periodic benefit costs are reflected in general and administrative expenses or, except for 2019, in restructuring expenses. Benefit obligation The “Obligations and funded status of the plans” 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 2020 2019 2020 2019 PBO (CHF million) 1 Beginning of the measurement period 3,325 2,951 164 160 Service cost 14 14 0 0 Interest cost 68 90 4 6 Plan amendments 5 0 0 0 Settlements (23) 0 0 0 Actuarial losses/(gains) 453 410 13 13 Business combinations and transfers (3) 0 0 0 Benefit payments (156) (149) (11) (12) Exchange rate losses/(gains) (208) 9 (14) (3) End of the measurement period 3,475 3,325 156 164 Fair value of plan assets (CHF million) Beginning of the measurement period 4,111 3,604 0 0 Actual return on plan assets 476 487 0 0 Employer contributions 61 130 11 12 Settlements (23) 0 0 0 Benefit payments (156) (149) (11) (12) Exchange rate gains/(losses) (257) 39 0 0 End of the measurement period 4,212 4,111 0 0 Total funded status recognized (CHF million) Funded status of the plan – over/(underfunded) 737 786 (156) (164) Funded status recognized in the consolidated balance sheet as of December 31 737 786 (156) (164) Total amount recognized (CHF million) Noncurrent assets 975 1,068 0 0 Current liabilities (8) (6) (11) (11) Noncurrent liabilities (230) (276) (145) (153) Net amount recognized in the consolidated balance sheet as of December 31 737 786 (156) (164) ABO (CHF million) 2 End of the measurement period 3,445 3,294 156 164 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, 2020 and 2019 was an overfunding of CHF 581 In 2020 and 2019, the Bank made contributions of CHF 61 million and CHF 130 million, respectively, to the international single-employer defined benefit pension plans and CHF 11 million and CHF 12 million, respectively, to the other post-retirement defined benefit plans. In 2020, there was a special cash contribution made to the defined benefit pension plan in the US of CHF 43 million. In 2019, a special cash contribution was made to the defined benefit pension plan in Germany of CHF 111 million. In 2021, 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, 2020 and 2019, 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 2020 2019 2020 2019 PBO/ABO exceeded plan assets (CHF million) PBO 1,397 1,455 1,386 1,443 ABO 1,373 1,431 1,365 1,422 Fair value of plan assets 1,159 1,174 1,150 1,163 1 Includes only those defined benefit pension plans where the PBO/ABO exceeded the fair value of plan assets. Amounts recognized in AOCI and OCI The following table shows the actuarial gains/(losses), the prior service credits/(costs) and the cumulative effect of accounting changes, 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 2020 2019 2020 2019 2020 2019 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (421) (345) (39) (30) (460) (375) Prior service credits/(costs) (14) (10) 3 3 (11) (7) Cumulative effect of accounting changes 0 (42) 0 0 0 (42) Total (435) (397) (36) (27) (471) (424) The following table shows the changes in other comprehensive income (OCI) due to actuarial gains/(losses), the prior service credits/(costs) recognized in AOCI during 2020 and 2019, the amortization of the aforementioned items as components of net periodic benefit costs for these periods and the cumulative effect of accounting changes. Amounts recognized in OCI International single-employer Other post-retirement in Gross Tax Net Gross Tax Net Total net 2020 (CHF million) Actuarial gains/(losses) (62) 17 (45) (13) 3 (10) (55) Prior service credits/(costs) (5) 1 (4) 0 0 0 (4) Amortization of actuarial losses/(gains) 13 (1) 12 1 0 1 13 Amortization of prior service costs/(credits) 1 (1) 0 0 0 0 0 Immediate recognition due to curtailment/settlement (1) 0 (1) 0 0 0 (1) Total (54) 16 (38) (12) 3 (9) (47) 2019 (CHF million) Actuarial gains/(losses) (31) (2) (33) (12) 3 (9) (42) Amortization of actuarial losses/(gains) 19 (4) 15 3 (1) 2 17 Amortization of prior service costs/(credits) 1 0 1 0 0 0 1 Cumulative effect of accounting changes 0 (42) (42) 0 0 0 (42) Total (11) (48) (59) (9) 2 (7) (66) 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 2020 2019 2018 2020 2019 2018 Net periodic benefit cost (%) Discount rate - service cost 2.62 3.28 2.96 – 4.38 3.86 Discount rate - interest cost 2.37 3.28 2.77 2.77 3.95 3.28 Salary increases 2.84 2.92 2.97 – – – Expected long-term rate of return on plan assets 2.37 3.00 3.22 – – – Benefit obligation (%) Discount rate 1.66 2.38 3.30 2.55 3.23 4.37 Salary increases 2.97 2.84 2.90 – – – 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 2020 2019 2020 2019 2020 2019 2020 2019 Life expectancy (years) UK SAPS S2 light tables 1 23.3 23.2 24.9 24.8 24.5 24.3 26.3 26.1 US Pri-2012 mortality tables 2 21.1 21.1 22.3 22.2 22.8 22.7 23.9 23.8 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 Private retirement plan 2012 (Pri-2012) 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 the assumed health care cost trend rates Health care cost trend rates in / end of 2020 2019 2018 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 7.0 8.0 8.7 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 2025. The annual health care cost trend rate used to determine the net periodic defined benefit costs for 2021 is 7.0% Plan assets and investment strategy As of December 31, 2020 and 2019, 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 table presents the plan assets measured at fair value on a recurring basis as of December 31, 2020 and 2019, for the Bank’s defined benefit pension plans. Plan assets measured at fair value on a recurring basis 2020 2019 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 17 247 0 0 264 14 104 0 0 118 Debt securities 2,519 872 0 422 3,813 2,277 1,016 0 430 3,723 of which governments 2,169 7 0 0 2,176 1,904 9 0 0 1,913 of which corporates 350 865 0 422 1,637 373 1,007 0 430 1,810 Equity securities 33 0 0 52 85 58 0 0 91 149 Real estate – indirect 0 0 0 20 20 0 0 0 29 29 Alternative investments 0 (47) 0 0 (47) 0 (37) 0 45 8 of which hedge funds 0 0 0 0 0 0 0 0 45 45 of which other 0 (47) 1 0 0 (47) 0 (37) 1 0 0 (37) Other investments 0 77 0 0 77 0 84 0 0 84 Total plan assets at fair value 2,569 1,149 0 494 4,212 2,349 1,167 0 595 4,111 1 Primarily related to derivative instruments. 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 2020 2019 Weighted-average (%) Cash and cash equivalents 6.3 2.9 Debt securities 90.5 90.6 Equity securities 2.0 3.6 Real estate 0.5 0.7 Alternative investments (1.1) 0.2 Insurance 1.8 2.0 Total 100.0 100.0 The following table shows the target plan asset allocation for 2021 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 2021. 2021 target plan asset allocation Weighted-average (%) Cash and cash equivalents 0.3 Debt securities 94.0 Equity securities 2.1 Real estate 0.6 Alternative investments 1.2 Insurance 1.8 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) 2021 99 11 2022 89 10 2023 99 10 2024 103 10 2025 108 9 For five years thereafter 600 40 |
Derivatives and hedging activit
Derivatives and hedging activities | 12 Months Ended |
Dec. 31, 2020 | |
Derivatives and hedging activities | 33 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, interest rate and 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. The Group uses derivatives to hedge for changes in fair value as a result of the interest rate risk associated with loans, debt securities held as available-for-sale and long-term debt instruments. Cash flow hedges The Group hedges the variability in interest cash flows on mortgages and loans by using interest rate swaps to convert variable rate assets to fixed rates. Further, the Group uses foreign currency forwards to hedge the foreign currency risk associated with certain forecasted transactions. As of the end of 2020, 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 12 months. 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. 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 36 – 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 5,221.5 2.7 2.8 0.0 0.0 0.0 Swaps 8,087.8 53.5 50.2 126.1 0.9 0.1 Options bought and sold (OTC) 968.6 18.2 18.0 0.0 0.0 0.0 Futures 296.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 116.1 0.5 0.6 0.0 0.0 0.0 Interest rate products 14,690.6 74.9 71.6 126.1 0.9 0.1 Forwards 928.4 10.1 11.8 13.9 0.1 0.1 Swaps 345.8 10.9 13.4 0.0 0.0 0.0 Options bought and sold (OTC) 236.3 3.4 3.7 0.0 0.0 0.0 Futures 8.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.0 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,520.3 24.4 28.9 13.9 0.1 0.1 Forwards 1.0 0.0 0.3 0.0 0.0 0.0 Swaps 167.6 4.3 8.8 0.0 0.0 0.0 Options bought and sold (OTC) 218.3 14.9 10.0 0.0 0.0 0.0 Futures 23.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 454.0 20.0 20.7 0.0 0.0 0.0 Equity/index-related products 864.4 39.2 39.8 0.0 0.0 0.0 Credit derivatives 2 467.8 4.9 6.0 0.0 0.0 0.0 Forwards 12.2 0.3 0.2 0.0 0.0 0.0 Swaps 9.8 1.1 0.5 0.0 0.0 0.0 Options bought and sold (OTC) 14.8 0.3 0.2 0.0 0.0 0.0 Futures 4.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 11.6 0.1 0.1 0.0 0.0 0.0 Other products 3 52.6 1.8 1.0 0.0 0.0 0.0 Total derivative instruments 17,595.7 145.2 147.3 140.0 1.0 0.2 The notional amount, PRV and NRV (trading and hedging) was CHF 17,735.7 billion, CHF 146.2 billion and CHF 147.5 billion, respectively, as of December 31, 2020. 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 6,226.5 0.9 0.9 0.0 0.0 0.0 Swaps 9,183.5 50.8 48.4 113.2 0.5 0.1 Options bought and sold (OTC) 1,355.4 16.3 16.4 0.0 0.0 0.0 Futures 264.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 103.4 0.3 0.2 0.0 0.0 0.0 Interest rate products 17,133.0 68.3 65.9 113.2 0.5 0.1 Forwards 1,073.5 8.0 9.1 14.1 0.1 0.1 Swaps 389.5 10.9 13.7 0.0 0.0 0.0 Options bought and sold (OTC) 270.8 3.0 3.5 0.0 0.0 0.0 Futures 9.1 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 0.1 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,743.0 21.9 26.3 14.1 0.1 0.1 Forwards 1.0 0.0 0.0 0.0 0.0 0.0 Swaps 175.2 4.3 4.6 0.0 0.0 0.0 Options bought and sold (OTC) 213.6 7.7 7.3 0.0 0.0 0.0 Futures 41.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 427.2 5.4 5.1 0.0 0.0 0.0 Equity/index-related products 858.2 17.4 17.0 0.0 0.0 0.0 Credit derivatives 2 538.1 6.2 7.2 0.0 0.0 0.0 Forwards 13.2 0.2 0.1 0.0 0.0 0.0 Swaps 11.6 1.0 0.5 0.0 0.0 0.0 Options bought and sold (OTC) 15.5 0.2 0.1 0.0 0.0 0.0 Futures 14.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.7 0.0 0.0 0.0 0.0 0.0 Other products 3 56.8 1.4 0.7 0.0 0.0 0.0 Total derivative instruments 20,329.1 115.2 117.1 127.3 0.6 0.2 The notional amount, PRV and NRV (trading and hedging) was CHF 20,456.4 billion, CHF 115.8 billion and CHF 117.3 billion, respectively, as of December 31, 2019. 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. Gains or (losses) on fair value hedges 2020 2019 2018 Net interest Net interest Trading Interest rate products (CHF million) Hedged items (1,679) (1,721) 423 Derivatives designated as hedging instruments 1,564 1,550 (415) Net gains/(losses) on the ineffective portion – – 8 As a result of the adoption of ASU 2017-12 on January 1, 2019, the gains/(losses) on interest rate risk hedges are included in net interest income since 2019, while in 2018 they were recorded in trading revenue. Additionally, the gains/(losses) on the ineffective portion are no longer separately measured and reported. The accrued interest on fair value hedges is recorded in net interest income and is excluded from this table. Hedged items in fair value hedges 2020 2019 Hedged items Hedged items Carrying Hedging 1 Discontinued 2 Carrying Hedging 1 Discontinued 2 Assets and liabilities (CHF billion) Investment securities 0.4 0.0 0.0 – – – Net loans 20.5 0.2 0.5 15.2 0.1 0.7 Long-term debt 65.8 1.9 0.8 65.8 1.2 0.3 1 Relates to the cumulative amount of fair value hedging adjustments included in the carrying amount. 2 Relates to the cumulative amount of fair value hedging adjustments remaining for any hedged items for which hedge accounting has been discontinued. Cash flow hedges in 2020 2019 2018 Interest rate products (CHF million) Gains/(losses) recognized in AOCI on derivatives 134 85 (76) Gains/(losses) reclassified from AOCI into interest and dividend income (70) 3 (85) Foreign exchange products (CHF million) Gains/(losses) recognized in AOCI on derivatives (33) 4 (95) Trading revenues (30) (7) (37) Other revenues 0 (4) (6) Total other operating expenses (2) (16) (5) Gains/(losses) reclassified from AOCI into income (32) (27) (48) Gains/(losses) excluded from the assessment of effectiveness reported in trading revenues 1 1 (20) – 1 Related to the forward points of a foreign currency forward. The net gain associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 119 million. Net investment hedges in 2020 2019 2018 Foreign exchange products (CHF million) Gains/(losses) recognized in the cumulative translation adjustments section of AOCI 458 (138) 133 Gains/(losses) reclassified from the cumulative translation adjustments section of AOCI into other revenues 10 0 (2) 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 2020 2019 Special Special Contingent credit risk (CHF billion) Current net exposure 3.0 0.0 0.4 3.4 3.1 0.0 0.3 3.4 Collateral posted 2.4 0.0 – 2.4 2.7 0.1 – 2.8 Impact of a one-notch downgrade event 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 Impact of a two-notch downgrade event 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.2 Impact of a three-notch downgrade event 0.5 0.0 0.2 0.7 0.7 0.1 0.1 0.9 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, asset-backed securities (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 28 – 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 14.4 billion and CHF 16.7 billion as of December 31, 2020 and 2019, 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 2020 2019 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (52.5) 47.8 (4.7) 13.0 0.5 (52.6) 47.9 (4.7) 11.5 0.5 Non-investment grade (28.5) 26.5 (2.0) 11.8 0.4 (32.1) 29.5 (2.6) 16.1 0.9 Total single-name instruments (81.0) 74.3 (6.7) 24.8 0.9 (84.7) 77.4 (7.3) 27.6 1.4 of which sovereign (12.5) 11.6 (0.9) 5.3 0.0 (17.2) 15.4 (1.8) 4.1 0.0 of which non-sovereign (68.5) 62.7 (5.8) 19.5 0.9 (67.5) 62.0 (5.5) 23.5 1.4 Multi-name instruments (CHF billion) Investment grade 2 (99.5) 95.2 (4.3) 23.1 (0.7) (109.5) 108.9 (0.6) 44.0 0.7 Non-investment grade (24.3) 19.9 (4.4) 11.3 3 0.2 (27.7) 24.5 (3.2) 17.1 3 1.0 Total multi-name instruments (123.8) 115.1 (8.7) 34.4 (0.5) (137.2) 133.4 (3.8) 61.1 1.7 of which non-sovereign (123.8) 115.1 (8.7) 34.4 (0.5) (137.2) 133.4 (3.8) 61.1 1.7 Total instruments (CHF billion) Investment grade 2 (152.0) 143.0 (9.0) 36.1 (0.2) (162.1) 156.8 (5.3) 55.5 1.2 Non-investment grade (52.8) 46.4 (6.4) 23.1 0.6 (59.8) 54.0 (5.8) 33.2 1.9 Total instruments (204.8) 189.4 (15.4) 59.2 0.4 (221.9) 210.8 (11.1) 88.7 3.1 of which sovereign (12.5) 11.6 (0.9) 5.3 0.0 (17.2) 15.4 (1.8) 4.1 0.0 of which non-sovereign (192.3) 177.8 (14.5) 53.9 0.4 (204.7) 195.4 (9.3) 84.6 3.1 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 2020 2019 Credit derivatives (CHF billion) Credit protection sold 204.8 221.9 Credit protection purchased 189.4 210.8 Other protection purchased 59.2 88.7 Other instruments 1 14.4 16.7 Total credit derivatives 467.8 538.1 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 2020 (CHF billion) Single-name instruments 14.0 62.7 4.3 81.0 Multi-name instruments 29.6 82.6 11.6 123.8 Total instruments 43.6 145.3 15.9 204.8 2019 (CHF billion) Single-name instruments 19.2 60.6 4.9 84.7 Multi-name instruments 41.9 79.8 15.5 137.2 Total instruments 61.1 140.4 20.4 221.9 |
Bank | |
Derivatives and hedging activities | 32 Derivatives and hedging activities > Refer to “Note 33 – 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 2020, 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 12 months. Fair value of derivative instruments Trading Hedging 1 Positive Negative Positive Negative Derivative instruments (CHF billion) Forwards and forward rate agreements 5,221.5 2.7 2.8 0.0 0.0 0.0 Swaps 8,088.7 53.5 50.3 126.1 0.9 0.1 Options bought and sold (OTC) 968.6 18.2 18.0 0.0 0.0 0.0 Futures 296.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 116.1 0.5 0.6 0.0 0.0 0.0 Interest rate products 14,691.5 74.9 71.7 126.1 0.9 0.1 Forwards 928.4 10.1 11.8 13.9 0.1 0.1 Swaps 345.8 10.9 13.4 0.0 0.0 0.0 Options bought and sold (OTC) 236.3 3.4 3.7 0.0 0.0 0.0 Futures 8.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.0 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,520.3 24.4 28.9 13.9 0.1 0.1 Forwards 1.0 0.0 0.3 0.0 0.0 0.0 Swaps 167.6 4.3 8.8 0.0 0.0 0.0 Options bought and sold (OTC) 218.3 14.9 10.0 0.0 0.0 0.0 Futures 23.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 454.0 20.0 20.7 0.0 0.0 0.0 Equity/index-related products 864.4 39.2 39.8 0.0 0.0 0.0 Credit derivatives 2 467.8 4.9 6.0 0.0 0.0 0.0 Forwards 12.2 0.3 0.2 0.0 0.0 0.0 Swaps 9.8 1.1 0.5 0.0 0.0 0.0 Options bought and sold (OTC) 14.8 0.3 0.2 0.0 0.0 0.0 Futures 4.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 11.6 0.1 0.1 0.0 0.0 0.0 Other products 3 52.6 1.8 1.0 0.0 0.0 0.0 Total derivative instruments 17,596.6 145.2 147.4 140.0 1.0 0.2 The notional amount, PRV and NRV (trading and hedging) was CHF 17,736.6 billion, CHF 146.2 billion and CHF 147.6 billion, respectively, as of December 31, 2020. 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 6,226.5 0.9 0.9 0.0 0.0 0.0 Swaps 9,184.5 50.8 48.4 113.2 0.5 0.1 Options bought and sold (OTC) 1,355.4 16.3 16.4 0.0 0.0 0.0 Futures 264.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 103.4 0.3 0.2 0.0 0.0 0.0 Interest rate products 17,134.0 68.3 65.9 113.2 0.5 0.1 Forwards 1,073.5 8.0 9.1 14.1 0.1 0.1 Swaps 389.5 10.9 13.7 0.0 0.0 0.0 Options bought and sold (OTC) 270.8 3.0 3.5 0.0 0.0 0.0 Futures 9.1 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 0.1 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,743.0 21.9 26.3 14.1 0.1 0.1 Forwards 1.0 0.0 0.0 0.0 0.0 0.0 Swaps 175.2 4.3 4.6 0.0 0.0 0.0 Options bought and sold (OTC) 213.6 7.7 7.3 0.0 0.0 0.0 Futures 41.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 427.2 5.4 5.1 0.0 0.0 0.0 Equity/index-related products 858.2 17.4 17.0 0.0 0.0 0.0 Credit derivatives 2 538.1 6.2 7.2 0.0 0.0 0.0 Forwards 13.2 0.2 0.1 0.0 0.0 0.0 Swaps 11.6 1.0 0.5 0.0 0.0 0.0 Options bought and sold (OTC) 15.5 0.2 0.1 0.0 0.0 0.0 Futures 14.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.7 0.0 0.0 0.0 0.0 0.0 Other products 3 56.8 1.4 0.7 0.0 0.0 0.0 Total derivative instruments 20,330.1 115.2 117.1 127.3 0.6 0.2 The notional amount, PRV and NRV (trading and hedging) was CHF 20,457.4 billion, CHF 115.8 billion and CHF 117.3 billion, respectively, as of December 31, 2019. 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. Gains or (losses) on fair value hedges 2020 2019 2018 Net interest Net interest Trading Interest rate products (CHF million) Hedged items (1,679) (1,721) 423 Derivatives designated as hedging instruments 1,564 1,550 (415) Net gains/(losses) on the ineffective portion – – 8 As a result of the adoption of ASU 2017-12 on January 1, 2019, the gains/(losses) on interest rate risk hedges are included in net interest income since 2019, while in 2018 they were recorded in trading revenue. Additionally, the gains/(losses) on the ineffective portion are no longer separately measured and reported. The accrued interest on fair value hedges is recorded in net interest income and is excluded from this table. Hedged items in fair value hedges 2020 2019 Hedged items Hedged items Carrying Hedging 1 Discontinued 2 Carrying Hedging 1 Discontinued 2 Assets and liabilities (CHF billion) Investment securities 0.4 0.0 0.0 – – – Net loans 20.5 0.2 0.5 15.2 0.1 0.7 Long-term debt 65.8 1.9 0.8 65.8 1.2 0.3 1 Relates to the cumulative amount of fair value hedging adjustments included in the carrying amount. 2 Relates to the cumulative amount of fair value hedging adjustments remaining for any hedged items for which hedge accounting has been discontinued. Cash flow hedges in 2020 2019 2018 Interest rate products (CHF million) Gains/(losses) recognized in AOCI on derivatives 134 85 (76) Gains/(losses) reclassified from AOCI into interest and dividend income (70) 3 (85) Foreign exchange products (CHF million) Gains/(losses) recognized in AOCI on derivatives (33) (5) (86) Trading revenues (30) (7) (37) Total other operating expenses (2) (16) (5) Gains/(losses) reclassified from AOCI into income (32) (23) (42) Gains/(losses) excluded from the assessment of effectiveness reported in trading revenues 1 1 (20) – 1 Related to the forward points of a foreign currency forward. The net gain associated with cash flow hedges expected to be reclassified from AOCI within the next 12 months was CHF 119 Net investment hedges in 2020 2019 2018 Foreign exchange products (CHF million) Gains/(losses) recognized in the cumulative translation adjustments section of AOCI 451 (133) 131 Gains/(losses) reclassified from the cumulative translation adjustments section of AOCI into other revenues 10 0 (2) 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 2020 2019 Special Special Contingent credit risk (CHF billion) Current net exposure 3.0 0.0 0.4 3.4 3.1 0.0 0.3 3.4 Collateral posted 2.4 0.0 – 2.4 2.7 0.1 – 2.8 Impact of a one-notch downgrade event 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 Impact of a two-notch downgrade event 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.2 Impact of a three-notch downgrade event 0.5 0.0 0.2 0.7 0.7 0.1 0.1 0.9 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 33 – 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 14.4 billion and CHF 16.7 billion as of December 31, 2020 and 2019, 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 2020 2019 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (52.5) 47.8 (4.7) 13.0 0.5 (52.6) 47.9 (4.7) 11.5 0.5 Non-investment grade (28.5) 26.5 (2.0) 11.8 0.4 (32.1) 29.5 (2.6) 16.1 0.9 Total single-name instruments (81.0) 74.3 (6.7) 24.8 0.9 (84.7) 77.4 (7.3) 27.6 1.4 of which sovereign (12.5) 11.6 (0.9) 5.3 0.0 (17.2) 15.4 (1.8) 4.1 0.0 of which non-sovereign (68.5) 62.7 (5.8) 19.5 0.9 (67.5) 62.0 (5.5) 23.5 1.4 Multi-name instruments (CHF billion) Investment grade 2 (99.5) 95.2 (4.3) 23.1 (0.7) (109.5) 108.9 (0.6) 44.0 0.7 Non-investment grade (24.3) 19.9 (4.4) 11.3 3 0.2 (27.7) 24.5 (3.2) 17.1 3 1.0 Total multi-name instruments (123.8) 115.1 (8.7) 34.4 (0.5) (137.2) 133.4 (3.8) 61.1 1.7 of which non-sovereign (123.8) 115.1 (8.7) 34.4 (0.5) (137.2) 133.4 (3.8) 61.1 1.7 Total instruments (CHF billion) Investment grade 2 (152.0) 143.0 (9.0) 36.1 (0.2) (162.1) 156.8 (5.3) 55.5 1.2 Non-investment grade (52.8) 46.4 (6.4) 23.1 0.6 (59.8) 54.0 (5.8) 33.2 1.9 Total instruments (204.8) 189.4 (15.4) 59.2 0.4 (221.9) 210.8 (11.1) 88.7 3.1 of which sovereign (12.5) 11.6 (0.9) 5.3 0.0 (17.2) 15.4 (1.8) 4.1 0.0 of which non-sovereign (192.3) 177.8 (14.5) 53.9 0.4 (204.7) 195.4 (9.3) 84.6 3.1 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 2020 2019 Credit derivatives (CHF billion) Credit protection sold 204.8 221.9 Credit protection purchased 189.4 210.8 Other protection purchased 59.2 88.7 Other instruments 1 14.4 16.7 Total credit derivatives 467.8 538.1 1 Consists of total return swaps and other derivative instruments. Maturity of credit protection sold Maturity Maturity Maturity 2020 (CHF billion) Single-name instruments 14.0 62.7 4.3 81.0 Multi-name instruments 29.6 82.6 11.6 123.8 Total instruments 43.6 145.3 15.9 204.8 2019 (CHF billion) Single-name instruments 19.2 60.6 4.9 84.7 Multi-name instruments 41.9 79.8 15.5 137.2 Total instruments 61.1 140.4 20.4 221.9 |
Guarantees and commitments
Guarantees and commitments | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees and commitments | 34 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 1 Maturity Maturity Maturity 1 2 2020 (CHF million) Credit guarantees and similar instruments 1,645 649 203 582 3,079 3,016 27 1,637 Performance guarantees and similar instruments 3,607 1,885 526 514 6,532 5,601 30 2,535 Derivatives 3 10,531 3,921 698 1,423 16,573 16,573 380 – 4 Other guarantees 3,555 996 421 1,171 6,143 6,130 85 3,725 Total guarantees 19,338 7,451 1,848 3,690 32,327 31,320 522 7,897 2019 (CHF million) Credit guarantees and similar instruments 1,813 252 185 864 3,114 3,061 10 1,655 Performance guarantees and similar instruments 4,407 3,059 668 723 8,857 7,833 31 2,793 Derivatives 3 13,194 2,665 695 690 17,244 17,244 295 – 4 Other guarantees 3,507 1,386 367 1,243 6,503 6,457 64 4,003 Total guarantees 22,921 7,362 1,915 3,520 35,718 34,595 400 8,451 1 Prior period has been corrected. 2 Total net amount is computed as the gross amount less any participations. 3 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. 4 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, credit guarantees to clearing and settlement networks and exchanges 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, 2020 to June 30, 2021 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 Investment Bank 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. 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 40 – 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. 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. Other commitments Maturity Maturity Maturity Maturity 1 2020 (CHF million) Irrevocable commitments under documentary credits 3,915 97 0 0 4,012 3,963 2,404 Irrevocable loan commitments 2 19,813 48,855 39,605 10,749 119,022 115,116 53,039 Forward reverse repurchase agreements 17 0 0 0 17 17 17 Other commitments 135 1,418 9 381 1,943 1,943 19 Total other commitments 23,880 50,370 39,614 11,130 124,994 121,039 55,479 2019 (CHF million) Irrevocable commitments under documentary credits 4,434 163 0 0 4,597 4,518 3,077 Irrevocable loan commitments 2 27,145 38,974 48,856 10,152 125,127 120,436 60,118 Forward reverse repurchase agreements 41 0 0 0 41 41 41 Other commitments 630 121 121 58 930 930 127 Total other commitments 32,250 39,258 48,977 10,210 130,695 125,925 63,363 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 130,877 million and CHF 128,294 million of unused credit limits as of December 31, 2020 and 2019, respectively, which were revocable at the Group's sole discretion upon notice to the client. |
Bank | |
Guarantees and commitments | 33 Guarantees and commitments Guarantees Maturity 1 Maturity Maturity Maturity 1 2 2020 (CHF million) Credit guarantees and similar instruments 1,645 653 203 582 3,083 3,020 27 1,637 Performance guarantees and similar instruments 3,607 1,885 526 514 6,532 5,601 30 2,535 Derivatives 3 10,531 3,921 698 1,423 16,573 16,573 380 – 4 Other guarantees 3,555 996 421 1,171 6,143 6,130 85 3,725 Total guarantees 19,338 7,455 1,848 3,690 32,331 31,324 522 7,897 2019 (CHF million) Credit guarantees and similar instruments 1,813 252 189 864 3,118 3,065 10 1,655 Performance guarantees and similar instruments 4,407 3,059 668 723 8,857 7,833 31 2,793 Derivatives 3 13,194 2,665 695 690 17,244 17,244 295 – 4 Other guarantees 3,507 1,386 367 1,243 6,503 6,457 64 4,003 Total guarantees 22,921 7,362 1,919 3,520 35,722 34,599 400 8,451 1 Prior period has been corrected. 2 Total net amount is computed as the gross amount less any participations. 3 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. 4 Collateral for derivatives accounted for as guarantees is not significant. > Refer to “Note 34 – 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, 2020 to June 30, 2021 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 Investment Bank division’s sale of US residential mortgage loans, the Bank has provided certain representations and warranties relating to the loans sold. Other commitments Maturity Maturity Maturity Maturity 1 2020 (CHF million) Irrevocable commitments under documentary credits 3,915 97 0 0 4,012 3,963 2,404 Irrevocable loan commitments 19,813 48,855 39,605 10,749 119,022 2 115,116 53,039 Forward reverse repurchase agreements 17 0 0 0 17 17 17 Other commitments 135 1,418 9 381 1,943 1,943 19 Total other commitments 23,880 50,370 39,614 11,130 124,994 121,039 55,479 2019 (CHF million) Irrevocable commitments under documentary credits 4,434 163 0 0 4,597 4,518 3,077 Irrevocable loan commitments 27,145 38,974 48,856 10,152 125,127 2 120,436 60,118 Forward reverse repurchase agreements 41 0 0 0 41 41 41 Other commitments 630 121 121 58 930 930 127 Total other commitments 32,250 39,258 48,977 10,210 130,695 125,925 63,363 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 130,965 million and CHF 128,295 million of unused credit limits as of December 31, 2020 and 2019, 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, 2020 | |
Transfers of financial assets and variable interest entities | 35 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 2020, 2019 and 2018 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 2020 2019 2018 Gains/(losses) and cash flows (CHF million) CMBS Net gain 1 85 10 10 Proceeds from transfer of assets 9,209 7,757 5,861 Cash received on interests that continue to be held 52 162 41 RMBS Net gain/(loss) 1 32 2 (1) Proceeds from transfer of assets 23,358 21,566 22,536 Purchases of previously transferred financial assets or its underlying collateral 0 (1) 0 Servicing fees 2 2 3 Cash received on interests that continue to be held 864 312 576 Other asset-backed financings Net gain 1 105 101 77 Proceeds from transfer of assets 9,564 11,702 6,422 Purchases of previously transferred financial assets or its underlying collateral (1,606) (763) (318) Fees 2 148 151 142 Cash received on interests that continue to be held 17 6 3 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 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, 2020 and 2019, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2020 2019 CHF million CMBS Principal amount outstanding 17,421 21,079 Total assets of SPE 24,455 28,748 RMBS Principal amount outstanding 47,324 54,001 Total assets of SPE 47,863 55,595 Other asset-backed financings Principal amount outstanding 24,968 27,982 Total assets of SPE 50,817 54,974 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 36 – 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 2020 2019 2018 at time of transfer, in CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 342 2,692 549 3,171 662 3,613 of which level 2 305 2,398 455 2,978 640 3,509 of which level 3 37 294 94 193 22 103 Weighted-average life, in years 6.4 3.8 5.5 5.5 6.6 7.8 Prepayment speed assumption (rate per annum), in % 1 – 2 1.0 – 47.0 – 2 2.0 – 37.3 – 2 5.0 – 13.5 Cash flow discount rate (rate per annum), in % 3 1.4 – 20.9 0.2 – 40.8 2.5 – 8.3 1.5 – 15.7 3.6 – 9.8 3.0 – 13.6 Expected credit losses (rate per annum), in % 4 1.9 – 8.6 1.6 – 22.9 1.3 – 1.9 1.5 – 7.6 1.8 – 3.1 2.3 – 7.2 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 is 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, 2020 and 2019. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs 2020 2019 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 296 1,851 350 399 2,282 751 of which non-investment grade 36 631 23 46 711 15 Weighted-average life, in years 5.6 4.0 4.8 6.4 5.7 1.6 Prepayment speed assumption (rate per annum), in % 3 – 4.0 – 50.1 – – 3.0 – 35.7 – Impact on fair value from 10% adverse change – (43.7) – – (38.1) – Impact on fair value from 20% adverse change – (92.1) – – (72.6) – Cash flow discount rate (rate per annum), in % 4 0.6 – 38.2 0.3 – 39.7 0.7 – 27.7 2.2 – 15.2 1.5 – 36.2 0.7 – 13.1 Impact on fair value from 10% adverse change (4.9) (22.4) (4.2) (6.8) (38.3) (2.1) Impact on fair value from 20% adverse change (9.6) (43.5) (8.2) (13.4) (74.7) (4.2) Expected credit losses (rate per annum), in % 5 0.4 – 14.7 0.6 – 39.6 0.7 – 26.8 0.5 – 8.5 1.1 – 34.5 0.7 – 12.8 Impact on fair value from 10% adverse change (4.3) (20.2) (4.5) (4.1) (24.1) (2.0) Impact on fair value from 20% adverse change (8.5) (39.2) (8.9) (8.1) (47.3) (4.0) 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 is 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, 2020 and 2019. > Refer to “Note 37 – Assets pledged and collateral” for further information. Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2020 2019 CHF million Other asset-backed financings Trading assets 496 279 Other assets 246 0 Liability to SPE, included in other liabilities (742) (279) 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, 2020 and 2019. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2020 2019 CHF billion Government debt securities 1 12.1 16.4 Corporate debt securities 1 7.7 8.6 Asset-backed securities 6.0 2.5 Equity securities 0.0 0.7 Other 1.9 0.2 Securities sold under repurchase agreements 27.7 28.4 Government debt securities 0.4 0.1 Corporate debt securities 0.1 0.1 Equity securities 3.5 5.4 Other 0.1 0.1 Securities lending transactions 4.1 5.7 Government debt securities 5.8 5.3 Corporate debt securities 5.6 1.8 Asset-backed securities 0.0 0.1 Equity securities 39.3 33.0 Other 0.1 0.0 Obligation to return securities received as collateral, at fair value 50.8 40.2 Total 82.6 74.3 1 Prior period has been corrected. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities No stated 1 Up to 2 31–90 More than 2020 (CHF billion) Securities sold under repurchase agreements 5.8 11.8 5.9 4.2 27.7 Securities lending transactions 4.0 0.0 0.1 0.0 4.1 Obligation to return securities received as collateral, at fair value 50.2 0.3 0.3 0.0 50.8 Total 60.0 12.1 6.3 4.2 82.6 2019 (CHF billion) Securities sold under repurchase agreements 5.2 15.1 5.9 2.2 28.4 Securities lending transactions 5.7 0.0 0.0 0.0 5.7 Obligation to return securities received as collateral, at fair value 40.0 0.1 0.1 0.0 40.2 Total 50.9 15.2 6.0 2.2 74.3 1 Includes contracts with no contractual maturity that may contain termination arrangements subject to a notice period. 2 Includes overnight transactions. > Refer to “Note 28 – 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 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 on its CP. 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. In addition to CP, Alpine may also issue term notes with maturities up to 30 months. The Group (including Alpine) 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 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 209 days as of December 31, 2020. Alpine’s CP was rated A-1(sf) by Standard & Poor’s and P-1(sf) by Moody’s and had exposures mainly in reverse repurchase agreements with a Group entity, solar loans and leases, consumer loans, aircraft loans and leases and car loans and leases. The Group’s financial 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, but not limited to, a lack of liquidity in the CP market such that the CP conduit cannot refinance its obligations or 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 enters into liquidity facilities with CP conduits administrated and sponsored by third parties. These third-party CP conduits are considered to be VIEs for accounting purposes. The Group is not the primary beneficiary and does not consolidate these third-party CP conduits. The Group’s financial commitment to these third-party CP conduits consists of obligations under liquidity agreements. The liquidity agreements are asset-specific arrangements, which require the Group to provide short-term financing to the third-party CP conduits or to purchase assets from these CP conduits in certain circumstances, including, but not limited to, a lack of liquidity in the CP market such that the CP conduits cannot refinance their obligations or a default of an underlying asset. The asset-specific credit enhancements, if any, 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. In some situations, the Group can enter into liquidity facilities with these third-party CP conduits through Alpine. The Group’s economic risks associated with the Alpine CP conduit and the third-party CP conduits 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 |
Bank | |
Transfers of financial assets and variable interest entities | 34 Transfers of financial assets and variable interest entities Transfers of financial assets > Refer to “Note 35 – 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 2020, 2019 and 2018 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 2020 2019 2018 Gains/(losses) and cash flows (CHF million) CMBS Net gain 1 85 10 10 Proceeds from transfer of assets 9,209 7,757 5,861 Cash received on interests that continue to be held 52 162 41 RMBS Net gain/(loss) 1 32 2 (1) Proceeds from transfer of assets 23,358 21,566 22,536 Purchases of previously transferred financial assets or its underlying collateral 0 (1) 0 Servicing fees 2 2 3 Cash received on interests that continue to be held 864 312 576 Other asset-backed financings Net gain 1 105 101 77 Proceeds from transfer of assets 9,564 11,702 6,422 Purchases of previously transferred financial assets or its underlying collateral (1,606) (763) (318) Fees 2 148 151 142 Cash received on interests that continue to be held 17 6 3 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 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, 2020 and 2019, regardless of when the transfer of assets occurred. Principal amounts outstanding and total assets of SPEs resulting from continuing involvement end of 2020 2019 CHF million CMBS Principal amount outstanding 17,421 21,079 Total assets of SPE 24,455 28,748 RMBS Principal amount outstanding 47,324 54,001 Total assets of SPE 47,863 55,595 Other asset-backed financings Principal amount outstanding 24,968 27,982 Total assets of SPE 50,817 54,974 Principal amount outstanding relates to assets transferred from the Bank and does not include principal 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 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 2020 2019 2018 at time of transfer, in CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 342 2,692 549 3,171 662 3,613 of which level 2 305 2,398 455 2,978 640 3,509 of which level 3 37 294 94 193 22 103 Weighted-average life, in years 6.4 3.8 5.5 5.5 6.6 7.8 Prepayment speed assumption (rate per annum), in % 1 – 2 1.0 – 47.0 – 2 2.0 – 37.3 – 2 5.0 – 13.5 Cash flow discount rate (rate per annum), in % 3 1.4 – 20.9 0.2 – 40.8 2.5 – 8.3 1.5 – 15.7 3.6 – 9.8 3.0 – 13.6 Expected credit losses (rate per annum), in % 4 1.9 – 8.6 1.6 – 22.9 1.3 – 1.9 1.5 – 7.6 1.8 – 3.1 2.3 – 7.2 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, 2020 and 2019. Key economic assumptions used in measuring fair value of beneficial interests held in SPEs 2020 2019 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 296 1,851 350 399 2,282 751 of which non-investment grade 36 631 23 46 711 15 Weighted-average life, in years 5.6 4.0 4.8 6.4 5.7 1.6 Prepayment speed assumption (rate per annum), in % 3 – 4.0 – 50.1 – – 3.0 – 35.7 – Impact on fair value from 10% adverse change – (43.7) – – (38.1) – Impact on fair value from 20% adverse change – (92.1) – – (72.6) – Cash flow discount rate (rate per annum), in % 4 0.6 – 38.2 0.3 – 39.7 0.7 – 27.7 2.2 – 15.2 1.5 – 36.2 0.7 – 13.1 Impact on fair value from 10% adverse change (4.9) (22.4) (4.2) (6.8) (38.3) (2.1) Impact on fair value from 20% adverse change (9.6) (43.5) (8.2) (13.4) (74.7) (4.2) Expected credit losses (rate per annum), in % 5 0.4 – 14.7 0.6 – 39.6 0.7 – 26.8 0.5 – 8.5 1.1 – 34.5 0.7 – 12.8 Impact on fair value from 10% adverse change (4.3) (20.2) (4.5) (4.1) (24.1) (2.0) Impact on fair value from 20% adverse change (8.5) (39.2) (8.9) (8.1) (47.3) (4.0) 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, 2020 and 2019. Carrying amounts of transferred financial assets and liabilities where sale treatment was not achieved end of 2020 2019 CHF million Other asset-backed financings Trading assets 496 279 Other assets 246 0 Liability to SPE, included in other liabilities (742) (279) 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, 2020 and 2019. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by class of collateral pledged end of 2020 2019 CHF billion Government debt securities 1 12.2 16.5 Corporate debt securities 1 7.7 8.6 Asset-backed securities 6.0 2.5 Equity securities 0.0 0.7 Other 1.8 0.2 Securities sold under repurchase agreements 27.7 28.5 Government debt securities 0.4 0.1 Corporate debt securities 0.1 0.1 Equity securities 3.5 5.4 Other 0.1 0.1 Securities lending transactions 4.1 5.7 Government debt securities 5.8 5.3 Corporate debt securities 5.6 1.8 Asset-backed securities 0.0 0.1 Equity securities 39.3 33.0 Other 0.1 0.0 Obligation to return securities received as collateral, at fair value 50.8 40.2 Total 82.6 74.4 1 Prior period has been corrected. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities No stated 1 Up to 2 31-90 More than 2020 (CHF billion) Securities sold under repurchase agreements 5.8 11.8 5.9 4.2 27.7 Securities lending transactions 4.0 0.0 0.1 0.0 4.1 Obligation to return securities received as collateral, at fair value 50.2 0.3 0.3 0.0 50.8 Total 60.0 12.1 6.3 4.2 82.6 2019 (CHF billion) Securities sold under repurchase agreements 5.2 15.2 5.9 2.2 28.5 Securities lending transactions 5.7 0.0 0.0 0.0 5.7 Obligation to return securities received as collateral, at fair value 40.0 0.1 0.1 0.0 40.2 Total 50.9 15.3 6.0 2.2 74.4 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 > Refer to “Note 35 – 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 commercial paper (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 on its CP. 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. In addition to CP, Alpine may also issue term notes with maturities up to 30 months. The Bank (including Alpine) 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 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 209 days as of December 31, 2020. Alpine’s CP was rated A-1(sf) by Standard & Poor’s and P-1(sf) by Moody’s and had exposures mainly in reverse repurchase agreements with a Bank entity, solar loans and leases, consumer loans, aircraft loans and leases and car loans and leases. The Bank’s financial 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, but not limited to, a lack of liquidity in the CP market such that the CP conduit cannot refinance its obligations or 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 enters into liquidity facilities with CP conduits administrated and sponsored by third parties. These third-party CP conduits are considered to be VIEs for accounting purposes. The Bank is not the primary beneficiary and does not consolidate these third-party CP conduits. The Bank’s financial commitment to these third-party CP conduits consists of obligations under liquidity agreements. The liquidity agreements are asset-specific arrangements, which require the Bank to provide short-term financing to the third-party CP conduits or to purchase assets from these CP conduits in certain circumstances, including, but not limited to, a lack of liquidity in the CP market such that the CP conduits cannot refinance their obligations or a default of an underlying asset. The asset-specific credit enhancements, if any, 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. In some situations, the Bank can enter into liquidity facilities with these third-party CP conduits through Alpine. The Bank’s economic risks associated with the Alpine CP conduit and the third-party CP conduits 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 consolidates all VIEs related to financial intermediation for which it is the primary beneficiary. The consolidated VIEs table provides the carrying amounts and classifications of the assets and liabilities of consolidated VIEs as of December 31, 2020 and 2019. Consolidated VIEs in which the Bank was the primary beneficiary Financial intermediation CDO/ CP Securi- 2020 (CHF million) Cash and due from banks 0 0 23 22 37 8 90 Trading assets 0 0 1,255 50 840 19 2,164 Other investments 0 0 0 129 920 202 1,251 Net loans 0 653 0 51 29 167 900 Other assets 0 21 979 15 65 778 1,858 of which loans held-for-sale 0 0 462 10 0 0 472 of which premises and equipment 0 0 0 0 13 4 17 Total assets of consolidated VIEs 0 674 2,257 267 1,891 1,174 6,263 Customer deposits 0 0 0 0 0 1 1 Trading liabilities 0 0 0 0 10 0 10 Short-term borrowings 0 4,178 0 0 0 0 4,178 Long-term debt 0 0 1,701 0 10 35 1,746 Other liabilities 0 53 1 3 72 78 207 Total liabilities of consolidated VIEs 0 4,231 1,702 3 92 114 6,142 2019 (CHF million) Cash and due from banks 6 1 71 11 39 10 138 Trading assets 75 0 1,554 82 1,063 14 2,788 Other investments 0 0 0 113 1,052 247 1,412 Net loans 0 325 53 1 29 241 649 Other assets 1 21 638 4 67 943 1,674 of which loans held-for-sale 0 0 93 0 0 0 93 of which premises and equipment 0 0 0 0 17 8 25 Total assets of consolidated VIEs 82 347 2,316 211 2,250 1,455 6,661 Trading liabilities 0 0 0 0 8 0 8 Short-term borrowings 0 4,885 0 0 0 0 4,885 Long-term debt 7 0 1,614 1 13 36 1,671 Other liabilities 0 54 1 4 91 146 296 Total liabilities of consolidated VIEs 7 4,939 1,615 5 112 182 6,860 Non-consolidated VIEs The non-consolidated VIEs table provides the carrying amounts and classification of the assets of variable interests recorded in the Bank’s consolidated balance sheets, maximum exposure to loss and total assets of the non-consolidated VIEs. Certain VIEs have not been included in the following table, including VIEs structured by third parties in which the Bank’s interest is in the form of securities held in the Bank’s inventory, certain repurchase financings to funds and single-asset financing vehicles not sponsored by the Bank to which the Bank provides financing but has very little risk of loss due to over-collateralization and/or guarantees, failed sales where the Bank does not have any other holdings and other entities out of scope. Non-consolidated VIEs Financial intermediation CDO/ CP 1 Securi- 2020 (CHF million) Trading assets 250 0 4,500 1,113 66 8,617 14,546 Net loans 357 371 734 1,967 6,989 939 11,357 Other assets 2 0 3 110 0 344 459 Total variable interest assets 609 371 5,237 3,190 7,055 9,900 26,362 Maximum exposure to loss 852 5,538 7,329 3,190 11,235 10,226 38,370 Total assets of non-consolidated VIEs 8,553 11,148 127,785 87,618 26,186 25,759 287,049 2019 (CHF million) Trading assets 230 0 4,897 962 109 4,311 10,509 Net loans 456 325 904 1,945 7,930 709 12,269 Other assets 3 0 26 513 0 380 922 Total variable interest assets 689 325 5,827 3,420 8,039 5,400 23,700 Maximum exposure to loss 785 6,484 7,664 3,425 12,239 5,937 36,534 Total assets of non-consolidated VIEs 8,057 13,488 141,608 127,558 25,590 14,274 330,575 1 Includes liquidity facilities provided to third-party CP conduits through Alpine Securities Ltd. Prior period has been adjusted to conform to the current presentation. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2020 | |
Financial instruments | 36 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 has in place a credit risk appetite framework which provides for the oversight and control of concentrations of credit exposures by single name, product, industry, and country. The Group Credit Portfolio Management function under the Global Chief Credit Officer is responsible for monitoring the portfolio and assessing compliance with the framework and the portfolio limits and controls in place. Credit risk concentrations are identified and measured using a range of quantitative tools and metrics and are reported to the Credit Risk Appetite Committee on a monthly basis. The Group Credit Portfolio Management function performs portfolio reviews and detailed analyses of selected segments of the portfolio which are presented to the Credit Risk Appetite Committee and to other governance forums including the Position & Client Risk cycle of Capital Allocation and Risk Management Committee and the Risk Committee where appropriate. From an industry point of view, the combined credit exposure of the Group is diversified. A substantial portion of the credit exposure is with individual clients, particularly through residential mortgages in Switzerland, corporate credit exposures and lombard lending arrangements, or relates to derivative and other financial 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 and corporations, 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 short-term borrowings, 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 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 Overview The Group has implemented and maintains a valuation control framework, which is supported by policies and procedures that define the principles for controlling the valuation of the Group’s financial instruments. Control functions such as Product Control and Risk Management review and approve significant valuation policies and procedures. The framework includes three main internal processes: (i) valuation governance; (ii) independent price verification and significant unobservable inputs review; and (iii) a cross-functional pricing model review. Through this framework, the Group determines the reasonableness of the fair value of its financial instruments. On a monthly basis, meetings are held for each business line with senior representatives of the Front Office and Product Control to discuss independent price verification results, valuation adjustments, and other significant valuation issues. On a quarterly basis, a review of significant changes in the fair value of financial instruments is undertaken by Product Control and conclusions are reached regarding the reasonableness of those changes. Additionally, on a quarterly basis, meetings are held for each business line with senior representatives of the Front Office and control functions such as Product Control and Risk Management to discuss independent price verification results, valuation issues, business and market updates, as well as a review of significant changes in fair value from the prior quarter, significant unobservable inputs and prices used in valuation techniques, and valuation adjustments. The valuation results are aggregated for reporting to the Valuation Risk Management Committee (VARMC) and the Audit Committee. The VARMC, which is comprised of Executive Board members and the heads of the business and control functions, meets to review and ratify valuation review conclusions, and to resolve significant valuation issues for the Group. Oversight of the valuation control framework is through specific and regular reporting on valuation directly to the Group’s Executive Board through the VARMC. One of the key components of the governance process is the segregation of duties between the Front Office and Product Control. The Front Office is responsible for measuring inventory at fair value on a daily basis, while Product Control is responsible for independently reviewing and validating those valuations on a periodic basis. The Front Office values the inventory using, wherever possible, observable market data which may include executed transactions, dealer quotes or broker quotes for the same or similar instruments. Product Control validates this inventory using independently sourced data that also includes executed transactions, dealer quotes, and broker quotes. In general, Product Control utilizes independent pricing service data as part of its review process. Independent pricing service data is analyzed to ensure that it is representative of fair value, including confirming that the data corresponds to executed transactions or executable broker quotes, review and assessment of contributors to ensure they are active market participants, review of statistical data and utilization of pricing challenges. The analysis also includes understanding the sources of the pricing service data and any models or assumptions used in determining the results. The purpose of the review is to judge the quality and reliability of the data for fair value measurement purposes and its appropriate level of usage within the Product Control independent valuation review. For certain financial instruments the fair value is estimated in full or in part using valuation techniques based on assumptions that are not supported by market observable prices, rates or other inputs. In addition, there may be uncertainty about a valuation resulting from the choice of valuation technique or model used, the assumptions embedded in those models, the extent to which inputs are not market observable, or as a consequence of other elements affecting the valuation technique or model. Model calibration is performed when significant new market information becomes available or at a minimum on a quarterly basis as part of the business review of significant unobservable inputs for level 3 instruments. For models that have been deemed to be significant to the overall fair value of the financial instrument, model validation is performed as part of the periodic review of the related model. The 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 measured at fair value on a recurring basis” and “Quantitative information about level 3 liabilities measured at fair value on a recurring basis”. 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 0 525 0 – – 525 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 57,994 0 – – 57,994 Securities received as collateral 44,074 6,598 101 – – 50,773 Trading assets 87,710 181,166 7,535 (119,731) 658 157,338 of which debt securities 16,321 45,766 2,253 – 55 64,395 of which foreign governments 15,908 11,909 140 – – 27,957 of which corporates 353 9,799 1,270 – 55 11,477 of which RMBS 0 20,882 557 – – 21,439 of which equity securities 60,044 2,466 124 – 603 63,237 of which derivatives 9,297 132,054 3,911 (119,731) – 25,531 of which interest rate products 3,036 71,043 733 – – – of which foreign exchange products 42 24,259 143 – – – of which equity/index-related products 6,150 31,945 1,186 – – – of which other derivatives 22 110 1,079 – – – of which other trading assets 2,048 880 1,247 – – 4,175 Investment securities 2 605 0 – – 607 Other investments 13 6 3,054 – 721 3,794 of which other equity investments 13 6 2,132 – 608 2,759 of which life finance instruments 0 0 920 – – 920 Loans 0 7,739 3,669 – – 11,408 of which commercial and industrial loans 0 2,187 1,347 – – 3,534 of which financial institutions 0 3,506 1,082 – – 4,588 Other intangible assets (mortgage servicing rights) 0 0 180 – – 180 Other assets 137 7,315 1,825 (904) – 8,373 of which failed purchases 109 1,229 51 – – 1,389 of which loans held-for-sale 0 4,870 1,576 – – 6,446 Total assets at fair value 131,936 261,948 16,364 (120,635) 1,379 290,992 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 0 413 0 – – 413 Customer deposits 0 3,895 448 – – 4,343 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 13,594 0 – – 13,594 Obligation to return securities received as collateral 44,074 6,598 101 – – 50,773 Trading liabilities 33,544 137,947 4,246 (129,867) 1 45,871 of which equity securities 20,527 111 55 – 1 20,694 of which derivatives 10,536 132,885 4,191 (129,867) – 17,745 of which interest rate products 3,264 68,159 169 – – – of which foreign exchange products 51 28,819 72 – – – of which equity/index-related products 7,149 30,612 2,010 – – – of which credit derivatives 0 4,663 1,335 – – – Short-term borrowings 0 10,039 701 – – 10,740 Long-term debt 0 63,708 7,268 – – 70,976 of which structured notes over one year and up to two years 0 11,787 1,133 – – 12,920 of which structured notes over two years 0 28,330 5,526 – – |
Bank | |
Financial instruments | 35 Financial instruments > Refer to “Note 36 – 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 0 525 0 – – 525 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 57,994 0 – – 57,994 Securities received as collateral 44,074 6,598 101 – – 50,773 Trading assets 87,746 181,303 7,535 (119,731) 658 157,511 of which debt securities 16,321 45,903 2,253 – 55 64,532 of which foreign government 15,908 11,909 140 – – 27,957 of which corporates 353 9,936 1,270 – 55 11,614 of which RMBS 0 20,882 557 – – 21,439 of which equity securities 60,080 2,466 124 – 603 63,273 of which derivatives 9,297 132,054 3,911 (119,731) – 25,531 of which interest rate products 3,036 71,043 733 – – – of which foreign exchange products 42 24,259 143 – – – of which equity/index-related products 6,150 31,945 1,186 – – – of which other derivatives 22 110 1,079 – – – of which other trading assets 2,048 880 1,247 – – 4,175 Investment securities 1 604 0 – – 605 Other investments 13 6 3,054 – 720 3,793 of which other equity investments 13 6 2,132 – 609 2,760 of which life finance instruments 0 0 920 – – 920 Loans 0 7,739 3,669 – – 11,408 of which commercial and industrial loans 0 2,187 1,347 – – 3,534 of which financial institutions 0 3,506 1,082 – – 4,588 Other intangible assets (mortgage servicing rights) 0 0 180 – – 180 Other assets 137 7,315 1,825 (904) – 8,373 of which failed purchases 109 1,229 51 – – 1,389 of which loans held-for-sale 0 4,870 1,576 – – 6,446 Total assets at fair value 131,971 262,084 16,364 (120,635) 1,378 291,162 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 0 413 0 – – 413 Customer deposits 0 3,895 448 – – 4,343 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 13,688 0 – – 13,688 Obligation to return securities received as collateral 44,074 6,598 101 – – 50,773 Trading liabilities 33,543 138,018 4,246 (129,937) 1 45,871 of which equity securities 20,527 111 55 – 1 20,694 of which derivatives 10,535 132,956 4,191 (129,937) – 17,745 of which interest rate products 3,264 68,229 169 – – – of which foreign exchange products 51 28,819 72 – – – of which equity/index-related products 7,149 30,612 2,010 – – – of which credit derivatives 0 4,663 1,335 – – – Short-term borrowings 0 10,039 701 – – 10,740 Long-term debt 0 62,957 7,286 – – 70,243 of which structured notes over one year and up to two years 0 11,787 1,133 – – 12,920 of which structured notes over two years 0 28,330 5,526 – – 33,856 of which high-trigger instruments 0 10,627 0 – – 10,627 Other liabilities 0 6,675 1,250 (169) – 7,756 Total liabilities at fair value 77,617 242,283 14,032 (130,106) 1 203,827 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 0 356 0 – – 356 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 85,556 0 – – 85,556 Securities received as collateral 36,438 3,780 1 – – 40,219 Trading assets 85,622 157,186 7,885 (97,606) 808 153,895 of which debt securities 19,430 45,677 1,923 – – 67,030 of which foreign government 19,281 7,484 198 – – 26,963 of which corporates 16 10,941 1,128 – – 12,085 of which RMBS 0 23,199 317 – – 23,516 of which equity securities 60,737 2,862 197 – 808 64,604 of which derivatives 3,539 108,263 3,534 (97,606) – 17,730 of which interest rate products 1,091 66,763 554 – – – of which foreign exchange products 23 21,754 152 – – – of which equity/index-related products 2,417 13,918 1,040 – – – of which credit derivatives 0 5,336 879 – – – of which other derivatives 5 66 909 – – – of which other trading assets 1,916 384 2,231 – – 4,531 Investment securities 0 1,004 0 – – 1,004 Other investments 24 5 2,523 – 996 3,548 of which other equity investments 24 5 1,463 – 589 2,081 of which life finance instruments 0 0 1,052 – – 1,052 Loans 0 8,945 3,716 – – 12,661 of which commercial and industrial loans 0 2,491 1,283 – – 3,774 of which financial institutions 0 3,730 1,201 – – 4,931 of which government and public institutions 0 2,200 830 – – 3,030 Other intangible assets (mortgage servicing rights) 0 0 244 – – 244 Other assets 101 8,902 1,846 (447) – 10,402 of which loans held-for-sale 0 6,594 1,619 – – 8,213 Total assets at fair value 122,185 265,734 16,215 (98,053) 1,804 307,885 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 0 322 0 – – 322 Customer deposits 0 2,865 474 – – 3,339 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 10,823 0 – – 10,823 Obligation to return securities received as collateral 36,438 3,780 1 – – 40,219 Trading liabilities 23,009 115,107 3,854 (103,786) 2 38,186 of which debt securities 3,636 5,286 0 – – 8,922 of which foreign government 3,544 345 0 – – 3,889 of which equity securities 15,628 109 53 – 2 15,792 of which derivatives 3,745 109,712 3,801 (103,786) – 13,472 of which interest rate products 1,101 64,687 167 – – – of which foreign exchange products 31 26,156 98 – – – of which equity/index-related products 2,603 12,518 1,921 – – – of which credit derivatives 0 5,963 1,211 – – – Short-term borrowings 0 10,336 997 – – 11,333 Long-term debt 0 56,657 12,749 – – 69,406 of which structured notes over one year and up to two years 0 9,291 891 – – 10,182 of which structured notes over two years 0 27,626 11,458 – – 39,084 Other liabilities 0 6,650 1,367 (148) – 7,869 Total liabilities at fair value 59,447 206,540 19,442 (103,934) 2 181,497 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 1 Assets (CHF million) Securities received as collateral 1 0 0 213 (106) 0 0 0 0 0 0 0 0 (7) 101 0 Trading assets 7,885 3,255 (3,271) 6,304 (6,740) 2,064 (2,968) 290 1,598 0 5 0 0 (887) 7,535 1,377 of which debt securities 1,923 2,078 (1,775) 3,811 (3,493) 0 0 1 14 0 5 0 0 (311) 2,253 166 of which corporates 1,128 703 (809) 2,685 (2,464) 0 0 26 211 0 0 0 0 (210) 1,270 196 of which derivatives 3,534 995 (1,207) 0 0 2,064 (2,891) 213 1,607 0 1 0 0 (405) 3,911 1,323 of which equity/index-related products 1,040 255 (519) 0 0 507 (743) 107 725 0 0 0 0 (186) 1,186 752 of which other derivatives 909 0 0 0 0 303 (326) (1) 291 0 0 0 0 (97) 1,079 310 of which other trading assets 2,231 119 (246) 2,420 (3,189) 0 (77) 72 76 0 (1) 0 0 (158) 1,247 (87) Other investments 2,523 8 0 442 (194) 0 0 0 112 0 286 0 0 (123) 3,054 409 of which other equity investments 1,463 7 0 408 (22) 0 0 0 13 0 293 0 0 (30) 2,132 298 of which life finance instruments 1,052 0 0 34 (172) 0 0 0 99 0 0 0 0 (93) 920 112 Loans 2 3,835 1,268 (549) 437 (640) 1,170 (1,435) 52 (164) 0 1 0 0 (306) 3,669 (97) of which commercial and industrial loans 2 1,402 446 (170) 184 (442) 610 (435) 6 (150) 0 1 0 0 (105) 1,347 (183) of which financial institutions 1,201 238 (245) 0 (31) 499 (531) 20 43 0 0 0 0 (112) 1,082 47 Other intangible assets (mortgage servicing rights) 244 0 0 0 0 0 0 0 0 0 (44) 0 0 (20) 180 (44) Other assets 1,846 1,440 (709) 4,553 (4,595) 547 (995) (17) (14) 0 0 0 0 (231) 1,825 (48) of which loans held-for-sale 1,619 1,380 (665) 4,504 (4,567) 547 (994) (41) 4 0 0 0 0 (211) 1,576 (73) Total assets at fair value 16,334 5,971 (4,529) 11,949 (12,275) 3,781 (5,398) 325 1,532 0 248 0 0 (1,574) 16,364 1,597 Liabilities (CHF million) Customer deposits 474 0 0 0 0 0 (27) 0 7 0 0 0 10 (16) 448 46 Obligation to return securities received as collateral 1 0 0 213 (106) 0 0 0 0 0 0 0 0 (7) 101 0 Trading liabilities 3,854 848 (1,614) 471 (310) 2,146 (2,375) 260 1,428 0 0 0 0 (462) 4,246 1,653 of which derivatives 3,801 829 (1,611) 198 (8) 2,146 (2,375) 259 1,410 0 0 0 0 (458) 4,191 1,646 of which equity/index-related derivatives 1,921 248 (954) 0 0 776 (536) 167 644 0 0 0 0 (256) 2,010 1,162 of which credit derivatives 1,211 539 (562) 0 0 1,111 (1,425) 85 502 0 0 0 0 (126) 1,335 277 Short-term borrowings 997 37 (294) 0 0 1,307 (1,189) 4 (62) 0 0 0 0 (99) 701 94 Long-term debt 12,749 3,089 (7,478) 0 0 5,891 (5,622) 568 (690) 0 0 99 (82) (1,238) 7,286 209 of which structured notes over one year and up to two years 891 689 (676) 0 0 1,022 (690) 40 (38) 0 0 1 (1) (105) 1,133 (19) of which structured notes over two years 11,458 1,614 (6,479) 0 0 4,766 (4,577) 532 (683) 0 0 98 (92) (1,111) 5,526 224 Other liabilities 1,367 160 (183) 266 (277) 129 (390) (33) 37 0 289 0 0 (115) 1,250 64 Total liabilities at fair value 19,442 4,134 (9,569) 950 (693) 9,473 (9,603) 799 720 0 289 99 (72) (1,937) 14,032 2,066 Net assets/(liabilities) at fair value (3,108) 1,837 5,040 10,999 (11,582) (5,692) 4,205 (474) 812 0 (41) (99) 72 363 2,332 (469) 1 Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues or accumulated other comprehensive income. As of 2020, changes in net unrealized gains/(losses) of CHF (667) 2 Includes an adjustment of CHF 119 million reflecting the impact of applying the fair value option on certain loans (previously held at amortized cost) at the adoption of the ASU 2019-05. Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other Foreign 1 Assets (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0 (12) 0 0 12 0 0 0 0 0 0 0 0 0 0 Securities received as collateral 30 0 0 2 (31) 0 0 0 0 0 0 0 0 0 1 0 Trading assets 8,980 1,600 (2,723) 16,544 (17,005) 1,142 (1,641) (80) 1,281 0 0 0 0 (213) 7,885 1,085 of which debt securities 2,242 793 (1,508) 4,037 (3,537) 0 0 17 (41) 0 0 0 0 (80) 1,923 146 of which corporates 1,260 485 (843) 3,076 (2,768) 0 0 21 (52) 0 0 0 0 (51) 1,128 153 of which derivatives 3,298 592 (734) 0 0 1,142 (1,616) (92) 1,034 0 0 0 0 (90) 3,534 957 of which equity/index-related products 1,054 224 (400) 0 0 361 (402) (80) 316 0 0 0 0 (33) 1,040 404 of which credit derivatives 673 282 (244) 0 0 390 (765) (6) 565 0 0 0 0 (16) 879 320 of which other derivatives 806 6 (1) 0 0 303 (317) 0 128 0 0 0 0 (16) 909 266 of which other trading assets 3,308 132 (424) 12,333 (13,384) 0 (25) (2) 333 0 0 0 0 (40) 2,231 (43) Other investments 1,309 48 (6) 1,184 (194) 0 0 0 151 0 56 0 0 (25) 2,523 328 of which other equity investments 227 48 (6) 1,134 10 0 0 0 1 0 56 0 0 (7) 1,463 83 of which life finance instruments 1,067 0 0 39 (186) 0 0 0 150 0 0 0 0 (18) 1,052 181 Loans 4,324 731 (470) 255 (275) 1,436 (2,170) 4 (64) 0 0 0 0 (55) 3,716 (8) of which commercial and industrial loans 1,949 269 (335) 49 (194) 346 (734) 0 (49) 0 0 0 0 (18) 1,283 (9) of which financial institutions 1,391 414 (76) 5 (81) 524 (957) 0 (9) 0 0 0 0 (10) 1,201 10 of which government and public institutions 446 48 (58) 199 0 251 (28) 2 (9) 0 0 0 0 (21) 830 (12) Other intangible assets (mortgage servicing rights) 163 0 0 85 0 0 0 0 0 0 2 0 0 (6) 244 2 Other assets 1,543 470 (283) 1,970 (1,913) 703 (565) 17 (48) 0 0 0 0 (48) 1,846 29 of which loans held-for-sale 1,235 444 (222) 1,718 (1,693) 703 (564) 3 36 0 0 0 0 (41) 1,619 51 Total assets at fair value 16,349 2,849 (3,494) 20,040 (19,418) 3,293 (4,376) (59) 1,320 0 58 0 0 (347) 16,215 1,436 Liabilities (CHF million) Customer deposits 453 0 0 0 0 6 (34) 0 23 0 0 0 51 (25) 474 29 Obligation to return securities received as collateral 30 0 0 2 (31) 0 0 0 0 0 0 0 0 0 1 0 Trading liabilities 3,589 743 (723) 874 (891) 2,079 (2,478) 108 626 0 0 0 0 (73) 3,854 1,019 of which derivatives 3,527 723 (714) 1 (4) 2,079 (2,478) 108 631 0 0 0 0 (72) 3,801 1,016 of which equity/index-related derivatives 1,500 344 (405) 0 0 692 (761) 92 500 0 0 0 0 (41) 1,921 841 of which credit derivatives 1,140 314 (273) 0 0 1,101 (1,327) 28 249 0 0 0 0 (21) 1,211 147 Short-term borrowings 784 187 (494) 0 0 1,477 (1,151) 30 191 0 0 0 0 (27) 997 127 Long-term debt 12,671 2,707 (4,398) 0 0 6,102 (5,668) 149 1,291 0 0 13 175 (293) 12,749 1,477 of which structured notes over two years 11,800 2,286 (3,708) 0 0 4,546 (4,744) 94 1,256 0 0 13 173 (258) 11,458 1,301 Other liabilities 1,327 51 (80) 80 (131) 114 (377) (4) 65 0 346 0 0 (24) 1,367 58 Total liabilities at fair value 18,854 3,688 (5,695) 956 (1,053) 9,778 (9,708) 283 2,196 0 346 13 226 (442) 19,442 2,710 Net assets/(liabilities) at fair value (2,505) (839) 2,201 19,084 (18,365) (6,485) 5,332 (342) (876) 0 (288) (13) (226) 95 (3,227) (1,274) 1 Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues. As of 2019, changes in net unrealized gains/(losses) of CHF (1,423) > Refer to “Note 36 – Financial instruments” in VI – Consolidated financial statements – Credit Suisse Group for qualitative information about level 3 assets and liabilities measured at fair value on a recurring basis. Fair value, unfunded commitments and term of redemption conditions of investment funds measured at NAV per share 2020 2019 Unfunded Unfunded Fair value of investment funds and unfunded commitments (CHF million) Funds held in trading assets and trading liabilities 138 519 657 45 58 748 806 53 Private equity funds 92 0 92 77 321 0 321 161 Hedge funds 12 7 19 0 21 65 86 0 Equity method investment funds 322 287 609 226 187 402 589 14 Funds held in other investments 426 294 720 303 529 467 996 175 Fair value of investment funds and unfunded commitments 564 1 813 2 1,377 348 587 3 1,215 4 1,802 228 1 CHF 190 million of the underlying assets have known liquidation periods and for CHF 374 million, the timing of liquidation is unknown. 2 CHF 540 million of the redeemable on demand with a notice period of primarily less than 30 day. CHF 4 million of the investment funds had restrictions on redemptions, which have a redemption restriction of less than 1 year. 3 CHF 162 million of the underlying assets have known liquidation periods and for CHF 425 million, the timing of liquidation is unknown. 4 CHF 724 million of the redeemable on demand with a notice period of primarily less than 30 day. CHF 13 million of the investment funds had restrictions on redemptions, which have a redemption restriction of less than 1 year. Assets measured at fair value on a nonrecurring basis end of 2020 Level 1 Level 2 Level 3 Total Assets (CHF million) Other investments 0 217 326 543 of which equity method investments 0 0 303 303 of which equity securities (without a readily determinable fair value) 0 217 10 227 Net loans 0 67 4 71 Other assets 0 104 97 201 of which loans held-for-sale 0 97 39 136 of which premises, equipment and right-of-use assets 0 4 54 58 Total assets recorded at fair value on a nonrecurring basis 0 388 427 815 Liabilities (CHF million) Other liabilities 0 0 14 14 of which commitments held-for-sale 0 0 14 14 Total liabilities recorded at fair value on a nonrecurring basis 0 0 14 14 end of 2019 Assets (CHF million) Other investments 0 0 1 1 Other intangible assets 0 0 10 10 Other assets 0 0 60 60 of which loans held-for-sale 0 0 29 29 of which premises, equipment and right-of-use assets 0 0 5 5 of which real estate held-for-sale 0 0 26 26 Total assets recorded at fair value on a nonrecurring basis 0 0 71 71 Liabilities (CHF million) Other liabilities 0 0 22 22 of which commitments held-for-sale 0 0 22 22 Total liabilities recorded at fair value on a nonrecurring basis 0 0 22 22 > Refer to “Note 36 – Financial instruments” in VI – Consolidated financial statements – Credit Suisse Group for quantitative information about level 3 assets and liabilities measured at fair value on a nonrecurring basis. Difference between the aggregate fair value and unpaid principal balances of fair value option-elected financial instruments 2020 2019 Aggregate Aggregate Aggregate Aggregate Financial instruments (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 57,994 57,895 99 85,556 85,463 93 Loans 11,408 12,079 (671) 12,661 13,103 (442) Other assets 1 7,834 10,090 (2,256) 9,710 12,006 (2,296) Due to banks and customer deposits (578) (489) (89) (582) (508) (74) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (13,688) (13,672) (16) (10,823) (10,827) 4 Short-term borrowings (10,740) (10,632) (108) (11,333) (11,187) (146) Long-term debt 2 (70,243) (73,175) 2,932 (69,406) (71,177) 1,771 Other liabilities (616) (1,569) 953 (709) (1,681) 972 Non-performing and non-interest-earning loans 3 543 3,364 (2,821) 543 3,235 (2,692) 1 Primarily loans held-for-sale. 2 Long-term debt includes both principal-protected and non-principal protected instruments. For non-principal-protected instruments, the original notional amount has been reported in the aggregate unpaid principal. 3 Included in loans or other assets. Gains and losses on financial instruments 2020 2019 2018 Net Net Net Financial instruments (CHF million) Interest-bearing deposits with banks 15 1 29 1 2 1 of which related to credit risk 0 11 (10) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,198 1 2,696 1 2,451 1 Other investments 397 2 268 3 241 2 of which related to credit risk 1 2 (1) Loans 510 1 908 1 717 1 of which related to credit risk (181) 26 (296) Other assets 489 1 892 1 770 1 of which related to credit risk (106) 111 61 Due to banks and customer deposits (10) 3 (29) 3 (39) 3 of which related to credit risk 0 1 (37) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (58) 1 (612) 1 (890) 1 Short-term borrowings (687) 3 (50) 3 2,807 3 of which related to credit risk 0 8 (5) Long-term debt (2,349) 3 (7,950) 3 4,375 3 of which related to credit risk 11 (5) 7 Other liabilities (20) 3 92 2 72 2 of which related to credit risk (15) 50 4 1 Primarily recognized in net interest income. 2 Primarily recognized in other revenues. 3 Primarily recognized in trading revenues. Gains/(losses) attributable to changes in instrument-specific credit risk on fair value option elected liabilities 1 Gains/(losses) recorded 1 in 2020 Cumulative 2019 2020 2019 Financial instruments (CHF million) Customer deposits (9) (75) (51) 0 0 Short-term borrowings (13) (66) (2) 1 2 Long-term debt 24 (2,457) (2,125) 155 190 of which treasury debt over two years 188 (729) (1,133) 0 0 of which structured notes over two years (177) (1,602) (769) 155 179 Total 2 (2,598) (2,178) 156 192 1 Amounts are reflected gross of tax. Carrying value and fair value of financial instruments not carried at fair value Carrying end of Level 1 Level 2 Level 3 Total 2020 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 21,139 0 21,139 0 21,139 Loans 285,570 0 281,097 14,534 295,631 Other financial assets 1 154,441 137,763 16,399 302 154,464 Financial liabilities Due to banks and customer deposits 403,704 235,477 168,262 0 403,739 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 10,256 0 10,256 0 10,256 Short-term borrowings 10,568 0 10,569 0 10,569 Long-term debt 90,035 0 90,716 2,317 93,033 Other financial liabilities 2 16,131 0 15,694 403 16,097 2019 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 21,441 0 21,441 0 21,441 Loans 287,815 0 285,575 11,562 297,137 Other financial assets 1 114,267 100,765 12,769 719 114,253 Financial liabilities Due to banks and customer deposits 398,032 190,251 207,786 0 398,037 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 16,818 0 16,818 0 16,818 Short-term borrowings 17,536 0 17,536 0 17,536 Long-term debt 81,593 0 83,081 1,123 84,204 Other financial liabilities 2 16,508 0 16,343 168 16,511 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. |
Assets pledged and collateral
Assets pledged and collateral | 12 Months Ended |
Dec. 31, 2020 | |
Assets pledged and collateral | 37 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 2020 2019 CHF million Total assets pledged or assigned as collateral 144,355 121,800 of which encumbered 71,471 59,013 Prior period has been corrected. 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 2020 2019 CHF million Fair value of collateral received with the right to sell or repledge 413,154 412,765 of which sold or repledged 184,837 185,935 Other information end of 2020 2019 CHF million Swiss National Bank required minimum liquidity reserves 2,092 2,059 Other restricted cash, securities and receivables 1 5,065 5,310 1 Includes cash, securities and receivables recorded on the Group’s consolidated balance sheets and restricted under Swiss or foreign regulations for financial institutions; excludes restricted cash, securities and receivables held on behalf of clients which are not recorded on the Group’s consolidated balance sheet. Prior periods have been adjusted to conform to the current presentation. |
Bank | |
Assets pledged and collateral | 36 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 2020 2019 CHF million Total assets pledged or assigned as collateral 144,355 121,800 of which encumbered 71,471 59,013 Prior period has been corrected. 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 2020 2019 CHF million Fair value of collateral received with the right to sell or repledge 413,154 412,765 of which sold or repledged 184,837 185,935 Other information end of 2020 2019 CHF million Swiss National Bank required minimum liquidity reserves 2,092 2,059 Other restricted cash, securities and receivables 1 4,441 4,703 1 Includes cash, securities and receivables recorded on the Group’s consolidated balance sheets and restricted under Swiss or foreign regulations for financial institutions; excludes restricted cash, securities and receivables held on behalf of clients which are not recorded on the Group’s consolidated balance sheet. Prior periods have been adjusted to conform to the current presentation. > Refer to “Note 37 – Assets pledged and collateral” in VI – Consolidated financial statements – Credit Suisse Group for further information. |
Capital adequacy
Capital adequacy | 12 Months Ended |
Dec. 31, 2020 | |
Capital adequacy | 38 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 TLAC standards were phased in from 2016 through 2019 and became 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. Under the Capital Adequacy Ordinance, Swiss banks classified as systemically important banks operating internationally, such as the Group, are subject to two different minimum requirements for loss-absorbing capacity: such 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. Both the going concern and the gone concern requirements were subject to phase-in, with gradually increasing requirements as well as grandfathering provisions for certain outstanding instruments, and became fully effective on January 1, 2020. Under the Capital Adequacy Ordinance’s grandfathering provisions, additional tier 1 capital instruments with a low trigger qualify as going concern capital until their first call date; additional tier 1 capital instruments and tier 2 capital instruments that no longer qualify as going concern capital, qualify as gone concern capital until termination or one year before their final maturity, respectively. Additionally, there are FINMA decrees that apply to the Group as a systemically important bank operating internationally, including capital adequacy requirements as well as liquidity and risk diversification requirements. 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 total assets and prescribed regulatory adjustments, such as derivative financial instruments, securities financing transactions and off-balance sheet exposures. 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, 2020 and 2019, the Group’s capital position exceeded 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, 2020 and 2019, the Group and its subsidiaries complied with all applicable regulatory capital adequacy requirements. 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, 2020 and 2019, Credit Suisse Group AG was not subject to restrictions on its ability to pay the proposed dividends. Swiss metrics end of 2020 2019 Swiss capital (CHF million) Swiss CET1 capital 35,351 36,740 Going concern capital 51,192 49,757 Gone concern capital 1 41,852 41,138 Total loss-absorbing capacity 93,044 90,895 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 275,576 291,282 Leverage exposure 799,853 2 909,994 Swiss capital ratios (%) Swiss CET1 ratio 12.8 12.6 Going concern capital ratio 18.6 17.1 Gone concern capital ratio 15.2 14.1 TLAC ratio 33.8 31.2 Swiss leverage ratios (%) Swiss CET1 leverage ratio 4.4 4.0 Going concern leverage ratio 6.4 5.5 Gone concern leverage ratio 5.2 3 4.5 TLAC leverage ratio 11.6 10.0 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 10.0 9.68 Going concern capital ratio requirement 14.3 13.58 Gone concern capital ratio requirement 14.3 11.6 TLAC ratio requirement 28.6 25.18 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 3.5 3.2 Going concern leverage ratio requirement 5.0 4.5 Gone concern leverage ratio requirement 5.0 4.0 TLAC leverage ratio requirement 10.0 8.5 The Swiss capital requirements have been fully phased-in as of January 1, 2020 and the 2019 balances are presented on a comparative basis. Does not include the effects of the countercyclical buffers and any rebates for resolvability and for certain tier 2 low-trigger instruments recognized in gone concern capital. 1 Amounts are shown on a look-through basis. Certain tier 2 instruments and their related tier 2 amortization components are subject to phase out through 2022. As of 2020 and 2019, gone concern capital was CHF 42,198 million and CHF 38,576 million, including CHF 346 million and CHF 372 million, respectively, of such instruments. 2 Excludes CHF 110,677 million of cash held at central banks, after adjusting for the dividend paid in 2020. 3 The gone concern ratio would be 4.6 910,530 110,677 |
Bank | |
Capital adequacy | 37 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 38 – Capital adequacy” in VI – Consolidated financial statements – Credit Suisse Group for further information. As of December 31, 2020 and 2019, 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, 2020 and 2019, 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, 2020 and 2019, Credit Suisse AG was not subject to restrictions on its ability to pay the proposed dividends. Swiss metrics end of 2020 2019 Swiss capital (CHF million) Swiss CET1 capital 40,691 41,899 Going concern capital 1 55,648 53,990 Gone concern capital 41,857 41,136 Total loss-absorbing capacity (TLAC) 97,505 95,126 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 276,157 291,651 Leverage exposure 792,862 2 915,814 Swiss capital ratios (%) Swiss CET1 ratio 14.7 14.4 Going concern capital ratio 20.2 18.5 Gone concern capital ratio 15.2 14.1 TLAC ratio 35.3 32.6 Swiss leverage ratios (%) Swiss CET1 leverage ratio 5.1 4.6 Going concern leverage ratio 7.0 5.9 Gone concern leverage ratio 5.3 3 4.5 TLAC leverage ratio 12.3 10.4 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 10.0 9.68 Going concern capital ratio requirement 14.3 13.58 Gone concern capital ratio requirement 14.3 11.6 TLAC ratio requirement 28.6 25.18 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 3.5 3.2 Going concern leverage ratio requirement 5.0 4.5 Gone concern leverage ratio requirement 5.0 4.0 TLAC leverage ratio requirement 10.0 8.5 The Swiss capital requirements have been fully phased-in as of January 1, 2020 and the 2019 balances are presented on a comparative basis. Does not include the effects of the countercyclical buffers and any rebates for resolvability and for certain tier 2 low-trigger instruments recognized in gone concern capital. 1 Amounts are shown on a look-through basis. Certain tier 2 instruments and their related tier 2 amortization components are subject to phase out through 2022. As of 2020 and 2019, gone concern capital was CHF 42,203 million and CHF 38,574 million, including CHF 346 million and CHF 372 million, respectively, of such instruments. 2 Excludes CHF 124,218 million of cash held at central banks, after adjusting for the dividend paid in 2020. 3 The gone concern ratio would be 4.6%, if calculated using a leverage exposure of CHF 917,080 million, without the temporary exclusion of cash held at central banks, after adjusting for the dividend paid in 2020, of CHF 124,218 million. |
Assets under management
Assets under management | 12 Months Ended |
Dec. 31, 2020 | |
Assets under management | 39 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. 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 2020 2019 CHF billion Assets in collective investment instruments managed by Credit Suisse 215.6 212.2 Assets with discretionary mandates 267.4 277.5 Other assets under management 1,028.9 1,017.5 Assets under management (including double counting) 1,511.9 1,507.2 of which double counting 49.1 51.0 Changes in assets under management 2020 2019 Assets under management (CHF billion) Balance at beginning of period 1 1,507.2 1,344.9 Net new assets/(net asset outflows) 42.0 79.3 Market movements, interest, dividends and foreign exchange (14.7) 106.8 of which market movements, interest and dividends 2 53.4 126.6 of which foreign exchange (68.1) (19.8) Other effects (22.6) (23.8) Balance at end of period 1,511.9 1,507.2 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 Swiss Universal Bank, the Private Banking business in International Wealth Management, Asia Pacific and the Corporate & Institutional Banking business in Swiss Universal Bank 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 | 38 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 39 – Assets under management” in VI – Consolidated financial statements – Credit Suisse Group for further information. Assets under management end of 2020 2019 CHF billion Assets in collective investment instruments managed by Credit Suisse 210.7 205.7 Assets with discretionary mandates 267.3 277.5 Other assets under management 1,029.0 1,017.5 Assets under management (including double counting) 1,507.0 1,500.7 of which double counting 48.8 50.2 Changes in assets under management 2020 2019 Assets under management (CHF billion) Balance at beginning of period 1 1,500.7 1,336.8 Net new assets/(net asset outflows) 43.4 80.3 Market movements, interest, dividends and foreign exchange (14.5) 107.4 of which market movements, interest and dividends 2 53.2 127.1 of which foreign exchange (67.7) (19.7) Other effects (22.6) (23.8) Balance at end of period 1,507.0 1,500.7 1 Including double counting. 2 Net of commissions and other expenses and net of interest expenses charged. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2020 | |
Litigation | 40 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 2020 CHF million Balance at beginning of period 898 Increase in litigation accruals 1,358 Decrease in litigation accruals (131) Decrease for settlements and other cash payments (391) Foreign exchange translation (74) Balance at end of period 1,660 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 0.9 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. Mortgage-related matters Government and regulatory related matters Various financial institutions, including Credit Suisse Securities (USA) LLC (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 periodically noting Credit Suisse’s cooperation and progress toward satisfaction of the consumer relief requirements. NJAG litigation 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. On August 21, 2019, the NJAG filed a motion for partial summary judgment. On November 18, 2019, CSS LLC and its affiliates filed a cross-motion for partial summary judgment. 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 generally allege 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 generally 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 one instance, 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 US District Court for the Southern District of New York (SDNY), in which claims against CSS LLC and its affiliates relate to approximately USD 28 million of the RMBS at issue (approximately 20% 23% 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 Supreme Court for the State of New York, New York County (SCNY), in which claims against CSS LLC and its affiliates relate to approximately USD 97 million of RMBS at issue; this action is at an intermediate procedural stage. As disclosed in Credit Suisse’s second quarter Financial Report of 2020, on July 16, 2020, following a settlement, the Washington state court presiding in an investor action brought by the Federal Home Loan Bank of Seattle dismissed with prejudice all claims against CSS LLC and its affiliates relating to approximately USD 145 million of RMBS at issue. On December 8, 2020, following a settlement, the Massachusetts state court presiding in an investor action brought by the Federal Home Loan Bank of Boston dismissed with prejudice all claims against CSS LLC and its affiliates relating to approximately USD 333 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. Following its decision, the First Department remanded the action to the trial court for further proceedings. On August 2, 2019, the SCNY concluded a two-week bench trial. On November 30, 2020, the SCNY issued a post-trial order determining liability, and on January 25, 2021 entered an order setting damages in the amount of USD 604 million. On February 11, 2021, following a settlement in the amount of USD 600 million, for which Credit Suisse was fully reserved, the SCNY dismissed with prejudice all claims against CSS LLC and its affiliates. 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 374 million, increased from not less than USD 341 million, in an amended complaint filed on August 19, 2019, which action is proceeding in the SCNY following the resolution of a previously pending appeal; on January 13, 2020, DLJ filed a motion to dismiss; (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; on December 27, 2018, the SCNY denied DLJ’s motion for partial summary judgment in this action, and the First Department affirmed the SCNY’s summary judgment order on October 10, 2019; on January 30, 2020, DLJ obtained leave to further appeal to the New York State Court of Appeals; subject to final resolution of DLJ’s summary judgment appeal, the SCNY has scheduled trial in this action to begin on October 11, 2021; (iv) one action brought by Home Equity Asset Trust Series 2007-3, in which plaintiff alleges damages of not less than USD 206 million; (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. These actions are brought in the SCNY and are at various procedural stages. DLJ and its affiliate, Select Portfolio Servicing, Inc. (SPS), are defendants in two actions that have been consolidated for certain procedural purposes, including trial, in the SCNY: 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. On January 10, 2019, the SCNY denied DLJ’s motion for partial summary judgment in these actions, and the First Department affirmed the SCNY’s summary judgment order on September 17, 2019. On December 12, 2019, DLJ obtained leave to further appeal to the New York State Court of Appeals. Subject to final resolution of DLJ’s summary judgment appeal, the SCNY has scheduled trial in these actions to begin on January 10, 2022. 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. On July 8, 2019, the notice of appeal plaintiffs filed before the First Department 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 was deemed dismissed when plaintiffs declined to further pursue their appeal by a court-ordered deadline. On August 15, 2019, the trustees for Home Equity Asset Trust 2006-5, Home Equity Asset Trust 2006-6 and Home Equity Asset Trust 2006-7 commenced a new repurchase action against DLJ in the SCNY, in which plaintiffs alleged damages of not less than USD 936 million, asserting substantially similar claims against DLJ as those alleged in the three consolidated repurchase actions that were dismissed with prejudice in 2013. On September 20, 2019, DLJ filed a motion to dismiss and on November 25, 2019, the SCNY entered an order dismissing this new action with prejudice. On December 20, 2019, the plaintiffs filed a notice of appeal to the First Department. Bank loan litigation CSS LLC and certain of its affiliates are the subject of certain litigation relating to certain real estate developments including Yellowstone Club and Lake Las Vegas as well as other similar real estate developments. Credit Suisse defendants in these matters arranged, and acted as the agent bank for, syndicated loans provided to borrowers affiliated with such real estate developments, and who have since gone through bankruptcy or foreclosure. 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. On October 4, 2019, the Texas Supreme Court granted the request for review. On January 8, 2020, the Texas Supreme Court heard oral argument. On April 24, 2020, the Texas Supreme Court issued a ruling reversing the portion of the trial court’s judgment related to the bench trial held in May and June 2015, thereby dismissing plaintiff’s breach of contract, breach of the implied duty of good faith and fair dealing, aiding and abetting fraud, and civil conspiracy claims, including damages of approximately USD 212 million, exclusive of interest, but left standing the separate December 2014 jury verdict for plaintiff on its claim for fraudulent inducement by affirmative misrepresentation. The Texas Supreme Court has remanded the case back to the trial court for further proceedings related to the calculation of damages. On June 10, 2020, Highland filed a motion for rehearing in the Texas Supreme Court, which the court denied on October 2, 2020. 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. The case is currently in discovery. 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 concluded both his review and his assignment. Credit Suisse AG continues to report to and cooperate with US authorities in accordance with Credit Suisse AG’s obligations under the agreements. 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 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 remaining 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 2019 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 and statute of limitation grounds). The plaintiffs have appealed several of the SDNY’s rulings to the United States Court of Appeals for the Second Circuit (Second Circuit), and two appeals remain pending. The first pending appeal was filed 2017 and is a consolidated appeal brought by a number of putative class and individual plaintiffs challenging the district courts’ dismissal of plaintiffs’ antitrust claims. The second pending appeal was filed on June 23, 2020 by the plaintiffs in one of the non-stayed putative class actions challenging the district court’s personal jurisdiction and statute of limitations rulings. 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. USD ICE LIBOR litigation In January 2019, members of the US dollar Intercontinental Exchange (ICE) LIBOR panel, including Credit Suisse Group AG and certain of its affiliates, were named in three civil putative class action lawsuits alleging that panel banks suppressed US dollar ICE LIBOR to benefit defendants’ trading positions. These actions have been consolidated in the SDNY. On July 1, 2019, plaintiffs filed a consolidated complaint. On August 30, 2019, defendants filed a motion to dismiss. On March 26, 2020, the SDNY granted defendants’ motion to dismiss. On April 24, 2020, plaintiffs filed a notice of appeal. On December 28, 2020, a proposed intervener filed a motion to intervene because of the current plaintiffs’ intent to withdraw. On January 7, 2021, defendants filed a motion to dismiss the appeal based on the current plaintiffs’ intent to withdraw. On August 18, 2020, members of the ICE LIBOR panel, including Credit Suisse Group AG and certain of its affiliates, were named in a civil action in the US District Court for the Northern District of California, alleging that panel banks manipulated ICE LIBOR to profit from variable interest loans and credit cards. On November 10, 2020, plaintiffs filed a motion for preliminary and permanent injunction that seeks to enjoin the panel banks from continuing to set LIBOR or that would automatically set the benchmark to zero every day. On November 11, 2020, defendants filed a motion to transfer the case to the SDNY. CHF LIBOR litigation In February 2015, various banks that served on the Swiss franc LIBOR panel, including Credit Suisse Group AG, were named in a civil putative class action lawsuit filed in the SDNY, alleging manipulation of Swiss franc LIBOR to benefit defendants’ trading positions. On September 25, 2017, the SDNY granted defendants’ motion to dismiss all claims, but permitted the plaintiffs to file an amended complaint. Defendants filed motions to dismiss the amended complaint on February 7, 2018. On September 16, 2019, the SDNY granted defendants’ motions to dismiss, finding that the court lacked subject matter jurisdiction over the case. On October 16, 2019, plaintiffs filed a notice of appeal. SIBOR/SOR litigation In July 2016, various banks that served on the Singapore Interbank Offered Rate (SIBOR) and Singapore Swap Offer Rate (SOR) panels, including Credit Suisse Group AG and affiliates, were named in a civil putative class action lawsuit filed in the SDNY, alleging manipulation of SIBOR and SOR to benefit defendants’ trading positions. On August 18, 2017, the SDNY dismissed all claims against Credit Suisse Group AG and affiliates (and various other defendants) but granted the plaintiffs leave to amend their complaint. On October 4, 2018, the SDNY granted in part and denied in part defendants’ motion to dismiss plaintiffs’ second amended complaint, upholding antitrust claims against Credit Suisse AG and other panel bank defendants, but narrowing the claims to those related to Singapore Dollar SIBOR and dismissing all but one plaintiff from the action. The court also dismissed the RICO claims without leave to amend. On October 25, 2018, the remaining plaintiff filed a third amended complaint. The remaining defendants moved to dismiss on November 15, 2018. On July 26, 2019, the SDNY granted defendants’ motion to dismiss and denied plaintiff’s motion for leave to amend, holding that the court lacked subject matter jurisdiction over the action. On August 26, 2019, plaintiff filed a notice of appeal. Foreign exchange litigation Credit Suisse Group AG and affiliates as well as other financial institutions are named in five pending civil lawsuits in the SDNY relating to the alleged manipulation of foreign exchange rates. The first pending matter is a putative consolidated class action. On January 28, 2015, the court denied defendants’ motion to dismiss the original consolidated complaint brought by US-based investors and foreign plaintiffs who transacted in the US, but granted their motion to dismiss the claims of foreign-based investors for transactions outside of the US. In July 2015, plaintiffs filed a second consolidated amended complaint, adding additional defendants and asserting additional claims on behalf of a second putative class of exchange investors. On September 20, 2016, the SDNY granted in part and denied in part a motion to dismiss filed by the Group and affiliates, along with other financial institutions, which reduc |
Bank | |
Litigation | 39 Litigation > Refer to “Note 40 – 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, 2020 | |
Significant subsidiaries and equity method investments | 41 Significant subsidiaries and equity method investments The entities presented in the table below generally include subsidiaries with total assets over CHF 100 million or net income attributable to shareholders over CHF 10 million. Also included are entities which are deemed regionally significant or otherwise relevant from an operational perspective. Significant subsidiaries Nominal Equity End of 2020 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 83.0 100 Asset Management Finance LLC Wilmington, United States USD 167.4 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (Mexico), 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 (Mexico), 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 Mobiliarios 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 8,192.9 100 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 1,115.9 100 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 2,137.3 100 Credit Suisse Entrepreneur Capital AG Zurich, Switzerland CHF 15.0 100 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 28.8 100 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 0.0 100 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 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 11,366.2 100 1 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 10.0 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 0.5 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 1.7 100 Credit Suisse Management LLC Wilmington, United States USD 891.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 73.3 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 737.5 100 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 - in liquidation Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities, Sociedad de Valores, S.A. Spain, Madrid EUR 5.3 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 2,200.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 15.4 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 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 LLC "Credit Suisse Securities (Moscow)" Moscow, Russia RUB 97.1 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SP Holding Enterprises Corp. Wilmington, United States USD 0.0 100 SR Lease Co VI Ltd. Cayman Islands USD 0.0 100 PT Credit Suisse Sekuritas Indonesia Jakarta, Indonesia IDR 235,000.0 99 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 98 Credit Suisse Founder Securities Limited Beijing, China CNY 1,089.0 51 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 Funding (Guernsey) Limited St. Peter Port, Guernsey 100 1 Credit Suisse AG Swisscard AECS GmbH Horgen, Switzerland 50 Stockbrokers Holdings Pty Ltd. Melbourne, Australia 23 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 20 ALLFUNDS (UK) LIMITED London, United Kingdom 14 York Capital Management Global Advisors, LLC New York, United States 5 2 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 0 2 1 Deconsolidated under US GAAP as the Group is not the primary beneficiary. 2 The Group holds a significant noncontrolling interest. |
Bank | |
Significant subsidiaries and equity method investments | 40 Significant subsidiaries and equity method investments The entities presented in the table below generally include subsidiaries with total assets over CHF 100 million or net income attributable to shareholders over CHF 10 million. Also included are entities which are deemed regionally significant or otherwise relevant from an operational perspective. Significant subsidiaries Nominal Equity End of 2020 Credit Suisse AG Alpine Securitization LTD George Town, Cayman Islands USD 83.0 100 Asset Management Finance LLC Wilmington, United States USD 167.4 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (Mexico), 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 (Mexico), 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 Mobiliarios 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 8,192.9 100 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 1,115.9 100 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 2,137.3 100 Credit Suisse Entrepreneur Capital AG Zurich, Switzerland CHF 15.0 100 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 28.8 100 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 0.0 100 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 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 Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 10.0 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 0.5 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 1.7 100 Credit Suisse Management LLC Wilmington, United States USD 891.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 73.3 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 737.5 100 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 - in liquidation Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities, Sociedad de Valores, S.A. Spain, Madrid EUR 5.3 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 2,200.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 15.4 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 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 LLC "Credit Suisse Securities (Moscow)" Moscow, Russia RUB 97.1 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SP Holding Enterprises Corp. Wilmington, United States USD 0.0 100 SR Lease Co VI Ltd. Cayman Islands USD 0.0 100 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 11,366.2 98 1 Credit Suisse Founder Securities Limited Beijing, China CNY 1,089.0 51 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 2020 Credit Suisse AG Swisscard AECS GmbH Horgen, Switzerland 50 Stockbrokers Holdings Pty Ltd. Melbourne, Australia 23 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 20 ALLFUNDS (UK) LIMITED London, United Kingdom 14 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, 2020 | |
Subsidiary guarantee information [Text Block] | 42 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 2,363 11,515 13,878 1,633 (1,592) 13,919 Interest expense (2,549) (5,369) (7,918) (1,649) 1,596 (7,971) Net interest income (186) 6,146 5,960 (16) 4 5,948 Commissions and fees 3,952 7,898 11,850 18 (15) 11,853 Trading revenues 436 2,742 3,178 12 105 3,295 Other revenues 2,006 (491) 1,515 2,723 2 (2,945) 1,293 Net revenues 6,208 16,295 22,503 2,737 (2,851) 22,389 Provision for credit losses 14 1,078 1,092 0 4 1,096 Compensation and benefits 2,627 6,233 8,860 84 946 9,890 General and administrative expenses 2,540 5,422 7,962 (13) (1,426) 6,523 Commission expenses 225 1,031 1,256 2 (2) 1,256 Restructuring expenses 27 95 122 0 35 157 Total other operating expenses 2,792 6,548 9,340 (11) (1,393) 7,936 Total operating expenses 5,419 12,781 18,200 73 (447) 17,826 Income/(loss) before taxes 775 2,436 3,211 2,664 (2,408) 3,467 Income tax expense/(benefit) 139 558 697 (5) 109 801 Net income/(loss) 636 1,878 2,514 2,669 (2,517) 2,666 Net income/(loss) attributable to noncontrolling interests (2) 5 3 0 (6) (3) Net income/(loss) attributable to shareholders 638 1,873 2,511 2,669 (2,511) 2,669 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) 636 1,878 2,514 2,669 (2,517) 2,666 Gains/(losses) on cash flow hedges 0 177 177 0 1 178 Foreign currency translation (1,608) (1,406) (3,014) 12 (63) (3,065) Unrealized gains/(losses) on securities 0 (17) (17) 0 0 (17) Actuarial gains/(losses) (13) (31) (44) 0 7 (37) Net prior service credit/(cost) 0 (4) (4) 0 (144) (148) Gains/(losses) on liabilities related to credit risk 2 149 151 37 14 202 Other comprehensive income/(loss), net of tax (1,619) (1,132) (2,751) 49 (185) (2,887) Comprehensive income/(loss) (983) 746 (237) 2,718 (2,702) (221) Comprehensive income/(loss) attributable to noncontrolling interests (7) (48) (55) 0 46 (9) Comprehensive income/(loss) attributable to shareholders (976) 794 (182) 2,718 (2,748) (212) 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 4,040 16,140 20,180 1,307 (1,303) 20,184 Interest expense (4,191) (8,940) (13,131) (1,343) 1,307 (13,167) Net interest income (151) 7,200 7,049 (36) 4 7,017 Commissions and fees 3,217 7,854 11,071 23 64 11,158 Trading revenues 543 1,230 1,773 (68) 34 1,739 Other revenues 2,058 735 2,793 3,565 2 (3,788) 2,570 Net revenues 5,667 17,019 22,686 3,484 (3,686) 22,484 Provision for credit losses 14 310 324 0 0 324 Compensation and benefits 2,772 6,333 9,105 101 830 10,036 General and administrative expenses 2,193 5,395 7,588 (37) (1,423) 6,128 Commission expenses 213 1,063 1,276 1 (1) 1,276 Total other operating expenses 2,406 6,458 8,864 (36) (1,424) 7,404 Total operating expenses 5,178 12,791 17,969 65 (594) 17,440 Income/(loss) before taxes 475 3,918 4,393 3,419 (3,092) 4,720 Income tax expense/(benefit) 167 1,131 1,298 0 (3) 1,295 Net income/(loss) 308 2,787 3,095 3,419 (3,089) 3,425 Net income/(loss) attributable to noncontrolling interests 5 9 14 0 (8) 6 Net income/(loss) attributable to shareholders 303 2,778 3,081 3,419 (3,081) 3,419 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) 308 2,787 3,095 3,419 (3,089) 3,425 Gains/(losses) on cash flow hedges 0 86 86 14 0 100 Foreign currency translation (284) (711) (995) (15) (15) (1,025) Unrealized gains/(losses) on securities 0 21 21 0 (1) 20 Actuarial gains/(losses) (7) (17) (24) 0 350 326 Net prior service credit/(cost) 0 1 1 0 216 217 Gains/(losses) on liabilities related to credit risk (73) (1,665) (1,738) (65) (57) (1,860) Other comprehensive income/(loss), net of tax (364) (2,285) (2,649) (66) 493 (2,222) Comprehensive income/(loss) (56) 502 446 3,353 (2,596) 1,203 Comprehensive income attributable to noncontrolling interests 4 3 7 0 1 8 Comprehensive income/(loss) attributable to shareholders (60) 499 439 3,353 (2,597) 1,195 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 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 benefit 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 (continued) 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 balance sheets Bank 1 Assets (CHF million) Cash and due from banks 2,327 135,880 138,207 277 628 139,112 Interest-bearing deposits with banks 8 1,222 1,230 445 (377) 1,298 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 31,245 47,888 79,133 0 0 79,133 Securities received as collateral 1,495 49,278 50,773 0 0 50,773 Trading assets 34,570 122,941 157,511 0 (173) 157,338 Investment securities 0 605 605 52,061 (52,059) 607 Other investments 490 4,889 5,379 49,911 (49,878) 5,412 Net loans 7,196 293,145 300,341 0 (8,433) 291,908 Goodwill 649 3,106 3,755 0 671 4,426 Other intangible assets 208 29 237 0 0 237 Brokerage receivables 14,916 21,027 35,943 0 (2) 35,941 Other assets 12,980 23,594 36,574 782 2,281 39,637 Total assets 106,084 703,604 809,688 103,476 (107,342) 805,822 Liabilities and equity (CHF million) Due to banks 33 16,387 16,420 2,442 (2,439) 16,423 Customer deposits 1 392,038 392,039 0 (1,118) 390,921 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 5,040 18,904 23,944 0 (93) 23,851 Obligation to return securities received as collateral 1,495 49,278 50,773 0 0 50,773 Trading liabilities 12,877 32,994 45,871 0 0 45,871 Short-term borrowings 5,894 15,414 21,308 4,700 (5,140) 20,868 Long-term debt 42,291 117,988 160,279 53,009 (52,201) 161,087 Brokerage payables 12,564 9,091 21,655 0 (2) 21,653 Other liabilities 9,916 20,424 30,340 648 446 31,434 Total liabilities 90,111 672,518 762,629 60,799 (60,547) 762,881 Total shareholders' equity 15,920 30,344 46,264 42,677 (46,264) 42,677 Noncontrolling interests 53 742 795 0 (531) 264 Total equity 15,973 31,086 47,059 42,677 (46,795) 42,941 Total liabilities and equity 106,084 703,604 809,688 103,476 (107,342) 805,822 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 Assets (CHF million) Cash and due from banks 2,642 98,402 101,044 277 558 101,879 Interest-bearing deposits with banks 10 663 673 489 (421) 741 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 26,905 80,092 106,997 0 0 106,997 Securities received as collateral 2,921 37,298 40,219 0 0 40,219 Trading assets 35,339 118,556 153,895 1 (99) 153,797 Investment securities 0 1,004 1,004 32,853 (32,851) 1,006 Other investments 621 5,013 5,634 49,780 (49,748) 5,666 Net loans 11,907 292,118 304,025 0 (7,246) 296,779 Goodwill 715 3,245 3,960 0 703 4,663 Other intangible assets 276 15 291 0 0 291 Brokerage receivables 17,012 18,636 35,648 0 0 35,648 Other assets 12,843 24,226 37,069 625 1,915 39,609 Total assets 111,191 679,268 790,459 84,025 (87,189) 787,295 Liabilities and equity (CHF million) Due to banks 63 16,679 16,742 2,287 (2,285) 16,744 Customer deposits 1 384,949 384,950 0 (1,167) 383,783 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 5,799 21,842 27,641 0 (108) 27,533 Obligation to return securities received as collateral 2,921 37,298 40,219 0 0 40,219 Trading liabilities 8,468 29,718 38,186 0 0 38,186 Short-term borrowings 8,720 20,149 28,869 0 (484) 28,385 Long-term debt 43,821 107,179 151,000 37,596 (36,591) 152,005 Brokerage payables 15,213 10,470 25,683 0 0 25,683 Other liabilities 9,414 20,992 30,406 498 139 31,043 Total liabilities 94,420 649,276 743,696 40,381 (40,496) 743,581 Total shareholders' equity 16,713 29,407 46,120 43,644 (46,120) 43,644 Noncontrolling interests 58 585 643 0 (573) 70 Total equity 16,771 29,992 46,763 43,644 (46,693) 43,714 Total liabilities and equity 111,191 679,268 790,459 84,025 (87,189) 787,295 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 3,981 (10,144) (6,163) (81) 2 (270) (6,514) Investing activities (CHF million) (Increase)/decrease in interest-bearing deposits with banks 1 (521) (520) 45 (44) (519) (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions (7,244) 26,463 19,219 0 0 19,219 Purchase of investment securities 0 (402) (402) (12,644) 12,644 (402) Proceeds from sale of investment securities 0 629 629 0 0 629 Maturities of investment securities 0 184 184 0 0 184 Investments in subsidiaries and other investments (17) (193) (210) 0 0 (210) Proceeds from sale of other investments 132 545 677 0 1 678 (Increase)/decrease in loans 3,860 (10,839) (6,979) 0 1,244 (5,735) Proceeds from sales of loans 0 3,860 3,860 0 0 3,860 Capital expenditures for premises and equipment and other intangible assets (293) (751) (1,044) 0 (144) (1,188) Proceeds from sale of premises and equipment and other intangible assets 0 45 45 0 0 45 Other, net 3 110 113 0 0 113 Net cash provided by/(used in) investing activities (3,558) 19,130 15,572 (12,599) 13,701 16,674 Financing activities (CHF million) Increase/(decrease) in due to banks and customer deposits (26) 21,361 21,335 155 (126) 21,364 Increase/(decrease) in short-term borrowings (2,166) (3,124) (5,290) 0 44 (5,246) Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (245) (1,224) (1,469) 0 5 (1,464) Issuances of long-term debt 223,638 (165,997) 57,641 13,644 (13,276) 58,009 Repayments of long-term debt (221,868) 179,100 (42,768) 0 0 (42,768) Sale of treasury shares 0 0 0 0 12,364 12,364 Repurchase of treasury shares 0 0 0 (882) (12,371) (13,253) Dividends paid 0 (10) (10) (716) 10 (716) Other, net 168 766 934 480 36 1,450 Net cash provided by/(used in) financing activities (499) 30,872 30,373 12,681 (13,314) 29,740 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (239) (2,380) (2,619) (1) (47) (2,667) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (315) 37,478 37,163 0 70 37,233 Cash and due from banks at beginning of period 3 2,642 98,402 101,044 277 558 101,879 Cash and due from banks at end of period 3 2,327 135,880 138,207 277 628 139,112 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 (4,694) (13,724) (18,418) (141) 2 135 (18,424) Investing activities (CHF million) (Increase)/decrease in interest-bearing deposits with banks 12 399 411 9 (9) 411 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 8,321 65 8,386 0 0 8,386 Purchase of investment securities 0 (557) (557) (9,396) 9,396 (557) Proceeds from sale of investment securities 0 6 6 0 0 6 Maturities of investment securities 0 1,007 1,007 942 (942) 1,007 Investments in subsidiaries and other investments (34) (250) (284) (10) 9 (285) Proceeds from sale of other investments 516 617 1,133 48 (23) 1,158 (Increase)/decrease in loans 93 (17,402) (17,309) 0 1,965 (15,344) Proceeds from sales of loans 0 4,612 4,612 0 0 4,612 Capital expenditures for premises and equipment and other intangible assets (397) (736) (1,133) 0 (160) (1,293) Proceeds from sale of premises and equipment and other intangible assets 0 30 30 0 0 30 Other, net 27 510 537 6 0 543 Net cash provided by/(used in) investing activities 8,538 (11,699) (3,161) (8,401) 10,236 (1,326) Financing activities (CHF million) Increase/(decrease) in due to banks and customer deposits 6 24,678 24,684 923 (754) 24,853 Increase/(decrease) in short-term borrowings (809) 7,720 6,911 0 8 6,919 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (397) 3,888 3,491 0 (110) 3,381 Issuances of long-term debt 206,056 (171,145) 34,911 10,396 (10,344) 34,963 Repayments of long-term debt (208,631) 162,341 (46,290) (942) 942 (46,290) Issuances of common shares 0 0 0 (10) 10 0 Sale of treasury shares 0 0 0 3 9,621 9,624 Repurchase of treasury shares 0 0 0 (1,916) (9,620) (11,536) Dividends paid (1) (10) (11) (728) 43 (696) Other, net 75 133 208 768 (5) 971 Net cash provided by/(used in) financing activities (3,701) 27,605 23,904 8,494 (10,209) 22,189 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (41) (554) (595) 1 (13) (607) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 102 1,628 1,730 (47) 149 1,832 Cash and due from banks at beginning of period 3 2,540 96,774 99,314 324 409 100,047 Cash and due from banks at end of period 3 2,642 98,402 101,044 277 558 101,879 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 (8,326) 20,860 12,534 (215) 2 564 12,883 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 0 567 567 290 (290) 567 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 23,396 (32,056) (8,660) (8,514) 9,496 (7,678) 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 (120) (374) (494) 829 9 344 Net cash provided by/(used in) financing activities (15,618) 1,528 (14,090) 8,535 (9,428) (14,983) 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. |
Credit Suisse Group parent comp
Credit Suisse Group parent company | 12 Months Ended |
Dec. 31, 2020 | |
Credit Suisse Group parent company | 43 Credit Suisse Group parent company > Refer to “Note 42 – 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, 2020 | |
Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) | 44 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), the Swiss Financial Market Supervisory Authority’s Ordinance on Accounting (FINMA Accounting Ordinance) and the FINMA circular 2020/1, “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 participations are initially recognized at historical cost and tested for impairment at least annually. The fair value option is not allowed for participations. Under Swiss GAAP, participations held by a company are tested for impairment on the level of each individual participation. An impairment is recorded if the carrying value of a participation exceeds its fair value. Should the fair value of an impaired participation recover in subsequent periods and such recovery is considered sustainable, the impairment from prior periods can be reversed up to the fair value but not exceeding the historical cost basis. A reversal of an 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. Credit-related impairments may have to be recognized in the consolidated statements of operations if the fair value of an individual debt security decreases below its amortized cost basis due to credit-related factors. 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. Allowances and provisions for credit losses Under US GAAP, allowances and provisions for credit losses on financial instruments are estimated based on a CECL model. The credit loss requirements apply to financial assets measured at amortized cost as well as off-balance sheet credit exposures, such as irrevocable loan commitments, credit guarantees and similar instruments. The credit loss requirements are based on a forward-looking, lifetime CECL model by incorporating historical experience, current conditions and reasonable and supportable forecasts of future economic conditions available as of the reporting date. Under Swiss GAAP, an incurred loss model is applied for the measurement of credit losses. Valuation allowances and provisions are recognized for credit exposures that are considered impaired. In addition, an inherent (or general) loss allowance is estimated and recognized for all loans not specifically identified as impaired which, on a portfolio basis, are considered to contain inherent losses. 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, for fair value hedges, the carrying value of the underlying hedged items is adjusted to the change in the fair value of the hedged risk. Changes in the fair value of the related designated derivatives are recorded in the same line item of the consolidated statements of operations as the change in fair value of the hedged risk for the respective assets or liabilities. Under Swiss GAAP, the carrying value of hedged items is not adjusted. The amount representing the change in fair value of the hedged item with regard to the hedged risk is recorded in the compensation account included in other assets or other liabilities. Derivative financial instruments used for cash flow hedging Under US GAAP, the change in the fair value of a designated derivative of a cash flow hedge is reported in AOCI. Under Swiss GAAP, the change in the fair value of a designated derivative 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. Operating leases – lessee arrangements Under US GAAP, at commencement of an operating lease, the lessee recognizes a lease liability for future lease payments and a right-of-use asset which reflects the future benefits from the lease contract. The initial lease liability equals the present value of the future lease payments; amounts paid upfront are not included. The right-of-use asset equals the sum of the initial lease liability, initial direct costs and prepaid lease payments, with lease incentives received deducted. Operating lease costs, which include amortization and an interest component, are recognized over the remaining lease term on a straight-line basis. If the reporting entity permanently vacates premises and sub-leases a leased asset to another party at a loss, an impairment is recognized on the right-of-use asset. The impairment is determined as the difference between the carrying value of the right-of-use asset and the present value of the expected sub-lease income over the sub-lease term. Under Swiss GAAP, at commencement of an operating lease, no right-of-use assets and lease liabilities are recognized on the balance sheet of the lessee. For the calculation of the periodic lease expenses, initial direct costs, lease incentives and prepaid lease payments are considered and the total cost of a lease contract is expensed on a straight-line basis over the lease term. If the reporting entity permanently vacates premises, a provision for future payments under the lease contract is recorded, net of expected sub-lease income. 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. 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 with the right to sell or repledge 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) | 41 Significant valuation and income recognition differences between US GAAP and Swiss GAAP banking law (true and fair view) > Refer to “Note 44 – 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, 2020 | |
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 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 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 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 36 – 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. Restricted cash is any cash or cash equivalent recorded in cash and due from banks subject to restrictions imposed by a governmental or other regulatory agency that require the Group to set aside specified amounts of cash as reserves against transactions and time deposits. |
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 (repurchase agreements) do not constitute economic sales; therefore, they are 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. 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 Group elects to apply the fair value option to selected agreements pursuant to ASC Topic 825 – Financial Instruments. Under such circumstances, the 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. Reverse repurchase and repurchase agreements may be netted if they are with the same counterparty; have the same maturity date; settle through the same qualifying clearing institution and subject to a right of offset allowed by a legally enforceable master netting agreement or a central counterparty’s clearing rules. |
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 as collateral in a securities lending and borrowing transaction 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 Transfers of financial assets may involve the sale of these assets to special purpose entities (SPEs), which in turn issue securities to investors. The Group values its beneficial interests in such SPEs 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 35 – 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. |
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 held-to-maturity require an assessment of the current expected credit loss (CECL) at the reporting date. 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. Debt securities classified as available-for-sale are impaired if there is a decline in fair value below amortized cost basis. If the Group intends to sell an impaired security or more likely than not will be required to sell such a security before recovering its amortized cost basis, the entire difference between the amortized cost basis and fair value is recognized as a credit loss. However, if the Group does not intend to sell and is not likely to be required to sell, an assessment is made if a decline in fair value of the security is due to credit-related factors or non-credit related factors. Credit-related impairment is recognized in earnings by recording an allowance for credit losses. Any portion of the unrealized loss that relates to non-credit related factors is recognized in AOCI, net of income taxes. Amortization of premiums or discounts for debt securities is recorded in interest and dividend income using the effective yield method through the maturity date of the 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 3% 5% 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. A loan is classified as non-performing and thus considered credit impaired 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. In addition, the Group continues to add accrued interest receivable to the loan’s balance for collection purposes; however, a credit provision is recorded, resulting in no interest income recognition. 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. 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. Amortization of deferred fees and premiums and discounts ceases while a loan is deemed to be non-performing or non-interest-earning. Loans that are modified in a troubled debt restructuring are reported as restructured loans. Generally, a restructured loan would have been considered credit-impaired prior to the restructuring. Loans modified in a troubled debt restructuring are no longer considered credit-impaired in the years following the restructuring if the restructured loan carries an interest rate that is equal to or greater than the rate the Group was willing to accept at the time of the restructuring for a loan with comparable risk and the loan is not credit-impaired based on the terms specified by the restructuring agreement. 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 credit-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 continue to accrue interest. > Refer to “Note 19 – Loans” for further information. Credit losses on financial instruments measured at amortized cost The credit loss requirements apply to financial assets measured at amortized cost including loans held-to-maturity, net investments in leases as a lessor as well as off-balance sheet credit exposures, such as irrevocable loan commitments, and credit guarantees. The credit loss requirements are based on a forward-looking, lifetime CECL model by incorporating reasonable and supportable forecasts of future economic conditions available at the reporting date. The CECL amounts are estimated over the contractual term of the financial assets taking into account the effect of prepayments. This requires considerable judgment over how changes in macroeconomic factors as well as changes in forward-looking borrower-specific characteristics will affect the CECL amounts. The Group measures expected credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. For financial assets that do not share similar risk characteristics, expected credit losses are evaluated on an individual basis. CECL amounts are probability-weighted estimates of potential credit losses based on historical frequency, current trends and conditions as well as forecasted macroeconomic factors, such as gross domestic product, unemployment rates and interest rates. For financial assets that are performing at the reporting date, the allowance for credit losses is generally measured using a probability of default/loss given default approach under which both probability of default (PD), loss given default (LGD) and exposure at default (EAD) are estimated. For financial assets that are credit-impaired at the reporting date, the Group generally applies a discounted cash flow approach to determine the difference between the gross carrying amount and the present value of estimated future cash flows. An allowance for credit losses is deducted from the amortized cost basis of the financial asset. Changes in the allowance for credit losses are recorded in the consolidated statement of operations in provision for credit losses or, if related to provisions on past due interest, in net interest income. For undrawn irrevocable loan commitments, the present value is calculated based on the difference between the contractual cash flows that are due to the Group if the commitment is drawn and the cash flows that the Group expects to receive, in order to estimate the provision for expected credit losses. For credit guarantees, expected credit losses are recognized for the contingency of the credit guarantee. Provisions for off-balance sheet credit exposures are recognized as a provision in other liabilities in the consolidated balance sheets. Write-off of a financial asset occurs when it is considered certain that there is no possibility of recovering the outstanding principal. If the amount of loss on write-off is greater than the accumulated allowance for credit losses, the difference results in an additional credit loss. The additional credit loss is first recognized as an addition to the allowance; the allowance is then applied against the gross carrying amount. Any repossessed collateral is initially measured at fair value. The subsequent measurement depends on the nature of the collateral. Any uncollectible accrued interest receivable is written off by reversing the related interest income. Expected recoveries on financial assets previously written off or assessed/planned to be written off have to be reflected in the allowance for credit losses; for this purpose, the amount of expected recoveries cannot exceed the aggregate amounts previously written off or assessed/planned to be written off. Accordingly, expected recoveries from financial assets previously written off may result in an overall negative allowance for credit loss balance. Prior to January 2020, the allowance for credit losses reflected probable incurred credit losses. > Refer to “Note 20 – Financial instruments measured at amortized cost and credit losses” for further information. 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. Adjustments to the lower of amortized cost basis or fair value are presented as a valuation allowance and recorded in other revenue. 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. |
Lessor, Leases | For sales-type and direct financing leases under lessor arrangements, which are classified as loans, the Group de-recognizes the underlying assets and recognizes a net investment in the lease. The net investment in the lease is calculated as the lease receivable plus the unguaranteed portion of the estimated residual value. The lease receivable is initially measured at the present value of the sum of the future lease payments receivable over the lease term and any portion of the estimated residual value at the end of the lease term that is guaranteed by either the lessee or an unrelated third party. Lease terms may include options that permit the lessee to extend or renew these leases. Such options are only included in the measurement of lease receivables for sales-type and direct financing leases when it is reasonably certain that the lessee would exercise these options. Subsequently, unearned income is amortized to interest income over the lease term using the effective interest method. > Refer to “Note 19 – Loans”, “Note 20 – Financial instruments measured at amortized cost and credit losses” and “Note 24 – Leases” for further information. For operating leases under lessor arrangements, the Group continues to recognize the underlying asset and depreciates the asset over its estimated useful life. Lease income is recognized in other income on a straight-line basis over the lease term. |
Lessee, Leases | Leases For lessee arrangements, the Group recognizes lease liabilities, which are reported as other liabilities or long-term debt, and right-of-use assets, which are reported as other assets. Lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Right-of-use assets are initially measured based on the lease liability, adjusted for any initial direct costs, any lease payments made prior to lease commencement and for any lease incentives. > Refer to “Note 23 – Other assets and other liabilities”, “Note 24 – Leases” and “Note 26 – Long-term debt” for further information. Options that permit the Group to extend or terminate a lease are only included in the measurement of right-of-use assets and lease liabilities when it is reasonably certain that the Group would exercise the extension option or would not exercise the termination option. Lease payments, which depend on an index or a referenced rate, are considered unavoidable and are included in the lease liabilities using the index or rate as of the lease commencement date. Other variable lease payments, as well as subsequent changes in an index or referenced rate, are excluded from the lease liabilities. The Group’s incremental borrowing rate, which is used in determining the present value of lease payments, is derived from information available at the lease commencement date. Operating lease costs, which include amortization and an interest component, are recognized over the remaining lease term on a straight-line basis. Operating and variable lease costs are recognized in general and administrative expenses. |
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, equipment, right-of-use assets 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. The impairment assessment is performed for a group of assets for which largely separate cash flows can be identified. Where the carrying amount for the group of assets exceeds the recoverable amount, the group of assets 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 | 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 a right to offset exists under an enforceable master netting agreement or a central counterparty’s clearing rules. Where no such rights exist, 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 values of the underlying hedged items are 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 used to present the changes in the fair value of the hedged item. When the Group discontinues fair value hedge accounting because it determines that the derivative no longer qualifies as an effective 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 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). 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. 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. |
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 that do not contain derivative features as well as hybrid debt. Hybrid debt includes capital instruments as well as those 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, and the Group applies hedge accounting per the guidance of ASC Topic 815 – Derivatives and Hedging. For capital management purposes, the Group has outstanding 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 fair-value option elected 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 | 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. Contingent obligations under issued guarantees not related to a financial obligation such as performance guarantees and non-financial standby letters of credit are assessed for the probability of loss on an ongoing basis. Contingent obligations under issued guarantees related to a financial obligation such as credit guarantees and financial standby letters of credit are assessed for CECL at reporting date. |
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. |
Pensions and other post-retirement benefits | 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 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. If all or almost all of the participants are inactive, the amortization period is based on the average remaining life expectancy of the inactive participants. Unrecognized prior service costs or credits are amortized over the remaining service period of employees affected by a plan amendment. 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. |
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. Underwriting expenses are deferred and recognized 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 and is performed by independent qualified actuaries. > 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. |
Recently issued accounting st_2
Recently issued accounting standards (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Prospective Adoption of New Accounting Pronouncements [Table Text Block] | Impact from the adoption of ASC Topic 326 – Financial Instruments – Credit Losses Carrying Carrying Assets (CHF million) Cash and due from banks, net 101,879 – (1) 101,878 allowance for credit losses – – (1) (1) Interest-bearing deposits with banks, net 741 – (3) 738 allowance for credit losses – – (3) (3) Net loans 296,779 – (187) 296,592 of which reported at fair value 12,662 248 2 (84) 12,826 of which reported at amortized cost (amortized cost base) 285,179 (248) 2 – 284,931 allowance for credit losses (946) – (103) (1,049) Other assets, net 39,609 – (8) 39,632 3 allowance for credit losses – other assets held at amortized cost (33) 1 – (8) (41) Liabilities Other liabilities 31,043 – (36) 31,007 of which reported at fair value 7,891 – 7 7,898 of which provisions for expected credit losses on off-balance sheet credit exposures 172 – (43) 129 Adoption impact before taxes – – (163) – Income taxes 31 Adoption impact on retained earnings (132) 1 In the Annual Report 2019, the allowance for credit losses was reflected in the carrying value of the respective balance sheet position and was not separately disclosed. 2 Reflects the irrevocable election of the fair value option for selected positions, as applicable, in accordance with ASU 2019-05. Reclassifications are made at amortized cost before allowance of credit loss. The related release of the allowance for credit loss as well as the fair value adjustment between the amortized cost basis and the fair value are reflected in the remeasurement column. 3 Includes the adoption impact on deferred tax assets of CHF 31 million, in addition to the CECL pre-tax remeasurements. |
Business developments (Tables)
Business developments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of significant registered shareholders | Significant shareholders registered in the share register 2020 2019 Number Total nominal Share- Number Total nominal Share- Direct shareholders 1 Chase Nominees Ltd. 2 323 13 13.21 343 14 13.43 Nortrust Nominees Ltd. 2 184 7 7.53 163 7 6.37 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, 2020 | |
Net revenues and income/(loss) from continuing operations before taxes and total assets by segment | Net revenues and income/(loss) before taxes in 2020 2019 2018 Net revenues (CHF million) Swiss Universal Bank 5,615 5,905 5,443 International Wealth Management 4,837 5,816 5,320 Asia Pacific 3,155 3,029 2,759 Investment Bank 9,098 8,161 8,004 Strategic Resolution Unit 1 – – (708) Corporate Center (316) (427) 102 Net revenues 22,389 22,484 20,920 Income/(loss) before taxes (CHF million) Swiss Universal Bank 2,104 2,573 1,991 International Wealth Management 1,052 2,065 1,610 Asia Pacific 828 922 632 Investment Bank 1,655 1,026 818 Strategic Resolution Unit 1 – – (1,381) Corporate Center (2,172) (1,866) (298) Income before taxes 3,467 4,720 3,372 1 Beginning in 2019, the Strategic Resolution Unit ceased to exist as a separate division of the Group. The residual portfolio remaining as of December 31, 2018 is now managed in an Asset Resolution Unit and is separately disclosed within the Corporate Center. Total assets end of 2020 2019 Total assets (CHF million) Swiss Universal Bank 261,465 249,829 International Wealth Management 95,206 91,277 Asia Pacific 67,356 73,719 Investment Bank 270,488 266,257 Corporate Center 111,307 106,213 Total assets 805,822 787,295 |
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 2020 2019 2018 Net revenues (CHF million) Switzerland 7,719 8,434 7,646 EMEA 3,885 1,962 1,686 Americas 7,614 9,103 8,731 Asia Pacific 3,171 2,985 2,857 Net revenues 22,389 22,484 20,920 Income/(loss) before taxes (CHF million) Switzerland 1,770 2,985 1,924 EMEA (124) (1,786) (2,082) Americas 1,577 3,409 3,452 Asia Pacific 244 112 78 Income before taxes 3,467 4,720 3,372 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 2020 2019 Total assets (CHF million) Switzerland 262,034 242,991 EMEA 159,661 144,888 Americas 287,619 305,328 Asia Pacific 96,508 94,088 Total assets 805,822 787,295 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 2020 2019 2018 Net revenues (CHF million) Swiss Universal Bank 5,615 5,905 5,443 International Wealth Management 4,837 5,816 5,320 Asia Pacific 3,155 3,029 2,759 Investment Bank 9,098 8,161 8,004 Adjustments 1 (202) (225) (706) Net revenues 22,503 22,686 20,820 Income/(loss) before taxes (CHF million) Swiss Universal Bank 2,104 2,573 1,991 International Wealth Management 1,052 2,065 1,610 Asia Pacific 828 922 632 Investment Bank 1,655 1,026 818 Adjustments 1 (2,428) (2,193) (2,195) Income before taxes 3,211 4,393 2,856 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 revenues and expenses that were not allocated to the segments, including such items relating to the Asset Resolution Unit. Total assets end of 2020 2019 Total assets (CHF million) Swiss Universal Bank 261,465 249,829 International Wealth Management 95,206 91,277 Asia Pacific 67,356 73,719 Investment Bank 270,488 266,257 Adjustments 1 115,173 109,377 Total assets 809,688 790,459 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 revenues and expenses that were not allocated to the segments, including such items relating to the Asset Resolution Unit. |
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 2020 2019 2018 Net revenues (CHF million) Switzerland 8,659 9,239 8,047 EMEA 3,162 1,244 1,164 Americas 7,765 9,253 8,750 Asia Pacific 2,917 2,950 2,859 Net revenues 22,503 22,686 20,820 Income/(loss) before taxes (CHF million) Switzerland 2,477 3,259 1,927 EMEA (847) (2,574) (2,520) Americas 1,419 3,348 3,344 Asia Pacific 162 360 105 Income before taxes 3,211 4,393 2,856 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 2020 2019 Total assets (CHF million) Switzerland 266,095 245,819 EMEA 159,465 145,219 Americas 287,640 305,330 Asia Pacific 96,488 94,091 Total assets 809,688 790,459 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, 2020 | |
Net interest income | in 2020 2019 2018 Net interest income (CHF million) Loans 5,733 7,179 6,770 Investment securities 3 9 80 Trading assets 5,816 7,340 7,131 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,596 2,926 2,856 Other 771 2,730 2,776 Interest and dividend income 13,919 20,184 19,613 Deposits (1,113) (3,055) (2,287) Short-term borrowings (166) (409) (359) Trading liabilities (2,658) (3,513) (3,453) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (907) (1,668) (1,877) Long-term debt (2,753) (3,412) (3,816) Other (374) (1,110) (812) Interest expense (7,971) (13,167) (12,604) Net interest income 5,948 7,017 7,009 |
Bank | |
Net interest income | in 2020 2019 2018 Net interest income (CHF million) Loans 5,694 7,173 6,778 Investment securities 3 9 80 Trading assets 5,816 7,341 7,131 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,596 2,926 2,856 Other 769 2,731 2,778 Interest and dividend income 13,878 20,180 19,623 Deposits (1,107) (3,055) (2,291) Short-term borrowings (170) (422) (370) Trading liabilities (2,658) (3,513) (3,453) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (908) (1,669) (1,877) Long-term debt (2,702) (3,361) (3,696) Other (373) (1,111) (811) Interest expense (7,918) (13,131) (12,498) Net interest income 5,960 7,049 7,125 |
Commissions and fees (Tables)
Commissions and fees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commissions and fees | in 2020 2019 2018 Commissions and fees (CHF million) Lending business 1,631 1,687 1,931 Investment and portfolio management 3,187 3,438 3,582 Other securities business 66 63 48 Fiduciary business 3,253 3,501 3,630 Underwriting 2,255 1,564 1,718 Brokerage 3,244 2,893 2,813 Underwriting and brokerage 5,499 4,457 4,531 Other services 1,470 1,513 1,798 Commissions and fees 11,853 11,158 11,890 |
Bank | |
Commissions and fees | in 2020 2019 2018 Commissions and fees (CHF million) Lending business 1,612 1,663 1,902 Investment and portfolio management 3,087 3,295 3,415 Other securities business 73 89 83 Fiduciary business 3,160 3,384 3,498 Underwriting 2,348 1,602 1,735 Brokerage 3,246 2,900 2,797 Underwriting and brokerage 5,594 4,502 4,532 Other services 1,484 1,522 1,810 Commissions and fees 11,850 11,071 11,742 |
Trading revenues (Tables)
Trading revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trading revenues | in 2020 2019 2018 Trading revenues (CHF million) Interest rate products (1) 96 757 Foreign exchange products 2,473 668 367 Equity/index-related products 422 1,071 (307) Credit products 192 (513) (97) Commodity and energy products 132 144 102 Other products 77 273 (198) Trading revenues 3,295 1,739 624 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 2020 2019 2018 Trading revenues (CHF million) Interest rate products (91) 67 759 Foreign exchange products 2,482 656 372 Equity/index-related products 387 1,146 (481) Credit products 192 (513) (97) Commodity and energy products 132 144 102 Other products 76 273 (199) Trading revenues 3,178 1,773 456 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, 2020 | |
Other revenues | in 2020 2019 2018 Other revenues (CHF million) Noncontrolling interests without SEI 0 0 (2) Loans held-for-sale (34) (14) (4) Long-lived assets held-for-sale 26 252 39 Equity method investments (254) 232 228 Other investments 769 1,141 337 Other 786 959 799 Other revenues 1,293 2,570 1,397 |
Bank | |
Other revenues | in 2020 2019 2018 Other revenues (CHF million) Loans held-for-sale (34) (14) (4) Long-lived assets held-for-sale 26 252 39 Equity method investments (255) 230 221 Other investments 769 1,142 335 Other 1,009 1,183 906 Other revenues 1,515 2,793 1,497 |
Provision for credit losses (Ta
Provision for credit losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Provision for credit losses | in 2020 2019 2018 Provision for credit losses (CHF million) Loans held at amortized cost 863 284 201 Other financial assets held at amortized cost 24 11 0 Off-balance sheet credit exposures 209 29 44 Provision for credit losses 1,096 324 245 |
Bank | |
Provision for credit losses | in 2020 2019 2018 Provision for credit losses (CHF million) Loans held at amortized cost 863 284 201 Other financial assets held at amortized cost 19 11 0 Off-balance sheet credit exposures 210 29 44 Provision for credit losses 1,092 324 245 |
Compensation and benefits (Tabl
Compensation and benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation and benefits | in 2020 2019 2018 Compensation and benefits (CHF million) Salaries and variable compensation 8,401 8,608 8,220 Social security 653 642 652 Other 1 836 786 748 Compensation and benefits 9,890 10,036 9,620 1 Includes pension-related expenses of CHF 517 million, CHF 437 million and CHF 411 million in 2020, 2019 and 2018, respectively, relating to service costs for defined benefit pension plans and employer contributions for defined contribution plans. |
Bank | |
Compensation and benefits | in 2020 2019 2018 Compensation and benefits (CHF million) Salaries and variable compensation 7,521 7,733 7,449 Social security 559 554 567 Other 1 780 818 848 Compensation and benefits 8,860 9,105 8,864 1 Includes pension-related expenses of CHF 503 million, CHF 502 million and CHF 533 million in 2020, 2019 and 2018, respectively, 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, 2020 | |
General and administrative expenses | in 2020 2019 2018 General and administrative expenses (CHF million) Occupancy expenses 982 1,090 964 IT, machinery and equipment 1,428 1,343 1,174 Provisions and losses 1,261 640 425 Travel and entertainment 152 337 338 Professional services 1,546 1,712 1,803 Amortization and impairment of other intangible assets 8 10 9 Other 1 1,146 996 1,085 General and administrative expenses 6,523 6,128 5,798 1 Includes pension-related expenses/(credits) of CHF (159) (204) (208) |
Bank | |
General and administrative expenses | in 2020 2019 2018 General and administrative expenses (CHF million) Occupancy expenses 883 990 855 IT, machinery and equipment 1,129 1,066 926 Provisions and losses 1,253 639 433 Travel and entertainment 134 303 310 Professional services 3,025 3,132 2,991 Amortization and impairment of other intangible assets 8 10 9 Other 1 1,530 1,448 1,544 General and administrative expenses 7,962 7,588 7,068 1 Includes pension-related expenses/(credits) of CHF 10 million and CHF 32 million in 2019 and 2018, respectively, relating to certain components of net periodic benefit costs for defined benefit plans. |
Restructuring expenses (Tables)
Restructuring expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses by type in 2020 2019 2018 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 107 – 246 of which severance expenses 69 – 169 of which accelerated deferred compensation 38 – 77 General and administrative-related expenses 50 – 380 of which pension expenses 38 – 74 Total restructuring expenses 157 – 626 |
Restructuring Provisions [Table Text Block] | Restructuring liabilities 2020 2019 2018 Compen- General and Compen- General and Compen- General and Restructuring liabilities (CHF million) Balance at beginning of period – – – 156 190 346 196 110 306 Net additional charges 1 69 6 75 – – – 169 219 388 Reclassifications – – – (156) 2 (190) 3 (346) – – – Utilization (19) (4) (23) – – – (209) (139) (348) Balance at end of period 50 2 52 – – – 156 190 346 1 The following items for which expense accretion was accelerated in 2020 and 2018 due to the restructuring of the Group are not included in the restructuring liabilities: unsettled share-based compensation of CHF 27 million and CHF 56 million, respectively; unsettled pension obligations of CHF 38 million and CHF 74 million, respectively, which remain classified as pension provisions; unsettled cash-based deferred compensation of CHF 11 million and CHF 21 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 6 million and CHF 87 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. 2 In 2019, CHF 97 million was transferred to litigation provisions and CHF 59 million was transferred to other liabilities. 3 In 2019, CHF 167 million was transferred to right-of-use assets in accordance with ASU 2016-02 and CHF 23 million to other liabilities. |
Bank | |
Restructuring and Related Costs [Table Text Block] | Restructuring expenses by type in 2020 2019 2018 Restructuring expenses by type (CHF million) Compensation and benefits-related expenses 102 – 233 of which severance expenses 66 – 157 of which accelerated deferred compensation 36 – 76 General and administrative-related expenses 20 – 295 of which pension expenses 8 – 0 Total restructuring expenses 122 – 528 |
Restructuring Provisions [Table Text Block] | Restructuring liabilities 2020 2019 2018 Compen- General and Compen- General and Compen- General and Restructuring liabilities (CHF million) Balance at beginning of period – – – 152 190 342 191 110 301 Net additional charges 1 66 6 72 – – – 157 216 373 Reclassifications – – – (152) 2 (190) 3 (342) – – – Utilization (19) (4) (23) – – – (196) (136) (332) Balance at end of period 47 2 49 – – – 152 190 342 1 The following items for which expense accretion was accelerated in 2020 and 2018 due to the restructuring of the Bank are not included in the restructuring provision: unsettled share-based compensation of CHF 25 million and CHF 55 million, respectively; unsettled pension obligations of CHF 8 million and CHF 0 million, respectively, which remain classified as pension provisions; unsettled cash-based deferred compensation of CHF 11 million and CHF 21 million, respectively, which remain classified as compensation liabilities; and accelerated accumulated depreciation and impairment of CHF 6 million and CHF 79 million, respectively, which remain classified as premises and equipment. The settlement date for the unsettled share-based compensation remains unchanged at three years. 2 In 2019, CHF 97 million was transferred to litigation provisions and CHF 55 million was transferred to other liabilities. 3 In 2019, CHF 167 million was transferred to right-of-use assets in accordance with ASU 2016-02 and CHF 23 million to other liabilities. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings per share | in 2020 2019 2018 Basic net income/(loss) attributable to shareholders (CHF million) Net income attributable to shareholders for basic earnings per share 2,669 3,419 2,024 Net income attributable to shareholders for diluted earnings per share 2,669 3,419 2,024 Weighted-average shares outstanding (million) For basic earnings per share available for common shares 2,457.0 2,524.2 2,574.2 Dilutive share options and warrants 1.8 2.7 3.0 Dilutive share awards 67.6 59.9 53.8 For diluted earnings per share available for common shares 1 2,526.4 2,586.8 2,631.0 Earnings/(loss) per share available for common shares (CHF) Basic earnings per share available for common shares 1.09 1.35 0.79 Diluted earnings per share available for common shares 1.06 1.32 0.77 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 6.2 million, 7.9 million and 8.7 million for 2020, 2019 and 2018, respectively. |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Contract with Customer, Asset and Liability [Table Text Block] | Contracts with customers and disaggregation of revenues in 2020 2019 2018 Contracts with customers (CHF million) Investment and portfolio management 3,187 3,438 3,582 Other securities business 66 63 48 Underwriting 2,255 1,564 1,718 Brokerage 3,242 2,891 2,829 Other services 1,475 1,521 1,902 Total revenues from contracts with customers 10,225 9,477 10,079 |
Revenue from External Customers by Products and Services [Table Text Block] | Contract balances end of 2020 2019 Contract balances (CHF million) Contract receivables 1,001 880 Contract liabilities 48 53 Contract balances in 4Q20 3Q20 2Q20 1Q20 Revenue recognized (CHF million) Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period 7 12 12 11 |
Bank | |
Contract with Customer, Asset and Liability [Table Text Block] | Contracts with customers and disaggregation of revenues in 2020 2019 2018 Contracts with customers (CHF million) Investment and portfolio management 3,087 3,295 3,415 Other securities business 73 89 83 Underwriting 2,348 1,602 1,735 Brokerage 3,243 2,898 2,812 Other services 1,566 1,611 1,949 Total revenues from contracts with customers 10,317 9,495 9,994 |
Revenue from External Customers by Products and Services [Table Text Block] | Contract balances end of 2020 2019 Contract balances (CHF million) Contract receivables 993 886 Contract liabilities 48 53 Contract balances in 4Q20 3Q20 2Q20 1Q20 Revenue recognized (CHF million) Revenue recognized in the reporting period included in the contract liabilities balance at the beginning of period 7 12 12 11 |
Securities borrowed, lent and_2
Securities borrowed, lent and subject to repurchase agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Securities borrowed, lent and subject to repurchase agreements | end of 2020 2019 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 53,910 78,835 Deposits paid for securities borrowed 25,223 28,162 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 79,133 106,997 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 19,736 21,741 Deposits received for securities lent 4,115 5,792 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 23,851 27,533 |
Bank | |
Securities borrowed, lent and subject to repurchase agreements | end of 2020 2019 Securities borrowed or purchased under agreements to resell (CHF million) Central bank funds sold and securities purchased under resale agreements 53,910 78,835 Deposits paid for securities borrowed 25,223 28,162 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 79,133 106,997 Securities lent or sold under agreements to repurchase (CHF million) Central bank funds purchased and securities sold under repurchase agreements 19,829 21,849 Deposits received for securities lent 4,115 5,792 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 23,944 27,641 |
Trading assets and liabilities
Trading assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Trading assets and liabilities | end of 2020 2019 Trading assets (CHF million) Debt securities 64,395 66,994 Equity securities 63,237 64,542 Derivative instruments 1 25,531 17,731 Other 4,175 4,530 Trading assets 157,338 153,797 Trading liabilities (CHF million) Short positions 28,126 24,714 Derivative instruments 1 17,745 13,472 Trading liabilities 45,871 38,186 1 Amounts shown after counterparty and cash collateral netting. |
Cash collateral receivables and payables | end of 2020 2019 Cash collateral on derivatives instruments – netted (CHF million) 1 Cash collateral paid 26,815 20,695 Cash collateral received 16,795 14,633 Cash collateral on derivatives instruments – not netted (CHF million) 2 Cash collateral paid 7,741 4,570 Cash collateral received 7,831 7,457 1 Recorded as cash collateral netting on derivative instruments in Note 28 – 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 2020 2019 Trading assets (CHF million) Debt securities 64,532 67,030 Equity securities 63,273 64,604 Derivative instruments 1 25,531 17,730 Other 4,175 4,531 Trading assets 157,511 153,895 Trading liabilities (CHF million) Short positions 28,126 24,714 Derivative instruments 1 17,745 13,472 Trading liabilities 45,871 38,186 1 Amounts shown after counterparty and cash collateral netting. |
Cash collateral receivables and payables | end of 2020 2019 Cash collateral on derivative instruments – netted (CHF million) 1 Cash collateral paid 26,885 20,739 Cash collateral received 16,795 14,633 Cash collateral on derivative instruments – not netted (CHF million) 2 Cash collateral paid 7,741 4,570 Cash collateral received 7,831 7,457 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 22 – Other assets and other liabilities. |
Investment securities (Tables)
Investment securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment securities | end of 2020 2019 Investment securities (CHF million) Debt securities available-for-sale 607 1,006 Total investment securities 607 1,006 |
Investment securities by type | Investment securities by type 2020 2019 Gross Gross Gross Gross Investment securities by type (CHF million) Swiss federal, cantonal or local government entities 3 0 0 3 2 0 0 2 Foreign governments 0 0 0 0 163 8 0 171 Corporate debt securities 593 11 0 604 807 28 2 833 Debt securities available-for-sale 596 11 0 607 972 36 2 1,006 |
Proceeds from sales, realized gains and realized losses from available-for-sale securities | Gross unrealized losses on debt securities and the related fair value Less than 12 months 12 months or more Total Gross Gross Gross 2019 (CHF million) Corporate debt securities 204 2 0 0 204 2 Debt securities available-for-sale 204 2 0 0 204 2 Proceeds from sales, realized gains and realized losses from debt securities available-for-sale in 2020 2019 2018 Sales of debt securities available-for-sale (CHF million) Proceeds from sales 629 6 255 Realized gains 42 0 8 |
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities Average 2020 (CHF million, except where indicated) Due within 1 year 149 149 0.26 Due from 1 to 5 years 2 2 3.75 Due from 5 to 10 years 445 456 (0.01) Debt securities available-for-sale 596 607 0.07 |
Bank | |
Investment securities | end of 2020 2019 Investment securities (CHF million) Debt securities available-for-sale 605 1,004 Total investment securities 605 1,004 |
Investment securities by type | Investment securities by type 2020 2019 Gross Gross Gross Gross Investment securities by type (CHF million) Swiss federal, cantonal or local government entities 1 0 0 1 0 0 0 0 Foreign governments 0 0 0 0 163 8 0 171 Corporate debt securities 594 10 0 604 807 28 2 833 Debt securities available-for-sale 595 10 0 605 970 36 2 1,004 |
Proceeds from sales, realized gains and realized losses from available-for-sale securities | Gross unrealized losses on debt securities and related fair value Less than 12 months 12 months or more Total Gross Gross Gross 2019 (CHF million) Corporate debt securities 204 2 0 0 204 2 Debt securities available-for-sale 204 2 0 0 204 2 Proceeds from sales, realized gains and realized losses from debt securities available-for-sale in 2020 2019 2018 Sales of debt securities available-for-sale (CHF million) Proceeds from sales 629 6 255 Realized gains 42 0 8 |
Amortized cost, fair value and average yield of debt securities | Amortized cost, fair value and average yield of debt securities Average 2020 (CHF million, except where indicated) Due within 1 year 149 149 0.26 Due from 5 to 10 years 446 456 (0.01) Debt securities available-for-sale 595 605 0.05 |
Other investments (Tables)
Other investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other investments | end of 2020 2019 Other investments (CHF million) Equity method investments 2,631 2,367 Equity securities (without a readily determinable fair value) 1 1,779 2,148 of which at net asset value 113 409 of which at measurement alternative 359 274 of which at fair value 1,278 1,434 of which at cost less impairment 29 31 Real estate held-for-investment 2 82 99 Life finance instruments 3 920 1,052 Total other investments 5,412 5,666 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 2020 and 2019, real estate held for investment included foreclosed or repossessed real estate of CHF 16 million and CHF 24 million, respectively, of which CHF 13 million and CHF 10 million, respectively, were related to residential real estate. 3 Includes single premium immediate annuity contracts. |
Impairments and adjustments on equity securities at measurement alternative | Equity securities at measurement alternative in / end of 2020 Cumulative 2019 Impairments and adjustments (CHF million) Impairments and downward adjustments (17) (25) (1) Upward adjustments 137 147 11 |
Bank | |
Other investments | end of 2020 2019 Other investments (CHF million) Equity method investments 2,624 2,361 Equity securities (without a readily determinable fair value) 1 1,776 2,145 of which at net asset value 111 407 of which at measurement alternative 357 272 of which at fair value 1,278 1,434 of which at cost less impairment 30 32 Real estate held-for-investment 2 59 76 Life finance instruments 3 920 1,052 Total other investments 5,379 5,634 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 2020 and 2019, real estate held for investment included foreclosed or repossessed real estate of CHF 16 million and CHF 24 million, respectively, of which CHF 13 million and CHF 10 million, respectively, were related to residential real estate. 3 Includes single premium immediate annuity contracts. |
Impairments and adjustments on equity securities at measurement alternative | Equity securities at measurement alternative in / end of 2020 Cumulative 2019 Impairments and adjustments (CHF million) Impairments and downward adjustments (17) (25) (1) Upward adjustments 137 147 11 |
Loans, allowance for loan los_2
Loans, allowance for loan losses and credit quality (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Loans | Loans end of 2020 2019 Loans (CHF million) Mortgages 1 111,270 109,671 Loans collateralized by securities 1 51,789 56,425 Consumer finance 4,888 4,401 Consumer 167,947 170,497 Real estate 29,045 29,220 Commercial and industrial loans 1 74,097 73,495 Financial institutions 19,072 20,367 Governments and public institutions 3,378 4,262 Corporate & institutional 125,592 127,344 Gross loans 293,539 297,841 of which held at amortized cost 282,131 285,179 of which held at fair value 11,408 12,662 Net (unearned income)/deferred expenses (95) (116) Allowance for credit losses (1,536) (946) Net loans 291,908 296,779 Gross loans by location Switzerland 168,589 163,133 Foreign 124,950 134,708 Gross loans 293,539 297,841 Impaired loans Non-performing loans 1,666 1,250 Non-interest-earning loans 375 260 Non-accrual loans 2,041 1,510 Restructured loans 313 350 Potential problem loans 843 266 Other impaired loans 1,156 616 Gross impaired loans 2 3,197 2,126 1 Certain corporate & institutional loans have been reclassified to consumer loans following the application of a look-through approach with regard to beneficial owners. The prior period has been reclassified to conform to the current presentation. 2 As of December 31, 2020 and 2019, CHF 180 million and CHF 208 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. |
Bank | |
Loans | Loans end of 2020 2019 Loans (CHF million) Mortgages 1 111,270 109,671 Loans collateralized by securities 1 51,789 56,425 Consumer finance 4,888 4,401 Consumer 167,947 170,497 Real estate 29,045 29,220 Commercial and industrial loans 1 74,700 74,094 Financial institutions 26,901 27,013 Governments and public institutions 3,378 4,262 Corporate & institutional 134,024 134,589 Gross loans 301,971 305,086 of which held at amortized cost 290,563 292,425 of which held at fair value 11,408 12,661 Net (unearned income)/deferred expenses (95) (116) Allowance for credit losses (1,535) (945) Net loans 300,341 304,025 Gross loans by location Switzerland 176,312 169,671 Foreign 125,659 135,415 Gross loans 301,971 305,086 Impaired loans Non-performing loans 1,666 1,250 Non-interest-earning loans 363 248 Non-accrual loans 2,029 1,498 Restructured loans 313 350 Potential problem loans 843 266 Other impaired loans 1,156 616 Gross impaired loans 2 3,185 2,114 1 Certain corporate & institutional loans have been reclassified to consumer loans following the application of a look-through approach with regard to beneficial owners. The prior period has been reclassified to conform to the current presentation. 2 As of December 31, 2020 and 2019, CHF 180 million and CHF 208 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. |
CECL - Financial instruments _2
CECL - Financial instruments measured at amortized cost and credit losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial instruments measured at amortized costs | Overview of financial instruments measured at amortized cost – by balance sheet position 1 Allowance Net 2020 (CHF million) Cash and due from banks 138,593 (6) 138,587 Interest-bearing deposits with banks 1,303 2 (5) 1,298 Securities purchased under resale agreements and securities borrowing transactions 21,139 0 21,139 Loans 282,036 2,3 (1,536) 280,500 Brokerage receivables 35,942 2 (1) 35,941 Other assets 15,394 (43) 15,351 Total 494,407 (1,591) 492,816 1 Net of unearned income/deferred expenses, as applicable. 2 Excludes accrued interest in the total amount of CHF 351 million, with no related allowance for credit losses. Of the accrued interest balance, CHF 1 million relates to interest-bearing deposits with banks, CHF 334 million to loans and CHF 16 million to brokerage receivables. These accrued interest balances are reported in other assets. 3 Includes endangered interest of CHF 88 million on non-accrual loans which are reported as part of the loans' amortized cost balance. |
Allowance for credit losses - loans held at amortized cost | Allowance for credit losses – loans held at amortized cost 2020 2019 1 2018 1 Corporate & Corporate & Corporate & Allowance for credit losses (CHF million) Balance at beginning of period 241 808 1,049 2 187 715 902 220 662 882 Current-period provision for expected credit losses 191 709 900 63 221 284 19 182 201 of which methodology changes 0 (19) (19) – – – – – – of which provisions for interest 3 22 15 37 – – – – – – Gross write-offs (87) (238) (325) (86) (213) (299) (85) (184) (269) Recoveries 8 5 13 9 16 25 21 37 58 Net write-offs (79) (233) (312) (77) (197) (274) (64) (147) (211) Provisions for interest – – – 14 28 42 11 19 30 Foreign currency translation impact and other adjustments, net (35) (66) (101) (1) (7) (8) 1 (1) 0 Balance at end of period 318 1,218 1,536 186 760 946 187 715 902 of which individually evaluated 230 636 866 145 464 609 146 462 608 of which collectively evaluated 88 582 670 41 296 337 41 253 294 1 Measured under the previous accounting guidance (incurred loss model). 2 Includes a net impact of CHF 103 million from the adoption of the new CECL guidance and the related election of the fair value option for certain loans on January 1, 2020, of which CHF 55 million is reflected in consumer loans and CHF 48 million in corporate & institutional loans. 3 Represents the current-period net provision for accrued interest on non-accrual loans and lease financing transactions which is recognized as a reversal of interest income. |
Purchases, reclassifications and sales - loans held at amortized cost | Purchases, reclassifications and sales – loans held at amortized cost 2020 2019 2018 Corporate & Corporate & Corporate & CHF million Purchases 1 45 2,756 2,801 18 2,478 2,496 0 2,163 2,163 Reclassifications from loans held-for-sale 2 0 6 6 0 11 11 0 1 1 Reclassifications to loans held-for-sale 3 18 2,007 2,025 0 3,138 3,138 1 2,351 2,352 Sales 3 18 1,626 1,644 0 3,001 3,001 1 2,267 2,268 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. |
Allowance for Credit Losses on Other Financing Instruments [Table Text Block] | Allowance for credit losses – other financial assets held at amortized cost 2020 CHF million Balance at beginning of period 45 Current-period provision for expected credit losses 24 Gross write-offs (12) Recoveries 2 Net write-offs (10) Foreign currency translation impact and other adjustments, net (4) Balance at end of period 55 of which individually evaluated 17 of which collectively evaluated 38 |
Loans held at amortized cost by internal counterparty rating | Consumer loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Mortgages 2020 18,765 1,664 3 20,432 2019 14,072 1,511 26 15,609 2018 10,242 932 58 11,232 2017 7,087 857 44 7,988 2016 10,951 914 76 11,941 Prior years 39,918 2,854 216 42,988 Total term loans 101,035 8,732 423 110,190 Revolving loans 528 548 4 1,080 Total 101,563 9,280 427 111,270 Loans collateralized by securities 2020 1,682 1,547 149 3,378 2019 1,019 324 0 1,343 2018 499 64 0 563 2017 61 41 0 102 2016 200 127 0 327 Prior years 563 622 0 1,185 Total term loans 4,024 2,725 149 6,898 Revolving loans 1 41,749 3,038 104 44,891 Total 45,773 5,763 253 51,789 Consumer finance 2020 1,297 903 5 2,205 2019 519 505 22 1,046 2018 279 237 23 539 2017 81 154 17 252 2016 16 57 10 83 Prior years 48 92 41 181 Total term loans 2,240 1,948 118 4,306 Revolving loans 328 88 81 497 Total 2,568 2,036 199 4,803 Consumer – total 2020 21,744 4,114 157 26,015 2019 15,610 2,340 48 17,998 2018 11,020 1,233 81 12,334 2017 7,229 1,052 61 8,342 2016 11,167 1,098 86 12,351 Prior years 40,529 3,568 257 44,354 Total term loans 107,299 13,405 690 121,394 Revolving loans 42,605 3,674 189 46,468 Total 149,904 17,079 879 167,862 1 Lombard loans are generally classified as revolving loans. Corporate & institutional loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Real estate 2020 6,054 2,792 106 8,952 2019 2,902 1,611 0 4,513 2018 1,849 1,133 24 3,006 2017 1,033 346 72 1,451 2016 1,591 285 25 1,901 Prior years 5,982 1,105 33 7,120 Total term loans 19,411 7,272 260 26,943 Revolving loans 1,027 172 69 1,268 Total 20,438 7,444 329 28,211 Commercial and industrial loans 2020 7,724 11,621 310 19,655 2019 3,851 6,411 133 10,395 2018 1,781 4,321 247 6,349 2017 964 1,981 60 3,005 2016 809 1,248 22 2,079 Prior years 2,830 3,837 128 6,795 Total term loans 17,959 29,419 900 48,278 Revolving loans 12,913 8,908 464 22,285 Total 30,872 38,327 1,364 70,563 Financial institutions 2020 3,386 697 43 4,126 2019 1,973 132 39 2,144 2018 960 432 9 1,401 2017 97 92 0 189 2016 37 102 20 159 Prior years 288 38 2 328 Total term loans 6,741 1,493 113 8,347 Revolving loans 5,718 419 1 6,138 Total 12,459 1,912 114 14,485 Governments and public institutions 2020 174 33 0 207 2019 135 20 10 165 2018 80 0 0 80 2017 35 0 0 35 2016 74 1 0 75 Prior years 388 41 0 429 Total term loans 886 95 10 991 Revolving loans 19 0 0 19 Total 905 95 10 1,010 Corporate & institutional – total 2020 17,338 15,143 459 32,940 2019 8,861 8,174 182 17,217 2018 4,670 5,886 280 10,836 2017 2,129 2,419 132 4,680 2016 2,511 1,636 67 4,214 Prior years 9,488 5,021 163 14,672 Total term loans 44,997 38,279 1,283 84,559 Revolving loans 19,677 9,499 534 29,710 Total 64,674 47,778 1,817 114,269 Total loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Loans held at amortized cost – total 2020 39,082 19,257 616 58,955 2019 24,471 10,514 230 35,215 2018 15,690 7,119 361 23,170 2017 9,358 3,471 193 13,022 2016 13,678 2,734 153 16,565 Prior years 50,017 8,589 420 59,026 Total term loans 152,296 51,684 1,973 205,953 Revolving loans 62,282 13,173 723 76,178 Total 214,578 64,857 2,696 282,131 1 1 Excludes accrued interest on loans held at amortized cost of CHF 334 million. 2019 Gross loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2019 (CHF million) Mortgages 1 99,677 9,629 365 109,671 Loans collateralized by securities 1 50,766 5,531 128 56,425 Consumer finance 1,527 2,677 167 4,371 Consumer 151,970 17,837 660 170,467 Real estate 20,524 7,674 125 28,323 Commercial and industrial loans 1 30,090 38,522 1,108 69,720 Financial institutions 13,267 2,122 47 15,436 Governments and public institutions 1,166 67 0 1,233 Corporate & institutional 65,047 48,385 1,280 114,712 Gross loans held at amortized cost 217,017 66,222 1,940 285,179 1 Certain corporate & institutional loans have been reclassified to consumer loans following the application of a look-through approach with regard to beneficial owners. The prior period has been reclassified to conform to the current presentation. |
Other Financial Assets Credit Quality Indicators [Table Text Block] | Other financial assets held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Other financial assets held at amortized cost 2018 0 70 0 70 2017 0 2 0 2 2016 0 4 0 4 Total term positions 0 76 0 76 Revolving positions 0 934 0 934 Total 0 1,010 0 1,010 Includes primarily mortgage servicing advances and failed purchases. |
Past Due Financing Receivables [Table Text Block] | Loans held at amortized cost – past due Current Past due Up to 31–60 61–90 More than 2020 (CHF million) Mortgages 110,747 63 68 34 358 523 111,270 Loans collateralized by securities 51,668 17 0 0 104 121 51,789 Consumer finance 4,361 156 68 47 171 442 4,803 Consumer 166,776 236 136 81 633 1,086 167,862 Real estate 28,070 50 3 11 77 141 28,211 Commercial and industrial loans 69,060 630 54 137 682 1,503 70,563 Financial institutions 14,311 41 15 72 46 174 14,485 Governments and public institutions 969 37 4 0 0 41 1,010 Corporate & institutional 112,410 758 76 220 805 1,859 114,269 Total loans held at amortized cost 279,186 994 212 301 1,438 2,945 282,131 1 2019 (CHF million) Mortgages 2 109,279 83 16 9 284 392 109,671 Loans collateralized by securities 2 56,287 79 0 2 57 138 56,425 Consumer finance 3,826 283 61 43 158 545 4,371 Consumer 169,392 445 77 54 499 1,075 170,467 Real estate 28,094 95 10 2 122 229 28,323 Commercial and industrial loans 2 68,462 528 62 71 597 1,258 69,720 Financial institutions 15,300 85 1 3 47 136 15,436 Governments and public institutions 1,207 26 0 0 0 26 1,233 Corporate & institutional 113,063 734 73 76 766 1,649 114,712 Total loans held at amortized cost 282,455 1,179 150 130 1,265 2,724 285,179 1 Excludes accrued interest on loans held at amortized cost of CHF 334 million. 2 Certain corporate & institutional loans have been reclassified to consumer loans following the application of a look-through approach with regard to beneficial owners. The prior period has been reclassified to conform to the current presentation. |
Past due loans, held at amortized cost [Table Text Block] | Non-accrual loans held at amortized cost 2020 Amortized CHF million Mortgages 337 418 3 60 Loans collateralized by securities 122 105 1 0 Consumer finance 168 201 3 1 Consumer 627 724 7 61 Real estate 155 324 8 27 Commercial and industrial loans 682 925 38 4 Financial institutions 46 68 0 8 Corporate & institutional 883 1,317 46 39 Total loans held at amortized cost 1,510 2,041 53 100 |
Restructured financing receivables held at amortized cost | Restructured financing receivables held at amortized cost 2020 2019 2018 Recorded Recorded Recorded Recorded Recorded Recorded CHF million, except where indicated Mortgages 0 0 0 1 7 7 5 29 29 Loans collateralized by securities 3 165 165 0 0 0 0 0 0 Commercial and industrial loans 17 127 95 25 172 161 13 182 160 Total loans 20 292 260 26 179 168 18 211 189 |
Restructured financing receivables held at amortized cost that defaulted within 12 months from restructuring | Restructured financing receivables held at amortized cost that defaulted within 12 months from restructuring 2020 2019 2018 Number of Recorded Number of Recorded Number of Recorded CHF million, except where indicated Mortgages 0 0 1 13 1 8 Commercial and industrial loans 4 13 1 2 8 76 Total loans 4 13 2 15 9 84 |
Bank | |
Financial instruments measured at amortized costs | Overview of financial instruments measured at amortized cost – by balance sheet position 1 Allowance Net 2020 (CHF million) Cash and due from banks 137,683 (1) 137,682 Interest-bearing deposits with banks 1,235 2 (5) 1,230 Securities purchased under resale agreements and securities borrowing transactions 21,139 0 21,139 Loans 290,468 2,3 (1,535) 288,933 Brokerage receivables 35,944 2 (1) 35,943 Other assets 15,540 (41) 15,499 Total 502,009 (1,583) 500,426 1 Net of unearned income/deferred expenses, as applicable. 2 Excludes accrued interest for credit losses in the total amount of CHF 351 million, with no related allowance for credit losses. Of the accrued interest balance, CHF 1 million relates to interest-bearing deposits with banks, CHF 334 million to loans and CHF 16 million to brokerage receivables. These accrued interest balances are reported in other assets. 3 Includes endangered interest of CHF 87 million on non-accrual loans which are reported as part of the loans' amortized cost balance. |
Allowance for credit losses - loans held at amortized cost | Allowance for credit losses – loans held at amortized cost 2020 2019 1 2018 1 Corporate & Corporate & Corporate & Allowance for credit losses (CHF million) Balance at beginning of period 241 807 1,048 2 187 714 901 220 661 881 Current-period provision for expected credit losses 191 709 900 63 221 284 19 182 201 of which methodology changes 0 (19) (19) – – – – – – of which provisions for interest 3 22 15 37 – – – – – – Gross write-offs (87) (238) (325) (86) (213) (299) (85) (184) (269) Recoveries 8 5 13 9 16 25 21 37 58 Net write-offs (79) (233) (312) (77) (197) (274) (64) (147) (211) Provisions for interest 3 – – – 14 28 42 11 19 30 Foreign currency translation impact and other adjustments, net (35) (66) (101) (1) (7) (8) 1 (1) 0 Balance at end of period 318 1,217 1,535 186 759 945 187 714 901 of which individually evaluated 230 635 865 145 463 608 146 461 607 of which collectively evaluated 88 582 670 41 296 337 41 253 294 1 Measured under the previous accounting guidance (incurred loss model). 2 Includes a net impact of CHF 103 million from the adoption of the new CECL guidance and the related election of the fair value option for certain loans on January 1, 2020, of which CHF 55 million reflected in consumer loans and CHF 48 million in corporate & institutional loans. 3 Represents the current-period net provision for accrued interest on non-accrual loans and lease financing transactions which is recognized as a reversal of interest income. |
Purchases, reclassifications and sales - loans held at amortized cost | Purchases, reclassifications and sales – loans held at amortized cost 2020 2019 2018 Corporate & Corporate & Corporate & CHF million Purchases 1 45 2,756 2,801 18 2,478 2,496 0 2,163 2,163 Reclassifications from loans held-for-sale 2 0 6 6 0 11 11 0 1 1 Reclassifications to loans held-for-sale 3 18 2,007 2,025 0 3,138 3,138 1 2,351 2,352 Sales 3 18 1,626 1,644 0 3,001 3,001 1 2,267 2,268 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. |
Allowance for Credit Losses on Other Financing Instruments [Table Text Block] | Allowance for credit losses – other financial assets held at amortized cost 2020 CHF million Balance at beginning of period 43 Current-period provision for expected credit losses 19 Gross write-offs (12) Recoveries 2 Net write-offs (10) Foreign currency translation impact and other adjustments, net (4) Balance at end of period 48 of which individually evaluated 15 of which collectively evaluated 33 |
Loans held at amortized cost by internal counterparty rating | Consumer loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Mortgages 2020 18,765 1,664 3 20,432 2019 14,072 1,511 26 15,609 2018 10,242 932 58 11,232 2017 7,087 857 44 7,988 2016 10,951 914 76 11,941 Prior years 39,918 2,854 216 42,988 Total term loans 101,035 8,732 423 110,190 Revolving loans 528 548 4 1,080 Total 101,563 9,280 427 111,270 Loans collateralized by securities 2020 1,682 1,547 149 3,378 2019 1,019 324 0 1,343 2018 499 64 0 563 2017 61 41 0 102 2016 200 127 0 327 Prior years 563 622 0 1,185 Total term loans 4,024 2,725 149 6,898 Revolving loans 1 41,749 3,038 104 44,891 Total 45,773 5,763 253 51,789 Consumer finance 2020 1,297 903 5 2,205 2019 519 505 22 1,046 2018 279 237 23 539 2017 81 154 17 252 2016 16 57 10 83 Prior years 48 92 41 181 Total term loans 2,240 1,948 118 4,306 Revolving loans 328 88 81 497 Total 2,568 2,036 199 4,803 Consumer – total 2020 21,744 4,114 157 26,015 2019 15,610 2,340 48 17,998 2018 11,020 1,233 81 12,334 2017 7,229 1,052 61 8,342 2016 11,167 1,098 86 12,351 Prior years 40,529 3,568 257 44,354 Total term loans 107,299 13,405 690 121,394 Revolving loans 42,605 3,674 189 46,468 Total 149,904 17,079 879 167,862 1 Lombard loans are generally classified as revolving loans. Corporate & institutional loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Real estate 2020 6,054 2,792 106 8,952 2019 2,902 1,611 0 4,513 2018 1,849 1,133 24 3,006 2017 1,033 346 72 1,451 2016 1,591 285 25 1,901 Prior years 5,982 1,105 33 7,120 Total term loans 19,411 7,272 260 26,943 Revolving loans 1,027 172 69 1,268 Total 20,438 7,444 329 28,211 Commercial and industrial loans 2020 7,724 11,621 310 19,655 2019 3,851 6,411 133 10,395 2018 1,781 4,321 247 6,349 2017 964 1,981 60 3,005 2016 809 1,248 22 2,079 Prior years 2,830 3,837 116 6,783 Total term loans 17,959 29,419 888 48,266 Revolving loans 12,913 8,908 464 22,285 Total 30,872 38,327 1,352 70,551 Financial institutions 2020 3,386 697 43 4,126 2019 1,973 132 39 2,144 2018 960 432 9 1,401 2017 97 92 0 189 2016 37 102 20 159 Prior years 288 38 2 328 Total term loans 6,741 1,493 113 8,347 Revolving loans 5,718 419 1 6,138 Total 12,459 1,912 114 14,485 Governments and public institutions 2020 174 33 0 207 2019 135 20 10 165 2018 80 0 0 80 2017 35 0 0 35 2016 74 1 0 75 Prior years 388 41 0 429 Total term loans 886 95 10 991 Revolving loans 19 0 0 19 Total 905 95 10 1,010 Corporate & institutional – total 2020 17,338 15,143 459 32,940 2019 8,861 8,174 182 17,217 2018 4,670 5,886 280 10,836 2017 2,129 2,419 132 4,680 2016 2,511 1,636 67 4,214 Prior years 9,488 5,021 151 14,660 Total term loans 44,997 38,279 1,271 84,547 Revolving loans 19,677 9,499 534 29,710 Total 64,674 47,778 1,805 114,257 Total loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Loans held at amortized cost – total 2020 39,082 19,257 616 58,955 2019 24,471 10,514 230 35,215 2018 15,690 7,119 361 23,170 2017 9,358 3,471 193 13,022 2016 13,678 2,734 153 16,565 Prior years 50,017 8,589 408 59,014 Total term loans 152,296 51,684 1,961 205,941 Revolving loans 62,282 13,173 723 76,178 Total loans to third parties 214,578 64,857 2,684 282,119 Total loans to entities under common control 8,444 0 0 8,444 Total 223,022 64,857 2,684 290,563 1 1 Excludes accrued interest on loans held at amortized cost of CHF 334 million. 2019 Gross loans held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2019 (CHF million) Mortgages 1 99,677 9,629 365 109,671 Loans collateralized by securities 1 50,766 5,531 128 56,425 Consumer finance 1,527 2,677 167 4,371 Consumer 151,970 17,837 660 170,467 Real estate 20,524 7,674 125 28,323 Commercial and industrial loans 1 30,703 38,522 1,096 70,321 Financial institutions 19,912 2,122 47 22,081 Governments and public institutions 1,166 67 0 1,233 Corporate & institutional 72,305 48,385 1,268 121,958 Gross loans held at amortized cost 224,275 66,222 1,928 292,425 1 Certain corporate & institutional loans have been reclassified to consumer loans following the application of a look-through approach with regard to beneficial owners. The prior period has been reclassified to conform to the current presentation. |
Other Financial Assets Credit Quality Indicators [Table Text Block] | Other financial assets held at amortized cost by internal counterparty rating Investment Non-investment end of AAA to BBB BB to C D Total 2020 (CHF million) Other financial assets held at amortized cost 2018 0 70 0 70 2017 0 2 0 2 2016 0 4 0 4 Total term positions 0 76 0 76 Revolving positions 0 934 0 934 Total 0 1,010 0 1,010 Includes primarily mortgage servicing advances and failed purchases. |
Past Due Financing Receivables [Table Text Block] | Loans held at amortized cost – past due Current Past due Up to 31–60 61–90 More than 2020 (CHF million) Mortgages 110,747 63 68 34 358 523 111,270 Loans collateralized by securities 51,668 17 0 0 104 121 51,789 Consumer finance 4,361 156 68 47 171 442 4,803 Consumer 166,776 236 136 81 633 1,086 167,862 Real estate 28,070 50 3 11 77 141 28,211 Commercial and industrial loans 69,060 630 54 137 670 1,491 70,551 Financial institutions 14,311 41 15 72 46 174 14,485 Governments and public institutions 969 37 4 0 0 41 1,010 Corporate & institutional 112,410 758 76 220 793 1,847 114,257 Total loans to third parties 279,186 994 212 301 1,426 2,933 282,119 Total loans to entities under common control 8,444 0 0 0 0 0 8,444 Total loans held at amortized cost 287,630 994 212 301 1,426 2,933 290,563 1 2019 (CHF million) Mortgages 2 109,279 83 16 9 284 392 109,671 Loans collateralized by securities 2 56,287 79 0 2 57 138 56,425 Consumer finance 3,826 283 61 43 158 545 4,371 Consumer 169,392 445 77 54 499 1,075 170,467 Real estate 28,094 95 10 2 122 229 28,323 Commercial and industrial loans 2 69,075 528 62 71 585 1,246 70,321 Financial institutions 21,945 85 1 3 47 136 22,081 Governments and public institutions 1,207 26 0 0 0 26 1,233 Corporate & institutional 120,321 734 73 76 754 1,637 121,958 Total loans held at amortized cost 289,713 1,179 150 130 1,253 2,712 292,425 1 Excludes accrued interest on loans held at amortized cost of CHF 334 million. 2 Certain corporate & institutional loans have been reclassified to consumer loans following the application of a look-through approach with regard to beneficial owners. The prior period has been reclassified to conform to the current presentation. |
Past due loans, held at amortized cost [Table Text Block] | Non-accrual loans held at amortized cost 2020 Amortized CHF million Mortgages 337 418 3 60 Loans collateralized by securities 122 105 1 0 Consumer finance 168 201 3 1 Consumer 627 724 7 61 Real estate 155 324 8 27 Commercial and industrial loans 670 913 38 4 Financial institutions 46 68 0 8 Corporate & institutional 871 1,305 46 39 Total loans held at amortized cost 1,498 2,029 53 100 |
Restructured financing receivables held at amortized cost | Restructured financing receivables held at amortized cost 2020 2019 2018 Recorded Recorded Recorded Recorded Recorded Recorded CHF million, except where indicated Mortgages 0 0 0 1 7 7 5 29 29 Loans collateralized by securities 3 165 165 0 0 0 0 0 0 Commercial and industrial loans 17 127 95 25 172 161 13 182 160 Total loans 20 292 260 26 179 168 18 211 189 |
Restructured financing receivables held at amortized cost that defaulted within 12 months from restructuring | Restructured financing receivables held at amortized cost that defaulted within 12 months from restructuring 2020 2019 2018 Number of Recorded Number of Recorded Number of Recorded CHF million, except where indicated Mortgages 0 0 1 13 1 8 Commercial and industrial loans 4 13 1 2 8 76 Total loans 4 13 2 15 9 84 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill | Swiss International Credit 1 Gross amount of goodwill (CHF million) Balance at beginning of period 607 1,494 995 5,446 8,554 Goodwill acquired during the year 0 9 98 24 131 Foreign currency translation impact (29) (112) (62) (113) (316) Other (3) (39) (10) 0 (52) Balance at end of period 575 1,352 1,021 5,357 8,317 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 3,879 3,891 Balance at end of period 0 0 0 3,879 3,891 Net book value (CHF million) Net book value 575 1,352 1,021 1,478 4,426 2019 Gross amount of goodwill (CHF million) Balance at beginning of period 615 1,544 1,018 5,468 8,657 Foreign currency translation impact (5) (22) (13) (22) (62) Other (3) (28) (10) 0 (41) Balance at end of period 607 1,494 995 5,446 8,554 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 3,879 3,891 Balance at end of period 0 0 0 3,879 3,891 Net book value (CHF million) Net book value 607 1,494 995 1,567 4,663 1 Gross amount of goodwill and accumulated impairment include CHF 12 |
Bank | |
Goodwill | Swiss International 1 Gross amount of goodwill (CHF million) Balance at beginning of period 589 1,481 986 4,783 7,851 Goodwill acquired during the year 0 9 98 24 131 Foreign currency translation impact (30) (113) (68) (73) (284) Other (2) (39) (11) 0 (52) Balance at end of period 557 1,338 1,005 4,734 7,646 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 3,879 3,891 Balance at end of period 0 0 0 3,879 3,891 Net book value (CHF million) Net book value 557 1,338 1,005 855 3,755 2019 Gross amount of goodwill (CHF million) Balance at beginning of period 597 1,531 1,009 4,798 7,947 Foreign currency translation impact (5) (22) (13) (15) (55) Other (3) (28) (10) 0 (41) Balance at end of period 589 1,481 986 4,783 7,851 Accumulated impairment (CHF million) Balance at beginning of period 0 0 0 3,879 3,891 Balance at end of period 0 0 0 3,879 3,891 Net book value (CHF million) Net book value 589 1,481 986 904 3,960 1 Gross amount of goodwill and accumulated impairment include goodwill of CHF 12 million related to legacy business transferred to the former Strategic Resolution Unit in 4Q15 and fully written off at the time of transfer, in addition to the divisions disclosed. |
Other intangible assets (Tables
Other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other intangible assets | 2020 2019 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 24 (24) 0 27 (26) 1 Client relationships 30 0 30 20 (2) 18 Other (3) 4 1 (3) 4 1 Total amortizing other intangible assets 51 (20) 31 44 (24) 20 Non-amortizing other intangible assets 206 – 206 271 – 271 of which mortgage servicing rights, at fair value 180 – 180 244 – 244 Total other intangible assets 257 (20) 237 315 (24) 291 |
Additional information | Additional information in 2020 2019 2018 Aggregate amortization and impairment (CHF million) Aggregate amortization 6 5 8 Impairment 2 5 1 |
Estimated amortization | Estimated amortization Estimated amortization (CHF million) 2021 2 2022 2 2023 2 2024 1 2025 1 |
Bank | |
Other intangible assets | 2020 2019 Accumu- Accumu- Other intangible assets (CHF million) Trade names/trademarks 24 (24) 0 27 (26) 1 Client relationships 30 0 30 20 (2) 18 Other (3) 3 0 (3) 4 1 Total amortizing other intangible assets 51 (21) 30 44 (24) 20 Non-amortizing other intangible assets 207 – 207 271 – 271 of which mortgage servicing rights, at fair value 180 – 180 244 – 244 Total other intangible assets 258 (21) 237 315 (24) 291 |
Additional information | Additional information in 2020 2019 2018 Aggregate amortization and impairment (CHF million) Aggregate amortization 6 5 8 Impairment 2 5 1 |
Estimated amortization | Estimated amortization Estimated amortization (CHF million) 2021 2 2022 2 2023 2 2024 1 2025 1 |
Other assets and other liabil_2
Other assets and other liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other assets and other liabilities | end of 2020 2019 Other assets (CHF million) Cash collateral on derivative instruments 7,741 4,570 Cash collateral on non-derivative transactions 635 428 Derivative instruments used for hedging 131 183 Assets held-for-sale 7,077 8,971 of which loans 1 7,046 8,886 allowance for loans held-for-sale (48) 0 of which real estate 2 27 38 of which long-lived assets 4 47 Premises and equipment and right-of-use assets 7,376 7,832 Assets held for separate accounts 102 111 Interest and fees receivable 4,255 4,688 Deferred tax assets 3,667 4,399 Prepaid expenses 448 431 of which cloud computing arrangement implementation costs 38 27 Failed purchases 1,451 1,643 Defined benefit pension and post-retirement plan assets 2,872 2,878 Other 3,882 3,475 Other assets 39,637 39,609 1 Included as of December 31, 2020 and 2019 were CHF 262 million and CHF 800 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of December 31, 2020 and 2019, real estate held-for-sale included foreclosed or repossessed real estate of CHF 8 million and CHF 9 million, respectively, of which CHF 8 million and CHF 9 million, respectively, were related to residential real estate. end of 2020 2019 Other liabilities (CHF million) Cash collateral on derivative instruments 7,831 7,457 Cash collateral on non-derivative transactions 174 516 Derivative instruments used for hedging 45 48 Operating leases liabilities 2,759 3,213 Provisions 2,080 1,179 of which expected credit losses on off-balance sheet credit exposure 311 172 Restructuring liabilities 52 – Liabilities held for separate accounts 102 111 Interest and fees payable 4,297 5,101 Current tax liabilities 555 678 Deferred tax liabilities 530 523 Failed sales 1,120 936 Defined benefit pension and post-retirement plan liabilities 410 455 Other 11,479 10,826 Other liabilities 31,434 31,043 |
Premises, equipment and right-of-use assets | Premises, equipment and right-of-use assets end of 2020 2019 Premises and equipment (CHF million) Buildings and improvements 1,425 1,436 Land 291 294 Leasehold improvements 1,775 1,855 Software 7,038 6,478 Equipment 1,874 1,887 Premises and equipment 12,403 11,950 Accumulated depreciation (7,627) (7,153) Total premises and equipment, net 4,776 4,797 Right-of-use assets (CHF million) Right-of-use assets-operating leases 2,600 3,035 Total premises and equipment and right-of-use assets 7,376 7,832 |
Depreciation and impairment | Depreciation, amortization and impairment end of 2020 2019 2018 CHF million Depreciation on premises and equipment 964 939 830 Impairment on premises and equipment 10 3 8 Amortization and impairment on right-of-use assets 331 324 – |
Bank | |
Other assets and other liabilities | end of 2020 2019 Other assets (CHF million) Cash collateral on derivative instruments 7,741 4,570 Cash collateral on non-derivative transactions 635 428 Derivative instruments used for hedging 131 183 Assets held-for-sale 7,077 8,971 of which loans 1 7,046 8,886 allowance for loans held-for-sale (48) 0 of which real estate 2 27 38 of which long-lived assets 4 47 Premises, equipment and right-of-use assets 6,213 6,652 Assets held for separate accounts 102 111 Interest and fees receivable 4,397 5,301 Deferred tax assets 3,630 4,337 Prepaid expenses 367 343 of which cloud computing arrangement implementation costs 32 21 Failed purchases 1,451 1,643 Defined benefit pension and post-retirement plan assets 975 1,067 Other 3,855 3,463 Other assets 36,574 37,069 1 Included as of the end of 2020 and 2019 were CHF 262 million and CHF 800 million, respectively, in restricted loans, which represented collateral on secured borrowings. 2 As of the end of 2020 and 2019, real estate held-for-sale included foreclosed or repossessed real estate of CHF 8 million and CHF 9 million, respectively, of which CHF 8 million and CHF 9 million, respectively, were related to residential real estate. end of 2020 2019 Other liabilities (CHF million) Cash collateral on derivative instruments 7,831 7,457 Cash collateral on non-derivative transactions 174 516 Derivative instruments used for hedging 45 48 Operating leases liabilities 1,981 2,388 Provisions 2,067 1,171 of which expected credit losses on off-balance sheet credit exposures 311 172 Restructuring liabilities 49 – Liabilities held for separate accounts 102 111 Interest and fees payable 4,397 5,690 Current tax liabilities 542 658 Deferred tax liabilities 157 167 Failed sales 1,120 936 Defined benefit pension and post-retirement plan liabilities 403 455 Other 11,472 10,809 Other liabilities 30,340 30,406 |
Premises, equipment and right-of-use assets | Premises, equipment and right-of-use assets end of 2020 2019 Premises and equipment (CHF million) Buildings and improvements 1,403 1,413 Land 291 294 Leasehold improvements 1,634 1,712 Software 6,663 6,190 Equipment 1,128 1,162 Premises and equipment 11,119 10,771 Accumulated depreciation (6,761) (6,359) Total premises and equipment, net 4,358 4,412 Right-of-use assets (CHF million) Operating leases 1,855 2,240 Right-of-use assets 1,855 2,240 Total premises, equipment and right-of-use assets 6,213 6,652 |
Depreciation and impairment | Depreciation, amortization and impairment end of 2020 2019 2018 CHF million Depreciation on premises and equipment 860 844 745 Impairment on premises and equipment 10 3 8 Amortization and impairment on right-of-use assets 284 279 – |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lease, Cost [Table Text Block] | Lease costs end of 2020 2019 Lease costs (CHF million) Operating lease costs 369 388 Variable lease costs 50 40 Sublease income (71) (78) Net lease costs 348 350 |
Lease, Other information pertaining to leases [Table Text Block] | Other information end of 2020 2019 Other information (CHF million) Gains/(losses) on sale and leaseback transactions 15 274 Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows (403) (464) Right-of-use assets obtained in exchange of new operating lease liabilities 1 32 102 Changes to right-of-use assets due to lease modifications for operating leases 32 221 1 Includes right-of-use assets relating to changes in classification of scope of variable interest entities. |
Lease, Weighted average remaining lease term and discount rate [Table Text Block] | Weighted average remaining lease term and discount rate end of 2020 2019 Operating leases Remaining lease term (years) 11.9 12.2 Discount rate (%) 2.6 2.8 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities relating to operating lease arrangements end of 2020 2019 Maturity (CHF million) Due within 1 year 385 468 Due between 1 and 2 years 364 387 Due between 2 and 3 years 323 371 Due between 3 and 4 years 278 336 Due between 4 and 5 years 249 286 Thereafter 1,642 1,963 Operating lease obligations 3,241 3,811 Future interest payable (482) (598) Operating lease liabilities 2,759 3,213 |
Lessor, Lease income [Table Text Block] | Lease income end of 2020 2019 Lease income (CHF million) Interest income on sales-type leases 19 13 Interest income on direct financing leases 74 97 Lease income from operating leases 93 103 Variable lease income 0 3 Total lease income 186 216 |
Lessor, Net investment in leases [Table Text Block] | Net investments 2020 2019 Direct Direct Net investments (CHF million) Lease receivables 862 2,299 526 2,573 Unguaranteed residual values 43 188 28 440 Valuation allowances (6) (23) (3) (15) Total net investments 899 2,464 551 2,998 |
Maturities relating to lessor arrangements [Table Text Block] | Maturities relating to lessor arrangements 2020 2019 Direct Direct Maturity (CHF million) Due within 1 year 359 755 48 221 917 54 Due between 1 and 2 years 213 620 41 129 689 47 Due between 2 and 3 years 142 514 37 90 550 42 Due between 3 and 4 years 84 402 36 53 391 39 Due between 4 and 5 years 43 125 34 25 136 38 Thereafter 66 48 63 37 110 103 Total 907 2,464 259 555 2,793 323 Future interest receivable (45) (165) – (29) (220) – Lease receivables 862 2,299 – 526 2,573 – |
Bank | |
Lease, Cost [Table Text Block] | Lease costs end of 2020 2019 Lease costs (CHF million) Operating lease costs 305 324 Variable lease costs 45 37 Sublease income (87) (95) Total lease costs 263 266 |
Lease, Other information pertaining to leases [Table Text Block] | Other information end of 2020 2019 Other information (CHF million) Gains/(losses) on sale and leaseback transactions 15 274 Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows (340) (400) Right-of-use assets obtained in exchange of new operating lease liabilities 1 32 100 Changes to right-of-use assets due to lease modifications for operating leases 26 214 1 Includes right-of-use assets relating to changes in classification of scope of variable interest entities. |
Lease, Weighted average remaining lease term and discount rate [Table Text Block] | Weighted average remaining lease term and discount rate end of 2020 2019 Operating leases Remaining lease term (years) 10.4 10.7 Discount rate (%) 2.9 3.0 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities relating to operating lease arrangements end of 2020 2019 Maturity (CHF million) Due within 1 year 320 403 Due between 1 and 2 years 299 322 Due between 2 and 3 years 262 306 Due between 3 and 4 years 219 274 Due between 4 and 5 years 190 227 Thereafter 1,054 1,314 Operating lease obligations 2,344 2,846 Future interest payable (363) (458) Operating lease liabilities 1,981 2,388 |
Lessor, Lease income [Table Text Block] | Lease income end of 2020 2019 Lease income (CHF million) Interest income on sales-type leases 19 13 Interest income on direct financing leases 74 97 Lease income from operating leases 107 119 Variable lease income 0 3 Total lease income 200 232 |
Lessor, Net investment in leases [Table Text Block] | Net investments 2020 2019 Sales- Direct Sales- Direct Net investments (CHF million) Lease receivables 862 2,299 526 2,573 Unguaranteed residual assets 43 188 28 440 Valuation allowances (6) (23) (3) (15) Total net investments 899 2,464 551 2,998 |
Maturities relating to lessor arrangements [Table Text Block] | Maturities relating to lessor arrangements 2020 2019 Sales- Direct Sales- Direct Maturity (CHF million) Due within 1 year 359 755 63 221 917 66 Due between 1 and 2 years 213 620 57 129 689 59 Due between 2 and 3 years 142 514 53 90 550 55 Due between 3 and 4 years 84 402 52 53 391 52 Due between 4 and 5 years 43 125 50 25 136 51 Thereafter 66 48 217 37 110 241 Total 907 2,464 492 555 2,793 524 Future interest receivable (45) (165) – (29) (220) – Lease receivables 862 2,299 – 526 2,573 – |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits | 2020 2019 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 3,231 3,085 6,316 2,665 1,744 4,409 Interest-bearing demand deposits 144,709 41,995 186,704 118,566 30,552 149,118 Savings deposits 62,769 8,764 71,533 64,304 46 64,350 Time deposits 26,864 115,927 142,791 1 27,539 155,111 182,650 1 Total deposits 237,573 169,771 407,344 2 213,074 187,453 400,527 2 of which due to banks – – 16,423 – – 16,744 of which customer deposits – – 390,921 – – 383,783 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 142,698 million and CHF 182,036 million as of December 31, 2020 and 2019, 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, 2020 and 2019 were CHF 106 million and CHF 116 million, respectively, of overdrawn deposits reclassified as loans. |
Bank | |
Deposits | 2020 2019 Switzer- Switzer- Deposits (CHF million) Non-interest-bearing demand deposits 3,231 3,097 6,328 2,665 1,745 4,410 Interest-bearing demand deposits 145,296 42,172 187,468 119,193 30,747 149,940 Savings deposits 62,769 8,764 71,533 64,304 46 64,350 Time deposits 27,188 115,942 143,130 1 27,847 155,145 182,992 1 Total deposits 238,484 169,975 408,459 2 214,009 187,683 401,692 2 of which due to banks – – 16,420 – – 16,742 of which customer deposits – – 392,039 – – 384,950 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 143,041 million and CHF 182,377 million as of December 31, 2020 and 2019, 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, 2020 and 2019 were CHF 106 million and CHF 116 million, respectively, of overdrawn deposits reclassified as loans. |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long-term debt | end of 2020 2019 Long-term debt (CHF million) Senior 133,056 108,667 Subordinated 26,285 41,667 Non-recourse liabilities from consolidated VIEs 1,746 1,671 Long-term debt 161,087 152,005 of which reported at fair value 70,976 70,331 of which structured notes 47,039 49,435 |
Schedule of Structured notes | end of 2020 2019 Structured notes by product (CHF million) Equity 29,907 31,666 Fixed income 13,882 13,558 Credit 2,881 3,734 Other 369 477 Total structured notes 47,039 49,435 |
Long-term debt by maturities | Long-term debt by maturities end of 2021 2022 2023 2024 2025 Thereafter Total Group parent company (CHF million) Senior debt Fixed rate 0 0 5,608 1,258 7,431 21,707 36,004 Variable rate 0 53 528 1,708 0 0 2,289 Interest rate (range in %) 1 – 0.8 0.6 – 3.8 1.0 – 4.2 1.3 – 3.8 0.7 – 5.4 – Subordinated debt Fixed rate 0 1,394 4,309 3,208 2,000 5,322 16,233 Interest rates (range in %) 1 – 7.1 3.9 – 7.5 3.5 – 6.3 3.0 – 7.3 4.5 – 6.4 – Subtotal – Group parent company 0 1,447 10,445 6,174 9,431 27,029 54,526 Subsidiaries (CHF million) Senior debt Fixed rate 9,364 4,581 1,873 3,856 2,398 13,931 36,003 Variable rate 13,380 12,615 8,274 4,131 6,117 14,243 58,760 Interest rates (range in %) 1 0.1 – 4.0 0.1 – 8.2 0.1 – 2.2 0.1 – 3.6 0.1 – 3.5 0.1 – 7.1 – Subordinated debt Fixed rate 1,342 5,069 2,394 23 9 131 8,968 Variable rate 881 195 0 0 4 4 1,084 Interest rates (range in %) 1 2.5 – 4.7 0.1 – 3.8 0.6 – 6.5 3.5 – 5.7 0.4 – 5.9 0.9 – 7.2 – Non-recourse liabilities from consolidated VIEs Fixed rate 7 128 0 0 208 0 343 Variable rate 9 22 17 2 25 2 14 1,316 1,403 Interest rates (range in %) 1 6.7 – 10.3 1.3 – 2.9 – – 1.9 0.0 – 10.7 – Subtotal – Subsidiaries 24,983 22,610 12,558 8,035 8,750 29,625 106,561 Total long-term debt 24,983 24,057 23,003 14,209 18,181 56,654 161,087 of which structured notes 12,299 8,788 5,132 3,508 3,956 13,356 47,039 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 3.4 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 2020 2019 Long-term debt (CHF million) Senior 94,768 88,307 Subordinated 63,765 61,022 Non-recourse liabilities from consolidated VIEs 1,746 1,671 Long-term debt 160,279 151,000 of which reported at fair value 70,243 69,406 of which structured notes 47,039 49,435 |
Schedule of Structured notes | end of 2020 2019 Structured notes by product (CHF million) Equity 29,907 31,666 Fixed income 13,882 13,558 Credit 2,881 3,734 Other 369 477 Total structured notes 47,039 49,435 |
Long-term debt by maturities | Long-term debt by maturities end of 2021 2022 2023 2024 2025 Thereafter Total Long-term debt (CHF million) Senior debt Fixed rate 9,367 4,583 1,892 3,856 2,425 13,957 36,080 Variable rate 13,380 12,615 8,274 4,131 6,117 14,171 58,688 Interest rates (range in %) 1 0.1 – 4.0 0.1 – 8.2 0.1 – 2.2 0.1 – 3.6 0.1 – 3.5 0.1 – 7.1 – Subordinated debt Fixed rate 1,342 7,343 10,464 4,508 9,501 27,162 60,320 Variable rate 881 688 88 1,708 4 76 3,445 Interest rates (range in %) 1 2.5 – 4.7 0.1 – 7.1 0.6 – 8.0 0.8 – 6.5 0.4 – 7.3 0.7 – 7.2 – Non-recourse liabilities from consolidated VIEs Fixed rate 7 128 0 0 208 0 343 Variable rate 9 22 17 2 25 2 14 1,316 1,403 Interest rates (range in %) 1 6.7 – 10.3 1.3 – 2.9 – – 1.9 0.0 – 10.7 – Total long-term debt 24,986 25,379 20,735 14,228 18,269 56,682 160,279 of which structured notes 12,299 8,788 5,132 3,508 3,956 13,356 47,039 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 3.4 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, 2020 | |
Accumulated other comprehensive income | Accumulated other comprehensive income 1 Gains/ 2020 (CHF million) Balance at beginning of period 28 (14,469) 30 (3,690) 604 (2,772) (20,269) Increase/(decrease) 91 (3,076) (49) (327) (5) 45 (3,321) Reclassification adjustments, included in net income/(loss) 87 17 32 290 (143) 157 440 Total increase/(decrease) 178 (3,059) (17) (37) (148) 202 (2,881) Balance at end of period 206 (17,528) 13 (3,727) 456 (2,570) (23,150) 2019 (CHF million) Balance at beginning of period (72) (13,442) 10 (3,974) 387 (890) (17,981) Increase/(decrease) 65 (1,015) 20 44 338 (2,053) (2,601) Increase/(decrease) due to equity method investments 10 (18) 0 0 0 0 (8) Reclassification adjustments, included in net income/(loss) 25 6 0 282 (121) 193 385 Cumulative effect of accounting changes, net of tax 0 0 0 (42) 0 (22) (64) Total increase/(decrease) 100 (1,027) 20 284 217 (1,882) (2,288) Balance at end of period 28 (14,469) 30 (3,690) 604 (2,772) (20,269) 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) 1 No impairments on available-for-sale debt securities were recognized in net income/(loss) in 2020, 2019 and 2018. |
Details on significant reclassification adjustments | Details of significant reclassification adjustments in 2020 2019 2018 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 17 6 19 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 355 355 396 Tax expense/(benefit) (65) (73) (77) Net of tax 290 282 319 Net prior service credit/(cost) Amortization of recognized prior service credit/(cost) 2 (176) (153) (138) Tax expense/(benefit) 33 32 29 Net of tax (143) (121) (109) 1 Includes net releases of CHF 21 million on the liquidation of Credit Suisse Securities (Johannesburg) Proprietary Limited in 2018. 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 32 – Pension and other post-retirement benefits" for further information. |
Additional share information | Additional share information 2020 2019 2018 Common shares issued Balance at beginning of period 2,556,011,720 2,556,011,720 2,556,011,720 Cancellation of repurchased shares (108,264,000) 0 0 Balance at end of period 2,447,747,720 2,556,011,720 2,556,011,720 Treasury shares Balance at beginning of period (119,761,811) (5,427,691) (5,757,666) Sale of treasury shares 1,222,417,138 795,576,688 770,559,108 Repurchase of treasury shares (1,303,331,434) (951,743,509) (816,841,331) Cancellation of repurchased shares 108,264,000 0 0 Share-based compensation 50,809,266 41,832,701 46,612,198 Balance at end of period (41,602,841) (119,761,811) (5,427,691) Common shares outstanding Balance at end of period 2,406,144,879 1 2,436,249,909 1 2,550,584,029 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. |
Bank | |
Accumulated other comprehensive income | 1 Gains/ 2020 (CHF million) Balance at beginning of period 28 (14,560) 30 (417) (7) (2,620) (17,546) Increase/(decrease) 90 (2,974) (49) (55) (4) (6) (2,998) Reclassification adjustments, included in net income/(loss) 87 17 32 12 0 157 305 Total increase/(decrease) 177 (2,957) (17) (43) (4) 151 (2,693) Balance at end of period 205 (17,517) 13 (460) (11) (2,469) (20,239) 2019 (CHF million) Balance at beginning of period (58) (13,573) 9 (350) (8) (860) (14,840) Increase/(decrease) 65 (990) 21 (42) 0 (1,931) (2,877) Reclassification adjustments, included in net income/(loss) 21 3 0 17 1 193 235 Cumulative effect of accounting changes, net of tax 0 0 0 (42) 0 (22) (64) Total increase/(decrease) 86 (987) 21 (67) 1 (1,760) (2,706) Balance at end of period 28 (14,560) 30 (417) (7) (2,620) (17,546) 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) 1 No impairments on available-for-sale debt securities were recognized in net income/(loss) in 2020, 2019 and 2018. |
Details on significant reclassification adjustments | Details of significant reclassification adjustments in 2020 2019 2018 Reclassification adjustments, included in net income/(loss) (CHF million) Cumulative translation adjustments Reclassification adjustments 1 17 3 19 Actuarial gains/(losses) Amortization of recognized actuarial losses 2 13 22 55 Tax expense/(benefit) (1) (5) (6) Net of tax 12 17 49 1 Includes net releases of CHF 21 million on the liquidation of Credit Suisse Securities (Johannesburg) Proprietary Limited in 2018. 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. |
Offsetting of financial asset_2
Offsetting of financial assets and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Offsetting of derivatives | Offsetting of derivatives 2020 2019 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 6.1 4.6 3.8 3.0 OTC 68.2 65.7 63.7 61.9 Exchange-traded 0.5 0.6 0.3 0.2 Interest rate products 74.8 70.9 67.8 65.1 OTC-cleared 0.2 0.2 0.1 0.2 OTC 23.1 27.7 21.0 25.4 Foreign exchange products 23.3 27.9 21.1 25.6 OTC 10.7 15.1 10.1 10.4 Exchange-traded 19.9 20.4 5.3 5.0 Equity/index-related products 30.6 35.5 15.4 15.4 OTC-cleared 0.7 0.7 2.8 3.0 OTC 3.9 4.9 3.1 4.0 Credit derivatives 4.6 5.6 5.9 7.0 OTC 1.6 0.7 1.2 0.5 Exchange-traded 0.1 0.1 0.0 0.0 Other products 1 1.7 0.8 1.2 0.5 OTC-cleared 7.0 5.5 6.7 6.2 OTC 107.5 114.1 99.1 102.2 Exchange-traded 20.5 21.1 5.6 5.2 Total gross derivatives subject to enforceable master netting agreements 135.0 140.7 111.4 113.6 Offsetting (CHF billion) OTC-cleared (6.2) (5.4) (6.0) (5.3) OTC (94.4) (104.3) (87.0) (93.6) Exchange-traded (20.0) (20.3) (4.9) (4.9) Offsetting (120.6) (130.0) (97.9) (103.8) of which counterparty netting (103.2) (103.2) (83.2) (83.2) of which cash collateral netting (17.4) (26.8) (14.7) (20.6) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.8 0.1 0.7 0.9 OTC 13.1 9.8 12.1 8.6 Exchange-traded 0.5 0.8 0.7 0.3 Total net derivatives subject to enforceable master netting agreements 14.4 10.7 13.5 9.8 Total derivatives not subject to enforceable master netting agreements 2 11.2 6.8 4.4 3.7 Total net derivatives presented in the consolidated balance sheets 25.6 17.5 17.9 13.5 of which recorded in trading assets and trading liabilities 25.5 17.5 17.7 13.5 of which recorded in other assets and other liabilities 0.1 0.0 0.2 0.0 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 2020 2019 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 55.8 (7.5) 48.3 80.6 (10.9) 69.7 Securities borrowing transactions 11.9 (0.4) 11.5 12.3 (0.5) 11.8 Total subject to enforceable master netting agreements 67.7 (7.9) 59.8 92.9 (11.4) 81.5 Total not subject to enforceable master netting agreements 1 19.3 – 19.3 25.5 – 25.5 Total 87.0 (7.9) 79.1 2 118.4 (11.4) 107.0 2 1 Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 57,994 85,556 |
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 2020 2019 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 26.0 (7.9) 18.1 28.0 (11.4) 16.6 Securities lending transactions 3.5 0.0 3.5 5.5 0.0 5.5 Obligation to return securities received as collateral, at fair value 49.9 0.0 49.9 39.0 0.0 39.0 Total subject to enforceable master netting agreements 79.4 (7.9) 71.5 72.5 (11.4) 61.1 Total not subject to enforceable master netting agreements 1 3.1 – 3.1 2.0 – 2.0 Total 82.5 (7.9) 74.6 74.5 (11.4) 63.1 of which securities sold under repurchase agreements and securities lending transactions 31.7 (7.9) 23.8 2 34.3 (11.4) 22.9 2 of which obligation to return securities received as collateral, at fair value 50.8 0.0 50.8 40.2 0.0 40.2 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 13,594 10,715 |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets 2020 2019 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 14.4 5.5 0.1 8.8 13.5 4.4 0.0 9.1 Securities purchased under resale agreements 48.3 48.3 0.0 0.0 69.7 69.7 0.0 0.0 Securities borrowing transactions 11.5 11.1 0.0 0.4 11.8 11.2 0.0 0.6 Total financial assets subject to enforceable master netting agreements 74.2 64.9 0.1 9.2 95.0 85.3 0.0 9.7 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 10.7 2.2 0.0 8.5 9.8 1.7 0.0 8.1 Securities sold under repurchase agreements 18.1 18.1 0.0 0.0 16.6 16.6 0.0 0.0 Securities lending transactions 3.5 3.2 0.0 0.3 5.5 4.5 0.0 1.0 Obligation to return securities received as collateral, at fair value 49.9 43.4 0.0 6.5 39.0 33.0 0.0 6.0 Total financial liabilities subject to enforceable master netting agreements 82.2 66.9 0.0 15.3 70.9 55.8 0.0 15.1 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. |
Bank | |
Offsetting of derivatives | Offsetting of derivatives 2020 2019 Derivative Derivative Derivative Derivative Gross derivatives subject to enforceable master netting agreements (CHF billion) OTC-cleared 6.1 4.6 3.9 3.0 OTC 68.2 65.7 63.6 61.9 Exchange-traded 0.5 0.6 0.3 0.2 Interest rate products 74.8 70.9 67.8 65.1 OTC-cleared 0.2 0.2 0.1 0.2 OTC 23.1 27.7 21.0 25.4 Foreign exchange products 23.3 27.9 21.1 25.6 OTC 10.7 15.1 10.1 10.4 Exchange-traded 19.9 20.4 5.3 5.0 Equity/index-related products 30.6 35.5 15.4 15.4 OTC-cleared 0.7 0.7 2.8 3.0 OTC 3.9 4.9 3.1 4.0 Credit derivatives 4.6 5.6 5.9 7.0 OTC 1.6 0.8 1.2 0.5 Exchange-traded 0.1 0.1 0.0 0.0 Other products 1 1.7 0.9 1.2 0.5 OTC-cleared 7.0 5.5 6.8 6.2 OTC 107.5 114.2 99.0 102.2 Exchange-traded 20.5 21.1 5.6 5.2 Total gross derivatives subject to enforceable master netting agreements 135.0 140.8 111.4 113.6 Offsetting (CHF billion) OTC-cleared (6.2) (5.4) (6.0) (5.3) OTC (94.4) (104.4) (87.0) (93.6) Exchange-traded (20.0) (20.3) (4.9) (4.9) Offsetting (120.6) (130.1) (97.9) (103.8) of which counterparty netting (103.2) (103.2) (83.2) (83.2) of which cash collateral netting (17.4) (26.9) (14.7) (20.6) Net derivatives presented in the consolidated balance sheets (CHF billion) OTC-cleared 0.8 0.1 0.8 0.9 OTC 13.1 9.8 12.0 8.6 Exchange-traded 0.5 0.8 0.7 0.3 Total net derivatives subject to enforceable master netting agreements 14.4 10.7 13.5 9.8 Total derivatives not subject to enforceable master netting agreements 2 11.2 6.8 4.4 3.7 Total net derivatives presented in the consolidated balance sheets 25.6 17.5 17.9 13.5 of which recorded in trading assets and trading liabilities 25.5 17.5 17.7 13.5 of which recorded in other assets and other liabilities 0.1 0.0 0.2 0.0 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 2020 2019 Net Net Securities purchased under resale agreements and securities borrowing transactions (CHF billion) Securities purchased under resale agreements 55.8 (7.5) 48.3 80.6 (10.9) 69.7 Securities borrowing transactions 11.9 (0.4) 11.5 12.3 (0.5) 11.8 Total subject to enforceable master netting agreements 67.7 (7.9) 59.8 92.9 (11.4) 81.5 Total not subject to enforceable master netting agreements 1 19.3 – 19.3 25.5 – 25.5 Total 87.0 (7.9) 79.1 2 118.4 (11.4) 107.0 2 1 Represents securities purchased under resale agreements and securities borrowing transactions where a legal opinion supporting the enforceability of netting in the event of default or termination under the agreement is not in place. 2 CHF 57,994 million and CHF 85,556 million of the total net amount as of the end of 2020 and 2019, 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 2020 2019 Net Net Securities sold under repurchase agreements and securities lending transactions (CHF billion) Securities sold under repurchase agreements 26.1 (7.9) 18.2 28.1 (11.4) 16.7 Securities lending transactions 3.5 0.0 3.5 5.5 0.0 5.5 Obligation to return securities received as collateral, at fair value 49.9 0.0 49.9 39.0 0.0 39.0 Total subject to enforceable master netting agreements 79.5 (7.9) 71.6 72.6 (11.4) 61.2 Total not subject to enforceable master netting agreements 1 3.1 – 3.1 2.0 – 2.0 Total 82.6 (7.9) 74.7 74.6 (11.4) 63.2 of which securities sold under repurchase agreements and securities lending transactions 31.8 (7.9) 23.9 2 34.4 (11.4) 23.0 2 of which obligation to return securities received as collateral, at fair value 50.8 0.0 50.8 40.2 0.0 40.2 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 13,688 million and CHF 10,823 million of the total net amount as of the end of 2020 and 2019, respectively, are reported at fair value. |
Amounts not offset in the consolidated balance sheets | Amounts not offset in the consolidated balance sheets 2020 2019 1 Cash 1 1 Cash 1 Financial assets subject to enforceable master netting agreements (CHF billion) Derivatives 14.4 5.5 0.1 8.8 13.5 4.4 0.0 9.1 Securities purchased under resale agreements 48.3 48.3 0.0 0.0 69.7 69.7 0.0 0.0 Securities borrowing transactions 11.5 11.1 0.0 0.4 11.8 11.2 0.0 0.6 Total financial assets subject to enforceable master netting agreements 74.2 64.9 0.1 9.2 95.0 85.3 0.0 9.7 Financial liabilities subject to enforceable master netting agreements (CHF billion) Derivatives 10.7 2.2 0.0 8.5 9.8 1.7 0.0 8.1 Securities sold under repurchase agreements 18.2 18.2 0.0 0.0 16.7 16.7 0.0 0.0 Securities lending transactions 3.5 3.2 0.0 0.3 5.5 4.5 0.0 1.0 Obligation to return securities received as collateral, at fair value 49.9 43.4 0.0 6.5 39.0 33.0 0.0 6.0 Total financial liabilities subject to enforceable master netting agreements 82.3 67.0 0.0 15.3 71.0 55.9 0.0 15.1 1 The total amount reported in financial instruments (recognized financial assets and financial liabilities and non-cash financial collateral) and cash collateral is limited to the amount of the related instruments presented in the consolidated balance sheets and therefore any over-collateralization of these positions is not included. |
Tax (Tables)
Tax (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Details of current and deferred taxes | Details of current and deferred taxes in 2020 2019 2018 Current and deferred taxes (CHF million) Switzerland 163 175 135 Foreign 204 531 426 Current income tax expense 367 706 561 Switzerland 450 171 479 Foreign (16) 418 321 Deferred income tax expense 434 589 800 Income tax expense 801 1,295 1,361 Income tax expense/(benefit) reported in shareholders' equity related to: Gains/(losses) on cash flow hedges 25 13 (28) Cumulative translation adjustment 0 (4) (7) Unrealized gains/(losses) on debt securities (6) 7 (5) Actuarial gains/(losses) (18) 99 (102) Net prior service credit/(cost) (33) 58 (33) Share-based compensation and treasury shares (4) (5) 1 |
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate in 2020 2019 2018 Income/(loss) before taxes (CHF million) Switzerland 1,770 2,985 1,924 Foreign 1,697 1,735 1,448 Income before taxes 3,467 4,720 3,372 Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate 1 693 1,038 742 Increase/(decrease) in income taxes resulting from Foreign tax rate differential (62) (101) 107 Non-deductible amortization of other intangible assets and goodwill impairment 0 1 3 Other non-deductible expenses 254 371 457 Additional taxable income 8 7 5 Lower taxed income (234) (325) (190) (Income)/loss taxable to noncontrolling interests 18 8 12 Changes in tax law and rates (6) (28) (2) Changes in deferred tax valuation allowance 322 116 (106) Change in recognition of outside basis difference (9) 4 (32) Tax deductible impairments of Swiss subsidiary investments 0 0 (65) (Windfall tax benefits) /shortfall tax charges on share-based compensation 76 39 10 Other (259) 165 420 Income tax expense 801 1,295 1,361 1 The statutory tax rate was 20% in 2020 and 22% in 2019 and 2018. |
Details of the tax effect of temporary differences | Deferred tax assets and liabilities end of 2020 2019 Deferred tax assets and liabilities (CHF million) Compensation and benefits 931 956 Loans 653 598 Investment securities 1,347 1,437 Provisions 999 769 Leases 384 439 Derivatives 53 72 Real estate 175 189 Net operating loss carry-forwards 5,425 5,753 Goodwill and intangible assets 209 405 Other 119 78 Gross deferred tax assets before valuation allowance 10,295 10,696 Less valuation allowance (4,465) (4,136) Gross deferred tax assets net of valuation allowance 5,830 6,560 Compensation and benefits (666) (650) Loans (352) (348) Investment securities (523) (503) Provisions (333) (337) Leases (365) (405) Derivatives (231) (224) Real estate (36) (35) Other (187) (182) Gross deferred tax liabilities (2,693) (2,684) Net deferred tax assets 3,137 3,876 of which deferred tax assets 3,667 4,399 of which net operating losses 1,070 1,465 of which deductible temporary differences 2,597 2,934 of which deferred tax liabilities (530) (523) |
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards end of 2020 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 17 Due to expire within 2 to 5 years 4,774 Due to expire within 6 to 10 years 4,145 Due to expire within 11 to 20 years 5,303 Amount due to expire 14,239 Amount not due to expire 16,162 Total net operating loss carry-forwards 30,401 |
Movements in the valuation allowance | Movements in the valuation allowance in 2020 2019 2018 Movements (CHF million) Balance at beginning of period 4,136 4,021 4,279 Net changes 329 115 (258) Balance at end of period 4,465 4,136 4,021 |
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation in 2020 2019 2018 Tax benefits (CHF million) Tax benefits recorded in the consolidated statements of operations 1 264 263 242 1 Calculated at the statutory tax rate before valuation allowance considerations. |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of gross unrecognized tax benefits 2020 2019 2018 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 595 574 481 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 14 27 10 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (249) (64) (2) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 90 105 112 Decreases in unrecognized tax benefits relating to settlements with tax authorities (3) 0 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (17) (35) (4) Other (including foreign currency translation) (48) (12) (23) Balance at end of period 382 595 574 of which, if recognized, would affect the effective tax rate 382 595 574 Interest and penalties in 2020 2019 2018 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations (16) (10) (28) Interest and penalties recognized in the consolidated balance sheets 61 77 87 |
Bank | |
Details of current and deferred taxes | Details of current and deferred taxes in 2020 2019 2018 Current and deferred taxes (CHF million) Switzerland 151 164 126 Foreign 188 518 416 Current income tax expense 339 682 542 Switzerland 367 194 266 Foreign (9) 422 326 Deferred income tax expense 358 616 592 Income tax expense 697 1,298 1,134 Income tax expense/(benefit) reported in shareholder's equity related to: Gains/(losses) on cash flow hedges 25 13 (28) Cumulative translation adjustment 0 (4) (7) Unrealized gains/(losses) on securities (6) 7 (5) Actuarial gains/(losses) (19) 4 7 Net prior service cost 1 0 0 |
Reconciliation of taxes computed at the Swiss statutory rate | Reconciliation of taxes computed at the Swiss statutory rate in 2020 2019 2018 Income/(loss) before taxes (CHF million) Switzerland 2,477 3,259 1,927 Foreign 734 1,134 929 Income before taxes 3,211 4,393 2,856 Reconciliation of taxes computed at the Swiss statutory rate (CHF million) Income tax expense/(benefit) computed at the statutory tax rate 1 642 966 628 Increase/(decrease) in income taxes resulting from Foreign tax rate differential (64) (109) 89 Non-deductible amortization of other intangible assets and goodwill impairment 0 1 3 Other non-deductible expenses 253 368 455 Additional taxable income 8 7 5 Lower taxed income (221) (314) (187) (Income)/loss taxable to noncontrolling interests 18 8 10 Changes in tax law and rates (5) 9 (2) Changes in deferred tax valuation allowance 281 114 (115) Change in recognition of outside basis difference (13) 4 (32) Tax deductible impairments of Swiss subsidiary investments 0 0 (65) (Windfall tax benefits)/shortfall tax charges on share-based compensation 75 39 10 Other (277) 205 335 Income tax expense 697 1,298 1,134 1 The statutory tax rate was 20% in 2020 and 22% in 2019 and 2018. |
Details of the tax effect of temporary differences | Deferred tax assets and liabilities end of 2020 2019 Deferred tax assets and liabilities (CHF million) Compensation and benefits 916 950 Loans 342 341 Investment securities 1,347 1,437 Provisions 999 769 Leases 254 302 Derivatives 51 72 Real estate 168 183 Net operating loss carry-forwards 5,278 5,657 Goodwill and intangible assets 209 394 Other 107 66 Gross deferred tax assets before valuation allowance 9,671 10,171 Less valuation allowance (4,323) (4,067) Gross deferred tax assets net of valuation allowance 5,348 6,104 Compensation and benefits (304) (301) Loans (60) (108) Investment securities (523) (502) Provisions (332) (336) Leases (233) (267) Derivatives (211) (214) Real estate (36) (35) Other (176) (171) Gross deferred tax liabilities (1,875) (1,934) Net deferred tax assets 3,473 4,170 of which deferred tax assets 3,630 4,337 of which net operating losses 1,064 1,437 of which deductible temporary differences 2,566 2,900 of which deferred tax liabilities (157) (167) |
Amounts and expiration dates of net operating loss carry-forwards | Amounts and expiration dates of net operating loss carry-forwards end of 2020 Total Net operating loss carry-forwards (CHF million) Due to expire within 1 year 17 Due to expire within 2 to 5 years 4,157 Due to expire within 6 to 10 years 3,720 Due to expire within 11 to 20 years 5,303 Amount due to expire 13,197 Amount not due to expire 16,156 Total net operating loss carry-forwards 29,353 |
Movements in the valuation allowance | Movements in the valuation allowance in 2020 2019 2018 Movements (CHF million) Balance at beginning of period 4,067 3,957 4,224 Net changes 256 110 (267) Balance at end of period 4,323 4,067 3,957 |
Tax benefits associated with share-based compensation | Tax benefits associated with share-based compensation in 2020 2019 2018 Tax benefits (CHF million) Tax benefits recorded in the consolidated statements of operations 1 252 256 236 1 Calculated at the statutory tax rate before valuation allowance considerations. |
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits | Reconciliation of gross unrecognized tax benefits in 2020 2019 2018 Movements in gross unrecognized tax benefits (CHF million) Balance at beginning of period 595 574 481 Increases in unrecognized tax benefits as a result of tax positions taken during a prior period 14 27 10 Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period (249) (64) (2) Increases in unrecognized tax benefits as a result of tax positions taken during the current period 90 105 112 Decreases in unrecognized tax benefits relating to settlements with tax authorities (3) 0 0 Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (17) (35) (4) Other (including foreign currency translation) (48) (12) (23) Balance at end of period 382 595 574 of which, if recognized, would affect the effective tax rate 382 595 574 Interest and penalties in 2020 2019 2018 Interest and penalties (CHF million) Interest and penalties recognized in the consolidated statements of operations (16) (10) (28) Interest and penalties recognized in the consolidated balance sheets 61 77 87 |
Employee deferred compensation
Employee deferred compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2020 2019 2018 Deferred compensation expense (CHF million) Share awards 573 589 516 Performance share awards 448 438 382 Contingent Capital Awards 255 308 154 Deferred cash awards 398 420 233 Retention awards 43 22 54 Total deferred compensation expense 1,717 1,777 1,339 Total shares delivered (million) Total shares delivered 50.7 41.8 46.6 In 2020, Contingent Capital share awards are included in the category share awards, and Capital Opportunity Facility awards are included in the category deferred cash awards. Prior periods have been reclassified to conform to the current presentation. |
Additional information | Estimated unrecognized deferred compensation end of 2020 Estimated unrecognized compensation expense (CHF million) Share awards 449 Performance share awards 194 Contingent Capital Awards 151 Deferred cash awards 201 Retention awards 40 Total 1,035 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.2 Does not include the estimated unrecognized compensation expense relating to grants made in 2021 for 2020. |
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 2020 2019 2018 CCA awarded (CHF million) 253 268 299 |
Stock compensation plan | Share awards | |
Share-based compensation disclosures | |
Share-based award activities | Share award activities 2020 2019 2018 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 110.5 13.46 83.2 16.15 84.9 15.73 Granted 69.1 10.61 69.3 11.68 43.8 16.91 Settled (47.9) 13.76 (36.9) 16.15 (40.7) 16.09 Forfeited (5.4) 11.72 (5.1) 13.83 (4.8) 16.24 Balance at end of period 126.3 11.86 110.5 13.46 83.2 16.15 of which vested 13.5 – 11.9 – 8.6 – of which unvested 112.8 – 98.6 – 74.6 – |
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 2020 2019 2018 Shares awarded (million) 44.6 57.9 55.6 Value of shares awarded (CHF million) 592 626 638 Fair value of each share awarded (CHF) 1 12.59 10.81 11.75 1 Based on the Group’s share price on the grant date. |
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 2020 2019 2018 Blocked shares awarded (million) 2.6 3.2 3.0 Value of shares awarded (CHF million) 35 37 35 |
Performance shares | Performance share awards | |
Share-based compensation disclosures | |
Share-based award activities | Performance share award activities 2020 2019 2018 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 72.4 13.38 51.7 16.33 54.2 15.88 Granted 50.9 10.63 45.4 11.60 26.5 16.98 Settled (29.0) 14.13 (22.8) 16.51 (26.3) 16.07 Forfeited (2.6) 11.62 (1.9) 13.67 (2.7) 16.26 Balance at end of period 91.7 11.66 72.4 13.38 51.7 16.33 of which vested 10.4 – 6.7 – 5.4 – of which unvested 81.3 – 65.7 – 46.3 – |
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 2020 2019 2018 Performance shares awarded (million) 37.8 50.7 46.1 Value of performance shares awarded (CHF million) 493 553 532 Fair value of each performance share awarded (CHF) 1 12.59 10.81 11.75 1 Based on the Group’s share price on the grant date. |
Bank | |
Share-based compensation disclosures | |
Deferred compensation expense | Deferred compensation expense in 2020 2019 2018 Deferred compensation expense (CHF million) Share awards 555 573 501 Performance share awards 427 423 371 Contingent Capital Awards 245 298 149 Deferred cash awards 378 378 227 Retention awards 43 22 54 Total deferred compensation expense 1,648 1,694 1,302 Total shares delivered (million) Total shares delivered 48.3 40.1 45.0 In 2020, Contingent Capital share awards are included in the category share awards, and Capital Opportunity Facility awards are included in the category deferred cash awards. Prior periods have been reclassified to conform to the current presentation. |
Additional information | Estimated unrecognized deferred compensation end of 2020 Estimated unrecognized compensation expense (CHF million) Share awards 435 Performance share awards 185 Contingent Capital Awards 145 Deferred cash awards 192 Retention awards 40 Total 997 Aggregate remaining weighted-average requisite service period (years) Aggregate remaining weighted-average requisite service period 1.2 Does not include the estimated unrecognized compensation expense relating to grants made in 2021 for 2020. |
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 2020 2019 2018 CCA awarded (CHF million) 245 257 289 |
Bank | Stock compensation plan | Share awards | |
Share-based compensation disclosures | |
Share-based award activities | Share award activities 2020 2019 2018 Weighted- Weighted- Weighted- Share awards Balance at beginning of period 101.9 13.45 77.1 16.23 79.9 15.77 Granted 64.0 10.65 65.0 11.69 40.5 16.97 Settled (45.1) 13.83 (35.2) 16.20 (39.0) 16.02 Forfeited (5.6) 11.74 (5.0) 13.93 (4.3) 16.33 Balance at end of period 115.2 11.82 101.9 13.45 77.1 16.23 of which vested 12.0 – 10.9 – 8.4 – of which unvested 103.2 – 91.0 – 68.7 – |
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 2020 2019 2018 Shares awarded (million) 43.5 55.9 54.0 Value of shares awarded (CHF million) 576 604 620 |
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 2020 2019 2018 Blocked shares awarded (million) 2.3 2.8 2.7 Value of shares awarded (CHF million) 31 32 31 |
Bank | Performance shares | Performance share awards | |
Share-based compensation disclosures | |
Share-based award activities | Performance share award activities 2020 2019 2018 Number of Weighted- Number of Weighted- Number of Weighted- Performance share awards Balance at beginning of period 69.7 13.37 50.0 16.33 52.8 15.88 Granted 48.8 10.63 43.9 11.60 25.6 16.98 Settled (28.0) 14.12 (22.3) 16.51 (25.6) 16.07 Forfeited (2.5) 11.64 (1.9) 13.58 (2.8) 16.26 Balance at end of period 88.0 11.67 69.7 13.37 50.0 16.33 of which vested 9.6 – 6.4 – 5.2 – of which unvested 78.4 – 63.3 – 44.8 – |
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 2020 2019 2018 Performance shares awarded (million) 36.6 48.7 44.6 Value of performance shares awarded (CHF million) 478 531 515 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Executive Board and Board of Directors loans | in 2020 2019 2018 Executive Board loans (CHF million) Balance at beginning of period 32 1 33 26 Additions 5 13 8 Reductions (24) (14) (1) Balance at end of period 13 1 32 33 Board of Directors loans (CHF million) Balance at beginning of period 9 2 10 11 Additions 0 3 0 Reductions 0 (4) (1) Balance at end of period 9 2 9 10 1 The number of individuals with outstanding loans was five at the beginning of the year and four at the end of the year. 2 The number of individuals with outstanding loans was four at the beginning of the year and three at the end of the year. |
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 2020 2019 2018 Loans to equity method investees (CHF million) Balance at beginning of period 299 253 173 Net borrowings/(repayments) 115 46 80 Balance at end of period 414 299 253 |
Bank | |
Executive Board and Board of Directors loans | Executive Board and Board of Directors loans 2020 2019 2018 Loans to members of the Executive Board (CHF million) Balance at beginning of period 32 1 33 26 Additions 5 13 8 Reductions (24) (14) (1) Balance at end of period 13 1 32 33 Loans to members of the Board of Directors (CHF million) Balance at beginning of period 9 2 10 11 Additions 0 3 0 Reductions 0 (4) (1) Balance at end of period 9 2 9 10 1 The number of individuals with outstanding loans was five at the beginning of the year and four at the end of the year. 2 The number of individuals with outstanding loans was four at the beginning of the year and three at the end of the year. |
Schedule of Related Party Transactions [Table Text Block] | Related party assets and liabilities end of 2020 2019 Assets (CHF million) Net loans 8,444 7,258 Other assets 200 665 Total assets 8,644 7,923 Liabilities (CHF million) Due to banks/customer deposits 1,119 1,268 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 93 108 Short-term borrowings 440 485 Long-term debt 52,144 32,764 Other liabilities 1,098 1,401 Total liabilities 54,894 36,026 Related party revenues and expenses in 2020 2019 2018 Revenues (CHF million) Interest and dividend income (39) (5) 10 Interest expense (1,618) (1,307) (924) Net interest income (1,657) (1,312) (914) Commissions and fees 114 80 87 Other revenues 104 104 72 Net revenues (1,439) (1,128) (755) Expenses (CHF million) Total operating expenses 1,967 1,867 1,642 Related party guarantees and commitments end of 2020 2019 Guarantees and commitments (CHF million) Credit guarantees and similar instruments 4 5 Revocable loan commitments 88 0 |
Pension and other post-retire_2
Pension and other post-retirement benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Components of total pension costs | Components of net periodic benefit costs Defined benefit Other post-retirement Switzerland International International in 2020 2019 2018 2020 2019 2018 2020 2019 2018 Net periodic benefit costs (CHF million) Service costs on benefit obligation 203 256 242 15 14 16 0 0 0 Interest costs on benefit obligation 20 52 63 68 90 86 4 6 5 Expected return on plan assets (352) (394) (483) (85) (108) (114) 0 0 0 Amortization of recognized prior service cost/(credit) (167) (155) (126) 1 1 0 0 0 0 Amortization of recognized actuarial losses/(gains) 334 293 306 13 19 47 1 3 8 Settlement losses/(gains) 8 41 35 (1) 0 0 0 0 0 Curtailment losses/(gains) (10) 0 (12) 0 0 (1) 0 0 0 Special termination benefits 8 14 38 0 0 0 0 0 0 Net periodic benefit costs/(credits) 44 107 63 11 16 34 5 9 13 Service costs on benefit obligation are reflected in compensation and benefits. Other components of net periodic benefit costs are reflected in general and administrative expenses or, except for 2019, in restructuring expenses. |
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 2020 2019 2020 2019 2020 2019 PBO (CHF million) 1 Beginning of the measurement period 15,979 15,432 3,325 2,951 164 160 Plan participant contributions 143 205 0 0 0 0 Service cost 203 256 15 14 0 0 Interest cost 20 52 68 90 4 6 Plan amendments 0 (428) 5 0 0 0 Settlements (28) (152) (23) 0 0 0 Curtailments (17) 0 0 0 0 0 Special termination benefits 8 14 0 0 0 0 Actuarial losses/(gains) 857 1,262 456 410 13 13 Benefit payments (1,063) (662) (156) (149) (11) (12) Exchange rate losses/(gains) 0 0 (208) 9 (14) (3) End of the measurement period 16,102 15,979 3,482 3,325 156 164 Fair value of plan assets (CHF million) Beginning of the measurement period 17,790 16,225 4,111 3,604 0 0 Actual return on plan assets 860 1,767 476 487 0 0 Employer contributions 298 407 61 130 11 12 Plan participant contributions 143 205 0 0 0 0 Settlements (28) (152) (23) 0 0 0 Benefit payments (1,063) (662) (156) (149) (11) (12) Exchange rate gains/(losses) 0 0 (257) 39 0 0 End of the measurement period 18,000 17,790 4,212 4,111 0 0 Funded status recognized (CHF million) Funded status of the plan – overfunded/(underfunded) 1,898 1,811 730 786 (156) (164) Funded status recognized in the consolidated balance sheet as of December 31 1,898 1,811 730 786 (156) (164) Total amount recognized (CHF million) Noncurrent assets 1,898 1,811 975 1,068 0 0 Current liabilities 0 0 (8) (6) (11) (11) Noncurrent liabilities 0 0 (237) (276) (145) (153) Net amount recognized in the consolidated balance sheet as of December 31 1,898 1,811 730 786 (156) (164) ABO (CHF million) 2 End of the measurement period 15,637 15,459 3,449 3,294 156 164 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 International PBO exceeds 1 ABO exceeds 1 December 31 2020 2019 2020 2019 PBO/ABO exceeded plan assets (CHF million) PBO 1,404 1,455 1,393 1,443 ABO 1,377 1,431 1,369 1,422 Fair value of plan assets 1,159 1,174 1,150 1,163 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 2020 2019 2020 2019 2020 2019 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (3,688) (3,618) (39) (30) (3,727) (3,648) Prior service credits/(costs) 453 601 3 3 456 604 Cumulative effect of accounting changes 0 (42) 0 0 0 (42) Total (3,235) (3,059) (36) (27) (3,271) (3,086) |
Amounts recognized in other comprehensive income | Amounts recognized in OCI Defined benefit Other post-retirement in Gross Tax Net Gross Tax Net Total net 2020 (CHF million) Actuarial gains/(losses) (414) 83 (331) (13) 3 (10) (341) Prior service credits/(costs) (5) 0 (5) 0 0 0 (5) Amortization of actuarial losses/(gains) 347 (64) 283 1 0 1 284 Amortization of prior service costs/(credits) (166) 31 (135) 0 0 0 (135) Immediate recognition due to curtailment/settlement 14 (2) 12 0 0 0 12 Total (224) 48 (176) (12) 3 (9) (185) 2019 (CHF million) Actuarial gains/(losses) 82 (29) 53 (12) 3 (9) 44 Prior service credits/(costs) 428 (90) 338 0 0 0 338 Amortization of actuarial losses/(gains) 312 (65) 247 3 (1) 2 249 Amortization of prior service costs/(credits) (154) 33 (121) 0 0 0 (121) Immediate recognition due to curtailment/settlement 41 (8) 33 0 0 0 33 Cumulative effect of accounting changes 0 (42) (42) 0 0 0 (42) Total 709 (201) 508 (9) 2 (7) 501 |
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 2020 2019 2018 2020 2019 2018 2020 2019 2018 Net periodic benefit cost (%) Discount rate - service costs 0.69 1.19 1.02 3.04 3.28 2.96 – 4.38 3.86 Discount rate - interest costs 0.13 0.57 0.41 2.39 3.28 2.77 2.77 3.95 3.28 Salary increases 1.50 0.75 0.50 2.84 2.92 2.97 – – – Interest rate on savings balances 0.45 1.03 0.86 – – – – – – Expected long-term rate of return on plan assets 2.10 2.40 3.00 2.37 3.00 3.22 – – – Benefit obligation (%) Discount rate 0.40 0.45 1.03 1.67 2.38 3.30 2.55 3.23 4.37 Salary increases 1.50 1.50 0.75 2.98 2.84 2.90 – – – Interest rate on savings balances 1.25 0.45 1.03 – – – – – – |
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 2020 2019 2020 2019 2020 2019 2020 2019 Life expectancy (years) Switzerland BVG 2015 tables 1 21.7 21.6 23.3 23.2 23.7 23.6 25.3 25.2 UK SAPS S2 light tables 2 23.3 23.2 24.9 24.8 24.5 24.3 26.3 26.1 US Pri-2012 mortality tables 3 21.1 21.1 22.3 22.2 22.8 22.7 23.9 23.8 1 The BVG 2015 tables were used, which included final 2016 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 Private retirement plan 2012 (Pri-2012) 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 in / end of 2020 2019 2018 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 7.0 8.0 8.7 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 2025. |
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis end of 2020 2019 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 458 0 0 0 458 703 0 0 0 703 Debt securities 5,224 222 0 438 5,884 6,448 199 0 303 6,950 of which corporates 5,224 222 0 438 5,884 6,448 199 0 303 6,950 Equity securities 5,320 0 0 0 5,320 5,015 0 0 0 5,015 Real estate 0 1,795 1,444 0 3,239 0 1,277 1,351 0 2,628 of which direct 0 0 1,444 0 1,444 0 0 1,351 0 1,351 of which indirect 0 1,795 0 0 1,795 0 1,277 1 0 0 1,277 Alternative investments 433 514 0 2,152 3,099 0 424 0 2,070 2,494 of which private equity 0 0 0 1,794 1,794 0 0 0 1,561 1,561 of which hedge funds 0 413 0 1 414 0 385 0 126 511 of which other 433 101 0 357 891 0 39 0 383 422 Switzerland 11,435 2,531 1,444 2,590 18,000 12,166 1,900 1,351 2,373 17,790 Cash and cash equivalents 17 247 0 0 264 14 104 0 0 118 Debt securities 2,519 872 0 422 3,813 2,277 1,016 0 430 3,723 of which governments 2,169 7 0 0 2,176 1,904 9 0 0 1,913 of which corporates 350 865 0 422 1,637 373 1,007 0 430 1,810 Equity securities 33 0 0 52 85 58 0 0 91 149 Real estate – indirect 0 0 0 20 20 0 0 0 29 29 Alternative investments 0 (47) 0 0 (47) 0 (37) 0 45 8 of which hedge funds 0 0 0 0 0 0 0 0 45 45 of which other 0 (47) 2 0 0 (47) 0 (37) 2 0 0 (37) Other investments 0 77 0 0 77 0 84 0 0 84 International 2,569 1,149 0 494 4,212 2,349 1,167 0 595 4,111 Total plan assets at fair value 14,004 3,680 1,444 3,084 22,212 14,515 3,067 1,351 2,968 21,901 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 462 million and CHF (685) (685) 1 Prior period has been corrected to reclassify the leveling of certain plan assets. 2 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 2020 (CHF million) Real estate 1,351 0 0 69 0 24 0 1,444 of which direct 1,351 0 0 69 0 24 0 1,444 Total plan assets at fair value 1,351 0 0 69 0 24 0 1,444 of which Switzerland 1,351 0 0 69 0 24 0 1,444 2019 (CHF million) Debt securities – corporates 34 0 (34) 0 0 0 0 0 Real estate 1,345 0 (48) 54 0 0 0 1,351 of which direct 1,297 0 0 54 0 0 0 1,351 of which indirect 48 0 (48) 0 0 0 0 0 Total plan assets at fair value 1,379 0 (82) 54 0 0 0 1,351 of which Switzerland 1,379 0 (82) 54 0 0 0 1,351 |
Weighted-average plan asset allocation as of the measurement date | Plan asset allocation Switzerland International December 31 2020 2019 2020 2019 Weighted-average (%) Cash and cash equivalents 2.5 3.9 6.3 2.9 Debt securities 32.7 39.1 90.5 90.6 Equity securities 29.6 28.2 2.0 3.6 Real estate 18.0 14.8 0.5 0.7 Alternative investments 17.2 14.0 (1.1) 0.2 Insurance 0.0 0.0 1.8 2.0 Total 100.0 100.0 100.0 100.0 |
Weighted-average target plan asset allocation to be applied prospectively | 2021 target plan asset allocation Switzerland International Weighted-average (%) Cash and cash equivalents 7.0 0.3 Debt securities 32.0 94.0 Equity securities 25.0 2.1 Real estate 21.0 0.6 Alternative investments 15.0 1.2 Insurance 0.0 1.8 Total 100.0 100.0 |
Estimated future benefit payments for defined benefit pension and other post-retirement defined benefit plans | Estimated future benefit payments Defined benefit Other post-retirement Payments (CHF million) 2021 1,082 11 2022 903 10 2023 904 10 2024 903 10 2025 887 9 For five years thereafter 4,409 40 |
Bank | |
Components of total pension costs | Components of net periodic benefit costs International single-employer Other post-retirement in 2020 2019 2018 2020 2019 2018 Net periodic benefit costs (CHF million) Service costs on benefit obligation 14 14 16 0 0 0 Interest costs on benefit obligation 68 90 86 4 6 5 Expected return on plan assets (85) (108) (114) 0 0 0 Amortization of recognized prior service cost/(credit) 1 1 0 0 0 0 Amortization of recognized actuarial losses/(gains) 13 19 47 1 3 8 Settlement losses/(gains) (1) 0 0 0 0 0 Curtailment losses/(gains) 0 0 (1) 0 0 0 Net periodic benefit costs/(credits) 10 16 34 5 9 13 Service costs on benefit obligation are reflected in compensation and benefits. Other components of net periodic benefit costs are reflected in general and administrative expenses or, except for 2019, in restructuring expenses. |
Obligations and funded status of the plans | Obligations and funded status of the plans International in / end of 2020 2019 2020 2019 PBO (CHF million) 1 Beginning of the measurement period 3,325 2,951 164 160 Service cost 14 14 0 0 Interest cost 68 90 4 6 Plan amendments 5 0 0 0 Settlements (23) 0 0 0 Actuarial losses/(gains) 453 410 13 13 Business combinations and transfers (3) 0 0 0 Benefit payments (156) (149) (11) (12) Exchange rate losses/(gains) (208) 9 (14) (3) End of the measurement period 3,475 3,325 156 164 Fair value of plan assets (CHF million) Beginning of the measurement period 4,111 3,604 0 0 Actual return on plan assets 476 487 0 0 Employer contributions 61 130 11 12 Settlements (23) 0 0 0 Benefit payments (156) (149) (11) (12) Exchange rate gains/(losses) (257) 39 0 0 End of the measurement period 4,212 4,111 0 0 Total funded status recognized (CHF million) Funded status of the plan – over/(underfunded) 737 786 (156) (164) Funded status recognized in the consolidated balance sheet as of December 31 737 786 (156) (164) Total amount recognized (CHF million) Noncurrent assets 975 1,068 0 0 Current liabilities (8) (6) (11) (11) Noncurrent liabilities (230) (276) (145) (153) Net amount recognized in the consolidated balance sheet as of December 31 737 786 (156) (164) ABO (CHF million) 2 End of the measurement period 3,445 3,294 156 164 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 2020 2019 2020 2019 PBO/ABO exceeded plan assets (CHF million) PBO 1,397 1,455 1,386 1,443 ABO 1,373 1,431 1,365 1,422 Fair value of plan assets 1,159 1,174 1,150 1,163 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 2020 2019 2020 2019 2020 2019 Amounts recognized in AOCI (CHF million) Actuarial gains/(losses) (421) (345) (39) (30) (460) (375) Prior service credits/(costs) (14) (10) 3 3 (11) (7) Cumulative effect of accounting changes 0 (42) 0 0 0 (42) Total (435) (397) (36) (27) (471) (424) |
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 2020 (CHF million) Actuarial gains/(losses) (62) 17 (45) (13) 3 (10) (55) Prior service credits/(costs) (5) 1 (4) 0 0 0 (4) Amortization of actuarial losses/(gains) 13 (1) 12 1 0 1 13 Amortization of prior service costs/(credits) 1 (1) 0 0 0 0 0 Immediate recognition due to curtailment/settlement (1) 0 (1) 0 0 0 (1) Total (54) 16 (38) (12) 3 (9) (47) 2019 (CHF million) Actuarial gains/(losses) (31) (2) (33) (12) 3 (9) (42) Amortization of actuarial losses/(gains) 19 (4) 15 3 (1) 2 17 Amortization of prior service costs/(credits) 1 0 1 0 0 0 1 Cumulative effect of accounting changes 0 (42) (42) 0 0 0 (42) Total (11) (48) (59) (9) 2 (7) (66) |
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 2020 2019 2018 2020 2019 2018 Net periodic benefit cost (%) Discount rate - service cost 2.62 3.28 2.96 – 4.38 3.86 Discount rate - interest cost 2.37 3.28 2.77 2.77 3.95 3.28 Salary increases 2.84 2.92 2.97 – – – Expected long-term rate of return on plan assets 2.37 3.00 3.22 – – – Benefit obligation (%) Discount rate 1.66 2.38 3.30 2.55 3.23 4.37 Salary increases 2.97 2.84 2.90 – – – |
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 2020 2019 2020 2019 2020 2019 2020 2019 Life expectancy (years) UK SAPS S2 light tables 1 23.3 23.2 24.9 24.8 24.5 24.3 26.3 26.1 US Pri-2012 mortality tables 2 21.1 21.1 22.3 22.2 22.8 22.7 23.9 23.8 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 Private retirement plan 2012 (Pri-2012) 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 in / end of 2020 2019 2018 Health care cost trend rate (%) Annual weighted-average health care cost trend rate 1 7.0 8.0 8.7 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 2025. |
Plan assets measured at fair value on a recurring basis | Plan assets measured at fair value on a recurring basis 2020 2019 Assets Assets Plan assets at fair value (CHF million) Cash and cash equivalents 17 247 0 0 264 14 104 0 0 118 Debt securities 2,519 872 0 422 3,813 2,277 1,016 0 430 3,723 of which governments 2,169 7 0 0 2,176 1,904 9 0 0 1,913 of which corporates 350 865 0 422 1,637 373 1,007 0 430 1,810 Equity securities 33 0 0 52 85 58 0 0 91 149 Real estate – indirect 0 0 0 20 20 0 0 0 29 29 Alternative investments 0 (47) 0 0 (47) 0 (37) 0 45 8 of which hedge funds 0 0 0 0 0 0 0 0 45 45 of which other 0 (47) 1 0 0 (47) 0 (37) 1 0 0 (37) Other investments 0 77 0 0 77 0 84 0 0 84 Total plan assets at fair value 2,569 1,149 0 494 4,212 2,349 1,167 0 595 4,111 1 Primarily related to derivative instruments. |
Weighted-average plan asset allocation as of the measurement date | Plan asset allocation December 31 2020 2019 Weighted-average (%) Cash and cash equivalents 6.3 2.9 Debt securities 90.5 90.6 Equity securities 2.0 3.6 Real estate 0.5 0.7 Alternative investments (1.1) 0.2 Insurance 1.8 2.0 Total 100.0 100.0 |
Weighted-average target plan asset allocation to be applied prospectively | 2021 target plan asset allocation Weighted-average (%) Cash and cash equivalents 0.3 Debt securities 94.0 Equity securities 2.1 Real estate 0.6 Alternative investments 1.2 Insurance 1.8 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) 2021 99 11 2022 89 10 2023 99 10 2024 103 10 2025 108 9 For five years thereafter 600 40 |
Derivatives and hedging activ_2
Derivatives and hedging activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 5,221.5 2.7 2.8 0.0 0.0 0.0 Swaps 8,087.8 53.5 50.2 126.1 0.9 0.1 Options bought and sold (OTC) 968.6 18.2 18.0 0.0 0.0 0.0 Futures 296.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 116.1 0.5 0.6 0.0 0.0 0.0 Interest rate products 14,690.6 74.9 71.6 126.1 0.9 0.1 Forwards 928.4 10.1 11.8 13.9 0.1 0.1 Swaps 345.8 10.9 13.4 0.0 0.0 0.0 Options bought and sold (OTC) 236.3 3.4 3.7 0.0 0.0 0.0 Futures 8.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.0 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,520.3 24.4 28.9 13.9 0.1 0.1 Forwards 1.0 0.0 0.3 0.0 0.0 0.0 Swaps 167.6 4.3 8.8 0.0 0.0 0.0 Options bought and sold (OTC) 218.3 14.9 10.0 0.0 0.0 0.0 Futures 23.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 454.0 20.0 20.7 0.0 0.0 0.0 Equity/index-related products 864.4 39.2 39.8 0.0 0.0 0.0 Credit derivatives 2 467.8 4.9 6.0 0.0 0.0 0.0 Forwards 12.2 0.3 0.2 0.0 0.0 0.0 Swaps 9.8 1.1 0.5 0.0 0.0 0.0 Options bought and sold (OTC) 14.8 0.3 0.2 0.0 0.0 0.0 Futures 4.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 11.6 0.1 0.1 0.0 0.0 0.0 Other products 3 52.6 1.8 1.0 0.0 0.0 0.0 Total derivative instruments 17,595.7 145.2 147.3 140.0 1.0 0.2 The notional amount, PRV and NRV (trading and hedging) was CHF 17,735.7 billion, CHF 146.2 billion and CHF 147.5 billion, respectively, as of December 31, 2020. 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 6,226.5 0.9 0.9 0.0 0.0 0.0 Swaps 9,183.5 50.8 48.4 113.2 0.5 0.1 Options bought and sold (OTC) 1,355.4 16.3 16.4 0.0 0.0 0.0 Futures 264.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 103.4 0.3 0.2 0.0 0.0 0.0 Interest rate products 17,133.0 68.3 65.9 113.2 0.5 0.1 Forwards 1,073.5 8.0 9.1 14.1 0.1 0.1 Swaps 389.5 10.9 13.7 0.0 0.0 0.0 Options bought and sold (OTC) 270.8 3.0 3.5 0.0 0.0 0.0 Futures 9.1 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 0.1 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,743.0 21.9 26.3 14.1 0.1 0.1 Forwards 1.0 0.0 0.0 0.0 0.0 0.0 Swaps 175.2 4.3 4.6 0.0 0.0 0.0 Options bought and sold (OTC) 213.6 7.7 7.3 0.0 0.0 0.0 Futures 41.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 427.2 5.4 5.1 0.0 0.0 0.0 Equity/index-related products 858.2 17.4 17.0 0.0 0.0 0.0 Credit derivatives 2 538.1 6.2 7.2 0.0 0.0 0.0 Forwards 13.2 0.2 0.1 0.0 0.0 0.0 Swaps 11.6 1.0 0.5 0.0 0.0 0.0 Options bought and sold (OTC) 15.5 0.2 0.1 0.0 0.0 0.0 Futures 14.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.7 0.0 0.0 0.0 0.0 0.0 Other products 3 56.8 1.4 0.7 0.0 0.0 0.0 Total derivative instruments 20,329.1 115.2 117.1 127.3 0.6 0.2 The notional amount, PRV and NRV (trading and hedging) was CHF 20,456.4 billion, CHF 115.8 billion and CHF 117.3 billion, respectively, as of December 31, 2019. 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 | Gains or (losses) on fair value hedges 2020 2019 2018 Net interest Net interest Trading Interest rate products (CHF million) Hedged items (1,679) (1,721) 423 Derivatives designated as hedging instruments 1,564 1,550 (415) Net gains/(losses) on the ineffective portion – – 8 As a result of the adoption of ASU 2017-12 on January 1, 2019, the gains/(losses) on interest rate risk hedges are included in net interest income since 2019, while in 2018 they were recorded in trading revenue. Additionally, the gains/(losses) on the ineffective portion are no longer separately measured and reported. The accrued interest on fair value hedges is recorded in net interest income and is excluded from this table. Hedged items in fair value hedges 2020 2019 Hedged items Hedged items Carrying Hedging 1 Discontinued 2 Carrying Hedging 1 Discontinued 2 Assets and liabilities (CHF billion) Investment securities 0.4 0.0 0.0 – – – Net loans 20.5 0.2 0.5 15.2 0.1 0.7 Long-term debt 65.8 1.9 0.8 65.8 1.2 0.3 1 Relates to the cumulative amount of fair value hedging adjustments included in the carrying amount. 2 Relates to the cumulative amount of fair value hedging adjustments remaining for any hedged items for which hedge accounting has been discontinued. |
Cash flow hedges | Cash flow hedges in 2020 2019 2018 Interest rate products (CHF million) Gains/(losses) recognized in AOCI on derivatives 134 85 (76) Gains/(losses) reclassified from AOCI into interest and dividend income (70) 3 (85) Foreign exchange products (CHF million) Gains/(losses) recognized in AOCI on derivatives (33) 4 (95) Trading revenues (30) (7) (37) Other revenues 0 (4) (6) Total other operating expenses (2) (16) (5) Gains/(losses) reclassified from AOCI into income (32) (27) (48) Gains/(losses) excluded from the assessment of effectiveness reported in trading revenues 1 1 (20) – 1 Related to the forward points of a foreign currency forward. |
Net investment hedges | Net investment hedges in 2020 2019 2018 Foreign exchange products (CHF million) Gains/(losses) recognized in the cumulative translation adjustments section of AOCI 458 (138) 133 Gains/(losses) reclassified from the cumulative translation adjustments section of AOCI into other revenues 10 0 (2) |
Credit protection sold/purchased | Credit protection sold/purchased 2020 2019 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (52.5) 47.8 (4.7) 13.0 0.5 (52.6) 47.9 (4.7) 11.5 0.5 Non-investment grade (28.5) 26.5 (2.0) 11.8 0.4 (32.1) 29.5 (2.6) 16.1 0.9 Total single-name instruments (81.0) 74.3 (6.7) 24.8 0.9 (84.7) 77.4 (7.3) 27.6 1.4 of which sovereign (12.5) 11.6 (0.9) 5.3 0.0 (17.2) 15.4 (1.8) 4.1 0.0 of which non-sovereign (68.5) 62.7 (5.8) 19.5 0.9 (67.5) 62.0 (5.5) 23.5 1.4 Multi-name instruments (CHF billion) Investment grade 2 (99.5) 95.2 (4.3) 23.1 (0.7) (109.5) 108.9 (0.6) 44.0 0.7 Non-investment grade (24.3) 19.9 (4.4) 11.3 3 0.2 (27.7) 24.5 (3.2) 17.1 3 1.0 Total multi-name instruments (123.8) 115.1 (8.7) 34.4 (0.5) (137.2) 133.4 (3.8) 61.1 1.7 of which non-sovereign (123.8) 115.1 (8.7) 34.4 (0.5) (137.2) 133.4 (3.8) 61.1 1.7 Total instruments (CHF billion) Investment grade 2 (152.0) 143.0 (9.0) 36.1 (0.2) (162.1) 156.8 (5.3) 55.5 1.2 Non-investment grade (52.8) 46.4 (6.4) 23.1 0.6 (59.8) 54.0 (5.8) 33.2 1.9 Total instruments (204.8) 189.4 (15.4) 59.2 0.4 (221.9) 210.8 (11.1) 88.7 3.1 of which sovereign (12.5) 11.6 (0.9) 5.3 0.0 (17.2) 15.4 (1.8) 4.1 0.0 of which non-sovereign (192.3) 177.8 (14.5) 53.9 0.4 (204.7) 195.4 (9.3) 84.6 3.1 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 2020 2019 Special Special Contingent credit risk (CHF billion) Current net exposure 3.0 0.0 0.4 3.4 3.1 0.0 0.3 3.4 Collateral posted 2.4 0.0 – 2.4 2.7 0.1 – 2.8 Impact of a one-notch downgrade event 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 Impact of a two-notch downgrade event 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.2 Impact of a three-notch downgrade event 0.5 0.0 0.2 0.7 0.7 0.1 0.1 0.9 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 2020 2019 Credit derivatives (CHF billion) Credit protection sold 204.8 221.9 Credit protection purchased 189.4 210.8 Other protection purchased 59.2 88.7 Other instruments 1 14.4 16.7 Total credit derivatives 467.8 538.1 1 Consists of total return swaps and other derivative instruments. |
Maturity of credit protection sold | Maturity of credit protection sold Maturity Maturity Maturity 2020 (CHF billion) Single-name instruments 14.0 62.7 4.3 81.0 Multi-name instruments 29.6 82.6 11.6 123.8 Total instruments 43.6 145.3 15.9 204.8 2019 (CHF billion) Single-name instruments 19.2 60.6 4.9 84.7 Multi-name instruments 41.9 79.8 15.5 137.2 Total instruments 61.1 140.4 20.4 221.9 |
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 5,221.5 2.7 2.8 0.0 0.0 0.0 Swaps 8,088.7 53.5 50.3 126.1 0.9 0.1 Options bought and sold (OTC) 968.6 18.2 18.0 0.0 0.0 0.0 Futures 296.6 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 116.1 0.5 0.6 0.0 0.0 0.0 Interest rate products 14,691.5 74.9 71.7 126.1 0.9 0.1 Forwards 928.4 10.1 11.8 13.9 0.1 0.1 Swaps 345.8 10.9 13.4 0.0 0.0 0.0 Options bought and sold (OTC) 236.3 3.4 3.7 0.0 0.0 0.0 Futures 8.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.0 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,520.3 24.4 28.9 13.9 0.1 0.1 Forwards 1.0 0.0 0.3 0.0 0.0 0.0 Swaps 167.6 4.3 8.8 0.0 0.0 0.0 Options bought and sold (OTC) 218.3 14.9 10.0 0.0 0.0 0.0 Futures 23.5 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 454.0 20.0 20.7 0.0 0.0 0.0 Equity/index-related products 864.4 39.2 39.8 0.0 0.0 0.0 Credit derivatives 2 467.8 4.9 6.0 0.0 0.0 0.0 Forwards 12.2 0.3 0.2 0.0 0.0 0.0 Swaps 9.8 1.1 0.5 0.0 0.0 0.0 Options bought and sold (OTC) 14.8 0.3 0.2 0.0 0.0 0.0 Futures 4.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 11.6 0.1 0.1 0.0 0.0 0.0 Other products 3 52.6 1.8 1.0 0.0 0.0 0.0 Total derivative instruments 17,596.6 145.2 147.4 140.0 1.0 0.2 The notional amount, PRV and NRV (trading and hedging) was CHF 17,736.6 billion, CHF 146.2 billion and CHF 147.6 billion, respectively, as of December 31, 2020. 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 6,226.5 0.9 0.9 0.0 0.0 0.0 Swaps 9,184.5 50.8 48.4 113.2 0.5 0.1 Options bought and sold (OTC) 1,355.4 16.3 16.4 0.0 0.0 0.0 Futures 264.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 103.4 0.3 0.2 0.0 0.0 0.0 Interest rate products 17,134.0 68.3 65.9 113.2 0.5 0.1 Forwards 1,073.5 8.0 9.1 14.1 0.1 0.1 Swaps 389.5 10.9 13.7 0.0 0.0 0.0 Options bought and sold (OTC) 270.8 3.0 3.5 0.0 0.0 0.0 Futures 9.1 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 0.1 0.0 0.0 0.0 0.0 0.0 Foreign exchange products 1,743.0 21.9 26.3 14.1 0.1 0.1 Forwards 1.0 0.0 0.0 0.0 0.0 0.0 Swaps 175.2 4.3 4.6 0.0 0.0 0.0 Options bought and sold (OTC) 213.6 7.7 7.3 0.0 0.0 0.0 Futures 41.2 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 427.2 5.4 5.1 0.0 0.0 0.0 Equity/index-related products 858.2 17.4 17.0 0.0 0.0 0.0 Credit derivatives 2 538.1 6.2 7.2 0.0 0.0 0.0 Forwards 13.2 0.2 0.1 0.0 0.0 0.0 Swaps 11.6 1.0 0.5 0.0 0.0 0.0 Options bought and sold (OTC) 15.5 0.2 0.1 0.0 0.0 0.0 Futures 14.8 0.0 0.0 0.0 0.0 0.0 Options bought and sold (exchange-traded) 1.7 0.0 0.0 0.0 0.0 0.0 Other products 3 56.8 1.4 0.7 0.0 0.0 0.0 Total derivative instruments 20,330.1 115.2 117.1 127.3 0.6 0.2 The notional amount, PRV and NRV (trading and hedging) was CHF 20,457.4 billion, CHF 115.8 billion and CHF 117.3 billion, respectively, as of December 31, 2019. 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 | Gains or (losses) on fair value hedges 2020 2019 2018 Net interest Net interest Trading Interest rate products (CHF million) Hedged items (1,679) (1,721) 423 Derivatives designated as hedging instruments 1,564 1,550 (415) Net gains/(losses) on the ineffective portion – – 8 As a result of the adoption of ASU 2017-12 on January 1, 2019, the gains/(losses) on interest rate risk hedges are included in net interest income since 2019, while in 2018 they were recorded in trading revenue. Additionally, the gains/(losses) on the ineffective portion are no longer separately measured and reported. The accrued interest on fair value hedges is recorded in net interest income and is excluded from this table. Hedged items in fair value hedges 2020 2019 Hedged items Hedged items Carrying Hedging 1 Discontinued 2 Carrying Hedging 1 Discontinued 2 Assets and liabilities (CHF billion) Investment securities 0.4 0.0 0.0 – – – Net loans 20.5 0.2 0.5 15.2 0.1 0.7 Long-term debt 65.8 1.9 0.8 65.8 1.2 0.3 1 Relates to the cumulative amount of fair value hedging adjustments included in the carrying amount. 2 Relates to the cumulative amount of fair value hedging adjustments remaining for any hedged items for which hedge accounting has been discontinued. |
Cash flow hedges | Cash flow hedges in 2020 2019 2018 Interest rate products (CHF million) Gains/(losses) recognized in AOCI on derivatives 134 85 (76) Gains/(losses) reclassified from AOCI into interest and dividend income (70) 3 (85) Foreign exchange products (CHF million) Gains/(losses) recognized in AOCI on derivatives (33) (5) (86) Trading revenues (30) (7) (37) Total other operating expenses (2) (16) (5) Gains/(losses) reclassified from AOCI into income (32) (23) (42) Gains/(losses) excluded from the assessment of effectiveness reported in trading revenues 1 1 (20) – 1 Related to the forward points of a foreign currency forward. |
Net investment hedges | Net investment hedges in 2020 2019 2018 Foreign exchange products (CHF million) Gains/(losses) recognized in the cumulative translation adjustments section of AOCI 451 (133) 131 Gains/(losses) reclassified from the cumulative translation adjustments section of AOCI into other revenues 10 0 (2) |
Credit protection sold/purchased | Credit protection sold/purchased 2020 2019 1 Net credit Fair value 1 Net credit Fair value Single-name instruments (CHF billion) Investment grade 2 (52.5) 47.8 (4.7) 13.0 0.5 (52.6) 47.9 (4.7) 11.5 0.5 Non-investment grade (28.5) 26.5 (2.0) 11.8 0.4 (32.1) 29.5 (2.6) 16.1 0.9 Total single-name instruments (81.0) 74.3 (6.7) 24.8 0.9 (84.7) 77.4 (7.3) 27.6 1.4 of which sovereign (12.5) 11.6 (0.9) 5.3 0.0 (17.2) 15.4 (1.8) 4.1 0.0 of which non-sovereign (68.5) 62.7 (5.8) 19.5 0.9 (67.5) 62.0 (5.5) 23.5 1.4 Multi-name instruments (CHF billion) Investment grade 2 (99.5) 95.2 (4.3) 23.1 (0.7) (109.5) 108.9 (0.6) 44.0 0.7 Non-investment grade (24.3) 19.9 (4.4) 11.3 3 0.2 (27.7) 24.5 (3.2) 17.1 3 1.0 Total multi-name instruments (123.8) 115.1 (8.7) 34.4 (0.5) (137.2) 133.4 (3.8) 61.1 1.7 of which non-sovereign (123.8) 115.1 (8.7) 34.4 (0.5) (137.2) 133.4 (3.8) 61.1 1.7 Total instruments (CHF billion) Investment grade 2 (152.0) 143.0 (9.0) 36.1 (0.2) (162.1) 156.8 (5.3) 55.5 1.2 Non-investment grade (52.8) 46.4 (6.4) 23.1 0.6 (59.8) 54.0 (5.8) 33.2 1.9 Total instruments (204.8) 189.4 (15.4) 59.2 0.4 (221.9) 210.8 (11.1) 88.7 3.1 of which sovereign (12.5) 11.6 (0.9) 5.3 0.0 (17.2) 15.4 (1.8) 4.1 0.0 of which non-sovereign (192.3) 177.8 (14.5) 53.9 0.4 (204.7) 195.4 (9.3) 84.6 3.1 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 2020 2019 Special Special Contingent credit risk (CHF billion) Current net exposure 3.0 0.0 0.4 3.4 3.1 0.0 0.3 3.4 Collateral posted 2.4 0.0 – 2.4 2.7 0.1 – 2.8 Impact of a one-notch downgrade event 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 Impact of a two-notch downgrade event 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.2 Impact of a three-notch downgrade event 0.5 0.0 0.2 0.7 0.7 0.1 0.1 0.9 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 2020 2019 Credit derivatives (CHF billion) Credit protection sold 204.8 221.9 Credit protection purchased 189.4 210.8 Other protection purchased 59.2 88.7 Other instruments 1 14.4 16.7 Total credit derivatives 467.8 538.1 1 Consists of total return swaps and other derivative instruments. |
Maturity of credit protection sold | Maturity of credit protection sold Maturity Maturity Maturity 2020 (CHF billion) Single-name instruments 14.0 62.7 4.3 81.0 Multi-name instruments 29.6 82.6 11.6 123.8 Total instruments 43.6 145.3 15.9 204.8 2019 (CHF billion) Single-name instruments 19.2 60.6 4.9 84.7 Multi-name instruments 41.9 79.8 15.5 137.2 Total instruments 61.1 140.4 20.4 221.9 |
Guarantees and commitments (Tab
Guarantees and commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees | Guarantees Maturity 1 Maturity Maturity Maturity 1 2 2020 (CHF million) Credit guarantees and similar instruments 1,645 649 203 582 3,079 3,016 27 1,637 Performance guarantees and similar instruments 3,607 1,885 526 514 6,532 5,601 30 2,535 Derivatives 3 10,531 3,921 698 1,423 16,573 16,573 380 – 4 Other guarantees 3,555 996 421 1,171 6,143 6,130 85 3,725 Total guarantees 19,338 7,451 1,848 3,690 32,327 31,320 522 7,897 2019 (CHF million) Credit guarantees and similar instruments 1,813 252 185 864 3,114 3,061 10 1,655 Performance guarantees and similar instruments 4,407 3,059 668 723 8,857 7,833 31 2,793 Derivatives 3 13,194 2,665 695 690 17,244 17,244 295 – 4 Other guarantees 3,507 1,386 367 1,243 6,503 6,457 64 4,003 Total guarantees 22,921 7,362 1,915 3,520 35,718 34,595 400 8,451 1 Prior period has been corrected. 2 Total net amount is computed as the gross amount less any participations. 3 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. 4 Collateral for derivatives accounted for as guarantees is not significant. |
Other commitments | Other commitments Maturity Maturity Maturity Maturity 1 2020 (CHF million) Irrevocable commitments under documentary credits 3,915 97 0 0 4,012 3,963 2,404 Irrevocable loan commitments 2 19,813 48,855 39,605 10,749 119,022 115,116 53,039 Forward reverse repurchase agreements 17 0 0 0 17 17 17 Other commitments 135 1,418 9 381 1,943 1,943 19 Total other commitments 23,880 50,370 39,614 11,130 124,994 121,039 55,479 2019 (CHF million) Irrevocable commitments under documentary credits 4,434 163 0 0 4,597 4,518 3,077 Irrevocable loan commitments 2 27,145 38,974 48,856 10,152 125,127 120,436 60,118 Forward reverse repurchase agreements 41 0 0 0 41 41 41 Other commitments 630 121 121 58 930 930 127 Total other commitments 32,250 39,258 48,977 10,210 130,695 125,925 63,363 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 130,877 million and CHF 128,294 million of unused credit limits as of December 31, 2020 and 2019, respectively, which were revocable at the Group's sole discretion upon notice to the client. |
Bank | |
Guarantees | Guarantees Maturity 1 Maturity Maturity Maturity 1 2 2020 (CHF million) Credit guarantees and similar instruments 1,645 653 203 582 3,083 3,020 27 1,637 Performance guarantees and similar instruments 3,607 1,885 526 514 6,532 5,601 30 2,535 Derivatives 3 10,531 3,921 698 1,423 16,573 16,573 380 – 4 Other guarantees 3,555 996 421 1,171 6,143 6,130 85 3,725 Total guarantees 19,338 7,455 1,848 3,690 32,331 31,324 522 7,897 2019 (CHF million) Credit guarantees and similar instruments 1,813 252 189 864 3,118 3,065 10 1,655 Performance guarantees and similar instruments 4,407 3,059 668 723 8,857 7,833 31 2,793 Derivatives 3 13,194 2,665 695 690 17,244 17,244 295 – 4 Other guarantees 3,507 1,386 367 1,243 6,503 6,457 64 4,003 Total guarantees 22,921 7,362 1,919 3,520 35,722 34,599 400 8,451 1 Prior period has been corrected. 2 Total net amount is computed as the gross amount less any participations. 3 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. 4 Collateral for derivatives accounted for as guarantees is not significant. |
Other commitments | Other commitments Maturity Maturity Maturity Maturity 1 2020 (CHF million) Irrevocable commitments under documentary credits 3,915 97 0 0 4,012 3,963 2,404 Irrevocable loan commitments 19,813 48,855 39,605 10,749 119,022 2 115,116 53,039 Forward reverse repurchase agreements 17 0 0 0 17 17 17 Other commitments 135 1,418 9 381 1,943 1,943 19 Total other commitments 23,880 50,370 39,614 11,130 124,994 121,039 55,479 2019 (CHF million) Irrevocable commitments under documentary credits 4,434 163 0 0 4,597 4,518 3,077 Irrevocable loan commitments 27,145 38,974 48,856 10,152 125,127 2 120,436 60,118 Forward reverse repurchase agreements 41 0 0 0 41 41 41 Other commitments 630 121 121 58 930 930 127 Total other commitments 32,250 39,258 48,977 10,210 130,695 125,925 63,363 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 130,965 million and CHF 128,295 million of unused credit limits as of December 31, 2020 and 2019, 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, 2020 | |
Securitizations | Securitizations in 2020 2019 2018 Gains/(losses) and cash flows (CHF million) CMBS Net gain 1 85 10 10 Proceeds from transfer of assets 9,209 7,757 5,861 Cash received on interests that continue to be held 52 162 41 RMBS Net gain/(loss) 1 32 2 (1) Proceeds from transfer of assets 23,358 21,566 22,536 Purchases of previously transferred financial assets or its underlying collateral 0 (1) 0 Servicing fees 2 2 3 Cash received on interests that continue to be held 864 312 576 Other asset-backed financings Net gain 1 105 101 77 Proceeds from transfer of assets 9,564 11,702 6,422 Purchases of previously transferred financial assets or its underlying collateral (1,606) (763) (318) Fees 2 148 151 142 Cash received on interests that continue to be held 17 6 3 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 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 2020 2019 CHF million CMBS Principal amount outstanding 17,421 21,079 Total assets of SPE 24,455 28,748 RMBS Principal amount outstanding 47,324 54,001 Total assets of SPE 47,863 55,595 Other asset-backed financings Principal amount outstanding 24,968 27,982 Total assets of SPE 50,817 54,974 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 2020 2019 2018 at time of transfer, in CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 342 2,692 549 3,171 662 3,613 of which level 2 305 2,398 455 2,978 640 3,509 of which level 3 37 294 94 193 22 103 Weighted-average life, in years 6.4 3.8 5.5 5.5 6.6 7.8 Prepayment speed assumption (rate per annum), in % 1 – 2 1.0 – 47.0 – 2 2.0 – 37.3 – 2 5.0 – 13.5 Cash flow discount rate (rate per annum), in % 3 1.4 – 20.9 0.2 – 40.8 2.5 – 8.3 1.5 – 15.7 3.6 – 9.8 3.0 – 13.6 Expected credit losses (rate per annum), in % 4 1.9 – 8.6 1.6 – 22.9 1.3 – 1.9 1.5 – 7.6 1.8 – 3.1 2.3 – 7.2 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 is 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 2020 2019 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 296 1,851 350 399 2,282 751 of which non-investment grade 36 631 23 46 711 15 Weighted-average life, in years 5.6 4.0 4.8 6.4 5.7 1.6 Prepayment speed assumption (rate per annum), in % 3 – 4.0 – 50.1 – – 3.0 – 35.7 – Impact on fair value from 10% adverse change – (43.7) – – (38.1) – Impact on fair value from 20% adverse change – (92.1) – – (72.6) – Cash flow discount rate (rate per annum), in % 4 0.6 – 38.2 0.3 – 39.7 0.7 – 27.7 2.2 – 15.2 1.5 – 36.2 0.7 – 13.1 Impact on fair value from 10% adverse change (4.9) (22.4) (4.2) (6.8) (38.3) (2.1) Impact on fair value from 20% adverse change (9.6) (43.5) (8.2) (13.4) (74.7) (4.2) Expected credit losses (rate per annum), in % 5 0.4 – 14.7 0.6 – 39.6 0.7 – 26.8 0.5 – 8.5 1.1 – 34.5 0.7 – 12.8 Impact on fair value from 10% adverse change (4.3) (20.2) (4.5) (4.1) (24.1) (2.0) Impact on fair value from 20% adverse change (8.5) (39.2) (8.9) (8.1) (47.3) (4.0) 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 is 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 2020 2019 CHF million Other asset-backed financings Trading assets 496 279 Other assets 246 0 Liability to SPE, included in other liabilities (742) (279) |
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 2020 2019 CHF billion Government debt securities 1 12.1 16.4 Corporate debt securities 1 7.7 8.6 Asset-backed securities 6.0 2.5 Equity securities 0.0 0.7 Other 1.9 0.2 Securities sold under repurchase agreements 27.7 28.4 Government debt securities 0.4 0.1 Corporate debt securities 0.1 0.1 Equity securities 3.5 5.4 Other 0.1 0.1 Securities lending transactions 4.1 5.7 Government debt securities 5.8 5.3 Corporate debt securities 5.6 1.8 Asset-backed securities 0.0 0.1 Equity securities 39.3 33.0 Other 0.1 0.0 Obligation to return securities received as collateral, at fair value 50.8 40.2 Total 82.6 74.3 1 Prior period has been corrected. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities No stated 1 Up to 2 31–90 More than 2020 (CHF billion) Securities sold under repurchase agreements 5.8 11.8 5.9 4.2 27.7 Securities lending transactions 4.0 0.0 0.1 0.0 4.1 Obligation to return securities received as collateral, at fair value 50.2 0.3 0.3 0.0 50.8 Total 60.0 12.1 6.3 4.2 82.6 2019 (CHF billion) Securities sold under repurchase agreements 5.2 15.1 5.9 2.2 28.4 Securities lending transactions 5.7 0.0 0.0 0.0 5.7 Obligation to return securities received as collateral, at fair value 40.0 0.1 0.1 0.0 40.2 Total 50.9 15.2 6.0 2.2 74.3 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- 2020 (CHF million) Cash and due from banks 0 0 23 22 37 8 90 Trading assets 0 0 1,255 50 840 19 2,164 Other investments 0 0 0 129 920 202 1,251 Net loans 0 653 0 51 29 167 900 Other assets 0 21 979 15 82 779 1,876 of which loans held-for-sale 0 0 462 10 0 0 472 of which premises and equipment 0 0 0 0 30 4 34 Total assets of consolidated VIEs 0 674 2,257 267 1,908 1,175 6,281 Customer deposits 0 0 0 0 0 1 1 Trading liabilities 0 0 0 0 10 0 10 Short-term borrowings 0 4,178 0 0 0 0 4,178 Long-term debt 0 0 1,701 0 10 35 1,746 Other liabilities 0 53 1 3 73 78 208 Total liabilities of consolidated VIEs 0 4,231 1,702 3 93 114 6,143 2019 (CHF million) Cash and due from banks 6 1 71 11 39 10 138 Trading assets 75 0 1,554 82 1,063 14 2,788 Other investments 0 0 0 113 1,052 247 1,412 Net loans 0 325 53 1 29 241 649 Other assets 1 21 638 4 87 943 1,694 of which loans held-for-sale 0 0 93 0 0 0 93 of which premises and equipment 0 0 0 0 36 8 44 Total assets of consolidated VIEs 82 347 2,316 211 2,270 1,455 6,681 Trading liabilities 0 0 0 0 8 0 8 Short-term borrowings 0 4,885 0 0 0 0 4,885 Long-term debt 7 0 1,614 1 13 36 1,671 Other liabilities 0 54 1 4 92 146 297 Total liabilities of consolidated VIEs 7 4,939 1,615 5 113 182 6,861 |
Non-consolidated VIEs | Non-consolidated VIEs Financial intermediation CDO/ CP 1 Securi- 2020 (CHF million) Trading assets 250 0 4,500 1,113 66 8,617 14,546 Net loans 357 371 734 1,967 6,989 939 11,357 Other assets 2 0 3 119 0 344 468 Total variable interest assets 609 371 5,237 3,199 7,055 9,900 26,371 Maximum exposure to loss 852 5,538 7,329 3,199 11,235 10,226 38,379 Total assets of non-consolidated VIEs 8,553 11,148 127,785 89,686 26,186 33,140 296,498 2019 (CHF million) Trading assets 230 0 4,897 962 109 4,311 10,509 Net loans 456 325 904 1,945 7,930 709 12,269 Other assets 3 0 26 518 0 380 927 Total variable interest assets 689 325 5,827 3,425 8,039 5,400 23,705 Maximum exposure to loss 785 6,484 7,664 3,430 12,239 5,937 36,539 Total assets of non-consolidated VIEs 8,057 13,488 141,608 128,984 25,590 35,998 353,725 1 Includes liquidity facilities provided to third-party CP conduits through Alpine Securities Ltd. Prior period has been adjusted to conform to the current presentation. |
Bank | |
Securitizations | Securitizations in 2020 2019 2018 Gains/(losses) and cash flows (CHF million) CMBS Net gain 1 85 10 10 Proceeds from transfer of assets 9,209 7,757 5,861 Cash received on interests that continue to be held 52 162 41 RMBS Net gain/(loss) 1 32 2 (1) Proceeds from transfer of assets 23,358 21,566 22,536 Purchases of previously transferred financial assets or its underlying collateral 0 (1) 0 Servicing fees 2 2 3 Cash received on interests that continue to be held 864 312 576 Other asset-backed financings Net gain 1 105 101 77 Proceeds from transfer of assets 9,564 11,702 6,422 Purchases of previously transferred financial assets or its underlying collateral (1,606) (763) (318) Fees 2 148 151 142 Cash received on interests that continue to be held 17 6 3 1 Includes underwriting revenues, deferred origination fees, gains or losses on the sale of collateral to the SPE and gains or losses on the sale of newly issued securities to third parties, but excludes net interest income on assets prior to the securitization. The gains or losses on the sale of the collateral is the difference between the fair value on the day prior to the securitization pricing date and the sale price of the loans. 2 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 2020 2019 CHF million CMBS Principal amount outstanding 17,421 21,079 Total assets of SPE 24,455 28,748 RMBS Principal amount outstanding 47,324 54,001 Total assets of SPE 47,863 55,595 Other asset-backed financings Principal amount outstanding 24,968 27,982 Total assets of SPE 50,817 54,974 Principal amount outstanding relates to assets transferred from the Bank 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 2020 2019 2018 at time of transfer, in CMBS RMBS CMBS RMBS CMBS RMBS CHF million, except where indicated Fair value of beneficial interests 342 2,692 549 3,171 662 3,613 of which level 2 305 2,398 455 2,978 640 3,509 of which level 3 37 294 94 193 22 103 Weighted-average life, in years 6.4 3.8 5.5 5.5 6.6 7.8 Prepayment speed assumption (rate per annum), in % 1 – 2 1.0 – 47.0 – 2 2.0 – 37.3 – 2 5.0 – 13.5 Cash flow discount rate (rate per annum), in % 3 1.4 – 20.9 0.2 – 40.8 2.5 – 8.3 1.5 – 15.7 3.6 – 9.8 3.0 – 13.6 Expected credit losses (rate per annum), in % 4 1.9 – 8.6 1.6 – 22.9 1.3 – 1.9 1.5 – 7.6 1.8 – 3.1 2.3 – 7.2 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 2020 2019 1 Other asset- 2 1 Other asset- 2 CHF million, except where indicated Fair value of beneficial interests 296 1,851 350 399 2,282 751 of which non-investment grade 36 631 23 46 711 15 Weighted-average life, in years 5.6 4.0 4.8 6.4 5.7 1.6 Prepayment speed assumption (rate per annum), in % 3 – 4.0 – 50.1 – – 3.0 – 35.7 – Impact on fair value from 10% adverse change – (43.7) – – (38.1) – Impact on fair value from 20% adverse change – (92.1) – – (72.6) – Cash flow discount rate (rate per annum), in % 4 0.6 – 38.2 0.3 – 39.7 0.7 – 27.7 2.2 – 15.2 1.5 – 36.2 0.7 – 13.1 Impact on fair value from 10% adverse change (4.9) (22.4) (4.2) (6.8) (38.3) (2.1) Impact on fair value from 20% adverse change (9.6) (43.5) (8.2) (13.4) (74.7) (4.2) Expected credit losses (rate per annum), in % 5 0.4 – 14.7 0.6 – 39.6 0.7 – 26.8 0.5 – 8.5 1.1 – 34.5 0.7 – 12.8 Impact on fair value from 10% adverse change (4.3) (20.2) (4.5) (4.1) (24.1) (2.0) Impact on fair value from 20% adverse change (8.5) (39.2) (8.9) (8.1) (47.3) (4.0) 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 2020 2019 CHF million Other asset-backed financings Trading assets 496 279 Other assets 246 0 Liability to SPE, included in other liabilities (742) (279) |
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 2020 2019 CHF billion Government debt securities 1 12.2 16.5 Corporate debt securities 1 7.7 8.6 Asset-backed securities 6.0 2.5 Equity securities 0.0 0.7 Other 1.8 0.2 Securities sold under repurchase agreements 27.7 28.5 Government debt securities 0.4 0.1 Corporate debt securities 0.1 0.1 Equity securities 3.5 5.4 Other 0.1 0.1 Securities lending transactions 4.1 5.7 Government debt securities 5.8 5.3 Corporate debt securities 5.6 1.8 Asset-backed securities 0.0 0.1 Equity securities 39.3 33.0 Other 0.1 0.0 Obligation to return securities received as collateral, at fair value 50.8 40.2 Total 82.6 74.4 1 Prior period has been corrected. Securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral – by remaining contractual maturity Remaining contractual maturities No stated 1 Up to 2 31-90 More than 2020 (CHF billion) Securities sold under repurchase agreements 5.8 11.8 5.9 4.2 27.7 Securities lending transactions 4.0 0.0 0.1 0.0 4.1 Obligation to return securities received as collateral, at fair value 50.2 0.3 0.3 0.0 50.8 Total 60.0 12.1 6.3 4.2 82.6 2019 (CHF billion) Securities sold under repurchase agreements 5.2 15.2 5.9 2.2 28.5 Securities lending transactions 5.7 0.0 0.0 0.0 5.7 Obligation to return securities received as collateral, at fair value 40.0 0.1 0.1 0.0 40.2 Total 50.9 15.3 6.0 2.2 74.4 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- 2020 (CHF million) Cash and due from banks 0 0 23 22 37 8 90 Trading assets 0 0 1,255 50 840 19 2,164 Other investments 0 0 0 129 920 202 1,251 Net loans 0 653 0 51 29 167 900 Other assets 0 21 979 15 65 778 1,858 of which loans held-for-sale 0 0 462 10 0 0 472 of which premises and equipment 0 0 0 0 13 4 17 Total assets of consolidated VIEs 0 674 2,257 267 1,891 1,174 6,263 Customer deposits 0 0 0 0 0 1 1 Trading liabilities 0 0 0 0 10 0 10 Short-term borrowings 0 4,178 0 0 0 0 4,178 Long-term debt 0 0 1,701 0 10 35 1,746 Other liabilities 0 53 1 3 72 78 207 Total liabilities of consolidated VIEs 0 4,231 1,702 3 92 114 6,142 2019 (CHF million) Cash and due from banks 6 1 71 11 39 10 138 Trading assets 75 0 1,554 82 1,063 14 2,788 Other investments 0 0 0 113 1,052 247 1,412 Net loans 0 325 53 1 29 241 649 Other assets 1 21 638 4 67 943 1,674 of which loans held-for-sale 0 0 93 0 0 0 93 of which premises and equipment 0 0 0 0 17 8 25 Total assets of consolidated VIEs 82 347 2,316 211 2,250 1,455 6,661 Trading liabilities 0 0 0 0 8 0 8 Short-term borrowings 0 4,885 0 0 0 0 4,885 Long-term debt 7 0 1,614 1 13 36 1,671 Other liabilities 0 54 1 4 91 146 296 Total liabilities of consolidated VIEs 7 4,939 1,615 5 112 182 6,860 |
Non-consolidated VIEs | Non-consolidated VIEs Financial intermediation CDO/ CP 1 Securi- 2020 (CHF million) Trading assets 250 0 4,500 1,113 66 8,617 14,546 Net loans 357 371 734 1,967 6,989 939 11,357 Other assets 2 0 3 110 0 344 459 Total variable interest assets 609 371 5,237 3,190 7,055 9,900 26,362 Maximum exposure to loss 852 5,538 7,329 3,190 11,235 10,226 38,370 Total assets of non-consolidated VIEs 8,553 11,148 127,785 87,618 26,186 25,759 287,049 2019 (CHF million) Trading assets 230 0 4,897 962 109 4,311 10,509 Net loans 456 325 904 1,945 7,930 709 12,269 Other assets 3 0 26 513 0 380 922 Total variable interest assets 689 325 5,827 3,420 8,039 5,400 23,700 Maximum exposure to loss 785 6,484 7,664 3,425 12,239 5,937 36,534 Total assets of non-consolidated VIEs 8,057 13,488 141,608 127,558 25,590 14,274 330,575 1 Includes liquidity facilities provided to third-party CP conduits through Alpine Securities Ltd. Prior period has been adjusted to conform to the current presentation. |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 525 0 – – 525 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 57,994 0 – – 57,994 Securities received as collateral 44,074 6,598 101 – – 50,773 Trading assets 87,710 181,166 7,535 (119,731) 658 157,338 of which debt securities 16,321 45,766 2,253 – 55 64,395 of which foreign governments 15,908 11,909 140 – – 27,957 of which corporates 353 9,799 1,270 – 55 11,477 of which RMBS 0 20,882 557 – – 21,439 of which equity securities 60,044 2,466 124 – 603 63,237 of which derivatives 9,297 132,054 3,911 (119,731) – 25,531 of which interest rate products 3,036 71,043 733 – – – of which foreign exchange products 42 24,259 143 – – – of which equity/index-related products 6,150 31,945 1,186 – – – of which other derivatives 22 110 1,079 – – – of which other trading assets 2,048 880 1,247 – – 4,175 Investment securities 2 605 0 – – 607 Other investments 13 6 3,054 – 721 3,794 of which other equity investments 13 6 2,132 – 608 2,759 of which life finance instruments 0 0 920 – – 920 Loans 0 7,739 3,669 – – 11,408 of which commercial and industrial loans 0 2,187 1,347 – – 3,534 of which financial institutions 0 3,506 1,082 – – 4,588 Other intangible assets (mortgage servicing rights) 0 0 180 – – 180 Other assets 137 7,315 1,825 (904) – 8,373 of which failed purchases 109 1,229 51 – – 1,389 of which loans held-for-sale 0 4,870 1,576 – – 6,446 Total assets at fair value 131,936 261,948 16,364 (120,635) 1,379 290,992 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 0 413 0 – – 413 Customer deposits 0 3,895 448 – – 4,343 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 13,594 0 – – 13,594 Obligation to return securities received as collateral 44,074 6,598 101 – – 50,773 Trading liabilities 33,544 137,947 4,246 (129,867) 1 45,871 of which equity securities 20,527 111 55 – 1 20,694 of which derivatives 10,536 132,885 4,191 (129,867) – 17,745 of which interest rate products 3,264 68,159 169 – – – of which foreign exchange products 51 28,819 72 – – – of which equity/index-related products 7,149 30,612 2,010 – – – of which credit derivatives 0 4,663 1,335 – – – Short-term borrowings 0 10,039 701 – – 10,740 Long-term debt 0 63,708 7,268 – – 70,976 of which structured notes over one year and up to two years 0 11,787 1,133 – – 12,920 of which structured notes over two years 0 28,330 5,526 – – 33,856 of which high-trigger instruments 0 10,586 0 – – 10,586 Other liabilities 0 6,678 1,271 (169) – 7,780 Total liabilities at fair value 77,618 242,872 14,035 (130,036) 1 204,490 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 0 356 0 – – 356 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 85,556 0 – – 85,556 Securities received as collateral 36,438 3,780 1 – – 40,219 Trading assets 85,559 157,151 7,885 (97,606) 808 153,797 of which debt securities 19,430 45,641 1,923 – – 66,994 of which foreign governments 19,281 7,484 198 – – 26,963 of which corporates 16 10,905 1,128 – – 12,049 of which RMBS 0 23,199 317 – – 23,516 of which equity securities 60,675 2,862 197 – 808 64,542 of which derivatives 3,539 108,264 3,534 (97,606) – 17,731 of which interest rate products 1,091 66,764 554 – – – of which foreign exchange products 23 21,754 152 – – – of which equity/index-related products 2,417 13,918 1,040 – – – of which credit derivatives 0 5,336 879 – – – of which other derivatives 5 66 909 – – – of which other trading assets 1,915 384 2,231 – – 4,530 Investment securities 2 1,004 0 – – 1,006 Other investments 24 5 2,523 – 998 3,550 of which other equity investments 24 5 1,463 – 589 2,081 of which life finance instruments 0 0 1,052 – – 1,052 Loans 0 8,945 3,717 – – 12,662 of which commercial and industrial loans 0 2,491 1,283 – – 3,774 of which financial institutions 0 3,730 1,201 – – 4,931 of which government and public institutions 0 2,200 831 – 3,031 Other intangible assets (mortgage servicing rights) 0 0 244 – – 244 Other assets 101 8,902 1,846 (447) – 10,402 of which loans held-for-sale 0 6,594 1,619 – – 8,213 Total assets at fair value 122,124 265,699 16,216 (98,053) 1,806 307,792 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 0 322 0 – – 322 Customer deposits 0 2,865 474 – – 3,339 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 10,715 0 – – 10,715 Obligation to return securities received as collateral 36,438 3,780 1 – – 40,219 Trading liabilities 23,010 115,062 3,854 (103,742) 2 38,186 of which debt securities 3,636 5,286 0 – – 8,922 of which foreign governments 3,544 345 0 – – 3,889 of which equity securities 15,628 109 53 – 2 15,792 of which derivatives 3,746 109,667 3,801 (103,742) – 13,472 of which interest rate products 1,101 64,643 167 – – – of which foreign exchange products 31 26,156 98 – – – of which equity/index-related products 2,603 12,518 1,921 – – – of which credit derivatives 0 5,963 1,211 – – – Short-term borrowings 0 10,336 997 – – 11,333 Long-term debt 0 57,721 12,610 – – 70,331 of which structured notes over one year and up to two years 0 9,291 891 – – 10,182 of which structured notes over two years 0 27,626 11,458 – – 39,084 Other liabilities 0 6,654 1,385 (148) – 7,891 Total liabilities at fair value 59,448 207,455 19,321 (103,890) 2 182,336 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 1 Assets (CHF million) Securities received as collateral 1 0 0 213 (106) 0 0 0 0 0 0 0 0 (7) 101 0 Trading assets 7,885 3,255 (3,271) 6,304 (6,740) 2,064 (2,968) 290 1,598 0 5 0 0 (887) 7,535 1,377 of which debt securities 1,923 2,078 (1,775) 3,811 (3,493) 0 0 1 14 0 5 0 0 (311) 2,253 166 of which corporates 1,128 703 (809) 2,685 (2,464) 0 0 26 211 0 0 0 0 (210) 1,270 196 of which derivatives 3,534 995 (1,207) 0 0 2,064 (2,891) 213 1,607 0 1 0 0 (405) 3,911 1,323 of which equity/index-related products 1,040 255 (519) 0 0 507 (743) 107 725 0 0 0 0 (186) 1,186 752 of which other derivatives 909 0 0 0 0 303 (326) (1) 291 0 0 0 0 (97) 1,079 310 of which other trading assets 2,231 119 (246) 2,420 (3,189) 0 (77) 72 76 0 (1) 0 0 (158) 1,247 (87) Other investments 2,523 8 0 442 (194) 0 0 0 112 0 286 0 0 (123) 3,054 409 of which other equity investments 1,463 7 0 408 (22) 0 0 0 13 0 293 0 0 (30) 2,132 298 of which life finance instruments 1,052 0 0 34 (172) 0 0 0 99 0 0 0 0 (93) 920 112 Loans 2 3,835 1,268 (549) 437 (640) 1,170 (1,435) 52 (164) 0 1 0 0 (306) 3,669 (97) of which commercial and industrial loans 2 1,401 446 (170) 184 (442) 610 (435) 6 (150) 0 1 0 0 (104) 1,347 (183) of which financial institutions 1,201 238 (245) 0 (31) 499 (531) 20 43 0 0 0 0 (112) 1,082 47 Other intangible assets (mortgage servicing rights) 244 0 0 0 0 0 0 0 0 0 (44) 0 0 (20) 180 (44) Other assets 1,846 1,440 (709) 4,553 (4,595) 547 (995) (17) (14) 0 0 0 0 (231) 1,825 (48) of which loans held-for-sale 1,619 1,380 (665) 4,504 (4,567) 547 (994) (41) 4 0 0 0 0 (211) 1,576 (73) Total assets at fair value 16,334 5,971 (4,529) 11,949 (12,275) 3,781 (5,398) 325 1,532 0 248 0 0 (1,574) 16,364 1,597 Liabilities (CHF million) Customer deposits 474 0 0 0 0 0 (27) 0 7 0 0 0 10 (16) 448 46 Obligation to return securities received as collateral 1 0 0 213 (106) 0 0 0 0 0 0 0 0 (7) 101 0 Trading liabilities 3,854 848 (1,614) 471 (310) 2,146 (2,375) 260 1,428 0 0 0 0 (462) 4,246 1,653 of which derivatives 3,801 829 (1,611) 198 (8) 2,146 (2,375) 259 1,410 0 0 0 0 (458) 4,191 1,646 of which equity/index-related derivatives 1,921 248 (954) 0 0 776 (536) 167 644 0 0 0 0 (256) 2,010 1,162 of which credit derivatives 1,211 539 (562) 0 0 1,111 (1,425) 85 502 0 0 0 0 (126) 1,335 277 Short-term borrowings 997 37 (294) 0 0 1,307 (1,189) 4 (62) 0 0 0 0 (99) 701 94 Long-term debt 12,610 3,214 (7,478) 0 0 5,891 (5,622) 568 (708) 0 0 99 (81) (1,225) 7,268 236 of which structured notes over one year and up to two years 891 689 (676) 0 0 1,022 (690) 40 (38) 0 0 1 (1) (105) 1,133 (19) of which structured notes over two years 11,458 1,614 (6,479) 0 0 4,766 (4,577) 532 (683) 0 0 98 (92) (1,111) 5,526 224 Other liabilities 1,385 160 (183) 266 (277) 129 (396) (33) 37 0 300 0 0 (117) 1,271 64 Total liabilities at fair value 19,321 4,259 (9,569) 950 (693) 9,473 (9,609) 799 702 0 300 99 (71) (1,926) 14,035 2,093 Net assets/(liabilities) at fair value (2,987) 1,712 5,040 10,999 (11,582) (5,692) 4,211 (474) 830 0 (52) (99) 71 352 2,329 (496) 1 Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues or accumulated other comprehensive income. As of 2020, changes in net unrealized gains/(losses) of CHF (692) 2 Includes an adjustment of CHF 118 million reflecting the impact of applying the fair value option on certain loans (previously held at amortized cost) at the adoption of the ASU 2019-05. Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other Foreign 1 Assets (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0 (12) 0 0 12 0 0 0 0 0 0 0 0 0 0 Securities received as collateral 30 0 0 2 (31) 0 0 0 0 0 0 0 0 0 1 0 Trading assets 8,980 1,600 (2,723) 16,544 (17,005) 1,142 (1,641) (80) 1,281 0 0 0 0 (213) 7,885 1,085 of which debt securities 2,242 793 (1,508) 4,037 (3,537) 0 0 17 (41) 0 0 0 0 (80) 1,923 146 of which corporates 1,260 485 (843) 3,076 (2,768) 0 0 21 (52) 0 0 0 0 (51) 1,128 153 of which derivatives 3,298 592 (734) 0 0 1,142 (1,616) (92) 1,034 0 0 0 0 (90) 3,534 957 of which equity/index-related products 1,054 224 (400) 0 0 361 (402) (80) 316 0 0 0 0 (33) 1,040 404 of which credit derivatives 673 282 (244) 0 0 390 (765) (6) 565 0 0 0 0 (16) 879 320 of which other derivatives 806 6 (1) 0 0 303 (317) 0 128 0 0 0 0 (16) 909 266 of which other trading assets 3,308 132 (424) 12,333 (13,384) 0 (25) (2) 333 0 0 0 0 (40) 2,231 (43) Other investments 1,309 48 (6) 1,184 (195) 0 0 0 151 0 56 0 0 (24) 2,523 328 of which other equity investments 227 48 (6) 1,134 9 0 0 0 1 0 56 0 0 (6) 1,463 84 of which life finance instruments 1,067 0 0 39 (186) 0 0 0 150 0 0 0 0 (18) 1,052 181 Loans 4,324 731 (470) 255 (275) 1,436 (2,170) 4 (64) 0 0 0 0 (54) 3,717 (7) of which commercial and industrial loans 1,949 269 (335) 49 (194) 346 (734) 0 (49) 0 0 0 0 (18) 1,283 (9) of which financial institutions 1,391 414 (76) 5 (81) 524 (957) 0 (9) 0 0 0 0 (10) 1,201 10 of which government and public institutions 446 48 (58) 199 0 251 (28) 2 (9) 0 0 0 0 (20) 831 (11) Other intangible assets (mortgage servicing rights) 163 0 0 85 0 0 0 0 0 0 2 0 0 (6) 244 2 Other assets 1,543 470 (283) 1,970 (1,913) 703 (565) 17 (48) 0 0 0 0 (48) 1,846 28 of which loans held-for-sale 1,235 444 (222) 1,718 (1,693) 703 (564) 3 36 0 0 0 0 (41) 1,619 51 Total assets at fair value 16,349 2,849 (3,494) 20,040 (19,419) 3,293 (4,376) (59) 1,320 0 58 0 0 (345) 16,216 1,436 Liabilities (CHF million) Customer deposits 453 0 0 0 0 6 (34) 0 23 0 0 0 51 (25) 474 29 Obligation to return securities received as collateral 30 0 0 2 (31) 0 0 0 0 0 0 0 0 0 1 0 Trading liabilities 3,589 743 (723) 874 (891) 2,079 (2,478) 108 626 0 0 0 0 (73) 3,854 1,019 of which derivatives 3,527 723 (714) 1 (4) 2,079 (2,478) 108 631 0 0 0 0 (72) 3,801 1,016 of which equity/index-related derivatives 1,500 344 (405) 0 0 692 (761) 92 500 0 0 0 0 (41) 1,921 841 of which credit derivatives 1,140 314 (273) 0 0 1,101 (1,327) 28 249 0 0 0 0 (21) 1,211 147 Short-term borrowings 784 187 (494) 0 0 1,477 (1,151) 30 191 0 0 0 0 (27) 997 127 Long-term debt 12,665 2,707 (4,521) 0 0 6,079 (5,668) 149 1,301 0 0 13 175 (290) 12,610 1,448 of which structured notes over two years 11,800 2,286 (3,708) 0 0 4,546 (4,744) 94 1,256 0 0 13 173 (258) 11,458 1,301 Other liabilities 1,341 51 (80) 80 (131) 114 (383) (4) 70 0 351 0 0 (24) 1,385 58 Total liabilities at fair value 18,862 3,688 (5,818) 956 (1,053) 9,755 (9,714) 283 2,211 0 351 13 226 (439) 19,321 2,681 Net assets/(liabilities) at fair value (2,513) (839) 2,324 19,084 (18,366) (6,462) 5,338 (342) (891) 0 (293) (13) (226) 94 (3,105) (1,245) 1 Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues. As of 2019, changes in net unrealized gains/(losses) of CHF (1,394) |
Quantitative information about level 3 assets and liabilities at fair value | Quantitative information about level 3 assets measured at fair value on a recurring basis Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Trading assets 7,535 of which debt securities 2,253 of which corporates 1,270 of which 386 Discounted cash flow Credit spread, in bp (9) 1,509 1,007 of which 321 Market comparable Price, in % 0 227 95 of which 416 Option model Correlation, in % (50) 100 55 Gap risk, in % 0 2 0 Recovery rate, in % 40 40 40 Volatility, in % 0 158 23 of which 71 Vendor price Price, in actuals 0 2,292 1,654 Unadjusted NAV, in actuals 1 1 1 of which derivatives 3,911 of which equity/index-related products 1,186 Option model Buyback probability, in % 50 100 66 Correlation, in % (50) 100 58 Gap risk, in % 2 0 4 0 Volatility, in % (2) 158 24 of which other derivatives 1,079 Discounted cash flow Market implied life expectancy, in years 2 14 6 Mortality rate, in % 72 137 98 of which other trading assets 1,247 of which 766 Discounted cash flow Market implied life expectancy, in years 3 14 7 Other investments 3,054 of which other equity investments 2,132 of which 840 Discounted cash flow Discount rate, in % 9 9 9 Terminal growth rate, in % 3 3 3 of which 118 Market comparable Price, in % 100 100 100 of which 974 Adjusted NAV Price, in actuals 310 310 310 of which 110 Vendor price Price, in actuals 1 1,249 713 of which life finance instruments 920 Discounted cash flow Market implied life expectancy, in years 2 15 6 Loans 3,669 of which commercial and industrial loans 1,347 of which 908 Discounted cash flow Credit spread, in bp 237 1,480 554 Recovery rate, in % 25 25 25 of which 338 Market comparable Price, in % 0 100 70 72 Option model Pre-IPO intrinsic option, in actuals 100 100 100 of which financial institutions 1,082 of which 674 Discounted cash flow Credit spread, in bp 192 1,698 612 Recovery rate, in % 25 40 25 of which 190 Market comparable Price, in % 0 100 54 Other assets 1,825 of which loans held-for-sale 1,576 of which 296 Discounted cash flow Credit spread, in bp 246 506 343 Recovery rate, in % 1 40 34 of which 1,277 Market comparable Price, in % 0 111 71 1 Weighted average is calculated based on the fair value of the instruments. 2 Risk of unexpected large declines in the underlying values occurring between collateral settlement dates. Quantitative information about level 3 assets measured at fair value on a recurring basis (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Trading assets 7,885 of which debt securities 1,923 of which corporates 1,128 of which 503 Market comparable Price, in % 0 129 97 of which 913 Option model Correlation, in % (60) 100 63 Gap risk, in % 0 2 0 Volatility, in % 0 275 27 of which derivatives 3,534 of which equity/index-related products 1,040 Option model Buyback probability, in % 50 100 70 Correlation, in % (50) 100 64 Gap risk, in % 2 0 2 0 Volatility, in % 0 275 30 of which credit derivatives 879 of which 691 Discounted cash flow Correlation, in % 97 97 97 Credit spread, in bp 2 1,033 150 Default rate, in % 1 20 4 Discount rate, in % 8 27 16 Funding spread, in bp 100 115 102 Loss severity, in % 29 85 69 Prepayment rate, in % 0 7 4 Recovery rate, in % 0 40 26 of which 142 Market comparable Price, in % 86 110 98 of which other derivatives 909 Discounted cash flow Market implied life expectancy, in years 2 15 6 Mortality rate, in % 71 134 97 of which other trading assets 2,231 of which 856 Discounted cash flow Market implied life expectancy, in years 2 15 7 of which 1,118 Market comparable Price, in % 0 112 27 of which 233 Option model Mortality rate, in % 0 70 6 Other investments 2,523 of which other equity investments 1,463 of which 398 Discounted cash flow Discount rate, in % 9 9 9 Terminal growth rate, in % 3 3 3 of which 147 Market comparable Price, in % 100 100 100 of which 857 Vendor price Price, in actuals 1 869 231 of which life finance instruments 1,052 Discounted cash flow Market implied life expectancy, in years 2 16 6 Loans 3,717 of which commercial and industrial loans 1,283 of which 996 Discounted cash flow Credit spread, in bp 96 1,484 654 Recovery rate, in % 25 25 25 of which 273 Market comparable Price, in % 0 99 64 of which financial institutions 1,201 of which 984 Discounted cash flow Credit spread, in bp 111 1,261 412 Recovery rate, in % 25 25 25 of which 135 Market comparable Price, in % 16 100 36 of which government and public institutions 831 of which 468 Discounted cash flow Credit spread, in bp 457 526 500 Recovery rate, in % 25 40 30 of which 166 Market comparable Price, in % 62 62 62 Other assets 1,846 of which loans held-for-sale 1,619 of which 501 Discounted cash flow Credit spread, in bp 117 381 243 Recovery rate, in % 0 1 1 of which 1,026 Market comparable Price, in % 0 180 91 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 liabilities measured at fair value on a recurring basis Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Trading liabilities 4,246 of which derivatives 4,191 of which equity/index-related derivatives 2,010 Option model Buyback probability, in % 3 50 100 66 Correlation, in % (50) 100 58 Volatility, in % (2) 158 27 of which credit derivatives 1,335 of which 738 Discounted cash flow Correlation, in % 37 45 44 Credit spread, in bp 0 1,468 391 Default rate, in % 0 7 3 Discount rate, in % 6 19 14 Funding spread, in bp 55 183 120 Loss severity, in % 0 100 68 Prepayment rate, in % 0 9 7 Recovery rate, in % 12 81 38 of which 520 Market comparable Price, in % 84 116 99 of which 12 Option model Correlation, in % 49 50 50 Credit spread, in bp 13 865 250 Short-term borrowings 701 of which 58 Discounted cash flow Credit spread, in bp (4) 992 722 Recovery rate, in % 35 40 39 of which 508 Option model Buyback probability, in % 50 100 66 Correlation, in % (50) 100 56 Funding gap risk, in % 2 0 2 0 Volatility, in % 3 158 30 Long-term debt 7,268 of which structured notes over one year and up to two years 1,133 of which 48 Discounted cash flow Credit spread, in bp 35 189 52 Recovery rate, in % 25 25 25 of which 1,051 Option model Buyback probability, in % 3 50 100 66 Correlation, in % (50) 100 55 Funding gap risk, in % 2 0 2 0 Gap risk, in % 0 4 1 Volatility, in % 0 158 24 of which structured notes over two years 5,526 of which 1,380 Discounted cash flow Credit spread, in bp (14) 481 58 Recovery rate, in % 23 40 38 of which 9 Market comparable Price, in % 27 46 27 of which 3,961 Option model Buyback probability, in % 3 50 100 66 Correlation, in % (50) 100 55 Gap risk, in % 2 0 2 0 Mean reversion, in % 4 (10) 0 (5) Volatility, in % 0 158 21 1 Weighted average is calculated based on the fair value of the instruments. 2 Risk of unexpected large declines in the underlying values occurring between collateral settlement dates. 3 Estimate of probability of structured notes being put back to the Group at the option of the investor over the remaining life of the financial instruments. 4 Management's best estimate of the speed at which interest rates will revert to the long-term average. Quantitative information about level 3 liabilities measured at fair value on a recurring basis (continued) Valuation Unobservable Minimum Maximum Weighted 1 CHF million, except where indicated Trading liabilities 3,854 of which derivatives 3,801 of which equity/index-related derivatives 1,921 Option model Buyback probability, in % 2 50 100 70 Correlation, in % (60) 100 66 Volatility, in % 0 275 26 of which credit derivatives 1,211 of which 745 Discounted cash flow Correlation, in % 38 45 44 Credit spread, in bp 2 1,041 142 Default rate, in % 1 20 4 Discount rate, in % 8 27 15 Funding spread, in bp 100 154 122 Loss severity, in % 29 85 69 Prepayment rate, in % 0 8 5 Recovery rate, in % 0 40 31 of which 412 Market comparable Price, in % 89 110 99 of which 23 Option model Correlation, in % 49 50 49 Credit spread, in bp 17 1,225 270 Short-term borrowings 997 of which 847 Option model Buyback probability, in % 50 100 70 Correlation, in % (50) 100 62 Funding gap risk, in % 3 0 2 0 Volatility, in % 1 275 39 Long-term debt 12,610 of which structured notes over two years 11,458 of which 1,141 Discounted cash flow Credit spread, in bp (12) 1,260 40 Recovery rate, in % 25 40 29 of which 22 Market comparable Price, in % 43 46 43 of which 9,972 Option model Buyback probability, in % 2 50 100 70 Correlation, in % (60) 100 63 Gap risk, in % 3 0 2 0 Mean reversion, in % 4 (55) 0 (7) Volatility, in % 0 275 26 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 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 2020 Cumulative 2019 2020 2019 Financial instruments (CHF million) Customer deposits (9) (75) (51) 0 0 Short-term borrowings (13) (66) (2) 1 2 Long-term debt 70 (2,513) (2,190) 155 190 of which treasury debt over two years 234 (796) (1,198) 0 0 of which structured notes over two years (177) (1,591) (769) 155 179 Total 48 (2,654) (2,243) 156 192 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 2020 2019 Unfunded Unfunded Fair value of investment funds and unfunded commitments (CHF million) Funds held in trading assets and trading liabilities 138 519 657 45 58 748 806 53 Private equity funds 94 0 94 77 323 0 323 161 Hedge funds 12 7 19 0 21 65 86 0 Equity method investment funds 321 287 608 226 187 402 589 14 Funds held in other investments 427 294 721 303 531 467 998 175 Total fair value of investment funds and unfunded commitments 565 1 813 2 1,378 348 589 3 1,215 4 1,804 228 1 CHF 190 million of the underlying assets have known liquidation periods and for CHF 375 million, the timing of liquidation is unknown. 2 CHF 540 million is redeemable on demand with a notice period of primarily less than 30 days. CHF 4 million of the investment funds had restrictions on redemptions, which have a redemption restriction of less than 1 year. 3 CHF 163 million of the underlying assets have known liquidation periods and for CHF 426 million, the timing of liquidation is unknown. 4 CHF 724 million is redeemable on demand with a notice period of primarily less than 30 days. CHF 13 million of the investment funds had restrictions on redemptions, which have a redemption restriction of less than 1 year. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Text Block] | Assets and liabilities measured at fair value on a nonrecurring basis end of 2020 Level 1 Level 2 Level 3 Total Assets (CHF million) Other investments 0 217 326 543 of which equity method investments 0 0 303 303 of which equity securities (without a readily determinable fair value) 0 217 10 227 Net loans 0 67 4 71 Other assets 0 104 97 201 of which loans held-for-sale 0 97 39 136 of which premises, equipment and right-of-use assets 0 4 54 58 Total assets recorded at fair value on a nonrecurring basis 0 388 427 815 Liabilities (CHF million) Other liabilities 0 0 14 14 of which commitments held-for-sale 0 0 14 14 Total liabilities recorded at fair value on a nonrecurring basis 0 0 14 14 end of 2019 Assets (CHF million) Other investments 0 0 1 1 Other intangible assets 0 0 10 10 Other assets 0 0 60 60 of which loans held-for-sale 0 0 29 29 of which premises, equipment and right-of-use assets 0 0 5 5 of which real estate held-for-sale 0 0 26 26 Total assets recorded at fair value on a nonrecurring basis 0 0 71 71 Liabilities (CHF million) Other liabilities 0 0 22 22 of which commitments held-for-sale 0 0 22 22 Total liabilities recorded at fair value on a nonrecurring basis 0 0 22 22 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Quantitative information about level 3 assets and liabilities measured at fair value on a nonrecurring basis Valuation Unobservable Minimum Maximum Weighted 1 Assets (CHF million, except where indicated) Other investments 326 of which equity method investments 303 Discounted cash flow Discount rate, in % 10 14 12 Other assets 97 of which loans held-for-sale 39 Market comparable Price, in % 83 100 95 of which premises, equipment and right-of-use assets 54 of which 52 Discounted cash flow Price, in actuals 52 52 52 Discount rate, in % 1 3 3 of which 2 Market comparable Price, in actuals 2 2 2 Liabilities (CHF million, except where indicated) Other liabilities 14 of which commitments held-for-sale 14 Market comparable Price, in % 83 98 89 1 Weighted average is calculated based on the fair value of the instruments. |
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 2020 2019 Aggregate Aggregate Aggregate Aggregate Financial instruments (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 57,994 57,895 99 85,556 85,463 93 Loans 11,408 12,079 (671) 12,662 13,104 (442) Other assets 1 7,834 10,090 (2,256) 9,710 12,006 (2,296) Due to banks and customer deposits (578) (489) (89) (582) (508) (74) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (13,594) (13,578) (16) (10,715) (10,719) 4 Short-term borrowings (10,740) (10,632) (108) (11,333) (11,187) (146) Long-term debt 2 (70,976) (73,842) 2,866 (70,331) (72,126) 1,795 Other liabilities (616) (1,569) 953 (709) (1,681) 972 Non-performing and non-interest-earning loans 3 543 3,364 (2,821) 543 3,235 (2,692) 1 Primarily loans held-for-sale. 2 Long-term debt includes both principal-protected and non-principal protected instruments. For non-principal-protected instruments, the original notional amount has been reported in the aggregate unpaid principal. 3 Included in loans or other assets. Gains and losses on financial instruments 2020 2019 2018 Net Net Net Financial instruments (CHF million) Interest-bearing deposits with banks 15 1 29 1 2 1 of which related to credit risk 0 11 (10) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,198 1 2,696 1 2,451 1 Other investments 397 2 268 3 241 2 of which related to credit risk 1 2 (1) Loans 510 1 908 1 717 1 of which related to credit risk (181) 26 (296) Other assets 489 1 892 1 770 1 of which related to credit risk (106) 111 61 Due to banks and customer deposits (10) 3 (29) 3 (39) 3 of which related to credit risk 0 1 (37) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (58) 1 (612) 1 (890) 1 Short-term borrowings (687) 3 (50) 3 2,807 3 of which related to credit risk 0 8 (5) Long-term debt (2,294) 3 (8,501) 3 4,206 3 of which related to credit risk 11 (5) 7 Other liabilities (20) 3 92 2 73 2 of which related to credit risk (15) 50 4 1 Primarily recognized in net interest income. 2 Primarily recognized in other revenues. 3 Primarily recognized in trading revenues. |
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 2020 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 21,139 0 21,139 0 21,139 Loans 277,137 0 272,660 14,534 287,194 Other financial assets 1 155,266 138,672 16,315 303 155,290 Financial liabilities Due to banks and customer deposits 402,589 234,700 167,924 0 402,624 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 10,256 0 10,256 0 10,256 Short-term borrowings 10,128 0 10,128 0 10,128 Long-term debt 90,111 0 90,897 2,317 93,214 Other financial liabilities 2 16,012 0 15,567 412 15,979 2019 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 21,441 0 21,441 0 21,441 Loans 280,568 0 278,337 11,562 289,899 Other financial assets 1 114,543 101,600 12,225 720 114,545 Financial liabilities Due to banks and customer deposits 396,867 189,419 207,453 0 396,872 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 16,818 0 16,818 0 16,818 Short-term borrowings 17,052 0 17,052 0 17,052 Long-term debt 81,674 0 83,018 1,123 84,141 Other financial liabilities 2 15,867 0 15,705 168 15,873 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. |
Bank | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis 1 Assets 2 Assets (CHF million) Cash and due from banks 0 525 0 – – 525 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 57,994 0 – – 57,994 Securities received as collateral 44,074 6,598 101 – – 50,773 Trading assets 87,746 181,303 7,535 (119,731) 658 157,511 of which debt securities 16,321 45,903 2,253 – 55 64,532 of which foreign government 15,908 11,909 140 – – 27,957 of which corporates 353 9,936 1,270 – 55 11,614 of which RMBS 0 20,882 557 – – 21,439 of which equity securities 60,080 2,466 124 – 603 63,273 of which derivatives 9,297 132,054 3,911 (119,731) – 25,531 of which interest rate products 3,036 71,043 733 – – – of which foreign exchange products 42 24,259 143 – – – of which equity/index-related products 6,150 31,945 1,186 – – – of which other derivatives 22 110 1,079 – – – of which other trading assets 2,048 880 1,247 – – 4,175 Investment securities 1 604 0 – – 605 Other investments 13 6 3,054 – 720 3,793 of which other equity investments 13 6 2,132 – 609 2,760 of which life finance instruments 0 0 920 – – 920 Loans 0 7,739 3,669 – – 11,408 of which commercial and industrial loans 0 2,187 1,347 – – 3,534 of which financial institutions 0 3,506 1,082 – – 4,588 Other intangible assets (mortgage servicing rights) 0 0 180 – – 180 Other assets 137 7,315 1,825 (904) – 8,373 of which failed purchases 109 1,229 51 – – 1,389 of which loans held-for-sale 0 4,870 1,576 – – 6,446 Total assets at fair value 131,971 262,084 16,364 (120,635) 1,378 291,162 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 0 413 0 – – 413 Customer deposits 0 3,895 448 – – 4,343 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 13,688 0 – – 13,688 Obligation to return securities received as collateral 44,074 6,598 101 – – 50,773 Trading liabilities 33,543 138,018 4,246 (129,937) 1 45,871 of which equity securities 20,527 111 55 – 1 20,694 of which derivatives 10,535 132,956 4,191 (129,937) – 17,745 of which interest rate products 3,264 68,229 169 – – – of which foreign exchange products 51 28,819 72 – – – of which equity/index-related products 7,149 30,612 2,010 – – – of which credit derivatives 0 4,663 1,335 – – – Short-term borrowings 0 10,039 701 – – 10,740 Long-term debt 0 62,957 7,286 – – 70,243 of which structured notes over one year and up to two years 0 11,787 1,133 – – 12,920 of which structured notes over two years 0 28,330 5,526 – – 33,856 of which high-trigger instruments 0 10,627 0 – – 10,627 Other liabilities 0 6,675 1,250 (169) – 7,756 Total liabilities at fair value 77,617 242,283 14,032 (130,106) 1 203,827 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 0 356 0 – – 356 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 85,556 0 – – 85,556 Securities received as collateral 36,438 3,780 1 – – 40,219 Trading assets 85,622 157,186 7,885 (97,606) 808 153,895 of which debt securities 19,430 45,677 1,923 – – 67,030 of which foreign government 19,281 7,484 198 – – 26,963 of which corporates 16 10,941 1,128 – – 12,085 of which RMBS 0 23,199 317 – – 23,516 of which equity securities 60,737 2,862 197 – 808 64,604 of which derivatives 3,539 108,263 3,534 (97,606) – 17,730 of which interest rate products 1,091 66,763 554 – – – of which foreign exchange products 23 21,754 152 – – – of which equity/index-related products 2,417 13,918 1,040 – – – of which credit derivatives 0 5,336 879 – – – of which other derivatives 5 66 909 – – – of which other trading assets 1,916 384 2,231 – – 4,531 Investment securities 0 1,004 0 – – 1,004 Other investments 24 5 2,523 – 996 3,548 of which other equity investments 24 5 1,463 – 589 2,081 of which life finance instruments 0 0 1,052 – – 1,052 Loans 0 8,945 3,716 – – 12,661 of which commercial and industrial loans 0 2,491 1,283 – – 3,774 of which financial institutions 0 3,730 1,201 – – 4,931 of which government and public institutions 0 2,200 830 – – 3,030 Other intangible assets (mortgage servicing rights) 0 0 244 – – 244 Other assets 101 8,902 1,846 (447) – 10,402 of which loans held-for-sale 0 6,594 1,619 – – 8,213 Total assets at fair value 122,185 265,734 16,215 (98,053) 1,804 307,885 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 0 322 0 – – 322 Customer deposits 0 2,865 474 – – 3,339 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 0 10,823 0 – – 10,823 Obligation to return securities received as collateral 36,438 3,780 1 – – 40,219 Trading liabilities 23,009 115,107 3,854 (103,786) 2 38,186 of which debt securities 3,636 5,286 0 – – 8,922 of which foreign government 3,544 345 0 – – 3,889 of which equity securities 15,628 109 53 – 2 15,792 of which derivatives 3,745 109,712 3,801 (103,786) – 13,472 of which interest rate products 1,101 64,687 167 – – – of which foreign exchange products 31 26,156 98 – – – of which equity/index-related products 2,603 12,518 1,921 – – – of which credit derivatives 0 5,963 1,211 – – – Short-term borrowings 0 10,336 997 – – 11,333 Long-term debt 0 56,657 12,749 – – 69,406 of which structured notes over one year and up to two years 0 9,291 891 – – 10,182 of which structured notes over two years 0 27,626 11,458 – – 39,084 Other liabilities 0 6,650 1,367 (148) – 7,869 Total liabilities at fair value 59,447 206,540 19,442 (103,934) 2 181,497 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 1 Assets (CHF million) Securities received as collateral 1 0 0 213 (106) 0 0 0 0 0 0 0 0 (7) 101 0 Trading assets 7,885 3,255 (3,271) 6,304 (6,740) 2,064 (2,968) 290 1,598 0 5 0 0 (887) 7,535 1,377 of which debt securities 1,923 2,078 (1,775) 3,811 (3,493) 0 0 1 14 0 5 0 0 (311) 2,253 166 of which corporates 1,128 703 (809) 2,685 (2,464) 0 0 26 211 0 0 0 0 (210) 1,270 196 of which derivatives 3,534 995 (1,207) 0 0 2,064 (2,891) 213 1,607 0 1 0 0 (405) 3,911 1,323 of which equity/index-related products 1,040 255 (519) 0 0 507 (743) 107 725 0 0 0 0 (186) 1,186 752 of which other derivatives 909 0 0 0 0 303 (326) (1) 291 0 0 0 0 (97) 1,079 310 of which other trading assets 2,231 119 (246) 2,420 (3,189) 0 (77) 72 76 0 (1) 0 0 (158) 1,247 (87) Other investments 2,523 8 0 442 (194) 0 0 0 112 0 286 0 0 (123) 3,054 409 of which other equity investments 1,463 7 0 408 (22) 0 0 0 13 0 293 0 0 (30) 2,132 298 of which life finance instruments 1,052 0 0 34 (172) 0 0 0 99 0 0 0 0 (93) 920 112 Loans 2 3,835 1,268 (549) 437 (640) 1,170 (1,435) 52 (164) 0 1 0 0 (306) 3,669 (97) of which commercial and industrial loans 2 1,402 446 (170) 184 (442) 610 (435) 6 (150) 0 1 0 0 (105) 1,347 (183) of which financial institutions 1,201 238 (245) 0 (31) 499 (531) 20 43 0 0 0 0 (112) 1,082 47 Other intangible assets (mortgage servicing rights) 244 0 0 0 0 0 0 0 0 0 (44) 0 0 (20) 180 (44) Other assets 1,846 1,440 (709) 4,553 (4,595) 547 (995) (17) (14) 0 0 0 0 (231) 1,825 (48) of which loans held-for-sale 1,619 1,380 (665) 4,504 (4,567) 547 (994) (41) 4 0 0 0 0 (211) 1,576 (73) Total assets at fair value 16,334 5,971 (4,529) 11,949 (12,275) 3,781 (5,398) 325 1,532 0 248 0 0 (1,574) 16,364 1,597 Liabilities (CHF million) Customer deposits 474 0 0 0 0 0 (27) 0 7 0 0 0 10 (16) 448 46 Obligation to return securities received as collateral 1 0 0 213 (106) 0 0 0 0 0 0 0 0 (7) 101 0 Trading liabilities 3,854 848 (1,614) 471 (310) 2,146 (2,375) 260 1,428 0 0 0 0 (462) 4,246 1,653 of which derivatives 3,801 829 (1,611) 198 (8) 2,146 (2,375) 259 1,410 0 0 0 0 (458) 4,191 1,646 of which equity/index-related derivatives 1,921 248 (954) 0 0 776 (536) 167 644 0 0 0 0 (256) 2,010 1,162 of which credit derivatives 1,211 539 (562) 0 0 1,111 (1,425) 85 502 0 0 0 0 (126) 1,335 277 Short-term borrowings 997 37 (294) 0 0 1,307 (1,189) 4 (62) 0 0 0 0 (99) 701 94 Long-term debt 12,749 3,089 (7,478) 0 0 5,891 (5,622) 568 (690) 0 0 99 (82) (1,238) 7,286 209 of which structured notes over one year and up to two years 891 689 (676) 0 0 1,022 (690) 40 (38) 0 0 1 (1) (105) 1,133 (19) of which structured notes over two years 11,458 1,614 (6,479) 0 0 4,766 (4,577) 532 (683) 0 0 98 (92) (1,111) 5,526 224 Other liabilities 1,367 160 (183) 266 (277) 129 (390) (33) 37 0 289 0 0 (115) 1,250 64 Total liabilities at fair value 19,442 4,134 (9,569) 950 (693) 9,473 (9,603) 799 720 0 289 99 (72) (1,937) 14,032 2,066 Net assets/(liabilities) at fair value (3,108) 1,837 5,040 10,999 (11,582) (5,692) 4,205 (474) 812 0 (41) (99) 72 363 2,332 (469) 1 Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues or accumulated other comprehensive income. As of 2020, changes in net unrealized gains/(losses) of CHF (667) 2 Includes an adjustment of CHF 119 million reflecting the impact of applying the fair value option on certain loans (previously held at amortized cost) at the adoption of the ASU 2019-05. Assets and liabilities measured at fair value on a recurring basis for level 3 (continued) Accumulated other Foreign 1 Assets (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 0 0 (12) 0 0 12 0 0 0 0 0 0 0 0 0 0 Securities received as collateral 30 0 0 2 (31) 0 0 0 0 0 0 0 0 0 1 0 Trading assets 8,980 1,600 (2,723) 16,544 (17,005) 1,142 (1,641) (80) 1,281 0 0 0 0 (213) 7,885 1,085 of which debt securities 2,242 793 (1,508) 4,037 (3,537) 0 0 17 (41) 0 0 0 0 (80) 1,923 146 of which corporates 1,260 485 (843) 3,076 (2,768) 0 0 21 (52) 0 0 0 0 (51) 1,128 153 of which derivatives 3,298 592 (734) 0 0 1,142 (1,616) (92) 1,034 0 0 0 0 (90) 3,534 957 of which equity/index-related products 1,054 224 (400) 0 0 361 (402) (80) 316 0 0 0 0 (33) 1,040 404 of which credit derivatives 673 282 (244) 0 0 390 (765) (6) 565 0 0 0 0 (16) 879 320 of which other derivatives 806 6 (1) 0 0 303 (317) 0 128 0 0 0 0 (16) 909 266 of which other trading assets 3,308 132 (424) 12,333 (13,384) 0 (25) (2) 333 0 0 0 0 (40) 2,231 (43) Other investments 1,309 48 (6) 1,184 (194) 0 0 0 151 0 56 0 0 (25) 2,523 328 of which other equity investments 227 48 (6) 1,134 10 0 0 0 1 0 56 0 0 (7) 1,463 83 of which life finance instruments 1,067 0 0 39 (186) 0 0 0 150 0 0 0 0 (18) 1,052 181 Loans 4,324 731 (470) 255 (275) 1,436 (2,170) 4 (64) 0 0 0 0 (55) 3,716 (8) of which commercial and industrial loans 1,949 269 (335) 49 (194) 346 (734) 0 (49) 0 0 0 0 (18) 1,283 (9) of which financial institutions 1,391 414 (76) 5 (81) 524 (957) 0 (9) 0 0 0 0 (10) 1,201 10 of which government and public institutions 446 48 (58) 199 0 251 (28) 2 (9) 0 0 0 0 (21) 830 (12) Other intangible assets (mortgage servicing rights) 163 0 0 85 0 0 0 0 0 0 2 0 0 (6) 244 2 Other assets 1,543 470 (283) 1,970 (1,913) 703 (565) 17 (48) 0 0 0 0 (48) 1,846 29 of which loans held-for-sale 1,235 444 (222) 1,718 (1,693) 703 (564) 3 36 0 0 0 0 (41) 1,619 51 Total assets at fair value 16,349 2,849 (3,494) 20,040 (19,418) 3,293 (4,376) (59) 1,320 0 58 0 0 (347) 16,215 1,436 Liabilities (CHF million) Customer deposits 453 0 0 0 0 6 (34) 0 23 0 0 0 51 (25) 474 29 Obligation to return securities received as collateral 30 0 0 2 (31) 0 0 0 0 0 0 0 0 0 1 0 Trading liabilities 3,589 743 (723) 874 (891) 2,079 (2,478) 108 626 0 0 0 0 (73) 3,854 1,019 of which derivatives 3,527 723 (714) 1 (4) 2,079 (2,478) 108 631 0 0 0 0 (72) 3,801 1,016 of which equity/index-related derivatives 1,500 344 (405) 0 0 692 (761) 92 500 0 0 0 0 (41) 1,921 841 of which credit derivatives 1,140 314 (273) 0 0 1,101 (1,327) 28 249 0 0 0 0 (21) 1,211 147 Short-term borrowings 784 187 (494) 0 0 1,477 (1,151) 30 191 0 0 0 0 (27) 997 127 Long-term debt 12,671 2,707 (4,398) 0 0 6,102 (5,668) 149 1,291 0 0 13 175 (293) 12,749 1,477 of which structured notes over two years 11,800 2,286 (3,708) 0 0 4,546 (4,744) 94 1,256 0 0 13 173 (258) 11,458 1,301 Other liabilities 1,327 51 (80) 80 (131) 114 (377) (4) 65 0 346 0 0 (24) 1,367 58 Total liabilities at fair value 18,854 3,688 (5,695) 956 (1,053) 9,778 (9,708) 283 2,196 0 346 13 226 (442) 19,442 2,710 Net assets/(liabilities) at fair value (2,505) (839) 2,201 19,084 (18,365) (6,485) 5,332 (342) (876) 0 (288) (13) (226) 95 (3,227) (1,274) 1 Changes in unrealized gains/(losses) on total assets at fair value and changes in unrealized (gains)/losses on total liabilities at fair value relating to assets and liabilities held at period end are included in net revenues. As of 2019, changes in net unrealized gains/(losses) of CHF (1,423) > Refer to “Note 36 – Financial instruments” in VI – Consolidated financial statements – Credit Suisse Group for qualitative information about level 3 assets and liabilities measured at fair value on a recurring basis. |
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 2020 Cumulative 2019 2020 2019 Financial instruments (CHF million) Customer deposits (9) (75) (51) 0 0 Short-term borrowings (13) (66) (2) 1 2 Long-term debt 24 (2,457) (2,125) 155 190 of which treasury debt over two years 188 (729) (1,133) 0 0 of which structured notes over two years (177) (1,602) (769) 155 179 Total 2 (2,598) (2,178) 156 192 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 2020 2019 Unfunded Unfunded Fair value of investment funds and unfunded commitments (CHF million) Funds held in trading assets and trading liabilities 138 519 657 45 58 748 806 53 Private equity funds 92 0 92 77 321 0 321 161 Hedge funds 12 7 19 0 21 65 86 0 Equity method investment funds 322 287 609 226 187 402 589 14 Funds held in other investments 426 294 720 303 529 467 996 175 Fair value of investment funds and unfunded commitments 564 1 813 2 1,377 348 587 3 1,215 4 1,802 228 1 CHF 190 million of the underlying assets have known liquidation periods and for CHF 374 million, the timing of liquidation is unknown. 2 CHF 540 million of the redeemable on demand with a notice period of primarily less than 30 day. CHF 4 million of the investment funds had restrictions on redemptions, which have a redemption restriction of less than 1 year. 3 CHF 162 million of the underlying assets have known liquidation periods and for CHF 425 million, the timing of liquidation is unknown. 4 CHF 724 million of the redeemable on demand with a notice period of primarily less than 30 day. CHF 13 million of the investment funds had restrictions on redemptions, which have a redemption restriction of less than 1 year. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Text Block] | Assets measured at fair value on a nonrecurring basis end of 2020 Level 1 Level 2 Level 3 Total Assets (CHF million) Other investments 0 217 326 543 of which equity method investments 0 0 303 303 of which equity securities (without a readily determinable fair value) 0 217 10 227 Net loans 0 67 4 71 Other assets 0 104 97 201 of which loans held-for-sale 0 97 39 136 of which premises, equipment and right-of-use assets 0 4 54 58 Total assets recorded at fair value on a nonrecurring basis 0 388 427 815 Liabilities (CHF million) Other liabilities 0 0 14 14 of which commitments held-for-sale 0 0 14 14 Total liabilities recorded at fair value on a nonrecurring basis 0 0 14 14 end of 2019 Assets (CHF million) Other investments 0 0 1 1 Other intangible assets 0 0 10 10 Other assets 0 0 60 60 of which loans held-for-sale 0 0 29 29 of which premises, equipment and right-of-use assets 0 0 5 5 of which real estate held-for-sale 0 0 26 26 Total assets recorded at fair value on a nonrecurring basis 0 0 71 71 Liabilities (CHF million) Other liabilities 0 0 22 22 of which commitments held-for-sale 0 0 22 22 Total liabilities recorded at fair value on a nonrecurring basis 0 0 22 22 |
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 2020 2019 Aggregate Aggregate Aggregate Aggregate Financial instruments (CHF million) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 57,994 57,895 99 85,556 85,463 93 Loans 11,408 12,079 (671) 12,661 13,103 (442) Other assets 1 7,834 10,090 (2,256) 9,710 12,006 (2,296) Due to banks and customer deposits (578) (489) (89) (582) (508) (74) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (13,688) (13,672) (16) (10,823) (10,827) 4 Short-term borrowings (10,740) (10,632) (108) (11,333) (11,187) (146) Long-term debt 2 (70,243) (73,175) 2,932 (69,406) (71,177) 1,771 Other liabilities (616) (1,569) 953 (709) (1,681) 972 Non-performing and non-interest-earning loans 3 543 3,364 (2,821) 543 3,235 (2,692) 1 Primarily loans held-for-sale. 2 Long-term debt includes both principal-protected and non-principal protected instruments. For non-principal-protected instruments, the original notional amount has been reported in the aggregate unpaid principal. 3 Included in loans or other assets. Gains and losses on financial instruments 2020 2019 2018 Net Net Net Financial instruments (CHF million) Interest-bearing deposits with banks 15 1 29 1 2 1 of which related to credit risk 0 11 (10) Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 1,198 1 2,696 1 2,451 1 Other investments 397 2 268 3 241 2 of which related to credit risk 1 2 (1) Loans 510 1 908 1 717 1 of which related to credit risk (181) 26 (296) Other assets 489 1 892 1 770 1 of which related to credit risk (106) 111 61 Due to banks and customer deposits (10) 3 (29) 3 (39) 3 of which related to credit risk 0 1 (37) Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (58) 1 (612) 1 (890) 1 Short-term borrowings (687) 3 (50) 3 2,807 3 of which related to credit risk 0 8 (5) Long-term debt (2,349) 3 (7,950) 3 4,375 3 of which related to credit risk 11 (5) 7 Other liabilities (20) 3 92 2 72 2 of which related to credit risk (15) 50 4 1 Primarily recognized in net interest income. 2 Primarily recognized in other revenues. 3 Primarily recognized in trading revenues. |
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 2020 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 21,139 0 21,139 0 21,139 Loans 285,570 0 281,097 14,534 295,631 Other financial assets 1 154,441 137,763 16,399 302 154,464 Financial liabilities Due to banks and customer deposits 403,704 235,477 168,262 0 403,739 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 10,256 0 10,256 0 10,256 Short-term borrowings 10,568 0 10,569 0 10,569 Long-term debt 90,035 0 90,716 2,317 93,033 Other financial liabilities 2 16,131 0 15,694 403 16,097 2019 (CHF million) Financial assets Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 21,441 0 21,441 0 21,441 Loans 287,815 0 285,575 11,562 297,137 Other financial assets 1 114,267 100,765 12,769 719 114,253 Financial liabilities Due to banks and customer deposits 398,032 190,251 207,786 0 398,037 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 16,818 0 16,818 0 16,818 Short-term borrowings 17,536 0 17,536 0 17,536 Long-term debt 81,593 0 83,081 1,123 84,204 Other financial liabilities 2 16,508 0 16,343 168 16,511 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. |
Assets pledged and collateral (
Assets pledged and collateral (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Assets pledged and collateral | Assets pledged end of 2020 2019 CHF million Total assets pledged or assigned as collateral 144,355 121,800 of which encumbered 71,471 59,013 Prior period has been corrected. |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2020 2019 CHF million Fair value of collateral received with the right to sell or repledge 413,154 412,765 of which sold or repledged 184,837 185,935 |
Schedule of Other Assets Pledged and Collateral | Other information end of 2020 2019 CHF million Swiss National Bank required minimum liquidity reserves 2,092 2,059 Other restricted cash, securities and receivables 1 5,065 5,310 1 Includes cash, securities and receivables recorded on the Group’s consolidated balance sheets and restricted under Swiss or foreign regulations for financial institutions; excludes restricted cash, securities and receivables held on behalf of clients which are not recorded on the Group’s consolidated balance sheet. Prior periods have been adjusted to conform to the current presentation. |
Bank | |
Assets pledged and collateral | Assets pledged end of 2020 2019 CHF million Total assets pledged or assigned as collateral 144,355 121,800 of which encumbered 71,471 59,013 Prior period has been corrected. |
Fair value of collateral received with the right to sell or repledge | Collateral end of 2020 2019 CHF million Fair value of collateral received with the right to sell or repledge 413,154 412,765 of which sold or repledged 184,837 185,935 |
Schedule of Other Assets Pledged and Collateral | Other information end of 2020 2019 CHF million Swiss National Bank required minimum liquidity reserves 2,092 2,059 Other restricted cash, securities and receivables 1 4,441 4,703 1 Includes cash, securities and receivables recorded on the Group’s consolidated balance sheets and restricted under Swiss or foreign regulations for financial institutions; excludes restricted cash, securities and receivables held on behalf of clients which are not recorded on the Group’s consolidated balance sheet. Prior periods have been adjusted to conform to the current presentation. |
Capital adequacy (Tables)
Capital adequacy (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
BIS statistics | Swiss metrics end of 2020 2019 Swiss capital (CHF million) Swiss CET1 capital 35,351 36,740 Going concern capital 51,192 49,757 Gone concern capital 1 41,852 41,138 Total loss-absorbing capacity 93,044 90,895 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 275,576 291,282 Leverage exposure 799,853 2 909,994 Swiss capital ratios (%) Swiss CET1 ratio 12.8 12.6 Going concern capital ratio 18.6 17.1 Gone concern capital ratio 15.2 14.1 TLAC ratio 33.8 31.2 Swiss leverage ratios (%) Swiss CET1 leverage ratio 4.4 4.0 Going concern leverage ratio 6.4 5.5 Gone concern leverage ratio 5.2 3 4.5 TLAC leverage ratio 11.6 10.0 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 10.0 9.68 Going concern capital ratio requirement 14.3 13.58 Gone concern capital ratio requirement 14.3 11.6 TLAC ratio requirement 28.6 25.18 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 3.5 3.2 Going concern leverage ratio requirement 5.0 4.5 Gone concern leverage ratio requirement 5.0 4.0 TLAC leverage ratio requirement 10.0 8.5 The Swiss capital requirements have been fully phased-in as of January 1, 2020 and the 2019 balances are presented on a comparative basis. Does not include the effects of the countercyclical buffers and any rebates for resolvability and for certain tier 2 low-trigger instruments recognized in gone concern capital. 1 Amounts are shown on a look-through basis. Certain tier 2 instruments and their related tier 2 amortization components are subject to phase out through 2022. As of 2020 and 2019, gone concern capital was CHF 42,198 million and CHF 38,576 million, including CHF 346 million and CHF 372 million, respectively, of such instruments. 2 Excludes CHF 110,677 million of cash held at central banks, after adjusting for the dividend paid in 2020. 3 The gone concern ratio would be 4.6 910,530 110,677 |
Bank | |
BIS statistics | Swiss metrics end of 2020 2019 Swiss capital (CHF million) Swiss CET1 capital 40,691 41,899 Going concern capital 1 55,648 53,990 Gone concern capital 41,857 41,136 Total loss-absorbing capacity (TLAC) 97,505 95,126 Swiss risk-weighted assets and leverage exposure (CHF million) Swiss risk-weighted assets 276,157 291,651 Leverage exposure 792,862 2 915,814 Swiss capital ratios (%) Swiss CET1 ratio 14.7 14.4 Going concern capital ratio 20.2 18.5 Gone concern capital ratio 15.2 14.1 TLAC ratio 35.3 32.6 Swiss leverage ratios (%) Swiss CET1 leverage ratio 5.1 4.6 Going concern leverage ratio 7.0 5.9 Gone concern leverage ratio 5.3 3 4.5 TLAC leverage ratio 12.3 10.4 Swiss capital ratio requirements (%) Swiss CET1 ratio requirement 10.0 9.68 Going concern capital ratio requirement 14.3 13.58 Gone concern capital ratio requirement 14.3 11.6 TLAC ratio requirement 28.6 25.18 Swiss leverage ratio requirements (%) Swiss CET1 leverage ratio requirement 3.5 3.2 Going concern leverage ratio requirement 5.0 4.5 Gone concern leverage ratio requirement 5.0 4.0 TLAC leverage ratio requirement 10.0 8.5 The Swiss capital requirements have been fully phased-in as of January 1, 2020 and the 2019 balances are presented on a comparative basis. Does not include the effects of the countercyclical buffers and any rebates for resolvability and for certain tier 2 low-trigger instruments recognized in gone concern capital. 1 Amounts are shown on a look-through basis. Certain tier 2 instruments and their related tier 2 amortization components are subject to phase out through 2022. As of 2020 and 2019, gone concern capital was CHF 42,203 million and CHF 38,574 million, including CHF 346 million and CHF 372 million, respectively, of such instruments. 2 Excludes CHF 124,218 million of cash held at central banks, after adjusting for the dividend paid in 2020. 3 The gone concern ratio would be 4.6%, if calculated using a leverage exposure of CHF 917,080 million, without the temporary exclusion of cash held at central banks, after adjusting for the dividend paid in 2020, of CHF 124,218 million. |
Assets under management (Tables
Assets under management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Assets under management and net new assets | Assets under management end of 2020 2019 CHF billion Assets in collective investment instruments managed by Credit Suisse 215.6 212.2 Assets with discretionary mandates 267.4 277.5 Other assets under management 1,028.9 1,017.5 Assets under management (including double counting) 1,511.9 1,507.2 of which double counting 49.1 51.0 Changes in assets under management 2020 2019 Assets under management (CHF billion) Balance at beginning of period 1 1,507.2 1,344.9 Net new assets/(net asset outflows) 42.0 79.3 Market movements, interest, dividends and foreign exchange (14.7) 106.8 of which market movements, interest and dividends 2 53.4 126.6 of which foreign exchange (68.1) (19.8) Other effects (22.6) (23.8) Balance at end of period 1,511.9 1,507.2 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 2020 2019 CHF billion Assets in collective investment instruments managed by Credit Suisse 210.7 205.7 Assets with discretionary mandates 267.3 277.5 Other assets under management 1,029.0 1,017.5 Assets under management (including double counting) 1,507.0 1,500.7 of which double counting 48.8 50.2 |
Changes in assets under management | Changes in assets under management 2020 2019 Assets under management (CHF billion) Balance at beginning of period 1 1,500.7 1,336.8 Net new assets/(net asset outflows) 43.4 80.3 Market movements, interest, dividends and foreign exchange (14.5) 107.4 of which market movements, interest and dividends 2 53.2 127.1 of which foreign exchange (67.7) (19.7) Other effects (22.6) (23.8) Balance at end of period 1,507.0 1,500.7 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, 2020 | |
Litigation provisions | Litigation provisions 2020 CHF million Balance at beginning of period 898 Increase in litigation accruals 1,358 Decrease in litigation accruals (131) Decrease for settlements and other cash payments (391) Foreign exchange translation (74) Balance at end of period 1,660 |
Significant subsidiaries and _2
Significant subsidiaries and equity method investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant subsidiaries and equity method investments | Significant subsidiaries Nominal Equity End of 2020 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 83.0 100 Asset Management Finance LLC Wilmington, United States USD 167.4 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (Mexico), 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 (Mexico), 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 Mobiliarios 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 8,192.9 100 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 1,115.9 100 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 2,137.3 100 Credit Suisse Entrepreneur Capital AG Zurich, Switzerland CHF 15.0 100 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 28.8 100 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 0.0 100 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 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 11,366.2 100 1 Credit Suisse Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 10.0 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 0.5 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 1.7 100 Credit Suisse Management LLC Wilmington, United States USD 891.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 73.3 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 737.5 100 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 - in liquidation Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities, Sociedad de Valores, S.A. Spain, Madrid EUR 5.3 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 2,200.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 15.4 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 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 LLC "Credit Suisse Securities (Moscow)" Moscow, Russia RUB 97.1 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SP Holding Enterprises Corp. Wilmington, United States USD 0.0 100 SR Lease Co VI Ltd. Cayman Islands USD 0.0 100 PT Credit Suisse Sekuritas Indonesia Jakarta, Indonesia IDR 235,000.0 99 Credit Suisse Hypotheken AG Zurich, Switzerland CHF 0.1 98 Credit Suisse Founder Securities Limited Beijing, China CNY 1,089.0 51 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 Funding (Guernsey) Limited St. Peter Port, Guernsey 100 1 Credit Suisse AG Swisscard AECS GmbH Horgen, Switzerland 50 Stockbrokers Holdings Pty Ltd. Melbourne, Australia 23 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 20 ALLFUNDS (UK) LIMITED London, United Kingdom 14 York Capital Management Global Advisors, LLC New York, United States 5 2 Holding Verde Empreendimentos e Participações S.A. São Paulo, Brazil 0 2 1 Deconsolidated under US GAAP as the Group is not the primary beneficiary. 2 The Group holds a significant noncontrolling interest. |
Bank | |
Significant subsidiaries and equity method investments | Significant subsidiaries Nominal Equity End of 2020 Credit Suisse AG Alpine Securitization LTD George Town, Cayman Islands USD 83.0 100 Asset Management Finance LLC Wilmington, United States USD 167.4 100 Banco Credit Suisse (Brasil) S.A. São Paulo, Brazil BRL 53.6 100 Banco Credit Suisse (Mexico), 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 (Mexico), 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 Mobiliarios 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 8,192.9 100 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 1,115.9 100 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 2,137.3 100 Credit Suisse Entrepreneur Capital AG Zurich, Switzerland CHF 15.0 100 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 28.8 100 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 0.0 100 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 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 Istanbul Menkul Degerler A.S. Istanbul, Turkey TRY 10.0 100 Credit Suisse Life & Pensions AG Vaduz, Liechtenstein CHF 15.0 100 Credit Suisse Life (Bermuda) Ltd. Hamilton, Bermuda USD 0.5 100 Credit Suisse Loan Funding LLC Wilmington, United States USD 1.7 100 Credit Suisse Management LLC Wilmington, United States USD 891.4 100 Credit Suisse Prime Securities Services (USA) LLC Wilmington, United States USD 73.3 100 Credit Suisse PSL GmbH Zurich, Switzerland CHF 0.0 100 Credit Suisse Saudi Arabia Riyadh, Saudi Arabia SAR 737.5 100 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 - in liquidation Johannesburg, South Africa ZAR 0.0 100 Credit Suisse Securities (Malaysia) Sdn. Bhd. Kuala Lumpur, Malaysia MYR 100.0 100 Credit Suisse Securities (Singapore) Pte Limited Singapore, Singapore SGD 30.0 100 Credit Suisse Securities, Sociedad de Valores, S.A. Spain, Madrid EUR 5.3 100 Credit Suisse Securities (Thailand) Limited Bangkok, Thailand THB 500.0 100 Credit Suisse Securities (USA) LLC Wilmington, United States USD 2,200.7 100 Credit Suisse Services (India) Private Limited Pune, India INR 0.1 100 Credit Suisse Services (USA) LLC Wilmington, United States USD 15.4 100 CS Non-Traditional Products Ltd. Nassau, Bahamas USD 0.1 100 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 LLC "Credit Suisse Securities (Moscow)" Moscow, Russia RUB 97.1 100 Merban Equity AG Zug, Switzerland CHF 0.1 100 Solar Investco II Ltd. George Town, Cayman Islands USD 0.0 100 SP Holding Enterprises Corp. Wilmington, United States USD 0.0 100 SR Lease Co VI Ltd. Cayman Islands USD 0.0 100 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 11,366.2 98 1 Credit Suisse Founder Securities Limited Beijing, China CNY 1,089.0 51 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 2020 Credit Suisse AG Swisscard AECS GmbH Horgen, Switzerland 50 Stockbrokers Holdings Pty Ltd. Melbourne, Australia 23 ICBC Credit Suisse Asset Management Co., Ltd. Beijing, China 20 ALLFUNDS (UK) LIMITED London, United Kingdom 14 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, 2020 | |
Subsidiary guarantee information | |
Schedule of subsidiary guarantee information [Table Text Block] | Condensed consolidating statements of operations Bank 1 Condensed consolidating statements of operations (CHF million) Interest and dividend income 2,363 11,515 13,878 1,633 (1,592) 13,919 Interest expense (2,549) (5,369) (7,918) (1,649) 1,596 (7,971) Net interest income (186) 6,146 5,960 (16) 4 5,948 Commissions and fees 3,952 7,898 11,850 18 (15) 11,853 Trading revenues 436 2,742 3,178 12 105 3,295 Other revenues 2,006 (491) 1,515 2,723 2 (2,945) 1,293 Net revenues 6,208 16,295 22,503 2,737 (2,851) 22,389 Provision for credit losses 14 1,078 1,092 0 4 1,096 Compensation and benefits 2,627 6,233 8,860 84 946 9,890 General and administrative expenses 2,540 5,422 7,962 (13) (1,426) 6,523 Commission expenses 225 1,031 1,256 2 (2) 1,256 Restructuring expenses 27 95 122 0 35 157 Total other operating expenses 2,792 6,548 9,340 (11) (1,393) 7,936 Total operating expenses 5,419 12,781 18,200 73 (447) 17,826 Income/(loss) before taxes 775 2,436 3,211 2,664 (2,408) 3,467 Income tax expense/(benefit) 139 558 697 (5) 109 801 Net income/(loss) 636 1,878 2,514 2,669 (2,517) 2,666 Net income/(loss) attributable to noncontrolling interests (2) 5 3 0 (6) (3) Net income/(loss) attributable to shareholders 638 1,873 2,511 2,669 (2,511) 2,669 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) 636 1,878 2,514 2,669 (2,517) 2,666 Gains/(losses) on cash flow hedges 0 177 177 0 1 178 Foreign currency translation (1,608) (1,406) (3,014) 12 (63) (3,065) Unrealized gains/(losses) on securities 0 (17) (17) 0 0 (17) Actuarial gains/(losses) (13) (31) (44) 0 7 (37) Net prior service credit/(cost) 0 (4) (4) 0 (144) (148) Gains/(losses) on liabilities related to credit risk 2 149 151 37 14 202 Other comprehensive income/(loss), net of tax (1,619) (1,132) (2,751) 49 (185) (2,887) Comprehensive income/(loss) (983) 746 (237) 2,718 (2,702) (221) Comprehensive income/(loss) attributable to noncontrolling interests (7) (48) (55) 0 46 (9) Comprehensive income/(loss) attributable to shareholders (976) 794 (182) 2,718 (2,748) (212) 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 4,040 16,140 20,180 1,307 (1,303) 20,184 Interest expense (4,191) (8,940) (13,131) (1,343) 1,307 (13,167) Net interest income (151) 7,200 7,049 (36) 4 7,017 Commissions and fees 3,217 7,854 11,071 23 64 11,158 Trading revenues 543 1,230 1,773 (68) 34 1,739 Other revenues 2,058 735 2,793 3,565 2 (3,788) 2,570 Net revenues 5,667 17,019 22,686 3,484 (3,686) 22,484 Provision for credit losses 14 310 324 0 0 324 Compensation and benefits 2,772 6,333 9,105 101 830 10,036 General and administrative expenses 2,193 5,395 7,588 (37) (1,423) 6,128 Commission expenses 213 1,063 1,276 1 (1) 1,276 Total other operating expenses 2,406 6,458 8,864 (36) (1,424) 7,404 Total operating expenses 5,178 12,791 17,969 65 (594) 17,440 Income/(loss) before taxes 475 3,918 4,393 3,419 (3,092) 4,720 Income tax expense/(benefit) 167 1,131 1,298 0 (3) 1,295 Net income/(loss) 308 2,787 3,095 3,419 (3,089) 3,425 Net income/(loss) attributable to noncontrolling interests 5 9 14 0 (8) 6 Net income/(loss) attributable to shareholders 303 2,778 3,081 3,419 (3,081) 3,419 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) 308 2,787 3,095 3,419 (3,089) 3,425 Gains/(losses) on cash flow hedges 0 86 86 14 0 100 Foreign currency translation (284) (711) (995) (15) (15) (1,025) Unrealized gains/(losses) on securities 0 21 21 0 (1) 20 Actuarial gains/(losses) (7) (17) (24) 0 350 326 Net prior service credit/(cost) 0 1 1 0 216 217 Gains/(losses) on liabilities related to credit risk (73) (1,665) (1,738) (65) (57) (1,860) Other comprehensive income/(loss), net of tax (364) (2,285) (2,649) (66) 493 (2,222) Comprehensive income/(loss) (56) 502 446 3,353 (2,596) 1,203 Comprehensive income attributable to noncontrolling interests 4 3 7 0 1 8 Comprehensive income/(loss) attributable to shareholders (60) 499 439 3,353 (2,597) 1,195 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 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 benefit 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 (continued) 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 balance sheets Bank 1 Assets (CHF million) Cash and due from banks 2,327 135,880 138,207 277 628 139,112 Interest-bearing deposits with banks 8 1,222 1,230 445 (377) 1,298 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 31,245 47,888 79,133 0 0 79,133 Securities received as collateral 1,495 49,278 50,773 0 0 50,773 Trading assets 34,570 122,941 157,511 0 (173) 157,338 Investment securities 0 605 605 52,061 (52,059) 607 Other investments 490 4,889 5,379 49,911 (49,878) 5,412 Net loans 7,196 293,145 300,341 0 (8,433) 291,908 Goodwill 649 3,106 3,755 0 671 4,426 Other intangible assets 208 29 237 0 0 237 Brokerage receivables 14,916 21,027 35,943 0 (2) 35,941 Other assets 12,980 23,594 36,574 782 2,281 39,637 Total assets 106,084 703,604 809,688 103,476 (107,342) 805,822 Liabilities and equity (CHF million) Due to banks 33 16,387 16,420 2,442 (2,439) 16,423 Customer deposits 1 392,038 392,039 0 (1,118) 390,921 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 5,040 18,904 23,944 0 (93) 23,851 Obligation to return securities received as collateral 1,495 49,278 50,773 0 0 50,773 Trading liabilities 12,877 32,994 45,871 0 0 45,871 Short-term borrowings 5,894 15,414 21,308 4,700 (5,140) 20,868 Long-term debt 42,291 117,988 160,279 53,009 (52,201) 161,087 Brokerage payables 12,564 9,091 21,655 0 (2) 21,653 Other liabilities 9,916 20,424 30,340 648 446 31,434 Total liabilities 90,111 672,518 762,629 60,799 (60,547) 762,881 Total shareholders' equity 15,920 30,344 46,264 42,677 (46,264) 42,677 Noncontrolling interests 53 742 795 0 (531) 264 Total equity 15,973 31,086 47,059 42,677 (46,795) 42,941 Total liabilities and equity 106,084 703,604 809,688 103,476 (107,342) 805,822 1 Includes eliminations and consolidation adjustments. Condensed consolidating balance sheets (continued) Bank 1 Assets (CHF million) Cash and due from banks 2,642 98,402 101,044 277 558 101,879 Interest-bearing deposits with banks 10 663 673 489 (421) 741 Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 26,905 80,092 106,997 0 0 106,997 Securities received as collateral 2,921 37,298 40,219 0 0 40,219 Trading assets 35,339 118,556 153,895 1 (99) 153,797 Investment securities 0 1,004 1,004 32,853 (32,851) 1,006 Other investments 621 5,013 5,634 49,780 (49,748) 5,666 Net loans 11,907 292,118 304,025 0 (7,246) 296,779 Goodwill 715 3,245 3,960 0 703 4,663 Other intangible assets 276 15 291 0 0 291 Brokerage receivables 17,012 18,636 35,648 0 0 35,648 Other assets 12,843 24,226 37,069 625 1,915 39,609 Total assets 111,191 679,268 790,459 84,025 (87,189) 787,295 Liabilities and equity (CHF million) Due to banks 63 16,679 16,742 2,287 (2,285) 16,744 Customer deposits 1 384,949 384,950 0 (1,167) 383,783 Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions 5,799 21,842 27,641 0 (108) 27,533 Obligation to return securities received as collateral 2,921 37,298 40,219 0 0 40,219 Trading liabilities 8,468 29,718 38,186 0 0 38,186 Short-term borrowings 8,720 20,149 28,869 0 (484) 28,385 Long-term debt 43,821 107,179 151,000 37,596 (36,591) 152,005 Brokerage payables 15,213 10,470 25,683 0 0 25,683 Other liabilities 9,414 20,992 30,406 498 139 31,043 Total liabilities 94,420 649,276 743,696 40,381 (40,496) 743,581 Total shareholders' equity 16,713 29,407 46,120 43,644 (46,120) 43,644 Noncontrolling interests 58 585 643 0 (573) 70 Total equity 16,771 29,992 46,763 43,644 (46,693) 43,714 Total liabilities and equity 111,191 679,268 790,459 84,025 (87,189) 787,295 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 3,981 (10,144) (6,163) (81) 2 (270) (6,514) Investing activities (CHF million) (Increase)/decrease in interest-bearing deposits with banks 1 (521) (520) 45 (44) (519) (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions (7,244) 26,463 19,219 0 0 19,219 Purchase of investment securities 0 (402) (402) (12,644) 12,644 (402) Proceeds from sale of investment securities 0 629 629 0 0 629 Maturities of investment securities 0 184 184 0 0 184 Investments in subsidiaries and other investments (17) (193) (210) 0 0 (210) Proceeds from sale of other investments 132 545 677 0 1 678 (Increase)/decrease in loans 3,860 (10,839) (6,979) 0 1,244 (5,735) Proceeds from sales of loans 0 3,860 3,860 0 0 3,860 Capital expenditures for premises and equipment and other intangible assets (293) (751) (1,044) 0 (144) (1,188) Proceeds from sale of premises and equipment and other intangible assets 0 45 45 0 0 45 Other, net 3 110 113 0 0 113 Net cash provided by/(used in) investing activities (3,558) 19,130 15,572 (12,599) 13,701 16,674 Financing activities (CHF million) Increase/(decrease) in due to banks and customer deposits (26) 21,361 21,335 155 (126) 21,364 Increase/(decrease) in short-term borrowings (2,166) (3,124) (5,290) 0 44 (5,246) Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (245) (1,224) (1,469) 0 5 (1,464) Issuances of long-term debt 223,638 (165,997) 57,641 13,644 (13,276) 58,009 Repayments of long-term debt (221,868) 179,100 (42,768) 0 0 (42,768) Sale of treasury shares 0 0 0 0 12,364 12,364 Repurchase of treasury shares 0 0 0 (882) (12,371) (13,253) Dividends paid 0 (10) (10) (716) 10 (716) Other, net 168 766 934 480 36 1,450 Net cash provided by/(used in) financing activities (499) 30,872 30,373 12,681 (13,314) 29,740 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (239) (2,380) (2,619) (1) (47) (2,667) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks (315) 37,478 37,163 0 70 37,233 Cash and due from banks at beginning of period 3 2,642 98,402 101,044 277 558 101,879 Cash and due from banks at end of period 3 2,327 135,880 138,207 277 628 139,112 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 (4,694) (13,724) (18,418) (141) 2 135 (18,424) Investing activities (CHF million) (Increase)/decrease in interest-bearing deposits with banks 12 399 411 9 (9) 411 (Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions 8,321 65 8,386 0 0 8,386 Purchase of investment securities 0 (557) (557) (9,396) 9,396 (557) Proceeds from sale of investment securities 0 6 6 0 0 6 Maturities of investment securities 0 1,007 1,007 942 (942) 1,007 Investments in subsidiaries and other investments (34) (250) (284) (10) 9 (285) Proceeds from sale of other investments 516 617 1,133 48 (23) 1,158 (Increase)/decrease in loans 93 (17,402) (17,309) 0 1,965 (15,344) Proceeds from sales of loans 0 4,612 4,612 0 0 4,612 Capital expenditures for premises and equipment and other intangible assets (397) (736) (1,133) 0 (160) (1,293) Proceeds from sale of premises and equipment and other intangible assets 0 30 30 0 0 30 Other, net 27 510 537 6 0 543 Net cash provided by/(used in) investing activities 8,538 (11,699) (3,161) (8,401) 10,236 (1,326) Financing activities (CHF million) Increase/(decrease) in due to banks and customer deposits 6 24,678 24,684 923 (754) 24,853 Increase/(decrease) in short-term borrowings (809) 7,720 6,911 0 8 6,919 Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions (397) 3,888 3,491 0 (110) 3,381 Issuances of long-term debt 206,056 (171,145) 34,911 10,396 (10,344) 34,963 Repayments of long-term debt (208,631) 162,341 (46,290) (942) 942 (46,290) Issuances of common shares 0 0 0 (10) 10 0 Sale of treasury shares 0 0 0 3 9,621 9,624 Repurchase of treasury shares 0 0 0 (1,916) (9,620) (11,536) Dividends paid (1) (10) (11) (728) 43 (696) Other, net 75 133 208 768 (5) 971 Net cash provided by/(used in) financing activities (3,701) 27,605 23,904 8,494 (10,209) 22,189 Effect of exchange rate changes on cash and due from banks (CHF million) Effect of exchange rate changes on cash and due from banks (41) (554) (595) 1 (13) (607) Net increase/(decrease) in cash and due from banks (CHF million) Net increase/(decrease) in cash and due from banks 102 1,628 1,730 (47) 149 1,832 Cash and due from banks at beginning of period 3 2,540 96,774 99,314 324 409 100,047 Cash and due from banks at end of period 3 2,642 98,402 101,044 277 558 101,879 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 (8,326) 20,860 12,534 (215) 2 564 12,883 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 0 567 567 290 (290) 567 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 23,396 (32,056) (8,660) (8,514) 9,496 (7,678) 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 (120) (374) (494) 829 9 344 Net cash provided by/(used in) financing activities (15,618) 1,528 (14,090) 8,535 (9,428) (14,983) 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. |
Summary of significant accoun_3
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2020yeardaymonth | |
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% |
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 |
Minimum | |
Accounting Policies [Line Items] | |
Equity method of accounting for limited partnership interests, threshold voting interest (as a percent) | 3.00% |
Maximum | |
Accounting Policies [Line Items] | |
Equity method of accounting for limited partnership interests, threshold voting interest (as a percent) | 5.00% |
Summary of significant accoun_4
Summary of significant accounting policies - Useful lives (Details 2) | 12 Months Ended |
Dec. 31, 2020 | |
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_3
Recently issued accounting standards (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | |
Accounting change | ||||
Retained Earnings (Accumulated Deficit) | SFr 32,834 | SFr 30,634 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (23,150) | (20,269) | ||
Net revenues | 22,389 | 22,484 | SFr 20,920 | |
Total operating expenses | 17,826 | 17,440 | 17,303 | |
Compensation and benefits | 9,890 | 10,036 | 9,620 | |
General and administrative expenses | 6,523 | 6,128 | 5,798 | |
Assets and Liabilities, Lessee [Abstract] | ||||
Operating Lease, Liability | 2,759 | 3,213 | ||
Accounting Standards Update 2016-13 [Member] | ||||
Accounting change | ||||
Retained Earnings (Accumulated Deficit) | SFr (132) | |||
Accounting Standards Update 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||||
Accounting change | ||||
Net Assets | (163) | |||
Accounting Standards Update 2018-13 [Member] | Adjustments for New Accounting Principle, Early Adoption [Member] | ||||
Accounting change | ||||
Retained Earnings (Accumulated Deficit) | SFr 0 | |||
Bank | ||||
Accounting change | ||||
Retained Earnings (Accumulated Deficit) | 15,871 | 13,492 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (20,239) | (17,546) | ||
Net revenues | 22,503 | 22,686 | 20,820 | |
Total operating expenses | 18,200 | 17,969 | 17,719 | |
Compensation and benefits | 8,860 | 9,105 | 8,864 | |
General and administrative expenses | 7,962 | 7,588 | SFr 7,068 | |
Assets and Liabilities, Lessee [Abstract] | ||||
Operating Lease, Right-of-Use Asset | 1,855 | 2,240 | ||
Operating Lease, Liability | SFr 1,981 | SFr 2,388 |
Recently issued accounting st_4
Recently issued accounting standards (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets [Abstract] | |||||
Interest-bearing deposits with banks | SFr 1,298 | SFr 741 | |||
Loans Receivable, Fair Value Disclosure | 11,408 | 12,662 | |||
Financing Receivable and Fair value Loans, Net Reported amount | 291,908 | 296,779 | |||
Financing Receivable, before Allowance for Credit Loss and Fee | 282,131 | 285,179 | |||
Loans and Leases Receivable, Allowance | 946 | SFr 902 | SFr 882 | ||
Other Assets | 39,637 | 39,609 | |||
Liabilities [Abstract] | |||||
Other Liabilities | 31,434 | 31,043 | |||
Other Liabilities, Fair Value Disclosure | 7,780 | 7,891 | |||
Off-Balance Sheet, Credit Loss, Liability | 311 | 172 | |||
Retained Earnings (Accumulated Deficit) | 32,834 | 30,634 | |||
Revision of Prior Period, Reclassification, Adjustment [Member] | |||||
Assets [Abstract] | |||||
Financing Receivable and Fair value Loans, Net Reported amount | SFr 248 | ||||
Financing Receivable, before Allowance for Credit Loss and Fee | (248) | ||||
Accounting Standards Update 2016-13 [Member] | |||||
Assets [Abstract] | |||||
Allowance for Credit Losses on Other Assets, held at amortized cost | (33) | ||||
Liabilities [Abstract] | |||||
Retained Earnings (Accumulated Deficit) | (132) | ||||
Accounting Standards Update 2016-13 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||||
Assets [Abstract] | |||||
Cash and Due from Banks | (1) | ||||
Allowance for Credit Losses on Cash and Due from Banks | (1) | ||||
Interest-bearing deposits with banks | (3) | ||||
Allowance for Credit Losses on Interest-bearing deposits with banks | (3) | ||||
Loans Receivable, Fair Value Disclosure | (187) | ||||
Financing Receivable and Fair value Loans, Net Reported amount | (84) | ||||
Loans and Leases Receivable, Allowance | (103) | ||||
Other Assets | (8) | ||||
Allowance for Credit Losses on Other Assets, held at amortized cost | (8) | ||||
Liabilities [Abstract] | |||||
Other Liabilities | (36) | ||||
Other Liabilities, Fair Value Disclosure | 7 | ||||
Off-Balance Sheet, Credit Loss, Liability | (43) | ||||
Net Assets | (163) | ||||
Accounting Standards Update 2016-13 [Member] | Revision of Prior Period, Change in Accounting Principle, Adjustment, Tax Impact [Member] | |||||
Liabilities [Abstract] | |||||
Net Assets | 31 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Assets [Abstract] | |||||
Cash and Due from Banks | 101,878 | ||||
Allowance for Credit Losses on Cash and Due from Banks | (1) | ||||
Interest-bearing deposits with banks | 738 | ||||
Allowance for Credit Losses on Interest-bearing deposits with banks | (3) | ||||
Loans Receivable, Fair Value Disclosure | 296,592 | ||||
Financing Receivable and Fair value Loans, Net Reported amount | 12,826 | ||||
Financing Receivable, before Allowance for Credit Loss and Fee | 284,931 | ||||
Loans and Leases Receivable, Allowance | (1,049) | ||||
Other Assets | 39,632 | ||||
Allowance for Credit Losses on Other Assets, held at amortized cost | (41) | ||||
Liabilities [Abstract] | |||||
Other Liabilities | 31,007 | ||||
Other Liabilities, Fair Value Disclosure | 7,898 | ||||
Off-Balance Sheet, Credit Loss, Liability | 129 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Liabilities [Abstract] | |||||
Retained Earnings (Accumulated Deficit) | SFr (132) | ||||
Bank | |||||
Assets [Abstract] | |||||
Interest-bearing deposits with banks | 1,230 | 673 | |||
Loans Receivable, Fair Value Disclosure | 11,408 | 12,661 | |||
Financing Receivable and Fair value Loans, Net Reported amount | 300,341 | 304,025 | |||
Financing Receivable, before Allowance for Credit Loss and Fee | 290,563 | 292,425 | |||
Loans and Leases Receivable, Allowance | 945 | SFr 901 | SFr 881 | ||
Other Assets | 36,574 | 37,069 | |||
Liabilities [Abstract] | |||||
Other Liabilities | 30,340 | 30,406 | |||
Other Liabilities, Fair Value Disclosure | 7,756 | 7,869 | |||
Off-Balance Sheet, Credit Loss, Liability | 311 | 172 | |||
Retained Earnings (Accumulated Deficit) | SFr 15,871 | SFr 13,492 |
Business developments (Details)
Business developments (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Business Acquisition | |||||
Issued shares (in shares) | 2,447,747,720 | 2,556,011,720 | 2,556,011,720 | 2,556,011,720 | |
Other Revenue, Other Investments | SFr 769 | SFr 1,141 | SFr 337 | ||
Bank | |||||
Business Acquisition | |||||
Issued shares (in shares) | [1] | 4,399,680,200 | 4,399,680,200 | ||
Other Revenue, Other Investments | SFr 769 | SFr 1,142 | SFr 335 | ||
Credit Suisse InvestLab AG | |||||
Business Acquisition | |||||
Other Revenue, Other Investments | 268 | ||||
York Capital Management | |||||
Business Acquisition | |||||
Other Revenue, Other Investments | SFr (414) | ||||
[1] | The Bank's total share capital is fully paid and consists of 4,399,680,200 registered shares as of December 31, 2020. 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, 2020 | Dec. 31, 2019 | |
Subsidiary, Sale of Stock [Line Items] | ||
Issuances of common shares | SFr 0 | |
Bank | ||
Subsidiary, Sale of Stock [Line Items] | ||
Issuances of common shares | SFr 0 | |
Credit Suisse Founder Securities Limited [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 51.00% | 33.30% |
Business developments - Registe
Business developments - Registered shares (Details 3) - CHF (SFr) shares in Millions, SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 24, 2018 | Aug. 01, 2018 | Nov. 04, 2013 |
Chase Nominees Ltd. | Shareholder registered in share register [Member] | |||||
Related party disclosures | |||||
Shares held by related party | 323 | 343 | |||
Investment Owned, Face Amount | SFr 13 | SFr 14 | |||
Portion of registered Group shares held by related party (as a percent) | 13.21% | 13.43% | |||
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 | 184 | 163 | |||
Investment Owned, Face Amount | SFr 7 | SFr 7 | |||
Portion of registered Group shares held by related party (as a percent) | 7.53% | 6.37% | |||
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) - Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Event [Line Items] | |
Subsequent Event, Date | Mar. 1, 2021 |
Subsequent Event, Description | On March 1, 2021, the boards of the supply chain finance funds managed by certain Group subsidiaries decided to suspend redemptions and subscriptions of those funds to protect the interests of the funds’ investors. On March 4, 2021, the boards decided to terminate those funds and proceed to their liquidation. Those decisions were based on concerns that a substantial part of the funds’ assets was subject to considerable valuation uncertainty. Credit Suisse Asset Management (Schweiz) AG (CSAM) acts as the portfolio manager of these supply chain finance funds. Redemptions and subscriptions of certain other funds managed by CSAM or CSAM subsidiaries that invest in part in these supply chain finance funds have also been suspended. The assets held by the supply chain finance funds, largely consisting of notes backed by existing and future receivables, were originated and structured by Greensill Capital (UK) Limited or one of its affiliates (Greensill Capital). The last published net asset value of the supply chain finance funds in late February was approximately USD 10 billion in the aggregate. Initial redemption payments totaling USD 3.1 billion across the supply chain finance funds were made to their investors beginning on March 8, 2021. The portfolio manager continues to work to liquidate the remaining assets in the four funds as the receivables comprising the funds’ assets mature. Greensill Capital filed for insolvency in the UK on March 8, 2021, and the portfolio manager is working closely with the administrators of Greensill Capital, Grant Thornton, and with other parties to facilitate this process. However, there remains considerable uncertainty regarding the valuation of a significant part of the remaining assets, including the fact that the portfolio manager has been informed that certain of the notes underlying the funds will not be repaid when they fall due, and the amounts that ultimately will be distributed to investors in respect of the funds. Group subsidiaries also have collateralized bridge lending and other direct and indirect exposures to Greensill Capital, including exposures relating to certain fund-linked products. With regard to the outstanding collateralized bridge loan of USD 140 million, USD 50 million was recently repaid by the administrators of Greensill Capital, reducing the outstanding amount of the loan to USD 90 million. The Group continues to analyze these matters, including with the assistance of external counsel and other experts. The Board of Directors has also initiated an investigation of these matters. It has been decided that as of March 10, 2021, three senior CSAM employees will not be performing their roles for the time being. The payout and vesting of variable compensation of a number of senior employees involved in these matters, up to and including Executive Board members, has been suspended as a measure to ensure that the Group can reconsider the variable compensation for 2020 and are able to apply malus or clawback, if appropriate. A number of regulatory investigations and actions have been initiated or are being considered in respect of these matters, including by FINMA, one of which is the agreement to a Pillar 2 buffer with Credit Suisse. Furthermore, certain investors have already threatened litigation and, as this matter develops, Credit Suisse may become subject to litigation, disputes or other actions. The priority for Credit Suisse remains the recovery of funds for CSAM’s investors, and the portfolio manager is working closely with the administrators to facilitate this process. |
Subsequent Event, Amount Inestimable | Credit Suisse notes that it is reasonably possible that Credit Suisse will incur a loss in respect of these matters, albeit that given the early stage of this process, it is not yet possible to estimate the size of such a reasonably possible loss. However, the ultimate cost to the Group of resolving these matters may be material to its operating results. Credit Suisse might also suffer reputational harm associated with these matters that might cause client departures or loss of assets under management. |
Business developments - Sale (D
Business developments - Sale (Details 5) - Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Credit Suisse InvestLab AG [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Including Discontinued Operation, Description and Timing of Disposal | Following the completion of the first step of the combination of the Group’s open architecture investment fund platform Credit Suisse InvestLab AG (InvestLab) and Allfunds Group in September 2019, the Group successfully completed the second and final step of the combination in March 2020 with the transfer of related distribution agreements to Allfunds Group. Other revenues in 2020 included CHF 268 million from this second closing, reflected in net revenues of the Swiss Universal Bank, International Wealth Management and Asia Pacific divisions. |
York Capital Management | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Including Discontinued Operation, Description and Timing of Disposal | In the fourth quarter of 2020, York Capital Management (York) informed its investors of a significant change in strategy. As a result, York will focus on longer duration assets such as private equity, private debt and collateralized loan obligations, while winding down its European hedge funds business and primarily managing internal capital in its multi-strategy fund. York’s Asia Pacific business is expected to be spun off as a new and separate hedge fund in 2021, in which the Group intends to have a continuing interest. As a result of this announcement, the Group recorded an impairment of CHF 414 million to the valuation of its noncontrolling interest that it has owned since 2010, recognized in other revenues. |
Segment information - Income st
Segment information - Income statement related (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information | |||
Net revenues | SFr 22,389 | SFr 22,484 | SFr 20,920 |
Income/(loss) before taxes | 3,467 | 4,720 | 3,372 |
Switzerland | |||
Segment Reporting Information | |||
Net revenues | 7,719 | 8,434 | 7,646 |
Income/(loss) before taxes | 1,770 | 2,985 | 1,924 |
EMEA | |||
Segment Reporting Information | |||
Net revenues | 3,885 | 1,962 | 1,686 |
Income/(loss) before taxes | (124) | (1,786) | (2,082) |
Americas | |||
Segment Reporting Information | |||
Net revenues | 7,614 | 9,103 | 8,731 |
Income/(loss) before taxes | 1,577 | 3,409 | 3,452 |
Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 3,171 | 2,985 | 2,857 |
Income/(loss) before taxes | 244 | 112 | 78 |
Operating Segments [Member] | Swiss Universal Bank | |||
Segment Reporting Information | |||
Net revenues | 5,615 | 5,905 | 5,443 |
Income/(loss) before taxes | 2,104 | 2,573 | 1,991 |
Operating Segments [Member] | International Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 4,837 | 5,816 | 5,320 |
Income/(loss) before taxes | 1,052 | 2,065 | 1,610 |
Operating Segments [Member] | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 3,155 | 3,029 | 2,759 |
Income/(loss) before taxes | 828 | 922 | 632 |
Operating Segments [Member] | Investment Bank | |||
Segment Reporting Information | |||
Net revenues | 9,098 | 8,161 | 8,004 |
Income/(loss) before taxes | 1,655 | 1,026 | 818 |
Corporate Center | |||
Segment Reporting Information | |||
Net revenues | (316) | (427) | 102 |
Income/(loss) before taxes | (2,172) | (1,866) | (298) |
Bank | |||
Segment Reporting Information | |||
Net revenues | 22,503 | 22,686 | 20,820 |
Income/(loss) before taxes | 3,211 | 4,393 | 2,856 |
Bank | Switzerland | |||
Segment Reporting Information | |||
Net revenues | 8,659 | 9,239 | 8,047 |
Income/(loss) before taxes | 2,477 | 3,259 | 1,927 |
Bank | EMEA | |||
Segment Reporting Information | |||
Net revenues | 3,162 | 1,244 | 1,164 |
Income/(loss) before taxes | (847) | (2,574) | (2,520) |
Bank | Americas | |||
Segment Reporting Information | |||
Net revenues | 7,765 | 9,253 | 8,750 |
Income/(loss) before taxes | 1,419 | 3,348 | 3,344 |
Bank | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 2,917 | 2,950 | 2,859 |
Income/(loss) before taxes | 162 | 360 | 105 |
Bank | Operating Segments [Member] | Swiss Universal Bank | |||
Segment Reporting Information | |||
Net revenues | 5,615 | 5,905 | 5,443 |
Income/(loss) before taxes | 2,104 | 2,573 | 1,991 |
Bank | Operating Segments [Member] | International Wealth Management | |||
Segment Reporting Information | |||
Net revenues | 4,837 | 5,816 | 5,320 |
Income/(loss) before taxes | 1,052 | 2,065 | 1,610 |
Bank | Operating Segments [Member] | Asia Pacific | |||
Segment Reporting Information | |||
Net revenues | 3,155 | 3,029 | 2,759 |
Income/(loss) before taxes | 828 | 922 | 632 |
Bank | Operating Segments [Member] | Investment Bank | |||
Segment Reporting Information | |||
Net revenues | 9,098 | 8,161 | 8,004 |
Income/(loss) before taxes | 1,655 | 1,026 | 818 |
Bank | Adjustments | |||
Segment Reporting Information | |||
Net revenues | (202) | (225) | (706) |
Income/(loss) before taxes | SFr (2,428) | SFr (2,193) | SFr (2,195) |
Segment information - Balance s
Segment information - Balance sheet related (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information | ||
Total assets | SFr 805,822 | SFr 787,295 |
Americas | ||
Segment Reporting Information | ||
Total assets | 287,619 | 305,328 |
Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 96,508 | 94,088 |
EMEA | ||
Segment Reporting Information | ||
Total assets | 159,661 | 144,888 |
Switzerland | ||
Segment Reporting Information | ||
Total assets | 262,034 | 242,991 |
Operating Segments | Swiss Universal Bank | ||
Segment Reporting Information | ||
Total assets | 261,465 | 249,829 |
Operating Segments | International Wealth Management | ||
Segment Reporting Information | ||
Total assets | 95,206 | 91,277 |
Operating Segments | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 67,356 | 73,719 |
Operating Segments | Investment Bank | ||
Segment Reporting Information | ||
Total assets | 270,488 | 266,257 |
Corporate Center | ||
Segment Reporting Information | ||
Total assets | 111,307 | 106,213 |
Bank | ||
Segment Reporting Information | ||
Total assets | 809,688 | 790,459 |
Bank | Americas | ||
Segment Reporting Information | ||
Total assets | 287,640 | 305,330 |
Bank | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 96,488 | 94,091 |
Bank | EMEA | ||
Segment Reporting Information | ||
Total assets | 159,465 | 145,219 |
Bank | Switzerland | ||
Segment Reporting Information | ||
Total assets | 266,095 | 245,819 |
Bank | Operating Segments | Swiss Universal Bank | ||
Segment Reporting Information | ||
Total assets | 261,465 | 249,829 |
Bank | Operating Segments | International Wealth Management | ||
Segment Reporting Information | ||
Total assets | 95,206 | 91,277 |
Bank | Operating Segments | Asia Pacific | ||
Segment Reporting Information | ||
Total assets | 67,356 | 73,719 |
Bank | Operating Segments | Investment Bank | ||
Segment Reporting Information | ||
Total assets | 270,488 | 266,257 |
Bank | Adjustments | ||
Segment Reporting Information | ||
Total assets | SFr 115,173 | SFr 109,377 |
Net interest income (Details)
Net interest income (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net interest income | |||
Loans | SFr 5,733 | SFr 7,179 | SFr 6,770 |
Investment securities | 3 | 9 | 80 |
Trading assets | 5,816 | 7,340 | 7,131 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 1,596 | 2,926 | 2,856 |
Other | 771 | 2,730 | 2,776 |
Interest and dividend income | 13,919 | 20,184 | 19,613 |
Deposits | (1,113) | (3,055) | (2,287) |
Short-term borrowings | (166) | (409) | (359) |
Trading liabilities | (2,658) | (3,513) | (3,453) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (907) | (1,668) | (1,877) |
Long-term debt | (2,753) | (3,412) | (3,816) |
Other | (374) | (1,110) | (812) |
Interest expense | (7,971) | (13,167) | (12,604) |
Net interest income | 5,948 | 7,017 | 7,009 |
Bank | |||
Net interest income | |||
Loans | 5,694 | 7,173 | 6,778 |
Investment securities | 3 | 9 | 80 |
Trading assets | 5,816 | 7,341 | 7,131 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 1,596 | 2,926 | 2,856 |
Other | 769 | 2,731 | 2,778 |
Interest and dividend income | 13,878 | 20,180 | 19,623 |
Deposits | (1,107) | (3,055) | (2,291) |
Short-term borrowings | (170) | (422) | (370) |
Trading liabilities | (2,658) | (3,513) | (3,453) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (908) | (1,669) | (1,877) |
Long-term debt | (2,702) | (3,361) | (3,696) |
Other | (373) | (1,111) | (811) |
Interest expense | (7,918) | (13,131) | (12,498) |
Net interest income | SFr 5,960 | SFr 7,049 | SFr 7,125 |
Commissions and fees (Details)
Commissions and fees (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commissions and fees | |||
Commissions and fees | SFr 11,853 | SFr 11,158 | SFr 11,890 |
Lending business | |||
Commissions and fees | |||
Commissions and fees | 1,631 | 1,687 | 1,931 |
Investment and portfolio management | |||
Commissions and fees | |||
Commissions and fees | 3,187 | 3,438 | 3,582 |
Other securities business | |||
Commissions and fees | |||
Commissions and fees | 66 | 63 | 48 |
Fiduciary business | |||
Commissions and fees | |||
Commissions and fees | 3,253 | 3,501 | 3,630 |
Underwriting | |||
Commissions and fees | |||
Commissions and fees | 2,255 | 1,564 | 1,718 |
Brokerage | |||
Commissions and fees | |||
Commissions and fees | 3,244 | 2,893 | 2,813 |
Underwriting and brokerage | |||
Commissions and fees | |||
Commissions and fees | 5,499 | 4,457 | 4,531 |
Other services | |||
Commissions and fees | |||
Commissions and fees | 1,470 | 1,513 | 1,798 |
Bank | |||
Commissions and fees | |||
Commissions and fees | 11,850 | 11,071 | 11,742 |
Bank | Lending business | |||
Commissions and fees | |||
Commissions and fees | 1,612 | 1,663 | 1,902 |
Bank | Investment and portfolio management | |||
Commissions and fees | |||
Commissions and fees | 3,087 | 3,295 | 3,415 |
Bank | Other securities business | |||
Commissions and fees | |||
Commissions and fees | 73 | 89 | 83 |
Bank | Fiduciary business | |||
Commissions and fees | |||
Commissions and fees | 3,160 | 3,384 | 3,498 |
Bank | Underwriting | |||
Commissions and fees | |||
Commissions and fees | 2,348 | 1,602 | 1,735 |
Bank | Brokerage | |||
Commissions and fees | |||
Commissions and fees | 3,246 | 2,900 | 2,797 |
Bank | Underwriting and brokerage | |||
Commissions and fees | |||
Commissions and fees | 5,594 | 4,502 | 4,532 |
Bank | Other services | |||
Commissions and fees | |||
Commissions and fees | SFr 1,484 | SFr 1,522 | SFr 1,810 |
Trading revenues (Details)
Trading revenues (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Trading revenues | |||
Trading revenues | SFr 3,295 | SFr 1,739 | SFr 624 |
Interest rate products | |||
Trading revenues | |||
Trading revenues | (1) | 96 | 757 |
Foreign exchange products | |||
Trading revenues | |||
Trading revenues | 2,473 | 668 | 367 |
Equity/index-related products | |||
Trading revenues | |||
Trading revenues | 422 | 1,071 | (307) |
Credit products | |||
Trading revenues | |||
Trading revenues | 192 | (513) | (97) |
Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | 132 | 144 | 102 |
Other trading securities | |||
Trading revenues | |||
Trading revenues | 77 | 273 | (198) |
Bank | |||
Trading revenues | |||
Trading revenues | 3,178 | 1,773 | 456 |
Bank | Interest rate products | |||
Trading revenues | |||
Trading revenues | (91) | 67 | 759 |
Bank | Foreign exchange products | |||
Trading revenues | |||
Trading revenues | 2,482 | 656 | 372 |
Bank | Equity/index-related products | |||
Trading revenues | |||
Trading revenues | 387 | 1,146 | (481) |
Bank | Credit products | |||
Trading revenues | |||
Trading revenues | 192 | (513) | (97) |
Bank | Commodity, emission and energy products | |||
Trading revenues | |||
Trading revenues | 132 | 144 | 102 |
Bank | Other trading securities | |||
Trading revenues | |||
Trading revenues | SFr 76 | SFr 273 | SFr (199) |
Other revenues (Details)
Other revenues (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Revenues | |||
Noncontrolling interests without SEI | SFr 0 | SFr 0 | SFr (2) |
Loans held-for-sale | (34) | (14) | (4) |
Long-lived assets held-for-sale | 26 | 252 | 39 |
Equity method investments | (254) | 232 | 228 |
Other investments | 769 | 1,141 | 337 |
Other | 786 | 959 | 799 |
Other revenues | 1,293 | 2,570 | 1,397 |
Pfandbriefbank [Member] | |||
Other Revenues | |||
Other investments | 134 | ||
SIX Group AG [Member] | |||
Other Revenues | |||
Other investments | 158 | 498 | |
Bank | |||
Other Revenues | |||
Loans held-for-sale | (34) | (14) | (4) |
Long-lived assets held-for-sale | 26 | 252 | 39 |
Equity method investments | (255) | 230 | 221 |
Other investments | 769 | 1,142 | 335 |
Other | 1,009 | 1,183 | 906 |
Other revenues | SFr 1,515 | SFr 2,793 | SFr 1,497 |
Provision for credit losses (De
Provision for credit losses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Provision for credit losses | |||
Loans held at amortized cost | SFr 863 | SFr 284 | SFr 201 |
Other financial assets held at amortized cost | 24 | 11 | 0 |
Off-balance sheet credit exposures | 209 | 29 | 44 |
Provision for credit losses | 1,096 | 324 | 245 |
Bank | |||
Provision for credit losses | |||
Loans held at amortized cost | 863 | 284 | 201 |
Other financial assets held at amortized cost | 19 | 11 | 0 |
Off-balance sheet credit exposures | 210 | 29 | 44 |
Provision for credit losses | SFr 1,092 | SFr 324 | SFr 245 |
Compensation and benefits (Deta
Compensation and benefits (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation and benefits | |||
Salaries and variable compensation | SFr 8,401 | SFr 8,608 | SFr 8,220 |
Social security | 653 | 642 | 652 |
Other | 836 | 786 | 748 |
Compensation and benefits | 9,890 | 10,036 | 9,620 |
Defined benefit and defined contribution | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 517 | 437 | 411 |
Switzerland | Defined benefit pension plans | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 203 | 256 | 242 |
International | Defined benefit pension plans | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 15 | 14 | 16 |
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 | 7,521 | 7,733 | 7,449 |
Social security | 559 | 554 | 567 |
Other | 780 | 818 | 848 |
Compensation and benefits | 8,860 | 9,105 | 8,864 |
Bank | Defined benefit and defined contribution | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 503 | 502 | 533 |
Bank | International | Defined benefit pension plans | |||
Compensation and benefits | |||
Defined Benefit Plan, Service Cost | 14 | 14 | 16 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General and Administrative Expenses | |||
Occupancy expenses | SFr 982 | SFr 1,090 | SFr 964 |
IT, machinery, etc. | 1,428 | 1,343 | 1,174 |
Provisions and losses | 1,261 | 640 | 425 |
Travel and entertainment | 152 | 337 | 338 |
Professional services | 1,546 | 1,712 | 1,803 |
Amortization and impairment of other intangible assets | 8 | 10 | 9 |
Other | 1,146 | 996 | 1,085 |
General and administrative expenses | 6,523 | 6,128 | 5,798 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | (159) | (204) | (208) |
Bank | |||
General and Administrative Expenses | |||
Occupancy expenses | 883 | 990 | 855 |
IT, machinery, etc. | 1,129 | 1,066 | 926 |
Provisions and losses | 1,253 | 639 | 433 |
Travel and entertainment | 134 | 303 | 310 |
Professional services | 3,025 | 3,132 | 2,991 |
Amortization and impairment of other intangible assets | 8 | 10 | 9 |
Other | 1,530 | 1,448 | 1,544 |
General and administrative expenses | 7,962 | 7,588 | 7,068 |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | SFr 0 | SFr 10 | SFr 32 |
Restructuring expenses (Details
Restructuring expenses (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | SFr 157 | SFr 626 |
General and Administrative Expense [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 50 | 380 |
Compensation and benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 107 | 246 |
of which severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 69 | 169 |
of which accelerated deferred compensation | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 38 | 77 |
Bank | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 122 | 528 |
Bank | General and Administrative Expense [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 20 | 295 |
Bank | Compensation and benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 102 | 233 |
Bank | of which severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | 66 | 157 |
Bank | of which accelerated deferred compensation | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring expenses | SFr 36 | SFr 76 |
Restructuring provision - Rollf
Restructuring provision - Rollforward (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | SFr 346 | SFr 306 | |
Restructuring expenses | SFr 157 | 626 | |
Reclassifications | (346) | ||
Utilization | 23 | 348 | |
Restructuring Reserve, Ending Balance | SFr 52 | 346 | |
Stock compensation plan | Share awards | |||
Restructuring provision | |||
Vesting period | 3 years | ||
General and Administrative Expense [Member] | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 190 | 110 | |
Restructuring expenses | SFr 50 | 380 | |
Reclassifications | (190) | ||
Utilization | 4 | 139 | |
Restructuring Reserve, Ending Balance | 2 | 190 | |
General and Administrative Expense [Member] | Other liabilities | |||
Restructuring provision | |||
Reclassifications | 23 | ||
General and Administrative Expense [Member] | Right-of-use assets | |||
Restructuring provision | |||
Reclassifications | 167 | ||
Compensation and benefits | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 156 | 196 | |
Restructuring expenses | 69 | 169 | |
Reclassifications | (156) | ||
Utilization | 19 | 209 | |
Restructuring Reserve, Ending Balance | 50 | 156 | |
Compensation and benefits | Other liabilities | |||
Restructuring provision | |||
Reclassifications | 59 | ||
Compensation and benefits | Litigation provision | |||
Restructuring provision | |||
Reclassifications | 97 | ||
Unsettled share-based compensation obligations classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | 27 | 56 | |
Unsettled cash-based compensation obligations classified as compensation liabilities | |||
Restructuring provision | |||
Restructuring expenses | 11 | 21 | |
Unsettled pension obligation classified as pension liabilities | |||
Restructuring provision | |||
Restructuring expenses | 38 | 74 | |
Excluding unsettled compensation, pension obligations and accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 75 | 388 | |
General and Administrative Expense, Excluding accelerated accumulated depreciation and pension obligations [Member] | |||
Restructuring provision | |||
Restructuring expenses | 6 | 219 | |
Accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 6 | 87 | |
Bank | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 342 | 301 | |
Restructuring expenses | 122 | 528 | |
Reclassifications | (342) | ||
Utilization | 23 | 332 | |
Restructuring Reserve, Ending Balance | 49 | 342 | |
Bank | General and Administrative Expense [Member] | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 190 | 110 | |
Restructuring expenses | 20 | 295 | |
Reclassifications | (190) | ||
Utilization | 4 | 136 | |
Restructuring Reserve, Ending Balance | 2 | 190 | |
Bank | General and Administrative Expense [Member] | Other liabilities | |||
Restructuring provision | |||
Reclassifications | 23 | ||
Bank | General and Administrative Expense [Member] | Right-of-use assets | |||
Restructuring provision | |||
Reclassifications | 167 | ||
Bank | Compensation and benefits | |||
Restructuring provision | |||
Restructuring Reserve, Beginning Balance | 152 | 191 | |
Restructuring expenses | 66 | 157 | |
Reclassifications | (152) | ||
Utilization | 19 | 196 | |
Restructuring Reserve, Ending Balance | 47 | 152 | |
Bank | Compensation and benefits | Other liabilities | |||
Restructuring provision | |||
Reclassifications | 55 | ||
Bank | Compensation and benefits | Litigation provision | |||
Restructuring provision | |||
Reclassifications | SFr 97 | ||
Bank | Unsettled share-based compensation obligations classified as a component of total shareholders equity | |||
Restructuring provision | |||
Restructuring expenses | 25 | 55 | |
Bank | Unsettled cash-based compensation obligations classified as compensation liabilities | |||
Restructuring provision | |||
Restructuring expenses | 11 | 21 | |
Bank | Unsettled pension obligation classified as pension liabilities | |||
Restructuring provision | |||
Restructuring expenses | 8 | 0 | |
Bank | Excluding unsettled compensation, pension obligations and accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | 72 | 373 | |
Bank | General and Administrative Expense, Excluding accelerated accumulated depreciation and pension obligations [Member] | |||
Restructuring provision | |||
Restructuring expenses | 6 | 216 | |
Bank | Accelerated accumulated depreciation | |||
Restructuring provision | |||
Restructuring expenses | SFr 6 | SFr 79 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income/(loss) attributable to shareholders | |||
Net income/(loss) attributable to shareholders | SFr 2,669 | SFr 3,419 | SFr 2,024 |
Net income attributable to shareholders for basic earnings per share | 2,669 | 3,419 | 2,024 |
Net income/(loss) attributable to shareholders for diluted earnings per share | SFr 2,669 | SFr 3,419 | SFr 2,024 |
Weighted-average shares outstanding | |||
Weighted-average shares outstanding for basic earnings per share available for common shares (in shares) | 2,457 | 2,524.2 | 2,574.2 |
Dilutive share options and warrants (in shares) | 1.8 | 2.7 | 3 |
Dilutive share awards (in shares) | 67.6 | 59.9 | 53.8 |
Weighted-average shares outstanding for diluted earnings per share available for common shares (in shares) | 2,526.4 | 2,586.8 | 2,631 |
Basic earnings per share available for common shares (CHF) | |||
Basic earnings/(loss) per share (in CHF per share) | SFr 1.09 | SFr 1.35 | SFr 0.79 |
Diluted earnings per share available for common shares (CHF) | |||
Diluted earnings/(loss) per share (in CHF per share) | SFr 1.06 | SFr 1.32 | SFr 0.77 |
Weighted-average potential dilutive common shares | 6.2 | 7.9 | 8.7 |
Weighted-average share options and warrants (antidilutive) | 0 | 0 | 0 |
Weighted-average share awards (antidilutive) | 0 | 0 | 0 |
Revenue from contracts with c_3
Revenue from contracts with customers (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | SFr 10,225 | SFr 9,477 | SFr 10,079 |
Other securities business [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 66 | 63 | 48 |
Underwriting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 2,255 | 1,564 | 1,718 |
Brokerage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 3,242 | 2,891 | 2,829 |
Investment Advice [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 3,187 | 3,438 | 3,582 |
Service, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 1,475 | 1,521 | 1,902 |
Bank | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 10,317 | 9,495 | 9,994 |
Bank | Other securities business [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 73 | 89 | 83 |
Bank | Underwriting [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 2,348 | 1,602 | 1,735 |
Bank | Brokerage [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 3,243 | 2,898 | 2,812 |
Bank | Investment Advice [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 3,087 | 3,295 | 3,415 |
Bank | Service, Other [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | SFr 1,566 | SFr 1,611 | SFr 1,949 |
Revenue from contracts with c_4
Revenue from contracts with customers (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Contract balances [Line Items] | ||||||
Accounts Receivable, Net | SFr 1,001 | SFr 880 | SFr 791 | |||
Contract with Customer, Liability | 48 | 53 | 56 | |||
Contract with Customer, Liability, Revenue Recognized | 7 | SFr 12 | SFr 12 | SFr 11 | ||
Bank | ||||||
Contract balances [Line Items] | ||||||
Accounts Receivable, Net | 993 | 886 | 789 | |||
Contract with Customer, Liability | 48 | SFr 53 | SFr 56 | |||
Contract with Customer, Liability, Revenue Recognized | SFr 7 | SFr 12 | SFr 12 | SFr 11 |
Securities borrowed, lent and_3
Securities borrowed, lent and subject to repurchase agreements (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Securities borrowed or purchased under agreements to resell | ||
Central bank funds sold and securities purchased under resale agreements | SFr 53,910 | SFr 78,835 |
Deposits paid for securities borrowed | 25,223 | 28,162 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions, total | 79,133 | 106,997 |
Securities lent or sold under agreements to repurchase | ||
Central bank funds purchased and securities sold under repurchase agreements | 19,736 | 21,741 |
Deposits received for securities lent | 4,115 | 5,792 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions, total | 23,851 | 27,533 |
Bank | ||
Securities borrowed or purchased under agreements to resell | ||
Central bank funds sold and securities purchased under resale agreements | 53,910 | 78,835 |
Deposits paid for securities borrowed | 25,223 | 28,162 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions, total | 79,133 | 106,997 |
Securities lent or sold under agreements to repurchase | ||
Central bank funds purchased and securities sold under repurchase agreements | 19,829 | 21,849 |
Deposits received for securities lent | 4,115 | 5,792 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions, total | SFr 23,944 | SFr 27,641 |
Trading assets and liabilitie_2
Trading assets and liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Trading Assets and Liabilities | ||
Trading assets | SFr 157,338 | SFr 153,797 |
Trading liabilities | 45,871 | 38,186 |
Debt securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 64,395 | 66,994 |
Equity securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 63,237 | 64,542 |
Derivative instruments | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 25,531 | 17,731 |
Trading liabilities | 17,745 | 13,472 |
Other trading securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 4,175 | 4,530 |
Short positions | ||
Schedule of Trading Assets and Liabilities | ||
Trading liabilities | 28,126 | 24,714 |
Bank | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 157,511 | 153,895 |
Trading liabilities | 45,871 | 38,186 |
Bank | Debt securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 64,532 | 67,030 |
Bank | Equity securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 63,273 | 64,604 |
Bank | Derivative instruments | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 25,531 | 17,730 |
Trading liabilities | 17,745 | 13,472 |
Bank | Other trading securities | ||
Schedule of Trading Assets and Liabilities | ||
Trading assets | 4,175 | 4,531 |
Bank | Short positions | ||
Schedule of Trading Assets and Liabilities | ||
Trading liabilities | SFr 28,126 | SFr 24,714 |
Trading assets and liabilitie_3
Trading assets and liabilities - Cash collateral - netted (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Cash collateral - netted | ||
Cash collateral paid | SFr 26,815 | SFr 20,695 |
Cash collateral received | 16,795 | 14,633 |
Cash collateral - not netted | ||
Cash collateral paid | 7,741 | 4,570 |
Cash collateral received | 7,831 | 7,457 |
Bank | ||
Cash collateral - netted | ||
Cash collateral paid | 26,885 | 20,739 |
Cash collateral received | 16,795 | 14,633 |
Cash collateral - not netted | ||
Cash collateral paid | 7,741 | 4,570 |
Cash collateral received | SFr 7,831 | SFr 7,457 |
Investment securities (Details)
Investment securities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Investment securities disclosures | ||
Available-for-sale Securities, Debt Securities | SFr 607 | SFr 1,006 |
Total investment securities | 607 | 1,006 |
Bank | ||
Investment securities disclosures | ||
Available-for-sale Securities, Debt Securities | 605 | 1,004 |
Total investment securities | SFr 605 | SFr 1,004 |
Investment securities by type (
Investment securities by type (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Available-for-sale securities | ||
Amortized cost, Debt Securities | SFr 972 | |
Amortized cost, before allowance for credit losses, Debt Securities | SFr 596 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Gross unrealized gains, Debt securities | 11 | 36 |
Gross unrealized losses, Debt securities | 0 | 2 |
Fair value, Debt securities | SFr 607 | 1,006 |
Debt Securities, Available-for-Sale, Excluded Accrued Interest from Amortized Cost [true false] | true | |
Debt Securities Available-for-Sale Financing Receivable, Accrued Interest, Before Allowance for Credit Loss | SFr 0 | |
Debt securities issued by the Swiss federal, cantonal or local government entities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 2 | |
Amortized cost, before allowance for credit losses, Debt Securities | 3 | |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 3 | 2 |
Debt securities issued by foreign governments | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 163 | |
Amortized cost, before allowance for credit losses, Debt Securities | 0 | |
Gross unrealized gains, Debt securities | 0 | 8 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 0 | 171 |
Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 807 | |
Amortized cost, before allowance for credit losses, Debt Securities | 593 | |
Gross unrealized gains, Debt securities | 11 | 28 |
Gross unrealized losses, Debt securities | 0 | 2 |
Fair value, Debt securities | 604 | 833 |
Bank | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 970 | |
Amortized cost, before allowance for credit losses, Debt Securities | 595 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Gross unrealized gains, Debt securities | 10 | 36 |
Gross unrealized losses, Debt securities | 0 | 2 |
Fair value, Debt securities | SFr 605 | 1,004 |
Debt Securities, Available-for-Sale, Excluded Accrued Interest from Amortized Cost [true false] | true | |
Debt Securities Available-for-Sale Financing Receivable, Accrued Interest, Before Allowance for Credit Loss | SFr 0 | |
Bank | Debt securities issued by the Swiss federal, cantonal or local government entities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 0 | |
Amortized cost, before allowance for credit losses, Debt Securities | 1 | |
Gross unrealized gains, Debt securities | 0 | 0 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 1 | 0 |
Bank | Debt securities issued by foreign governments | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 163 | |
Amortized cost, before allowance for credit losses, Debt Securities | 0 | |
Gross unrealized gains, Debt securities | 0 | 8 |
Gross unrealized losses, Debt securities | 0 | 0 |
Fair value, Debt securities | 0 | 171 |
Bank | Corporate debt securities | ||
Available-for-sale securities | ||
Amortized cost, Debt Securities | 807 | |
Amortized cost, before allowance for credit losses, Debt Securities | 594 | |
Gross unrealized gains, Debt securities | 10 | 28 |
Gross unrealized losses, Debt securities | 0 | 2 |
Fair value, Debt securities | SFr 604 | SFr 833 |
Investment securities - Unreali
Investment securities - Unrealized losses/fair value (Details 3) SFr in Millions | Dec. 31, 2019CHF (SFr) |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | |
Fair value, less than 12 months | SFr 204 |
Fair value, 12 months or more | 0 |
Fair value, total | 204 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Gross unrealized losses, less than 12 months | 2 |
Gross unrealized losses, 12 months or more | 0 |
Gross unrealized losses, total | 2 |
Corporate debt securities | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | |
Fair value, less than 12 months | 204 |
Fair value, 12 months or more | 0 |
Fair value, total | 204 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Gross unrealized losses, less than 12 months | 2 |
Gross unrealized losses, 12 months or more | 0 |
Gross unrealized losses, total | 2 |
Bank | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | |
Fair value, less than 12 months | 204 |
Fair value, 12 months or more | 0 |
Fair value, total | 204 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Gross unrealized losses, less than 12 months | 2 |
Gross unrealized losses, 12 months or more | 0 |
Gross unrealized losses, total | 2 |
Bank | Corporate debt securities | |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | |
Fair value, less than 12 months | 204 |
Fair value, 12 months or more | 0 |
Fair value, total | 204 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | |
Gross unrealized losses, less than 12 months | 2 |
Gross unrealized losses, 12 months or more | 0 |
Gross unrealized losses, total | SFr 2 |
Investment securities - Proceed
Investment securities - Proceeds/realized gains/losses (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | SFr 629 | SFr 6 | SFr 255 |
Realized gains | 42 | 0 | 8 |
Bank | |||
Proceeds from sales, realized gains and realized losses from available-for-sale securities | |||
Proceeds from sales | 629 | 6 | 255 |
Realized gains | SFr 42 | SFr 0 | SFr 8 |
Investment securities - Maturit
Investment securities - Maturities of amortized costs/FV/Avg yield (Details 6) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Due within 1 year, amortized cost | SFr 149 | |
Due from 1 to 5 years, amortized cost | 2 | |
Due from 5 to 10 years, amortized cost | 445 | |
Total, amortized cost | SFr 972 | |
Total, amortized cost, before allowance for credit losses | 596 | |
Due within 1 year, fair value | 149 | |
Due from 1 to 5 years, fair value | 2 | |
Due from 5 to 10 years, fair value | 456 | |
Total, fair value | SFr 607 | 1,006 |
Due within 1 year, average yield (as a percent) | 0.26% | |
Due from 1 to 5 years, average yield (as a percent) | 3.75% | |
Due from 5 to 10 years, average yield (as a percent) | (0.01%) | |
Total, average yield (as a percent) | 0.07% | |
Bank | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within 1 year, amortized cost | SFr 149 | |
Due from 5 to 10 years, amortized cost | 446 | |
Total, amortized cost | 970 | |
Total, amortized cost, before allowance for credit losses | 595 | |
Due within 1 year, fair value | 149 | |
Due from 5 to 10 years, fair value | 456 | |
Total, fair value | SFr 605 | SFr 1,004 |
Due within 1 year, average yield (as a percent) | 0.26% | |
Due from 5 to 10 years, average yield (as a percent) | (0.01%) | |
Total, average yield (as a percent) | 0.05% |
Other investments (Details)
Other investments (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other investments | |||
Other investments | SFr 5,412 | SFr 5,666 | |
Accumulated depreciation, real estate held for investment | 35 | 34 | SFr 31 |
Impairment charges | 1 | 0 | 0 |
Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 16 | 24 | |
Equity method investments | |||
Other investments | |||
Other investments | 2,631 | 2,367 | |
Equity securities (without a readily determinable fair value) | |||
Other investments | |||
Other investments | 1,779 | 2,148 | |
of which at net asset value | |||
Other investments | |||
Other investments | 113 | 409 | |
of which at measurement alternative | |||
Other investments | |||
Other investments | 359 | 274 | |
of which at fair value | |||
Other investments | |||
Other investments | 1,278 | 1,434 | |
of which at cost less impairment | |||
Other investments | |||
Other investments | 29 | 31 | |
Real estate held for investment | |||
Other investments | |||
Other investments | 82 | 99 | |
Real estate held for investment | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 13 | 10 | |
Life finance instruments | |||
Other investments | |||
Other investments | 920 | 1,052 | |
Bank | |||
Other investments | |||
Other investments | 5,379 | 5,634 | |
Accumulated depreciation, real estate held for investment | 31 | 29 | 27 |
Impairment charges | 1 | 0 | SFr 0 |
Bank | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 16 | 24 | |
Bank | Equity method investments | |||
Other investments | |||
Other investments | 2,624 | 2,361 | |
Bank | Equity securities (without a readily determinable fair value) | |||
Other investments | |||
Other investments | 1,776 | 2,145 | |
Bank | of which at net asset value | |||
Other investments | |||
Other investments | 111 | 407 | |
Bank | of which at measurement alternative | |||
Other investments | |||
Other investments | 357 | 272 | |
Bank | of which at fair value | |||
Other investments | |||
Other investments | 1,278 | 1,434 | |
Bank | of which at cost less impairment | |||
Other investments | |||
Other investments | 30 | 32 | |
Bank | Real estate held for investment | |||
Other investments | |||
Other investments | 59 | 76 | |
Bank | Real estate held for investment | Foreclosed or Repossessed, Real Estate [Member] | |||
Other investments | |||
Other investments | 13 | 10 | |
Bank | Life finance instruments | |||
Other investments | |||
Other investments | SFr 920 | SFr 1,052 |
Other investments (Details 2)
Other investments (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other investments | |||||
Impairments and downward adjustments | SFr (25) | SFr (25) | |||
Impairments and downward adjustments, Annual Amount | (17) | SFr (1) | |||
Upward adjustments | 147 | 147 | |||
Upward adjustments, Annual Amount | 137 | 11 | |||
Other Revenue, Other Investments | 769 | 1,141 | SFr 337 | ||
Pfandbriefbank [Member] | |||||
Other investments | |||||
Other Revenue, Other Investments | 134 | ||||
Allfunds Group [Member] | Related Party Transaction, Combination of fund platform InvestLab and Allfunds Group [Member] | |||||
Other investments | |||||
Other Revenue, Other Investments | 127 | SFr 268 | 327 | ||
Bank | |||||
Other investments | |||||
Impairments and downward adjustments | (25) | (25) | |||
Impairments and downward adjustments, Annual Amount | (17) | (1) | |||
Upward adjustments | SFr 147 | 147 | |||
Upward adjustments, Annual Amount | 137 | 11 | |||
Other Revenue, Other Investments | SFr 769 | SFr 1,142 | SFr 335 |
Loans, allowance for loan los_3
Loans, allowance for loan losses and credit quality (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans | ||||
Gross loans | SFr 293,539 | SFr 297,841 | ||
of which held at amortized cost | 282,131 | 285,179 | ||
of which held at fair value | 11,408 | 12,662 | ||
Net (unearned income)/deferred expenses | (95) | (116) | ||
Allowance for credit losses | (1,536) | (1,049) | ||
Allowance for loan losses | (946) | SFr (902) | SFr (882) | |
Net loans | 291,908 | 296,779 | ||
Non-performing loans | 1,666 | 1,250 | ||
Non-interest-earning loans | 375 | 260 | ||
Non-accrual loans | 2,041 | 1,510 | ||
Restructured loans | 313 | 350 | ||
Potential problem loans | 843 | 266 | ||
Total other impaired loans | 1,156 | 616 | ||
Gross impaired loans | 3,197 | 2,126 | ||
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | 180 | 208 | ||
Switzerland | ||||
Loans | ||||
Gross loans | 168,589 | 163,133 | ||
Foreign | ||||
Loans | ||||
Gross loans | 124,950 | 134,708 | ||
Corporate and institutional | ||||
Loans | ||||
Gross loans | 125,592 | 127,344 | ||
of which held at amortized cost | 114,269 | 114,712 | ||
Allowance for credit losses | (1,218) | (808) | ||
Allowance for loan losses | (760) | (715) | (662) | |
Non-accrual loans | 1,317 | 883 | ||
Corporate and institutional | Real estate | ||||
Loans | ||||
Gross loans | 29,045 | 29,220 | ||
of which held at amortized cost | 28,211 | 28,323 | ||
Non-accrual loans | 324 | 155 | ||
Corporate and institutional | Commercial and industrial loans | ||||
Loans | ||||
Gross loans | 74,097 | 73,495 | ||
of which held at amortized cost | 70,563 | 69,720 | ||
Non-accrual loans | 925 | 682 | ||
Corporate and institutional | Financial institutions | ||||
Loans | ||||
Gross loans | 19,072 | 20,367 | ||
of which held at amortized cost | 14,485 | 15,436 | ||
Non-accrual loans | 68 | 46 | ||
Corporate and institutional | Governments and public institutions | ||||
Loans | ||||
Gross loans | 3,378 | 4,262 | ||
of which held at amortized cost | 1,010 | 1,233 | ||
Consumer | ||||
Loans | ||||
Gross loans | 167,947 | 170,497 | ||
of which held at amortized cost | 167,862 | 170,467 | ||
Allowance for credit losses | (318) | (241) | ||
Allowance for loan losses | (186) | (187) | (220) | |
Non-accrual loans | 724 | 627 | ||
Consumer | Mortgages | ||||
Loans | ||||
Gross loans | 111,270 | 109,671 | ||
of which held at amortized cost | 111,270 | 109,671 | ||
Non-accrual loans | 418 | 337 | ||
Consumer | Loans collateralized by securities | ||||
Loans | ||||
Gross loans | 51,789 | 56,425 | ||
of which held at amortized cost | 51,789 | 56,425 | ||
Non-accrual loans | 105 | 122 | ||
Consumer | Consumer finance | ||||
Loans | ||||
Gross loans | 4,888 | 4,401 | ||
of which held at amortized cost | 4,803 | 4,371 | ||
Non-accrual loans | 201 | 168 | ||
Bank | ||||
Loans | ||||
Gross loans | 301,971 | 305,086 | ||
of which held at amortized cost | 290,563 | 292,425 | ||
of which held at fair value | 11,408 | 12,661 | ||
Net (unearned income)/deferred expenses | (95) | (116) | ||
Allowance for credit losses | (1,535) | (1,048) | ||
Allowance for loan losses | (945) | (901) | (881) | |
Net loans | 300,341 | 304,025 | ||
Non-performing loans | 1,666 | 1,250 | ||
Non-interest-earning loans | 363 | 248 | ||
Non-accrual loans | 2,029 | 1,498 | ||
Restructured loans | 313 | 350 | ||
Potential problem loans | 843 | 266 | ||
Total other impaired loans | 1,156 | 616 | ||
Gross impaired loans | 3,185 | 2,114 | ||
Consumer mortgages secured by residential real estate for which formal foreclosure proceedings according to local requirements of the applicable jurisdiction were in process | 180 | 208 | ||
Bank | Switzerland | ||||
Loans | ||||
Gross loans | 176,312 | 169,671 | ||
Bank | Foreign | ||||
Loans | ||||
Gross loans | 125,659 | 135,415 | ||
Bank | Corporate and institutional | ||||
Loans | ||||
Gross loans | 134,024 | 134,589 | ||
of which held at amortized cost | 114,257 | 121,958 | ||
Allowance for credit losses | (1,217) | (807) | ||
Allowance for loan losses | (759) | (714) | (661) | |
Non-accrual loans | 1,305 | 871 | ||
Bank | Corporate and institutional | Real estate | ||||
Loans | ||||
Gross loans | 29,045 | 29,220 | ||
of which held at amortized cost | 28,211 | 28,323 | ||
Non-accrual loans | 324 | 155 | ||
Bank | Corporate and institutional | Commercial and industrial loans | ||||
Loans | ||||
Gross loans | 74,700 | 74,094 | ||
of which held at amortized cost | 70,551 | 70,321 | ||
Non-accrual loans | 913 | 670 | ||
Bank | Corporate and institutional | Financial institutions | ||||
Loans | ||||
Gross loans | 26,901 | 27,013 | ||
of which held at amortized cost | 14,485 | 22,081 | ||
Non-accrual loans | 68 | 46 | ||
Bank | Corporate and institutional | Governments and public institutions | ||||
Loans | ||||
Gross loans | 3,378 | 4,262 | ||
of which held at amortized cost | 1,010 | 1,233 | ||
Bank | Consumer | ||||
Loans | ||||
Gross loans | 167,947 | 170,497 | ||
of which held at amortized cost | 167,862 | 170,467 | ||
Allowance for credit losses | (318) | (241) | ||
Allowance for loan losses | (186) | SFr (187) | SFr (220) | |
Non-accrual loans | 724 | 627 | ||
Bank | Consumer | Mortgages | ||||
Loans | ||||
Gross loans | 111,270 | 109,671 | ||
of which held at amortized cost | 111,270 | 109,671 | ||
Non-accrual loans | 418 | 337 | ||
Bank | Consumer | Loans collateralized by securities | ||||
Loans | ||||
Gross loans | 51,789 | 56,425 | ||
of which held at amortized cost | 51,789 | 56,425 | ||
Non-accrual loans | 105 | 122 | ||
Bank | Consumer | Consumer finance | ||||
Loans | ||||
Gross loans | 4,888 | 4,401 | ||
of which held at amortized cost | 4,803 | 4,371 | ||
Non-accrual loans | SFr 201 | SFr 168 |
CECL - Financial instruments _3
CECL - Financial instruments measured at amortized cost and credit losses (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Overview of financial instruments measured at amortized cost, by balance sheet position [Line Items] | ||
Cash and due from banks, Amortized cost basis | SFr 138,593 | |
Cash and due from banks, Allowance for credit losses | (6) | |
Cash and due from banks, Net carrying value | 138,587 | |
Interest-bearing deposits with banks, Amortized cost basis | 1,303 | |
Interest-bearing deposits with banks, Allowance for credit losses | (5) | |
Interest-bearing deposits with banks, Net carrying value | 1,298 | |
Securities purchased under resale agreements and securities borrowing transactions, Amortized cost basis | 21,139 | |
Securities purchased under resale agreements and securities borrowing transactions, Allowance for credit losses | 0 | |
Securities purchased under resale agreements and securities borrowing transactions, Net carrying value | 21,139 | |
Loans, Amortized cost basis | 282,036 | |
Allowance for credit losses | (1,536) | SFr (1,049) |
Loans, Net carrying value | 280,500 | |
Brokerage receivables, Amortized cost basis | 35,942 | |
Brokerage receivables, Allowance for credit losses | (1) | |
Brokerage receivables, Net carrying value | 35,941 | |
Other assets, Amortized cost basis | 15,394 | |
Other assets, Allowance for credit losses | (43) | |
Other assets, Net carrying value | 15,351 | |
Total, Amortized cost basis | 494,407 | |
Total, Allowance for credit losses | (1,591) | |
Total, Net carrying value | 492,816 | |
Bank | ||
Overview of financial instruments measured at amortized cost, by balance sheet position [Line Items] | ||
Cash and due from banks, Amortized cost basis | 137,683 | |
Cash and due from banks, Allowance for credit losses | (1) | |
Cash and due from banks, Net carrying value | 137,682 | |
Interest-bearing deposits with banks, Amortized cost basis | 1,235 | |
Interest-bearing deposits with banks, Allowance for credit losses | (5) | |
Interest-bearing deposits with banks, Net carrying value | 1,230 | |
Securities purchased under resale agreements and securities borrowing transactions, Amortized cost basis | 21,139 | |
Securities purchased under resale agreements and securities borrowing transactions, Allowance for credit losses | 0 | |
Securities purchased under resale agreements and securities borrowing transactions, Net carrying value | 21,139 | |
Loans, Amortized cost basis | 290,468 | |
Allowance for credit losses | (1,535) | SFr (1,048) |
Loans, Net carrying value | 288,933 | |
Brokerage receivables, Amortized cost basis | 35,944 | |
Brokerage receivables, Allowance for credit losses | (1) | |
Brokerage receivables, Net carrying value | 35,943 | |
Other assets, Amortized cost basis | 15,540 | |
Other assets, Allowance for credit losses | (41) | |
Other assets, Net carrying value | 15,499 | |
Total, Amortized cost basis | 502,009 | |
Total, Allowance for credit losses | (1,583) | |
Total, Net carrying value | SFr 500,426 |
CECL - Financial instruments _4
CECL - Financial instruments measured at amortized cost and credit losses (Details 1) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Overview of financial instruments measured at amortized cost, by balance sheet position [Line Items] | ||
Collateral Dependent Financial Assets, Collateral Coverage Ratio, Recovery Mgt Investment Bank/Asia Pacific | 171.00% | 217.00% |
Collateral Dependent Financial Assets, Collateral Coverage Ratio, Recovery Mgt International Wealth Management | 89.00% | 92.00% |
Collateral Dependent Financial Assets, Collateral Coverage Ratio, Recovery Mgt Swiss Universal Bank | 88.00% | 90.00% |
Accrued interest excluded from amortized cost base of total Financial assets held-at-amortized cost, before allowance of credit losses | SFr 351 | |
Financial Assets, Held-to-Maturity, Cost Practical Expedient, Excluded Accrued Interest [true false] | true | |
Allowance for credit losses on accrued interest excluded from amortized cost base of total Financial assets held at amortized cost | SFr 0 | |
Accrued interest excluded from amortized cost base of total Interest-bearing deposits with banks | SFr 1 | |
Interest Bearing Deposits Banks, Practical Expedient, Excluded Accrued Interest [true false] | true | |
Accrued interest excluded from amortized cost base of total Loans held at amortized cost | SFr 334 | |
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false] | true | |
Accrued interest excluded from amortized cost base of total Brokerage receivables | SFr 16 | |
Brokerage receivables, Practical Expedient, Excluded Accrued Interest [true false] | true | |
Financing Receivables,Accrued Interest on Nonaccrual Loans Included | SFr 88 | |
Bank | ||
Overview of financial instruments measured at amortized cost, by balance sheet position [Line Items] | ||
Accrued interest excluded from amortized cost base of total Financial assets held-at-amortized cost, before allowance of credit losses | SFr 351 | |
Financial Assets, Held-to-Maturity, Cost Practical Expedient, Excluded Accrued Interest [true false] | true | |
Allowance for credit losses on accrued interest excluded from amortized cost base of total Financial assets held at amortized cost | SFr 0 | |
Accrued interest excluded from amortized cost base of total Interest-bearing deposits with banks | SFr 1 | |
Interest Bearing Deposits Banks, Practical Expedient, Excluded Accrued Interest [true false] | true | |
Accrued interest excluded from amortized cost base of total Loans held at amortized cost | SFr 334 | |
Financing Receivable, Practical Expedient, Accrued Interest Exclusion [true false] | true | |
Accrued interest excluded from amortized cost base of total Brokerage receivables | SFr 16 | |
Brokerage receivables, Practical Expedient, Excluded Accrued Interest [true false] | true | |
Financing Receivables,Accrued Interest on Nonaccrual Loans Included | SFr 87 |
CECL (Details 2)
CECL (Details 2) - CHF (SFr) SFr in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Loans Held at Amortized Cost, Allowance for Credit Losses, Beginning Balance | SFr 1,049 | SFr 1,049 | ||
Allowance for loan losses, Beginning Balance | 946 | 946 | SFr 902 | SFr 882 |
Current-period provision for expected credit losses | 900 | |||
of which methodology change | (19) | |||
of which provisions for interest | 37 | |||
Net movements recognized in statements of operations | 284 | 201 | ||
Gross write-offs | (325) | (299) | (269) | |
Recoveries | 13 | 25 | 58 | |
Net write-offs | (312) | |||
Net write-offs, loans | (274) | (211) | ||
Provisions for interest | 42 | 30 | ||
Foreign currency translation impact and other adjustments, net | (101) | |||
Foreign currency translation impact and other adjustments, loans, net | (8) | 0 | ||
Loans Held at Amortized Cost, Allowance for Credit Losses, Ending Balance | 1,536 | 1,049 | ||
Allowance for loan losses, Ending Balance | 946 | 902 | ||
of which individually evaluated for impairment | 866 | 609 | 608 | |
of which collectively evaluated for impairment | 670 | 337 | 294 | |
Loans held at amortized cost | ||||
Purchases | 2,801 | 2,496 | 2,163 | |
Reclassifications from loans held-for-sale | 6 | 11 | 1 | |
Reclassifications to loans held-for-sale | 2,025 | 3,138 | 2,352 | |
Sales | 1,644 | 3,001 | 2,268 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Current-period provision for expected credit losses | 103 | |||
Corporate and institutional | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Loans Held at Amortized Cost, Allowance for Credit Losses, Beginning Balance | 808 | 808 | ||
Allowance for loan losses, Beginning Balance | 760 | 760 | 715 | 662 |
Current-period provision for expected credit losses | 709 | |||
of which methodology change | (19) | |||
of which provisions for interest | 15 | |||
Net movements recognized in statements of operations | 221 | 182 | ||
Gross write-offs | (238) | (213) | (184) | |
Recoveries | 5 | 16 | 37 | |
Net write-offs | (233) | |||
Net write-offs, loans | (197) | (147) | ||
Provisions for interest | 28 | 19 | ||
Foreign currency translation impact and other adjustments, net | (66) | |||
Foreign currency translation impact and other adjustments, loans, net | (7) | (1) | ||
Loans Held at Amortized Cost, Allowance for Credit Losses, Ending Balance | 1,218 | 808 | ||
Allowance for loan losses, Ending Balance | 760 | 715 | ||
of which individually evaluated for impairment | 636 | 464 | 462 | |
of which collectively evaluated for impairment | 582 | 296 | 253 | |
Loans held at amortized cost | ||||
Purchases | 2,756 | 2,478 | 2,163 | |
Reclassifications from loans held-for-sale | 6 | 11 | 1 | |
Reclassifications to loans held-for-sale | 2,007 | 3,138 | 2,351 | |
Sales | 1,626 | 3,001 | 2,267 | |
Corporate and institutional | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Current-period provision for expected credit losses | 48 | |||
Consumer | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Loans Held at Amortized Cost, Allowance for Credit Losses, Beginning Balance | 241 | 241 | ||
Allowance for loan losses, Beginning Balance | 186 | 186 | 187 | 220 |
Current-period provision for expected credit losses | 191 | |||
of which methodology change | 0 | |||
of which provisions for interest | 22 | |||
Net movements recognized in statements of operations | 63 | 19 | ||
Gross write-offs | (87) | (86) | (85) | |
Recoveries | 8 | 9 | 21 | |
Net write-offs | (79) | |||
Net write-offs, loans | (77) | (64) | ||
Provisions for interest | 14 | 11 | ||
Foreign currency translation impact and other adjustments, net | (35) | |||
Foreign currency translation impact and other adjustments, loans, net | (1) | 1 | ||
Loans Held at Amortized Cost, Allowance for Credit Losses, Ending Balance | 318 | 241 | ||
Allowance for loan losses, Ending Balance | 186 | 187 | ||
of which individually evaluated for impairment | 230 | 145 | 146 | |
of which collectively evaluated for impairment | 88 | 41 | 41 | |
Loans held at amortized cost | ||||
Purchases | 45 | 18 | 0 | |
Reclassifications from loans held-for-sale | 0 | 0 | 0 | |
Reclassifications to loans held-for-sale | 18 | 0 | 1 | |
Sales | 18 | 0 | 1 | |
Consumer | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Current-period provision for expected credit losses | 55 | |||
Bank | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Loans Held at Amortized Cost, Allowance for Credit Losses, Beginning Balance | 1,048 | 1,048 | ||
Allowance for loan losses, Beginning Balance | 945 | 945 | 901 | 881 |
Current-period provision for expected credit losses | 900 | |||
of which methodology change | (19) | |||
of which provisions for interest | 37 | |||
Net movements recognized in statements of operations | 284 | 201 | ||
Gross write-offs | (325) | (299) | (269) | |
Recoveries | 13 | 25 | 58 | |
Net write-offs | (312) | |||
Net write-offs, loans | (274) | (211) | ||
Provisions for interest | 42 | 30 | ||
Foreign currency translation impact and other adjustments, net | (101) | |||
Foreign currency translation impact and other adjustments, loans, net | (8) | 0 | ||
Loans Held at Amortized Cost, Allowance for Credit Losses, Ending Balance | 1,535 | 1,048 | ||
Allowance for loan losses, Ending Balance | 945 | 901 | ||
of which individually evaluated for impairment | 865 | 608 | 607 | |
of which collectively evaluated for impairment | 670 | 337 | 294 | |
Loans held at amortized cost | ||||
Purchases | 2,801 | 2,496 | 2,163 | |
Reclassifications from loans held-for-sale | 6 | 11 | 1 | |
Reclassifications to loans held-for-sale | 2,025 | 3,138 | 2,352 | |
Sales | 1,644 | 3,001 | 2,268 | |
Bank | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Current-period provision for expected credit losses | 103 | |||
Bank | Corporate and institutional | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Loans Held at Amortized Cost, Allowance for Credit Losses, Beginning Balance | 807 | 807 | ||
Allowance for loan losses, Beginning Balance | 759 | 759 | 714 | 661 |
Current-period provision for expected credit losses | 709 | |||
of which methodology change | (19) | |||
of which provisions for interest | 15 | |||
Net movements recognized in statements of operations | 221 | 182 | ||
Gross write-offs | (238) | (213) | (184) | |
Recoveries | 5 | 16 | 37 | |
Net write-offs | (233) | |||
Net write-offs, loans | (197) | (147) | ||
Provisions for interest | 28 | 19 | ||
Foreign currency translation impact and other adjustments, net | (66) | |||
Foreign currency translation impact and other adjustments, loans, net | (7) | (1) | ||
Loans Held at Amortized Cost, Allowance for Credit Losses, Ending Balance | 1,217 | 807 | ||
Allowance for loan losses, Ending Balance | 759 | 714 | ||
of which individually evaluated for impairment | 635 | 463 | 461 | |
of which collectively evaluated for impairment | 582 | 296 | 253 | |
Loans held at amortized cost | ||||
Purchases | 2,756 | 2,478 | 2,163 | |
Reclassifications from loans held-for-sale | 6 | 11 | 1 | |
Reclassifications to loans held-for-sale | 2,007 | 3,138 | 2,351 | |
Sales | 1,626 | 3,001 | 2,267 | |
Bank | Corporate and institutional | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Current-period provision for expected credit losses | 48 | |||
Bank | Consumer | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Loans Held at Amortized Cost, Allowance for Credit Losses, Beginning Balance | 241 | 241 | ||
Allowance for loan losses, Beginning Balance | 186 | 186 | 187 | 220 |
Current-period provision for expected credit losses | 191 | |||
of which methodology change | 0 | |||
of which provisions for interest | 22 | |||
Net movements recognized in statements of operations | 63 | 19 | ||
Gross write-offs | (87) | (86) | (85) | |
Recoveries | 8 | 9 | 21 | |
Net write-offs | (79) | |||
Net write-offs, loans | (77) | (64) | ||
Provisions for interest | 14 | 11 | ||
Foreign currency translation impact and other adjustments, net | (35) | |||
Foreign currency translation impact and other adjustments, loans, net | (1) | 1 | ||
Loans Held at Amortized Cost, Allowance for Credit Losses, Ending Balance | 318 | 241 | ||
Allowance for loan losses, Ending Balance | 186 | 187 | ||
of which individually evaluated for impairment | 230 | 145 | 146 | |
of which collectively evaluated for impairment | 88 | 41 | 41 | |
Loans held at amortized cost | ||||
Purchases | 45 | 18 | 0 | |
Reclassifications from loans held-for-sale | 0 | 0 | 0 | |
Reclassifications to loans held-for-sale | 18 | 0 | 1 | |
Sales | SFr 18 | SFr 0 | SFr 1 | |
Bank | Consumer | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Loans Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | ||||
Current-period provision for expected credit losses | SFr 55 |
CECL (Details 4)
CECL (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other financial assets, Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | |||
Other financial assets, held at amortized cost, Allowance for Credit Loss, Beginning Balance | SFr 45 | ||
Other financial assets, Current-period provision for expected credit losses | 24 | SFr 11 | SFr 0 |
Other financial assets, Gross write-offs | (12) | ||
Other financial assets, Recovery | 2 | ||
Other financial assets, Net write-offs | (10) | ||
Other financial assets, Foreign currency translation impact and other adjustments, net | (4) | ||
Cash and due from banks, held at amortized cost, Allowance for Credit Loss, Ending Balance | 6 | ||
Interest-bearing deposits with banks, held at amortized cost, Allowance for Credit Loss, Ending Balance | 5 | ||
Securities purchased under resale agreements and securities borrowing transactions, held at amortized cost, Allowance for Credit Loss, Ending Balance | 0 | ||
Brokerage receivables, held at amortized cost, Allowance for Credit Loss, Ending Balance | 1 | ||
Other assets, held at amortized cost, Allowance for Credit Loss, Ending Balance | 43 | ||
Other financial assets, held at amortized cost, Allowance for Credit Loss, Ending Balance | 55 | 45 | |
Other financial assets, individually evaluated for impairment | 17 | ||
Other financial assets, collectively evaluated for impairment | 38 | ||
Bank | |||
Other financial assets, Held At Amortized Cost, Allowance for Credit Losses [Roll Forward] | |||
Other financial assets, held at amortized cost, Allowance for Credit Loss, Beginning Balance | 43 | ||
Other financial assets, Current-period provision for expected credit losses | 19 | 11 | SFr 0 |
Other financial assets, Gross write-offs | (12) | ||
Other financial assets, Recovery | 2 | ||
Other financial assets, Net write-offs | (10) | ||
Other financial assets, Foreign currency translation impact and other adjustments, net | (4) | ||
Cash and due from banks, held at amortized cost, Allowance for Credit Loss, Ending Balance | 1 | ||
Interest-bearing deposits with banks, held at amortized cost, Allowance for Credit Loss, Ending Balance | 5 | ||
Securities purchased under resale agreements and securities borrowing transactions, held at amortized cost, Allowance for Credit Loss, Ending Balance | 0 | ||
Brokerage receivables, held at amortized cost, Allowance for Credit Loss, Ending Balance | 1 | ||
Other assets, held at amortized cost, Allowance for Credit Loss, Ending Balance | 41 | ||
Other financial assets, held at amortized cost, Allowance for Credit Loss, Ending Balance | 48 | SFr 43 | |
Other financial assets, individually evaluated for impairment | 15 | ||
Other financial assets, collectively evaluated for impairment | SFr 33 |
CECL (Details 6)
CECL (Details 6) SFr in Millions | 12 Months Ended | |
Dec. 31, 2020CHF (SFr)daymonth | Dec. 31, 2019CHF (SFr) | |
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | SFr 2,041 | SFr 1,510 |
Interest income recognized | 53 | |
Amortized cost of non-accrual assets with no specific allowance | SFr 100 | |
Number of days of default on interest or principal considered to assess credit worthiness (in months) | month | 3 | |
Period of anticipated repayment after which loan is written down to net book value (in days) | day | 10 | |
Minimum [Member] | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Write-Down of Loan to Net Book Value Loan Provision Threshold as Percentage of Loan Notional Amount | 90.00% | |
Corporate and institutional | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | SFr 1,317 | 883 |
Interest income recognized | 46 | |
Amortized cost of non-accrual assets with no specific allowance | 39 | |
Corporate and institutional | Real estate | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 324 | 155 |
Interest income recognized | 8 | |
Amortized cost of non-accrual assets with no specific allowance | 27 | |
Corporate and institutional | Commercial and industrial loans | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 925 | 682 |
Interest income recognized | 38 | |
Amortized cost of non-accrual assets with no specific allowance | 4 | |
Corporate and institutional | Financial institutions | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 68 | 46 |
Interest income recognized | 0 | |
Amortized cost of non-accrual assets with no specific allowance | 8 | |
Consumer | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 724 | 627 |
Interest income recognized | 7 | |
Amortized cost of non-accrual assets with no specific allowance | 61 | |
Consumer | Mortgages | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 418 | 337 |
Interest income recognized | 3 | |
Amortized cost of non-accrual assets with no specific allowance | 60 | |
Consumer | Loans collateralized by securities | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 105 | 122 |
Interest income recognized | 1 | |
Amortized cost of non-accrual assets with no specific allowance | 0 | |
Consumer | Consumer finance | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 201 | 168 |
Interest income recognized | 3 | |
Amortized cost of non-accrual assets with no specific allowance | 1 | |
Bank | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 2,029 | 1,498 |
Interest income recognized | 53 | |
Amortized cost of non-accrual assets with no specific allowance | 100 | |
Bank | Corporate and institutional | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 1,305 | 871 |
Interest income recognized | 46 | |
Amortized cost of non-accrual assets with no specific allowance | 39 | |
Bank | Corporate and institutional | Real estate | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 324 | 155 |
Interest income recognized | 8 | |
Amortized cost of non-accrual assets with no specific allowance | 27 | |
Bank | Corporate and institutional | Commercial and industrial loans | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 913 | 670 |
Interest income recognized | 38 | |
Amortized cost of non-accrual assets with no specific allowance | 4 | |
Bank | Corporate and institutional | Financial institutions | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 68 | 46 |
Interest income recognized | 0 | |
Amortized cost of non-accrual assets with no specific allowance | 8 | |
Bank | Consumer | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 724 | 627 |
Interest income recognized | 7 | |
Amortized cost of non-accrual assets with no specific allowance | 61 | |
Bank | Consumer | Mortgages | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 418 | 337 |
Interest income recognized | 3 | |
Amortized cost of non-accrual assets with no specific allowance | 60 | |
Bank | Consumer | Loans collateralized by securities | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 105 | 122 |
Interest income recognized | 1 | |
Amortized cost of non-accrual assets with no specific allowance | 0 | |
Bank | Consumer | Consumer finance | ||
Loans Held At Amortized Cost, Nonaccrual [Line Items] | ||
Amortized cost of non-accrual assets | 201 | SFr 168 |
Interest income recognized | 3 | |
Amortized cost of non-accrual assets with no specific allowance | SFr 1 |
CECL (Details 7)
CECL (Details 7) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | SFr 279,186 | SFr 282,455 |
Gross loans held at amortized cost, past due | 2,945 | 2,724 |
Total | 282,131 | 285,179 |
Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 994 | 1,179 |
Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 212 | 150 |
Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 301 | 130 |
Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 1,438 | 1,265 |
Corporate and institutional | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 112,410 | 113,063 |
Gross loans held at amortized cost, past due | 1,859 | 1,649 |
Total | 114,269 | 114,712 |
Corporate and institutional | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 758 | 734 |
Corporate and institutional | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 76 | 73 |
Corporate and institutional | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 220 | 76 |
Corporate and institutional | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 805 | 766 |
Corporate and institutional | Real estate | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 28,070 | 28,094 |
Gross loans held at amortized cost, past due | 141 | 229 |
Total | 28,211 | 28,323 |
Corporate and institutional | Real estate | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 50 | 95 |
Corporate and institutional | Real estate | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 3 | 10 |
Corporate and institutional | Real estate | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 11 | 2 |
Corporate and institutional | Real estate | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 77 | 122 |
Corporate and institutional | Commercial and industrial loans | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 69,060 | 68,462 |
Gross loans held at amortized cost, past due | 1,503 | 1,258 |
Total | 70,563 | 69,720 |
Corporate and institutional | Commercial and industrial loans | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 630 | 528 |
Corporate and institutional | Commercial and industrial loans | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 54 | 62 |
Corporate and institutional | Commercial and industrial loans | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 137 | 71 |
Corporate and institutional | Commercial and industrial loans | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 682 | 597 |
Corporate and institutional | Financial institutions | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 14,311 | 15,300 |
Gross loans held at amortized cost, past due | 174 | 136 |
Total | 14,485 | 15,436 |
Corporate and institutional | Financial institutions | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 41 | 85 |
Corporate and institutional | Financial institutions | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 15 | 1 |
Corporate and institutional | Financial institutions | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 72 | 3 |
Corporate and institutional | Financial institutions | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 46 | 47 |
Corporate and institutional | Governments and public institutions | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 969 | 1,207 |
Gross loans held at amortized cost, past due | 41 | 26 |
Total | 1,010 | 1,233 |
Corporate and institutional | Governments and public institutions | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 37 | 26 |
Corporate and institutional | Governments and public institutions | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 4 | 0 |
Corporate and institutional | Governments and public institutions | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, 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 | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 0 | 0 |
Consumer | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 166,776 | 169,392 |
Gross loans held at amortized cost, past due | 1,086 | 1,075 |
Total | 167,862 | 170,467 |
Consumer | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 236 | 445 |
Consumer | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 136 | 77 |
Consumer | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 81 | 54 |
Consumer | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 633 | 499 |
Consumer | Mortgages | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 110,747 | 109,279 |
Gross loans held at amortized cost, past due | 523 | 392 |
Total | 111,270 | 109,671 |
Consumer | Mortgages | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 63 | 83 |
Consumer | Mortgages | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 68 | 16 |
Consumer | Mortgages | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 34 | 9 |
Consumer | Mortgages | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 358 | 284 |
Consumer | Loans collateralized by securities | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 51,668 | 56,287 |
Gross loans held at amortized cost, past due | 121 | 138 |
Total | 51,789 | 56,425 |
Consumer | Loans collateralized by securities | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 17 | 79 |
Consumer | Loans collateralized by securities | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, 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 | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 0 | 2 |
Consumer | Loans collateralized by securities | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 104 | 57 |
Consumer | Consumer finance | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 4,361 | 3,826 |
Gross loans held at amortized cost, past due | 442 | 545 |
Total | 4,803 | 4,371 |
Consumer | Consumer finance | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 156 | 283 |
Consumer | Consumer finance | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 68 | 61 |
Consumer | Consumer finance | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 47 | 43 |
Consumer | Consumer finance | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 171 | 158 |
Bank | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 287,630 | 289,713 |
Gross loans held at amortized cost, past due | 2,933 | 2,712 |
Total | 290,563 | 292,425 |
Bank | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 994 | 1,179 |
Bank | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 212 | 150 |
Bank | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 301 | 130 |
Bank | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 1,426 | 1,253 |
Bank | Corporate and institutional | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 112,410 | 120,321 |
Gross loans held at amortized cost, past due | 1,847 | 1,637 |
Total | 114,257 | 121,958 |
Bank | Corporate and institutional | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 758 | 734 |
Bank | Corporate and institutional | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 76 | 73 |
Bank | Corporate and institutional | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 220 | 76 |
Bank | Corporate and institutional | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 793 | 754 |
Bank | Corporate and institutional | Real estate | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 28,070 | 28,094 |
Gross loans held at amortized cost, past due | 141 | 229 |
Total | 28,211 | 28,323 |
Bank | Corporate and institutional | Real estate | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 50 | 95 |
Bank | Corporate and institutional | Real estate | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 3 | 10 |
Bank | Corporate and institutional | Real estate | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 11 | 2 |
Bank | Corporate and institutional | Real estate | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 77 | 122 |
Bank | Corporate and institutional | Commercial and industrial loans | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 69,060 | 69,075 |
Gross loans held at amortized cost, past due | 1,491 | 1,246 |
Total | 70,551 | 70,321 |
Bank | Corporate and institutional | Commercial and industrial loans | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 630 | 528 |
Bank | Corporate and institutional | Commercial and industrial loans | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 54 | 62 |
Bank | Corporate and institutional | Commercial and industrial loans | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 137 | 71 |
Bank | Corporate and institutional | Commercial and industrial loans | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 670 | 585 |
Bank | Corporate and institutional | Financial institutions | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 14,311 | 21,945 |
Gross loans held at amortized cost, past due | 174 | 136 |
Total | 14,485 | 22,081 |
Bank | Corporate and institutional | Financial institutions | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 41 | 85 |
Bank | Corporate and institutional | Financial institutions | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 15 | 1 |
Bank | Corporate and institutional | Financial institutions | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 72 | 3 |
Bank | Corporate and institutional | Financial institutions | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 46 | 47 |
Bank | Corporate and institutional | Governments and public institutions | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 969 | 1,207 |
Gross loans held at amortized cost, past due | 41 | 26 |
Total | 1,010 | 1,233 |
Bank | Corporate and institutional | Governments and public institutions | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 37 | 26 |
Bank | Corporate and institutional | Governments and public institutions | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 4 | 0 |
Bank | Corporate and institutional | Governments and public institutions | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, 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 | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 0 | 0 |
Bank | Consumer | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 166,776 | 169,392 |
Gross loans held at amortized cost, past due | 1,086 | 1,075 |
Total | 167,862 | 170,467 |
Bank | Consumer | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 236 | 445 |
Bank | Consumer | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 136 | 77 |
Bank | Consumer | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 81 | 54 |
Bank | Consumer | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 633 | 499 |
Bank | Consumer | Mortgages | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 110,747 | 109,279 |
Gross loans held at amortized cost, past due | 523 | 392 |
Total | 111,270 | 109,671 |
Bank | Consumer | Mortgages | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 63 | 83 |
Bank | Consumer | Mortgages | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 68 | 16 |
Bank | Consumer | Mortgages | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 34 | 9 |
Bank | Consumer | Mortgages | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 358 | 284 |
Bank | Consumer | Loans collateralized by securities | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 51,668 | 56,287 |
Gross loans held at amortized cost, past due | 121 | 138 |
Total | 51,789 | 56,425 |
Bank | Consumer | Loans collateralized by securities | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 17 | 79 |
Bank | Consumer | Loans collateralized by securities | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, 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 | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 0 | 2 |
Bank | Consumer | Loans collateralized by securities | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 104 | 57 |
Bank | Consumer | Consumer finance | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 4,361 | 3,826 |
Gross loans held at amortized cost, past due | 442 | 545 |
Total | 4,803 | 4,371 |
Bank | Consumer | Consumer finance | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 156 | 283 |
Bank | Consumer | Consumer finance | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 68 | 61 |
Bank | Consumer | Consumer finance | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 47 | 43 |
Bank | Consumer | Consumer finance | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 171 | SFr 158 |
Bank | Total loans to third parties | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 279,186 | |
Gross loans held at amortized cost, past due | 2,933 | |
Total | 282,119 | |
Bank | Total loans to third parties | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 994 | |
Bank | Total loans to third parties | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 212 | |
Bank | Total loans to third parties | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 301 | |
Bank | Total loans to third parties | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 1,426 | |
Bank | Total loans to entities under common control | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, current | 8,444 | |
Gross loans held at amortized cost, past due | 0 | |
Total | 8,444 | |
Bank | Total loans to entities under common control | Past due up to 30 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 0 | |
Bank | Total loans to entities under common control | Past due 31 - 60 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 0 | |
Bank | Total loans to entities under common control | Past due 61 - 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | 0 | |
Bank | Total loans to entities under common control | Past due more than 90 days | ||
Loans Held At Amortized Cost, Recorded Investment, Past Due [Line Items] | ||
Gross loans held at amortized cost, past due | SFr 0 |
CECL (Details 9)
CECL (Details 9) SFr in Millions | Dec. 31, 2020CHF (SFr) |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Other financial assets held at amortized cost, total | SFr 1,010 |
Bank | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Other financial assets held at amortized cost, total | SFr 1,010 |
CECL (Details 10)
CECL (Details 10) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | SFr 58,955 | |
Origination in current year-1 | 35,215 | |
Origination in current year-2 | 23,170 | |
Origination in current year-3 | 13,022 | |
Origination in current year-4 | 16,565 | |
Origination 5 years or more | 59,026 | |
Total term loans | 205,953 | |
Revolving loans | 76,178 | |
Financing Receivable, before Allowance for Credit Loss and Fee | SFr 282,131 | SFr 285,179 |
Date when internal ratings were last updated | 2012 | |
Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | SFr 39,082 | |
Origination in current year-1 | 24,471 | |
Origination in current year-2 | 15,690 | |
Origination in current year-3 | 9,358 | |
Origination in current year-4 | 13,678 | |
Origination 5 years or more | 50,017 | |
Total term loans | 152,296 | |
Revolving loans | 62,282 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 214,578 | 217,017 |
Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 19,257 | |
Origination in current year-1 | 10,514 | |
Origination in current year-2 | 7,119 | |
Origination in current year-3 | 3,471 | |
Origination in current year-4 | 2,734 | |
Origination 5 years or more | 8,589 | |
Total term loans | 51,684 | |
Revolving loans | 13,173 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 64,857 | 66,222 |
Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 616 | |
Origination in current year-1 | 230 | |
Origination in current year-2 | 361 | |
Origination in current year-3 | 193 | |
Origination in current year-4 | 153 | |
Origination 5 years or more | 420 | |
Total term loans | 1,973 | |
Revolving loans | 723 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,696 | 1,940 |
Corporate and institutional | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 32,940 | |
Origination in current year-1 | 17,217 | |
Origination in current year-2 | 10,836 | |
Origination in current year-3 | 4,680 | |
Origination in current year-4 | 4,214 | |
Origination 5 years or more | 14,672 | |
Total term loans | 84,559 | |
Revolving loans | 29,710 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 114,269 | 114,712 |
Corporate and institutional | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 17,338 | |
Origination in current year-1 | 8,861 | |
Origination in current year-2 | 4,670 | |
Origination in current year-3 | 2,129 | |
Origination in current year-4 | 2,511 | |
Origination 5 years or more | 9,488 | |
Total term loans | 44,997 | |
Revolving loans | 19,677 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 64,674 | 65,047 |
Corporate and institutional | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 15,143 | |
Origination in current year-1 | 8,174 | |
Origination in current year-2 | 5,886 | |
Origination in current year-3 | 2,419 | |
Origination in current year-4 | 1,636 | |
Origination 5 years or more | 5,021 | |
Total term loans | 38,279 | |
Revolving loans | 9,499 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 47,778 | 48,385 |
Corporate and institutional | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 459 | |
Origination in current year-1 | 182 | |
Origination in current year-2 | 280 | |
Origination in current year-3 | 132 | |
Origination in current year-4 | 67 | |
Origination 5 years or more | 163 | |
Total term loans | 1,283 | |
Revolving loans | 534 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,817 | 1,280 |
Corporate and institutional | Real estate | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 8,952 | |
Origination in current year-1 | 4,513 | |
Origination in current year-2 | 3,006 | |
Origination in current year-3 | 1,451 | |
Origination in current year-4 | 1,901 | |
Origination 5 years or more | 7,120 | |
Total term loans | 26,943 | |
Revolving loans | 1,268 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 28,211 | 28,323 |
Corporate and institutional | Real estate | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 6,054 | |
Origination in current year-1 | 2,902 | |
Origination in current year-2 | 1,849 | |
Origination in current year-3 | 1,033 | |
Origination in current year-4 | 1,591 | |
Origination 5 years or more | 5,982 | |
Total term loans | 19,411 | |
Revolving loans | 1,027 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 20,438 | 20,524 |
Corporate and institutional | Real estate | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 2,792 | |
Origination in current year-1 | 1,611 | |
Origination in current year-2 | 1,133 | |
Origination in current year-3 | 346 | |
Origination in current year-4 | 285 | |
Origination 5 years or more | 1,105 | |
Total term loans | 7,272 | |
Revolving loans | 172 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 7,444 | 7,674 |
Corporate and institutional | Real estate | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 106 | |
Origination in current year-1 | 0 | |
Origination in current year-2 | 24 | |
Origination in current year-3 | 72 | |
Origination in current year-4 | 25 | |
Origination 5 years or more | 33 | |
Total term loans | 260 | |
Revolving loans | 69 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 329 | 125 |
Corporate and institutional | Commercial and industrial loans | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 19,655 | |
Origination in current year-1 | 10,395 | |
Origination in current year-2 | 6,349 | |
Origination in current year-3 | 3,005 | |
Origination in current year-4 | 2,079 | |
Origination 5 years or more | 6,795 | |
Total term loans | 48,278 | |
Revolving loans | 22,285 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 70,563 | 69,720 |
Corporate and institutional | Commercial and industrial loans | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 7,724 | |
Origination in current year-1 | 3,851 | |
Origination in current year-2 | 1,781 | |
Origination in current year-3 | 964 | |
Origination in current year-4 | 809 | |
Origination 5 years or more | 2,830 | |
Total term loans | 17,959 | |
Revolving loans | 12,913 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 30,872 | 30,090 |
Corporate and institutional | Commercial and industrial loans | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 11,621 | |
Origination in current year-1 | 6,411 | |
Origination in current year-2 | 4,321 | |
Origination in current year-3 | 1,981 | |
Origination in current year-4 | 1,248 | |
Origination 5 years or more | 3,837 | |
Total term loans | 29,419 | |
Revolving loans | 8,908 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 38,327 | 38,522 |
Corporate and institutional | Commercial and industrial loans | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 310 | |
Origination in current year-1 | 133 | |
Origination in current year-2 | 247 | |
Origination in current year-3 | 60 | |
Origination in current year-4 | 22 | |
Origination 5 years or more | 128 | |
Total term loans | 900 | |
Revolving loans | 464 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,364 | 1,108 |
Corporate and institutional | Financial institutions | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 4,126 | |
Origination in current year-1 | 2,144 | |
Origination in current year-2 | 1,401 | |
Origination in current year-3 | 189 | |
Origination in current year-4 | 159 | |
Origination 5 years or more | 328 | |
Total term loans | 8,347 | |
Revolving loans | 6,138 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 14,485 | 15,436 |
Corporate and institutional | Financial institutions | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 3,386 | |
Origination in current year-1 | 1,973 | |
Origination in current year-2 | 960 | |
Origination in current year-3 | 97 | |
Origination in current year-4 | 37 | |
Origination 5 years or more | 288 | |
Total term loans | 6,741 | |
Revolving loans | 5,718 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 12,459 | 13,267 |
Corporate and institutional | Financial institutions | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 697 | |
Origination in current year-1 | 132 | |
Origination in current year-2 | 432 | |
Origination in current year-3 | 92 | |
Origination in current year-4 | 102 | |
Origination 5 years or more | 38 | |
Total term loans | 1,493 | |
Revolving loans | 419 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,912 | 2,122 |
Corporate and institutional | Financial institutions | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 43 | |
Origination in current year-1 | 39 | |
Origination in current year-2 | 9 | |
Origination in current year-3 | 0 | |
Origination in current year-4 | 20 | |
Origination 5 years or more | 2 | |
Total term loans | 113 | |
Revolving loans | 1 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 114 | 47 |
Corporate and institutional | Governments and public institutions | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 207 | |
Origination in current year-1 | 165 | |
Origination in current year-2 | 80 | |
Origination in current year-3 | 35 | |
Origination in current year-4 | 75 | |
Origination 5 years or more | 429 | |
Total term loans | 991 | |
Revolving loans | 19 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,010 | 1,233 |
Corporate and institutional | Governments and public institutions | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 174 | |
Origination in current year-1 | 135 | |
Origination in current year-2 | 80 | |
Origination in current year-3 | 35 | |
Origination in current year-4 | 74 | |
Origination 5 years or more | 388 | |
Total term loans | 886 | |
Revolving loans | 19 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 905 | 1,166 |
Corporate and institutional | Governments and public institutions | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 33 | |
Origination in current year-1 | 20 | |
Origination in current year-2 | 0 | |
Origination in current year-3 | 0 | |
Origination in current year-4 | 1 | |
Origination 5 years or more | 41 | |
Total term loans | 95 | |
Revolving loans | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 95 | 67 |
Corporate and institutional | Governments and public institutions | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 0 | |
Origination in current year-1 | 10 | |
Origination in current year-2 | 0 | |
Origination in current year-3 | 0 | |
Origination in current year-4 | 0 | |
Origination 5 years or more | 0 | |
Total term loans | 10 | |
Revolving loans | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 10 | 0 |
Consumer | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 26,015 | |
Origination in current year-1 | 17,998 | |
Origination in current year-2 | 12,334 | |
Origination in current year-3 | 8,342 | |
Origination in current year-4 | 12,351 | |
Origination 5 years or more | 44,354 | |
Total term loans | 121,394 | |
Revolving loans | 46,468 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 167,862 | 170,467 |
Consumer | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 21,744 | |
Origination in current year-1 | 15,610 | |
Origination in current year-2 | 11,020 | |
Origination in current year-3 | 7,229 | |
Origination in current year-4 | 11,167 | |
Origination 5 years or more | 40,529 | |
Total term loans | 107,299 | |
Revolving loans | 42,605 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 149,904 | 151,970 |
Consumer | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 4,114 | |
Origination in current year-1 | 2,340 | |
Origination in current year-2 | 1,233 | |
Origination in current year-3 | 1,052 | |
Origination in current year-4 | 1,098 | |
Origination 5 years or more | 3,568 | |
Total term loans | 13,405 | |
Revolving loans | 3,674 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 17,079 | 17,837 |
Consumer | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 157 | |
Origination in current year-1 | 48 | |
Origination in current year-2 | 81 | |
Origination in current year-3 | 61 | |
Origination in current year-4 | 86 | |
Origination 5 years or more | 257 | |
Total term loans | 690 | |
Revolving loans | 189 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 879 | 660 |
Consumer | Mortgages | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 20,432 | |
Origination in current year-1 | 15,609 | |
Origination in current year-2 | 11,232 | |
Origination in current year-3 | 7,988 | |
Origination in current year-4 | 11,941 | |
Origination 5 years or more | 42,988 | |
Total term loans | 110,190 | |
Revolving loans | 1,080 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 111,270 | 109,671 |
Consumer | Mortgages | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 18,765 | |
Origination in current year-1 | 14,072 | |
Origination in current year-2 | 10,242 | |
Origination in current year-3 | 7,087 | |
Origination in current year-4 | 10,951 | |
Origination 5 years or more | 39,918 | |
Total term loans | 101,035 | |
Revolving loans | 528 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 101,563 | 99,677 |
Consumer | Mortgages | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 1,664 | |
Origination in current year-1 | 1,511 | |
Origination in current year-2 | 932 | |
Origination in current year-3 | 857 | |
Origination in current year-4 | 914 | |
Origination 5 years or more | 2,854 | |
Total term loans | 8,732 | |
Revolving loans | 548 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 9,280 | 9,629 |
Consumer | Mortgages | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 3 | |
Origination in current year-1 | 26 | |
Origination in current year-2 | 58 | |
Origination in current year-3 | 44 | |
Origination in current year-4 | 76 | |
Origination 5 years or more | 216 | |
Total term loans | 423 | |
Revolving loans | 4 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 427 | 365 |
Consumer | Loans collateralized by securities | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 3,378 | |
Origination in current year-1 | 1,343 | |
Origination in current year-2 | 563 | |
Origination in current year-3 | 102 | |
Origination in current year-4 | 327 | |
Origination 5 years or more | 1,185 | |
Total term loans | 6,898 | |
Revolving loans | 44,891 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 51,789 | 56,425 |
Consumer | Loans collateralized by securities | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 1,682 | |
Origination in current year-1 | 1,019 | |
Origination in current year-2 | 499 | |
Origination in current year-3 | 61 | |
Origination in current year-4 | 200 | |
Origination 5 years or more | 563 | |
Total term loans | 4,024 | |
Revolving loans | 41,749 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 45,773 | 50,766 |
Consumer | Loans collateralized by securities | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 1,547 | |
Origination in current year-1 | 324 | |
Origination in current year-2 | 64 | |
Origination in current year-3 | 41 | |
Origination in current year-4 | 127 | |
Origination 5 years or more | 622 | |
Total term loans | 2,725 | |
Revolving loans | 3,038 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,763 | 5,531 |
Consumer | Loans collateralized by securities | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 149 | |
Origination in current year-1 | 0 | |
Origination in current year-2 | 0 | |
Origination in current year-3 | 0 | |
Origination in current year-4 | 0 | |
Origination 5 years or more | 0 | |
Total term loans | 149 | |
Revolving loans | 104 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 253 | 128 |
Consumer | Consumer finance | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 2,205 | |
Origination in current year-1 | 1,046 | |
Origination in current year-2 | 539 | |
Origination in current year-3 | 252 | |
Origination in current year-4 | 83 | |
Origination 5 years or more | 181 | |
Total term loans | 4,306 | |
Revolving loans | 497 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,803 | 4,371 |
Consumer | Consumer finance | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 1,297 | |
Origination in current year-1 | 519 | |
Origination in current year-2 | 279 | |
Origination in current year-3 | 81 | |
Origination in current year-4 | 16 | |
Origination 5 years or more | 48 | |
Total term loans | 2,240 | |
Revolving loans | 328 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,568 | 1,527 |
Consumer | Consumer finance | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 903 | |
Origination in current year-1 | 505 | |
Origination in current year-2 | 237 | |
Origination in current year-3 | 154 | |
Origination in current year-4 | 57 | |
Origination 5 years or more | 92 | |
Total term loans | 1,948 | |
Revolving loans | 88 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,036 | 2,677 |
Consumer | Consumer finance | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 5 | |
Origination in current year-1 | 22 | |
Origination in current year-2 | 23 | |
Origination in current year-3 | 17 | |
Origination in current year-4 | 10 | |
Origination 5 years or more | 41 | |
Total term loans | 118 | |
Revolving loans | 81 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 199 | 167 |
Bank | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 58,955 | |
Origination in current year-1 | 35,215 | |
Origination in current year-2 | 23,170 | |
Origination in current year-3 | 13,022 | |
Origination in current year-4 | 16,565 | |
Origination 5 years or more | 59,014 | |
Total term loans | 205,941 | |
Revolving loans | 76,178 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 290,563 | 292,425 |
Bank | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 39,082 | |
Origination in current year-1 | 24,471 | |
Origination in current year-2 | 15,690 | |
Origination in current year-3 | 9,358 | |
Origination in current year-4 | 13,678 | |
Origination 5 years or more | 50,017 | |
Total term loans | 152,296 | |
Revolving loans | 62,282 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 223,022 | 224,275 |
Bank | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 19,257 | |
Origination in current year-1 | 10,514 | |
Origination in current year-2 | 7,119 | |
Origination in current year-3 | 3,471 | |
Origination in current year-4 | 2,734 | |
Origination 5 years or more | 8,589 | |
Total term loans | 51,684 | |
Revolving loans | 13,173 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 64,857 | 66,222 |
Bank | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 616 | |
Origination in current year-1 | 230 | |
Origination in current year-2 | 361 | |
Origination in current year-3 | 193 | |
Origination in current year-4 | 153 | |
Origination 5 years or more | 408 | |
Total term loans | 1,961 | |
Revolving loans | 723 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,684 | 1,928 |
Bank | Corporate and institutional | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 32,940 | |
Origination in current year-1 | 17,217 | |
Origination in current year-2 | 10,836 | |
Origination in current year-3 | 4,680 | |
Origination in current year-4 | 4,214 | |
Origination 5 years or more | 14,660 | |
Total term loans | 84,547 | |
Revolving loans | 29,710 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 114,257 | 121,958 |
Bank | Corporate and institutional | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 17,338 | |
Origination in current year-1 | 8,861 | |
Origination in current year-2 | 4,670 | |
Origination in current year-3 | 2,129 | |
Origination in current year-4 | 2,511 | |
Origination 5 years or more | 9,488 | |
Total term loans | 44,997 | |
Revolving loans | 19,677 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 64,674 | 72,305 |
Bank | Corporate and institutional | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 15,143 | |
Origination in current year-1 | 8,174 | |
Origination in current year-2 | 5,886 | |
Origination in current year-3 | 2,419 | |
Origination in current year-4 | 1,636 | |
Origination 5 years or more | 5,021 | |
Total term loans | 38,279 | |
Revolving loans | 9,499 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 47,778 | 48,385 |
Bank | Corporate and institutional | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 459 | |
Origination in current year-1 | 182 | |
Origination in current year-2 | 280 | |
Origination in current year-3 | 132 | |
Origination in current year-4 | 67 | |
Origination 5 years or more | 151 | |
Total term loans | 1,271 | |
Revolving loans | 534 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,805 | 1,268 |
Bank | Corporate and institutional | Real estate | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 8,952 | |
Origination in current year-1 | 4,513 | |
Origination in current year-2 | 3,006 | |
Origination in current year-3 | 1,451 | |
Origination in current year-4 | 1,901 | |
Origination 5 years or more | 7,120 | |
Total term loans | 26,943 | |
Revolving loans | 1,268 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 28,211 | 28,323 |
Bank | Corporate and institutional | Real estate | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 6,054 | |
Origination in current year-1 | 2,902 | |
Origination in current year-2 | 1,849 | |
Origination in current year-3 | 1,033 | |
Origination in current year-4 | 1,591 | |
Origination 5 years or more | 5,982 | |
Total term loans | 19,411 | |
Revolving loans | 1,027 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 20,438 | 20,524 |
Bank | Corporate and institutional | Real estate | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 2,792 | |
Origination in current year-1 | 1,611 | |
Origination in current year-2 | 1,133 | |
Origination in current year-3 | 346 | |
Origination in current year-4 | 285 | |
Origination 5 years or more | 1,105 | |
Total term loans | 7,272 | |
Revolving loans | 172 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 7,444 | 7,674 |
Bank | Corporate and institutional | Real estate | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 106 | |
Origination in current year-1 | 0 | |
Origination in current year-2 | 24 | |
Origination in current year-3 | 72 | |
Origination in current year-4 | 25 | |
Origination 5 years or more | 33 | |
Total term loans | 260 | |
Revolving loans | 69 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 329 | 125 |
Bank | Corporate and institutional | Commercial and industrial loans | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 19,655 | |
Origination in current year-1 | 10,395 | |
Origination in current year-2 | 6,349 | |
Origination in current year-3 | 3,005 | |
Origination in current year-4 | 2,079 | |
Origination 5 years or more | 6,783 | |
Total term loans | 48,266 | |
Revolving loans | 22,285 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 70,551 | 70,321 |
Bank | Corporate and institutional | Commercial and industrial loans | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 7,724 | |
Origination in current year-1 | 3,851 | |
Origination in current year-2 | 1,781 | |
Origination in current year-3 | 964 | |
Origination in current year-4 | 809 | |
Origination 5 years or more | 2,830 | |
Total term loans | 17,959 | |
Revolving loans | 12,913 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 30,872 | 30,703 |
Bank | Corporate and institutional | Commercial and industrial loans | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 11,621 | |
Origination in current year-1 | 6,411 | |
Origination in current year-2 | 4,321 | |
Origination in current year-3 | 1,981 | |
Origination in current year-4 | 1,248 | |
Origination 5 years or more | 3,837 | |
Total term loans | 29,419 | |
Revolving loans | 8,908 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 38,327 | 38,522 |
Bank | Corporate and institutional | Commercial and industrial loans | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 310 | |
Origination in current year-1 | 133 | |
Origination in current year-2 | 247 | |
Origination in current year-3 | 60 | |
Origination in current year-4 | 22 | |
Origination 5 years or more | 116 | |
Total term loans | 888 | |
Revolving loans | 464 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,352 | 1,096 |
Bank | Corporate and institutional | Financial institutions | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 4,126 | |
Origination in current year-1 | 2,144 | |
Origination in current year-2 | 1,401 | |
Origination in current year-3 | 189 | |
Origination in current year-4 | 159 | |
Origination 5 years or more | 328 | |
Total term loans | 8,347 | |
Revolving loans | 6,138 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 14,485 | 22,081 |
Bank | Corporate and institutional | Financial institutions | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 3,386 | |
Origination in current year-1 | 1,973 | |
Origination in current year-2 | 960 | |
Origination in current year-3 | 97 | |
Origination in current year-4 | 37 | |
Origination 5 years or more | 288 | |
Total term loans | 6,741 | |
Revolving loans | 5,718 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 12,459 | 19,912 |
Bank | Corporate and institutional | Financial institutions | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 697 | |
Origination in current year-1 | 132 | |
Origination in current year-2 | 432 | |
Origination in current year-3 | 92 | |
Origination in current year-4 | 102 | |
Origination 5 years or more | 38 | |
Total term loans | 1,493 | |
Revolving loans | 419 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,912 | 2,122 |
Bank | Corporate and institutional | Financial institutions | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 43 | |
Origination in current year-1 | 39 | |
Origination in current year-2 | 9 | |
Origination in current year-3 | 0 | |
Origination in current year-4 | 20 | |
Origination 5 years or more | 2 | |
Total term loans | 113 | |
Revolving loans | 1 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 114 | 47 |
Bank | Corporate and institutional | Governments and public institutions | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 207 | |
Origination in current year-1 | 165 | |
Origination in current year-2 | 80 | |
Origination in current year-3 | 35 | |
Origination in current year-4 | 75 | |
Origination 5 years or more | 429 | |
Total term loans | 991 | |
Revolving loans | 19 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 1,010 | 1,233 |
Bank | Corporate and institutional | Governments and public institutions | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 174 | |
Origination in current year-1 | 135 | |
Origination in current year-2 | 80 | |
Origination in current year-3 | 35 | |
Origination in current year-4 | 74 | |
Origination 5 years or more | 388 | |
Total term loans | 886 | |
Revolving loans | 19 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 905 | 1,166 |
Bank | Corporate and institutional | Governments and public institutions | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 33 | |
Origination in current year-1 | 20 | |
Origination in current year-2 | 0 | |
Origination in current year-3 | 0 | |
Origination in current year-4 | 1 | |
Origination 5 years or more | 41 | |
Total term loans | 95 | |
Revolving loans | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 95 | 67 |
Bank | Corporate and institutional | Governments and public institutions | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 0 | |
Origination in current year-1 | 10 | |
Origination in current year-2 | 0 | |
Origination in current year-3 | 0 | |
Origination in current year-4 | 0 | |
Origination 5 years or more | 0 | |
Total term loans | 10 | |
Revolving loans | 0 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 10 | 0 |
Bank | Consumer | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 26,015 | |
Origination in current year-1 | 17,998 | |
Origination in current year-2 | 12,334 | |
Origination in current year-3 | 8,342 | |
Origination in current year-4 | 12,351 | |
Origination 5 years or more | 44,354 | |
Total term loans | 121,394 | |
Revolving loans | 46,468 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 167,862 | 170,467 |
Bank | Consumer | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 21,744 | |
Origination in current year-1 | 15,610 | |
Origination in current year-2 | 11,020 | |
Origination in current year-3 | 7,229 | |
Origination in current year-4 | 11,167 | |
Origination 5 years or more | 40,529 | |
Total term loans | 107,299 | |
Revolving loans | 42,605 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 149,904 | 151,970 |
Bank | Consumer | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 4,114 | |
Origination in current year-1 | 2,340 | |
Origination in current year-2 | 1,233 | |
Origination in current year-3 | 1,052 | |
Origination in current year-4 | 1,098 | |
Origination 5 years or more | 3,568 | |
Total term loans | 13,405 | |
Revolving loans | 3,674 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 17,079 | 17,837 |
Bank | Consumer | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 157 | |
Origination in current year-1 | 48 | |
Origination in current year-2 | 81 | |
Origination in current year-3 | 61 | |
Origination in current year-4 | 86 | |
Origination 5 years or more | 257 | |
Total term loans | 690 | |
Revolving loans | 189 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 879 | 660 |
Bank | Consumer | Mortgages | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 20,432 | |
Origination in current year-1 | 15,609 | |
Origination in current year-2 | 11,232 | |
Origination in current year-3 | 7,988 | |
Origination in current year-4 | 11,941 | |
Origination 5 years or more | 42,988 | |
Total term loans | 110,190 | |
Revolving loans | 1,080 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 111,270 | 109,671 |
Bank | Consumer | Mortgages | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 18,765 | |
Origination in current year-1 | 14,072 | |
Origination in current year-2 | 10,242 | |
Origination in current year-3 | 7,087 | |
Origination in current year-4 | 10,951 | |
Origination 5 years or more | 39,918 | |
Total term loans | 101,035 | |
Revolving loans | 528 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 101,563 | 99,677 |
Bank | Consumer | Mortgages | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 1,664 | |
Origination in current year-1 | 1,511 | |
Origination in current year-2 | 932 | |
Origination in current year-3 | 857 | |
Origination in current year-4 | 914 | |
Origination 5 years or more | 2,854 | |
Total term loans | 8,732 | |
Revolving loans | 548 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 9,280 | 9,629 |
Bank | Consumer | Mortgages | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 3 | |
Origination in current year-1 | 26 | |
Origination in current year-2 | 58 | |
Origination in current year-3 | 44 | |
Origination in current year-4 | 76 | |
Origination 5 years or more | 216 | |
Total term loans | 423 | |
Revolving loans | 4 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 427 | 365 |
Bank | Consumer | Loans collateralized by securities | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 3,378 | |
Origination in current year-1 | 1,343 | |
Origination in current year-2 | 563 | |
Origination in current year-3 | 102 | |
Origination in current year-4 | 327 | |
Origination 5 years or more | 1,185 | |
Total term loans | 6,898 | |
Revolving loans | 44,891 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 51,789 | 56,425 |
Bank | Consumer | Loans collateralized by securities | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 1,682 | |
Origination in current year-1 | 1,019 | |
Origination in current year-2 | 499 | |
Origination in current year-3 | 61 | |
Origination in current year-4 | 200 | |
Origination 5 years or more | 563 | |
Total term loans | 4,024 | |
Revolving loans | 41,749 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 45,773 | 50,766 |
Bank | Consumer | Loans collateralized by securities | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 1,547 | |
Origination in current year-1 | 324 | |
Origination in current year-2 | 64 | |
Origination in current year-3 | 41 | |
Origination in current year-4 | 127 | |
Origination 5 years or more | 622 | |
Total term loans | 2,725 | |
Revolving loans | 3,038 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 5,763 | 5,531 |
Bank | Consumer | Loans collateralized by securities | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 149 | |
Origination in current year-1 | 0 | |
Origination in current year-2 | 0 | |
Origination in current year-3 | 0 | |
Origination in current year-4 | 0 | |
Origination 5 years or more | 0 | |
Total term loans | 149 | |
Revolving loans | 104 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 253 | 128 |
Bank | Consumer | Consumer finance | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 2,205 | |
Origination in current year-1 | 1,046 | |
Origination in current year-2 | 539 | |
Origination in current year-3 | 252 | |
Origination in current year-4 | 83 | |
Origination 5 years or more | 181 | |
Total term loans | 4,306 | |
Revolving loans | 497 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 4,803 | 4,371 |
Bank | Consumer | Consumer finance | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 1,297 | |
Origination in current year-1 | 519 | |
Origination in current year-2 | 279 | |
Origination in current year-3 | 81 | |
Origination in current year-4 | 16 | |
Origination 5 years or more | 48 | |
Total term loans | 2,240 | |
Revolving loans | 328 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,568 | 1,527 |
Bank | Consumer | Consumer finance | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 903 | |
Origination in current year-1 | 505 | |
Origination in current year-2 | 237 | |
Origination in current year-3 | 154 | |
Origination in current year-4 | 57 | |
Origination 5 years or more | 92 | |
Total term loans | 1,948 | |
Revolving loans | 88 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 2,036 | 2,677 |
Bank | Consumer | Consumer finance | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Origination in current year | 5 | |
Origination in current year-1 | 22 | |
Origination in current year-2 | 23 | |
Origination in current year-3 | 17 | |
Origination in current year-4 | 10 | |
Origination 5 years or more | 41 | |
Total term loans | 118 | |
Revolving loans | 81 | |
Financing Receivable, before Allowance for Credit Loss and Fee | 199 | SFr 167 |
Bank | Total loans to third parties | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 282,119 | |
Bank | Total loans to third parties | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 214,578 | |
Bank | Total loans to third parties | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 64,857 | |
Bank | Total loans to third parties | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 2,684 | |
Bank | Total loans to entities under common control | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 8,444 | |
Bank | Total loans to entities under common control | Investment grade | AAA to BBB | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 8,444 | |
Bank | Total loans to entities under common control | Non-investment grade | BB to C | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | 0 | |
Bank | Total loans to entities under common control | Non-investment grade | D | ||
Loans Held At Amortized Cost, Amortized Cost [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss and Fee | SFr 0 |
CECL (Details 12)
CECL (Details 12) SFr in Millions | Dec. 31, 2020CHF (SFr) |
Financing Receivable, Recorded Investment [Line Items] | |
Origination in current year-2 | SFr 70 |
Origination in current year-3 | 2 |
Origination in current year-4 | 4 |
Total term positions | 76 |
Revolving positions | 934 |
Other financial assets held at amortized cost, total | 1,010 |
Investment grade | AAA to BBB | |
Financing Receivable, Recorded Investment [Line Items] | |
Origination in current year-2 | 0 |
Origination in current year-3 | 0 |
Origination in current year-4 | 0 |
Total term positions | 0 |
Revolving positions | 0 |
Other financial assets held at amortized cost, total | 0 |
Non-investment grade | BB to C | |
Financing Receivable, Recorded Investment [Line Items] | |
Origination in current year-2 | 70 |
Origination in current year-3 | 2 |
Origination in current year-4 | 4 |
Total term positions | 76 |
Revolving positions | 934 |
Other financial assets held at amortized cost, total | 1,010 |
Non-investment grade | D | |
Financing Receivable, Recorded Investment [Line Items] | |
Origination in current year-2 | 0 |
Origination in current year-3 | 0 |
Origination in current year-4 | 0 |
Total term positions | 0 |
Revolving positions | 0 |
Other financial assets held at amortized cost, total | 0 |
Bank | |
Financing Receivable, Recorded Investment [Line Items] | |
Origination in current year-2 | 70 |
Origination in current year-3 | 2 |
Origination in current year-4 | 4 |
Total term positions | 76 |
Revolving positions | 934 |
Other financial assets held at amortized cost, total | 1,010 |
Bank | Investment grade | AAA to BBB | |
Financing Receivable, Recorded Investment [Line Items] | |
Origination in current year-2 | 0 |
Origination in current year-3 | 0 |
Origination in current year-4 | 0 |
Total term positions | 0 |
Revolving positions | 0 |
Other financial assets held at amortized cost, total | 0 |
Bank | Non-investment grade | BB to C | |
Financing Receivable, Recorded Investment [Line Items] | |
Origination in current year-2 | 70 |
Origination in current year-3 | 2 |
Origination in current year-4 | 4 |
Total term positions | 76 |
Revolving positions | 934 |
Other financial assets held at amortized cost, total | 1,010 |
Bank | Non-investment grade | D | |
Financing Receivable, Recorded Investment [Line Items] | |
Origination in current year-2 | 0 |
Origination in current year-3 | 0 |
Origination in current year-4 | 0 |
Total term positions | 0 |
Revolving positions | 0 |
Other financial assets held at amortized cost, total | SFr 0 |
CECL (Details 14)
CECL (Details 14) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020CHF (SFr)contract | Dec. 31, 2019CHF (SFr)contract | Dec. 31, 2018CHF (SFr)contract | |
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 20 | 26 | 18 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 292 | SFr 179 | SFr 211 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 260 | SFr 168 | SFr 189 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 4 | 2 | 9 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 13 | SFr 15 | SFr 84 |
Consumer | Mortgages | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 1 | 5 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 7 | SFr 29 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 7 | SFr 29 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 0 | 1 | 1 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 0 | SFr 13 | SFr 8 |
Consumer | Loans collateralized by securities | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 3 | 0 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 165 | SFr 0 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 165 | SFr 0 | SFr 0 |
Corporate and institutional | Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 17 | 25 | 13 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 127 | SFr 172 | SFr 182 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 95 | SFr 161 | SFr 160 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 4 | 1 | 8 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 13 | SFr 2 | SFr 76 |
Bank | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 20 | 26 | 18 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 292 | SFr 179 | SFr 211 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 260 | SFr 168 | SFr 189 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 4 | 2 | 9 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 13 | SFr 15 | SFr 84 |
Bank | Consumer | Mortgages | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 0 | 1 | 5 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 0 | SFr 7 | SFr 29 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 0 | SFr 7 | SFr 29 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 0 | 1 | 1 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 0 | SFr 13 | SFr 8 |
Bank | Consumer | Loans collateralized by securities | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 3 | 0 | 0 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 165 | SFr 0 | SFr 0 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 165 | SFr 0 | SFr 0 |
Bank | Corporate and institutional | Commercial and industrial loans | |||
Restructured loans | |||
Restructured loans, Modifications, Number of contracts | contract | 17 | 25 | 13 |
Restructured loans, Modifications, Pre-Modification Recorded Investment | SFr 127 | SFr 172 | SFr 182 |
Restructured loans, Modifications, Post-Modification Recorded Investment | SFr 95 | SFr 161 | SFr 160 |
Restructured loans, subsequently defaulted, Number of contracts | contract | 4 | 1 | 8 |
Restructured loans, subsequently defaulted, Recorded Investment | SFr 13 | SFr 2 | SFr 76 |
CECL (Details 15)
CECL (Details 15) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020year | |
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Number of Macroeconomic Scenarios | 3 | ||
Reasonable Supportable Forecast Period Macroeconomic Factors, Years | 5 | ||
Scenario, Macroeconomic scenario, Downside [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 40.00% | ||
Scenario, Macroeconomic scenario, Downside [Member] | Real GDP growth rate (%YoY) [Member] | Eurozone [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 2.80% | 0.30% | |
Scenario, Macroeconomic scenario, Downside [Member] | Real GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 0.80% | 0.10% | |
Scenario, Macroeconomic scenario, Downside [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 2.00% | 0.50% | |
Scenario, Macroeconomic scenario, Downside [Member] | Industrial production (%YoY) [Member] | World [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 2.90% | 2.40% | |
Scenario, Macroeconomic scenario, Baseline [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 50.00% | ||
Scenario, Macroeconomic scenario, Upside [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 10.00% | ||
Scenario, Macroeconomic scenario, Upside [Member] | Real GDP growth rate (%YoY) [Member] | Eurozone [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 3.90% | 7.80% | |
Scenario, Macroeconomic scenario, Upside [Member] | Real GDP growth rate (%YoY) [Member] | SWITZERLAND [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 4.50% | 5.40% | |
Scenario, Macroeconomic scenario, Upside [Member] | Real GDP growth rate (%YoY) [Member] | UNITED STATES [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 5.10% | 5.20% | |
Scenario, Macroeconomic scenario, Upside [Member] | Industrial production (%YoY) [Member] | World [Member] | |||
Allowance for Credit Loss, Macroeconomic scenarios [Line Items] | |||
Macroeconomic Scenario Probability, in percent | 5.90% | 8.60% |
Goodwill (Details)
Goodwill (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Gross amount of goodwill | ||
Balance at beginning of period | SFr 8,554 | SFr 8,657 |
Goodwill acquired during the period | 131 | |
Foreign currency translation impact | (316) | (62) |
Other | (52) | (41) |
Balance at end of period | 8,317 | 8,554 |
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 | 4,426 | 4,663 |
Operating Segments | Swiss Universal Bank | ||
Gross amount of goodwill | ||
Balance at beginning of period | 607 | 615 |
Goodwill acquired during the period | 0 | |
Foreign currency translation impact | (29) | (5) |
Other | (3) | (3) |
Balance at end of period | 575 | 607 |
Accumulated impairment | ||
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Net book value | ||
Net book value | 575 | 607 |
Operating Segments | International Wealth Management | ||
Gross amount of goodwill | ||
Balance at beginning of period | 1,494 | 1,544 |
Goodwill acquired during the period | 9 | |
Foreign currency translation impact | (112) | (22) |
Other | (39) | (28) |
Balance at end of period | 1,352 | 1,494 |
Accumulated impairment | ||
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Net book value | ||
Net book value | 1,352 | 1,494 |
Operating Segments | Asia Pacific | ||
Gross amount of goodwill | ||
Balance at beginning of period | 995 | 1,018 |
Goodwill acquired during the period | 98 | |
Foreign currency translation impact | (62) | (13) |
Other | (10) | (10) |
Balance at end of period | 1,021 | 995 |
Accumulated impairment | ||
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Net book value | ||
Net book value | SFr 1,021 | 995 |
Percentage by which goodwill fair value exceeds carrying value | 6.00% | |
Operating Segments | Investment Bank | ||
Gross amount of goodwill | ||
Balance at beginning of period | SFr 5,446 | 5,468 |
Goodwill acquired during the period | 24 | |
Foreign currency translation impact | (113) | (22) |
Other | 0 | 0 |
Balance at end of period | 5,357 | 5,446 |
Accumulated impairment | ||
Balance at beginning of period | 3,879 | 3,879 |
Balance at end of period | 3,879 | 3,879 |
Net book value | ||
Net book value | SFr 1,478 | 1,567 |
Operating Segments | Global Markets (old) | ||
Net book value | ||
Percentage by which goodwill fair value exceeds carrying value | 11.00% | |
Operating Segments | Investment Banking & Capital Markets (old) | ||
Net book value | ||
Percentage by which goodwill fair value exceeds carrying value | 13.00% | |
Operating Segments | Strategic Resolution Unit (old) | ||
Gross amount of goodwill | ||
Balance at end of period | SFr 12 | |
Bank | ||
Gross amount of goodwill | ||
Balance at beginning of period | 7,851 | 7,947 |
Goodwill acquired during the period | 131 | |
Foreign currency translation impact | (284) | (55) |
Other | (52) | (41) |
Balance at end of period | 7,646 | 7,851 |
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 | 3,755 | 3,960 |
Bank | Operating Segments | Swiss Universal Bank | ||
Gross amount of goodwill | ||
Balance at beginning of period | 589 | 597 |
Goodwill acquired during the period | 0 | |
Foreign currency translation impact | (30) | (5) |
Other | (2) | (3) |
Balance at end of period | 557 | 589 |
Accumulated impairment | ||
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Net book value | ||
Net book value | 557 | 589 |
Bank | Operating Segments | International Wealth Management | ||
Gross amount of goodwill | ||
Balance at beginning of period | 1,481 | 1,531 |
Goodwill acquired during the period | 9 | |
Foreign currency translation impact | (113) | (22) |
Other | (39) | (28) |
Balance at end of period | 1,338 | 1,481 |
Accumulated impairment | ||
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Net book value | ||
Net book value | 1,338 | 1,481 |
Bank | Operating Segments | Asia Pacific | ||
Gross amount of goodwill | ||
Balance at beginning of period | 986 | 1,009 |
Goodwill acquired during the period | 98 | |
Foreign currency translation impact | (68) | (13) |
Other | (11) | (10) |
Balance at end of period | 1,005 | 986 |
Accumulated impairment | ||
Balance at beginning of period | 0 | 0 |
Balance at end of period | 0 | 0 |
Net book value | ||
Net book value | 1,005 | 986 |
Bank | Operating Segments | Investment Bank | ||
Gross amount of goodwill | ||
Balance at beginning of period | 4,783 | 4,798 |
Goodwill acquired during the period | 24 | |
Foreign currency translation impact | (73) | (15) |
Other | 0 | 0 |
Balance at end of period | 4,734 | 4,783 |
Accumulated impairment | ||
Balance at beginning of period | 3,879 | 3,879 |
Balance at end of period | 3,879 | 3,879 |
Net book value | ||
Net book value | 855 | SFr 904 |
Bank | Operating Segments | Strategic Resolution Unit (old) | ||
Gross amount of goodwill | ||
Balance at end of period | SFr 12 |
Other intangible assets (Detail
Other intangible assets (Details 1) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other intangible assets | |||
Gross carrying amount | SFr 51 | SFr 44 | |
Accumulated amortization | (20) | (24) | |
Net carrying amount | 31 | 20 | |
Non-amortizing other intangible assets | 206 | 271 | |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 | |
Total other intangible assets, net | 237 | 291 | |
Aggregate amortization expenses and impairment losses | |||
Aggregate amortization | 6 | 5 | SFr 8 |
Impairment | 2 | 5 | 1 |
Estimated amortization expenses | |||
In the next 12 months | 2 | ||
Year two | 2 | ||
Year three | 2 | ||
Year four | 1 | ||
Year five | 1 | ||
Tradenames / trademarks | |||
Other intangible assets | |||
Gross carrying amount | 24 | 27 | |
Accumulated amortization | (24) | (26) | |
Net carrying amount | 0 | 1 | |
Client relationships | |||
Other intangible assets | |||
Gross carrying amount | 30 | 20 | |
Accumulated amortization | 0 | (2) | |
Net carrying amount | 30 | 18 | |
Other | |||
Other intangible assets | |||
Gross carrying amount | (3) | (3) | |
Accumulated amortization | 4 | 4 | |
Net carrying amount | 1 | 1 | |
Total other intangible assets, gross | 257 | 315 | |
Bank | |||
Other intangible assets | |||
Gross carrying amount | 51 | 44 | |
Accumulated amortization | (21) | (24) | |
Net carrying amount | 30 | 20 | |
Non-amortizing other intangible assets | 207 | 271 | |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 | |
Total other intangible assets, net | 237 | 291 | |
Aggregate amortization expenses and impairment losses | |||
Aggregate amortization | 6 | 5 | 8 |
Impairment | 2 | 5 | SFr 1 |
Estimated amortization expenses | |||
In the next 12 months | 2 | ||
Year two | 2 | ||
Year three | 2 | ||
Year four | 1 | ||
Year five | 1 | ||
Bank | Tradenames / trademarks | |||
Other intangible assets | |||
Gross carrying amount | 24 | 27 | |
Accumulated amortization | (24) | (26) | |
Net carrying amount | 0 | 1 | |
Bank | Client relationships | |||
Other intangible assets | |||
Gross carrying amount | 30 | 20 | |
Accumulated amortization | 0 | (2) | |
Net carrying amount | 30 | 18 | |
Bank | Other | |||
Other intangible assets | |||
Gross carrying amount | (3) | (3) | |
Accumulated amortization | 3 | 4 | |
Net carrying amount | 0 | 1 | |
Total other intangible assets, gross | SFr 258 | SFr 315 |
Other assets and other liabil_3
Other assets and other liabilities (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other assets | ||||
Cash collateral on derivative instruments | SFr 7,741 | SFr 4,570 | ||
Cash collateral on non-derivative transactions | 635 | 428 | ||
Derivative instruments used for hedging | 131 | 183 | ||
Assets held-for-sale | 7,077 | 8,971 | ||
of which loans | 7,046 | 8,886 | ||
allowance for loans held-for-sale | (48) | 0 | ||
of which real estate | 27 | 38 | ||
of which long-lived assets | 4 | 47 | ||
Premises, equipment and right-of-use assets | 7,376 | 7,832 | ||
Assets held for separate accounts | 102 | 111 | ||
Interest and fees receivable | 4,255 | 4,688 | ||
Deferred tax assets | 3,667 | 4,399 | ||
Prepaid expenses | 448 | 431 | ||
of which cloud computing arrangement implementation costs | 38 | 27 | ||
Failed purchases | 1,451 | 1,643 | ||
Defined benefit pension and post-retirement plan assets | 2,872 | 2,878 | ||
Other | 3,882 | 3,475 | ||
Other assets | 39,637 | 39,609 | ||
Other liabilities | ||||
Cash collateral on derivative instruments | 7,831 | 7,457 | ||
Cash collateral on non-derivative transactions | 174 | 516 | ||
Derivative instruments used for hedging | 45 | 48 | ||
Operating Lease, Liability | 2,759 | 3,213 | ||
Provisions | 2,080 | 1,179 | ||
of which off-balance sheet risk | 311 | 172 | ||
Restructuring liabilities | 52 | SFr 346 | SFr 306 | |
Liabilities held for separate accounts | 102 | 111 | ||
Interest and fees payable | 4,297 | 5,101 | ||
Current tax liabilities | 555 | 678 | ||
Deferred tax liabilities | 530 | 523 | ||
Failed sales | 1,120 | 936 | ||
Defined benefit pension and post-retirement plan liabilities | 410 | 455 | ||
Other | 11,479 | 10,826 | ||
Other liabilities | 31,434 | 31,043 | ||
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 262 | 800 | ||
Foreclosed or repossessed real estate | 8 | 9 | ||
Foreclosed or repossessed residential real estate | 8 | 9 | ||
Bank | ||||
Other assets | ||||
Cash collateral on derivative instruments | 7,741 | 4,570 | ||
Cash collateral on non-derivative transactions | 635 | 428 | ||
Derivative instruments used for hedging | 131 | 183 | ||
Assets held-for-sale | 7,077 | 8,971 | ||
of which loans | 7,046 | 8,886 | ||
allowance for loans held-for-sale | (48) | 0 | ||
of which real estate | 27 | 38 | ||
of which long-lived assets | 4 | 47 | ||
Premises, equipment and right-of-use assets | 6,213 | 6,652 | ||
Assets held for separate accounts | 102 | 111 | ||
Interest and fees receivable | 4,397 | 5,301 | ||
Deferred tax assets | 3,630 | 4,337 | ||
Prepaid expenses | 367 | 343 | ||
of which cloud computing arrangement implementation costs | 32 | 21 | ||
Failed purchases | 1,451 | 1,643 | ||
Defined benefit pension and post-retirement plan assets | 975 | 1,067 | ||
Other | 3,855 | 3,463 | ||
Other assets | 36,574 | 37,069 | ||
Other liabilities | ||||
Cash collateral on derivative instruments | 7,831 | 7,457 | ||
Cash collateral on non-derivative transactions | 174 | 516 | ||
Derivative instruments used for hedging | 45 | 48 | ||
Operating Lease, Liability | 1,981 | 2,388 | ||
Provisions | 2,067 | 1,171 | ||
of which off-balance sheet risk | 311 | 172 | ||
Restructuring liabilities | 49 | SFr 342 | SFr 301 | |
Liabilities held for separate accounts | 102 | 111 | ||
Interest and fees payable | 4,397 | 5,690 | ||
Current tax liabilities | 542 | 658 | ||
Deferred tax liabilities | 157 | 167 | ||
Failed sales | 1,120 | 936 | ||
Defined benefit pension and post-retirement plan liabilities | 403 | 455 | ||
Other | 11,472 | 10,809 | ||
Other liabilities | 30,340 | 30,406 | ||
Restricted loans, representing collateral on secured borrowings, included in loans held-for-sale | 262 | 800 | ||
Foreclosed or repossessed real estate | 8 | 9 | ||
Foreclosed or repossessed residential real estate | SFr 8 | SFr 9 |
Other assets and other liabil_4
Other assets and other liabilities (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Premises and equipment | |||
Buildings and improvements | SFr 1,425 | SFr 1,436 | |
Land | 291 | 294 | |
Leasehold improvements | 1,775 | 1,855 | |
Software | 7,038 | 6,478 | |
Equipment | 1,874 | 1,887 | |
Premises and equipment | 12,403 | 11,950 | |
Accumulated depreciation | (7,627) | (7,153) | |
Total premises and equipment, net | 4,776 | 4,797 | |
Depreciation and impairment | |||
Depreciation | 964 | 939 | SFr 830 |
Impairment | 10 | 3 | 8 |
Amortization and impairment on right-of-use assets | 331 | 324 | |
Right-of-use assets [Abstract] | |||
Right-of-use assets | 2,600 | 3,035 | |
Premises, equipment and right-of-use assets | 7,376 | 7,832 | |
Bank | |||
Premises and equipment | |||
Buildings and improvements | 1,403 | 1,413 | |
Land | 291 | 294 | |
Leasehold improvements | 1,634 | 1,712 | |
Software | 6,663 | 6,190 | |
Equipment | 1,128 | 1,162 | |
Premises and equipment | 11,119 | 10,771 | |
Accumulated depreciation | (6,761) | (6,359) | |
Total premises and equipment, net | 4,358 | 4,412 | |
Depreciation and impairment | |||
Depreciation | 860 | 844 | 745 |
Impairment | 10 | 3 | SFr 8 |
Amortization and impairment on right-of-use assets | 284 | 279 | |
Right-of-use assets [Abstract] | |||
Operating leases | 1,855 | 2,240 | |
Right-of-use assets | 1,855 | 2,240 | |
Premises, equipment and right-of-use assets | SFr 6,213 | SFr 6,652 |
Leases (Details)
Leases (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income and Expenses, Lessee [Abstract] | ||
Operating lease costs | SFr 369 | SFr 388 |
Variable lease costs | 50 | 40 |
Sublease income | (71) | (78) |
Total lease costs | 348 | 350 |
Other information pertaining to leases [Abstract] | ||
Gains/(losses) on sale and leaseback transactions | 15 | 274 |
Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows | (403) | (464) |
Right-of-use assets obtained in exchange of new operating lease liabilities | 32 | 102 |
Changes to right-of-use assets due to lease modifications for operating leases | SFr 32 | SFr 221 |
Weighted average remaining lease term and discount rate [Abstract] | ||
Remaining lease term (years) | 11 years 10 months 24 days | 12 years 2 months 12 days |
Discount rate | 2.60% | 2.80% |
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | ||
Due within 1 year | SFr 385 | SFr 468 |
Due between 1 and 2 years | 364 | 387 |
Due between 2 and 3 years | 323 | 371 |
Due between 3 and 4 years | 278 | 336 |
Due between 4 and 5 years | 249 | 286 |
Thereafter | 1,642 | 1,963 |
Total | 3,241 | 3,811 |
Future interest payable | (482) | (598) |
Lease liabilities | SFr 2,759 | 3,213 |
Operating Leases, Future Minimum Payments Due [Abstract] | ||
Sale Leaseback Transaction, Lease Terms | During 2020, the Group entered into one sale-leaseback transaction, with a lease term of one year. During 2019, the Group entered into 4 sale-leaseback transactions, with lease terms ranging from 5 to 10 years. During 2018, the Group entered into one sale-leaseback transaction with a lease term of ten years. | |
Bank | ||
Income and Expenses, Lessee [Abstract] | ||
Operating lease costs | SFr 305 | 324 |
Variable lease costs | 45 | 37 |
Sublease income | (87) | (95) |
Total lease costs | 263 | 266 |
Other information pertaining to leases [Abstract] | ||
Gains/(losses) on sale and leaseback transactions | 15 | 274 |
Cash paid for amounts included in the measurement of operating lease liabilities recorded in operating cash flows | (340) | (400) |
Right-of-use assets obtained in exchange of new operating lease liabilities | 32 | 100 |
Changes to right-of-use assets due to lease modifications for operating leases | SFr 26 | SFr 214 |
Weighted average remaining lease term and discount rate [Abstract] | ||
Remaining lease term (years) | 10 years 4 months 24 days | 10 years 8 months 12 days |
Discount rate | 2.90% | 3.00% |
Lessee, Operating Lease, Liability, Payment, Due, Rolling Maturity [Abstract] | ||
Due within 1 year | SFr 320 | SFr 403 |
Due between 1 and 2 years | 299 | 322 |
Due between 2 and 3 years | 262 | 306 |
Due between 3 and 4 years | 219 | 274 |
Due between 4 and 5 years | 190 | 227 |
Thereafter | 1,054 | 1,314 |
Total | 2,344 | 2,846 |
Future interest payable | (363) | (458) |
Lease liabilities | SFr 1,981 | SFr 2,388 |
Operating Leases, Future Minimum Payments Due [Abstract] | ||
Sale Leaseback Transaction, Lease Terms | During 2020, the Bank entered into one sale-leaseback transaction with a lease term of one year. During 2019, the Bank entered into 4 sale-leaseback transactions with lease terms ranging from 5 to 10 years. During 2018, the Bank entered into one sale-leaseback transaction with a lease term of ten years. |
Leases (Details 2)
Leases (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor Disclosure [Line Items] | ||
Residual Value of Leased Asset | SFr 900 | SFr 800 |
Lease income [Abstract] | ||
Sales-type Lease, Unguaranteed Residual Asset | 43 | 28 |
Direct Financing Lease, Unguaranteed Residual Asset | 188 | 440 |
Interest income on sales-type lease receivables | 19 | 13 |
Interest income on direct financing lease receivables | 74 | 97 |
Lease income from operating leases | 93 | 103 |
Variable lease income | 0 | 3 |
Total lease income | 186 | 216 |
Net Investment in Lease [Abstract] | ||
Lease receivables, Sales-type leases | 862 | 526 |
Impairment recognized, Sales-type leases | 6 | 3 |
Total net investment, Sales-type Lease | 899 | 551 |
Lease receivables, Direct financing leases | 2,299 | 2,573 |
Impairment recognized, Direct financing leases | 23 | 15 |
Total net investment, Direct financing leases | 2,464 | 2,998 |
Lessor, Operating Lease, Payments, Rolling Maturity [Abstract] | ||
Due within 1 year | 48 | 54 |
Due between 1 and 2 years | 41 | 47 |
Due between 2 and 3 years | 37 | 42 |
Due between 3 and 4 years | 36 | 39 |
Due between 4 and 5 years | 34 | 38 |
Thereafter | 63 | 103 |
Total | SFr 259 | 323 |
Lessor, lease options | Certain leases include i) termination options that allow lessees to terminate the leases within three months of the commencement date, with a notice period of 30 days; ii) termination options that allow the Group to terminate the lease but do not provide the lessee with the same option; iii) termination penalties; iv) options to prepay the payments for the remaining lease term; or v) options that permit the lessee to purchase the leased asset at market value or at the greater of market value and the net present value of the remaining payments. | |
Sales-type leases [Member] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Rolling Maturity [Abstract] | ||
Due within 1 year | SFr 359 | 221 |
Due between 1 and 2 years | 213 | 129 |
Due between 2 and 3 years | 142 | 90 |
Due between 3 and 4 years | 84 | 53 |
Due between 4 and 5 years | 43 | 25 |
Thereafter | 66 | 37 |
Total | 907 | 555 |
Future interest receivable | (45) | (29) |
Lease receivables | 862 | 526 |
Direct financing leases [Member] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Rolling Maturity [Abstract] | ||
Due within 1 year | 755 | 917 |
Due between 1 and 2 years | 620 | 689 |
Due between 2 and 3 years | 514 | 550 |
Due between 3 and 4 years | 402 | 391 |
Due between 4 and 5 years | 125 | 136 |
Thereafter | 48 | 110 |
Total | 2,464 | 2,793 |
Future interest receivable | (165) | (220) |
Lease receivables | 2,299 | 2,573 |
Bank | ||
Lessor Disclosure [Line Items] | ||
Residual Value of Leased Asset | 900 | 800 |
Lease income [Abstract] | ||
Sales-type Lease, Unguaranteed Residual Asset | 43 | 28 |
Direct Financing Lease, Unguaranteed Residual Asset | 188 | 440 |
Interest income on sales-type lease receivables | 19 | 13 |
Interest income on direct financing lease receivables | 74 | 97 |
Lease income from operating leases | 107 | 119 |
Variable lease income | 0 | 3 |
Total lease income | 200 | 232 |
Net Investment in Lease [Abstract] | ||
Lease receivables, Sales-type leases | 862 | 526 |
Impairment recognized, Sales-type leases | 6 | 3 |
Total net investment, Sales-type Lease | 899 | 551 |
Lease receivables, Direct financing leases | 2,299 | 2,573 |
Impairment recognized, Direct financing leases | 23 | 15 |
Total net investment, Direct financing leases | 2,464 | 2,998 |
Lessor, Operating Lease, Payments, Rolling Maturity [Abstract] | ||
Due within 1 year | 63 | 66 |
Due between 1 and 2 years | 57 | 59 |
Due between 2 and 3 years | 53 | 55 |
Due between 3 and 4 years | 52 | 52 |
Due between 4 and 5 years | 50 | 51 |
Thereafter | 217 | 241 |
Total | 492 | 524 |
Related Party, Operating Lease | 234 | 200 |
Bank | Sales-type leases [Member] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Rolling Maturity [Abstract] | ||
Due within 1 year | 359 | 221 |
Due between 1 and 2 years | 213 | 129 |
Due between 2 and 3 years | 142 | 90 |
Due between 3 and 4 years | 84 | 53 |
Due between 4 and 5 years | 43 | 25 |
Thereafter | 66 | 37 |
Total | 907 | 555 |
Future interest receivable | (45) | (29) |
Lease receivables | 862 | 526 |
Bank | Direct financing leases [Member] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Rolling Maturity [Abstract] | ||
Due within 1 year | 755 | 917 |
Due between 1 and 2 years | 620 | 689 |
Due between 2 and 3 years | 514 | 550 |
Due between 3 and 4 years | 402 | 391 |
Due between 4 and 5 years | 125 | 136 |
Thereafter | 48 | 110 |
Total | 2,464 | 2,793 |
Future interest receivable | (165) | (220) |
Lease receivables | SFr 2,299 | SFr 2,573 |
Deposits (Details)
Deposits (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits | ||
Non-interest-bearing demand deposits | SFr 6,316 | SFr 4,409 |
Interest-bearing demand deposits | 186,704 | 149,118 |
Savings deposits | 71,533 | 64,350 |
Time deposits | 142,791 | 182,650 |
Total deposits | 407,344 | 400,527 |
of which due to banks | 16,423 | 16,744 |
of which customer deposits | 390,921 | 383,783 |
Concentration risk, time deposits in Swiss franc equivalent amounts of USD 100,000 | 142,698 | 182,036 |
Overdrawn deposits not included in total deposits, reclassified as loans | 106 | 116 |
Foreign | ||
Deposits | ||
Non-interest-bearing demand deposits | 3,085 | 1,744 |
Interest-bearing demand deposits | 41,995 | 30,552 |
Savings deposits | 8,764 | 46 |
Time deposits | 115,927 | 155,111 |
Total deposits | 169,771 | 187,453 |
Switzerland | ||
Deposits | ||
Non-interest-bearing demand deposits | 3,231 | 2,665 |
Interest-bearing demand deposits | 144,709 | 118,566 |
Savings deposits | 62,769 | 64,304 |
Time deposits | 26,864 | 27,539 |
Total deposits | 237,573 | 213,074 |
Bank | ||
Deposits | ||
Non-interest-bearing demand deposits | 6,328 | 4,410 |
Interest-bearing demand deposits | 187,468 | 149,940 |
Savings deposits | 71,533 | 64,350 |
Time deposits | 143,130 | 182,992 |
Total deposits | 408,459 | 401,692 |
of which due to banks | 16,420 | 16,742 |
of which customer deposits | 392,039 | 384,950 |
Concentration risk, time deposits in Swiss franc equivalent amounts of USD 100,000 | 143,041 | 182,377 |
Overdrawn deposits not included in total deposits, reclassified as loans | 106 | 116 |
Bank | Foreign | ||
Deposits | ||
Non-interest-bearing demand deposits | 3,097 | 1,745 |
Interest-bearing demand deposits | 42,172 | 30,747 |
Savings deposits | 8,764 | 46 |
Time deposits | 115,942 | 155,145 |
Total deposits | 169,975 | 187,683 |
Bank | Switzerland | ||
Deposits | ||
Non-interest-bearing demand deposits | 3,231 | 2,665 |
Interest-bearing demand deposits | 145,296 | 119,193 |
Savings deposits | 62,769 | 64,304 |
Time deposits | 27,188 | 27,847 |
Total deposits | SFr 238,484 | SFr 214,009 |
Long-term debt (Details)
Long-term debt (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term debt | ||
Senior | SFr 133,056 | SFr 108,667 |
Subordinated | 26,285 | 41,667 |
Non-recourse liabilities from consolidated VIEs | 1,746 | 1,671 |
Long-term debt | 161,087 | 152,005 |
of which reported at fair value | 70,976 | 70,331 |
Structured notes | ||
Long-term debt | ||
Long-term debt | 47,039 | 49,435 |
Bank | ||
Long-term debt | ||
Senior | 94,768 | 88,307 |
Subordinated | 63,765 | 61,022 |
Non-recourse liabilities from consolidated VIEs | 1,746 | 1,671 |
Long-term debt | 160,279 | 151,000 |
of which reported at fair value | 70,243 | 69,406 |
Bank | Structured notes | ||
Long-term debt | ||
Long-term debt | SFr 47,039 | SFr 49,435 |
Long-term debt - Maturities (De
Long-term debt - Maturities (Details 2) SFr in Millions, ¥ in Billions | Dec. 31, 2020CHF (SFr) | Dec. 31, 2020JPY (¥) | Dec. 31, 2019CHF (SFr) |
Long-term debt by maturities | |||
Next twelve months | SFr 24,983 | ||
Year two | 24,057 | ||
Year three | 23,003 | ||
Year four | 14,209 | ||
Year five | 18,181 | ||
Thereafter | 56,654 | ||
Long-term debt | 161,087 | SFr 152,005 | |
Notes with a contractual maturity of greater than one year, but likelihood of redemption within one year | 3,400 | ||
Structured notes | |||
Long-term debt by maturities | |||
Next twelve months | 12,299 | ||
Year two | 8,788 | ||
Year three | 5,132 | ||
Year four | 3,508 | ||
Year five | 3,956 | ||
Thereafter | 13,356 | ||
Long-term debt | 47,039 | 49,435 | |
Structured notes | Equity | |||
Long-term debt by maturities | |||
Long-term debt | 29,907 | 31,666 | |
Structured notes | Fixed income | |||
Long-term debt by maturities | |||
Long-term debt | 13,882 | 13,558 | |
Structured notes | Credit | |||
Long-term debt by maturities | |||
Long-term debt | 2,881 | 3,734 | |
Structured notes | Other | |||
Long-term debt by maturities | |||
Long-term debt | 369 | 477 | |
Group Parent Company, intercompany transactions excluded | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 1,447 | ||
Year three | 10,445 | ||
Year four | 6,174 | ||
Year five | 9,431 | ||
Thereafter | 27,029 | ||
Long-term debt | SFr 54,526 | ||
Group Parent Company, intercompany transactions excluded | Senior notes | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.80% | 0.80% | |
Group Parent Company, intercompany transactions excluded | Senior notes | Debt Instrument, Redemption, Period Three [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 Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.80% | 3.80% | |
Group Parent Company, intercompany transactions excluded | Senior notes | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.00% | 1.00% | |
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) | 4.20% | 4.20% | |
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) | 1.30% | 1.30% | |
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) | 3.80% | 3.80% | |
Group Parent Company, intercompany transactions excluded | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.70% | 0.70% | |
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 Two [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 Three [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 Three [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, Period Four [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, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.30% | 6.30% | |
Group Parent Company, intercompany transactions excluded | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.00% | 3.00% | |
Group Parent Company, intercompany transactions excluded | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.30% | 7.30% | |
Group Parent Company, intercompany transactions excluded | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.50% | 4.50% | |
Group Parent Company, intercompany transactions excluded | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.40% | 6.40% | |
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 | 5,608 | ||
Year four | 1,258 | ||
Year five | 7,431 | ||
Thereafter | 21,707 | ||
Long-term debt | 36,004 | ||
Group Parent Company, intercompany transactions excluded | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 1,394 | ||
Year three | 4,309 | ||
Year four | 3,208 | ||
Year five | 2,000 | ||
Thereafter | 5,322 | ||
Long-term debt | 16,233 | ||
Group Parent Company, intercompany transactions excluded | Variable rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 0 | ||
Year two | 53 | ||
Year three | 528 | ||
Year four | 1,708 | ||
Year five | 0 | ||
Thereafter | 0 | ||
Long-term debt | 2,289 | ||
Group subsidiaries | |||
Long-term debt by maturities | |||
Next twelve months | 24,983 | ||
Year two | 22,610 | ||
Year three | 12,558 | ||
Year four | 8,035 | ||
Year five | 8,750 | ||
Thereafter | 29,625 | ||
Long-term debt | SFr 106,561 | ||
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.00% | 4.00% | |
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) | 8.20% | 8.20% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.20% | 2.20% | |
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) | 3.60% | 3.60% | |
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) | 3.50% | 3.50% | |
Group subsidiaries | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
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] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.50% | 2.50% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.70% | 4.70% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.80% | 3.80% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.60% | 0.60% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.50% | 6.50% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 3.50% | 3.50% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 5.70% | 5.70% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.40% | 0.40% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 5.90% | 5.90% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.90% | 0.90% | |
Group subsidiaries | Subordinated | Debt Instrument, Redemption, Thereafter [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 One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.70% | 6.70% | |
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) | 10.30% | 10.30% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.30% | 1.30% | |
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) | 2.90% | 2.90% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.90% | 1.90% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Group subsidiaries | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.70% | 10.70% | |
Group subsidiaries | Fixed rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | SFr 9,364 | ||
Year two | 4,581 | ||
Year three | 1,873 | ||
Year four | 3,856 | ||
Year five | 2,398 | ||
Thereafter | 13,931 | ||
Long-term debt | 36,003 | ||
Group subsidiaries | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 1,342 | ||
Year two | 5,069 | ||
Year three | 2,394 | ||
Year four | 23 | ||
Year five | 9 | ||
Thereafter | 131 | ||
Long-term debt | 8,968 | ||
Group subsidiaries | Fixed rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 7 | ||
Year two | 128 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 208 | ||
Thereafter | 0 | ||
Long-term debt | 343 | ||
Group subsidiaries | Variable rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 13,380 | ||
Year two | 12,615 | ||
Year three | 8,274 | ||
Year four | 4,131 | ||
Year five | 6,117 | ||
Thereafter | 14,243 | ||
Long-term debt | 58,760 | ||
Group subsidiaries | Variable rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 881 | ||
Year two | 195 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 4 | ||
Thereafter | 4 | ||
Long-term debt | 1,084 | ||
Group subsidiaries | Variable rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 9 | ||
Year two | 22 | ||
Year three | 17 | ||
Year four | 25 | ||
Year five | 14 | ||
Thereafter | 1,316 | ||
Long-term debt | 1,403 | ||
Bank | |||
Long-term debt by maturities | |||
Next twelve months | 24,986 | ||
Year two | 25,379 | ||
Year three | 20,735 | ||
Year four | 14,228 | ||
Year five | 18,269 | ||
Thereafter | 56,682 | ||
Long-term debt | 160,279 | 151,000 | |
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 3,400 | ||
Bank | Senior notes | Debt Instrument, Redemption, Period One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.00% | 4.00% | |
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) | 8.20% | 8.20% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Senior notes | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.20% | 2.20% | |
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) | 3.60% | 3.60% | |
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) | 3.50% | 3.50% | |
Bank | Senior notes | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
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] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 2.50% | 2.50% | |
Bank | Subordinated | Debt Instrument, Redemption, Period One [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 4.70% | 4.70% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.10% | 0.10% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.10% | 7.10% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.60% | 0.60% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Three [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 8.00% | 8.00% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.80% | 0.80% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Four [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.50% | 6.50% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.40% | 0.40% | |
Bank | Subordinated | Debt Instrument, Redemption, Period Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 7.30% | 7.30% | |
Bank | Subordinated | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.70% | 0.70% | |
Bank | Subordinated | Debt Instrument, Redemption, Thereafter [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 One [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 6.70% | 6.70% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period One [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, Period Two [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.30% | 1.30% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Period Two [Member] | Maximum | |||
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 Five [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 1.90% | 1.90% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Minimum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 0.00% | 0.00% | |
Bank | Non-recourse liabilities from consolidated VIEs | Debt Instrument, Redemption, Thereafter [Member] | Maximum | |||
Long-term debt by maturities | |||
Interest rate (as a percent) | 10.70% | 10.70% | |
Bank | Structured notes | |||
Long-term debt by maturities | |||
Next twelve months | SFr 12,299 | ||
Year two | 8,788 | ||
Year three | 5,132 | ||
Year four | 3,508 | ||
Year five | 3,956 | ||
Thereafter | 13,356 | ||
Long-term debt | 47,039 | 49,435 | |
Bank | Structured notes | Equity | |||
Long-term debt by maturities | |||
Long-term debt | 29,907 | 31,666 | |
Bank | Structured notes | Fixed income | |||
Long-term debt by maturities | |||
Long-term debt | 13,882 | 13,558 | |
Bank | Structured notes | Credit | |||
Long-term debt by maturities | |||
Long-term debt | 2,881 | 3,734 | |
Bank | Structured notes | Other | |||
Long-term debt by maturities | |||
Long-term debt | 369 | SFr 477 | |
Bank | Fixed rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 9,367 | ||
Year two | 4,583 | ||
Year three | 1,892 | ||
Year four | 3,856 | ||
Year five | 2,425 | ||
Thereafter | 13,957 | ||
Long-term debt | 36,080 | ||
Bank | Fixed rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 1,342 | ||
Year two | 7,343 | ||
Year three | 10,464 | ||
Year four | 4,508 | ||
Year five | 9,501 | ||
Thereafter | 27,162 | ||
Long-term debt | 60,320 | ||
Bank | Fixed rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 7 | ||
Year two | 128 | ||
Year three | 0 | ||
Year four | 0 | ||
Year five | 208 | ||
Thereafter | 0 | ||
Long-term debt | 343 | ||
Bank | Variable rate | Senior notes | |||
Long-term debt by maturities | |||
Next twelve months | 13,380 | ||
Year two | 12,615 | ||
Year three | 8,274 | ||
Year four | 4,131 | ||
Year five | 6,117 | ||
Thereafter | 14,171 | ||
Long-term debt | 58,688 | ||
Bank | Variable rate | Subordinated | |||
Long-term debt by maturities | |||
Next twelve months | 881 | ||
Year two | 688 | ||
Year three | 88 | ||
Year four | 1,708 | ||
Year five | 4 | ||
Thereafter | 76 | ||
Long-term debt | 3,445 | ||
Bank | Variable rate | Non-recourse liabilities from consolidated VIEs | |||
Long-term debt by maturities | |||
Next twelve months | 9 | ||
Year two | 22 | ||
Year three | 17 | ||
Year four | 25 | ||
Year five | 14 | ||
Thereafter | 1,316 | ||
Long-term debt | SFr 1,403 |
Accumulated other comprehensi_3
Accumulated other comprehensive income (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | SFr (20,269) | ||
Balance at end of period | (23,150) | SFr (20,269) | |
Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 28 | (72) | SFr (62) |
Increase/(decrease) | 91 | 65 | (114) |
Increase/(decrease) due to equity method investments | 10 | (10) | |
Reclassification adjustments, included in net income | 87 | 25 | 114 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | 178 | 100 | (10) |
Balance at end of period | 206 | 28 | (72) |
Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (14,469) | (13,442) | (13,119) |
Increase/(decrease) | (3,076) | (1,015) | (342) |
Increase/(decrease) due to equity method investments | (18) | 0 | |
Reclassification adjustments, included in net income | 17 | 6 | 19 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (3,059) | (1,027) | (323) |
Balance at end of period | (17,528) | (14,469) | (13,442) |
Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 30 | 10 | 48 |
Increase/(decrease) | (49) | 20 | (10) |
Increase/(decrease) due to equity method investments | 0 | 0 | |
Reclassification adjustments, included in net income | 32 | 0 | (7) |
Cumulative effect of accounting changes, net of tax | 0 | (21) | |
Total increase/(decrease) | (17) | 20 | (38) |
Balance at end of period | 13 | 30 | 10 |
Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (3,690) | (3,974) | (3,583) |
Increase/(decrease) | (327) | 44 | (710) |
Increase/(decrease) due to equity method investments | 0 | 0 | |
Reclassification adjustments, included in net income | 290 | 282 | 319 |
Cumulative effect of accounting changes, net of tax | (42) | 0 | |
Total increase/(decrease) | (37) | 284 | (391) |
Balance at end of period | (3,727) | (3,690) | (3,974) |
Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 604 | 387 | 522 |
Increase/(decrease) | (5) | 338 | (26) |
Increase/(decrease) due to equity method investments | 0 | 0 | |
Reclassification adjustments, included in net income | (143) | (121) | (109) |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (148) | 217 | (135) |
Balance at end of period | 456 | 604 | 387 |
Accumulated Gains (Losses) On Liabilities Related To Credit Risk | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (2,772) | (890) | (2,544) |
Increase/(decrease) | 45 | (2,053) | 1,605 |
Increase/(decrease) due to equity method investments | 0 | 0 | |
Reclassification adjustments, included in net income | 157 | 193 | 49 |
Cumulative effect of accounting changes, net of tax | (22) | 0 | |
Total increase/(decrease) | 202 | (1,882) | 1,654 |
Balance at end of period | (2,570) | (2,772) | (890) |
Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (20,269) | (17,981) | (18,738) |
Increase/(decrease) | (3,321) | (2,601) | 403 |
Increase/(decrease) due to equity method investments | (8) | (10) | |
Reclassification adjustments, included in net income | 440 | 385 | 385 |
Cumulative effect of accounting changes, net of tax | (64) | (21) | |
Total increase/(decrease) | (2,881) | (2,288) | 757 |
Balance at end of period | (23,150) | (20,269) | (17,981) |
Bank | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (17,546) | ||
Balance at end of period | (20,239) | (17,546) | |
Bank | Gains/(losses) on cash flow hedges | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 28 | (58) | (51) |
Increase/(decrease) | 90 | 65 | (115) |
Reclassification adjustments, included in net income | 87 | 21 | 108 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | 177 | 86 | (7) |
Balance at end of period | 205 | 28 | (58) |
Bank | Cumulative translation adjustments | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (14,560) | (13,573) | (13,248) |
Increase/(decrease) | (2,974) | (990) | (344) |
Reclassification adjustments, included in net income | 17 | 3 | 19 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (2,957) | (987) | (325) |
Balance at end of period | (17,517) | (14,560) | (13,573) |
Bank | Unrealized gains/(losses) on securities | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | 30 | 9 | 48 |
Increase/(decrease) | (49) | 21 | (11) |
Reclassification adjustments, included in net income | 32 | 0 | (7) |
Cumulative effect of accounting changes, net of tax | 0 | (21) | |
Total increase/(decrease) | (17) | 21 | (39) |
Balance at end of period | 13 | 30 | 9 |
Bank | Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (417) | (350) | (381) |
Increase/(decrease) | (55) | (42) | (18) |
Reclassification adjustments, included in net income | 12 | 17 | 49 |
Cumulative effect of accounting changes, net of tax | (42) | 0 | |
Total increase/(decrease) | (43) | (67) | 31 |
Balance at end of period | (460) | (417) | (350) |
Bank | Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (7) | (8) | 2 |
Increase/(decrease) | (4) | 0 | (10) |
Reclassification adjustments, included in net income | 0 | 1 | 0 |
Cumulative effect of accounting changes, net of tax | 0 | 0 | |
Total increase/(decrease) | (4) | 1 | (10) |
Balance at end of period | (11) | (7) | (8) |
Bank | Accumulated Gains (Losses) On Liabilities Related To Credit Risk | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (2,620) | (860) | (2,302) |
Increase/(decrease) | (6) | (1,931) | 1,394 |
Reclassification adjustments, included in net income | 157 | 193 | 48 |
Cumulative effect of accounting changes, net of tax | (22) | 0 | |
Total increase/(decrease) | 151 | (1,760) | 1,442 |
Balance at end of period | (2,469) | (2,620) | (860) |
Bank | Accumulated other comprehensive income | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
Balance at beginning of period | (17,546) | (14,840) | (15,932) |
Increase/(decrease) | (2,998) | (2,877) | 896 |
Reclassification adjustments, included in net income | 305 | 235 | 217 |
Cumulative effect of accounting changes, net of tax | (64) | (21) | |
Total increase/(decrease) | (2,693) | (2,706) | 1,092 |
Balance at end of period | SFr (20,239) | SFr (17,546) | SFr (14,840) |
AOCI - Additional share informa
AOCI - Additional share information (Details 2) - SFr / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Common shares issued | ||||
Common Stock, Shares, Issued, Beginning Balance | 2,556,011,720 | 2,556,011,720 | 2,556,011,720 | |
Cancellation of repurchased shares | (108,264,000) | 0 | 0 | |
Common Stock, Shares, Issued, Ending Balance | 2,447,747,720 | 2,556,011,720 | 2,556,011,720 | |
Treasury shares | ||||
Treasury Stock, Shares, Beginning Balance | 119,761,811 | 5,427,691 | 5,757,666 | |
Sale of treasury shares | 1,222,417,138 | 795,576,688 | 770,559,108 | |
Repurchase of treasury shares | 1,303,331,434 | 951,743,509 | 816,841,331 | |
Cancellation of repurchased shares | 108,264,000 | 0 | 0 | |
Share-based compensation, net of tax | 50,809,266 | 41,832,701 | 46,612,198 | |
Treasury Stock, Shares, Ending Balance | 41,602,841 | 119,761,811 | 5,427,691 | |
Common shares outstanding | 2,406,144,879 | 2,436,249,909 | 2,550,584,029 | |
Par value (in CHF per share) | SFr 0.04 | SFr 0.04 | ||
Authorized shares (in shares) | [1] | 3,100,747,720 | 3,209,011,720 | |
Unissued shares (in shares) | 653,000,000 | 653,000,000 | ||
Capital Instrument Reserved | ||||
Treasury shares | ||||
Unissued shares (in shares) | 111,193,477 | 111,193,477 | ||
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, 2020. 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification adjustments, included in net income | |||
Income tax expense/(benefit) | SFr 801 | SFr 1,295 | SFr 1,361 |
Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 87 | 25 | 114 |
Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 17 | 6 | 19 |
Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 32 | 0 | (7) |
Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 440 | 385 | 385 |
Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | (143) | (121) | (109) |
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 | (176) | (153) | (138) |
Income tax expense/(benefit) | 33 | 32 | 29 |
Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 290 | 282 | 319 |
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 | 355 | 355 | 396 |
Income tax expense/(benefit) | (65) | (73) | (77) |
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) | 697 | 1,298 | 1,134 |
Bank | Gains/(losses) on cash flow hedges | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 87 | 21 | 108 |
Bank | Cumulative translation adjustments | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 17 | 3 | 19 |
Bank | Unrealized gains/(losses) on securities | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 32 | 0 | (7) |
Bank | Accumulated other comprehensive income | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 305 | 235 | 217 |
Bank | Net prior service credit/ (cost) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 0 | 1 | 0 |
Bank | Actuarial gains/(losses) | |||
Reclassification adjustments, included in net income | |||
Reclassification adjustments, included in net income | 12 | 17 | 49 |
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 | 13 | 22 | 55 |
Income tax expense/(benefit) | SFr (1) | SFr (5) | (6) |
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, 2020 | Dec. 31, 2019 |
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 135,000 | SFr 111,400 |
Offsetting | (120,600) | (97,900) |
of which counterparty netting | (103,200) | (83,200) |
of which cash collateral netting | (17,400) | (14,700) |
Total net derivatives subject to enforceable master netting agreements | 14,400 | 13,500 |
Total derivatives not subject to enforceable master netting agreements | 11,200 | 4,400 |
Total net derivatives presented in the consolidated balance sheets | 25,600 | 17,900 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 55,800 | 80,600 |
Securities purchased under resale agreements, offsetting | (7,500) | (10,900) |
Securities purchased under resale agreements, net | 48,300 | 69,700 |
Securities borrowing transactions, gross | 11,900 | 12,300 |
Securities borrowing transactions, offsetting | (400) | (500) |
Securities borrowing transactions, net | 11,500 | 11,800 |
Total subject to enforceable master netting agreements, gross | 67,700 | 92,900 |
Total subject to enforceable master netting agreements, offsetting | (7,900) | (11,400) |
Total subject to enforceable master netting agreements, net | 59,800 | 81,500 |
Total not subject to enforceable master netting agreements | 19,300 | 25,500 |
Total, gross | 87,000 | 118,400 |
Total, net | 79,100 | 107,000 |
of which reported at fair value | 57,994 | 85,556 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 14,400 | 13,500 |
Derivatives, financial instruments | 5,500 | 4,400 |
Derivatives, cash collateral received/pledged | 100 | 0 |
Derivatives, net exposure | 8,800 | 9,100 |
Securities purchased under resale agreements, net | 48,300 | 69,700 |
Securities purchased under resale agreements, financial instruments | 48,300 | 69,700 |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 0 |
Securities purchased under resale agreements, net exposure | 0 | 0 |
Securities borrowing transactions, net | 11,500 | 11,800 |
Securities borrowing transactions, financial instruments | 11,100 | 11,200 |
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 |
Securities borrowing transactions, net exposure | 400 | 600 |
Total financial assets subject to enforceable master netting agreements, net | 74,200 | 95,000 |
Total financial assets subject to enforceable master netting agreements, financial instruments | 64,900 | 85,300 |
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 | 9,200 | 9,700 |
Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 25,500 | 17,700 |
Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 100 | 200 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 7,000 | 6,700 |
Offsetting | (6,200) | (6,000) |
Total net derivatives subject to enforceable master netting agreements | 800 | 700 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 800 | 700 |
OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 107,500 | 99,100 |
Offsetting | (94,400) | (87,000) |
Total net derivatives subject to enforceable master netting agreements | 13,100 | 12,100 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 13,100 | 12,100 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 20,500 | 5,600 |
Offsetting | (20,000) | (4,900) |
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 | 74,800 | 67,800 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 6,100 | 3,800 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 68,200 | 63,700 |
Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 500 | 300 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 23,300 | 21,100 |
Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 200 | 100 |
Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 23,100 | 21,000 |
Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 30,600 | 15,400 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 10,700 | 10,100 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 19,900 | 5,300 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 4,600 | 5,900 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 700 | 2,800 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 3,900 | 3,100 |
Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,700 | 1,200 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,600 | 1,200 |
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 | 135,000 | 111,400 |
Offsetting | (120,600) | (97,900) |
of which counterparty netting | (103,200) | (83,200) |
of which cash collateral netting | (17,400) | (14,700) |
Total net derivatives subject to enforceable master netting agreements | 14,400 | 13,500 |
Total derivatives not subject to enforceable master netting agreements | 11,200 | 4,400 |
Total net derivatives presented in the consolidated balance sheets | 25,600 | 17,900 |
Offsetting of securities purchased under resale agreements and securities borrowing transactions | ||
Securities purchased under resale agreements, gross | 55,800 | 80,600 |
Securities purchased under resale agreements, offsetting | (7,500) | (10,900) |
Securities purchased under resale agreements, net | 48,300 | 69,700 |
Securities borrowing transactions, gross | 11,900 | 12,300 |
Securities borrowing transactions, offsetting | (400) | (500) |
Securities borrowing transactions, net | 11,500 | 11,800 |
Total subject to enforceable master netting agreements, gross | 67,700 | 92,900 |
Total subject to enforceable master netting agreements, offsetting | (7,900) | (11,400) |
Total subject to enforceable master netting agreements, net | 59,800 | 81,500 |
Total not subject to enforceable master netting agreements | 19,300 | 25,500 |
Total, gross | 87,000 | 118,400 |
Total, net | 79,100 | 107,000 |
of which reported at fair value | 57,994 | 85,556 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 14,400 | 13,500 |
Derivatives, financial instruments | 5,500 | 4,400 |
Derivatives, cash collateral received/pledged | 100 | 0 |
Derivatives, net exposure | 8,800 | 9,100 |
Securities purchased under resale agreements, net | 48,300 | 69,700 |
Securities purchased under resale agreements, financial instruments | 48,300 | 69,700 |
Securities purchased under resale agreements, cash collateral received/pledged | 0 | 0 |
Securities purchased under resale agreements, net exposure | 0 | 0 |
Securities borrowing transactions, net | 11,500 | 11,800 |
Securities borrowing transactions, financial instruments | 11,100 | 11,200 |
Securities borrowing transactions, cash collateral received/pledged | 0 | 0 |
Securities borrowing transactions, net exposure | 400 | 600 |
Total financial assets subject to enforceable master netting agreements, net | 74,200 | 95,000 |
Total financial assets subject to enforceable master netting agreements, financial instruments | 64,900 | 85,300 |
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 | 9,200 | 9,700 |
Bank | Trading assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 25,500 | 17,700 |
Bank | Other assets | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 100 | 200 |
Bank | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 7,000 | 6,800 |
Offsetting | (6,200) | (6,000) |
Total net derivatives subject to enforceable master netting agreements | 800 | 800 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 800 | 800 |
Bank | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 107,500 | 99,000 |
Offsetting | (94,400) | (87,000) |
Total net derivatives subject to enforceable master netting agreements | 13,100 | 12,000 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 13,100 | 12,000 |
Bank | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 20,500 | 5,600 |
Offsetting | (20,000) | (4,900) |
Total net derivatives subject to enforceable master netting agreements | 500 | 700 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 500 | 700 |
Bank | Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 74,800 | 67,800 |
Bank | Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 6,100 | 3,900 |
Bank | Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 68,200 | 63,600 |
Bank | Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 500 | 300 |
Bank | Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 23,300 | 21,100 |
Bank | Foreign exchange derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 200 | 100 |
Bank | Foreign exchange derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 23,100 | 21,000 |
Bank | Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 30,600 | 15,400 |
Bank | Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 10,700 | 10,100 |
Bank | Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 19,900 | 5,300 |
Bank | Credit derivatives | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 4,600 | 5,900 |
Bank | Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 700 | 2,800 |
Bank | Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 3,900 | 3,100 |
Bank | Other products | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,700 | 1,200 |
Bank | Other products | OTC | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | 1,600 | 1,200 |
Bank | Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative assets, gross, subject to enforceable master netting agreements | SFr 100 | SFr 0 |
Offsetting of financial liabili
Offsetting of financial liabilities (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 140,700 | SFr 113,600 |
Offsetting | (130,000) | (103,800) |
of which counterparty netting | (103,200) | (83,200) |
of which cash collateral netting | (26,800) | (20,600) |
Total net derivatives subject to enforceable master netting agreements | 10,700 | 9,800 |
Total derivatives not subject to enforceable master netting agreements | 6,800 | 3,700 |
Total net derivatives presented in the consolidated balance sheets | 17,500 | 13,500 |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Securities sold under repurchase agreements, gross | 26,000 | 28,000 |
Securities sold under repurchase agreements, offsetting | (7,900) | (11,400) |
Securities sold under repurchase agreements, net | 18,100 | 16,600 |
Securities lending transactions, gross | 3,500 | 5,500 |
Securities lending transactions, offsetting | 0 | 0 |
Securities lending transactions, net | 3,500 | 5,500 |
Obligation to return securities received as collateral, at fair value, gross | 49,900 | 39,000 |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net | 49,900 | 39,000 |
Total subject to enforceable master netting agreements, gross | 79,400 | 72,500 |
Total subject to enforceable master netting agreements, offsetting | (7,900) | (11,400) |
Total subject to enforceable master netting agreements, net | 71,500 | 61,100 |
Total not subject to enforceable master netting agreements | 3,100 | 2,000 |
Total, gross | 82,500 | 74,500 |
Total, net | 74,600 | 63,100 |
of which reported at fair value | 13,594 | 10,715 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 10,700 | 9,800 |
Derivatives, financial instruments | 2,200 | 1,700 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 8,500 | 8,100 |
Securities sold under repurchase agreements, net | 18,100 | 16,600 |
Securities sold under repurchase agreements, financial instruments | 18,100 | 16,600 |
Securities sold under repurchase agreements, cash collateral received/pledged | 0 | 0 |
Securities sold under repurchase agreements, net exposure | 0 | 0 |
Securities lending transactions, net | 3,500 | 5,500 |
Securities lending transactions, financial instruments | 3,200 | 4,500 |
Securities lending transactions, cash collateral received/pledged | 0 | 0 |
Securities lending transactions, net exposure | 300 | 1,000 |
Obligation to return securities received as collateral, at fair value, net | 49,900 | 39,000 |
Obligation to return securities received as collateral, financial instruments | 43,400 | 33,000 |
Obligation to return securities received as collateral, cash collateral received/pledged | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net exposure | 6,500 | 6,000 |
Total financial liabilities subject to enforceable master netting agreements, net | 82,200 | 70,900 |
Total financial liabilities subject to enforceable master netting agreements, financial instruments | 66,900 | 55,800 |
Total financial liabilities subject to enforceable master netting agreements, cash collateral received/pledged | 0 | 0 |
Total financial liabilities subject to enforceable master netting agreements, net exposure | 15,300 | 15,100 |
Trading liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 17,500 | 13,500 |
Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 0 | 0 |
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 | (7,900) | (11,400) |
Total, gross | 31,700 | 34,300 |
Total, net | 23,800 | 22,900 |
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 | 50,800 | 40,200 |
Total, net | 50,800 | 40,200 |
OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 5,500 | 6,200 |
Offsetting | (5,400) | (5,300) |
Total net derivatives subject to enforceable master netting agreements | 100 | 900 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 100 | 900 |
OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 114,100 | 102,200 |
Offsetting | (104,300) | (93,600) |
Total net derivatives subject to enforceable master netting agreements | 9,800 | 8,600 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 9,800 | 8,600 |
Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 21,100 | 5,200 |
Offsetting | (20,300) | (4,900) |
Total net derivatives subject to enforceable master netting agreements | 800 | 300 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 800 | 300 |
Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 70,900 | 65,100 |
Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,600 | 3,000 |
Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 65,700 | 61,900 |
Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 600 | 200 |
Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 27,900 | 25,600 |
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 | 27,700 | 25,400 |
Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 35,500 | 15,400 |
Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 15,100 | 10,400 |
Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 20,400 | 5,000 |
Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 5,600 | 7,000 |
Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 700 | 3,000 |
Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,900 | 4,000 |
Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 800 | 500 |
Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 700 | 500 |
Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 100 | 0 |
Bank | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 140,800 | 113,600 |
Offsetting | (130,100) | (103,800) |
of which counterparty netting | (103,200) | (83,200) |
of which cash collateral netting | (26,900) | (20,600) |
Total net derivatives subject to enforceable master netting agreements | 10,700 | 9,800 |
Total derivatives not subject to enforceable master netting agreements | 6,800 | 3,700 |
Total net derivatives presented in the consolidated balance sheets | 17,500 | 13,500 |
Offsetting of securities sold under repurchase agreements, securities lending transactions and obligation to return securities received as collateral | ||
Securities sold under repurchase agreements, gross | 26,100 | 28,100 |
Securities sold under repurchase agreements, offsetting | (7,900) | (11,400) |
Securities sold under repurchase agreements, net | 18,200 | 16,700 |
Securities lending transactions, gross | 3,500 | 5,500 |
Securities lending transactions, offsetting | 0 | 0 |
Securities lending transactions, net | 3,500 | 5,500 |
Obligation to return securities received as collateral, at fair value, gross | 49,900 | 39,000 |
Obligation to return securities received as collateral, at fair value, offsetting | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net | 49,900 | 39,000 |
Total subject to enforceable master netting agreements, gross | 79,500 | 72,600 |
Total subject to enforceable master netting agreements, offsetting | (7,900) | (11,400) |
Total subject to enforceable master netting agreements, net | 71,600 | 61,200 |
Total not subject to enforceable master netting agreements | 3,100 | 2,000 |
Total, gross | 82,600 | 74,600 |
Total, net | 74,700 | 63,200 |
of which reported at fair value | 13,688 | 10,823 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 10,700 | 9,800 |
Derivatives, financial instruments | 2,200 | 1,700 |
Derivatives, cash collateral received/pledged | 0 | 0 |
Derivatives, net exposure | 8,500 | 8,100 |
Securities sold under repurchase agreements, net | 18,200 | 16,700 |
Securities sold under repurchase agreements, financial instruments | 18,200 | 16,700 |
Securities sold under repurchase agreements, cash collateral received/pledged | 0 | 0 |
Securities sold under repurchase agreements, net exposure | 0 | 0 |
Securities lending transactions, net | 3,500 | 5,500 |
Securities lending transactions, financial instruments | 3,200 | 4,500 |
Securities lending transactions, cash collateral received/pledged | 0 | 0 |
Securities lending transactions, net exposure | 300 | 1,000 |
Obligation to return securities received as collateral, at fair value, net | 49,900 | 39,000 |
Obligation to return securities received as collateral, financial instruments | 43,400 | 33,000 |
Obligation to return securities received as collateral, cash collateral received/pledged | 0 | 0 |
Obligation to return securities received as collateral, at fair value, net exposure | 6,500 | 6,000 |
Total financial liabilities subject to enforceable master netting agreements, net | 82,300 | 71,000 |
Total financial liabilities subject to enforceable master netting agreements, financial instruments | 67,000 | 55,900 |
Total financial liabilities subject to enforceable master netting agreements, cash collateral received/pledged | 0 | 0 |
Total financial liabilities subject to enforceable master netting agreements, net exposure | 15,300 | 15,100 |
Bank | Trading liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 17,500 | 13,500 |
Bank | Other liabilities | ||
Offsetting of derivatives | ||
Total net derivatives presented in the consolidated balance sheets | 0 | 0 |
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 | (7,900) | (11,400) |
Total, gross | 31,800 | 34,400 |
Total, net | 23,900 | 23,000 |
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 | 50,800 | 40,200 |
Total, net | 50,800 | 40,200 |
Bank | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 5,500 | 6,200 |
Offsetting | (5,400) | (5,300) |
Total net derivatives subject to enforceable master netting agreements | 100 | 900 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 100 | 900 |
Bank | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 114,200 | 102,200 |
Offsetting | (104,400) | (93,600) |
Total net derivatives subject to enforceable master netting agreements | 9,800 | 8,600 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 9,800 | 8,600 |
Bank | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 21,100 | 5,200 |
Offsetting | (20,300) | (4,900) |
Total net derivatives subject to enforceable master netting agreements | 800 | 300 |
Amounts not offset in the consolidated balance sheets | ||
Derivatives, net | 800 | 300 |
Bank | Interest rate derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 70,900 | 65,100 |
Bank | Interest rate derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,600 | 3,000 |
Bank | Interest rate derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 65,700 | 61,900 |
Bank | Interest rate derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 600 | 200 |
Bank | Foreign exchange derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 27,900 | 25,600 |
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 | 27,700 | 25,400 |
Bank | Equity/index-related derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 35,500 | 15,400 |
Bank | Equity/index-related derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 15,100 | 10,400 |
Bank | Equity/index-related derivatives | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 20,400 | 5,000 |
Bank | Credit derivatives | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 5,600 | 7,000 |
Bank | Credit derivatives | OTC-cleared | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 700 | 3,000 |
Bank | Credit derivatives | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 4,900 | 4,000 |
Bank | Other products | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 900 | 500 |
Bank | Other products | OTC | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | 800 | 500 |
Bank | Other products | Exchange-traded | ||
Offsetting of derivatives | ||
Derivative liabilities, gross, subject to enforceable master netting agreements | SFr 100 | SFr 0 |
Tax - Income statement related_
Tax - Income statement related/reconciliation of tax rate (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income from continuing operations before taxes (CHF) | |||
Switzerland | SFr 1,770 | SFr 2,985 | SFr 1,924 |
Foreign | 1,697 | 1,735 | 1,448 |
Income/(loss) before taxes | 3,467 | 4,720 | 3,372 |
Current and deferred taxes | |||
Switzerland | 163 | 175 | 135 |
Foreign | 204 | 531 | 426 |
Current income tax expense | 367 | 706 | 561 |
Switzerland | 450 | 171 | 479 |
Foreign | (16) | 418 | 321 |
Deferred income tax expense | 434 | 589 | 800 |
Income tax expense | 801 | 1,295 | 1,361 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Gains/(losses) on cash flow hedges | 25 | 13 | (28) |
Cumulative translation adjustment | 0 | (4) | (7) |
Unrealized gains/(losses) on securities | (6) | 7 | (5) |
Actuarial gains/(losses), Tax | (18) | 99 | (102) |
Net prior service credit/(cost) | (33) | 58 | (33) |
Share-based compensation and treasury shares | (4) | (5) | 1 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Income tax expense computed at the statutory tax rate | 693 | 1,038 | 742 |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (62) | (101) | 107 |
of which total foreign tax expense | 188 | 949 | 747 |
Changes in tax law and rates | (6) | (28) | (2) |
Non-deductible amortization of other intangible assets and goodwill impairment | 0 | 1 | 3 |
Other non-deductible expenses | 254 | 371 | 457 |
of which non-deductible interest expenses | 117 | 274 | 325 |
of which resolution of interest cost deductibility with and between international tax authorities | 157 | ||
of which non-deductible bank levy costs and other non-deductible compensation expenses | 68 | 56 | 49 |
of which non-deductible expenses or non-deductible provision accruals | 46 | 15 | |
of which non-deductible other expenses | 23 | 34 | 0 |
of which contingency accrual relating to non-deductible interest expense | (41) | 28 | 92 |
Additional taxable income | 8 | 7 | 5 |
Lower taxed income | (234) | (325) | (190) |
of which tax benefit in respect to non-taxable dividend income | 45 | 66 | |
of which tax benefit related non-taxable life insurance income | 67 | 73 | 48 |
of which business transfer | (19) | (160) | |
of which exempt income | 14 | 23 | |
of which concessionary and lower taxed income | 67 | 26 | 33 |
of which revaluations of equity investments | 79 | ||
(Income)/loss taxable to non-controlling interests | 18 | 8 | 12 |
Changes in deferred tax valuation allowance | 322 | 116 | (106) |
Tax deductible impairments of Swiss subsidiary investments | 0 | 0 | (65) |
Change in recognition of outside basis difference | (9) | 4 | (32) |
(Windfall tax benefits)/shortfall tax charges on share-based compensation | 76 | 39 | 10 |
Other | (259) | 165 | 420 |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 26 | ||
of which benefit relating to return to accrual adjustments following the close of a tax audit cycle and the impact of the closure of an advanced pricing agreement | (53) | ||
of which tax (benefit)/charge from the impact of prior year adjustments | (82) | (20) | (76) |
of which tax benefit from the reduction in own-credit revaluation gains/(losses) | 14 | (58) | 130 |
of which tax impact of transitional adjustments arising from adoption of new accounting standards | 78 | 123 | 202 |
of which tax impact of the US Base Erosion and Anti-abuse Tax (BEAT), for 2020 | 26 | ||
of which tax impact of the US Base Erosion and Anti-abuse Tax (BEAT), for 2019 | (180) | 165 | 65 |
of which change in tax rules | (141) | ||
of which withholding taxes | 61 | ||
Income tax expense | 801 | 1,295 | 1,361 |
Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | SFr 1,770 | SFr 2,985 | SFr 1,924 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 20.00% | 22.00% | 22.00% |
Increase/(decrease) in income taxes resulting from: | |||
of which re-assessment of deferred tax assets in Switzerland reflecting changes in forecasted future profitability | SFr 252 | ||
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | SFr 56 | ||
Income Tax Reconciliation, Other, Benefit earnings mix from group of Swiss entities | (34) | ||
UK | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | SFr (157) | (191) | |
Japan, US, UK [Member] | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 273 | ||
UK and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 353 | 85 | |
UK and Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | (31) | ||
Asia Pacific | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | 244 | 112 | 78 |
Bank | |||
Income from continuing operations before taxes (CHF) | |||
Switzerland | 2,477 | 3,259 | 1,927 |
Foreign | 734 | 1,134 | 929 |
Income/(loss) before taxes | 3,211 | 4,393 | 2,856 |
Current and deferred taxes | |||
Switzerland | 151 | 164 | 126 |
Foreign | 188 | 518 | 416 |
Current income tax expense | 339 | 682 | 542 |
Switzerland | 367 | 194 | 266 |
Foreign | (9) | 422 | 326 |
Deferred income tax expense | 358 | 616 | 592 |
Income tax expense | 697 | 1,298 | 1,134 |
Income tax expense/(benefit) reported in shareholder's equity related to: | |||
Gains/(losses) on cash flow hedges | 25 | 13 | (28) |
Cumulative translation adjustment | 0 | (4) | (7) |
Unrealized gains/(losses) on securities | (6) | 7 | (5) |
Actuarial gains/(losses), Tax | (19) | 4 | 7 |
Net prior service credit/(cost) | 1 | 0 | 0 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Income tax expense computed at the statutory tax rate | 642 | 966 | 628 |
Increase/(decrease) in income taxes resulting from: | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (64) | (109) | 89 |
of which total foreign tax expense | 179 | 940 | 742 |
Changes in tax law and rates | (5) | 9 | (2) |
Non-deductible amortization of other intangible assets and goodwill impairment | 0 | 1 | 3 |
Other non-deductible expenses | 253 | 368 | 455 |
of which non-deductible interest expenses | 117 | 274 | 325 |
of which resolution of interest cost deductibility with and between international tax authorities | 157 | ||
of which non-deductible bank levy costs and other non-deductible compensation expenses | 68 | 56 | 49 |
of which non-deductible expenses or non-deductible provision accruals | 46 | 15 | |
of which non-deductible other expenses | 23 | 34 | |
of which contingency accrual relating to non-deductible interest expense | (41) | 28 | 92 |
Additional taxable income | 8 | 7 | 5 |
Lower taxed income | (221) | (314) | (187) |
of which tax benefit in respect to non-taxable dividend income | 45 | 66 | |
of which tax benefit related non-taxable life insurance income | 67 | 73 | 48 |
of which business transfer | (19) | (160) | |
of which exempt income | 14 | 23 | |
of which concessionary and lower taxed income | 53 | 20 | 33 |
of which revaluations of equity investments | 79 | ||
(Income)/loss taxable to non-controlling interests | 18 | 8 | 10 |
Changes in deferred tax valuation allowance | 281 | 114 | (115) |
Tax deductible impairments of Swiss subsidiary investments | 0 | 0 | (65) |
Change in recognition of outside basis difference | (13) | 4 | (32) |
(Windfall tax benefits)/shortfall tax charges on share-based compensation | 75 | 39 | 10 |
Other | (277) | 205 | 335 |
of which tax expense or benefit relating to the (establishment) or release of tax contingency accruals | 26 | ||
of which benefit relating to return to accrual adjustments following the close of a tax audit cycle and the impact of the closure of an advanced pricing agreement | (53) | ||
of which tax (benefit)/charge from the impact of prior year adjustments | (80) | (20) | (76) |
of which tax impact of transitional adjustments arising from adoption of new accounting standards | 78 | 123 | 202 |
of which tax impact of the US Base Erosion and Anti-abuse Tax (BEAT), for 2020 | 26 | ||
of which tax impact of the US Base Erosion and Anti-abuse Tax (BEAT), for 2019 | (180) | 165 | 65 |
of which change in tax rules | (141) | ||
of which withholding taxes | 61 | ||
Income tax expense | 697 | 1,298 | 1,134 |
Bank | Switzerland | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | SFr 2,477 | SFr 3,259 | SFr 1,927 |
Reconciliation of taxes computed at the Swiss statutory rate | |||
Swiss statutory rate (as a percent) | 20.00% | 22.00% | 22.00% |
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | SFr 76 | ||
of which re-assessment of deferred tax assets in Switzerland reflecting changes in forecasted future profitability | SFr 222 | ||
of which tax benefit relating to the re-assessment of deferred tax assets in Switzerland changes in forecasted future profitability | 56 | ||
Income Tax Reconciliation, Other, Benefit earnings mix from group of Swiss entities | (34) | ||
Bank | UK | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | SFr (158) | (191) | |
Bank | Japan, US, UK [Member] | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 272 | ||
Bank | UK and Switzerland | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | 312 | ||
Bank | UK and Hong Kong | |||
Increase/(decrease) in income taxes resulting from: | |||
Changes in deferred tax valuation allowance | (31) | ||
Bank | Asia Pacific | |||
Income from continuing operations before taxes (CHF) | |||
Income/(loss) before taxes | SFr 162 | SFr 360 | SFr 105 |
Tax - Balance sheet related (De
Tax - Balance sheet related (Details 2) SFr in Millions | 12 Months Ended | |||||
Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2018CHF (SFr) | |
Tax effect of temporary differences | ||||||
Compensation and benefits | SFr 931 | SFr 956 | ||||
Loans | 653 | 598 | ||||
Investment securities | 1,347 | 1,437 | ||||
Provisions | 999 | 769 | ||||
Leasing | 384 | 439 | ||||
Derivatives | 53 | 72 | ||||
Real estate | 175 | 189 | ||||
Net operating loss carry-forwards | 5,425 | 5,753 | ||||
Net operating loss carry-forwards, after allocation of valuation allowances | 1,070 | 1,465 | ||||
Goodwill and intangible assets | 209 | 405 | ||||
Other | 119 | 78 | ||||
Gross deferred tax assets before valuation allowance | 10,295 | 10,696 | ||||
Less valuation allowance | SFr (4,136) | SFr (4,021) | SFr (4,279) | (4,465) | (4,136) | SFr (4,021) |
Gross deferred tax assets net of valuation allowance | 5,830 | 6,560 | ||||
Compensation and benefits | (666) | (650) | ||||
Loans | (352) | (348) | ||||
Investment securities | (523) | (503) | ||||
Provisions | (333) | (337) | ||||
Derivatives | (231) | (224) | ||||
Leasing | (365) | (405) | ||||
Real estate | (36) | (35) | ||||
Other | (187) | (182) | ||||
Gross deferred tax liabilities | (2,693) | (2,684) | ||||
Net deferred tax assets | 3,137 | 3,876 | ||||
Net deferred tax assets change | (739) | |||||
Income tax effects allocated directly to equity share-based compensation pension plan remeasurement | 38 | |||||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (348) | |||||
Net deferred tax assets increase/(decrease) related to temporary differences and taxable income | (177) | |||||
Net operating loss carry-forwards | ||||||
Due to expire within 1 year | 17 | |||||
Due to expire within 2 to 5 years | 4,774 | |||||
Due to expire within 6 to 10 years | 4,145 | |||||
Due to expire within 11 to 20 years | 5,303 | |||||
Amount due to expire | 14,239 | |||||
Amount not due to expire | 16,162 | |||||
Total net operating loss carry-forwards | 30,401 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 4,136 | 4,021 | 4,279 | |||
Net changes | 329 | 115 | (258) | |||
Balance at end of period | 4,465 | 4,136 | 4,021 | |||
Tax benefits associated with share-based compensation | ||||||
Tax benefits recorded in the consolidated statements of operations | 264 | 263 | 242 | |||
Movements in gross unrecognized tax benefits | ||||||
Balance at beginning of period | 595 | 574 | 481 | |||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 14 | 27 | 10 | |||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | (249) | (64) | (2) | |||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 90 | 105 | 112 | |||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | (3) | 0 | 0 | |||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (17) | (35) | (4) | |||
Other (including foreign currency translation) | (48) | (12) | (23) | |||
Balance at end of period | 382 | 595 | 574 | |||
of which, if recognized, would affect the effective tax rate | 382 | 595 | 574 | |||
Interest and penalties | ||||||
Interest and penalties recognized in the consolidated statements of operations, Recoveries | (16) | (10) | (28) | |||
Interest and penalties recognized in the consolidated balance sheets | 61 | 77 | 87 | |||
US | ||||||
Tax effect of temporary differences | ||||||
Less valuation allowance | 0 | 0 | ||||
Net deferred tax assets | 3,040 | |||||
Movements in the valuation allowance | ||||||
Balance at end of period | SFr 0 | |||||
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 (252) | |||||
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 (606) | (606) | (606) | |||
Net deferred tax assets | 3,855 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 606 | |||||
Balance at end of period | 606 | |||||
Bank | ||||||
Tax effect of temporary differences | ||||||
Compensation and benefits | 916 | 950 | ||||
Loans | 342 | 341 | ||||
Investment securities | 1,347 | 1,437 | ||||
Provisions | 999 | 769 | ||||
Leasing | 254 | 302 | ||||
Derivatives | 51 | 72 | ||||
Real estate | 168 | 183 | ||||
Net operating loss carry-forwards | 5,278 | 5,657 | ||||
Net operating loss carry-forwards, after allocation of valuation allowances | 1,064 | 1,437 | ||||
Goodwill and intangible assets | 209 | 394 | ||||
Other | 107 | 66 | ||||
Gross deferred tax assets before valuation allowance | 9,671 | 10,171 | ||||
Less valuation allowance | (4,067) | (3,957) | (4,224) | (4,323) | (4,067) | (3,957) |
Gross deferred tax assets net of valuation allowance | 5,348 | 6,104 | ||||
Compensation and benefits | (304) | (301) | ||||
Loans | (60) | (108) | ||||
Investment securities | (523) | (502) | ||||
Provisions | (332) | (336) | ||||
Derivatives | (211) | (214) | ||||
Leasing | (233) | (267) | ||||
Real estate | (36) | (35) | ||||
Other | (176) | (171) | ||||
Gross deferred tax liabilities | (1,875) | (1,934) | ||||
Net deferred tax assets | 3,473 | 4,170 | ||||
Net deferred tax assets change | (697) | |||||
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (345) | |||||
Net deferred tax assets increase/(decrease) related to temporary differences and taxable income | 130 | |||||
Net operating loss carry-forwards | ||||||
Due to expire within 1 year | 17 | |||||
Due to expire within 2 to 5 years | 4,157 | |||||
Due to expire within 6 to 10 years | 3,720 | |||||
Due to expire within 11 to 20 years | 5,303 | |||||
Amount due to expire | 13,197 | |||||
Amount not due to expire | 16,156 | |||||
Total net operating loss carry-forwards | 29,353 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | 4,067 | 3,957 | 4,224 | |||
Net changes | 256 | 110 | (267) | |||
Balance at end of period | 4,323 | 4,067 | 3,957 | |||
Tax benefits associated with share-based compensation | ||||||
Tax benefits recorded in the consolidated statements of operations | 252 | 256 | 236 | |||
Movements in gross unrecognized tax benefits | ||||||
Balance at beginning of period | 595 | 574 | 481 | |||
Increases in unrecognized tax benefits as a result of tax positions taken during a prior period | 14 | 27 | 10 | |||
Decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | (249) | (64) | (2) | |||
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | 90 | 105 | 112 | |||
Decreases in unrecognized tax benefits relating to settlements with tax authorities | (3) | 0 | 0 | |||
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (17) | (35) | (4) | |||
Other (including foreign currency translation) | (48) | (12) | (23) | |||
Balance at end of period | 382 | 595 | 574 | |||
of which, if recognized, would affect the effective tax rate | 382 | 595 | 574 | |||
Interest and penalties | ||||||
Interest and penalties recognized in the consolidated statements of operations, Recoveries | (16) | (10) | SFr (28) | |||
Interest and penalties recognized in the consolidated balance sheets | 61 | 77 | SFr 87 | |||
Bank | US | ||||||
Tax effect of temporary differences | ||||||
Less valuation allowance | 0 | 0 | ||||
Net deferred tax assets | SFr 3,040 | |||||
Movements in the valuation allowance | ||||||
Balance at end of period | 0 | |||||
Bank | Switzerland | ||||||
Tax effect of temporary differences | ||||||
Tax benefit from the remeasurement and release of valuation allowances on deferred tax assets | (222) | |||||
Bank | US and Switzerland | ||||||
Tax effect of temporary differences | ||||||
Less valuation allowance | (606) | (606) | (606) | |||
Net deferred tax assets | SFr 3,855 | |||||
Movements in the valuation allowance | ||||||
Balance at beginning of period | SFr 606 | |||||
Balance at end of period | SFr 606 |
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, 2020 | Dec. 31, 2019 | |
Net deferred tax assets | ||
Deferred tax assets | SFr 3,667 | SFr 4,399 |
Net operating loss carry-forwards | 5,425 | 5,753 |
Net operating loss carry-forwards, after allocation of valuation allowances | 1,070 | 1,465 |
Temporary differences | 2,597 | 2,934 |
Deferred tax liabilities | 530 | 523 |
Deferred Tax Assets (Liabilities), Net | 3,137 | 3,876 |
Net deferred tax assets change | (739) | |
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (348) | |
Accumulated undistributed earnings from foreign subsidiaries | 20,100 | 17,800 |
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 | 40 | |
Bank | ||
Net deferred tax assets | ||
Deferred tax assets | 3,630 | 4,337 |
Net operating loss carry-forwards | 5,278 | 5,657 |
Net operating loss carry-forwards, after allocation of valuation allowances | 1,064 | 1,437 |
Temporary differences | 2,566 | 2,900 |
Deferred tax liabilities | 157 | 167 |
Deferred Tax Assets (Liabilities), Net | 3,473 | 4,170 |
Net deferred tax assets change | (697) | |
Net deferred tax increase/(decrease) related to foreign exchange gains/(losses) | (345) | |
Accumulated undistributed earnings from foreign subsidiaries | 19,600 | SFr 17,200 |
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 40 |
Deferred compensation expense (
Deferred compensation expense (Details) shares in Millions | 12 Months Ended | |||
Dec. 31, 2020CHF (SFr)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019CHF (SFr)shares | Dec. 31, 2018CHF (SFr)shares | |
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 1,717,000,000 | SFr 1,777,000,000 | SFr 1,339,000,000 | |
Total shares delivered | ||||
Minimum total compensation of certain employees to whom share awards are granted | 250,000 | $ 250,000 | ||
Deferred cash awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 398,000,000 | 420,000,000 | 233,000,000 | |
Retention Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 43,000,000 | 22,000,000 | 54,000,000 | |
Compensation expense relating to deferred compensation, of which granted in current year | 13,000,000 | |||
Contingent Capital Awards (CCA) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 255,000,000 | 308,000,000 | 154,000,000 | |
Performance shares | Performance share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 448,000,000 | SFr 438,000,000 | SFr 382,000,000 | |
Stock compensation plan | ||||
Total shares delivered | ||||
Total shares delivered (in shares) | shares | 50.7 | 50.7 | 41.8 | 46.6 |
Stock compensation plan | Share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 573,000,000 | SFr 589,000,000 | SFr 516,000,000 | |
Bank | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 1,648,000,000 | 1,694,000,000 | 1,302,000,000 | |
Bank | Deferred cash awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 378,000,000 | 378,000,000 | 227,000,000 | |
Bank | Retention Awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 43,000,000 | 22,000,000 | 54,000,000 | |
Compensation expense relating to deferred compensation, of which granted in current year | 13,000,000 | |||
Bank | Contingent Capital Awards (CCA) | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | 245,000,000 | 298,000,000 | 149,000,000 | |
Bank | Performance shares | Performance share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 427,000,000 | SFr 423,000,000 | SFr 371,000,000 | |
Bank | Stock compensation plan | ||||
Total shares delivered | ||||
Total shares delivered (in shares) | shares | 48.3 | 48.3 | 40.1 | 45 |
Bank | Stock compensation plan | Share awards | ||||
Deferred compensation expense | ||||
Total compensation expense relating to deferred compensation | SFr 555,000,000 | SFr 573,000,000 | SFr 501,000,000 |
Estimated unrecognized deferred
Estimated unrecognized deferred compensation (Details 2) SFr in Millions | 12 Months Ended |
Dec. 31, 2020CHF (SFr) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 1,035 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 2 months 12 days |
Deferred cash awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 201 |
Retention Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 40 |
Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 151 |
Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 194 |
Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 449 |
Bank | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 997 |
Aggregate remaining weighted-average requisite service period (years) | |
Aggregate remaining requisite service period (in years) | 1 year 2 months 12 days |
Bank | Deferred cash awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 192 |
Bank | Retention Awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 40 |
Bank | Contingent Capital Awards (CCA) | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 145 |
Bank | Performance shares | Performance share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | 185 |
Bank | Stock compensation plan | Share awards | |
Estimated unrecognized compensation expense | |
Total estimated unrecognized compensation expense | SFr 435 |
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. 19, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 1,035 | |||
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 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, 2020, or a negative ROE of the Group, whichever results in a larger adjustment. For employees in corporate functions and the Asset 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. | |||
Total estimated unrecognized compensation expense | SFr 194 | |||
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 11.66 | SFr 13.38 | SFr 16.33 | SFr 15.88 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 10.63 | 11.60 | 16.98 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 14.13 | 16.51 | 16.07 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 11.62 | 13.67 | 16.26 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 11.66 | SFr 13.38 | SFr 16.33 | |
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 | 91.7 | 72.4 | 51.7 | 54.2 |
Granted (in shares) | 50.9 | 45.4 | 26.5 | |
Settled (in shares) | (29) | (22.8) | (26.3) | |
Forfeited (in shares) | (2.6) | (1.9) | (2.7) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 91.7 | 72.4 | 51.7 | |
of which vested (in shares) | 10.4 | 6.7 | 5.4 | |
of which unvested (in shares) | 81.3 | 65.7 | 46.3 | |
Performance shares | Performance share awards | Grant Date, February 19, 2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
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 which ended on March 4, 2021. The fair value of each performance share award was CHF 12.59, 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. | |||
Performance shares | Performance share awards | Grant Date, February 19, 2021 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 493 | |||
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 12.59 | |||
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 | |||
Performance shares | Performance share awards | Grant Date, February 19, 2021 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 453 | |||
Performance shares | Performance share awards | Grant Date, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 553 | |||
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 10.81 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 50.7 | |||
Performance shares | Performance share awards | Grant Date, 2019 | ||||
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 | |||
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 2021 are similar to those granted in February 2020. 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 | |||
Total estimated unrecognized compensation expense | SFr 449 | |||
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 11.86 | SFr 13.46 | SFr 16.15 | SFr 15.73 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 10.61 | 11.68 | 16.91 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 13.76 | 16.15 | 16.09 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 11.72 | 13.83 | 16.24 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 11.86 | SFr 13.46 | SFr 16.15 | |
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 | 126.3 | 110.5 | 83.2 | 84.9 |
Granted (in shares) | 69.1 | 69.3 | 43.8 | |
Settled (in shares) | (47.9) | (36.9) | (40.7) | |
Forfeited (in shares) | (5.4) | (5.1) | (4.8) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 126.3 | 110.5 | 83.2 | |
of which vested (in shares) | 13.5 | 11.9 | 8.6 | |
of which unvested (in shares) | 112.8 | 98.6 | 74.6 | |
Stock compensation plan | Share awards | Grant Date, February 19, 2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
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 which ended on March 4, 2021. The fair value of each share award was CHF 12.59, the Group share price on the grant date. The majority of share awards granted include the right to receive dividend equivalents on vested shares. | |||
Stock compensation plan | Share awards | Grant Date, February 19, 2021 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 592 | |||
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 12.59 | |||
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 | |||
Stock compensation plan | Share awards | Grant Date, February 19, 2021 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 538 | |||
Stock compensation plan | Share awards | Grant Date, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 626 | |||
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 10.81 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 57.9 | |||
Stock compensation plan | Share awards | Grant Date, 2019 | ||||
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 | 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 | 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 one year 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 | 1 year | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, February 19, 2021 | 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) | 2.6 | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, 2020 | ||||
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) | 3.2 | |||
Stock compensation plan | European Union and blocked share awards | Grant Date, 2019 | ||||
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 | |||
Bank | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 997 | |||
Bank | Performance shares | Performance share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 185 | |||
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 11.67 | SFr 13.37 | SFr 16.33 | SFr 15.88 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 10.63 | 11.60 | 16.98 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 14.12 | 16.51 | 16.07 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 11.64 | 13.58 | 16.26 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 11.67 | SFr 13.37 | SFr 16.33 | |
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 | 88 | 69.7 | 50 | 52.8 |
Granted (in shares) | 48.8 | 43.9 | 25.6 | |
Settled (in shares) | (28) | (22.3) | (25.6) | |
Forfeited (in shares) | (2.5) | (1.9) | (2.8) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 88 | 69.7 | 50 | |
of which vested (in shares) | 9.6 | 6.4 | 5.2 | |
of which unvested (in shares) | 78.4 | 63.3 | 44.8 | |
Bank | Performance shares | Performance share awards | Grant Date, February 19, 2021 | Subsequent Event [Member] | ||||
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, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 36.6 | |||
Bank | Performance shares | Performance share awards | Grant Date, February 19, 2021 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 439 | |||
Bank | Performance shares | Performance share awards | Grant Date, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 531 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 48.7 | |||
Bank | Performance shares | Performance share awards | Grant Date, 2019 | ||||
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 | Stock compensation plan | Share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 435 | |||
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 11.82 | SFr 13.45 | SFr 16.23 | SFr 15.77 |
Weighted-average grant-date fair value - Granted (in CHF per share) | 10.65 | 11.69 | 16.97 | |
Weighted-average grant-date fair value - Settled (in CHF per share) | 13.83 | 16.20 | 16.02 | |
Weighted-average grant-date fair value - Forfeited (in CHF per share) | 11.74 | 13.93 | 16.33 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | SFr 11.82 | SFr 13.45 | SFr 16.23 | |
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 | 115.2 | 101.9 | 77.1 | 79.9 |
Granted (in shares) | 64 | 65 | 40.5 | |
Settled (in shares) | (45.1) | (35.2) | (39) | |
Forfeited (in shares) | (5.6) | (5) | (4.3) | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance | 115.2 | 101.9 | 77.1 | |
of which vested (in shares) | 12 | 10.9 | 8.4 | |
of which unvested (in shares) | 103.2 | 91 | 68.7 | |
Bank | Stock compensation plan | Share awards | Grant Date, February 19, 2021 | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 576 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 43.5 | |||
Bank | Stock compensation plan | Share awards | Grant Date, February 19, 2021 | Subsequent Event [Member] | Forecast/Estimate | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total estimated unrecognized compensation expense | SFr 524 | |||
Bank | Stock compensation plan | Share awards | Grant Date, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 604 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 55.9 | |||
Bank | Stock compensation plan | Share awards | Grant Date, 2019 | ||||
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 | European Union and blocked share awards | Grant Date, February 19, 2021 | 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) | 2.3 | |||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, 2020 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Value of awards at grant | SFr 32 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 2.8 | |||
Bank | Stock compensation plan | European Union and blocked share awards | Grant Date, 2019 | ||||
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 |
Cash-based awards (Details 5)
Cash-based awards (Details 5) - CHF (SFr) SFr in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Feb. 19, 2021 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Estimated unrecognized compensation expense | SFr 1,035 | |||
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 2021, 2020 and 2019 to managing directors and directors as part of the 2020, 2019 and 2018 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. CCA granted in 2021, 2020 and 2019 that vest five or seven years from the date of grant are not eligible for semi-annual cash payments of interest equivalents. CCA granted to certain regulated employees that vest over three years are not eligible for semi-annual cash payments of interest equivalents. p CCA granted in 2021 that are denominated in US dollars and vest three years from the date of grant receive interest equivalents at a rate of 3.60%, per annum plus the daily compounded (spread exclusive) US dollar Secured Overnight Financing Rate (SOFR); p CCA granted in 2020 and 2019 that are denominated in US dollars and vest three years from the date of grant receive interest equivalents at a rate of 3.77% and 4.46% respectively, per annum over the six-month US dollar LIBOR; p CCA granted in 2021 that are denominated in Swiss francs and vest three years from the date of grant receive interest equivalents at a rate of 3.06%, per annum plus the daily compounded (spread exclusive) Swiss franc Swiss Average Rate Overnight (SARON); p CCA granted in 2020 and 2019 that are denominated in Swiss francs and vest three years from the date of grant receive interest equivalents at a rate of 3.29% and 3.73%, respectively, per annum over the six-month Swiss franc LIBOR; and p The semi-annual interest equivalent cash payments calculation cycle with effect from February 2021 will be based on the SOFR for CCA denominated in US dollars and the SARON for CCA denominated in Swiss francs. 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 2021, 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 151 | |||
Contingent Capital Awards (CCA) | Grant Date, February 19, 2021 | Subsequent Event | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 253 | |||
Contingent Capital Awards (CCA) | Grant Date, February 19, 2021 | Subsequent Event | Forecast/Estimate | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Estimated unrecognized compensation expense | 241 | |||
Contingent Capital Awards (CCA) | Grant Date, 2020 | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 268 | |||
Contingent Capital Awards (CCA) | Grant Date, 2019 | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 299 | |||
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 | |||
Bank | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Estimated unrecognized compensation expense | SFr 997 | |||
Bank | Contingent Capital Awards (CCA) | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Estimated unrecognized compensation expense | SFr 145 | |||
Bank | Contingent Capital Awards (CCA) | Grant Date, February 19, 2021 | Subsequent Event | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 245 | |||
Bank | Contingent Capital Awards (CCA) | Grant Date, February 19, 2021 | Subsequent Event | Forecast/Estimate | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Estimated unrecognized compensation expense | SFr 234 | |||
Bank | Contingent Capital Awards (CCA) | Grant Date, 2020 | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 257 | |||
Bank | Contingent Capital Awards (CCA) | Grant Date, 2019 | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 289 |
Other variable compensation (De
Other variable compensation (Details 6) - CHF (SFr) SFr in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 19, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Compensation expense relating to deferred compensation | SFr 1,717 | SFr 1,777 | SFr 1,339 | |
Estimated unrecognized compensation expense | SFr 1,035 | |||
Retention Awards | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Description | The Group granted deferred cash and stock retention awards during 2020, 2019 and 2018 of CHF 40 million, CHF 40 million and CHF 25 million, respectively. These awards are expensed over the applicable vesting period from the grant date. Amortization of these awards in 2020 totaled CHF 43 million, of which CHF 13 million was related to awards granted in 2020. | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 40 | 40 | 25 | |
Compensation expense relating to deferred compensation | 43 | 22 | 54 | |
Compensation expense relating to deferred compensation, of which granted in current year | 13 | |||
Estimated unrecognized compensation expense | SFr 40 | |||
Upfront cash award | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Description | In February 2021, certain managing directors and directors in International Wealth Management were granted CHF 59 million of upfront cash awards as part of the cash component of their 2020 variable compensation. During 2020 and 2019, the Group granted upfront cash awards of CHF 146 million and CHF 47 million, respectively. These awards are subject to repayment (clawback) by the employee in the event of voluntary resignation, termination for cause or in connection with other specified events or conditions within three years of the award grant. The amount subject to repayment is reduced in equal monthly installments during the three-year period following the grant date. The expense recognition will occur over the three-year vesting period, subject to service conditions. Amortization of this compensation in 2020 totaled CHF 79 million. | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 47 | |||
Compensation expense relating to deferred compensation | SFr 79 | |||
Upfront cash award | Grant Date, February 19, 2021 | Subsequent Event | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 59 | |||
Upfront cash award | Grant Date, 2020 | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 146 | |||
Deferred cash awards | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Description | Deferred 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 deferred cash awards, compensation expense was driven by mark to market and performance adjustments, as the majority of the awards are fully vested. | |||
Compensation expense relating to deferred compensation | SFr 398 | 420 | 233 | |
Estimated unrecognized compensation expense | SFr 201 | |||
Deferred fixed cash awards | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Description | The Group granted deferred fixed cash compensation during 2020, 2019 and 2018 of CHF 120 million, CHF 108 million and CHF 98 million, respectively, to certain employees in the Americas. This compensation has been expensed in the Investment Bank and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of this compensation in 2020 totaled CHF 112 million, of which CHF 65 million was related to awards granted in 2020. | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 120 | 108 | 98 | |
Compensation expense relating to deferred compensation | 112 | |||
Compensation expense relating to deferred compensation, of which granted in current year | 65 | |||
Bank | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Compensation expense relating to deferred compensation | 1,648 | 1,694 | 1,302 | |
Estimated unrecognized compensation expense | SFr 997 | |||
Bank | Retention Awards | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Description | The Bank granted deferred cash and stock retention awards during 2020, 2019 and 2018 of CHF 40 million, CHF 40 million and CHF 25 million, respectively. These awards are expensed over the applicable vesting period from the grant date. Amortization of these awards in 2020 totaled CHF 43 million, of which CHF 13 million was related to awards granted in 2020. | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 40 | 40 | 25 | |
Compensation expense relating to deferred compensation | 43 | 22 | 54 | |
Compensation expense relating to deferred compensation, of which granted in current year | 13 | |||
Estimated unrecognized compensation expense | SFr 40 | |||
Bank | Upfront cash award | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Description | In February 2021, certain managing directors and directors in International Wealth Management were granted CHF 59 million of upfront cash awards as part of the cash component of their 2020 variable compensation. During 2020 and 2019, the Bank granted upfront cash awards of CHF 146 million and CHF 47 million, respectively. These awards are subject to repayment (clawback) by the employee in the event of voluntary resignation, termination for cause or in connection with other specified events or conditions within three years of the award grant. The amount subject to repayment is reduced in equal monthly installments during the three-year period following the grant date. The expense recognition will occur over the three-year vesting period, subject to service conditions. Amortization of this compensation in 2020 totaled CHF 79 million. | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 47 | |||
Compensation expense relating to deferred compensation | SFr 79 | |||
Bank | Upfront cash award | Grant Date, February 19, 2021 | Subsequent Event | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 59 | |||
Bank | Upfront cash award | Grant Date, 2020 | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | 146 | |||
Bank | Deferred cash awards | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Compensation expense relating to deferred compensation | 378 | 378 | 227 | |
Estimated unrecognized compensation expense | SFr 192 | |||
Bank | Deferred fixed cash awards | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Description | The Bank granted deferred fixed cash compensation during 2020, 2019 and 2018 of CHF 120 million, CHF 108 million and CHF 98 million, respectively, to certain employees in the Americas. This compensation has been expensed in the Investment Bank and International Wealth Management divisions over a three-year vesting period from the grant date. Amortization of this compensation in 2020 totaled CHF 112 million, of which CHF 65 million was related to awards granted in 2020. | |||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 3 years | |||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | SFr 120 | SFr 108 | SFr 98 | |
Compensation expense relating to deferred compensation | 112 | |||
Compensation expense relating to deferred compensation, of which granted in current year | SFr 65 |
Related parties - Executive Boa
Related parties - Executive Board/Board of directors loans (Details) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020CHF (SFr)yearmember | Dec. 31, 2019CHF (SFr)member | Dec. 31, 2018CHF (SFr) | |
Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 32 | SFr 33 | SFr 26 |
Additions | 5 | 13 | 8 |
Reductions | (24) | (14) | (1) |
Balance at end of period | SFr 13 | SFr 32 | 33 |
Loans to members of the Executive Board, number of members | member | 4 | 5 | |
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 | 9 | SFr 10 | 11 |
Additions | 0 | 3 | 0 |
Reductions | 0 | (4) | (1) |
Balance at end of period | SFr 9 | SFr 9 | 10 |
Loans to members of the Board of Directors, number of members | member | 3 | 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 299 | SFr 253 | 173 |
Net borrowings/(repayments) | 115 | 46 | 80 |
Balance at end of period | 414 | 299 | 253 |
Bank | |||
Activity in loans to related parties | |||
Balance at beginning of period | 7,258 | ||
Balance at end of period | 8,444 | 7,258 | |
Bank | Members of the Executive Board | |||
Activity in loans to related parties | |||
Balance at beginning of period | 32 | 33 | 26 |
Additions | 5 | 13 | 8 |
Reductions | (24) | (14) | (1) |
Balance at end of period | SFr 13 | SFr 32 | 33 |
Loans to members of the Executive Board, number of members | member | 4 | 5 | |
Bank | Members of the Board of Directors | |||
Activity in loans to related parties | |||
Balance at beginning of period | SFr 9 | SFr 10 | 11 |
Additions | 0 | 3 | 0 |
Reductions | 0 | (4) | (1) |
Balance at end of period | SFr 9 | SFr 9 | SFr 10 |
Loans to members of the Board of Directors, number of members | member | 3 | 4 |
Related parties - Liabilities t
Related parties - Liabilities to own pension funds (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | SFr 643 | SFr 703 |
Bank | ||
Activity in loans to related parties | ||
Liabilities due to Group's own pension funds | SFr 643 | SFr 703 |
Related parties - Bank (Details
Related parties - Bank (Details 4) - Bank - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | |||
Net loans | SFr 8,444 | SFr 7,258 | |
Other assets | 200 | 665 | |
Total assets | 8,644 | 7,923 | |
Liabilities | |||
Due to banks/customer deposits | 1,119 | 1,268 | |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 93 | 108 | |
Short-term borrowings | 440 | 485 | |
Long-term debt | 52,144 | 32,764 | |
Other liabilities | 1,098 | 1,401 | |
Total liabilities | 54,894 | 36,026 | |
Related party revenues and expenses | |||
Interest and dividend income | (39) | (5) | SFr 10 |
Interest expense | (1,618) | (1,307) | (924) |
Net interest income | (1,657) | (1,312) | (914) |
Commissions and fees | 114 | 80 | 87 |
Other revenues | 104 | 104 | 72 |
Net revenues | (1,439) | (1,128) | (755) |
Total operating expenses | 1,967 | 1,867 | SFr 1,642 |
Related party guarantees | |||
Revocable loan commitments | 88 | 0 | |
Credit guarantees and similar instruments | |||
Related party guarantees | |||
Guarantees | SFr 4 | SFr 5 |
Related parties - Other transac
Related parties - Other transactions (Details 5) - Other Affiliates [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Related party disclosures | |
Gain (Loss) on Sale of Interest in Projects | $ 80 |
Bank | |
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) SFr in Millions | 12 Months Ended | |||||
Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2021CHF (SFr) | Jan. 01, 2021 | Jan. 01, 2020 | |
Defined benefit plan, Disclosure | ||||||
Planning horizon of conversion rates | 7 years | |||||
Total benefit costs | ||||||
Curtailment losses/(gains) | SFr (10) | SFr 0 | SFr (12) | |||
Net periodic benefit/(costs) | 218 | 270 | 258 | |||
Total amount recognized | ||||||
Noncurrent assets | 2,872 | 2,878 | ||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (3,727) | (3,648) | ||||
Prior service credit/(cost) | 456 | 604 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans | 0 | (42) | ||||
Total | (3,271) | (3,086) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Tax | 18 | (99) | 102 | |||
Actuarial gains/(losses), Net | (341) | 44 | ||||
Prior service credit/(cost), Net | (5) | 338 | ||||
Amortization of actuarial losses/ (gains), Net | 284 | 249 | ||||
Amortization of prior service cost/(credit), Net | (135) | (121) | ||||
Immediate recognition due to curtailment/settlement, Net | 12 | 33 | ||||
Cumulative effect of accounting changes, Defined Benefit Plans, Net | 0 | (42) | ||||
Total amounts recognized in other comprehensive income, Net | (185) | 501 | ||||
Defined benefit pension plans | ||||||
Fair value of plan assets | ||||||
Beginning of the measurement period | 21,901 | |||||
End of the measurement period | 22,212 | 21,901 | ||||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | 2,628 | 2,597 | ||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (3,688) | (3,618) | ||||
Prior service credit/(cost) | 453 | 601 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans | 0 | (42) | ||||
Total | (3,235) | (3,059) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Gross | (414) | 82 | ||||
Actuarial gains/(losses), Tax | 83 | (29) | ||||
Actuarial gains/(losses), Net | (331) | 53 | ||||
Prior service credit/(cost), Gross | (5) | 428 | ||||
Prior service credit/(cost), Tax | 0 | (90) | ||||
Prior service credit/(cost), Net | (5) | 338 | ||||
Amortization of actuarial losses/(gains), Gross | 347 | 312 | ||||
Amortization of actuarial losses/(gains), Tax | (64) | (65) | ||||
Amortization of actuarial losses/ (gains), Net | 283 | 247 | ||||
Amortization of prior service cost/(credit), Gross | (166) | (154) | ||||
Amortization of prior service cost/(credit), Tax | 31 | 33 | ||||
Amortization of prior service cost/(credit), Net | (135) | (121) | ||||
Immediate recognition due to curtailment/settlement, Gross | 14 | 41 | ||||
Immediate recognition due to curtailment/settlement, Tax | (2) | (8) | ||||
Immediate recognition due to curtailment/settlement, Net | 12 | 33 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans, Gross | 0 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans, Tax | (42) | |||||
Cumulative effect of accounting changes, Defined Benefit Plans, Net | 0 | (42) | ||||
Total amounts recognized in other comprehensive income, Gross | (224) | 709 | ||||
Total amounts recognized in other comprehensive income, Tax | 48 | (201) | ||||
Total amounts recognized in other comprehensive income, Net | (176) | 508 | ||||
Other post-retirement defined benefit plans | ||||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (39) | (30) | ||||
Prior service credit/(cost) | 3 | 3 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans | 0 | 0 | ||||
Total | (36) | (27) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Gross | (13) | (12) | ||||
Actuarial gains/(losses), Tax | 3 | 3 | ||||
Actuarial gains/(losses), Net | (10) | (9) | ||||
Prior service credit/(cost), Gross | 0 | 0 | ||||
Prior service credit/(cost), Tax | 0 | 0 | ||||
Prior service credit/(cost), Net | 0 | 0 | ||||
Amortization of actuarial losses/(gains), Gross | 1 | 3 | ||||
Amortization of actuarial losses/(gains), Tax | 0 | (1) | ||||
Amortization of actuarial losses/ (gains), Net | 1 | 2 | ||||
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 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans, Gross | 0 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans, Tax | 0 | |||||
Cumulative effect of accounting changes, Defined Benefit Plans, Net | 0 | 0 | ||||
Total amounts recognized in other comprehensive income, Gross | (12) | (9) | ||||
Total amounts recognized in other comprehensive income, Tax | 3 | 2 | ||||
Total amounts recognized in other comprehensive income, Net | (9) | (7) | ||||
Defined benefit and defined contribution | ||||||
Total benefit costs | ||||||
Service costs on benefit obligation | 517 | 437 | 411 | |||
PBO | ||||||
Service costs | SFr 517 | SFr 437 | 411 | |||
Switzerland | Defined benefit pension plans | ||||||
Defined benefit plan, Disclosure | ||||||
Employees participating in defined benefit plans (as a percent) | 66.00% | 71.00% | ||||
Value of plan assets (as a percent) | 81.00% | 81.00% | ||||
Pension benefit obligation (as a percent) | 82.00% | 82.00% | ||||
Employee contributions, number of contribution levels | 3 | |||||
Total benefit costs | ||||||
Service costs on benefit obligation | SFr 203 | SFr 256 | 242 | |||
Interest costs on benefit obligation | 20 | 52 | 63 | |||
Expected return on plan assets | (352) | (394) | (483) | |||
Amortization of recognized prior service cost/(credit) | (167) | (155) | (126) | |||
Amortization of recognized actuarial losses/(gains) | 334 | 293 | 306 | |||
Settlement losses/(gains) | 8 | 41 | 35 | |||
Curtailment losses/(gains) | (10) | 0 | (12) | |||
Special termination benefits | 8 | 14 | 38 | |||
Net periodic benefit/(costs) | 44 | 107 | 63 | |||
PBO | ||||||
Beginning of the measurement period | 15,979 | 15,432 | ||||
Plan participant contributions | 143 | 205 | ||||
Service costs | 203 | 256 | 242 | |||
Interest costs | 20 | 52 | 63 | |||
Plan amendments | 0 | (428) | ||||
Settlements | (28) | (152) | ||||
Curtailments | (17) | 0 | ||||
Special termination benefits | 8 | 14 | ||||
Actuarial losses/(gains) | 857 | 1,262 | ||||
Benefit payments | (1,063) | (662) | ||||
Exchange rate losses/(gains) | 0 | 0 | ||||
End of the measurement period | 16,102 | 15,979 | 15,432 | |||
Fair value of plan assets | ||||||
Beginning of the measurement period | 17,790 | 16,225 | ||||
Actual return on plan assets | 860 | 1,767 | ||||
Employer contributions | 298 | 407 | ||||
Plan participant contributions | 143 | 205 | ||||
Settlements | (28) | (152) | ||||
Benefit payments | (1,063) | (662) | ||||
Exchange rate gains/(losses) | 0 | 0 | ||||
End of the measurement period | 18,000 | 17,790 | SFr 16,225 | |||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | 1,898 | 1,811 | ||||
Total funded status recognized in the consolidated balance sheet at December 31 | 1,898 | 1,811 | ||||
Total amount recognized | ||||||
Noncurrent assets | 1,898 | 1,811 | ||||
Current liabilities | 0 | 0 | ||||
Noncurrent liabilities | 0 | 0 | ||||
Total amount recognized in the consolidated balance sheet at December 31 | 1,898 | 1,811 | ||||
Defined Benefit Plan, Asset Portfolio Gains/(Losses) | 508 | 1,373 | ||||
ABO | ||||||
End of the measurement period | SFr 15,637 | SFr 15,459 | ||||
Net benefit pension cost (%) | ||||||
Discount rate - service costs (as a percent) | 0.69% | 1.19% | 1.02% | |||
Discount rate - interest costs (as a percent) | 0.13% | 0.57% | 0.41% | |||
Salary increases (as a percent) | 1.50% | 0.75% | 0.50% | |||
Expected long-term rate of return on plan assets (as a percent) | 2.10% | 2.40% | 3.00% | |||
Interest rate on savings plan (as a percent) | 0.45% | 1.03% | 0.86% | |||
Benefit obligation (%) | ||||||
Discount rate (as a percent) | 0.40% | 0.45% | 1.03% | |||
Salary increases (as a percent) | 1.50% | 1.50% | 0.75% | |||
Interest rate on savings plan (as a percent) | 1.25% | 0.45% | 1.03% | |||
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% | |||||
Switzerland | Defined benefit pension plans | Forecast/Estimate | ||||||
Contributions disclosures | ||||||
Contribution to be made by the entity in next fiscal year | SFr 296 | |||||
International | Defined benefit pension plans | ||||||
Total benefit costs | ||||||
Service costs on benefit obligation | SFr 15 | SFr 14 | SFr 16 | |||
Interest costs on benefit obligation | 68 | 90 | 86 | |||
Expected return on plan assets | (85) | (108) | (114) | |||
Amortization of recognized prior service cost/(credit) | 1 | 1 | 0 | |||
Amortization of recognized actuarial losses/(gains) | 13 | 19 | 47 | |||
Settlement losses/(gains) | (1) | 0 | 0 | |||
Curtailment losses/(gains) | 0 | 0 | (1) | |||
Special termination benefits | 0 | 0 | 0 | |||
Net periodic benefit/(costs) | 11 | 16 | 34 | |||
PBO | ||||||
Beginning of the measurement period | 3,325 | 2,951 | ||||
Plan participant contributions | 0 | 0 | ||||
Service costs | 15 | 14 | 16 | |||
Interest costs | 68 | 90 | 86 | |||
Plan amendments | 5 | 0 | ||||
Settlements | (23) | 0 | ||||
Curtailments | 0 | 0 | ||||
Special termination benefits | 0 | 0 | ||||
Actuarial losses/(gains) | 456 | 410 | ||||
Benefit payments | (156) | (149) | ||||
Exchange rate losses/(gains) | (208) | 9 | ||||
End of the measurement period | 3,482 | 3,325 | 2,951 | |||
Fair value of plan assets | ||||||
Beginning of the measurement period | 4,111 | 3,604 | ||||
Actual return on plan assets | 476 | 487 | ||||
Employer contributions | 61 | 130 | ||||
Plan participant contributions | 0 | 0 | ||||
Settlements | (23) | 0 | ||||
Benefit payments | (156) | (149) | ||||
Exchange rate gains/(losses) | (257) | 39 | ||||
End of the measurement period | 4,212 | 4,111 | SFr 3,604 | |||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | 730 | 786 | ||||
Total funded status recognized in the consolidated balance sheet at December 31 | 730 | 786 | ||||
Total amount recognized | ||||||
Noncurrent assets | 975 | 1,068 | ||||
Current liabilities | (8) | (6) | ||||
Noncurrent liabilities | (237) | (276) | ||||
Total amount recognized in the consolidated balance sheet at December 31 | 730 | 786 | ||||
Defined Benefit Plan, Asset Portfolio Gains/(Losses) | 391 | 379 | ||||
ABO | ||||||
End of the measurement period | SFr 3,449 | SFr 3,294 | ||||
Net benefit pension cost (%) | ||||||
Discount rate - service costs (as a percent) | 3.04% | 3.28% | 2.96% | |||
Discount rate - interest costs (as a percent) | 2.39% | 3.28% | 2.77% | |||
Salary increases (as a percent) | 2.84% | 2.92% | 2.97% | |||
Expected long-term rate of return on plan assets (as a percent) | 2.37% | 3.00% | 3.22% | |||
Benefit obligation (%) | ||||||
Discount rate (as a percent) | 1.67% | 2.38% | 3.30% | |||
Salary increases (as a percent) | 2.98% | 2.84% | 2.90% | |||
International | Defined benefit pension plans | Forecast/Estimate | ||||||
Contributions disclosures | ||||||
Contribution to be made by the entity in next fiscal year | 16 | |||||
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 | 4 | 6 | 5 | |||
Expected return on plan assets | 0 | 0 | 0 | |||
Amortization of recognized prior service cost/(credit) | 0 | 0 | 0 | |||
Amortization of recognized actuarial losses/(gains) | 1 | 3 | 8 | |||
Settlement losses/(gains) | 0 | 0 | 0 | |||
Curtailment losses/(gains) | 0 | 0 | 0 | |||
Special termination benefits | 0 | 0 | 0 | |||
Net periodic benefit/(costs) | 5 | 9 | 13 | |||
PBO | ||||||
Beginning of the measurement period | 164 | 160 | ||||
Plan participant contributions | 0 | 0 | ||||
Service costs | 0 | 0 | 0 | |||
Interest costs | 4 | 6 | 5 | |||
Plan amendments | 0 | 0 | ||||
Settlements | 0 | 0 | ||||
Curtailments | 0 | 0 | ||||
Special termination benefits | 0 | 0 | ||||
Actuarial losses/(gains) | 13 | 13 | ||||
Benefit payments | (11) | (12) | ||||
Exchange rate losses/(gains) | (14) | (3) | ||||
End of the measurement period | 156 | 164 | 160 | |||
Fair value of plan assets | ||||||
Beginning of the measurement period | 0 | 0 | ||||
Actual return on plan assets | 0 | 0 | ||||
Employer contributions | 11 | 12 | ||||
Plan participant contributions | 0 | 0 | ||||
Settlements | 0 | 0 | ||||
Benefit payments | (11) | (12) | ||||
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) | (156) | (164) | ||||
Total funded status recognized in the consolidated balance sheet at December 31 | (156) | (164) | ||||
Total amount recognized | ||||||
Noncurrent assets | 0 | 0 | ||||
Current liabilities | (11) | (11) | ||||
Noncurrent liabilities | (145) | (153) | ||||
Total amount recognized in the consolidated balance sheet at December 31 | (156) | (164) | ||||
ABO | ||||||
End of the measurement period | SFr 156 | SFr 164 | ||||
Net benefit pension cost (%) | ||||||
Discount rate - service costs (as a percent) | 4.38% | 3.86% | ||||
Discount rate - interest costs (as a percent) | 2.77% | 3.95% | 3.28% | |||
Benefit obligation (%) | ||||||
Discount rate (as a percent) | 2.55% | 3.23% | 4.37% | |||
Health care cost assumptions | ||||||
Weighted-average rate of health care benefit assumed (as a percent) | 7.00% | 8.00% | 8.70% | |||
Weighted-average rate of health care benefit decrease (as a percent) | 5.00% | |||||
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) | 7.00% | |||||
Germany | Defined benefit pension plans | ||||||
Pension and Other Postretirement Benefit Contributions | ||||||
Contributions made to defined benefit pension plans and other post-retirement defined benefit plans | SFr 111 | |||||
US | Defined benefit pension plans | ||||||
Pension and Other Postretirement Benefit Contributions | ||||||
Contributions made to defined benefit pension plans and other post-retirement defined benefit plans | SFr 43 | |||||
Bank | ||||||
Total benefit costs | ||||||
Net periodic benefit/(costs) | 14 | 14 | SFr 16 | |||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | 581 | 622 | ||||
Total amount recognized | ||||||
Noncurrent assets | 975 | 1,067 | ||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (460) | (375) | ||||
Prior service credit/(cost) | (11) | (7) | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans | 0 | (42) | ||||
Total | (471) | (424) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Tax | 19 | (4) | (7) | |||
Actuarial gains/(losses), Net | (55) | (42) | ||||
Prior service credit/(cost), Net | (4) | |||||
Amortization of actuarial losses/ (gains), Net | 13 | 17 | ||||
Amortization of prior service cost/(credit), Net | 0 | 1 | ||||
Immediate recognition due to curtailment/settlement, Net | (1) | |||||
Cumulative effect of accounting changes, Defined Benefit Plans, Net | 0 | (42) | ||||
Total amounts recognized in other comprehensive income, Net | (47) | (66) | ||||
Bank | Defined benefit and defined contribution | ||||||
Total benefit costs | ||||||
Service costs on benefit obligation | 503 | 502 | 533 | |||
PBO | ||||||
Service costs | SFr 503 | SFr 502 | SFr 533 | |||
Bank | Switzerland | Defined benefit pension plans | ||||||
PBO | ||||||
Entity contribution to the group plan (as a percent) | 84.00% | |||||
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 249 | |||||
Bank | Switzerland | Other post-retirement defined benefit plans | ||||||
Health care cost assumptions | ||||||
Weighted-average rate of health care benefit assumed (as a percent) | 7.00% | 8.00% | 8.70% | |||
Bank | International | Defined benefit pension plans | ||||||
Total benefit costs | ||||||
Service costs on benefit obligation | SFr 14 | SFr 14 | SFr 16 | |||
Interest costs on benefit obligation | 68 | 90 | 86 | |||
Expected return on plan assets | (85) | (108) | (114) | |||
Amortization of recognized prior service cost/(credit) | 1 | 1 | 0 | |||
Amortization of recognized actuarial losses/(gains) | 13 | 19 | 47 | |||
Settlement losses/(gains) | (1) | 0 | 0 | |||
Curtailment losses/(gains) | 0 | 0 | (1) | |||
Net periodic benefit/(costs) | 10 | 16 | 34 | |||
PBO | ||||||
Beginning of the measurement period | 3,325 | 2,951 | ||||
Service costs | 14 | 14 | 16 | |||
Interest costs | 68 | 90 | 86 | |||
Plan amendments | 5 | 0 | ||||
Settlements | (23) | 0 | ||||
Actuarial losses/(gains) | 453 | 410 | ||||
Plans added | (3) | 0 | ||||
Benefit payments | (156) | (149) | ||||
Exchange rate losses/(gains) | (208) | 9 | ||||
End of the measurement period | 3,475 | 3,325 | 2,951 | |||
Fair value of plan assets | ||||||
Beginning of the measurement period | 4,111 | 3,604 | ||||
Actual return on plan assets | 476 | 487 | ||||
Employer contributions | 61 | 130 | ||||
Settlements | (23) | 0 | ||||
Benefit payments | (156) | (149) | ||||
Exchange rate gains/(losses) | (257) | 39 | ||||
End of the measurement period | 4,212 | 4,111 | SFr 3,604 | |||
Funded status recognized | ||||||
Funded status of the plan - overfunded/(underfunded) | 737 | 786 | ||||
Total funded status recognized in the consolidated balance sheet at December 31 | 737 | 786 | ||||
Total amount recognized | ||||||
Noncurrent assets | 975 | 1,068 | ||||
Current liabilities | (8) | (6) | ||||
Noncurrent liabilities | (230) | (276) | ||||
Total amount recognized in the consolidated balance sheet at December 31 | 737 | 786 | ||||
ABO | ||||||
End of the measurement period | 3,445 | 3,294 | ||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (421) | (345) | ||||
Prior service credit/(cost) | (14) | (10) | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans | 0 | (42) | ||||
Total | (435) | (397) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Gross | (62) | (31) | ||||
Actuarial gains/(losses), Tax | 17 | (2) | ||||
Actuarial gains/(losses), Net | (45) | (33) | ||||
Prior service credit/(cost), Gross | (5) | |||||
Prior service credit/(cost), Tax | 1 | |||||
Prior service credit/(cost), Net | (4) | |||||
Amortization of actuarial losses/(gains), Gross | 13 | 19 | ||||
Amortization of actuarial losses/(gains), Tax | (1) | (4) | ||||
Amortization of actuarial losses/ (gains), Net | 12 | 15 | ||||
Amortization of prior service cost/(credit), Gross | 1 | 1 | ||||
Amortization of prior service cost/(credit), Tax | (1) | 0 | ||||
Amortization of prior service cost/(credit), Net | 0 | 1 | ||||
Immediate recognition due to curtailment/settlement, Gross | (1) | |||||
Immediate recognition due to curtailment/settlement, Tax | 0 | |||||
Immediate recognition due to curtailment/settlement, Net | (1) | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans, Gross | 0 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans, Tax | (42) | |||||
Cumulative effect of accounting changes, Defined Benefit Plans, Net | 0 | (42) | ||||
Total amounts recognized in other comprehensive income, Gross | (54) | (11) | ||||
Total amounts recognized in other comprehensive income, Tax | 16 | (48) | ||||
Total amounts recognized in other comprehensive income, Net | SFr (38) | SFr (59) | ||||
Net benefit pension cost (%) | ||||||
Discount rate - service costs (as a percent) | 2.62% | 3.28% | 2.96% | |||
Discount rate - interest costs (as a percent) | 2.37% | 3.28% | 2.77% | |||
Salary increases (as a percent) | 2.84% | 2.92% | 2.97% | |||
Expected long-term rate of return on plan assets (as a percent) | 2.37% | 3.00% | 3.22% | |||
Benefit obligation (%) | ||||||
Discount rate (as a percent) | 1.66% | 2.38% | 3.30% | |||
Salary increases (as a percent) | 2.97% | 2.84% | 2.90% | |||
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 | 4 | 6 | 5 | |||
Expected return on plan assets | 0 | 0 | 0 | |||
Amortization of recognized prior service cost/(credit) | 0 | 0 | 0 | |||
Amortization of recognized actuarial losses/(gains) | 1 | 3 | 8 | |||
Settlement losses/(gains) | 0 | 0 | 0 | |||
Curtailment losses/(gains) | 0 | 0 | 0 | |||
Net periodic benefit/(costs) | 5 | 9 | 13 | |||
PBO | ||||||
Beginning of the measurement period | 164 | 160 | ||||
Service costs | 0 | 0 | 0 | |||
Interest costs | 4 | 6 | 5 | |||
Plan amendments | 0 | 0 | ||||
Settlements | 0 | 0 | ||||
Actuarial losses/(gains) | 13 | 13 | ||||
Plans added | 0 | 0 | ||||
Benefit payments | (11) | (12) | ||||
Exchange rate losses/(gains) | (14) | (3) | ||||
End of the measurement period | 156 | 164 | 160 | |||
Fair value of plan assets | ||||||
Beginning of the measurement period | 0 | 0 | ||||
Actual return on plan assets | 0 | 0 | ||||
Employer contributions | 11 | 12 | ||||
Settlements | 0 | 0 | ||||
Benefit payments | (11) | (12) | ||||
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) | (156) | (164) | ||||
Total funded status recognized in the consolidated balance sheet at December 31 | (156) | (164) | ||||
Total amount recognized | ||||||
Noncurrent assets | 0 | 0 | ||||
Current liabilities | (11) | (11) | ||||
Noncurrent liabilities | (145) | (153) | ||||
Total amount recognized in the consolidated balance sheet at December 31 | (156) | (164) | ||||
ABO | ||||||
End of the measurement period | 156 | 164 | ||||
Amounts recognized in AOCI | ||||||
Actuarial gains/(losses) | (39) | (30) | ||||
Prior service credit/(cost) | 3 | 3 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans | 0 | 0 | ||||
Total | (36) | (27) | ||||
Amounts recognized in other comprehensive income | ||||||
Actuarial gains/(losses), Gross | (13) | (12) | ||||
Actuarial gains/(losses), Tax | 3 | 3 | ||||
Actuarial gains/(losses), Net | (10) | (9) | ||||
Prior service credit/(cost), Gross | 0 | |||||
Prior service credit/(cost), Tax | 0 | |||||
Prior service credit/(cost), Net | 0 | |||||
Amortization of actuarial losses/(gains), Gross | 1 | 3 | ||||
Amortization of actuarial losses/(gains), Tax | 0 | (1) | ||||
Amortization of actuarial losses/ (gains), Net | 1 | 2 | ||||
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 | |||||
Immediate recognition due to curtailment/settlement, Tax | 0 | |||||
Immediate recognition due to curtailment/settlement, Net | 0 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans, Gross | 0 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption, Defined Benefit Plans, Tax | 0 | |||||
Cumulative effect of accounting changes, Defined Benefit Plans, Net | 0 | 0 | ||||
Total amounts recognized in other comprehensive income, Gross | (12) | (9) | ||||
Total amounts recognized in other comprehensive income, Tax | 3 | 2 | ||||
Total amounts recognized in other comprehensive income, Net | SFr (9) | SFr (7) | ||||
Net benefit pension cost (%) | ||||||
Discount rate - service costs (as a percent) | 4.38% | 3.86% | ||||
Discount rate - interest costs (as a percent) | 2.77% | 3.95% | 3.28% | |||
Benefit obligation (%) | ||||||
Discount rate (as a percent) | 2.55% | 3.23% | 4.37% | |||
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) | 7.00% | |||||
Bank | Germany | Defined benefit pension plans | ||||||
Pension and Other Postretirement Benefit Contributions | ||||||
Contributions made to defined benefit pension plans and other post-retirement defined benefit plans | SFr 111 | |||||
Bank | US | Defined benefit pension plans | ||||||
Pension and Other Postretirement Benefit Contributions | ||||||
Contributions made to defined benefit pension plans and other post-retirement defined benefit plans | SFr 43 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
PBO | SFr 16,102 | SFr 15,979 | SFr 15,432 |
ABO | 15,637 | 15,459 | |
Switzerland | Defined benefit pension plans | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 0 | 0 | |
ABO | 0 | 0 | |
Switzerland | Defined benefit pension plans | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 0 | 0 | |
ABO | 0 | 0 | |
International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
PBO | 3,482 | 3,325 | 2,951 |
ABO | 3,449 | 3,294 | |
International | Defined benefit pension plans | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,404 | 1,455 | |
ABO | 1,377 | 1,431 | |
Fair value of plan assets | 1,159 | 1,174 | |
International | Defined benefit pension plans | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,393 | 1,443 | |
ABO | 1,369 | 1,422 | |
Fair value of plan assets | 1,150 | 1,163 | |
International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
PBO | 156 | 164 | 160 |
ABO | 156 | 164 | |
Bank | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
PBO | 3,475 | 3,325 | 2,951 |
ABO | 3,445 | 3,294 | |
Bank | International | Defined benefit pension plans | PBO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,397 | 1,455 | |
ABO | 1,373 | 1,431 | |
Fair value of plan assets | 1,159 | 1,174 | |
Bank | International | Defined benefit pension plans | ABO exceeds fair value of plan assets | |||
Defined benefit plan, Disclosure | |||
PBO | 1,386 | 1,443 | |
ABO | 1,365 | 1,422 | |
Fair value of plan assets | 1,150 | 1,163 | |
Bank | International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
PBO | 156 | 164 | SFr 160 |
ABO | SFr 156 | SFr 164 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | SFr 22,212 | SFr 21,901 | |
Plan assets at fair value, measured at net asset value per share | 3,084 | 2,968 | |
Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 18,000 | 17,790 | SFr 16,225 |
Plan assets at fair value, measured at net asset value per share | 2,590 | 2,373 | |
International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 4,212 | 4,111 | 3,604 |
Plan assets at fair value, measured at net asset value per share | 494 | 595 | |
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 | 14,004 | 14,515 | |
Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 11,435 | 12,166 | |
Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,569 | 2,349 | |
Level 2 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,680 | 3,067 | |
Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,531 | 1,900 | |
Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,149 | 1,167 | |
Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,444 | 1,351 | 1,379 |
Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,444 | 1,351 | 1,379 |
Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Group equity securities and options | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 77 | 89 | |
Group equity securities and options | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 5,320 | 5,015 | |
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 | (462) | 685 | |
Group equity securities and options | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 85 | 149 | |
Plan assets at fair value, measured at net asset value per share | 52 | 91 | |
Group equity securities and options | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 5,320 | 5,015 | |
Group equity securities and options | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 33 | 58 | |
Group equity securities and options | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Group equity securities and options | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
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 | 458 | 703 | |
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 | 462 | (685) | |
Cash and cash equivalents | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 264 | 118 | |
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 | 458 | 703 | |
Cash and cash equivalents | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 17 | 14 | |
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 | 247 | 104 | |
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 | 5,884 | 6,950 | |
Plan assets at fair value, measured at net asset value per share | 438 | 303 | |
Debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 3,813 | 3,723 | |
Plan assets at fair value, measured at net asset value per share | 422 | 430 | |
Debt securities | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 5,224 | 6,448 | |
Debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,519 | 2,277 | |
Debt securities | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 222 | 199 | |
Debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 872 | 1,016 | |
Debt securities | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
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 | 2,176 | 1,913 | |
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 | 2,169 | 1,904 | |
Government debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 7 | 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 | 5,884 | 6,950 | |
Plan assets at fair value, measured at net asset value per share | 438 | 303 | |
Corporate debt securities | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,637 | 1,810 | |
Plan assets at fair value, measured at net asset value per share | 422 | 430 | |
Corporate debt securities | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 5,224 | 6,448 | |
Corporate debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 350 | 373 | |
Corporate debt securities | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 222 | 199 | |
Corporate debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 865 | 1,007 | |
Corporate debt securities | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 34 | |
Corporate debt securities | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
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 | 3,239 | 2,628 | |
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 | 0 | 0 | |
Real estate | Level 2 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,795 | 1,277 | |
Real estate | Level 3 | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,444 | 1,351 | 1,345 |
Real estate | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,444 | 1,351 | |
Real estate - direct | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,444 | 1,351 | |
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 | 1,444 | 1,351 | 1,297 |
Real estate - direct | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,444 | 1,351 | |
Real estate - indirect | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,795 | 1,277 | |
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 | 20 | 29 | |
Plan assets at fair value, measured at net asset value per share | 20 | 29 | |
Real estate - indirect | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
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 | 1,795 | 1,277 | |
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 | 0 | 48 | |
Real estate - indirect | Level 3 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
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 | 3,099 | 2,494 | |
Plan assets at fair value, measured at net asset value per share | 2,152 | 2,070 | |
Alternative investments | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (47) | 8 | |
Plan assets at fair value, measured at net asset value per share | 0 | 45 | |
Alternative investments | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 433 | 0 | |
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 | 514 | 424 | |
Alternative investments | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (47) | (37) | |
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 | 1,794 | 1,561 | |
Plan assets at fair value, measured at net asset value per share | 1,794 | 1,561 | |
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 | 414 | 511 | |
Plan assets at fair value, measured at net asset value per share | 1 | 126 | |
Hedge funds | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 45 | |
Plan assets at fair value, measured at net asset value per share | 0 | 45 | |
Hedge funds | Level 1 | Switzerland | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
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 | 413 | 385 | |
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 | 891 | 422 | |
Plan assets at fair value, measured at net asset value per share | 357 | 383 | |
Other alternative investments | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (47) | (37) | |
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 | 433 | 0 | |
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 | 101 | 39 | |
Other alternative investments | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | (47) | (37) | |
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 | 77 | 84 | |
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 | 77 | 84 | |
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 | 4,212 | 4,111 | 3,604 |
Plan assets at fair value, measured at net asset value per share | 494 | 595 | |
Bank | International | Other post-retirement defined benefit plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | SFr 0 |
Bank | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,569 | 2,349 | |
Bank | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 1,149 | 1,167 | |
Bank | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Group equity securities and options | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 85 | 149 | |
Plan assets at fair value, measured at net asset value per share | 52 | 91 | |
Bank | Group equity securities and options | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 33 | 58 | |
Bank | Group equity securities and options | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
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 | 264 | 118 | |
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 | 17 | 14 | |
Bank | Cash and cash equivalents | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 247 | 104 | |
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 | 3,813 | 3,723 | |
Plan assets at fair value, measured at net asset value per share | 422 | 430 | |
Bank | Debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 2,519 | 2,277 | |
Bank | Debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 872 | 1,016 | |
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 | 2,176 | 1,913 | |
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 | 2,169 | 1,904 | |
Bank | Government debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 7 | 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 | 1,637 | 1,810 | |
Plan assets at fair value, measured at net asset value per share | 422 | 430 | |
Bank | Corporate debt securities | Level 1 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 350 | 373 | |
Bank | Corporate debt securities | Level 2 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 865 | 1,007 | |
Bank | Corporate debt securities | Level 3 | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 0 | 0 | |
Bank | Real estate - indirect | International | Defined benefit pension plans | |||
Defined benefit plan, Disclosure | |||
Plan assets at fair value | 20 | 29 | |
Plan assets at fair value, measured at net asset value per share | 20 | 29 | |
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 | (47) | 8 | |
Plan assets at fair value, measured at net asset value per share | 0 | 45 | |
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 | (47) | (37) | |
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 | 0 | 45 | |
Plan assets at fair value, measured at net asset value per share | 0 | 45 | |
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 | (47) | (37) | |
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 | (47) | (37) | |
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 | 77 | 84 | |
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 | 77 | 84 | |
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, 2020 | Dec. 31, 2019 | |
Equity securities | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | SFr 89 | |
End of the measurement period | 77 | SFr 89 |
Defined benefit pension plans | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of the measurement period | 21,901 | |
End of the measurement period | 22,212 | 21,901 |
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 | 1,351 | 1,379 |
Transfers In | 0 | 0 |
Transfers Out | 0 | (82) |
On assets still held at reporting date | 69 | 54 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 24 | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,444 | 1,351 |
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 | 34 |
Transfers In | 0 | |
Transfers Out | (34) | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | 0 | |
Foreign currency translation impact | 0 | |
End of the measurement period | 0 | |
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 | 1,351 | 1,345 |
Transfers In | 0 | 0 |
Transfers Out | 0 | (48) |
On assets still held at reporting date | 69 | 54 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 24 | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,444 | 1,351 |
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 | 1,351 | 1,297 |
Transfers In | 0 | 0 |
Transfers Out | 0 | 0 |
On assets still held at reporting date | 69 | 54 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 24 | 0 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 1,444 | 1,351 |
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 | 48 |
Transfers In | 0 | |
Transfers Out | (48) | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | 0 | |
Foreign currency translation impact | 0 | |
End of the measurement period | 0 | |
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 | 17,790 | 16,225 |
Foreign currency translation impact | 0 | 0 |
End of the measurement period | 18,000 | 17,790 |
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 | 6,950 | |
End of the measurement period | 5,884 | 6,950 |
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 | 6,950 | |
End of the measurement period | 5,884 | 6,950 |
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 | 5,015 | |
End of the measurement period | 5,320 | 5,015 |
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 | 2,628 | |
End of the measurement period | 3,239 | 2,628 |
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 | 1,351 | |
End of the measurement period | 1,444 | 1,351 |
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 | 1,277 | |
End of the measurement period | 1,795 | 1,277 |
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 | 2,494 | |
End of the measurement period | 3,099 | 2,494 |
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 | 1,561 | |
End of the measurement period | 1,794 | 1,561 |
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 | 511 | |
End of the measurement period | 414 | 511 |
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 | 422 | |
End of the measurement period | 891 | 422 |
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 | 1,351 | 1,379 |
Transfers In | 0 | 0 |
Transfers Out | 0 | (82) |
On assets still held at reporting date | 69 | 54 |
On assets sold during the period | 0 | 0 |
Purchases, sales, settlements | 24 | 0 |
Exchange rate gains/(losses) on investments | 0 | 0 |
End of the measurement period | 1,444 | 1,351 |
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 | 0 | |
End of the measurement period | 0 | 0 |
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 | 0 | |
End of the measurement period | 0 | 0 |
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 | 1,351 | |
End of the measurement period | 1,444 | 1,351 |
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 | 1,351 | |
End of the measurement period | 1,444 | 1,351 |
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 | 0 | |
End of the measurement period | 0 | 0 |
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 | 4,111 | 3,604 |
Foreign currency translation impact | (257) | 39 |
End of the measurement period | 4,212 | 4,111 |
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 | 3,723 | |
End of the measurement period | 3,813 | 3,723 |
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 | 1,637 | 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 | 1,913 | |
End of the measurement period | 2,176 | 1,913 |
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 | 149 | |
End of the measurement period | 85 | 149 |
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 | 29 | |
End of the measurement period | 20 | 29 |
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 | 8 | |
End of the measurement period | (47) | 8 |
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 | 45 | |
End of the measurement period | 0 | 45 |
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 | (37) | |
End of the measurement period | (47) | (37) |
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 | 84 | |
End of the measurement period | 77 | 84 |
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 | |
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 | 4,111 | 3,604 |
Foreign currency translation impact | (257) | 39 |
End of the measurement period | 4,212 | 4,111 |
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 | 3,723 | |
End of the measurement period | 3,813 | 3,723 |
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 | 1,637 | 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 | 1,913 | |
End of the measurement period | 2,176 | 1,913 |
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 | 149 | |
End of the measurement period | 85 | 149 |
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 | 29 | |
End of the measurement period | 20 | 29 |
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 | 8 | |
End of the measurement period | (47) | 8 |
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 | 45 | |
End of the measurement period | 0 | 45 |
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 | (37) | |
End of the measurement period | (47) | (37) |
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 | 84 | |
End of the measurement period | 77 | 84 |
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 | |
Transfers In | 0 | |
Transfers Out | 0 | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | 0 | |
Foreign currency translation impact | 0 | |
End of the measurement period | 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 | |
Transfers In | 0 | |
Transfers Out | 0 | |
On assets still held at reporting date | 0 | |
On assets sold during the period | 0 | |
Purchases, sales, settlements | 0 | |
Foreign currency translation impact | 0 | |
End of the measurement period | 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
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) | 2.50% | 3.90% | |
Switzerland | Cash and cash equivalents | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 7.00% | ||
Switzerland | Debt securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 32.70% | 39.10% | |
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) | 29.60% | 28.20% | |
Switzerland | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 25.00% | ||
Switzerland | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 18.00% | 14.80% | |
Switzerland | Real estate | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 21.00% | ||
Switzerland | Alternative investments | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 17.20% | 14.00% | |
Switzerland | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 15.00% | ||
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) | 6.30% | 2.90% | |
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) | 90.50% | 90.60% | |
International | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 94.00% | ||
International | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.00% | 3.60% | |
International | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.10% | ||
International | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.50% | 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) | (1.10%) | 0.20% | |
International | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 1.20% | ||
International | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 1.80% | 2.00% | |
International | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 1.80% | ||
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) | 6.30% | 2.90% | |
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) | 90.50% | 90.60% | |
Bank | International | Debt securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 94.00% | ||
Bank | International | Equity securities | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 2.00% | 3.60% | |
Bank | International | Equity securities | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 2.10% | ||
Bank | International | Real estate | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 0.50% | 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) | (1.10%) | 0.20% | |
Bank | International | Alternative investments | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 1.20% | ||
Bank | International | Insurance | |||
Defined benefit plan, Disclosure | |||
Weighted-average plan asset allocation (as a percent) | 1.80% | 2.00% | |
Bank | International | Insurance | Forecast/Estimate | |||
Target asset allocation next fiscal year (%) | |||
Target weighted-average asset allocations (as a percent) | 1.80% |
Pension and other post-retire_8
Pension and other post-retirement benefits - Estimated future benefit payments (Details 6) SFr in Millions | Dec. 31, 2020CHF (SFr) |
Defined benefit pension plans | |
Estimated future benefit payments | |
Next twelve months | SFr 1,082 |
Year two | 903 |
Year three | 904 |
Year four | 903 |
Year five | 887 |
For five years thereafter | 4,409 |
Other post-retirement defined benefit plans | |
Estimated future benefit payments | |
Next twelve months | 11 |
Year two | 10 |
Year three | 10 |
Year four | 10 |
Year five | 9 |
For five years thereafter | 40 |
Bank | International | Defined benefit pension plans | |
Estimated future benefit payments | |
Next twelve months | 99 |
Year two | 89 |
Year three | 99 |
Year four | 103 |
Year five | 108 |
For five years thereafter | 600 |
Bank | International | Other post-retirement defined benefit plans | |
Estimated future benefit payments | |
Next twelve months | 11 |
Year two | 10 |
Year three | 10 |
Year four | 10 |
Year five | 9 |
For five years thereafter | SFr 40 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | SFr 299 | SFr 167 | SFr 153 |
Switzerland | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | 143 | ||
Bank | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | 240 | 150 | 140 |
Contributions made by the Entity to the group defined benefit plan | 249 | SFr 338 | SFr 377 |
Bank | Switzerland | |||
Defined Contribution Pension and Other Postretirement Plans Disclosure | |||
Contributions made by the Entity to defined contribution pension plans | SFr 96 |
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, 2020 | Dec. 31, 2019 | |
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% | |
SAPS S2 [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 | 21.7 | 21.6 |
Life expectancy rate at age 65, Female | 23.7 | 23.6 |
Switzerland | BVG 2015 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 23.3 | 23.2 |
Life expectancy rate at age 65, Female | 25.3 | 25.2 |
UK | SAPS S2 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 23.3 | 23.2 |
Life expectancy rate at age 65, Female | 24.5 | 24.3 |
UK | SAPS S2 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 24.9 | 24.8 |
Life expectancy rate at age 65, Female | 26.3 | 26.1 |
US | Pri-2012 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 21.1 | 21.1 |
Life expectancy rate at age 65, Female | 22.8 | 22.7 |
US | Pri-2012 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 22.3 | 22.2 |
Life expectancy rate at age 65, Female | 23.9 | 23.8 |
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 | SAPS S2 [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 | 23.3 | 23.2 |
Life expectancy rate at age 65, Female | 24.5 | 24.3 |
Bank | UK | SAPS S2 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 24.9 | 24.8 |
Life expectancy rate at age 65, Female | 26.3 | 26.1 |
Bank | US | Pri-2012 [Member] | 65 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 21.1 | 21.1 |
Life expectancy rate at age 65, Female | 22.8 | 22.7 |
Bank | US | Pri-2012 [Member] | 45 | ||
Defined benefit plan, Disclosure | ||
Life expectancy rate at age 65, Male | 22.3 | 22.2 |
Life expectancy rate at age 65, Female | 23.9 | 23.8 |
Pension and other post-retir_11
Pension and other post-retirement benefits - PBO Models/Approaches (Details 10) SFr in Millions | Dec. 31, 2020CHF (SFr) |
Switzerland | Change in interest rate on saving balances | |
Defined benefit plan, Disclosure | |
Defined Benefit Plan, Projected Benefit Obligation, Increase/(Decrease) | SFr 450 |
Pension and other post-retir_12
Pension and other post-retirement benefits (Details 11) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | SFr (327) | SFr 44 | SFr (710) |
Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (5) | 338 | (26) |
Bank | Actuarial gains/(losses) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | (55) | (42) | (18) |
Bank | Net prior service credit/ (cost) | |||
Increase (Decrease) in Accumulated other Comprehensive Income | |||
OCI, before Reclassifications, Net of Tax, Attributable to Parent | SFr (4) | SFr 0 | SFr (10) |
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, 2020 | Dec. 31, 2019 | |
Fair value of derivative instruments | ||
Notional amount | SFr 17,735.7 | SFr 20,456.4 |
Positive replacement value (PRV) | 146.2 | 115.8 |
Negative replacement value (NRV) | SFr 147.5 | 117.3 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 12 months | |
Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | SFr 17,595.7 | 20,329.1 |
Positive replacement value (PRV) | 145.2 | 115.2 |
Negative replacement value (NRV) | 147.3 | 117.1 |
Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 14,690.6 | 17,133 |
Positive replacement value (PRV) | 74.9 | 68.3 |
Negative replacement value (NRV) | 71.6 | 65.9 |
Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 5,221.5 | 6,226.5 |
Positive replacement value (PRV) | 2.7 | 0.9 |
Negative replacement value (NRV) | 2.8 | 0.9 |
Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 8,087.8 | 9,183.5 |
Positive replacement value (PRV) | 53.5 | 50.8 |
Negative replacement value (NRV) | 50.2 | 48.4 |
Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 968.6 | 1,355.4 |
Positive replacement value (PRV) | 18.2 | 16.3 |
Negative replacement value (NRV) | 18 | 16.4 |
Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 296.6 | 264.2 |
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 | 116.1 | 103.4 |
Positive replacement value (PRV) | 0.5 | 0.3 |
Negative replacement value (NRV) | 0.6 | 0.2 |
Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 1,520.3 | 1,743 |
Positive replacement value (PRV) | 24.4 | 21.9 |
Negative replacement value (NRV) | 28.9 | 26.3 |
Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 928.4 | 1,073.5 |
Positive replacement value (PRV) | 10.1 | 8 |
Negative replacement value (NRV) | 11.8 | 9.1 |
Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 345.8 | 389.5 |
Positive replacement value (PRV) | 10.9 | 10.9 |
Negative replacement value (NRV) | 13.4 | 13.7 |
Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 236.3 | 270.8 |
Positive replacement value (PRV) | 3.4 | 3 |
Negative replacement value (NRV) | 3.7 | 3.5 |
Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 8.8 | 9.1 |
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 | 0.1 |
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 | 467.8 | 538.1 |
Positive replacement value (PRV) | 4.9 | 6.2 |
Negative replacement value (NRV) | 6 | 7.2 |
Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 864.4 | 858.2 |
Positive replacement value (PRV) | 39.2 | 17.4 |
Negative replacement value (NRV) | 39.8 | 17 |
Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1 | 1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.3 | 0 |
Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 167.6 | 175.2 |
Positive replacement value (PRV) | 4.3 | 4.3 |
Negative replacement value (NRV) | 8.8 | 4.6 |
Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 218.3 | 213.6 |
Positive replacement value (PRV) | 14.9 | 7.7 |
Negative replacement value (NRV) | 10 | 7.3 |
Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 23.5 | 41.2 |
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 | 454 | 427.2 |
Positive replacement value (PRV) | 20 | 5.4 |
Negative replacement value (NRV) | 20.7 | 5.1 |
Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 52.6 | 56.8 |
Positive replacement value (PRV) | 1.8 | 1.4 |
Negative replacement value (NRV) | 1 | 0.7 |
Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 12.2 | 13.2 |
Positive replacement value (PRV) | 0.3 | 0.2 |
Negative replacement value (NRV) | 0.2 | 0.1 |
Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 9.8 | 11.6 |
Positive replacement value (PRV) | 1.1 | 1 |
Negative replacement value (NRV) | 0.5 | 0.5 |
Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 14.8 | 15.5 |
Positive replacement value (PRV) | 0.3 | 0.2 |
Negative replacement value (NRV) | 0.2 | 0.1 |
Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 4.2 | 14.8 |
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 | 11.6 | 1.7 |
Positive replacement value (PRV) | 0.1 | 0 |
Negative replacement value (NRV) | 0.1 | 0 |
Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 140 | 127.3 |
Positive replacement value (PRV) | 1 | 0.6 |
Negative replacement value (NRV) | 0.2 | 0.2 |
Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 126.1 | 113.2 |
Positive replacement value (PRV) | 0.9 | 0.5 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 126.1 | 113.2 |
Positive replacement value (PRV) | 0.9 | 0.5 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 13.9 | 14.1 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 13.9 | 14.1 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
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 | 17,736.6 | 20,457.4 |
Positive replacement value (PRV) | 146.2 | 115.8 |
Negative replacement value (NRV) | SFr 147.6 | 117.3 |
Cash flow hedges | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 12 months | |
Bank | Not designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | SFr 17,596.6 | 20,330.1 |
Positive replacement value (PRV) | 145.2 | 115.2 |
Negative replacement value (NRV) | 147.4 | 117.1 |
Bank | Not designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 14,691.5 | 17,134 |
Positive replacement value (PRV) | 74.9 | 68.3 |
Negative replacement value (NRV) | 71.7 | 65.9 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 5,221.5 | 6,226.5 |
Positive replacement value (PRV) | 2.7 | 0.9 |
Negative replacement value (NRV) | 2.8 | 0.9 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 8,088.7 | 9,184.5 |
Positive replacement value (PRV) | 53.5 | 50.8 |
Negative replacement value (NRV) | 50.3 | 48.4 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 968.6 | 1,355.4 |
Positive replacement value (PRV) | 18.2 | 16.3 |
Negative replacement value (NRV) | 18 | 16.4 |
Bank | Not designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 296.6 | 264.2 |
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 | 116.1 | 103.4 |
Positive replacement value (PRV) | 0.5 | 0.3 |
Negative replacement value (NRV) | 0.6 | 0.2 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 1,520.3 | 1,743 |
Positive replacement value (PRV) | 24.4 | 21.9 |
Negative replacement value (NRV) | 28.9 | 26.3 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 928.4 | 1,073.5 |
Positive replacement value (PRV) | 10.1 | 8 |
Negative replacement value (NRV) | 11.8 | 9.1 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 345.8 | 389.5 |
Positive replacement value (PRV) | 10.9 | 10.9 |
Negative replacement value (NRV) | 13.4 | 13.7 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 236.3 | 270.8 |
Positive replacement value (PRV) | 3.4 | 3 |
Negative replacement value (NRV) | 3.7 | 3.5 |
Bank | Not designated for hedge accounting | Foreign exchange derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 8.8 | 9.1 |
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 | 0.1 |
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 | 467.8 | 538.1 |
Positive replacement value (PRV) | 4.9 | 6.2 |
Negative replacement value (NRV) | 6 | 7.2 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 864.4 | 858.2 |
Positive replacement value (PRV) | 39.2 | 17.4 |
Negative replacement value (NRV) | 39.8 | 17 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 1 | 1 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0.3 | 0 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 167.6 | 175.2 |
Positive replacement value (PRV) | 4.3 | 4.3 |
Negative replacement value (NRV) | 8.8 | 4.6 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 218.3 | 213.6 |
Positive replacement value (PRV) | 14.9 | 7.7 |
Negative replacement value (NRV) | 10 | 7.3 |
Bank | Not designated for hedge accounting | Equity/index-related derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 23.5 | 41.2 |
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 | 454 | 427.2 |
Positive replacement value (PRV) | 20 | 5.4 |
Negative replacement value (NRV) | 20.7 | 5.1 |
Bank | Not designated for hedge accounting | Other products | ||
Fair value of derivative instruments | ||
Notional amount | 52.6 | 56.8 |
Positive replacement value (PRV) | 1.8 | 1.4 |
Negative replacement value (NRV) | 1 | 0.7 |
Bank | Not designated for hedge accounting | Other products | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 12.2 | 13.2 |
Positive replacement value (PRV) | 0.3 | 0.2 |
Negative replacement value (NRV) | 0.2 | 0.1 |
Bank | Not designated for hedge accounting | Other products | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 9.8 | 11.6 |
Positive replacement value (PRV) | 1.1 | 1 |
Negative replacement value (NRV) | 0.5 | 0.5 |
Bank | Not designated for hedge accounting | Other products | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 14.8 | 15.5 |
Positive replacement value (PRV) | 0.3 | 0.2 |
Negative replacement value (NRV) | 0.2 | 0.1 |
Bank | Not designated for hedge accounting | Other products | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 4.2 | 14.8 |
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 | 11.6 | 1.7 |
Positive replacement value (PRV) | 0.1 | 0 |
Negative replacement value (NRV) | 0.1 | 0 |
Bank | Designated for hedge accounting | ||
Fair value of derivative instruments | ||
Notional amount | 140 | 127.3 |
Positive replacement value (PRV) | 1 | 0.6 |
Negative replacement value (NRV) | 0.2 | 0.2 |
Bank | Designated for hedge accounting | Interest rate derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 126.1 | 113.2 |
Positive replacement value (PRV) | 0.9 | 0.5 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Bank | Designated for hedge accounting | Interest rate derivatives | Forwards and forward rate agreements | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Swaps | ||
Fair value of derivative instruments | ||
Notional amount | 126.1 | 113.2 |
Positive replacement value (PRV) | 0.9 | 0.5 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Bank | Designated for hedge accounting | Interest rate derivatives | Options bought and sold (OTC) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Futures | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Interest rate derivatives | Options bought and sold (exchange traded) | ||
Fair value of derivative instruments | ||
Notional amount | 0 | 0 |
Positive replacement value (PRV) | 0 | 0 |
Negative replacement value (NRV) | 0 | 0 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | ||
Fair value of derivative instruments | ||
Notional amount | 13.9 | 14.1 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.1 |
Bank | Designated for hedge accounting | Foreign exchange derivatives | Forwards | ||
Fair value of derivative instruments | ||
Notional amount | 13.9 | 14.1 |
Positive replacement value (PRV) | 0.1 | 0.1 |
Negative replacement value (NRV) | 0.1 | 0.1 |
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 | 0 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value hedges | Interest rate derivatives | Interest and dividend income [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Hedged items | SFr (1,679) | SFr (1,721) | |
Derivatives designated as hedging instruments | 1,564 | 1,550 | |
Fair value hedges | Interest rate derivatives | Trading Revenue [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Hedged items | SFr 423 | ||
Derivatives designated as hedging instruments | (415) | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 8 | ||
Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | 119 | ||
Cash flow hedges | Trading Revenue [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 1 | (20) | |
Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 134 | 85 | (76) |
Cash flow hedges | Interest rate derivatives | Interest and dividend income [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (70) | 3 | (85) |
Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (33) | 4 | (95) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (32) | (27) | (48) |
Cash flow hedges | Foreign exchange derivatives | Trading Revenue [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (30) | (7) | (37) |
Cash flow hedges | Foreign exchange derivatives | Other Expense [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (2) | (16) | (5) |
Cash flow hedges | Foreign exchange derivatives | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 0 | (4) | (6) |
Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 458 | (138) | 133 |
Net investment hedges | Foreign exchange derivatives | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 10 | 0 | (2) |
Bank | Fair value hedges | Interest rate derivatives | Interest and dividend income [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Hedged items | (1,679) | (1,721) | |
Derivatives designated as hedging instruments | 1,564 | 1,550 | |
Bank | Fair value hedges | Interest rate derivatives | Trading Revenue [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Hedged items | 423 | ||
Derivatives designated as hedging instruments | (415) | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 8 | ||
Bank | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) | |||
Expected reclassification of net gains/(losses) from AOCI into earnings during the next 12 months | 119 | ||
Bank | Cash flow hedges | Trading Revenue [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Gain (Loss) from Components Excluded from Assessment of Cash Flow Hedge Effectiveness, Net | 1 | (20) | |
Bank | Cash flow hedges | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 134 | 85 | (76) |
Bank | Cash flow hedges | Interest rate derivatives | Interest and dividend income [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (70) | 3 | (85) |
Bank | Cash flow hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (33) | (5) | (86) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (32) | (23) | (42) |
Bank | Cash flow hedges | Foreign exchange derivatives | Trading Revenue [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (30) | (7) | (37) |
Bank | Cash flow hedges | Foreign exchange derivatives | Other Expense [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (2) | (16) | (5) |
Bank | Net investment hedges | Foreign exchange derivatives | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 451 | (133) | 131 |
Bank | Net investment hedges | Foreign exchange derivatives | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | SFr 10 | SFr 0 | SFr (2) |
Derivatives and hedging activ_5
Derivatives and hedging activities - Contingent credit risk (Details 3) - CHF (SFr) SFr in Billions | Dec. 31, 2020 | Dec. 31, 2019 |
Contingent credit risk | ||
Current net exposure | SFr 3.4 | SFr 3.4 |
Collateral posted | 2.4 | 2.8 |
Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.2 |
Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.7 | 0.9 |
Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 3 | 3.1 |
Collateral posted | 2.4 | 2.7 |
Bilateral counterparties | Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Bilateral counterparties | Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.2 |
Bilateral counterparties | Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.5 | 0.7 |
Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0 | 0 |
Collateral posted | 0 | 0.1 |
Special purpose entities | Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0 |
Special purpose entities | Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0 |
Special purpose entities | Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 0.4 | 0.3 |
Accelerated terminations | Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0 |
Accelerated terminations | Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0 |
Accelerated terminations | Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.2 | 0.1 |
Bank | ||
Contingent credit risk | ||
Current net exposure | 3.4 | 3.4 |
Collateral posted | 2.4 | 2.8 |
Bank | Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Bank | Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.2 |
Bank | Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.7 | 0.9 |
Bank | Bilateral counterparties | ||
Contingent credit risk | ||
Current net exposure | 3 | 3.1 |
Collateral posted | 2.4 | 2.7 |
Bank | Bilateral counterparties | Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Bank | Bilateral counterparties | Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.2 |
Bank | Bilateral counterparties | Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0.5 | 0.7 |
Bank | Special purpose entities | ||
Contingent credit risk | ||
Current net exposure | 0 | 0 |
Collateral posted | 0 | 0.1 |
Bank | Special purpose entities | Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0 |
Bank | Special purpose entities | Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0 |
Bank | Special purpose entities | Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0.1 |
Bank | Accelerated terminations | ||
Contingent credit risk | ||
Current net exposure | 0.4 | 0.3 |
Bank | Accelerated terminations | Scenario, Impact of a one-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0 |
Bank | Accelerated terminations | Scenario, Impact of a two-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | 0 | 0 |
Bank | Accelerated terminations | Scenario, Impact of a three-notch downgrade event [Member] | ||
Contingent credit risk | ||
Collateral posted | SFr 0.2 | SFr 0.1 |
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, 2020 | Dec. 31, 2019 | |
Credit protection sold/purchased | ||
Credit protection sold | SFr (204.8) | SFr (221.9) |
Credit protection purchased | 189.4 | 210.8 |
Net credit protection (sold)/purchased | (15.4) | (11.1) |
Other protection purchased | 59.2 | 88.7 |
Fair value of credit protection sold | 0.4 | 3.1 |
Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (14.4) | (16.7) |
Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (43.6) | (61.1) |
Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (145.3) | (140.4) |
Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (15.9) | (20.4) |
Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (12.5) | (17.2) |
Credit protection purchased | 11.6 | 15.4 |
Net credit protection (sold)/purchased | (0.9) | (1.8) |
Other protection purchased | 5.3 | 4.1 |
Fair value of credit protection sold | 0 | 0 |
Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (192.3) | (204.7) |
Credit protection purchased | 177.8 | 195.4 |
Net credit protection (sold)/purchased | (14.5) | (9.3) |
Other protection purchased | 53.9 | 84.6 |
Fair value of credit protection sold | 0.4 | 3.1 |
Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (152) | (162.1) |
Credit protection purchased | 143 | 156.8 |
Net credit protection (sold)/purchased | (9) | (5.3) |
Other protection purchased | 36.1 | 55.5 |
Fair value of credit protection sold | (0.2) | 1.2 |
Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.8) | (59.8) |
Credit protection purchased | 46.4 | 54 |
Net credit protection (sold)/purchased | (6.4) | (5.8) |
Other protection purchased | 23.1 | 33.2 |
Fair value of credit protection sold | 0.6 | 1.9 |
Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (81) | (84.7) |
Credit protection purchased | 74.3 | 77.4 |
Net credit protection (sold)/purchased | (6.7) | (7.3) |
Other protection purchased | 24.8 | 27.6 |
Fair value of credit protection sold | 0.9 | 1.4 |
Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (14) | (19.2) |
Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (62.7) | (60.6) |
Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (4.3) | (4.9) |
Single-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (12.5) | (17.2) |
Credit protection purchased | 11.6 | 15.4 |
Net credit protection (sold)/purchased | (0.9) | (1.8) |
Other protection purchased | 5.3 | 4.1 |
Fair value of credit protection sold | 0 | 0 |
Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (68.5) | (67.5) |
Credit protection purchased | 62.7 | 62 |
Net credit protection (sold)/purchased | (5.8) | (5.5) |
Other protection purchased | 19.5 | 23.5 |
Fair value of credit protection sold | 0.9 | 1.4 |
Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.5) | (52.6) |
Credit protection purchased | 47.8 | 47.9 |
Net credit protection (sold)/purchased | (4.7) | (4.7) |
Other protection purchased | 13 | 11.5 |
Fair value of credit protection sold | 0.5 | 0.5 |
Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (28.5) | (32.1) |
Credit protection purchased | 26.5 | 29.5 |
Net credit protection (sold)/purchased | (2) | (2.6) |
Other protection purchased | 11.8 | 16.1 |
Fair value of credit protection sold | 0.4 | 0.9 |
Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (123.8) | (137.2) |
Credit protection purchased | 115.1 | 133.4 |
Net credit protection (sold)/purchased | (8.7) | (3.8) |
Other protection purchased | 34.4 | 61.1 |
Fair value of credit protection sold | (0.5) | 1.7 |
Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (29.6) | (41.9) |
Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (82.6) | (79.8) |
Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (11.6) | (15.5) |
Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (123.8) | (137.2) |
Credit protection purchased | 115.1 | 133.4 |
Net credit protection (sold)/purchased | (8.7) | (3.8) |
Other protection purchased | 34.4 | 61.1 |
Fair value of credit protection sold | (0.5) | 1.7 |
Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (99.5) | (109.5) |
Credit protection purchased | 95.2 | 108.9 |
Net credit protection (sold)/purchased | (4.3) | (0.6) |
Other protection purchased | 23.1 | 44 |
Fair value of credit protection sold | (0.7) | 0.7 |
Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (24.3) | (27.7) |
Credit protection purchased | 19.9 | 24.5 |
Net credit protection (sold)/purchased | (4.4) | (3.2) |
Other protection purchased | 11.3 | 17.1 |
Fair value of credit protection sold | 0.2 | 1 |
Bank | ||
Credit protection sold/purchased | ||
Credit protection sold | (204.8) | (221.9) |
Credit protection purchased | 189.4 | 210.8 |
Net credit protection (sold)/purchased | (15.4) | (11.1) |
Other protection purchased | 59.2 | 88.7 |
Fair value of credit protection sold | 0.4 | 3.1 |
Bank | Total return swaps | ||
Credit protection sold/purchased | ||
Credit protection sold | (14.4) | (16.7) |
Bank | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (43.6) | (61.1) |
Bank | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (145.3) | (140.4) |
Bank | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (15.9) | (20.4) |
Bank | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (12.5) | (17.2) |
Credit protection purchased | 11.6 | 15.4 |
Net credit protection (sold)/purchased | (0.9) | (1.8) |
Other protection purchased | 5.3 | 4.1 |
Fair value of credit protection sold | 0 | 0 |
Bank | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (192.3) | (204.7) |
Credit protection purchased | 177.8 | 195.4 |
Net credit protection (sold)/purchased | (14.5) | (9.3) |
Other protection purchased | 53.9 | 84.6 |
Fair value of credit protection sold | 0.4 | 3.1 |
Bank | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (152) | (162.1) |
Credit protection purchased | 143 | 156.8 |
Net credit protection (sold)/purchased | (9) | (5.3) |
Other protection purchased | 36.1 | 55.5 |
Fair value of credit protection sold | (0.2) | 1.2 |
Bank | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.8) | (59.8) |
Credit protection purchased | 46.4 | 54 |
Net credit protection (sold)/purchased | (6.4) | (5.8) |
Other protection purchased | 23.1 | 33.2 |
Fair value of credit protection sold | 0.6 | 1.9 |
Bank | Single-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (81) | (84.7) |
Credit protection purchased | 74.3 | 77.4 |
Net credit protection (sold)/purchased | (6.7) | (7.3) |
Other protection purchased | 24.8 | 27.6 |
Fair value of credit protection sold | 0.9 | 1.4 |
Bank | Single-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (14) | (19.2) |
Bank | Single-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (62.7) | (60.6) |
Bank | Single-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (4.3) | (4.9) |
Bank | Single-name instruments | Government debt securities | ||
Credit protection sold/purchased | ||
Credit protection sold | (12.5) | (17.2) |
Credit protection purchased | 11.6 | 15.4 |
Net credit protection (sold)/purchased | (0.9) | (1.8) |
Other protection purchased | 5.3 | 4.1 |
Fair value of credit protection sold | 0 | 0 |
Bank | Single-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (68.5) | (67.5) |
Credit protection purchased | 62.7 | 62 |
Net credit protection (sold)/purchased | (5.8) | (5.5) |
Other protection purchased | 19.5 | 23.5 |
Fair value of credit protection sold | 0.9 | 1.4 |
Bank | Single-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (52.5) | (52.6) |
Credit protection purchased | 47.8 | 47.9 |
Net credit protection (sold)/purchased | (4.7) | (4.7) |
Other protection purchased | 13 | 11.5 |
Fair value of credit protection sold | 0.5 | 0.5 |
Bank | Single-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (28.5) | (32.1) |
Credit protection purchased | 26.5 | 29.5 |
Net credit protection (sold)/purchased | (2) | (2.6) |
Other protection purchased | 11.8 | 16.1 |
Fair value of credit protection sold | 0.4 | 0.9 |
Bank | Multi-name instruments | ||
Credit protection sold/purchased | ||
Credit protection sold | (123.8) | (137.2) |
Credit protection purchased | 115.1 | 133.4 |
Net credit protection (sold)/purchased | (8.7) | (3.8) |
Other protection purchased | 34.4 | 61.1 |
Fair value of credit protection sold | (0.5) | 1.7 |
Bank | Multi-name instruments | Maturity less than 1 year | ||
Credit protection sold/purchased | ||
Credit protection sold | (29.6) | (41.9) |
Bank | Multi-name instruments | Maturity between 1 to 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (82.6) | (79.8) |
Bank | Multi-name instruments | Maturity greater than 5 years | ||
Credit protection sold/purchased | ||
Credit protection sold | (11.6) | (15.5) |
Bank | Multi-name instruments | Non-sovereigns | ||
Credit protection sold/purchased | ||
Credit protection sold | (123.8) | (137.2) |
Credit protection purchased | 115.1 | 133.4 |
Net credit protection (sold)/purchased | (8.7) | (3.8) |
Other protection purchased | 34.4 | 61.1 |
Fair value of credit protection sold | (0.5) | 1.7 |
Bank | Multi-name instruments | Investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (99.5) | (109.5) |
Credit protection purchased | 95.2 | 108.9 |
Net credit protection (sold)/purchased | (4.3) | (0.6) |
Other protection purchased | 23.1 | 44 |
Fair value of credit protection sold | (0.7) | 0.7 |
Bank | Multi-name instruments | Non-investment grade | ||
Credit protection sold/purchased | ||
Credit protection sold | (24.3) | (27.7) |
Credit protection purchased | 19.9 | 24.5 |
Net credit protection (sold)/purchased | (4.4) | (3.2) |
Other protection purchased | 11.3 | 17.1 |
Fair value of credit protection sold | SFr 0.2 | SFr 1 |
Derivatives and hedging activ_7
Derivatives and hedging activities - Credit derivatives (Details 5) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Credit Derivatives [Line Items] | ||
Credit protection sold | SFr 204.8 | SFr 221.9 |
Credit protection purchased | 189.4 | 210.8 |
Other protection purchased | 59.2 | 88.7 |
Other instruments | 14.4 | 16.7 |
Total credit derivatives | 467.8 | 538.1 |
Bank | ||
Credit Derivatives [Line Items] | ||
Credit protection sold | 204.8 | 221.9 |
Credit protection purchased | 189.4 | 210.8 |
Other protection purchased | 59.2 | 88.7 |
Other instruments | 14.4 | 16.7 |
Total credit derivatives | SFr 467.8 | SFr 538.1 |
Derivatives and hedging activ_8
Derivatives and hedging activities (Details 6) - CHF (SFr) SFr in Billions | Dec. 31, 2020 | Dec. 31, 2019 |
Investment securities | ||
Hedged items in fair value hedges [Line Items] | ||
Hedged Asset, Fair Value Hedge | SFr 0.4 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 0 | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | |
Long-term debt | ||
Hedged items in fair value hedges [Line Items] | ||
Hedged Liability, Fair Value Hedge | 65.8 | SFr 65.8 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 1.9 | 1.2 |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0.8 | 0.3 |
Net loans | ||
Hedged items in fair value hedges [Line Items] | ||
Hedged Asset, Fair Value Hedge | 20.5 | 15.2 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 0.2 | 0.1 |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0.5 | 0.7 |
Bank | Investment securities | ||
Hedged items in fair value hedges [Line Items] | ||
Hedged Asset, Fair Value Hedge | 0.4 | |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 0 | |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0 | |
Bank | Long-term debt | ||
Hedged items in fair value hedges [Line Items] | ||
Hedged Liability, Fair Value Hedge | 65.8 | 65.8 |
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 1.9 | 1.2 |
Hedged Liability, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | 0.8 | 0.3 |
Bank | Net loans | ||
Hedged items in fair value hedges [Line Items] | ||
Hedged Asset, Fair Value Hedge | 20.5 | 15.2 |
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) | 0.2 | 0.1 |
Hedged Asset, Discontinued Fair Value Hedge, Cumulative Increase (Decrease) | SFr 0.5 | SFr 0.7 |
Guarantees and commitments - Gu
Guarantees and commitments - Guarantees maturity (Details) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Guarantees | ||
Maturity less than 1 year | SFr 19,338 | SFr 22,921 |
Maturity between 1 to 3 years | 7,451 | 7,362 |
Maturity between 3 to 5 years | 1,848 | 1,915 |
Maturity greater than 5 years | 3,690 | 3,520 |
Total gross amount | 32,327 | 35,718 |
Total net amount | 31,320 | 34,595 |
Carrying value | 522 | 400 |
Collateral received | 7,897 | 8,451 |
Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 1,645 | 1,813 |
Maturity between 1 to 3 years | 649 | 252 |
Maturity between 3 to 5 years | 203 | 185 |
Maturity greater than 5 years | 582 | 864 |
Total gross amount | 3,079 | 3,114 |
Total net amount | 3,016 | 3,061 |
Carrying value | 27 | 10 |
Collateral received | 1,637 | 1,655 |
Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 3,607 | 4,407 |
Maturity between 1 to 3 years | 1,885 | 3,059 |
Maturity between 3 to 5 years | 526 | 668 |
Maturity greater than 5 years | 514 | 723 |
Total gross amount | 6,532 | 8,857 |
Total net amount | 5,601 | 7,833 |
Carrying value | 30 | 31 |
Collateral received | 2,535 | 2,793 |
Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 10,531 | 13,194 |
Maturity between 1 to 3 years | 3,921 | 2,665 |
Maturity between 3 to 5 years | 698 | 695 |
Maturity greater than 5 years | 1,423 | 690 |
Total gross amount | 16,573 | 17,244 |
Total net amount | 16,573 | 17,244 |
Carrying value | 380 | 295 |
Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 3,555 | 3,507 |
Maturity between 1 to 3 years | 996 | 1,386 |
Maturity between 3 to 5 years | 421 | 367 |
Maturity greater than 5 years | 1,171 | 1,243 |
Total gross amount | 6,143 | 6,503 |
Total net amount | 6,130 | 6,457 |
Carrying value | 85 | 64 |
Collateral received | 3,725 | 4,003 |
Bank | ||
Guarantees | ||
Maturity less than 1 year | 19,338 | 22,921 |
Maturity between 1 to 3 years | 7,455 | 7,362 |
Maturity between 3 to 5 years | 1,848 | 1,919 |
Maturity greater than 5 years | 3,690 | 3,520 |
Total gross amount | 32,331 | 35,722 |
Total net amount | 31,324 | 34,599 |
Carrying value | 522 | 400 |
Collateral received | 7,897 | 8,451 |
Bank | Credit guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 1,645 | 1,813 |
Maturity between 1 to 3 years | 653 | 252 |
Maturity between 3 to 5 years | 203 | 189 |
Maturity greater than 5 years | 582 | 864 |
Total gross amount | 3,083 | 3,118 |
Total net amount | 3,020 | 3,065 |
Carrying value | 27 | 10 |
Collateral received | 1,637 | 1,655 |
Bank | Performance guarantees and similar instruments | ||
Guarantees | ||
Maturity less than 1 year | 3,607 | 4,407 |
Maturity between 1 to 3 years | 1,885 | 3,059 |
Maturity between 3 to 5 years | 526 | 668 |
Maturity greater than 5 years | 514 | 723 |
Total gross amount | 6,532 | 8,857 |
Total net amount | 5,601 | 7,833 |
Carrying value | 30 | 31 |
Collateral received | 2,535 | 2,793 |
Bank | Derivatives | ||
Guarantees | ||
Maturity less than 1 year | 10,531 | 13,194 |
Maturity between 1 to 3 years | 3,921 | 2,665 |
Maturity between 3 to 5 years | 698 | 695 |
Maturity greater than 5 years | 1,423 | 690 |
Total gross amount | 16,573 | 17,244 |
Total net amount | 16,573 | 17,244 |
Carrying value | 380 | 295 |
Bank | Other guarantees | ||
Guarantees | ||
Maturity less than 1 year | 3,555 | 3,507 |
Maturity between 1 to 3 years | 996 | 1,386 |
Maturity between 3 to 5 years | 421 | 367 |
Maturity greater than 5 years | 1,171 | 1,243 |
Total gross amount | 6,143 | 6,503 |
Total net amount | 6,130 | 6,457 |
Carrying value | 85 | 64 |
Collateral received | SFr 3,725 | SFr 4,003 |
Guarantees and commitments - Ot
Guarantees and commitments - Other guarantees (Details 2) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
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 - _2
Guarantees and commitments - Other commitments maturity (Details 7) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other commitments | ||
Maturity less than 1 year | SFr 23,880 | SFr 32,250 |
Maturity between 1 to 3 years | 50,370 | 39,258 |
Maturity between 3 to 5 years | 39,614 | 48,977 |
Maturity greater than 5 years | 11,130 | 10,210 |
Total gross amount | 124,994 | 130,695 |
Total net amount | 121,039 | 125,925 |
Collateral received | 55,479 | 63,363 |
Unused revocable credit limits | 130,877 | 128,294 |
Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 3,915 | 4,434 |
Maturity between 1 to 3 years | 97 | 163 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 4,012 | 4,597 |
Total net amount | 3,963 | 4,518 |
Collateral received | 2,404 | 3,077 |
Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 19,813 | 27,145 |
Maturity between 1 to 3 years | 48,855 | 38,974 |
Maturity between 3 to 5 years | 39,605 | 48,856 |
Maturity greater than 5 years | 10,749 | 10,152 |
Total gross amount | 119,022 | 125,127 |
Total net amount | 115,116 | 120,436 |
Collateral received | 53,039 | 60,118 |
Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 17 | 41 |
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 | 17 | 41 |
Total net amount | 17 | 41 |
Collateral received | 17 | 41 |
Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 135 | 630 |
Maturity between 1 to 3 years | 1,418 | 121 |
Maturity between 3 to 5 years | 9 | 121 |
Maturity greater than 5 years | 381 | 58 |
Total gross amount | 1,943 | 930 |
Total net amount | 1,943 | 930 |
Collateral received | 19 | 127 |
Bank | ||
Other commitments | ||
Maturity less than 1 year | 23,880 | 32,250 |
Maturity between 1 to 3 years | 50,370 | 39,258 |
Maturity between 3 to 5 years | 39,614 | 48,977 |
Maturity greater than 5 years | 11,130 | 10,210 |
Total gross amount | 124,994 | 130,695 |
Total net amount | 121,039 | 125,925 |
Collateral received | 55,479 | 63,363 |
Unused revocable credit limits | 130,965 | 128,295 |
Bank | Irrevocable commitments under documentary credits | ||
Other commitments | ||
Maturity less than 1 year | 3,915 | 4,434 |
Maturity between 1 to 3 years | 97 | 163 |
Maturity between 3 to 5 years | 0 | 0 |
Maturity greater than 5 years | 0 | 0 |
Total gross amount | 4,012 | 4,597 |
Total net amount | 3,963 | 4,518 |
Collateral received | 2,404 | 3,077 |
Bank | Loan commitments | ||
Other commitments | ||
Maturity less than 1 year | 19,813 | 27,145 |
Maturity between 1 to 3 years | 48,855 | 38,974 |
Maturity between 3 to 5 years | 39,605 | 48,856 |
Maturity greater than 5 years | 10,749 | 10,152 |
Total gross amount | 119,022 | 125,127 |
Total net amount | 115,116 | 120,436 |
Collateral received | 53,039 | 60,118 |
Bank | Forward reverse repurchase agreements | ||
Other commitments | ||
Maturity less than 1 year | 17 | 41 |
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 | 17 | 41 |
Total net amount | 17 | 41 |
Collateral received | 17 | 41 |
Bank | Other commitments | ||
Other commitments | ||
Maturity less than 1 year | 135 | 630 |
Maturity between 1 to 3 years | 1,418 | 121 |
Maturity between 3 to 5 years | 9 | 121 |
Maturity greater than 5 years | 381 | 58 |
Total gross amount | 1,943 | 930 |
Total net amount | 1,943 | 930 |
Collateral received | SFr 19 | SFr 127 |
Transfers of financial assets (
Transfers of financial assets (TFA) - Securitizations (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | SFr 85 | SFr 10 | SFr 10 |
Proceeds from transfer of assets | 9,209 | 7,757 | 5,861 |
Cash received on interests that continue to be held | 52 | 162 | 41 |
RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 32 | 2 | (1) |
Proceeds from transfer of assets | 23,358 | 21,566 | 22,536 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | (1) | 0 |
Servicing fees | 2 | 2 | 3 |
Cash received on interests that continue to be held | 864 | 312 | 576 |
Other asset-backed financings | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 105 | 101 | 77 |
Proceeds from transfer of assets | 9,564 | 11,702 | 6,422 |
Purchases of previously transferred financial assets or their underlying collateral | (1,606) | (763) | (318) |
Servicing fees | 148 | 151 | 142 |
Cash received on interests that continue to be held | 17 | 6 | 3 |
Bank | CMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 85 | 10 | 10 |
Proceeds from transfer of assets | 9,209 | 7,757 | 5,861 |
Cash received on interests that continue to be held | 52 | 162 | 41 |
Bank | RMBS | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 32 | 2 | (1) |
Proceeds from transfer of assets | 23,358 | 21,566 | 22,536 |
Purchases of previously transferred financial assets or their underlying collateral | 0 | (1) | 0 |
Servicing fees | 2 | 2 | 3 |
Cash received on interests that continue to be held | 864 | 312 | 576 |
Bank | Other asset-backed financings | |||
Transfers of financial assets disclosures | |||
Net gain/(loss) | 105 | 101 | 77 |
Proceeds from transfer of assets | 9,564 | 11,702 | 6,422 |
Purchases of previously transferred financial assets or their underlying collateral | (1,606) | (763) | (318) |
Servicing fees | 148 | 151 | 142 |
Cash received on interests that continue to be held | SFr 17 | SFr 6 | SFr 3 |
TFA - Principal amounts outstan
TFA - Principal amounts outstanding / total assets - continuing involvement (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | SFr 17,421 | SFr 21,079 |
Total assets of SPE | 24,455 | 28,748 |
RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 47,324 | 54,001 |
Total assets of SPE | 47,863 | 55,595 |
Other asset-backed financings | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 24,968 | 27,982 |
Total assets of SPE | 50,817 | 54,974 |
Bank | CMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 17,421 | 21,079 |
Total assets of SPE | 24,455 | 28,748 |
Bank | RMBS | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 47,324 | 54,001 |
Total assets of SPE | 47,863 | 55,595 |
Bank | Other asset-backed financings | ||
Principal amounts outstanding and total assets of SPEs resulting from continuing involvement | ||
Principal amount outstanding | 24,968 | 27,982 |
Total assets of SPE | SFr 50,817 | SFr 54,974 |
TFA - Key economic assumptions
TFA - Key economic assumptions at time of transfer (Details 3) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 342 | SFr 549 | SFr 662 |
Weighted-average life, in years | 6 years 4 months 24 days | 5 years 6 months | 6 years 7 months 6 days |
CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 1.40% | 2.50% | 3.60% |
Expected credit losses (rate per annum), in % (as a percent) | 1.90% | 1.30% | 1.80% |
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) | 20.90% | 8.30% | 9.80% |
Expected credit losses (rate per annum), in % (as a percent) | 8.60% | 1.90% | 3.10% |
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 305 | SFr 455 | SFr 640 |
CMBS | Level 3 | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | 37 | 94 | 22 |
RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 2,692 | SFr 3,171 | SFr 3,613 |
Weighted-average life, in years | 3 years 9 months 18 days | 5 years 6 months | 7 years 9 months 18 days |
RMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 1.00% | 2.00% | 5.00% |
Cash flow discount rate (rate per annum), in % (as a percent) | 0.20% | 1.50% | 3.00% |
Expected credit losses (rate per annum), in % (as a percent) | 1.60% | 1.50% | 2.30% |
RMBS | Maximum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 47.00% | 37.30% | 13.50% |
Cash flow discount rate (rate per annum), in % (as a percent) | 40.80% | 15.70% | 13.60% |
Expected credit losses (rate per annum), in % (as a percent) | 22.90% | 7.60% | 7.20% |
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 2,398 | SFr 2,978 | SFr 3,509 |
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 294 | 193 | 103 |
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 342 | SFr 549 | SFr 662 |
Weighted-average life, in years | 6 years 4 months 24 days | 5 years 6 months | 6 years 7 months 6 days |
Bank | CMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Cash flow discount rate (rate per annum), in % (as a percent) | 1.40% | 2.50% | 3.60% |
Expected credit losses (rate per annum), in % (as a percent) | 1.90% | 1.30% | 1.80% |
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) | 20.90% | 8.30% | 9.80% |
Expected credit losses (rate per annum), in % (as a percent) | 8.60% | 1.90% | 3.10% |
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 305 | SFr 455 | SFr 640 |
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 | 37 | 94 | 22 |
Bank | RMBS | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Fair value of beneficial interests at time of transfer | SFr 2,692 | SFr 3,171 | SFr 3,613 |
Weighted-average life, in years | 3 years 9 months 18 days | 5 years 6 months | 7 years 9 months 18 days |
Bank | RMBS | Minimum | |||
Key economic assumptions used in measuring fair value at time of transfer | |||
Prepayment speed assumption (rate per annum) in % (as a percent) | 1.00% | 2.00% | 5.00% |
Cash flow discount rate (rate per annum), in % (as a percent) | 0.20% | 1.50% | 3.00% |
Expected credit losses (rate per annum), in % (as a percent) | 1.60% | 1.50% | 2.30% |
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) | 47.00% | 37.30% | 13.50% |
Cash flow discount rate (rate per annum), in % (as a percent) | 40.80% | 15.70% | 13.60% |
Expected credit losses (rate per annum), in % (as a percent) | 22.90% | 7.60% | 7.20% |
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 2,398 | SFr 2,978 | SFr 3,509 |
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 294 | SFr 193 | SFr 103 |
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, 2020 | Dec. 31, 2019 | |
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 296 | SFr 399 |
Weighted-average life, in years | 5 years 7 months 6 days | 6 years 4 months 24 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (4.9) | SFr (6.8) |
Impact on fair value from 20% adverse change in cash flow discount rate | (9.6) | (13.4) |
Impact on fair value from 10% adverse change in expected credit losses | (4.3) | (4.1) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (8.5) | SFr (8.1) |
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) | 0.60% | 2.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.40% | 0.50% |
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) | 38.20% | 15.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 14.70% | 8.50% |
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 36 | SFr 46 |
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 1,851 | SFr 2,282 |
Weighted-average life, in years | 4 years | 5 years 8 months 12 days |
Impact on fair value from 10% adverse change in prepayment speed | SFr (43.7) | SFr (38.1) |
Impact on fair value from 20% adverse change in prepayment speed | (92.1) | (72.6) |
Impact on fair value from 10% adverse change in cash flow discount rate | (22.4) | (38.3) |
Impact on fair value from 20% adverse change in cash flow discount rate | (43.5) | (74.7) |
Impact on fair value from 10% adverse change in expected credit losses | (20.2) | (24.1) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (39.2) | SFr (47.3) |
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) | 4.00% | 3.00% |
Cash flow discount rate per annum, in % (as a percent) | 0.30% | 1.50% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.60% | 1.10% |
RMBS | Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Prepayment speed assumption (rate per annum), in % (as a percent) | 50.10% | 35.70% |
Cash flow discount rate per annum, in % (as a percent) | 39.70% | 36.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 39.60% | 34.50% |
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 631 | SFr 711 |
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 350 | SFr 751 |
Weighted-average life, in years | 4 years 9 months 18 days | 1 year 7 months 6 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (4.2) | SFr (2.1) |
Impact on fair value from 20% adverse change in cash flow discount rate | (8.2) | (4.2) |
Impact on fair value from 10% adverse change in expected credit losses | (4.5) | (2) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (8.9) | SFr (4) |
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) | 0.70% | 0.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.70% | 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) | 27.70% | 13.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 26.80% | 12.80% |
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 23 | SFr 15 |
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 296 | SFr 399 |
Weighted-average life, in years | 5 years 7 months 6 days | 6 years 4 months 24 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (4.9) | SFr (6.8) |
Impact on fair value from 20% adverse change in cash flow discount rate | (9.6) | (13.4) |
Impact on fair value from 10% adverse change in expected credit losses | (4.3) | (4.1) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (8.5) | SFr (8.1) |
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) | 0.60% | 2.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.40% | 0.50% |
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) | 38.20% | 15.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 14.70% | 8.50% |
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 36 | SFr 46 |
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 1,851 | SFr 2,282 |
Weighted-average life, in years | 4 years | 5 years 8 months 12 days |
Impact on fair value from 10% adverse change in prepayment speed | SFr (43.7) | SFr (38.1) |
Impact on fair value from 20% adverse change in prepayment speed | (92.1) | (72.6) |
Impact on fair value from 10% adverse change in cash flow discount rate | (22.4) | (38.3) |
Impact on fair value from 20% adverse change in cash flow discount rate | (43.5) | (74.7) |
Impact on fair value from 10% adverse change in expected credit losses | (20.2) | (24.1) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (39.2) | SFr (47.3) |
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) | 4.00% | 3.00% |
Cash flow discount rate per annum, in % (as a percent) | 0.30% | 1.50% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.60% | 1.10% |
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) | 50.10% | 35.70% |
Cash flow discount rate per annum, in % (as a percent) | 39.70% | 36.20% |
Expected credit losses rate (rate per annum), in % (as a percent) | 39.60% | 34.50% |
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 631 | SFr 711 |
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 350 | SFr 751 |
Weighted-average life, in years | 4 years 9 months 18 days | 1 year 7 months 6 days |
Impact on fair value from 10% adverse change in cash flow discount rate | SFr (4.2) | SFr (2.1) |
Impact on fair value from 20% adverse change in cash flow discount rate | (8.2) | (4.2) |
Impact on fair value from 10% adverse change in expected credit losses | (4.5) | (2) |
Impact on fair value from 20% adverse change in expected credit losses | SFr (8.9) | SFr (4) |
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) | 0.70% | 0.70% |
Expected credit losses rate (rate per annum), in % (as a percent) | 0.70% | 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) | 27.70% | 13.10% |
Expected credit losses rate (rate per annum), in % (as a percent) | 26.80% | 12.80% |
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 23 | SFr 15 |
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, 2020 | Dec. 31, 2019 |
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 496 | SFr 279 |
Other assets | ||
Carrying amounts of transferred financial assets and liabilities where sale treatment not achieved | ||
Assets, transfer of financial interest, sale treatment not achieved | 246 | 0 |
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 | (742) | (279) |
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 | 496 | 279 |
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 | 246 | 0 |
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 (742) | SFr (279) |
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, 2020 | Dec. 31, 2019 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | SFr 27,700 | SFr 28,400 |
Securities lending transactions | 4,100 | 5,700 |
Obligation to return securities received as collateral, at fair value | 50,773 | 40,219 |
Total | 82,600 | 74,300 |
Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 7,700 | 8,600 |
Securities lending transactions | 100 | 100 |
Obligation to return securities received as collateral, at fair value | 5,600 | 1,800 |
Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 6,000 | 2,500 |
Obligation to return securities received as collateral, at fair value | 0 | 100 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 0 | 700 |
Securities lending transactions | 3,500 | 5,400 |
Obligation to return securities received as collateral, at fair value | 39,300 | 33,000 |
Other | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 1,900 | 200 |
Securities lending transactions | 100 | 100 |
Obligation to return securities received as collateral, at fair value | 100 | 0 |
Government debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 12,100 | 16,400 |
Securities lending transactions | 400 | 100 |
Obligation to return securities received as collateral, at fair value | 5,800 | 5,300 |
No stated maturity [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 5,800 | 5,200 |
Securities lending transactions | 4,000 | 5,700 |
Obligation to return securities received as collateral, at fair value | 50,200 | 40,000 |
Total | 60,000 | 50,900 |
Maturity Less than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 11,800 | 15,100 |
Securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral, at fair value | 300 | 100 |
Total | 12,100 | 15,200 |
Maturity 30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 5,900 | 5,900 |
Securities lending transactions | 100 | 0 |
Obligation to return securities received as collateral, at fair value | 300 | 100 |
Total | 6,300 | 6,000 |
Maturity Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 4,200 | 2,200 |
Securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | 4,200 | 2,200 |
Bank | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 27,700 | 28,500 |
Securities lending transactions | 4,100 | 5,700 |
Obligation to return securities received as collateral, at fair value | 50,773 | 40,219 |
Total | 82,600 | 74,400 |
Bank | Corporate debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 7,700 | 8,600 |
Securities lending transactions | 100 | 100 |
Obligation to return securities received as collateral, at fair value | 5,600 | 1,800 |
Bank | Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 6,000 | 2,500 |
Obligation to return securities received as collateral, at fair value | 0 | 100 |
Bank | Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 0 | 700 |
Securities lending transactions | 3,500 | 5,400 |
Obligation to return securities received as collateral, at fair value | 39,300 | 33,000 |
Bank | Other | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 1,800 | 200 |
Securities lending transactions | 100 | 100 |
Obligation to return securities received as collateral, at fair value | 100 | 0 |
Bank | Government debt securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 12,200 | 16,500 |
Securities lending transactions | 400 | 100 |
Obligation to return securities received as collateral, at fair value | 5,800 | 5,300 |
Bank | No stated maturity [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 5,800 | 5,200 |
Securities lending transactions | 4,000 | 5,700 |
Obligation to return securities received as collateral, at fair value | 50,200 | 40,000 |
Total | 60,000 | 50,900 |
Bank | Maturity Less than 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 11,800 | 15,200 |
Securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral, at fair value | 300 | 100 |
Total | 12,100 | 15,300 |
Bank | Maturity 30 to 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 5,900 | 5,900 |
Securities lending transactions | 100 | 0 |
Obligation to return securities received as collateral, at fair value | 300 | 100 |
Total | 6,300 | 6,000 |
Bank | Maturity Greater than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under repurchase agreements | 4,200 | 2,200 |
Securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral, at fair value | 0 | 0 |
Total | SFr 4,200 | SFr 2,200 |
Variable interest entities (VIE
Variable interest entities (VIE) - Consolidated (Details 7) SFr in Millions | 12 Months Ended | ||||||||
Dec. 31, 2020CHF (SFr)day | Dec. 31, 2019CHF (SFr) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2017CHF (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% | ||||||||
Cash and due from banks | [1] | SFr 139,112 | SFr 101,879 | SFr 100,047 | SFr 109,815 | ||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,133 | 106,997 | |||||||
Trading assets | 157,338 | 153,797 | |||||||
Investment securities | 607 | 1,006 | |||||||
Other investments | 5,412 | 5,666 | |||||||
Net loans | 291,908 | 296,779 | |||||||
Other assets | 39,637 | 39,609 | |||||||
of which loans held-for-sale | 7,046 | 8,886 | |||||||
Premises and equipment | 4,776 | 4,797 | |||||||
Assets | 805,822 | 787,295 | |||||||
Customer deposits | 390,921 | 383,783 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 23,851 | 27,533 | |||||||
Trading liabilities | 45,871 | 38,186 | |||||||
Short-term borrowings | 20,868 | 28,385 | |||||||
Long-term debt | 161,087 | 152,005 | |||||||
Other liabilities | 31,434 | 31,043 | |||||||
Liabilities | SFr 762,881 | 743,581 | |||||||
CP Conduit | |||||||||
VIE Disclosures | |||||||||
Average maturity of CP (in days) | day | 209 | ||||||||
Consolidated VIEs | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | SFr 90 | 138 | |||||||
Trading assets | 2,164 | 2,788 | |||||||
Other investments | 1,251 | 1,412 | |||||||
Net loans | 900 | 649 | |||||||
Other assets | 1,876 | 1,694 | |||||||
of which loans held-for-sale | 472 | 93 | |||||||
Premises and equipment | 34 | 44 | |||||||
Assets | 6,281 | 6,681 | |||||||
Customer deposits | 1 | 0 | |||||||
Trading liabilities | 10 | 8 | |||||||
Short-term borrowings | 4,178 | 4,885 | |||||||
Long-term debt | 1,746 | 1,671 | |||||||
Other liabilities | 208 | 297 | |||||||
Liabilities | 6,143 | 6,861 | |||||||
Consolidated VIEs | Collateralized debt or loan obligations | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 0 | 6 | |||||||
Trading assets | 0 | 75 | |||||||
Other investments | 0 | 0 | |||||||
Net loans | 0 | 0 | |||||||
Other assets | 0 | 1 | |||||||
of which loans held-for-sale | 0 | 0 | |||||||
Premises and equipment | 0 | 0 | |||||||
Assets | 0 | 82 | |||||||
Customer deposits | 0 | ||||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | 0 | 0 | |||||||
Long-term debt | 0 | 7 | |||||||
Other liabilities | 0 | 0 | |||||||
Liabilities | 0 | 7 | |||||||
Consolidated VIEs | CP Conduit | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 0 | 1 | |||||||
Trading assets | 0 | 0 | |||||||
Other investments | 0 | 0 | |||||||
Net loans | 653 | 325 | |||||||
Other assets | 21 | 21 | |||||||
of which loans held-for-sale | 0 | 0 | |||||||
Premises and equipment | 0 | 0 | |||||||
Assets | 674 | 347 | |||||||
Customer deposits | 0 | ||||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | 4,178 | 4,885 | |||||||
Long-term debt | 0 | 0 | |||||||
Other liabilities | 53 | 54 | |||||||
Liabilities | 4,231 | 4,939 | |||||||
Consolidated VIEs | Financial intermediation - Securitizations | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 23 | 71 | |||||||
Trading assets | 1,255 | 1,554 | |||||||
Other investments | 0 | 0 | |||||||
Net loans | 0 | 53 | |||||||
Other assets | 979 | 638 | |||||||
of which loans held-for-sale | 462 | 93 | |||||||
Premises and equipment | 0 | 0 | |||||||
Assets | 2,257 | 2,316 | |||||||
Customer deposits | 0 | ||||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | 0 | 0 | |||||||
Long-term debt | 1,701 | 1,614 | |||||||
Other liabilities | 1 | 1 | |||||||
Liabilities | 1,702 | 1,615 | |||||||
Consolidated VIEs | Financial intermediation - Funds | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 22 | 11 | |||||||
Trading assets | 50 | 82 | |||||||
Other investments | 129 | 113 | |||||||
Net loans | 51 | 1 | |||||||
Other assets | 15 | 4 | |||||||
of which loans held-for-sale | 10 | 0 | |||||||
Premises and equipment | 0 | 0 | |||||||
Assets | 267 | 211 | |||||||
Customer deposits | 0 | ||||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | 0 | 0 | |||||||
Long-term debt | 0 | 1 | |||||||
Other liabilities | 3 | 4 | |||||||
Liabilities | 3 | 5 | |||||||
Consolidated VIEs | Financial intermediation - Loans | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 37 | 39 | |||||||
Trading assets | 840 | 1,063 | |||||||
Other investments | 920 | 1,052 | |||||||
Net loans | 29 | 29 | |||||||
Other assets | 82 | 87 | |||||||
of which loans held-for-sale | 0 | 0 | |||||||
Premises and equipment | 30 | 36 | |||||||
Assets | 1,908 | 2,270 | |||||||
Customer deposits | 0 | ||||||||
Trading liabilities | 10 | 8 | |||||||
Short-term borrowings | 0 | 0 | |||||||
Long-term debt | 10 | 13 | |||||||
Other liabilities | 73 | 92 | |||||||
Liabilities | 93 | 113 | |||||||
Consolidated VIEs | Financial intermediation - Other | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 8 | 10 | |||||||
Trading assets | 19 | 14 | |||||||
Other investments | 202 | 247 | |||||||
Net loans | 167 | 241 | |||||||
Other assets | 779 | 943 | |||||||
of which loans held-for-sale | 0 | 0 | |||||||
Premises and equipment | 4 | 8 | |||||||
Assets | 1,175 | 1,455 | |||||||
Customer deposits | 1 | ||||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | 0 | 0 | |||||||
Long-term debt | 35 | 36 | |||||||
Other liabilities | 78 | 146 | |||||||
Liabilities | 114 | 182 | |||||||
Bank | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 138,207 | [1] | 101,044 | [1],[2] | SFr 99,314 | [2] | SFr 109,510 | [2] | |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,133 | 106,997 | |||||||
Trading assets | 157,511 | 153,895 | |||||||
Investment securities | 605 | 1,004 | |||||||
Other investments | 5,379 | 5,634 | |||||||
Net loans | 300,341 | 304,025 | |||||||
Other assets | 36,574 | 37,069 | |||||||
of which loans held-for-sale | 7,046 | 8,886 | |||||||
Premises and equipment | 4,358 | 4,412 | |||||||
Assets | 809,688 | 790,459 | |||||||
Customer deposits | 392,039 | 384,950 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 23,944 | 27,641 | |||||||
Trading liabilities | 45,871 | 38,186 | |||||||
Short-term borrowings | 21,308 | 28,869 | |||||||
Long-term debt | 160,279 | 151,000 | |||||||
Other liabilities | 30,340 | 30,406 | |||||||
Liabilities | SFr 762,629 | 743,696 | |||||||
Bank | CP Conduit | |||||||||
VIE Disclosures | |||||||||
Average maturity of CP (in days) | day | 209 | ||||||||
Bank | Consolidated VIEs | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | SFr 90 | 138 | |||||||
Trading assets | 2,164 | 2,788 | |||||||
Other investments | 1,251 | 1,412 | |||||||
Net loans | 900 | 649 | |||||||
Other assets | 1,858 | 1,674 | |||||||
of which loans held-for-sale | 472 | 93 | |||||||
Premises and equipment | 17 | 25 | |||||||
Assets | 6,263 | 6,661 | |||||||
Customer deposits | 1 | 0 | |||||||
Trading liabilities | 10 | 8 | |||||||
Short-term borrowings | 4,178 | 4,885 | |||||||
Long-term debt | 1,746 | 1,671 | |||||||
Other liabilities | 207 | 296 | |||||||
Liabilities | 6,142 | 6,860 | |||||||
Bank | Consolidated VIEs | Collateralized debt or loan obligations | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 0 | 6 | |||||||
Trading assets | 0 | 75 | |||||||
Other investments | 0 | 0 | |||||||
Net loans | 0 | 0 | |||||||
Other assets | 0 | 1 | |||||||
of which loans held-for-sale | 0 | 0 | |||||||
Premises and equipment | 0 | 0 | |||||||
Assets | 0 | 82 | |||||||
Customer deposits | 0 | ||||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | 0 | 0 | |||||||
Long-term debt | 0 | 7 | |||||||
Other liabilities | 0 | 0 | |||||||
Liabilities | 0 | 7 | |||||||
Bank | Consolidated VIEs | CP Conduit | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 0 | 1 | |||||||
Trading assets | 0 | 0 | |||||||
Other investments | 0 | 0 | |||||||
Net loans | 653 | 325 | |||||||
Other assets | 21 | 21 | |||||||
of which loans held-for-sale | 0 | 0 | |||||||
Premises and equipment | 0 | 0 | |||||||
Assets | 674 | 347 | |||||||
Customer deposits | 0 | ||||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | 4,178 | 4,885 | |||||||
Long-term debt | 0 | 0 | |||||||
Other liabilities | 53 | 54 | |||||||
Liabilities | 4,231 | 4,939 | |||||||
Bank | Consolidated VIEs | Financial intermediation - Securitizations | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 23 | 71 | |||||||
Trading assets | 1,255 | 1,554 | |||||||
Other investments | 0 | 0 | |||||||
Net loans | 0 | 53 | |||||||
Other assets | 979 | 638 | |||||||
of which loans held-for-sale | 462 | 93 | |||||||
Premises and equipment | 0 | 0 | |||||||
Assets | 2,257 | 2,316 | |||||||
Customer deposits | 0 | ||||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | 0 | 0 | |||||||
Long-term debt | 1,701 | 1,614 | |||||||
Other liabilities | 1 | 1 | |||||||
Liabilities | 1,702 | 1,615 | |||||||
Bank | Consolidated VIEs | Financial intermediation - Funds | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 22 | 11 | |||||||
Trading assets | 50 | 82 | |||||||
Other investments | 129 | 113 | |||||||
Net loans | 51 | 1 | |||||||
Other assets | 15 | 4 | |||||||
of which loans held-for-sale | 10 | 0 | |||||||
Premises and equipment | 0 | 0 | |||||||
Assets | 267 | 211 | |||||||
Customer deposits | 0 | ||||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | 0 | 0 | |||||||
Long-term debt | 0 | 1 | |||||||
Other liabilities | 3 | 4 | |||||||
Liabilities | 3 | 5 | |||||||
Bank | Consolidated VIEs | Financial intermediation - Loans | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 37 | 39 | |||||||
Trading assets | 840 | 1,063 | |||||||
Other investments | 920 | 1,052 | |||||||
Net loans | 29 | 29 | |||||||
Other assets | 65 | 67 | |||||||
of which loans held-for-sale | 0 | 0 | |||||||
Premises and equipment | 13 | 17 | |||||||
Assets | 1,891 | 2,250 | |||||||
Customer deposits | 0 | ||||||||
Trading liabilities | 10 | 8 | |||||||
Short-term borrowings | 0 | 0 | |||||||
Long-term debt | 10 | 13 | |||||||
Other liabilities | 72 | 91 | |||||||
Liabilities | 92 | 112 | |||||||
Bank | Consolidated VIEs | Financial intermediation - Other | |||||||||
VIE Disclosures | |||||||||
Cash and due from banks | 8 | 10 | |||||||
Trading assets | 19 | 14 | |||||||
Other investments | 202 | 247 | |||||||
Net loans | 167 | 241 | |||||||
Other assets | 778 | 943 | |||||||
of which loans held-for-sale | 0 | 0 | |||||||
Premises and equipment | 4 | 8 | |||||||
Assets | 1,174 | 1,455 | |||||||
Customer deposits | 1 | ||||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | 0 | 0 | |||||||
Long-term debt | 35 | 36 | |||||||
Other liabilities | 78 | 146 | |||||||
Liabilities | SFr 114 | SFr 182 | |||||||
[1] | Includes restricted cash. | ||||||||
[2] | Includes restricted cash. |
VIE - Non-consolidated (Details
VIE - Non-consolidated (Details 8) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
VIE Disclosures | ||
Trading assets | SFr 157,338 | SFr 153,797 |
Net loans | 291,908 | 296,779 |
Other assets | 39,637 | 39,609 |
Assets | 805,822 | 787,295 |
Maximum exposure to loss | 38,379 | 36,539 |
Non-consolidated VIE assets | 296,498 | 353,725 |
Other liabilities | 31,434 | 31,043 |
Liabilities | 762,881 | 743,581 |
Collateralized debt or loan obligations | ||
VIE Disclosures | ||
Maximum exposure to loss | 852 | 785 |
Non-consolidated VIE assets | 8,553 | 8,057 |
CP Conduit | ||
VIE Disclosures | ||
Maximum exposure to loss | 5,538 | 6,484 |
Non-consolidated VIE assets | 11,148 | 13,488 |
Financial intermediation - Securitizations | ||
VIE Disclosures | ||
Maximum exposure to loss | 7,329 | 7,664 |
Non-consolidated VIE assets | 127,785 | 141,608 |
Financial intermediation - Funds | ||
VIE Disclosures | ||
Maximum exposure to loss | 3,199 | 3,430 |
Non-consolidated VIE assets | 89,686 | 128,984 |
Financial intermediation - Loans | ||
VIE Disclosures | ||
Maximum exposure to loss | 11,235 | 12,239 |
Non-consolidated VIE assets | 26,186 | 25,590 |
Financial intermediation - Other | ||
VIE Disclosures | ||
Maximum exposure to loss | 10,226 | 5,937 |
Non-consolidated VIE assets | 33,140 | 35,998 |
Non-consolidated VIEs | ||
VIE Disclosures | ||
Trading assets | 14,546 | 10,509 |
Net loans | 11,357 | 12,269 |
Other assets | 468 | 927 |
Assets | 26,371 | 23,705 |
Non-consolidated VIEs | Collateralized debt or loan obligations | ||
VIE Disclosures | ||
Trading assets | 250 | 230 |
Net loans | 357 | 456 |
Other assets | 2 | 3 |
Assets | 609 | 689 |
Non-consolidated VIEs | CP Conduit | ||
VIE Disclosures | ||
Trading assets | 0 | 0 |
Net loans | 371 | 325 |
Other assets | 0 | 0 |
Assets | 371 | 325 |
Non-consolidated VIEs | Financial intermediation - Securitizations | ||
VIE Disclosures | ||
Trading assets | 4,500 | 4,897 |
Net loans | 734 | 904 |
Other assets | 3 | 26 |
Assets | 5,237 | 5,827 |
Non-consolidated VIEs | Financial intermediation - Funds | ||
VIE Disclosures | ||
Trading assets | 1,113 | 962 |
Net loans | 1,967 | 1,945 |
Other assets | 119 | 518 |
Assets | 3,199 | 3,425 |
Non-consolidated VIEs | Financial intermediation - Loans | ||
VIE Disclosures | ||
Trading assets | 66 | 109 |
Net loans | 6,989 | 7,930 |
Other assets | 0 | 0 |
Assets | 7,055 | 8,039 |
Non-consolidated VIEs | Financial intermediation - Other | ||
VIE Disclosures | ||
Trading assets | 8,617 | 4,311 |
Net loans | 939 | 709 |
Other assets | 344 | 380 |
Assets | 9,900 | 5,400 |
Bank | ||
VIE Disclosures | ||
Trading assets | 157,511 | 153,895 |
Net loans | 300,341 | 304,025 |
Other assets | 36,574 | 37,069 |
Assets | 809,688 | 790,459 |
Other liabilities | 30,340 | 30,406 |
Liabilities | 762,629 | 743,696 |
Bank | Non-consolidated VIEs | ||
VIE Disclosures | ||
Trading assets | 14,546 | 10,509 |
Net loans | 11,357 | 12,269 |
Other assets | 459 | 922 |
Assets | 26,362 | 23,700 |
Maximum exposure to loss | 38,370 | 36,534 |
Non-consolidated VIE assets | 287,049 | 330,575 |
Bank | Non-consolidated VIEs | Collateralized debt or loan obligations | ||
VIE Disclosures | ||
Trading assets | 250 | 230 |
Net loans | 357 | 456 |
Other assets | 2 | 3 |
Assets | 609 | 689 |
Maximum exposure to loss | 852 | 785 |
Non-consolidated VIE assets | 8,553 | 8,057 |
Bank | Non-consolidated VIEs | CP Conduit | ||
VIE Disclosures | ||
Trading assets | 0 | 0 |
Net loans | 371 | 325 |
Other assets | 0 | 0 |
Assets | 371 | 325 |
Maximum exposure to loss | 5,538 | 6,484 |
Non-consolidated VIE assets | 11,148 | 13,488 |
Bank | Non-consolidated VIEs | Financial intermediation - Securitizations | ||
VIE Disclosures | ||
Trading assets | 4,500 | 4,897 |
Net loans | 734 | 904 |
Other assets | 3 | 26 |
Assets | 5,237 | 5,827 |
Maximum exposure to loss | 7,329 | 7,664 |
Non-consolidated VIE assets | 127,785 | 141,608 |
Bank | Non-consolidated VIEs | Financial intermediation - Funds | ||
VIE Disclosures | ||
Trading assets | 1,113 | 962 |
Net loans | 1,967 | 1,945 |
Other assets | 110 | 513 |
Assets | 3,190 | 3,420 |
Maximum exposure to loss | 3,190 | 3,425 |
Non-consolidated VIE assets | 87,618 | 127,558 |
Bank | Non-consolidated VIEs | Financial intermediation - Loans | ||
VIE Disclosures | ||
Trading assets | 66 | 109 |
Net loans | 6,989 | 7,930 |
Other assets | 0 | 0 |
Assets | 7,055 | 8,039 |
Maximum exposure to loss | 11,235 | 12,239 |
Non-consolidated VIE assets | 26,186 | 25,590 |
Bank | Non-consolidated VIEs | Financial intermediation - Other | ||
VIE Disclosures | ||
Trading assets | 8,617 | 4,311 |
Net loans | 939 | 709 |
Other assets | 344 | 380 |
Assets | 9,900 | 5,400 |
Maximum exposure to loss | 10,226 | 5,937 |
Non-consolidated VIE assets | SFr 25,759 | SFr 14,274 |
Financial instruments (FI) - As
Financial instruments (FI) - Assets measured at fair value (Details 2) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and Due from Banks | SFr 525 | SFr 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Securities received as collateral | 50,773 | 40,219 |
Trading assets | 157,338 | 153,797 |
Available-for-sale Securities, Debt Securities | 607 | 1,006 |
Other investments | 3,794 | 3,550 |
Loans | 11,408 | 12,662 |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 8,373 | 10,402 |
Other assets - of which failed purchases | 1,451 | 1,643 |
Netting impact | (120,600) | (97,900) |
Total assets at fair value, measured at net asset value per share | 1,378 | 1,804 |
Recurring basis | ||
Assets | ||
Cash and Due from Banks | 525 | 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Securities received as collateral | 50,773 | 40,219 |
Trading assets | 157,338 | 153,797 |
Available-for-sale Securities, Debt Securities | 607 | 1,006 |
Other investments | 3,794 | 3,550 |
Loans | 11,408 | 12,662 |
Loans - of which commercial and industrial | 3,534 | 3,774 |
Loans - of which financial institutions | 4,588 | 4,931 |
Loans - of which government and public institutions | 3,031 | |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 8,373 | 10,402 |
Other assets - of which loans held-for-sale | 6,446 | 8,213 |
Other assets - of which failed purchases | 1,389 | |
Netting impact | (120,635) | (98,053) |
Total assets at fair value | 290,992 | 307,792 |
Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 2,759 | 2,081 |
Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 920 | 1,052 |
Recurring basis | Debt securities | ||
Assets | ||
Trading assets | 64,395 | 66,994 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 27,957 | 26,963 |
Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 11,477 | 12,049 |
Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 21,439 | 23,516 |
Recurring basis | Equity securities | ||
Assets | ||
Trading assets | 63,237 | 64,542 |
Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 25,531 | 17,731 |
Netting impact | (119,731) | (97,606) |
Recurring basis | Trading assets | ||
Assets | ||
Netting impact | (119,731) | (97,606) |
Recurring basis | Other | ||
Assets | ||
Trading assets | 4,175 | 4,530 |
Recurring basis | Other assets | ||
Assets | ||
Netting impact | (904) | (447) |
Recurring basis | Level 1 | ||
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 | 44,074 | 36,438 |
Trading assets | 87,710 | 85,559 |
Available-for-sale Securities, Debt Securities | 2 | 2 |
Other investments | 13 | 24 |
Loans | 0 | 0 |
Loans - of which commercial and industrial | 0 | 0 |
Loans - of which financial institutions | 0 | 0 |
Loans - of which government and public institutions | 0 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 137 | 101 |
Other assets - of which loans held-for-sale | 0 | 0 |
Other assets - of which failed purchases | 109 | |
Total assets at fair value | 131,936 | 122,124 |
Recurring basis | Level 1 | Other equity investments | ||
Assets | ||
Other investments | 13 | 24 |
Recurring basis | Level 1 | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Recurring basis | Level 1 | Debt securities | ||
Assets | ||
Trading assets | 16,321 | 19,430 |
Recurring basis | Level 1 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 15,908 | 19,281 |
Recurring basis | Level 1 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 353 | 16 |
Recurring basis | Level 1 | Debt securities | RMBS | ||
Assets | ||
Trading assets | 0 | 0 |
Recurring basis | Level 1 | Equity securities | ||
Assets | ||
Trading assets | 60,044 | 60,675 |
Recurring basis | Level 1 | Derivative instruments | ||
Assets | ||
Trading assets | 9,297 | 3,539 |
Recurring basis | Level 1 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 3,036 | 1,091 |
Recurring basis | Level 1 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 42 | 23 |
Recurring basis | Level 1 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 6,150 | 2,417 |
Recurring basis | Level 1 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 0 | |
Recurring basis | Level 1 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 22 | 5 |
Recurring basis | Level 1 | Other | ||
Assets | ||
Trading assets | 2,048 | 1,915 |
Recurring basis | Level 2 | ||
Assets | ||
Cash and Due from Banks | 525 | 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Securities received as collateral | 6,598 | 3,780 |
Trading assets | 181,166 | 157,151 |
Available-for-sale Securities, Debt Securities | 605 | 1,004 |
Other investments | 6 | 5 |
Loans | 7,739 | 8,945 |
Loans - of which commercial and industrial | 2,187 | 2,491 |
Loans - of which financial institutions | 3,506 | 3,730 |
Loans - of which government and public institutions | 2,200 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 7,315 | 8,902 |
Other assets - of which loans held-for-sale | 4,870 | 6,594 |
Other assets - of which failed purchases | 1,229 | |
Total assets at fair value | 261,948 | 265,699 |
Recurring basis | Level 2 | Other equity investments | ||
Assets | ||
Other investments | 6 | 5 |
Recurring basis | Level 2 | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Recurring basis | Level 2 | Debt securities | ||
Assets | ||
Trading assets | 45,766 | 45,641 |
Recurring basis | Level 2 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 11,909 | 7,484 |
Recurring basis | Level 2 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 9,799 | 10,905 |
Recurring basis | Level 2 | Debt securities | RMBS | ||
Assets | ||
Trading assets | 20,882 | 23,199 |
Recurring basis | Level 2 | Equity securities | ||
Assets | ||
Trading assets | 2,466 | 2,862 |
Recurring basis | Level 2 | Derivative instruments | ||
Assets | ||
Trading assets | 132,054 | 108,264 |
Recurring basis | Level 2 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 71,043 | 66,764 |
Recurring basis | Level 2 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 24,259 | 21,754 |
Recurring basis | Level 2 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 31,945 | 13,918 |
Recurring basis | Level 2 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 5,336 | |
Recurring basis | Level 2 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 110 | 66 |
Recurring basis | Level 2 | Other | ||
Assets | ||
Trading assets | 880 | 384 |
Recurring basis | Level 3 | ||
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 | 101 | 1 |
Trading assets | 7,535 | 7,885 |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Other investments | 3,054 | 2,523 |
Loans | 3,669 | 3,717 |
Loans - of which commercial and industrial | 1,347 | 1,283 |
Loans - of which financial institutions | 1,082 | 1,201 |
Loans - of which government and public institutions | 831 | |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 1,825 | 1,846 |
Other assets - of which loans held-for-sale | 1,576 | 1,619 |
Other assets - of which failed purchases | 51 | |
Total assets at fair value | 16,364 | 16,216 |
Recurring basis | Level 3 | Other equity investments | ||
Assets | ||
Other investments | 2,132 | 1,463 |
Recurring basis | Level 3 | Life finance instruments | ||
Assets | ||
Other investments | 920 | 1,052 |
Recurring basis | Level 3 | Debt securities | ||
Assets | ||
Trading assets | 2,253 | 1,923 |
Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 140 | 198 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 1,270 | 1,128 |
Recurring basis | Level 3 | Debt securities | RMBS | ||
Assets | ||
Trading assets | 557 | 317 |
Recurring basis | Level 3 | Equity securities | ||
Assets | ||
Trading assets | 124 | 197 |
Recurring basis | Level 3 | Derivative instruments | ||
Assets | ||
Trading assets | 3,911 | 3,534 |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 733 | 554 |
Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 143 | 152 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 1,186 | 1,040 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 879 | |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 1,079 | 909 |
Recurring basis | Level 3 | Other | ||
Assets | ||
Trading assets | 1,247 | 2,231 |
Recurring basis | Fair value measured at net asset value per share | ||
Assets | ||
Trading assets | 658 | 808 |
Other investments | 721 | 998 |
Total assets at fair value | 1,379 | 1,806 |
Recurring basis | Fair value measured at net asset value per share | Other equity investments | ||
Assets | ||
Other investments | 608 | 589 |
Recurring basis | Fair value measured at net asset value per share | Debt securities | ||
Assets | ||
Trading assets | 55 | |
Recurring basis | Fair value measured at net asset value per share | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 55 | |
Recurring basis | Fair value measured at net asset value per share | Equity securities | ||
Assets | ||
Trading assets | 603 | 808 |
Nonrecurring basis | ||
Assets | ||
Other investments | 543 | 1 |
Loans | 71 | |
Other intangible assets (mortgage servicing rights), at fair value | 10 | |
Other assets | 201 | 60 |
Total assets at fair value | 815 | 71 |
Nonrecurring basis | Equity securities | ||
Assets | ||
Other investments | 303 | |
Nonrecurring basis | Equity securities (without a readily determinable fair value) [Member] | ||
Assets | ||
Other investments | 227 | |
Nonrecurring basis | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 136 | 29 |
Other assets - of which premises, equipment and right-of-use assets | 58 | 5 |
Other assets - of which real estate held-for-sale | 26 | |
Nonrecurring basis | Level 1 | ||
Assets | ||
Other investments | 0 | 0 |
Loans | 0 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | |
Other assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Nonrecurring basis | Level 1 | Equity securities | ||
Assets | ||
Other investments | 0 | |
Nonrecurring basis | Level 1 | Equity securities (without a readily determinable fair value) [Member] | ||
Assets | ||
Other investments | 0 | |
Nonrecurring basis | Level 1 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 0 | 0 |
Other assets - of which premises, equipment and right-of-use assets | 0 | 0 |
Other assets - of which real estate held-for-sale | 0 | |
Nonrecurring basis | Level 2 | ||
Assets | ||
Other investments | 217 | 0 |
Loans | 67 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | |
Other assets | 104 | 0 |
Total assets at fair value | 388 | 0 |
Nonrecurring basis | Level 2 | Equity securities | ||
Assets | ||
Other investments | 0 | |
Nonrecurring basis | Level 2 | Equity securities (without a readily determinable fair value) [Member] | ||
Assets | ||
Other investments | 217 | |
Nonrecurring basis | Level 2 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 97 | 0 |
Other assets - of which premises, equipment and right-of-use assets | 4 | 0 |
Other assets - of which real estate held-for-sale | 0 | |
Nonrecurring basis | Level 3 | ||
Assets | ||
Other investments | 326 | 1 |
Loans | 4 | |
Other intangible assets (mortgage servicing rights), at fair value | 10 | |
Other assets | 97 | 60 |
Total assets at fair value | 427 | 71 |
Nonrecurring basis | Level 3 | Equity securities | ||
Assets | ||
Other investments | 303 | |
Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) [Member] | ||
Assets | ||
Other investments | 10 | |
Nonrecurring basis | Level 3 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 39 | 29 |
Other assets - of which premises, equipment and right-of-use assets | 54 | 5 |
Other assets - of which real estate held-for-sale | 26 | |
Bank | ||
Assets | ||
Cash and Due from Banks | 525 | 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Securities received as collateral | 50,773 | 40,219 |
Trading assets | 157,511 | 153,895 |
Available-for-sale Securities, Debt Securities | 605 | 1,004 |
Other investments | 3,793 | 3,548 |
Loans | 11,408 | 12,661 |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 8,373 | 10,402 |
Other assets - of which failed purchases | 1,451 | 1,643 |
Netting impact | (120,600) | (97,900) |
Total assets at fair value, measured at net asset value per share | 1,377 | 1,802 |
Bank | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 525 | 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Securities received as collateral | 50,773 | 40,219 |
Trading assets | 157,511 | 153,895 |
Available-for-sale Securities, Debt Securities | 605 | 1,004 |
Other investments | 3,793 | 3,548 |
Loans | 11,408 | 12,661 |
Loans - of which commercial and industrial | 3,534 | 3,774 |
Loans - of which financial institutions | 4,588 | 4,931 |
Loans - of which government and public institutions | 3,030 | |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 8,373 | 10,402 |
Other assets - of which loans held-for-sale | 6,446 | 8,213 |
Other assets - of which failed purchases | 1,389 | |
Netting impact | (120,635) | (98,053) |
Total assets at fair value | 291,162 | 307,885 |
Bank | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 2,760 | 2,081 |
Bank | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 920 | 1,052 |
Bank | Recurring basis | Debt securities | ||
Assets | ||
Trading assets | 64,532 | 67,030 |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 27,957 | 26,963 |
Bank | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 11,614 | 12,085 |
Bank | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 21,439 | 23,516 |
Bank | Recurring basis | Equity securities | ||
Assets | ||
Trading assets | 63,273 | 64,604 |
Bank | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 25,531 | 17,730 |
Netting impact | (119,731) | (97,606) |
Bank | Recurring basis | Trading assets | ||
Assets | ||
Netting impact | (119,731) | (97,606) |
Bank | Recurring basis | Other | ||
Assets | ||
Trading assets | 4,175 | 4,531 |
Bank | Recurring basis | Other assets | ||
Assets | ||
Netting impact | (904) | (447) |
Bank | Recurring basis | Level 1 | ||
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 | 44,074 | 36,438 |
Trading assets | 87,746 | 85,622 |
Available-for-sale Securities, Debt Securities | 1 | 0 |
Other investments | 13 | 24 |
Loans | 0 | 0 |
Loans - of which commercial and industrial | 0 | 0 |
Loans - of which financial institutions | 0 | 0 |
Loans - of which government and public institutions | 0 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 137 | 101 |
Other assets - of which loans held-for-sale | 0 | 0 |
Other assets - of which failed purchases | 109 | |
Total assets at fair value | 131,971 | 122,185 |
Bank | Recurring basis | Level 1 | Other equity investments | ||
Assets | ||
Other investments | 13 | 24 |
Bank | Recurring basis | Level 1 | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Recurring basis | Level 1 | Debt securities | ||
Assets | ||
Trading assets | 16,321 | 19,430 |
Bank | Recurring basis | Level 1 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 15,908 | 19,281 |
Bank | Recurring basis | Level 1 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 353 | 16 |
Bank | Recurring basis | Level 1 | Debt securities | RMBS | ||
Assets | ||
Trading assets | 0 | 0 |
Bank | Recurring basis | Level 1 | Equity securities | ||
Assets | ||
Trading assets | 60,080 | 60,737 |
Bank | Recurring basis | Level 1 | Derivative instruments | ||
Assets | ||
Trading assets | 9,297 | 3,539 |
Bank | Recurring basis | Level 1 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 3,036 | 1,091 |
Bank | Recurring basis | Level 1 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 42 | 23 |
Bank | Recurring basis | Level 1 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 6,150 | 2,417 |
Bank | Recurring basis | Level 1 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 0 | |
Bank | Recurring basis | Level 1 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 22 | 5 |
Bank | Recurring basis | Level 1 | Other | ||
Assets | ||
Trading assets | 2,048 | 1,916 |
Bank | Recurring basis | Level 2 | ||
Assets | ||
Cash and Due from Banks | 525 | 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Securities received as collateral | 6,598 | 3,780 |
Trading assets | 181,303 | 157,186 |
Available-for-sale Securities, Debt Securities | 604 | 1,004 |
Other investments | 6 | 5 |
Loans | 7,739 | 8,945 |
Loans - of which commercial and industrial | 2,187 | 2,491 |
Loans - of which financial institutions | 3,506 | 3,730 |
Loans - of which government and public institutions | 2,200 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | 0 |
Other assets | 7,315 | 8,902 |
Other assets - of which loans held-for-sale | 4,870 | 6,594 |
Other assets - of which failed purchases | 1,229 | |
Total assets at fair value | 262,084 | 265,734 |
Bank | Recurring basis | Level 2 | Other equity investments | ||
Assets | ||
Other investments | 6 | 5 |
Bank | Recurring basis | Level 2 | Life finance instruments | ||
Assets | ||
Other investments | 0 | 0 |
Bank | Recurring basis | Level 2 | Debt securities | ||
Assets | ||
Trading assets | 45,903 | 45,677 |
Bank | Recurring basis | Level 2 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 11,909 | 7,484 |
Bank | Recurring basis | Level 2 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 9,936 | 10,941 |
Bank | Recurring basis | Level 2 | Debt securities | RMBS | ||
Assets | ||
Trading assets | 20,882 | 23,199 |
Bank | Recurring basis | Level 2 | Equity securities | ||
Assets | ||
Trading assets | 2,466 | 2,862 |
Bank | Recurring basis | Level 2 | Derivative instruments | ||
Assets | ||
Trading assets | 132,054 | 108,263 |
Bank | Recurring basis | Level 2 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 71,043 | 66,763 |
Bank | Recurring basis | Level 2 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 24,259 | 21,754 |
Bank | Recurring basis | Level 2 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 31,945 | 13,918 |
Bank | Recurring basis | Level 2 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 5,336 | |
Bank | Recurring basis | Level 2 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 110 | 66 |
Bank | Recurring basis | Level 2 | Other | ||
Assets | ||
Trading assets | 880 | 384 |
Bank | Recurring basis | Level 3 | ||
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 | 101 | 1 |
Trading assets | 7,535 | 7,885 |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Other investments | 3,054 | 2,523 |
Loans | 3,669 | 3,716 |
Loans - of which commercial and industrial | 1,347 | 1,283 |
Loans - of which financial institutions | 1,082 | 1,201 |
Loans - of which government and public institutions | 830 | |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 1,825 | 1,846 |
Other assets - of which loans held-for-sale | 1,576 | 1,619 |
Other assets - of which failed purchases | 51 | |
Total assets at fair value | 16,364 | 16,215 |
Bank | Recurring basis | Level 3 | Other equity investments | ||
Assets | ||
Other investments | 2,132 | 1,463 |
Bank | Recurring basis | Level 3 | Life finance instruments | ||
Assets | ||
Other investments | 920 | 1,052 |
Bank | Recurring basis | Level 3 | Debt securities | ||
Assets | ||
Trading assets | 2,253 | 1,923 |
Bank | Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 140 | 198 |
Bank | Recurring basis | Level 3 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 1,270 | 1,128 |
Bank | Recurring basis | Level 3 | Debt securities | RMBS | ||
Assets | ||
Trading assets | 557 | 317 |
Bank | Recurring basis | Level 3 | Equity securities | ||
Assets | ||
Trading assets | 124 | 197 |
Bank | Recurring basis | Level 3 | Derivative instruments | ||
Assets | ||
Trading assets | 3,911 | 3,534 |
Bank | Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 733 | 554 |
Bank | Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 143 | 152 |
Bank | Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 1,186 | 1,040 |
Bank | Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 879 | |
Bank | Recurring basis | Level 3 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 1,079 | 909 |
Bank | Recurring basis | Level 3 | Other | ||
Assets | ||
Trading assets | 1,247 | 2,231 |
Bank | Recurring basis | Fair value measured at net asset value per share | ||
Assets | ||
Trading assets | 658 | 808 |
Other investments | 720 | 996 |
Total assets at fair value | 1,378 | 1,804 |
Bank | Recurring basis | Fair value measured at net asset value per share | Other equity investments | ||
Assets | ||
Other investments | 609 | 589 |
Bank | Recurring basis | Fair value measured at net asset value per share | Debt securities | ||
Assets | ||
Trading assets | 55 | |
Bank | Recurring basis | Fair value measured at net asset value per share | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 55 | |
Bank | Recurring basis | Fair value measured at net asset value per share | Equity securities | ||
Assets | ||
Trading assets | 603 | 808 |
Bank | Nonrecurring basis | ||
Assets | ||
Other investments | 543 | 1 |
Loans | 71 | |
Other intangible assets (mortgage servicing rights), at fair value | 10 | |
Other assets | 201 | 60 |
Total assets at fair value | 815 | 71 |
Bank | Nonrecurring basis | Equity securities | ||
Assets | ||
Other investments | 303 | |
Bank | Nonrecurring basis | Equity securities (without a readily determinable fair value) [Member] | ||
Assets | ||
Other investments | 227 | |
Bank | Nonrecurring basis | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 136 | 29 |
Other assets - of which premises, equipment and right-of-use assets | 58 | 5 |
Other assets - of which real estate held-for-sale | 26 | |
Bank | Nonrecurring basis | Level 1 | ||
Assets | ||
Other investments | 0 | 0 |
Loans | 0 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | |
Other assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Bank | Nonrecurring basis | Level 1 | Equity securities | ||
Assets | ||
Other investments | 0 | |
Bank | Nonrecurring basis | Level 1 | Equity securities (without a readily determinable fair value) [Member] | ||
Assets | ||
Other investments | 0 | |
Bank | Nonrecurring basis | Level 1 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 0 | 0 |
Other assets - of which premises, equipment and right-of-use assets | 0 | 0 |
Other assets - of which real estate held-for-sale | 0 | |
Bank | Nonrecurring basis | Level 2 | ||
Assets | ||
Other investments | 217 | 0 |
Loans | 67 | |
Other intangible assets (mortgage servicing rights), at fair value | 0 | |
Other assets | 104 | 0 |
Total assets at fair value | 388 | 0 |
Bank | Nonrecurring basis | Level 2 | Equity securities | ||
Assets | ||
Other investments | 0 | |
Bank | Nonrecurring basis | Level 2 | Equity securities (without a readily determinable fair value) [Member] | ||
Assets | ||
Other investments | 217 | |
Bank | Nonrecurring basis | Level 2 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 97 | 0 |
Other assets - of which premises, equipment and right-of-use assets | 4 | 0 |
Other assets - of which real estate held-for-sale | 0 | |
Bank | Nonrecurring basis | Level 3 | ||
Assets | ||
Other investments | 326 | 1 |
Loans | 4 | |
Other intangible assets (mortgage servicing rights), at fair value | 10 | |
Other assets | 97 | 60 |
Total assets at fair value | 427 | 71 |
Bank | Nonrecurring basis | Level 3 | Equity securities | ||
Assets | ||
Other investments | 303 | |
Bank | Nonrecurring basis | Level 3 | Equity securities (without a readily determinable fair value) [Member] | ||
Assets | ||
Other investments | 10 | |
Bank | Nonrecurring basis | Level 3 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 39 | 29 |
Other assets - of which premises, equipment and right-of-use assets | SFr 54 | 5 |
Other assets - of which real estate held-for-sale | SFr 26 |
FI - Liabilities measured at fa
FI - Liabilities measured at fair value (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Liabilities | ||
Due to banks | SFr 413 | SFr 322 |
Customer deposits | 4,343 | 3,339 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,594 | 10,715 |
Obligation to return securities received as collateral | 50,773 | 40,219 |
Trading liabilities | 45,871 | 38,186 |
Short-term borrowings | 10,740 | 11,333 |
Long-term debt | 70,976 | 70,331 |
Other liabilities | 7,780 | 7,891 |
Netting impact | (130,000) | (103,800) |
Recurring basis | ||
Liabilities | ||
Due to banks | 413 | 322 |
Customer deposits | 4,343 | 3,339 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,594 | 10,715 |
Obligation to return securities received as collateral | 50,773 | 40,219 |
Trading liabilities | 45,871 | 38,186 |
Short-term borrowings | 10,740 | 11,333 |
Long-term debt | 70,976 | 70,331 |
Other liabilities | 7,780 | 7,891 |
Netting impact | (130,036) | (103,890) |
Total liabilities at fair value | 204,490 | 182,336 |
Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 12,920 | 10,182 |
Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 33,856 | 39,084 |
Recurring basis | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 10,586 | |
Recurring basis | Debt securities | ||
Liabilities | ||
Trading liabilities | 8,922 | |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 3,889 | |
Recurring basis | Equity securities | ||
Liabilities | ||
Trading liabilities | 20,694 | 15,792 |
Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 17,745 | 13,472 |
Netting impact | (129,867) | (103,742) |
Recurring basis | Trading liabilities | ||
Liabilities | ||
Netting impact | (129,867) | (103,742) |
Recurring basis | Other liabilities | ||
Liabilities | ||
Netting impact | (169) | (148) |
Recurring basis | Level 1 | ||
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 | 44,074 | 36,438 |
Trading liabilities | 33,544 | 23,010 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities at fair value | 77,618 | 59,448 |
Recurring basis | Level 1 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Recurring basis | Level 1 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Recurring basis | Level 1 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 0 | |
Recurring basis | Level 1 | Debt securities | ||
Liabilities | ||
Trading liabilities | 3,636 | |
Recurring basis | Level 1 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 3,544 | |
Recurring basis | Level 1 | Equity securities | ||
Liabilities | ||
Trading liabilities | 20,527 | 15,628 |
Recurring basis | Level 1 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 10,536 | 3,746 |
Recurring basis | Level 1 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 3,264 | 1,101 |
Recurring basis | Level 1 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 51 | 31 |
Recurring basis | Level 1 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Recurring basis | Level 1 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 7,149 | 2,603 |
Recurring basis | Level 2 | ||
Liabilities | ||
Due to banks | 413 | 322 |
Customer deposits | 3,895 | 2,865 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,594 | 10,715 |
Obligation to return securities received as collateral | 6,598 | 3,780 |
Trading liabilities | 137,947 | 115,062 |
Short-term borrowings | 10,039 | 10,336 |
Long-term debt | 63,708 | 57,721 |
Other liabilities | 6,678 | 6,654 |
Total liabilities at fair value | 242,872 | 207,455 |
Recurring basis | Level 2 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 11,787 | 9,291 |
Recurring basis | Level 2 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 28,330 | 27,626 |
Recurring basis | Level 2 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 10,586 | |
Recurring basis | Level 2 | Debt securities | ||
Liabilities | ||
Trading liabilities | 5,286 | |
Recurring basis | Level 2 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 345 | |
Recurring basis | Level 2 | Equity securities | ||
Liabilities | ||
Trading liabilities | 111 | 109 |
Recurring basis | Level 2 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 132,885 | 109,667 |
Recurring basis | Level 2 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 68,159 | 64,643 |
Recurring basis | Level 2 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 28,819 | 26,156 |
Recurring basis | Level 2 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 4,663 | 5,963 |
Recurring basis | Level 2 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 30,612 | 12,518 |
Recurring basis | Level 3 | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 448 | 474 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 101 | 1 |
Trading liabilities | 4,246 | 3,854 |
Short-term borrowings | 701 | 997 |
Long-term debt | 7,268 | 12,610 |
Other liabilities | 1,271 | 1,385 |
Total liabilities at fair value | 14,035 | 19,321 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 1,133 | 891 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 5,526 | 11,458 |
Recurring basis | Level 3 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 0 | |
Recurring basis | Level 3 | Debt securities | ||
Liabilities | ||
Trading liabilities | 0 | |
Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 0 | |
Recurring basis | Level 3 | Equity securities | ||
Liabilities | ||
Trading liabilities | 55 | 53 |
Recurring basis | Level 3 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 4,191 | 3,801 |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 169 | 167 |
Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 72 | 98 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 1,335 | 1,211 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 2,010 | 1,921 |
Recurring basis | Fair value measured at net asset value per share | ||
Liabilities | ||
Trading liabilities | 1 | 2 |
Total liabilities at fair value | 1 | 2 |
Recurring basis | Fair value measured at net asset value per share | Equity securities | ||
Liabilities | ||
Trading liabilities | 1 | 2 |
Nonrecurring basis | ||
Liabilities | ||
Other liabilities | 14 | 22 |
Other liabilities of which commitments held-for-sale | 14 | 22 |
Total liabilities at fair value | 14 | 22 |
Nonrecurring basis | Level 1 | ||
Liabilities | ||
Other liabilities | 0 | 0 |
Other liabilities of which commitments held-for-sale | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Nonrecurring basis | Level 2 | ||
Liabilities | ||
Other liabilities | 0 | 0 |
Other liabilities of which commitments held-for-sale | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Nonrecurring basis | Level 3 | ||
Liabilities | ||
Other liabilities | 14 | 22 |
Other liabilities of which commitments held-for-sale | 14 | 22 |
Total liabilities at fair value | 14 | 22 |
Bank | ||
Liabilities | ||
Due to banks | 413 | 322 |
Customer deposits | 4,343 | 3,339 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,688 | 10,823 |
Obligation to return securities received as collateral | 50,773 | 40,219 |
Trading liabilities | 45,871 | 38,186 |
Short-term borrowings | 10,740 | 11,333 |
Long-term debt | 70,243 | 69,406 |
Other liabilities | 7,756 | 7,869 |
Netting impact | (130,100) | (103,800) |
Bank | Recurring basis | ||
Liabilities | ||
Due to banks | 413 | 322 |
Customer deposits | 4,343 | 3,339 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,688 | 10,823 |
Obligation to return securities received as collateral | 50,773 | 40,219 |
Trading liabilities | 45,871 | 38,186 |
Short-term borrowings | 10,740 | 11,333 |
Long-term debt | 70,243 | 69,406 |
Other liabilities | 7,756 | 7,869 |
Netting impact | (130,106) | (103,934) |
Total liabilities at fair value | 203,827 | 181,497 |
Bank | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 12,920 | 10,182 |
Bank | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 33,856 | 39,084 |
Bank | Recurring basis | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 10,627 | |
Bank | Recurring basis | Debt securities | ||
Liabilities | ||
Trading liabilities | 8,922 | |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 3,889 | |
Bank | Recurring basis | Equity securities | ||
Liabilities | ||
Trading liabilities | 20,694 | 15,792 |
Bank | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 17,745 | 13,472 |
Netting impact | (129,937) | (103,786) |
Bank | Recurring basis | Trading liabilities | ||
Liabilities | ||
Netting impact | (129,937) | (103,786) |
Bank | Recurring basis | Other liabilities | ||
Liabilities | ||
Netting impact | (169) | (148) |
Bank | Recurring basis | Level 1 | ||
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 | 44,074 | 36,438 |
Trading liabilities | 33,543 | 23,009 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other liabilities | 0 | 0 |
Total liabilities at fair value | 77,617 | 59,447 |
Bank | Recurring basis | Level 1 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Recurring basis | Level 1 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Bank | Recurring basis | Level 1 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Recurring basis | Level 1 | Debt securities | ||
Liabilities | ||
Trading liabilities | 3,636 | |
Bank | Recurring basis | Level 1 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 3,544 | |
Bank | Recurring basis | Level 1 | Equity securities | ||
Liabilities | ||
Trading liabilities | 20,527 | 15,628 |
Bank | Recurring basis | Level 1 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 10,535 | 3,745 |
Bank | Recurring basis | Level 1 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 3,264 | 1,101 |
Bank | Recurring basis | Level 1 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 51 | 31 |
Bank | Recurring basis | Level 1 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 0 | 0 |
Bank | Recurring basis | Level 1 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 7,149 | 2,603 |
Bank | Recurring basis | Level 2 | ||
Liabilities | ||
Due to banks | 413 | 322 |
Customer deposits | 3,895 | 2,865 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,688 | 10,823 |
Obligation to return securities received as collateral | 6,598 | 3,780 |
Trading liabilities | 138,018 | 115,107 |
Short-term borrowings | 10,039 | 10,336 |
Long-term debt | 62,957 | 56,657 |
Other liabilities | 6,675 | 6,650 |
Total liabilities at fair value | 242,283 | 206,540 |
Bank | Recurring basis | Level 2 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 11,787 | 9,291 |
Bank | Recurring basis | Level 2 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 28,330 | 27,626 |
Bank | Recurring basis | Level 2 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 10,627 | |
Bank | Recurring basis | Level 2 | Debt securities | ||
Liabilities | ||
Trading liabilities | 5,286 | |
Bank | Recurring basis | Level 2 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 345 | |
Bank | Recurring basis | Level 2 | Equity securities | ||
Liabilities | ||
Trading liabilities | 111 | 109 |
Bank | Recurring basis | Level 2 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 132,956 | 109,712 |
Bank | Recurring basis | Level 2 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 68,229 | 64,687 |
Bank | Recurring basis | Level 2 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 28,819 | 26,156 |
Bank | Recurring basis | Level 2 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 4,663 | 5,963 |
Bank | Recurring basis | Level 2 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 30,612 | 12,518 |
Bank | Recurring basis | Level 3 | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 448 | 474 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 101 | 1 |
Trading liabilities | 4,246 | 3,854 |
Short-term borrowings | 701 | 997 |
Long-term debt | 7,286 | 12,749 |
Other liabilities | 1,250 | 1,367 |
Total liabilities at fair value | 14,032 | 19,442 |
Bank | Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 1,133 | 891 |
Bank | Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 5,526 | 11,458 |
Bank | Recurring basis | Level 3 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Recurring basis | Level 3 | Debt securities | ||
Liabilities | ||
Trading liabilities | 0 | |
Bank | Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 0 | |
Bank | Recurring basis | Level 3 | Equity securities | ||
Liabilities | ||
Trading liabilities | 55 | 53 |
Bank | Recurring basis | Level 3 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 4,191 | 3,801 |
Bank | Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 169 | 167 |
Bank | Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 72 | 98 |
Bank | Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 1,335 | 1,211 |
Bank | Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 2,010 | 1,921 |
Bank | Recurring basis | Fair value measured at net asset value per share | ||
Liabilities | ||
Trading liabilities | 1 | 2 |
Total liabilities at fair value | 1 | 2 |
Bank | Recurring basis | Fair value measured at net asset value per share | Equity securities | ||
Liabilities | ||
Trading liabilities | 1 | 2 |
Bank | Nonrecurring basis | ||
Liabilities | ||
Other liabilities | 14 | 22 |
Other liabilities of which commitments held-for-sale | 14 | 22 |
Total liabilities at fair value | 14 | 22 |
Bank | Nonrecurring basis | Level 1 | ||
Liabilities | ||
Other liabilities | 0 | 0 |
Other liabilities of which commitments held-for-sale | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Bank | Nonrecurring basis | Level 2 | ||
Liabilities | ||
Other liabilities | 0 | 0 |
Other liabilities of which commitments held-for-sale | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Bank | Nonrecurring basis | Level 3 | ||
Liabilities | ||
Other liabilities | 14 | 22 |
Other liabilities of which commitments held-for-sale | 14 | 22 |
Total liabilities at fair value | SFr 14 | SFr 22 |
FI - Roll-forward of assets mea
FI - Roll-forward of assets measured at fair value on recurring basis (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Assets measured at fair value on a recurring basis for level 3 | |||
Retained Earnings (Accumulated Deficit) | SFr 32,834 | SFr 30,634 | |
Recurring basis | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 0 | 0 | |
Transfers in, assets | 0 | ||
Transfers out, assets | (12) | ||
Purchases, assets | 0 | ||
Sales, assets | 0 | ||
Issuances, assets | 12 | ||
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 | ||
Recurring basis | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 0 | ||
Recurring basis | Securities received as collateral | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1 | 30 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 213 | 2 | |
Sales, assets | (106) | (31) | |
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 | (7) | 0 | |
Balance at end of period, assets | 101 | 1 | |
Recurring basis | Securities received as collateral | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 0 | 0 | |
Recurring basis | Trading assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 7,885 | 8,980 | |
Transfers in, assets | 3,255 | 1,600 | |
Transfers out, assets | (3,271) | (2,723) | |
Purchases, assets | 6,304 | 16,544 | |
Sales, assets | (6,740) | (17,005) | |
Issuances, assets | 2,064 | 1,142 | |
Settlements, assets | (2,968) | (1,641) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 290 | (80) | |
Gain (loss) on all other activity included in trading revenues, assets | 1,598 | 1,281 | |
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 | (887) | (213) | |
Balance at end of period, assets | 7,535 | 7,885 | |
Recurring basis | Trading assets | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 1,377 | 1,085 | |
Recurring basis | Trading assets | Debt securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,923 | 2,242 | |
Transfers in, assets | 2,078 | 793 | |
Transfers out, assets | (1,775) | (1,508) | |
Purchases, assets | 3,811 | 4,037 | |
Sales, assets | (3,493) | (3,537) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 17 | |
Gain (loss) on all other activity included in trading revenues, assets | 14 | (41) | |
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 | (311) | (80) | |
Balance at end of period, assets | 2,253 | 1,923 | |
Recurring basis | Trading assets | Debt securities | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 166 | 146 | |
Recurring basis | Trading assets | Debt securities | Corporate debt securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,128 | 1,260 | |
Transfers in, assets | 703 | 485 | |
Transfers out, assets | (809) | (843) | |
Purchases, assets | 2,685 | 3,076 | |
Sales, assets | (2,464) | (2,768) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 26 | 21 | |
Gain (loss) on all other activity included in trading revenues, assets | 211 | (52) | |
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 | (210) | (51) | |
Balance at end of period, assets | 1,270 | 1,128 | |
Recurring basis | Trading assets | Debt securities | Corporate debt securities | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 196 | 153 | |
Recurring basis | Trading assets | Derivative instruments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 3,534 | 3,298 | |
Transfers in, assets | 995 | 592 | |
Transfers out, assets | (1,207) | (734) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 2,064 | 1,142 | |
Settlements, assets | (2,891) | (1,616) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 213 | (92) | |
Gain (loss) on all other activity included in trading revenues, assets | 1,607 | 1,034 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 1 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 | |
Foreign currency translation impact, assets | (405) | (90) | |
Balance at end of period, assets | 3,911 | 3,534 | |
Recurring basis | Trading assets | Derivative instruments | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 1,323 | 957 | |
Recurring basis | Trading assets | Derivative instruments | Equity/Index-related products | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,040 | 1,054 | |
Transfers in, assets | 255 | 224 | |
Transfers out, assets | (519) | (400) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 507 | 361 | |
Settlements, assets | (743) | (402) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 107 | (80) | |
Gain (loss) on all other activity included in trading revenues, assets | 725 | 316 | |
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 | (186) | (33) | |
Balance at end of period, assets | 1,186 | 1,040 | |
Recurring basis | Trading assets | Derivative instruments | Equity/Index-related products | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 752 | 404 | |
Recurring basis | Trading assets | Derivative instruments | Credit derivatives | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 879 | 673 | |
Transfers in, assets | 282 | ||
Transfers out, assets | (244) | ||
Purchases, assets | 0 | ||
Sales, assets | 0 | ||
Issuances, assets | 390 | ||
Settlements, assets | (765) | ||
Gain (loss) on transfers in/out included in trading revenues, assets | (6) | ||
Gain (loss) on all other activity included in trading revenues, assets | 565 | ||
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 | (16) | ||
Balance at end of period, assets | 879 | ||
Recurring basis | Trading assets | Derivative instruments | Credit derivatives | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 320 | ||
Recurring basis | Trading assets | Derivative instruments | Other derivatives | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 909 | 806 | |
Transfers in, assets | 0 | 6 | |
Transfers out, assets | 0 | (1) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 303 | 303 | |
Settlements, assets | (326) | (317) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (1) | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 291 | 128 | |
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 | (97) | (16) | |
Balance at end of period, assets | 1,079 | 909 | |
Recurring basis | Trading assets | Derivative instruments | Other derivatives | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 310 | 266 | |
Recurring basis | Trading assets | Other | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 2,231 | 3,308 | |
Transfers in, assets | 119 | 132 | |
Transfers out, assets | (246) | (424) | |
Purchases, assets | 2,420 | 12,333 | |
Sales, assets | (3,189) | (13,384) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | (77) | (25) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 72 | (2) | |
Gain (loss) on all other activity included in trading revenues, assets | 76 | 333 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (1) | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 | |
Foreign currency translation impact, assets | (158) | (40) | |
Balance at end of period, assets | 1,247 | 2,231 | |
Recurring basis | Trading assets | Other | Other derivatives | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (87) | (43) | |
Recurring basis | Other investments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 2,523 | 1,309 | |
Transfers in, assets | 8 | 48 | |
Transfers out, assets | 0 | (6) | |
Purchases, assets | 442 | 1,184 | |
Sales, assets | (194) | (195) | |
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 | 112 | 151 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 286 | 56 | |
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 | (123) | (24) | |
Balance at end of period, assets | 3,054 | 2,523 | |
Recurring basis | Other investments | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 409 | 328 | |
Recurring basis | Other investments | Other equity investments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,463 | ||
Transfers in, assets | 7 | 48 | |
Transfers out, assets | 0 | ||
Purchases, assets | 408 | ||
Sales, assets | (22) | ||
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 | 13 | ||
Gain (loss) on transfers in/out included in other revenues, assets | 0 | ||
Gain (loss) on all other activity included in other revenues, assets | 293 | ||
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 | (30) | ||
Balance at end of period, assets | 2,132 | 1,463 | |
Recurring basis | Other investments | Other equity investments | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 298 | 84 | |
Recurring basis | Other investments | Life finance instruments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,052 | 1,067 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 34 | 39 | |
Sales, assets | (172) | (186) | |
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 | 99 | 150 | |
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 | (93) | (18) | |
Balance at end of period, assets | 920 | 1,052 | |
Recurring basis | Other investments | Life finance instruments | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 112 | 181 | |
Recurring basis | Other investments | Other | Other equity investments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 227 | ||
Transfers out, assets | (6) | ||
Purchases, assets | 1,134 | ||
Sales, assets | 9 | ||
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 | 1 | ||
Gain (loss) on transfers in/out included in other revenues, assets | 0 | ||
Gain (loss) on all other activity included in other revenues, assets | 56 | ||
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 | (6) | ||
Recurring basis | Loans | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 3,835 | 4,324 | |
Transfers in, assets | 1,268 | 731 | |
Transfers out, assets | (549) | (470) | |
Purchases, assets | 437 | 255 | |
Sales, assets | (640) | (275) | |
Issuances, assets | 1,170 | 1,436 | |
Settlements, assets | (1,435) | (2,170) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 52 | 4 | |
Gain (loss) on all other activity included in trading revenues, assets | (164) | (64) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 1 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 | |
Foreign currency translation impact, assets | (306) | (54) | |
Balance at end of period, assets | 3,669 | 3,835 | |
Recurring basis | Loans | Previously Reported [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 3,717 | ||
Balance at end of period, assets | 3,717 | ||
Recurring basis | Loans | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (97) | (7) | |
Recurring basis | Commercial and industrial loans | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,401 | 1,949 | |
Transfers in, assets | 446 | 269 | |
Transfers out, assets | (170) | (335) | |
Purchases, assets | 184 | 49 | |
Sales, assets | (442) | (194) | |
Issuances, assets | 610 | 346 | |
Settlements, assets | (435) | (734) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 6 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | (150) | (49) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 1 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 | |
Foreign currency translation impact, assets | (104) | (18) | |
Balance at end of period, assets | 1,347 | 1,401 | |
Recurring basis | Commercial and industrial loans | Previously Reported [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,283 | ||
Balance at end of period, assets | 1,283 | ||
Recurring basis | Commercial and industrial loans | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (183) | (9) | |
Recurring basis | Financial institutions loans | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,201 | 1,391 | |
Transfers in, assets | 238 | 414 | |
Transfers out, assets | (245) | (76) | |
Purchases, assets | 0 | 5 | |
Sales, assets | (31) | (81) | |
Issuances, assets | 499 | 524 | |
Settlements, assets | (531) | (957) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 20 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 43 | (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 | 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 | (112) | (10) | |
Balance at end of period, assets | 1,082 | 1,201 | |
Recurring basis | Financial institutions loans | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 47 | 10 | |
Recurring basis | Governments and public institutions loans | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 831 | 446 | |
Transfers in, assets | 48 | ||
Transfers out, assets | (58) | ||
Purchases, assets | 199 | ||
Sales, assets | 0 | ||
Issuances, assets | 251 | ||
Settlements, assets | (28) | ||
Gain (loss) on transfers in/out included in trading revenues, assets | 2 | ||
Gain (loss) on all other activity included in trading revenues, assets | (9) | ||
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 | (20) | ||
Balance at end of period, assets | 831 | ||
Recurring basis | Governments and public institutions loans | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (11) | ||
Recurring basis | Other intangible assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 244 | 163 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 0 | 85 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 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 | (44) | 2 | |
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 | (20) | (6) | |
Balance at end of period, assets | 180 | 244 | |
Recurring basis | Other intangible assets | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (44) | 2 | |
Recurring basis | Other assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,846 | 1,543 | |
Transfers in, assets | 1,440 | 470 | |
Transfers out, assets | (709) | (283) | |
Purchases, assets | 4,553 | 1,970 | |
Sales, assets | (4,595) | (1,913) | |
Issuances, assets | 547 | 703 | |
Settlements, assets | (995) | (565) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (17) | 17 | |
Gain (loss) on all other activity included in trading revenues, assets | (14) | (48) | |
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 | (231) | (48) | |
Balance at end of period, assets | 1,825 | 1,846 | |
Recurring basis | Other assets | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (48) | 28 | |
Recurring basis | Other assets - of which loans held-for-sale | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,619 | 1,235 | |
Transfers in, assets | 1,380 | 444 | |
Transfers out, assets | (665) | (222) | |
Purchases, assets | 4,504 | 1,718 | |
Sales, assets | (4,567) | (1,693) | |
Issuances, assets | 547 | 703 | |
Settlements, assets | (994) | (564) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (41) | 3 | |
Gain (loss) on all other activity included in trading revenues, assets | 4 | 36 | |
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 | (211) | (41) | |
Balance at end of period, assets | 1,576 | 1,619 | |
Recurring basis | Other assets - of which loans held-for-sale | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (73) | 51 | |
Recurring basis | Assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 16,334 | 16,349 | |
Transfers in, assets | 5,971 | 2,849 | |
Transfers out, assets | (4,529) | (3,494) | |
Purchases, assets | 11,949 | 20,040 | |
Sales, assets | (12,275) | (19,419) | |
Issuances, assets | 3,781 | 3,293 | |
Settlements, assets | (5,398) | (4,376) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 325 | (59) | |
Gain (loss) on all other activity included in trading revenues, assets | 1,532 | 1,320 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 248 | 58 | |
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 | (1,574) | (345) | |
Balance at end of period, assets | 16,364 | 16,334 | |
Recurring basis | Assets | Previously Reported [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 16,216 | ||
Balance at end of period, assets | 16,216 | ||
Recurring basis | Assets | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 1,597 | 1,436 | |
Nonrecurring basis | Accounting Standards Update 2019-05 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Retained Earnings (Accumulated Deficit) | SFr 118 | ||
Bank | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Retained Earnings (Accumulated Deficit) | 15,871 | 13,492 | |
Bank | Recurring basis | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 0 | 0 | |
Transfers in, assets | 0 | ||
Transfers out, assets | (12) | ||
Purchases, assets | 0 | ||
Sales, assets | 0 | ||
Issuances, assets | 12 | ||
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 | Recurring basis | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | Debt securities | RMBS | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 0 | ||
Bank | Recurring basis | Securities received as collateral | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1 | 30 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 213 | 2 | |
Sales, assets | (106) | (31) | |
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 | (7) | 0 | |
Balance at end of period, assets | 101 | 1 | |
Bank | Recurring basis | Securities received as collateral | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 0 | 0 | |
Bank | Recurring basis | Trading assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 7,885 | 8,980 | |
Transfers in, assets | 3,255 | 1,600 | |
Transfers out, assets | (3,271) | (2,723) | |
Purchases, assets | 6,304 | 16,544 | |
Sales, assets | (6,740) | (17,005) | |
Issuances, assets | 2,064 | 1,142 | |
Settlements, assets | (2,968) | (1,641) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 290 | (80) | |
Gain (loss) on all other activity included in trading revenues, assets | 1,598 | 1,281 | |
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 | (887) | (213) | |
Balance at end of period, assets | 7,535 | 7,885 | |
Bank | Recurring basis | Trading assets | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 1,377 | 1,085 | |
Bank | Recurring basis | Trading assets | Debt securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,923 | 2,242 | |
Transfers in, assets | 2,078 | 793 | |
Transfers out, assets | (1,775) | (1,508) | |
Purchases, assets | 3,811 | 4,037 | |
Sales, assets | (3,493) | (3,537) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 1 | 17 | |
Gain (loss) on all other activity included in trading revenues, assets | 14 | (41) | |
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 | (311) | (80) | |
Balance at end of period, assets | 2,253 | 1,923 | |
Bank | Recurring basis | Trading assets | Debt securities | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 166 | 146 | |
Bank | Recurring basis | Trading assets | Debt securities | Corporate debt securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,128 | 1,260 | |
Transfers in, assets | 703 | 485 | |
Transfers out, assets | (809) | (843) | |
Purchases, assets | 2,685 | 3,076 | |
Sales, assets | (2,464) | (2,768) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 26 | 21 | |
Gain (loss) on all other activity included in trading revenues, assets | 211 | (52) | |
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 | (210) | (51) | |
Balance at end of period, assets | 1,270 | 1,128 | |
Bank | Recurring basis | Trading assets | Debt securities | Corporate debt securities | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 196 | 153 | |
Bank | Recurring basis | Trading assets | Derivative instruments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 3,534 | 3,298 | |
Transfers in, assets | 995 | 592 | |
Transfers out, assets | (1,207) | (734) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 2,064 | 1,142 | |
Settlements, assets | (2,891) | (1,616) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 213 | (92) | |
Gain (loss) on all other activity included in trading revenues, assets | 1,607 | 1,034 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 1 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 | |
Foreign currency translation impact, assets | (405) | (90) | |
Balance at end of period, assets | 3,911 | 3,534 | |
Bank | Recurring basis | Trading assets | Derivative instruments | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 1,323 | 957 | |
Bank | Recurring basis | Trading assets | Derivative instruments | Equity/Index-related products | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,040 | 1,054 | |
Transfers in, assets | 255 | 224 | |
Transfers out, assets | (519) | (400) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 507 | 361 | |
Settlements, assets | (743) | (402) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 107 | (80) | |
Gain (loss) on all other activity included in trading revenues, assets | 725 | 316 | |
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 | (186) | (33) | |
Balance at end of period, assets | 1,186 | 1,040 | |
Bank | Recurring basis | Trading assets | Derivative instruments | Equity/Index-related products | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 752 | 404 | |
Bank | Recurring basis | Trading assets | Derivative instruments | Credit derivatives | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 879 | 673 | |
Transfers in, assets | 282 | ||
Transfers out, assets | (244) | ||
Purchases, assets | 0 | ||
Sales, assets | 0 | ||
Issuances, assets | 390 | ||
Settlements, assets | (765) | ||
Gain (loss) on transfers in/out included in trading revenues, assets | (6) | ||
Gain (loss) on all other activity included in trading revenues, assets | 565 | ||
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 | (16) | ||
Balance at end of period, assets | 879 | ||
Bank | Recurring basis | Trading assets | Derivative instruments | Credit derivatives | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 320 | ||
Bank | Recurring basis | Trading assets | Derivative instruments | Other derivatives | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 909 | 806 | |
Transfers in, assets | 0 | 6 | |
Transfers out, assets | 0 | (1) | |
Purchases, assets | 0 | 0 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 303 | 303 | |
Settlements, assets | (326) | (317) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (1) | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 291 | 128 | |
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 | (97) | (16) | |
Balance at end of period, assets | 1,079 | 909 | |
Bank | Recurring basis | Trading assets | Derivative instruments | Other derivatives | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 310 | 266 | |
Bank | Recurring basis | Trading assets | Other | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 2,231 | 3,308 | |
Transfers in, assets | 119 | 132 | |
Transfers out, assets | (246) | (424) | |
Purchases, assets | 2,420 | 12,333 | |
Sales, assets | (3,189) | (13,384) | |
Issuances, assets | 0 | 0 | |
Settlements, assets | (77) | (25) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 72 | (2) | |
Gain (loss) on all other activity included in trading revenues, assets | 76 | 333 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | (1) | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 | |
Foreign currency translation impact, assets | (158) | (40) | |
Balance at end of period, assets | 1,247 | 2,231 | |
Bank | Recurring basis | Trading assets | Other | Other derivatives | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (87) | (43) | |
Bank | Recurring basis | Other investments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 2,523 | 1,309 | |
Transfers in, assets | 8 | 48 | |
Transfers out, assets | 0 | (6) | |
Purchases, assets | 442 | 1,184 | |
Sales, assets | (194) | (194) | |
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 | 112 | 151 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 286 | 56 | |
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 | (123) | (25) | |
Balance at end of period, assets | 3,054 | 2,523 | |
Bank | Recurring basis | Other investments | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 409 | 328 | |
Bank | Recurring basis | Other investments | Equity/Index-related products | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,463 | ||
Transfers in, assets | 7 | ||
Transfers out, assets | 0 | ||
Purchases, assets | 408 | ||
Sales, assets | (22) | ||
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 | 13 | ||
Gain (loss) on transfers in/out included in other revenues, assets | 0 | ||
Gain (loss) on all other activity included in other revenues, assets | 293 | ||
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 | (30) | ||
Balance at end of period, assets | 1,463 | ||
Bank | Recurring basis | Other investments | Other equity investments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,463 | ||
Balance at end of period, assets | 2,132 | 1,463 | |
Bank | Recurring basis | Other investments | Other equity investments | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 298 | 83 | |
Bank | Recurring basis | Other investments | Life finance instruments | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,052 | 1,067 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 34 | 39 | |
Sales, assets | (172) | (186) | |
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 | 99 | 150 | |
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 | (93) | (18) | |
Balance at end of period, assets | 920 | 1,052 | |
Bank | Recurring basis | Other investments | Life finance instruments | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 112 | 181 | |
Bank | Recurring basis | Other investments | Equity securities | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 227 | ||
Transfers in, assets | 48 | ||
Transfers out, assets | (6) | ||
Purchases, assets | 1,134 | ||
Sales, assets | 10 | ||
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 | 1 | ||
Gain (loss) on transfers in/out included in other revenues, assets | 0 | ||
Gain (loss) on all other activity included in other revenues, assets | 56 | ||
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) | ||
Bank | Recurring basis | Loans | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 3,835 | 4,324 | |
Transfers in, assets | 1,268 | 731 | |
Transfers out, assets | (549) | (470) | |
Purchases, assets | 437 | 255 | |
Sales, assets | (640) | (275) | |
Issuances, assets | 1,170 | 1,436 | |
Settlements, assets | (1,435) | (2,170) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 52 | 4 | |
Gain (loss) on all other activity included in trading revenues, assets | (164) | (64) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 1 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 | |
Foreign currency translation impact, assets | (306) | (55) | |
Balance at end of period, assets | 3,669 | 3,835 | |
Bank | Recurring basis | Loans | Previously Reported [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 3,716 | ||
Balance at end of period, assets | 3,716 | ||
Bank | Recurring basis | Loans | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (97) | (8) | |
Bank | Recurring basis | Commercial and industrial loans | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,402 | 1,949 | |
Transfers in, assets | 446 | 269 | |
Transfers out, assets | (170) | (335) | |
Purchases, assets | 184 | 49 | |
Sales, assets | (442) | (194) | |
Issuances, assets | 610 | 346 | |
Settlements, assets | (435) | (734) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 6 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | (150) | (49) | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 1 | 0 | |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, assets | 0 | 0 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, assets | 0 | 0 | |
Foreign currency translation impact, assets | (105) | (18) | |
Balance at end of period, assets | 1,347 | 1,402 | |
Bank | Recurring basis | Commercial and industrial loans | Previously Reported [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,283 | ||
Balance at end of period, assets | 1,283 | ||
Bank | Recurring basis | Commercial and industrial loans | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (183) | (9) | |
Bank | Recurring basis | Financial institutions loans | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,201 | 1,391 | |
Transfers in, assets | 238 | 414 | |
Transfers out, assets | (245) | (76) | |
Purchases, assets | 0 | 5 | |
Sales, assets | (31) | (81) | |
Issuances, assets | 499 | 524 | |
Settlements, assets | (531) | (957) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 20 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 43 | (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 | 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 | (112) | (10) | |
Balance at end of period, assets | 1,082 | 1,201 | |
Bank | Recurring basis | Financial institutions loans | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | 47 | 10 | |
Bank | Recurring basis | Governments and public institutions loans | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 830 | 446 | |
Transfers in, assets | 48 | ||
Transfers out, assets | (58) | ||
Purchases, assets | 199 | ||
Sales, assets | 0 | ||
Issuances, assets | 251 | ||
Settlements, assets | (28) | ||
Gain (loss) on transfers in/out included in trading revenues, assets | 2 | ||
Gain (loss) on all other activity included in trading revenues, assets | (9) | ||
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 | (21) | ||
Balance at end of period, assets | 830 | ||
Bank | Recurring basis | Governments and public institutions loans | Equity securities | Life finance instruments | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (12) | ||
Bank | Recurring basis | Other intangible assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 244 | 163 | |
Transfers in, assets | 0 | 0 | |
Transfers out, assets | 0 | 0 | |
Purchases, assets | 0 | 85 | |
Sales, assets | 0 | 0 | |
Issuances, assets | 0 | 0 | |
Settlements, assets | 0 | 0 | |
Gain (loss) on transfers in/out included in trading revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in trading revenues, assets | 0 | 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 | (44) | 2 | |
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 | (20) | (6) | |
Balance at end of period, assets | 180 | 244 | |
Bank | Recurring basis | Other intangible assets | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (44) | 2 | |
Bank | Recurring basis | Other assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,846 | 1,543 | |
Transfers in, assets | 1,440 | 470 | |
Transfers out, assets | (709) | (283) | |
Purchases, assets | 4,553 | 1,970 | |
Sales, assets | (4,595) | (1,913) | |
Issuances, assets | 547 | 703 | |
Settlements, assets | (995) | (565) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (17) | 17 | |
Gain (loss) on all other activity included in trading revenues, assets | (14) | (48) | |
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 | (231) | (48) | |
Balance at end of period, assets | 1,825 | 1,846 | |
Bank | Recurring basis | Other assets | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (48) | 29 | |
Bank | Recurring basis | Other assets - of which loans held-for-sale | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 1,619 | 1,235 | |
Transfers in, assets | 1,380 | 444 | |
Transfers out, assets | (665) | (222) | |
Purchases, assets | 4,504 | 1,718 | |
Sales, assets | (4,567) | (1,693) | |
Issuances, assets | 547 | 703 | |
Settlements, assets | (994) | (564) | |
Gain (loss) on transfers in/out included in trading revenues, assets | (41) | 3 | |
Gain (loss) on all other activity included in trading revenues, assets | 4 | 36 | |
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 | (211) | (41) | |
Balance at end of period, assets | 1,576 | 1,619 | |
Bank | Recurring basis | Other assets - of which loans held-for-sale | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | (73) | 51 | |
Bank | Recurring basis | Assets | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 16,334 | 16,349 | |
Transfers in, assets | 5,971 | 2,849 | |
Transfers out, assets | (4,529) | (3,494) | |
Purchases, assets | 11,949 | 20,040 | |
Sales, assets | (12,275) | (19,418) | |
Issuances, assets | 3,781 | 3,293 | |
Settlements, assets | (5,398) | (4,376) | |
Gain (loss) on transfers in/out included in trading revenues, assets | 325 | (59) | |
Gain (loss) on all other activity included in trading revenues, assets | 1,532 | 1,320 | |
Gain (loss) on transfers in/out included in other revenues, assets | 0 | 0 | |
Gain (loss) on all other activity included in other revenues, assets | 248 | 58 | |
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 | (1,574) | (347) | |
Balance at end of period, assets | 16,364 | 16,334 | |
Bank | Recurring basis | Assets | Previously Reported [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Balance at beginning of period, assets | 16,215 | ||
Balance at end of period, assets | 16,215 | ||
Bank | Recurring basis | Assets | Net Revenue [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Changes in unrealized gains/losses | SFr 1,597 | SFr 1,436 | |
Bank | Nonrecurring basis | Accounting Standards Update 2019-05 [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||
Assets measured at fair value on a recurring basis for level 3 | |||
Retained Earnings (Accumulated Deficit) | SFr 119 |
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, 2020 | Dec. 31, 2019 | |
Customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | SFr 474 | SFr 453 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 0 | 6 |
Settlements, liabilities | (27) | (34) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 7 | 23 |
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 | 10 | 51 |
Foreign currency translation impact, liabilities | (16) | (25) |
Balance at end of period, liabilities | 448 | 474 |
Customer deposits | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 46 | 29 |
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 | 1 | 30 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | 0 |
Purchases, liabilities | 213 | 2 |
Sales, liabilities | (106) | (31) |
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 | (7) | 0 |
Balance at end of period, liabilities | 101 | 1 |
Obligation to return securities received as collateral | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 0 | 0 |
Trading liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,854 | 3,589 |
Transfers in, liabilities | 848 | 743 |
Transfers out, liabilities | (1,614) | (723) |
Purchases, liabilities | 471 | 874 |
Sales, liabilities | (310) | (891) |
Issuances, liabilities | 2,146 | 2,079 |
Settlements, liabilities | (2,375) | (2,478) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 260 | 108 |
Gain (loss) on all other activity included in trading revenues, liabilities | 1,428 | 626 |
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 | (462) | (73) |
Balance at end of period, liabilities | 4,246 | 3,854 |
Trading liabilities | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 1,653 | 1,019 |
Trading liabilities | Derivative instruments | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,801 | 3,527 |
Transfers in, liabilities | 829 | 723 |
Transfers out, liabilities | (1,611) | (714) |
Purchases, liabilities | 198 | 1 |
Sales, liabilities | (8) | (4) |
Issuances, liabilities | 2,146 | 2,079 |
Settlements, liabilities | (2,375) | (2,478) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 259 | 108 |
Gain (loss) on all other activity included in trading revenues, liabilities | 1,410 | 631 |
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 | (458) | (72) |
Balance at end of period, liabilities | 4,191 | 3,801 |
Trading liabilities | Derivative instruments | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 1,646 | 1,016 |
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 | 1,921 | 1,500 |
Transfers in, liabilities | 248 | 344 |
Transfers out, liabilities | (954) | (405) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 776 | 692 |
Settlements, liabilities | (536) | (761) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 167 | 92 |
Gain (loss) on all other activity included in trading revenues, liabilities | 644 | 500 |
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 | (256) | (41) |
Balance at end of period, liabilities | 2,010 | 1,921 |
Trading liabilities | Derivative instruments | Equity/Index-related products | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 1,162 | 841 |
Trading liabilities | Derivative instruments | Credit derivatives | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,211 | 1,140 |
Transfers in, liabilities | 539 | 314 |
Transfers out, liabilities | (562) | (273) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,111 | 1,101 |
Settlements, liabilities | (1,425) | (1,327) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 85 | 28 |
Gain (loss) on all other activity included in trading revenues, liabilities | 502 | 249 |
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 | (126) | (21) |
Balance at end of period, liabilities | 1,335 | 1,211 |
Trading liabilities | Derivative instruments | Credit derivatives | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 277 | 147 |
Short-term borrowings | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 997 | 784 |
Transfers in, liabilities | 37 | 187 |
Transfers out, liabilities | (294) | (494) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,307 | 1,477 |
Settlements, liabilities | (1,189) | (1,151) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 4 | 30 |
Gain (loss) on all other activity included in trading revenues, liabilities | (62) | 191 |
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 | (99) | (27) |
Balance at end of period, liabilities | 701 | 997 |
Short-term borrowings | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 94 | 127 |
Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 12,610 | 12,665 |
Transfers in, liabilities | 3,214 | 2,707 |
Transfers out, liabilities | (7,478) | (4,521) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 5,891 | 6,079 |
Settlements, liabilities | (5,622) | (5,668) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 568 | 149 |
Gain (loss) on all other activity included in trading revenues, liabilities | (708) | 1,301 |
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 | 99 | 13 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (81) | 175 |
Foreign currency translation impact, liabilities | (1,225) | (290) |
Balance at end of period, liabilities | 7,268 | 12,610 |
Long-term debt | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 236 | 1,448 |
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 | 891 | |
Transfers in, liabilities | 689 | |
Transfers out, liabilities | (676) | |
Purchases, liabilities | 0 | |
Sales, liabilities | 0 | |
Issuances, liabilities | 1,022 | |
Settlements, liabilities | (690) | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 40 | |
Gain (loss) on all other activity included in trading revenues, liabilities | (38) | |
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 | 1 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (1) | |
Foreign currency translation impact, liabilities | (105) | |
Balance at end of period, liabilities | 1,133 | 891 |
Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | (19) | |
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 | 11,458 | 11,800 |
Transfers in, liabilities | 1,614 | 2,286 |
Transfers out, liabilities | (6,479) | (3,708) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 4,766 | 4,546 |
Settlements, liabilities | (4,577) | (4,744) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 532 | 94 |
Gain (loss) on all other activity included in trading revenues, liabilities | (683) | 1,256 |
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 | 98 | 13 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (92) | 173 |
Foreign currency translation impact, liabilities | (1,111) | (258) |
Balance at end of period, liabilities | 5,526 | 11,458 |
Long-term debt | Long-term debt - of which structured notes over two years | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 224 | 1,301 |
Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,385 | 1,341 |
Transfers in, liabilities | 160 | 51 |
Transfers out, liabilities | (183) | (80) |
Purchases, liabilities | 266 | 80 |
Sales, liabilities | (277) | (131) |
Issuances, liabilities | 129 | 114 |
Settlements, liabilities | (396) | (383) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (33) | (4) |
Gain (loss) on all other activity included in trading revenues, liabilities | 37 | 70 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 300 | 351 |
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 | (117) | (24) |
Balance at end of period, liabilities | 1,271 | 1,385 |
Other liabilities | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 64 | 58 |
Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 19,321 | 18,862 |
Transfers in, liabilities | 4,259 | 3,688 |
Transfers out, liabilities | (9,569) | (5,818) |
Purchases, liabilities | 950 | 956 |
Sales, liabilities | (693) | (1,053) |
Issuances, liabilities | 9,473 | 9,755 |
Settlements, liabilities | (9,609) | (9,714) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 799 | 283 |
Gain (loss) on all other activity included in trading revenues, liabilities | 702 | 2,211 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 300 | 351 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 99 | 13 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (71) | 226 |
Foreign currency translation impact, liabilities | (1,926) | (439) |
Balance at end of period, liabilities | 14,035 | 19,321 |
Liabilities | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 2,093 | 2,681 |
Bank | Customer deposits | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 474 | 453 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | 0 |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 0 | 6 |
Settlements, liabilities | (27) | (34) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in trading revenues, liabilities | 7 | 23 |
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 | 10 | 51 |
Foreign currency translation impact, liabilities | (16) | (25) |
Balance at end of period, liabilities | 448 | 474 |
Bank | Customer deposits | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 46 | 29 |
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 | 1 | 30 |
Transfers in, liabilities | 0 | 0 |
Transfers out, liabilities | 0 | 0 |
Purchases, liabilities | 213 | 2 |
Sales, liabilities | (106) | (31) |
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 | (7) | 0 |
Balance at end of period, liabilities | 101 | 1 |
Bank | Obligation to return securities received as collateral | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 0 | 0 |
Bank | Trading liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,854 | 3,589 |
Transfers in, liabilities | 848 | 743 |
Transfers out, liabilities | (1,614) | (723) |
Purchases, liabilities | 471 | 874 |
Sales, liabilities | (310) | (891) |
Issuances, liabilities | 2,146 | 2,079 |
Settlements, liabilities | (2,375) | (2,478) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 260 | 108 |
Gain (loss) on all other activity included in trading revenues, liabilities | 1,428 | 626 |
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 | (462) | (73) |
Balance at end of period, liabilities | 4,246 | 3,854 |
Bank | Trading liabilities | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 1,653 | 1,019 |
Bank | Trading liabilities | Derivative instruments | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 3,801 | 3,527 |
Transfers in, liabilities | 829 | 723 |
Transfers out, liabilities | (1,611) | (714) |
Purchases, liabilities | 198 | 1 |
Sales, liabilities | (8) | (4) |
Issuances, liabilities | 2,146 | 2,079 |
Settlements, liabilities | (2,375) | (2,478) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 259 | 108 |
Gain (loss) on all other activity included in trading revenues, liabilities | 1,410 | 631 |
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 | (458) | (72) |
Balance at end of period, liabilities | 4,191 | 3,801 |
Bank | Trading liabilities | Derivative instruments | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 1,646 | 1,016 |
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 | 1,921 | 1,500 |
Transfers in, liabilities | 248 | 344 |
Transfers out, liabilities | (954) | (405) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 776 | 692 |
Settlements, liabilities | (536) | (761) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 167 | 92 |
Gain (loss) on all other activity included in trading revenues, liabilities | 644 | 500 |
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 | (256) | (41) |
Balance at end of period, liabilities | 2,010 | 1,921 |
Bank | Trading liabilities | Derivative instruments | Equity/Index-related products | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 1,162 | 841 |
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 | 1,211 | 1,140 |
Transfers in, liabilities | 539 | 314 |
Transfers out, liabilities | (562) | (273) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,111 | 1,101 |
Settlements, liabilities | (1,425) | (1,327) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 85 | 28 |
Gain (loss) on all other activity included in trading revenues, liabilities | 502 | 249 |
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 | (126) | (21) |
Balance at end of period, liabilities | 1,335 | 1,211 |
Bank | Trading liabilities | Derivative instruments | Credit derivatives | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 277 | 147 |
Bank | Short-term borrowings | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 997 | 784 |
Transfers in, liabilities | 37 | 187 |
Transfers out, liabilities | (294) | (494) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 1,307 | 1,477 |
Settlements, liabilities | (1,189) | (1,151) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 4 | 30 |
Gain (loss) on all other activity included in trading revenues, liabilities | (62) | 191 |
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 | (99) | (27) |
Balance at end of period, liabilities | 701 | 997 |
Bank | Short-term borrowings | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 94 | 127 |
Bank | Long-term debt | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 12,749 | 12,671 |
Transfers in, liabilities | 3,089 | 2,707 |
Transfers out, liabilities | (7,478) | (4,398) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 5,891 | 6,102 |
Settlements, liabilities | (5,622) | (5,668) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 568 | 149 |
Gain (loss) on all other activity included in trading revenues, liabilities | (690) | 1,291 |
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 | 99 | 13 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (82) | 175 |
Foreign currency translation impact, liabilities | (1,238) | (293) |
Balance at end of period, liabilities | 7,286 | 12,749 |
Bank | Long-term debt | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 209 | 1,477 |
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 | 891 | |
Transfers in, liabilities | 689 | |
Transfers out, liabilities | (676) | |
Purchases, liabilities | 0 | |
Sales, liabilities | 0 | |
Issuances, liabilities | 1,022 | |
Settlements, liabilities | (690) | |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 40 | |
Gain (loss) on all other activity included in trading revenues, liabilities | (38) | |
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 | 1 | |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (1) | |
Foreign currency translation impact, liabilities | (105) | |
Balance at end of period, liabilities | 1,133 | 891 |
Bank | Long-term debt | Long-term debt - of which structured notes over one year and up to two years | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | (19) | |
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 | 11,458 | 11,800 |
Transfers in, liabilities | 1,614 | 2,286 |
Transfers out, liabilities | (6,479) | (3,708) |
Purchases, liabilities | 0 | 0 |
Sales, liabilities | 0 | 0 |
Issuances, liabilities | 4,766 | 4,546 |
Settlements, liabilities | (4,577) | (4,744) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 532 | 94 |
Gain (loss) on all other activity included in trading revenues, liabilities | (683) | 1,256 |
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 | 98 | 13 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (92) | 173 |
Foreign currency translation impact, liabilities | (1,111) | (258) |
Balance at end of period, liabilities | 5,526 | 11,458 |
Bank | Long-term debt | Long-term debt - of which structured notes over two years | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 224 | 1,301 |
Bank | Other liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 1,367 | 1,327 |
Transfers in, liabilities | 160 | 51 |
Transfers out, liabilities | (183) | (80) |
Purchases, liabilities | 266 | 80 |
Sales, liabilities | (277) | (131) |
Issuances, liabilities | 129 | 114 |
Settlements, liabilities | (390) | (377) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | (33) | (4) |
Gain (loss) on all other activity included in trading revenues, liabilities | 37 | 65 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 289 | 346 |
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 | (115) | (24) |
Balance at end of period, liabilities | 1,250 | 1,367 |
Bank | Other liabilities | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 64 | 58 |
Bank | Liabilities | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, liabilities | 19,442 | 18,854 |
Transfers in, liabilities | 4,134 | 3,688 |
Transfers out, liabilities | (9,569) | (5,695) |
Purchases, liabilities | 950 | 956 |
Sales, liabilities | (693) | (1,053) |
Issuances, liabilities | 9,473 | 9,778 |
Settlements, liabilities | (9,603) | (9,708) |
Gain (loss) on transfers in/out included in trading revenues, liabilities | 799 | 283 |
Gain (loss) on all other activity included in trading revenues, liabilities | 720 | 2,196 |
Gain (loss) on transfers in/out included in other revenues, liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, liabilities | 289 | 346 |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, liabilities | 99 | 13 |
Gain (loss) on all other activity included in accumulated other comprehensive income, liabilities | (72) | 226 |
Foreign currency translation impact, liabilities | (1,937) | (442) |
Balance at end of period, liabilities | 14,032 | 19,442 |
Bank | Liabilities | Net Revenue [Member] | ||
Liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | SFr 2,066 | SFr 2,710 |
FI - Roll-forward of net assets
FI - Roll-forward of net assets measured at fair value on recurring basis (Details 7) - Recurring basis - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | SFr (2,987) | SFr (2,513) |
Transfers in, net assets/liabilities | 1,712 | (839) |
Transfers out, net assets/liabilities | 5,040 | 2,324 |
Purchases, net assets/liabilities | 10,999 | 19,084 |
Sales, net assets/liabilities | (11,582) | (18,366) |
Issuances, net assets/liabilities | (5,692) | (6,462) |
Settlements, net assets/liabilities | 4,211 | 5,338 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | (474) | (342) |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | 830 | (891) |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | (52) | (293) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, net assets/liabilities | (99) | (13) |
Gain (loss) on all other activity included in accumulated other comprehensive income, net assets/liabilities | 71 | (226) |
Foreign currency translation impact, net assets/liabilities | 352 | 94 |
Balance at beginning of period, net assets/liabilities | 2,329 | (2,987) |
Previously Reported [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | (3,105) | |
Balance at beginning of period, net assets/liabilities | (3,105) | |
Other Comprehensive Income (Loss) [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 100 | |
Trading Revenue [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | (692) | (1,394) |
Other Revenue [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 296 | 149 |
Net Revenue [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | (496) | (1,245) |
Bank | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | (3,108) | (2,505) |
Transfers in, net assets/liabilities | 1,837 | (839) |
Transfers out, net assets/liabilities | 5,040 | 2,201 |
Purchases, net assets/liabilities | 10,999 | 19,084 |
Sales, net assets/liabilities | (11,582) | (18,365) |
Issuances, net assets/liabilities | (5,692) | (6,485) |
Settlements, net assets/liabilities | 4,205 | 5,332 |
Gain (loss) on transfers in/out included in trading revenues, net assets/liabilities | (474) | (342) |
Gain (loss) on all other activity included in trading revenues, net assets/liabilities | 812 | (876) |
Gain (loss) on transfers in/out included in other revenues, net assets/liabilities | 0 | 0 |
Gain (loss) on all other activity included in other revenues, net assets/liabilities | (41) | (288) |
Gain (loss) on transfers in/out included in accumulated other comprehensive income, net assets/liabilities | (99) | (13) |
Gain (loss) on all other activity included in accumulated other comprehensive income, net assets/liabilities | 72 | (226) |
Foreign currency translation impact, net assets/liabilities | 363 | 95 |
Balance at beginning of period, net assets/liabilities | 2,332 | (3,108) |
Bank | Previously Reported [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Balance at beginning of period, net assets/liabilities | (3,227) | |
Balance at beginning of period, net assets/liabilities | (3,227) | |
Bank | Other Comprehensive Income (Loss) [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 98 | |
Bank | Trading Revenue [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | (667) | (1,423) |
Bank | Other Revenue [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | 296 | 149 |
Bank | Net Revenue [Member] | ||
Net assets/liabilities measured at fair value on a recurring basis for level 3 | ||
Changes in unrealized gains/losses | SFr (469) | SFr (1,274) |
FI - Difference between fair va
FI - Difference between fair value and unpaid principle balances (Details 10) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Financial instruments | ||
Cash and Due from Banks | SFr 525 | SFr 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Loans | 11,408 | 12,662 |
Other assets | 8,373 | 10,402 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (13,594) | (10,715) |
Short-term borrowings | (10,740) | (11,333) |
Long-term debt | (70,976) | (70,331) |
Other liabilities | (7,780) | (7,891) |
Aggregate fair value | ||
Loans | ||
Non-interest-earning loans | 543 | 543 |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Loans | 11,408 | 12,662 |
Other assets | 7,834 | 9,710 |
Due to banks and customer deposits | (578) | (582) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (13,594) | (10,715) |
Short-term borrowings | (10,740) | (11,333) |
Long-term debt | (70,976) | (70,331) |
Other liabilities | (616) | (709) |
Aggregate unpaid principal | ||
Loans | ||
Non-interest-earning loans | 3,364 | 3,235 |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,895 | 85,463 |
Loans | 12,079 | 13,104 |
Other assets | 10,090 | 12,006 |
Due to banks and customer deposits | (489) | (508) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (13,578) | (10,719) |
Short-term borrowings | (10,632) | (11,187) |
Long-term debt | (73,842) | (72,126) |
Other liabilities | (1,569) | (1,681) |
Difference | ||
Loans | ||
Non-interest-earning loans, Difference | (2,821) | (2,692) |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 99 | 93 |
Loans | (671) | (442) |
Other assets | (2,256) | (2,296) |
Due to banks and customer deposits | (89) | (74) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (16) | 4 |
Short-term borrowings | (108) | (146) |
Long-term debt | 2,866 | 1,795 |
Other liabilities | 953 | 972 |
Bank | ||
Financial instruments | ||
Cash and Due from Banks | 525 | 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Loans | 11,408 | 12,661 |
Other assets | 8,373 | 10,402 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (13,688) | (10,823) |
Short-term borrowings | (10,740) | (11,333) |
Long-term debt | (70,243) | (69,406) |
Other liabilities | (7,756) | (7,869) |
Bank | Aggregate fair value | ||
Loans | ||
Non-interest-earning loans | 543 | 543 |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Loans | 11,408 | 12,661 |
Other assets | 7,834 | 9,710 |
Due to banks and customer deposits | (578) | (582) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (13,688) | (10,823) |
Short-term borrowings | (10,740) | (11,333) |
Long-term debt | (70,243) | (69,406) |
Other liabilities | (616) | (709) |
Bank | Aggregate unpaid principal | ||
Loans | ||
Non-interest-earning loans | 3,364 | 3,235 |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,895 | 85,463 |
Loans | 12,079 | 13,103 |
Other assets | 10,090 | 12,006 |
Due to banks and customer deposits | (489) | (508) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (13,672) | (10,827) |
Short-term borrowings | (10,632) | (11,187) |
Long-term debt | (73,175) | (71,177) |
Other liabilities | (1,569) | (1,681) |
Bank | Difference | ||
Loans | ||
Non-interest-earning loans, Difference | (2,821) | (2,692) |
Financial instruments | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 99 | 93 |
Loans | (671) | (442) |
Other assets | (2,256) | (2,296) |
Due to banks and customer deposits | (89) | (74) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (16) | 4 |
Short-term borrowings | (108) | (146) |
Long-term debt | 2,932 | 1,771 |
Other liabilities | SFr 953 | SFr 972 |
FI - Gains_losses on financial
FI - Gains/losses on financial instruments (Details 11) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest-bearing deposits with banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | SFr 15 | SFr 29 | SFr 2 |
Net gains/(losses) of which related to credit risk - on assets | 0 | 11 | (10) |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1,198 | 2,696 | 2,451 |
Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 397 | 268 | 241 |
Net gains/(losses) of which related to credit risk - on assets | 1 | 2 | (1) |
Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 510 | 908 | 717 |
Net gains/(losses) of which related to credit risk - on assets | (181) | 26 | (296) |
Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 489 | 892 | 770 |
Net gains/(losses) of which related to credit risk - on assets | (106) | 111 | 61 |
Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (10) | (29) | (39) |
Net gains/(losses) of which related to credit risk - on liabilities | 0 | 1 | (37) |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (58) | (612) | (890) |
Short-term borrowings | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (687) | (50) | 2,807 |
Net gains/(losses) of which related to credit risk - on liabilities | 0 | 8 | (5) |
Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (2,294) | (8,501) | 4,206 |
Net gains/(losses) of which related to credit risk - on liabilities | 11 | (5) | 7 |
Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (20) | 92 | 73 |
Net gains/(losses) of which related to credit risk - on liabilities | (15) | 50 | 4 |
Bank | Interest-bearing deposits with banks | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 15 | 29 | 2 |
Net gains/(losses) of which related to credit risk - on assets | 0 | 11 | (10) |
Bank | Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 1,198 | 2,696 | 2,451 |
Bank | Other investments | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 397 | 268 | 241 |
Net gains/(losses) of which related to credit risk - on assets | 1 | 2 | (1) |
Bank | Loans | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 510 | 908 | 717 |
Net gains/(losses) of which related to credit risk - on assets | (181) | 26 | (296) |
Bank | Other assets | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | 489 | 892 | 770 |
Net gains/(losses) of which related to credit risk - on assets | (106) | 111 | 61 |
Bank | Due to banks and customer deposits | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (10) | (29) | (39) |
Net gains/(losses) of which related to credit risk - on liabilities | 0 | 1 | (37) |
Bank | Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (58) | (612) | (890) |
Bank | Short-term borrowings | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (687) | (50) | 2,807 |
Net gains/(losses) of which related to credit risk - on liabilities | 0 | 8 | (5) |
Bank | Long-term debt | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (2,349) | (7,950) | 4,375 |
Net gains/(losses) of which related to credit risk - on liabilities | 11 | (5) | 7 |
Bank | Other liabilities | |||
Gains (losses) on financial instruments | |||
Net gains/(losses) | (20) | 92 | 72 |
Net gains/(losses) of which related to credit risk - on liabilities | SFr (15) | SFr 50 | SFr 4 |
FI - Fair value, unfunded commi
FI - Fair value, unfunded commitments, term of redemption conditions (Details 12) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | SFr 565 | SFr 589 |
Redeemable | 813 | 1,215 |
Total fair value | 1,378 | 1,804 |
Unfunded commitments | 348 | 228 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable with known Liquidation Periods | 190 | 163 |
Nonredeemable with unknown Liquidation Periods | 375 | 426 |
Redeemable on demand with notice period less than 30 days | 540 | 724 |
Redeemable on demand with notice period less than 1 year | 4 | 13 |
Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 138 | 58 |
Redeemable | 519 | 748 |
Total fair value | 657 | 806 |
Unfunded commitments | 45 | 53 |
Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 427 | 531 |
Redeemable | 294 | 467 |
Total fair value | 721 | 998 |
Unfunded commitments | 303 | 175 |
Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 12 | 21 |
Redeemable | 7 | 65 |
Total fair value | 19 | 86 |
Unfunded commitments | 0 | 0 |
Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 94 | 323 |
Redeemable | 0 | 0 |
Total fair value | 94 | 323 |
Unfunded commitments | 77 | 161 |
Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 321 | 187 |
Redeemable | 287 | 402 |
Total fair value | 608 | 589 |
Unfunded commitments | 226 | 14 |
Bank | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 564 | 587 |
Redeemable | 813 | 1,215 |
Total fair value | 1,377 | 1,802 |
Unfunded commitments | 348 | 228 |
Investments, Fair Value Calculated Using Net Asset Value, Additional Disclosures | ||
Nonredeemable with known Liquidation Periods | 190 | 162 |
Nonredeemable with unknown Liquidation Periods | 374 | 425 |
Redeemable on demand with notice period less than 30 days | 540 | 724 |
Redeemable on demand with notice period less than 1 year | 4 | 13 |
Bank | Funds held in trading assets and liabilities | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 138 | 58 |
Redeemable | 519 | 748 |
Total fair value | 657 | 806 |
Unfunded commitments | 45 | 53 |
Bank | Funds held in other investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 426 | 529 |
Redeemable | 294 | 467 |
Total fair value | 720 | 996 |
Unfunded commitments | 303 | 175 |
Bank | Funds held in other investments | Hedge funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 12 | 21 |
Redeemable | 7 | 65 |
Total fair value | 19 | 86 |
Unfunded commitments | 0 | 0 |
Bank | Funds held in other investments | Private equity funds | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 92 | 321 |
Redeemable | 0 | 0 |
Total fair value | 92 | 321 |
Unfunded commitments | 77 | 161 |
Bank | Funds held in other investments | Equity method investments | ||
Schedule of Investments, Fair Value Calculated Using Net Asset Value | ||
Non-redeemable | 322 | 187 |
Redeemable | 287 | 402 |
Total fair value | 609 | 589 |
Unfunded commitments | SFr 226 | SFr 14 |
FI - Quantitative information a
FI - Quantitative information about level 3 assets at fair value (Details 14) SFr in Millions, Pure in Millions | Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) |
Assets | ||
Cash and Due from Banks | SFr 525 | SFr 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Securities received as collateral | 50,773 | 40,219 |
Trading assets | 157,338 | 153,797 |
Available-for-sale Securities, Debt Securities | 607 | 1,006 |
Other investments | 3,794 | 3,550 |
Loans | 11,408 | 12,662 |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 8,373 | 10,402 |
Recurring basis | ||
Assets | ||
Cash and Due from Banks | 525 | 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Securities received as collateral | 50,773 | 40,219 |
Trading assets | 157,338 | 153,797 |
Available-for-sale Securities, Debt Securities | 607 | 1,006 |
Other investments | 3,794 | 3,550 |
Loans | 11,408 | 12,662 |
Loans - of which commercial and industrial | 3,534 | 3,774 |
Loans - of which financial institutions | 4,588 | 4,931 |
Loans - of which government and public institutions | 3,031 | |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 8,373 | 10,402 |
Other assets - of which loans held-for-sale | 6,446 | 8,213 |
Total assets at fair value | 290,992 | 307,792 |
Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 2,759 | 2,081 |
Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 920 | 1,052 |
Recurring basis | Debt securities | ||
Assets | ||
Trading assets | 64,395 | 66,994 |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 27,957 | 26,963 |
Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 11,477 | 12,049 |
Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 21,439 | 23,516 |
Recurring basis | Equity securities | ||
Assets | ||
Trading assets | 63,237 | 64,542 |
Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 25,531 | 17,731 |
Recurring basis | Other | ||
Assets | ||
Trading assets | 4,175 | 4,530 |
Recurring basis | Level 3 | ||
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 | 101 | 1 |
Trading assets | 7,535 | 7,885 |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Other investments | 3,054 | 2,523 |
Loans | 3,669 | 3,717 |
Loans - of which commercial and industrial | 1,347 | 1,283 |
Loans - of which financial institutions | 1,082 | 1,201 |
Loans - of which government and public institutions | 831 | |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 1,825 | 1,846 |
Other assets - of which loans held-for-sale | 1,576 | 1,619 |
Total assets at fair value | 16,364 | 16,216 |
Recurring basis | Level 3 | Option model | ||
Assets | ||
Loans - of which commercial and industrial | 72 | |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Loans - of which commercial and industrial | 908 | 996 |
Loans - of which financial institutions | 674 | SFr 984 |
Loans - of which government and public institutions, measurement input | 468 | |
Other assets - of which loans held-for-sale | SFr 296 | SFr 501 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 237 | 96 |
Loans - of which financial institutions, measurement input | 192 | 111 |
Loans - of which government and public institutions, measurement input | 457 | |
Other assets - of which loans held-for-sale, measurement input | 246 | 117 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 1,480 | 1,484 |
Loans - of which financial institutions, measurement input | 1,698 | 1,261 |
Loans - of which government and public institutions, measurement input | 526 | |
Other assets - of which loans held-for-sale, measurement input | 506 | 381 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 554 | 654 |
Loans - of which financial institutions, measurement input | 612 | 412 |
Loans - of which government and public institutions, measurement input | 500 | |
Other assets - of which loans held-for-sale, measurement input | 343 | 243 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Minimum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 25 | 25 |
Loans - of which financial institutions, measurement input | 25 | 25 |
Loans - of which government and public institutions, measurement input | 25 | |
Other assets - of which loans held-for-sale, measurement input | 1 | 0 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Maximum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 25 | 25 |
Loans - of which financial institutions, measurement input | 40 | 25 |
Loans - of which government and public institutions, measurement input | 40 | |
Other assets - of which loans held-for-sale, measurement input | 40 | 1 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Weighted average | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 25 | 25 |
Loans - of which financial institutions, measurement input | 25 | 25 |
Loans - of which government and public institutions, measurement input | 30 | |
Other assets - of which loans held-for-sale, measurement input | 34 | 1 |
Recurring basis | Level 3 | Market comparable | ||
Assets | ||
Loans - of which commercial and industrial | SFr 338 | SFr 273 |
Loans - of which financial institutions | 190 | SFr 135 |
Loans - of which government and public institutions, measurement input | 166 | |
Other assets - of which loans held-for-sale | SFr 1,277 | SFr 1,026 |
Recurring basis | Level 3 | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 0 | 0 |
Loans - of which financial institutions, measurement input | 0 | 16 |
Loans - of which government and public institutions, measurement input | 62 | |
Other assets - of which loans held-for-sale, measurement input | 0 | 0 |
Recurring basis | Level 3 | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 100 | 99 |
Loans - of which financial institutions, measurement input | 100 | 100 |
Loans - of which government and public institutions, measurement input | 62 | |
Other assets - of which loans held-for-sale, measurement input | 111 | 180 |
Recurring basis | Level 3 | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 70 | 64 |
Loans - of which financial institutions, measurement input | 54 | 36 |
Loans - of which government and public institutions, measurement input | 62 | |
Other assets - of which loans held-for-sale, measurement input | 71 | 91 |
Recurring basis | Level 3 | Market comparable | Measurement Input, Pre-IPO instrinsic option [Member] | Minimum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 100 | |
Recurring basis | Level 3 | Market comparable | Measurement Input, Pre-IPO instrinsic option [Member] | Maximum | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 100 | |
Recurring basis | Level 3 | Market comparable | Measurement Input, Pre-IPO instrinsic option [Member] | Weighted average | ||
Assets | ||
Loans - of which commercial and industrial, measurement input | 100 | |
Recurring basis | Level 3 | Other equity investments | ||
Assets | ||
Other investments | SFr 2,132 | SFr 1,463 |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Other investments | 840 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Assets | ||
Other investments | 9 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Assets | ||
Other investments | 9 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Assets | ||
Other investments | 9 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Terminal Growth Rate [Member] | Minimum | ||
Assets | ||
Other investments | 3 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Terminal Growth Rate [Member] | Maximum | ||
Assets | ||
Other investments | 3 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Terminal Growth Rate [Member] | Weighted average | ||
Assets | ||
Other investments | 3 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other investments | 1 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other investments | 1,249 | |
Recurring basis | Level 3 | Other equity investments | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other investments | 713 | |
Recurring basis | Level 3 | Other equity investments | Vendor price | ||
Assets | ||
Other investments | 110 | 857 |
Recurring basis | Level 3 | Other equity investments | NAV/adjusted NAV | ||
Assets | ||
Other investments | 974 | |
Recurring basis | Level 3 | Other equity investments | NAV/adjusted NAV | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other investments | 310 | |
Recurring basis | Level 3 | Other equity investments | NAV/adjusted NAV | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other investments | 310 | |
Recurring basis | Level 3 | Other equity investments | NAV/adjusted NAV | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other investments | 310 | |
Recurring basis | Level 3 | Other equity investments | Market comparable | ||
Assets | ||
Other investments | 118 | |
Recurring basis | Level 3 | Other equity investments | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other investments | 100 | |
Recurring basis | Level 3 | Other equity investments | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other investments | 100 | |
Recurring basis | Level 3 | Other equity investments | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other investments | 100 | |
Recurring basis | Level 3 | Life finance instruments | ||
Assets | ||
Other investments | 920 | 1,052 |
Recurring basis | Level 3 | Life finance instruments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Minimum | ||
Assets | ||
Other investments | 2 | |
Recurring basis | Level 3 | Life finance instruments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Maximum | ||
Assets | ||
Other investments | 15 | |
Recurring basis | Level 3 | Life finance instruments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Weighted average | ||
Assets | ||
Other investments | 6 | |
Recurring basis | Level 3 | Debt securities | ||
Assets | ||
Trading assets | 2,253 | 1,923 |
Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 140 | 198 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 1,270 | 1,128 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Option model | ||
Assets | ||
Trading assets | 416 | SFr 913 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Trading assets | SFr 386 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | (9) | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 1,509 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 1,007 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Correlation [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | (50) | (60) |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Correlation [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 100 | 100 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Correlation [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 55 | 63 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Gap risk [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | 0 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Gap risk [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 2 | 2 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Gap risk [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 0 | 0 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Recovery rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 40 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Recovery rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 40 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Recovery rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 40 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | 0 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 158 | 275 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 23 | 27 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Vendor price | ||
Assets | ||
Trading assets | SFr 71 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Vendor price | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Vendor price | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 2,292 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Vendor price | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 1,654 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Vendor price | Measurement Input, Unadjusted NAV [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 1 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Vendor price | Measurement Input, Unadjusted NAV [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 1 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Vendor price | Measurement Input, Unadjusted NAV [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 1 | |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | ||
Assets | ||
Trading assets | SFr 321 | SFr 503 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | 0 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 227 | 129 |
Recurring basis | Level 3 | Debt securities | Corporate debt securities | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 95 | 97 |
Recurring basis | Level 3 | Debt securities | RMBS | ||
Assets | ||
Trading assets | SFr 557 | SFr 317 |
Recurring basis | Level 3 | Equity securities | ||
Assets | ||
Trading assets | 124 | 197 |
Recurring basis | Level 3 | Derivative instruments | ||
Assets | ||
Trading assets | 3,911 | 3,534 |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 733 | 554 |
Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 143 | 152 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | SFr 1,186 | SFr 1,040 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Buyback probability [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 50 | 50 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Buyback probability [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 100 | 100 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Buyback probability [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 66 | 70 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Correlation [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | (50) | (50) |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Correlation [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 100 | 100 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Correlation [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 58 | 64 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Gap risk [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | 0 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Gap risk [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 4 | 2 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Gap risk [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 0 | 0 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | (2) | 0 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 158 | 275 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 24 | 30 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | SFr 879 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Trading assets | SFr 691 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 2 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 1,033 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 150 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Correlation [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 97 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Correlation [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 97 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Correlation [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 97 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 1 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 20 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 4 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 8 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 27 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 16 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Funding spread [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 100 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Funding spread [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 115 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Funding spread [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 102 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 29 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 85 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 69 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 7 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 4 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 40 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 26 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | ||
Assets | ||
Trading assets | SFr 142 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 86 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 110 | |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 98 | |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | SFr 1,079 | SFr 909 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 2 | 2 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 14 | 15 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 6 | 6 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Mortality Rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 72 | 71 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Mortality Rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 137 | 134 |
Recurring basis | Level 3 | Derivative instruments | Other derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Mortality Rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 98 | 97 |
Recurring basis | Level 3 | Other | ||
Assets | ||
Trading assets | SFr 1,247 | SFr 2,231 |
Recurring basis | Level 3 | Other | Option model | ||
Assets | ||
Trading assets | SFr 233 | |
Recurring basis | Level 3 | Other | Option model | Measurement Input, Mortality Rate [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | |
Recurring basis | Level 3 | Other | Option model | Measurement Input, Mortality Rate [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 70 | |
Recurring basis | Level 3 | Other | Option model | Measurement Input, Mortality Rate [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 6 | |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Trading assets | SFr 766 | SFr 856 |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Assets | ||
Other investments | 9 | |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Assets | ||
Other investments | 9 | |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Assets | ||
Other investments | SFr 9 | |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 3 | 2 |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 14 | 15 |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 7 | 7 |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Terminal Growth Rate [Member] | Minimum | ||
Assets | ||
Other investments | SFr 3 | |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Terminal Growth Rate [Member] | Maximum | ||
Assets | ||
Other investments | 3 | |
Recurring basis | Level 3 | Other | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Terminal Growth Rate [Member] | Weighted average | ||
Assets | ||
Other investments | 3 | |
Recurring basis | Level 3 | Other | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other investments | 1 | |
Recurring basis | Level 3 | Other | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other investments | 869 | |
Recurring basis | Level 3 | Other | Valuation Technique, Option Pricing Model [Member] | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other investments | 231 | |
Recurring basis | Level 3 | Other | Market comparable | ||
Assets | ||
Trading assets | SFr 1,118 | |
Recurring basis | Level 3 | Other | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Trading assets, measurement input | 0 | |
Other investments | SFr 100 | |
Recurring basis | Level 3 | Other | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Trading assets, measurement input | 112 | |
Other investments | SFr 100 | |
Recurring basis | Level 3 | Other | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Trading assets, measurement input | 27 | |
Other investments | SFr 100 | |
Recurring basis | Level 3 | Other | Other equity investments | Valuation Technique, Discounted Cash Flow [Member] | ||
Assets | ||
Other investments | 398 | |
Recurring basis | Level 3 | Other | Other equity investments | Market comparable | ||
Assets | ||
Other investments | SFr 147 | |
Recurring basis | Level 3 | Other | Life finance instruments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Minimum | ||
Assets | ||
Loans - of which real estate, measurement input | 2 | |
Recurring basis | Level 3 | Other | Life finance instruments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Maximum | ||
Assets | ||
Loans - of which real estate, measurement input | 16 | |
Recurring basis | Level 3 | Other | Life finance instruments | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Market implied life expectancy [Member] | Weighted average | ||
Assets | ||
Loans - of which real estate, measurement input | 6 | |
Nonrecurring basis | ||
Assets | ||
Other investments | SFr 543 | SFr 1 |
Loans | 71 | |
Other intangible assets (mortgage servicing rights), at fair value | 10 | |
Other assets | 201 | 60 |
Total assets at fair value | 815 | 71 |
Nonrecurring basis | Equity securities | ||
Assets | ||
Other investments | 303 | |
Nonrecurring basis | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 136 | 29 |
Other assets - of which premises, equipment and right-of-use assets | 58 | 5 |
Nonrecurring basis | Level 3 | ||
Assets | ||
Other investments | 326 | 1 |
Loans | 4 | |
Other intangible assets (mortgage servicing rights), at fair value | 10 | |
Other assets | 97 | 60 |
Total assets at fair value | SFr 427 | 71 |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 1 | |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 3 | |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 3 | |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 52 | |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 52 | |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 52 | |
Nonrecurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Quoted Price [Member] | Minimum | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 52 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Credit Spread [Member] | Minimum | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 2 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Credit Spread [Member] | Maximum | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 2 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Credit Spread [Member] | Weighted average | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 2 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 83 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 100 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Assets | ||
Other assets - of which loans held-for-sale, measurement input | 95 | |
Nonrecurring basis | Level 3 | Market comparable | Measurement Input, Quoted Price [Member] | Minimum | ||
Assets | ||
Other assets - of which premises, equipment and right-of-use assets, measurement input | 2 | |
Nonrecurring basis | Level 3 | Equity securities | ||
Assets | ||
Other investments | SFr 303 | |
Nonrecurring basis | Level 3 | Equity securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Assets | ||
Other investments | 10 | |
Nonrecurring basis | Level 3 | Equity securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Assets | ||
Other investments | 14 | |
Nonrecurring basis | Level 3 | Equity securities | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Assets | ||
Other investments | 12 | |
Nonrecurring basis | Level 3 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 39 | 29 |
Other assets - of which premises, equipment and right-of-use assets | 54 | 5 |
Bank | ||
Assets | ||
Cash and Due from Banks | 525 | 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Securities received as collateral | 50,773 | 40,219 |
Trading assets | 157,511 | 153,895 |
Available-for-sale Securities, Debt Securities | 605 | 1,004 |
Other investments | 3,793 | 3,548 |
Loans | 11,408 | 12,661 |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 8,373 | 10,402 |
Bank | Recurring basis | ||
Assets | ||
Cash and Due from Banks | 525 | 356 |
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Securities received as collateral | 50,773 | 40,219 |
Trading assets | 157,511 | 153,895 |
Available-for-sale Securities, Debt Securities | 605 | 1,004 |
Other investments | 3,793 | 3,548 |
Loans | 11,408 | 12,661 |
Loans - of which commercial and industrial | 3,534 | 3,774 |
Loans - of which financial institutions | 4,588 | 4,931 |
Loans - of which government and public institutions | 3,030 | |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 8,373 | 10,402 |
Other assets - of which loans held-for-sale | 6,446 | 8,213 |
Total assets at fair value | 291,162 | 307,885 |
Bank | Recurring basis | Other equity investments | ||
Assets | ||
Other investments | 2,760 | 2,081 |
Bank | Recurring basis | Life finance instruments | ||
Assets | ||
Other investments | 920 | 1,052 |
Bank | Recurring basis | Debt securities | ||
Assets | ||
Trading assets | 64,532 | 67,030 |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 27,957 | 26,963 |
Bank | Recurring basis | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 11,614 | 12,085 |
Bank | Recurring basis | Debt securities | RMBS | ||
Assets | ||
Trading assets | 21,439 | 23,516 |
Bank | Recurring basis | Equity securities | ||
Assets | ||
Trading assets | 63,273 | 64,604 |
Bank | Recurring basis | Derivative instruments | ||
Assets | ||
Trading assets | 25,531 | 17,730 |
Bank | Recurring basis | Other | ||
Assets | ||
Trading assets | 4,175 | 4,531 |
Bank | Recurring basis | Level 3 | ||
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 | 101 | 1 |
Trading assets | 7,535 | 7,885 |
Available-for-sale Securities, Debt Securities | 0 | 0 |
Other investments | 3,054 | 2,523 |
Loans | 3,669 | 3,716 |
Loans - of which commercial and industrial | 1,347 | 1,283 |
Loans - of which financial institutions | 1,082 | 1,201 |
Loans - of which government and public institutions | 830 | |
Other intangible assets (mortgage servicing rights), at fair value | 180 | 244 |
Other assets | 1,825 | 1,846 |
Other assets - of which loans held-for-sale | 1,576 | 1,619 |
Total assets at fair value | 16,364 | 16,215 |
Bank | Recurring basis | Level 3 | Other equity investments | ||
Assets | ||
Other investments | 2,132 | 1,463 |
Bank | Recurring basis | Level 3 | Life finance instruments | ||
Assets | ||
Other investments | 920 | 1,052 |
Bank | Recurring basis | Level 3 | Debt securities | ||
Assets | ||
Trading assets | 2,253 | 1,923 |
Bank | Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Assets | ||
Trading assets | 140 | 198 |
Bank | Recurring basis | Level 3 | Debt securities | Corporate debt securities | ||
Assets | ||
Trading assets | 1,270 | 1,128 |
Bank | Recurring basis | Level 3 | Debt securities | RMBS | ||
Assets | ||
Trading assets | 557 | 317 |
Bank | Recurring basis | Level 3 | Equity securities | ||
Assets | ||
Trading assets | 124 | 197 |
Bank | Recurring basis | Level 3 | Derivative instruments | ||
Assets | ||
Trading assets | 3,911 | 3,534 |
Bank | Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Assets | ||
Trading assets | 733 | 554 |
Bank | Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Assets | ||
Trading assets | 143 | 152 |
Bank | Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Assets | ||
Trading assets | 1,186 | 1,040 |
Bank | Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Assets | ||
Trading assets | 879 | |
Bank | Recurring basis | Level 3 | Derivative instruments | Other derivatives | ||
Assets | ||
Trading assets | 1,079 | 909 |
Bank | Recurring basis | Level 3 | Other | ||
Assets | ||
Trading assets | 1,247 | 2,231 |
Bank | Nonrecurring basis | ||
Assets | ||
Other investments | 543 | 1 |
Loans | 71 | |
Other intangible assets (mortgage servicing rights), at fair value | 10 | |
Other assets | 201 | 60 |
Total assets at fair value | 815 | 71 |
Bank | Nonrecurring basis | Equity securities | ||
Assets | ||
Other investments | 303 | |
Bank | Nonrecurring basis | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 136 | 29 |
Other assets - of which premises, equipment and right-of-use assets | 58 | 5 |
Bank | Nonrecurring basis | Level 3 | ||
Assets | ||
Other investments | 326 | 1 |
Loans | 4 | |
Other intangible assets (mortgage servicing rights), at fair value | 10 | |
Other assets | 97 | 60 |
Total assets at fair value | 427 | 71 |
Bank | Nonrecurring basis | Level 3 | Equity securities | ||
Assets | ||
Other investments | 303 | |
Bank | Nonrecurring basis | Level 3 | Other assets | ||
Assets | ||
Other assets - of which loans held-for-sale | 39 | 29 |
Other assets - of which premises, equipment and right-of-use assets | SFr 54 | SFr 5 |
FI - Quantitative information_2
FI - Quantitative information about level 3 liabilities at fair value (Details 15) SFr in Millions, Pure in Millions | Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) |
Liabilities | ||
Due to banks | SFr 413 | SFr 322 |
Customer deposits | 4,343 | 3,339 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,594 | 10,715 |
Obligation to return securities received as collateral | 50,773 | 40,219 |
Trading liabilities | 45,871 | 38,186 |
Short-term borrowings | 10,740 | 11,333 |
Long-term debt | 70,976 | 70,331 |
Other liabilities | 7,780 | 7,891 |
Recurring basis | ||
Liabilities | ||
Due to banks | 413 | 322 |
Customer deposits | 4,343 | 3,339 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,594 | 10,715 |
Obligation to return securities received as collateral | 50,773 | 40,219 |
Trading liabilities | 45,871 | 38,186 |
Short-term borrowings | 10,740 | 11,333 |
Long-term debt | 70,976 | 70,331 |
Other liabilities | 7,780 | 7,891 |
Total liabilities at fair value | 204,490 | 182,336 |
Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 12,920 | 10,182 |
Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 33,856 | 39,084 |
Recurring basis | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 10,586 | |
Recurring basis | Debt securities | ||
Liabilities | ||
Trading liabilities | 8,922 | |
Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 3,889 | |
Recurring basis | Equity securities | ||
Liabilities | ||
Trading liabilities | 20,694 | 15,792 |
Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 17,745 | 13,472 |
Recurring basis | Level 3 | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 448 | 474 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 101 | 1 |
Trading liabilities | 4,246 | 3,854 |
Short-term borrowings | 701 | 997 |
Long-term debt | 7,268 | 12,610 |
Other liabilities | 1,271 | 1,385 |
Total liabilities at fair value | 14,035 | 19,321 |
Recurring basis | Level 3 | Option model | ||
Liabilities | ||
Short-term borrowings | SFr 508 | SFr 847 |
Recurring basis | Level 3 | Option model | Measurement Input, Buyback probability [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | 50 | 50 |
Recurring basis | Level 3 | Option model | Measurement Input, Buyback probability [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 100 | 100 |
Recurring basis | Level 3 | Option model | Measurement Input, Buyback probability [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 66 | 70 |
Recurring basis | Level 3 | Option model | Measurement Input, Correlation [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | (50) | (50) |
Recurring basis | Level 3 | Option model | Measurement Input, Correlation [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 100 | 100 |
Recurring basis | Level 3 | Option model | Measurement Input, Correlation [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 56 | 62 |
Recurring basis | Level 3 | Option model | Measurement Input, Fund gap risk [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | 0 | 0 |
Recurring basis | Level 3 | Option model | Measurement Input, Fund gap risk [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 2 | 2 |
Recurring basis | Level 3 | Option model | Measurement Input, Fund gap risk [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 0 | 0 |
Recurring basis | Level 3 | Option model | Measurement Input, Volatility [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | 3 | 1 |
Recurring basis | Level 3 | Option model | Measurement Input, Volatility [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 158 | 275 |
Recurring basis | Level 3 | Option model | Measurement Input, Volatility [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 30 | 39 |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | ||
Liabilities | ||
Short-term borrowings | SFr 58 | |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | (4) | |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 992 | |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 722 | |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Minimum | ||
Liabilities | ||
Short-term borrowings, measurement input | 35 | |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Maximum | ||
Liabilities | ||
Short-term borrowings, measurement input | 40 | |
Recurring basis | Level 3 | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Weighted average | ||
Liabilities | ||
Short-term borrowings, measurement input | 39 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | SFr 1,133 | SFr 891 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | ||
Liabilities | ||
Long-term debt | SFr 1,051 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Buyback probability [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 50 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Buyback probability [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 100 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Buyback probability [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 66 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Correlation [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | (50) | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Correlation [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 100 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Correlation [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 55 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Fund gap risk [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 0 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Fund gap risk [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 2 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Fund gap risk [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 0 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Gap risk [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 0 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Gap risk [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 4 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Gap risk [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 1 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Volatility [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 0 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Volatility [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 158 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Option model | Measurement Input, Volatility [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 24 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Valuation Technique, Discounted Cash Flow [Member] | ||
Liabilities | ||
Long-term debt | SFr 48 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 35 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 189 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 52 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 25 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 25 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 25 | |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | SFr 5,526 | 11,458 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | ||
Liabilities | ||
Long-term debt | SFr 3,961 | SFr 9,972 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Buyback probability [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 50 | 50 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Buyback probability [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 100 | 100 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Buyback probability [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 66 | 70 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Correlation [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | (50) | (60) |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Correlation [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 100 | 100 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Correlation [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 55 | 63 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Gap risk [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 0 | 0 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Gap risk [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 2 | 2 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Gap risk [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 0 | 0 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Mean reversion [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | (10) | (55) |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Mean reversion [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 0 | 0 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Mean reversion [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | (5) | (7) |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Volatility [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 0 | 0 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Volatility [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 158 | 275 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Option model | Measurement Input, Volatility [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 21 | 26 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | ||
Liabilities | ||
Long-term debt | SFr 1,380 | SFr 1,141 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | (14) | (12) |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 481 | 1,260 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 58 | 40 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 23 | 25 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 40 | 40 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 38 | 29 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Market comparable | ||
Liabilities | ||
Long-term debt | SFr 9 | SFr 22 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Liabilities | ||
Long-term debt, measurement input | 27 | 43 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Liabilities | ||
Long-term debt, measurement input | 46 | 46 |
Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Liabilities | ||
Long-term debt, measurement input | 27 | 43 |
Recurring basis | Level 3 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | SFr 0 | |
Recurring basis | Level 3 | Debt securities | ||
Liabilities | ||
Trading liabilities | SFr 0 | |
Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 0 | |
Recurring basis | Level 3 | Equity securities | ||
Liabilities | ||
Trading liabilities | 55 | 53 |
Recurring basis | Level 3 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 4,191 | 3,801 |
Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 169 | 167 |
Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 72 | 98 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 1,335 | 1,211 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | ||
Liabilities | ||
Trading liabilities | SFr 12 | SFr 23 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 13 | 17 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 865 | 1,225 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 250 | 270 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | Measurement Input, Correlation [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 49 | 49 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | Measurement Input, Correlation [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 50 | 50 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Option model | Measurement Input, Correlation [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 50 | 49 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | ||
Liabilities | ||
Trading liabilities | SFr 738 | SFr 745 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 0 | 2 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 1,468 | 1,041 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Credit Spread [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 391 | 142 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Correlation [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 37 | 38 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Correlation [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 45 | 45 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Correlation [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 44 | 44 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 0 | 1 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 7 | 20 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Default Rate [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 3 | 4 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 6 | 8 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 19 | 27 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 14 | 15 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Funding spread [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 55 | 100 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Funding spread [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 183 | 154 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Funding spread [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 120 | 122 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 0 | 29 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 100 | 85 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 68 | 69 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 0 | 0 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 9 | 8 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Prepayment Rate [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 7 | 5 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 12 | 0 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 81 | 40 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Recovery rate [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 38 | 31 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | ||
Liabilities | ||
Trading liabilities | SFr 520 | SFr 412 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 84 | 89 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 116 | 110 |
Recurring basis | Level 3 | Derivative instruments | Credit derivatives | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 99 | 99 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | SFr 2,010 | SFr 1,921 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Buyback probability [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | 50 | 50 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Buyback probability [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 100 | 100 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Buyback probability [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 66 | 70 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Correlation [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | (50) | (60) |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Correlation [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 100 | 100 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Correlation [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 58 | 66 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Volatility [Member] | Minimum | ||
Liabilities | ||
Trading liabilities, measurement input | (2) | 0 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Volatility [Member] | Maximum | ||
Liabilities | ||
Trading liabilities, measurement input | 158 | 275 |
Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | Option model | Measurement Input, Volatility [Member] | Weighted average | ||
Liabilities | ||
Trading liabilities, measurement input | 27 | 26 |
Nonrecurring basis | ||
Liabilities | ||
Other liabilities | SFr 14 | SFr 22 |
Other liabilities of which commitments held-for-sale | 14 | 22 |
Total liabilities at fair value | 14 | 22 |
Nonrecurring basis | Level 3 | ||
Liabilities | ||
Other liabilities | 14 | 22 |
Other liabilities of which commitments held-for-sale | 14 | 22 |
Total liabilities at fair value | SFr 14 | 22 |
Nonrecurring basis | Level 3 | Derivative instruments | Other liabilities - of which failed sales | Market comparable | Measurement Input, Price Volatility [Member] | Minimum | ||
Liabilities | ||
Other Liabilities, commitments held-for-sale, measurement input | 83 | |
Nonrecurring basis | Level 3 | Derivative instruments | Other liabilities - of which failed sales | Market comparable | Measurement Input, Price Volatility [Member] | Maximum | ||
Liabilities | ||
Other Liabilities, commitments held-for-sale, measurement input | 98 | |
Nonrecurring basis | Level 3 | Derivative instruments | Other liabilities - of which failed sales | Market comparable | Measurement Input, Price Volatility [Member] | Weighted average | ||
Liabilities | ||
Other Liabilities, commitments held-for-sale, measurement input | 89 | |
Bank | ||
Liabilities | ||
Due to banks | SFr 413 | 322 |
Customer deposits | 4,343 | 3,339 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,688 | 10,823 |
Obligation to return securities received as collateral | 50,773 | 40,219 |
Trading liabilities | 45,871 | 38,186 |
Short-term borrowings | 10,740 | 11,333 |
Long-term debt | 70,243 | 69,406 |
Other liabilities | 7,756 | 7,869 |
Bank | Recurring basis | ||
Liabilities | ||
Due to banks | 413 | 322 |
Customer deposits | 4,343 | 3,339 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,688 | 10,823 |
Obligation to return securities received as collateral | 50,773 | 40,219 |
Trading liabilities | 45,871 | 38,186 |
Short-term borrowings | 10,740 | 11,333 |
Long-term debt | 70,243 | 69,406 |
Other liabilities | 7,756 | 7,869 |
Total liabilities at fair value | 203,827 | 181,497 |
Bank | Recurring basis | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 12,920 | 10,182 |
Bank | Recurring basis | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 33,856 | 39,084 |
Bank | Recurring basis | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 10,627 | |
Bank | Recurring basis | Debt securities | ||
Liabilities | ||
Trading liabilities | 8,922 | |
Bank | Recurring basis | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 3,889 | |
Bank | Recurring basis | Equity securities | ||
Liabilities | ||
Trading liabilities | 20,694 | 15,792 |
Bank | Recurring basis | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 17,745 | 13,472 |
Bank | Recurring basis | Level 3 | ||
Liabilities | ||
Due to banks | 0 | 0 |
Customer deposits | 448 | 474 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 |
Obligation to return securities received as collateral | 101 | 1 |
Trading liabilities | 4,246 | 3,854 |
Short-term borrowings | 701 | 997 |
Long-term debt | 7,286 | 12,749 |
Other liabilities | 1,250 | 1,367 |
Total liabilities at fair value | 14,032 | 19,442 |
Bank | Recurring basis | Level 3 | Long-term debt - of which structured notes over one year and up to two years | ||
Liabilities | ||
Long-term debt | 1,133 | 891 |
Bank | Recurring basis | Level 3 | Long-term debt - of which structured notes over two years | ||
Liabilities | ||
Long-term debt | 5,526 | 11,458 |
Bank | Recurring basis | Level 3 | Long-term debt - of which high-trigger instruments | ||
Liabilities | ||
Long-term debt | 0 | |
Bank | Recurring basis | Level 3 | Debt securities | ||
Liabilities | ||
Trading liabilities | 0 | |
Bank | Recurring basis | Level 3 | Debt securities | Debt securities issued by foreign governments | ||
Liabilities | ||
Trading liabilities | 0 | |
Bank | Recurring basis | Level 3 | Equity securities | ||
Liabilities | ||
Trading liabilities | 55 | 53 |
Bank | Recurring basis | Level 3 | Derivative instruments | ||
Liabilities | ||
Trading liabilities | 4,191 | 3,801 |
Bank | Recurring basis | Level 3 | Derivative instruments | Interest rate derivatives | ||
Liabilities | ||
Trading liabilities | 169 | 167 |
Bank | Recurring basis | Level 3 | Derivative instruments | Foreign exchange derivatives | ||
Liabilities | ||
Trading liabilities | 72 | 98 |
Bank | Recurring basis | Level 3 | Derivative instruments | Credit derivatives | ||
Liabilities | ||
Trading liabilities | 1,335 | 1,211 |
Bank | Recurring basis | Level 3 | Derivative instruments | Equity/Index-related products | ||
Liabilities | ||
Trading liabilities | 2,010 | 1,921 |
Bank | Nonrecurring basis | ||
Liabilities | ||
Other liabilities | 14 | 22 |
Other liabilities of which commitments held-for-sale | 14 | 22 |
Total liabilities at fair value | 14 | 22 |
Bank | Nonrecurring basis | Level 3 | ||
Liabilities | ||
Other liabilities | 14 | 22 |
Other liabilities of which commitments held-for-sale | 14 | 22 |
Total liabilities at fair value | SFr 14 | SFr 22 |
FI - Carrying value and fair va
FI - Carrying value and fair value not held at fair value (Details 16) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | SFr 57,994 | SFr 85,556 |
Available-for-sale Securities, Debt Securities | 607 | 1,006 |
Loans | 11,408 | 12,662 |
Other assets | 8,373 | 10,402 |
Financial liabilities | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,594 | 10,715 |
Short-term borrowings | 10,740 | 11,333 |
Long-term debt | 70,976 | 70,331 |
Other liabilities | 7,780 | 7,891 |
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 | 21,139 | 21,441 |
Loans | 277,137 | 280,568 |
Other assets | 155,266 | 114,543 |
Financial liabilities | ||
Due to banks and deposits | 402,589 | 396,867 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 10,256 | 16,818 |
Short-term borrowings | 10,128 | 17,052 |
Long-term debt | 90,111 | 81,674 |
Other liabilities | 16,012 | 15,867 |
Estimate of fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 21,139 | 21,441 |
Loans | 287,194 | 289,899 |
Other assets | 155,290 | 114,545 |
Financial liabilities | ||
Due to banks and deposits | 402,624 | 396,872 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 10,256 | 16,818 |
Short-term borrowings | 10,128 | 17,052 |
Long-term debt | 93,214 | 84,141 |
Other liabilities | 15,979 | 15,873 |
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 | 138,672 | 101,600 |
Financial liabilities | ||
Due to banks and deposits | 234,700 | 189,419 |
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 | 21,139 | 21,441 |
Loans | 272,660 | 278,337 |
Other assets | 16,315 | 12,225 |
Financial liabilities | ||
Due to banks and deposits | 167,924 | 207,453 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 10,256 | 16,818 |
Short-term borrowings | 10,128 | 17,052 |
Long-term debt | 90,897 | 83,018 |
Other liabilities | 15,567 | 15,705 |
Estimate of fair value | Level 3 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 14,534 | 11,562 |
Other assets | 303 | 720 |
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 | 2,317 | 1,123 |
Other liabilities | 412 | 168 |
Bank | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 57,994 | 85,556 |
Available-for-sale Securities, Debt Securities | 605 | 1,004 |
Loans | 11,408 | 12,661 |
Other assets | 8,373 | 10,402 |
Financial liabilities | ||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 13,688 | 10,823 |
Short-term borrowings | 10,740 | 11,333 |
Long-term debt | 70,243 | 69,406 |
Other liabilities | 7,756 | 7,869 |
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 | 21,139 | 21,441 |
Loans | 285,570 | 287,815 |
Other assets | 154,441 | 114,267 |
Financial liabilities | ||
Due to banks and deposits | 403,704 | 398,032 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 10,256 | 16,818 |
Short-term borrowings | 10,568 | 17,536 |
Long-term debt | 90,035 | 81,593 |
Other liabilities | 16,131 | 16,508 |
Bank | Estimate of fair value | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 21,139 | 21,441 |
Loans | 295,631 | 297,137 |
Other assets | 154,464 | 114,253 |
Financial liabilities | ||
Due to banks and deposits | 403,739 | 398,037 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 10,256 | 16,818 |
Short-term borrowings | 10,569 | 17,536 |
Long-term debt | 93,033 | 84,204 |
Other liabilities | 16,097 | 16,511 |
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 | 137,763 | 100,765 |
Financial liabilities | ||
Due to banks and deposits | 235,477 | 190,251 |
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 | 21,139 | 21,441 |
Loans | 281,097 | 285,575 |
Other assets | 16,399 | 12,769 |
Financial liabilities | ||
Due to banks and deposits | 168,262 | 207,786 |
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 10,256 | 16,818 |
Short-term borrowings | 10,569 | 17,536 |
Long-term debt | 90,716 | 83,081 |
Other liabilities | 15,694 | 16,343 |
Bank | Estimate of fair value | Level 3 | ||
Financial assets | ||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 |
Loans | 14,534 | 11,562 |
Other assets | 302 | 719 |
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 | 2,317 | 1,123 |
Other liabilities | SFr 403 | SFr 168 |
FI - Own credit gains_(losses)
FI - Own credit gains/(losses) on fair value option elected instruments (Details 17) - CHF (SFr) SFr in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financial instruments | ||
Gains/(losses) recorded into AOCI | SFr 48 | SFr (2,243) |
Gains/(losses) recorded into AOCI, Cumulatively | (2,654) | |
Gains/(losses) recorded into AOCI transferred to net income | 156 | 192 |
Due to banks and customer deposits | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (9) | (51) |
Gains/(losses) recorded into AOCI, Cumulatively | (75) | |
Gains/(losses) recorded into AOCI transferred to net income | 0 | 0 |
Short-term borrowings | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (13) | (2) |
Gains/(losses) recorded into AOCI, Cumulatively | (66) | |
Gains/(losses) recorded into AOCI transferred to net income | 1 | 2 |
Long-term debt | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 70 | (2,190) |
Gains/(losses) recorded into AOCI, Cumulatively | (2,513) | |
Gains/(losses) recorded into AOCI transferred to net income | 155 | 190 |
Long-term debt - of which structured notes over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (177) | (769) |
Gains/(losses) recorded into AOCI, Cumulatively | (1,591) | |
Gains/(losses) recorded into AOCI transferred to net income | 155 | 179 |
Long-term debt - of which treasury debt over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 234 | (1,198) |
Gains/(losses) recorded into AOCI, Cumulatively | (796) | |
Gains/(losses) recorded into AOCI transferred to net income | 0 | 0 |
Bank | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 2 | (2,178) |
Gains/(losses) recorded into AOCI, Cumulatively | (2,598) | |
Gains/(losses) recorded into AOCI transferred to net income | 156 | 192 |
Bank | Due to banks and customer deposits | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (9) | (51) |
Gains/(losses) recorded into AOCI, Cumulatively | (75) | |
Gains/(losses) recorded into AOCI transferred to net income | 0 | 0 |
Bank | Short-term borrowings | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (13) | (2) |
Gains/(losses) recorded into AOCI, Cumulatively | (66) | |
Gains/(losses) recorded into AOCI transferred to net income | 1 | 2 |
Bank | Long-term debt | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 24 | (2,125) |
Gains/(losses) recorded into AOCI, Cumulatively | (2,457) | |
Gains/(losses) recorded into AOCI transferred to net income | 155 | 190 |
Bank | Long-term debt - of which structured notes over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | (177) | (769) |
Gains/(losses) recorded into AOCI, Cumulatively | (1,602) | |
Gains/(losses) recorded into AOCI transferred to net income | 155 | 179 |
Bank | Long-term debt - of which treasury debt over two years | ||
Financial instruments | ||
Gains/(losses) recorded into AOCI | 188 | (1,133) |
Gains/(losses) recorded into AOCI, Cumulatively | (729) | |
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, 2020 | Dec. 31, 2019 | |
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | SFr 144,355 | SFr 121,800 |
of which encumbered | 71,471 | 59,013 |
Fair value of collateral received with the right to sell or repledge | 413,154 | 412,765 |
of which sold or repledged | 184,837 | 185,935 |
Other information | ||
Cash and securities restricted under foreign banking regulations | 5,065 | 5,310 |
Swiss National Bank required minimum liquidity reserves | 2,092 | 2,059 |
Bank | ||
Assets pledged and collateral | ||
Total assets pledged or assigned as collateral | 144,355 | 121,800 |
of which encumbered | 71,471 | 59,013 |
Fair value of collateral received with the right to sell or repledge | 413,154 | 412,765 |
of which sold or repledged | 184,837 | 185,935 |
Other information | ||
Cash and securities restricted under foreign banking regulations | 4,441 | 4,703 |
Swiss National Bank required minimum liquidity reserves | SFr 2,092 | SFr 2,059 |
Capital adequacy (Details)
Capital adequacy (Details) SFr in Millions | 12 Months Ended | |
Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) | |
Swiss capital | ||
Swiss CET1 capital | SFr 35,351 | SFr 36,740 |
Going concern capital | 51,192 | 49,757 |
Gone concern capital | 41,852 | 41,138 |
Total loss-absorbing capacity (TLAC) | 93,044 | 90,895 |
Swiss risk-weighted assets and leverage exposure | ||
Swiss risk-weighted assets | 275,576 | 291,282 |
Leverage exposure | SFr 799,853 | SFr 909,994 |
Swiss capital ratios | ||
Swiss CET1 ratio | 0.128 | 0.126 |
Going concern capital ratio | 18.60% | 17.10% |
Gone concern capital ratio | 15.20% | 14.10% |
TLAC ratio | 0.338 | 0.312 |
Swiss leverage ratios | ||
Swiss CET1 leverage ratio | 4.40% | 4.00% |
Going concern leverage ratio | 6.40% | 5.50% |
Gone concern leverage ratio | 5.20% | 4.50% |
TLAC leverage ratio | 11.60% | 10.00% |
Capital ratio requirements % | ||
Swiss CET1 ratio requirement | 10.00% | 9.68% |
Going concern capital ratio requirement | 14.30% | 13.58% |
Gone concern capital ratio requirement | 14.30% | 11.60% |
TLAC ratio requirement | 0.286 | 0.2518 |
Leverage ratio requirements % | ||
Swiss CET1 leverage ratio requirement | 3.50% | 3.20% |
Going concern leverage ratio requirement | 5.00% | 4.50% |
Gone concern leverage ratio requirement | 5.00% | 4.00% |
TLAC leverage ratio requirement | 10.00% | 8.50% |
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. | |
Gone concern capital, phase-in | SFr 42,198 | SFr 38,576 |
Instruments being phase-in | SFr 346 | 372 |
Gone concern ratio including central bank funds | 4.60% | |
Leverage exposure, including central bank funds | SFr 910,530 | |
Central bank funds | 110,677 | |
Bank | ||
Swiss capital | ||
Swiss CET1 capital | 40,691 | 41,899 |
Going concern capital | 55,648 | 53,990 |
Gone concern capital | 41,857 | 41,136 |
Total loss-absorbing capacity (TLAC) | 97,505 | 95,126 |
Swiss risk-weighted assets and leverage exposure | ||
Swiss risk-weighted assets | 276,157 | 291,651 |
Leverage exposure | SFr 792,862 | SFr 915,814 |
Swiss capital ratios | ||
Swiss CET1 ratio | 0.147 | 0.144 |
Going concern capital ratio | 20.20% | 18.50% |
Gone concern capital ratio | 15.20% | 14.10% |
TLAC ratio | 0.353 | 0.326 |
Swiss leverage ratios | ||
Swiss CET1 leverage ratio | 5.10% | 4.60% |
Going concern leverage ratio | 7.00% | 5.90% |
Gone concern leverage ratio | 5.30% | 4.50% |
TLAC leverage ratio | 12.30% | 10.40% |
Capital ratio requirements % | ||
Swiss CET1 ratio requirement | 10.00% | 9.68% |
Going concern capital ratio requirement | 14.30% | 13.58% |
Gone concern capital ratio requirement | 14.30% | 11.60% |
TLAC ratio requirement | 0.286 | 0.2518 |
Leverage ratio requirements % | ||
Swiss CET1 leverage ratio requirement | 3.50% | 3.20% |
Going concern leverage ratio requirement | 5.00% | 4.50% |
Gone concern leverage ratio requirement | 5.00% | 4.00% |
TLAC leverage ratio requirement | 10.00% | 8.50% |
Gone concern capital, phase-in | SFr 42,203 | SFr 38,574 |
Instruments being phase-in | SFr 346 | SFr 372 |
Gone concern ratio including central bank funds | 4.60% | |
Leverage exposure, including central bank funds | SFr 917,080 | |
Central bank funds | SFr 124,218 |
Assets under management (Detail
Assets under management (Details) - CHF (SFr) SFr in Billions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets under management [Line Items] | |||
Assets in collective investment instruments managed by Credit Suisse | SFr 215.6 | SFr 212.2 | |
Assets with discretionary mandates | 267.4 | 277.5 | |
Other assets under management | 1,028.9 | 1,017.5 | |
Assets under management (including double counting) | 1,511.9 | 1,507.2 | SFr 1,344.9 |
of which double counting | 49.1 | 51 | |
Bank | |||
Assets under management [Line Items] | |||
Assets in collective investment instruments managed by Credit Suisse | 210.7 | 205.7 | |
Assets with discretionary mandates | 267.3 | 277.5 | |
Other assets under management | 1,029 | 1,017.5 | |
Assets under management (including double counting) | 1,507 | 1,500.7 | SFr 1,336.8 |
of which double counting | SFr 48.8 | SFr 50.2 |
Assets under management - Chang
Assets under management - Change (Details 2) - CHF (SFr) SFr in Billions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in Assets under management | ||
Assets under management at beginning of period | SFr 1,507.2 | SFr 1,344.9 |
Net new assets/(net asset outflows) | 42 | 79.3 |
Market movements, interest, dividends and foreign exchange | (14.7) | 106.8 |
of which market movements, interest and dividends | 53.4 | 126.6 |
of which foreign exchange | (68.1) | (19.8) |
Other effects | (22.6) | (23.8) |
Assets under management at end of period | 1,511.9 | 1,507.2 |
Bank | ||
Changes in Assets under management | ||
Assets under management at beginning of period | 1,500.7 | 1,336.8 |
Net new assets/(net asset outflows) | 43.4 | 80.3 |
Market movements, interest, dividends and foreign exchange | (14.5) | 107.4 |
of which market movements, interest and dividends | 53.2 | 127.1 |
of which foreign exchange | (67.7) | (19.7) |
Other effects | (22.6) | (23.8) |
Assets under management at end of period | SFr 1,507 | SFr 1,500.7 |
Litigation (Details)
Litigation (Details) SFr in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020CHF (SFr) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Pending Litigation | ||||
Litigation provisions | ||||
Balance at beginning of period | SFr | SFr 898 | |||
Increases in litigation accruals | SFr | 1,358 | |||
Decreases in litigation accruals | SFr | (131) | |||
Decreases for settlement and other cash payments | SFr | (391) | |||
Foreign exchange translation | SFr | (74) | |||
Balance at end of period | SFr | 1,660 | |||
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 900 | |||
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 foreign exchange matters | US District Court for the Southern District of New York (SDNY) | ||||
Litigation disclosures | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 10 | |||
Litigation Hiring pracices investigation | US Securities and Exchange Commission (SEC) | ||||
Litigation disclosures | ||||
Litigation Settlement, Amount Awarded to Other Party | 29.8 | |||
Write-downs litigation on ADR | US District Court for the Southern District of New York (SDNY) | ||||
Litigation disclosures | ||||
Litigation Settlement, Amount Awarded to Other Party | 15.5 | |||
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% | ||
Value of RMBS issued by third party underwritten by CSS LLC | $ 28 | |||
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% | ||
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, San Francisco, Chicago, Indianapolis and Boston - Boston action | Massachusetts state court | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 333 | |||
Credit Suisse Securities (USA) LLC | Mortgage-related matters - Individual investor actions | Federal Home Loan Bank of Seattle | Washington State Court | ||||
Litigation disclosures | ||||
Value of RMBS issued by third party underwritten by CSS LLC | 145 | |||
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 | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 600 | 604 | ||
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 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 | ||
Credit Suisse Securities (USA) LLC | Bank loan litigation | Highland Capital Management LP | Texas State Court | ||||
Litigation disclosures | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 287 | |||
Credit Suisse Securities (USA) LLC | Bank loan litigation | Highland Capital Management LP | Litigation, Court, Texas supreme court [Member] | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | 212 | |||
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 | 374 | $ 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 | |||
DLJ Mortgage Capital, Inc. | Mortgage-related matters - Repurchase litigations | Home Equity Mortgage Trust Series 2006-5, 2006-6 and 2006-7 | Supreme Court for the State of New York, New York County (SCNY) | Minimum | ||||
Litigation disclosures | ||||
Estimated damages | $ 936 | |||
Credit Suisse AG | ATA litigation | US District Court for the Eastern District of New York (EDNY) | ||||
Litigation disclosures | ||||
Number of Plaintiffs | 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 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) ₽ 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 | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2020CHF (SFr) | Dec. 31, 2019 | Dec. 31, 2020JPY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020PLN (zł) | Dec. 31, 2020GBP (£) | Dec. 31, 2020BRL (R$) | Dec. 31, 2020MXN ($) | Dec. 31, 2020AUD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020HKD ($) | Dec. 31, 2020SGD ($) | Dec. 31, 2020INR (₨) | Dec. 31, 2020TRY (₺) | Dec. 31, 2020SAR (ر.س) | Dec. 31, 2020CAD ($) | Dec. 31, 2020ZAR (R) | Dec. 31, 2020MYR (RM) | Dec. 31, 2020THB (฿) | Dec. 31, 2020RUB (₽) | Dec. 31, 2020IDR (Rp) | |
BANK-now AG | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | SFr | SFr 30 | ||||||||||||||||||||
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 | $ 83 | ||||||||||||||||||||
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 | ||||||||||||||||||||
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 | $ 8,192.9 | ||||||||||||||||||||
Credit Suisse Istanbul Menkul Degerler A.S. | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | ₺ | ₺ 10 | ||||||||||||||||||||
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 | 1,115.9 | ||||||||||||||||||||
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 | 2,137.3 | ||||||||||||||||||||
Credit Suisse Entrepreneur Capital AG | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | SFr | SFr 15 | ||||||||||||||||||||
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 | 28.8 | ||||||||||||||||||||
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 | 0 | ||||||||||||||||||||
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 | 11,366.2 | ||||||||||||||||||||
Equity interest held by other subsidiary in % | 98.00% | ||||||||||||||||||||
Voting rights held by other subsidiary in % | 98.00% | ||||||||||||||||||||
Credit Suisse International (Bank) | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 98.00% | ||||||||||||||||||||
Nominal capital | 11,366.2 | ||||||||||||||||||||
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 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 | 0.5 | ||||||||||||||||||||
Credit Suisse Loan Funding LLC | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | 1.7 | ||||||||||||||||||||
Credit Suisse Management LLC | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | 891.4 | ||||||||||||||||||||
Credit Suisse Prime Securities Services (USA) LLC | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | 73.3 | ||||||||||||||||||||
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 | ||||||||||||||||||||
LLC 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, Sociedad de Valores, S.A | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | € | € 5.3 | ||||||||||||||||||||
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 | 2,200.7 | ||||||||||||||||||||
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 | 15.4 | ||||||||||||||||||||
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 | ||||||||||||||||||||
JSC Bank Credit Suisse (Moscow) | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | 37.8 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Solar Investco II Ltd. | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | 0 | ||||||||||||||||||||
SP Holding Enterprises Corp. | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | 0 | ||||||||||||||||||||
SR Lease Co VI Ltd. | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | 0 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Credit Suisse Founder Securities Limited | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 51.00% | 33.30% | |||||||||||||||||||
Nominal capital | SFr | SFr 1,089 | ||||||||||||||||||||
Asset Management Finance LLC | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | $ 167.4 | ||||||||||||||||||||
Credit Suisse Saudi Arabia | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% | ||||||||||||||||||||
Nominal capital | ر.س | ر.س 737.5 | ||||||||||||||||||||
Swisscard AECS GmBH | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 50.00% | ||||||||||||||||||||
Stockbrokers 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% | ||||||||||||||||||||
ALLFUNDS (UK) LIMITED [Member] | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 14.00% | ||||||||||||||||||||
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 Funding (Guernsey) Limited | |||||||||||||||||||||
Significant subsidiaries and equity method investments disclosures | |||||||||||||||||||||
Equity interest in % | 100.00% |
Subsidiary guarantee informat_3
Subsidiary guarantee information - Income statement related (Details) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed consolidating statements of operations | |||
Interest and dividend income | SFr 13,919 | SFr 20,184 | SFr 19,613 |
Interest expense | (7,971) | (13,167) | (12,604) |
Net interest income | 5,948 | 7,017 | 7,009 |
Commissions and fees | 11,853 | 11,158 | 11,890 |
Trading revenues | 3,295 | 1,739 | 624 |
Other revenues | 1,293 | 2,570 | 1,397 |
Net revenues | 22,389 | 22,484 | 20,920 |
Provision for credit losses | 1,096 | 324 | 245 |
Compensation and benefits | 9,890 | 10,036 | 9,620 |
General and administrative expenses | 6,523 | 6,128 | 5,798 |
Commission expenses | 1,256 | 1,276 | 1,259 |
Restructuring expenses | 157 | 626 | |
Total other operating expenses | 7,936 | 7,404 | 7,683 |
Total operating expenses | 17,826 | 17,440 | 17,303 |
Income/(loss) before taxes | 3,467 | 4,720 | 3,372 |
Income tax expense/(benefit) | 801 | 1,295 | 1,361 |
Net income/(loss) | 2,666 | 3,425 | 2,011 |
Net income/(loss) attributable to noncontrolling interests | (3) | 6 | (13) |
Net income/(loss) attributable to shareholders | 2,669 | 3,419 | 2,024 |
Eliminations and consolidation adjustments | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | (1,592) | (1,303) | (942) |
Interest expense | 1,596 | 1,307 | 877 |
Net interest income | 4 | 4 | (65) |
Commissions and fees | (15) | 64 | 122 |
Trading revenues | 105 | 34 | 80 |
Other revenues | (2,945) | (3,788) | (2,120) |
Net revenues | (2,851) | (3,686) | (1,983) |
Provision for credit losses | 4 | 0 | 0 |
Compensation and benefits | 946 | 830 | 698 |
General and administrative expenses | (1,426) | (1,423) | (1,270) |
Commission expenses | (2) | (1) | 0 |
Restructuring expenses | 35 | 98 | |
Total other operating expenses | (1,393) | (1,424) | (1,172) |
Total operating expenses | (447) | (594) | (474) |
Income/(loss) before taxes | (2,408) | (3,092) | (1,509) |
Income tax expense/(benefit) | 109 | (3) | 226 |
Net income/(loss) | (2,517) | (3,089) | (1,735) |
Net income/(loss) attributable to noncontrolling interests | (6) | (8) | (6) |
Net income/(loss) attributable to shareholders | (2,511) | (3,081) | (1,729) |
Group parent company | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 1,633 | 1,307 | 932 |
Interest expense | (1,649) | (1,343) | (983) |
Net interest income | (16) | (36) | (51) |
Commissions and fees | 18 | 23 | 26 |
Trading revenues | 12 | (68) | 88 |
Other revenues | 2,723 | 3,565 | 2,020 |
Net revenues | 2,737 | 3,484 | 2,083 |
Provision for credit losses | 0 | 0 | 0 |
Compensation and benefits | 84 | 101 | 58 |
General and administrative expenses | (13) | (37) | 0 |
Commission expenses | 2 | 1 | 0 |
Restructuring expenses | 0 | 0 | |
Total other operating expenses | (11) | (36) | 0 |
Total operating expenses | 73 | 65 | 58 |
Income/(loss) before taxes | 2,664 | 3,419 | 2,025 |
Income tax expense/(benefit) | (5) | 0 | 1 |
Net income/(loss) | 2,669 | 3,419 | 2,024 |
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Net income/(loss) attributable to shareholders | 2,669 | 3,419 | 2,024 |
Bank | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 13,878 | 20,180 | 19,623 |
Interest expense | (7,918) | (13,131) | (12,498) |
Net interest income | 5,960 | 7,049 | 7,125 |
Commissions and fees | 11,850 | 11,071 | 11,742 |
Trading revenues | 3,178 | 1,773 | 456 |
Other revenues | 1,515 | 2,793 | 1,497 |
Net revenues | 22,503 | 22,686 | 20,820 |
Provision for credit losses | 1,092 | 324 | 245 |
Compensation and benefits | 8,860 | 9,105 | 8,864 |
General and administrative expenses | 7,962 | 7,588 | 7,068 |
Commission expenses | 1,256 | 1,276 | 1,259 |
Restructuring expenses | 122 | 528 | |
Total other operating expenses | 9,340 | 8,864 | 8,855 |
Total operating expenses | 18,200 | 17,969 | 17,719 |
Income/(loss) before taxes | 3,211 | 4,393 | 2,856 |
Income tax expense/(benefit) | 697 | 1,298 | 1,134 |
Net income/(loss) | 2,514 | 3,095 | 1,722 |
Net income/(loss) attributable to noncontrolling interests | 3 | 14 | (7) |
Net income/(loss) attributable to shareholders | 2,511 | 3,081 | 1,729 |
Bank | Credit Suisse (USA), Inc - Consolidated | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 2,363 | 4,040 | 4,086 |
Interest expense | (2,549) | (4,191) | (4,210) |
Net interest income | (186) | (151) | (124) |
Commissions and fees | 3,952 | 3,217 | 3,725 |
Trading revenues | 436 | 543 | 474 |
Other revenues | 2,006 | 2,058 | 2,006 |
Net revenues | 6,208 | 5,667 | 6,081 |
Provision for credit losses | 14 | 14 | (1) |
Compensation and benefits | 2,627 | 2,772 | 2,653 |
General and administrative expenses | 2,540 | 2,193 | 1,944 |
Commission expenses | 225 | 213 | 229 |
Restructuring expenses | 27 | 237 | |
Total other operating expenses | 2,792 | 2,406 | 2,410 |
Total operating expenses | 5,419 | 5,178 | 5,063 |
Income/(loss) before taxes | 775 | 475 | 1,019 |
Income tax expense/(benefit) | 139 | 167 | 261 |
Net income/(loss) | 636 | 308 | 758 |
Net income/(loss) attributable to noncontrolling interests | (2) | 5 | 6 |
Net income/(loss) attributable to shareholders | 638 | 303 | 752 |
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | |||
Condensed consolidating statements of operations | |||
Interest and dividend income | 11,515 | 16,140 | 15,537 |
Interest expense | (5,369) | (8,940) | (8,288) |
Net interest income | 6,146 | 7,200 | 7,249 |
Commissions and fees | 7,898 | 7,854 | 8,017 |
Trading revenues | 2,742 | 1,230 | (18) |
Other revenues | (491) | 735 | (509) |
Net revenues | 16,295 | 17,019 | 14,739 |
Provision for credit losses | 1,078 | 310 | 246 |
Compensation and benefits | 6,233 | 6,333 | 6,211 |
General and administrative expenses | 5,422 | 5,395 | 5,124 |
Commission expenses | 1,031 | 1,063 | 1,030 |
Restructuring expenses | 95 | 291 | |
Total other operating expenses | 6,548 | 6,458 | 6,445 |
Total operating expenses | 12,781 | 12,791 | 12,656 |
Income/(loss) before taxes | 2,436 | 3,918 | 1,837 |
Income tax expense/(benefit) | 558 | 1,131 | 873 |
Net income/(loss) | 1,878 | 2,787 | 964 |
Net income/(loss) attributable to noncontrolling interests | 5 | 9 | (13) |
Net income/(loss) attributable to shareholders | SFr 1,873 | SFr 2,778 | SFr 977 |
Subsidiary guarantee informat_4
Subsidiary guarantee information - Comprehensive income related (Details 2) - CHF (SFr) SFr in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Comprehensive income | |||
Net income/(loss) | SFr 2,666 | SFr 3,425 | SFr 2,011 |
Gains/(losses) on cash flow hedges | 178 | 100 | (10) |
Foreign currency translation | (3,065) | (1,025) | (325) |
Unrealized gains/(losses) on securities | (17) | 20 | (17) |
Actuarial gains/(losses) | (37) | 326 | (391) |
Net prior service cost | (148) | 217 | (135) |
Other comprehensive income/(loss), net of tax | (2,887) | (2,222) | 776 |
Comprehensive income/(loss) | (221) | 1,203 | 2,787 |
Comprehensive income/(loss) attributable to noncontrolling interests | (9) | 8 | (15) |
Comprehensive income/(loss) attributable to shareholders | (212) | 1,195 | 2,802 |
Gains/(losses) on liabilities related to credit risk | 202 | (1,860) | 1,654 |
Eliminations and consolidation adjustments | |||
Comprehensive income | |||
Net income/(loss) | (2,517) | (3,089) | (1,735) |
Gains/(losses) on cash flow hedges | 1 | 0 | 0 |
Foreign currency translation | (63) | (15) | 7 |
Unrealized gains/(losses) on securities | 0 | (1) | 1 |
Actuarial gains/(losses) | 7 | 350 | (422) |
Net prior service cost | (144) | 216 | (125) |
Other comprehensive income/(loss), net of tax | (185) | 493 | (410) |
Comprehensive income/(loss) | (2,702) | (2,596) | (2,145) |
Comprehensive income/(loss) attributable to noncontrolling interests | 46 | 1 | (12) |
Comprehensive income/(loss) attributable to shareholders | (2,748) | (2,597) | (2,133) |
Gains/(losses) on liabilities related to credit risk | 14 | (57) | 129 |
Group parent company | |||
Comprehensive income | |||
Net income/(loss) | 2,669 | 3,419 | 2,024 |
Gains/(losses) on cash flow hedges | 0 | 14 | (3) |
Foreign currency translation | 12 | (15) | (11) |
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 | 49 | (66) | 69 |
Comprehensive income/(loss) | 2,718 | 3,353 | 2,093 |
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 |
Comprehensive income/(loss) attributable to shareholders | 2,718 | 3,353 | 2,093 |
Gains/(losses) on liabilities related to credit risk | 37 | (65) | 83 |
Bank | |||
Comprehensive income | |||
Net income/(loss) | 2,514 | 3,095 | 1,722 |
Gains/(losses) on cash flow hedges | 177 | 86 | (7) |
Foreign currency translation | (3,014) | (995) | (321) |
Unrealized gains/(losses) on securities | (17) | 21 | (18) |
Actuarial gains/(losses) | (44) | (24) | 31 |
Net prior service cost | (4) | 1 | (10) |
Other comprehensive income/(loss), net of tax | (2,751) | (2,649) | 1,117 |
Comprehensive income/(loss) | (237) | 446 | 2,839 |
Comprehensive income/(loss) attributable to noncontrolling interests | (55) | 7 | (3) |
Comprehensive income/(loss) attributable to shareholders | (182) | 439 | 2,842 |
Gains/(losses) on liabilities related to credit risk | 151 | (1,738) | 1,442 |
Bank | Credit Suisse (USA), Inc - Consolidated | |||
Comprehensive income | |||
Net income/(loss) | 636 | 308 | 758 |
Gains/(losses) on cash flow hedges | 0 | 0 | 0 |
Foreign currency translation | (1,608) | (284) | 142 |
Unrealized gains/(losses) on securities | 0 | 0 | 0 |
Actuarial gains/(losses) | (13) | (7) | 22 |
Net prior service cost | 0 | 0 | 0 |
Other comprehensive income/(loss), net of tax | (1,619) | (364) | 192 |
Comprehensive income/(loss) | (983) | (56) | 950 |
Comprehensive income/(loss) attributable to noncontrolling interests | (7) | 4 | 6 |
Comprehensive income/(loss) attributable to shareholders | (976) | (60) | 944 |
Gains/(losses) on liabilities related to credit risk | 2 | (73) | 28 |
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | |||
Comprehensive income | |||
Net income/(loss) | 1,878 | 2,787 | 964 |
Gains/(losses) on cash flow hedges | 177 | 86 | (7) |
Foreign currency translation | (1,406) | (711) | (463) |
Unrealized gains/(losses) on securities | (17) | 21 | (18) |
Actuarial gains/(losses) | (31) | (17) | 9 |
Net prior service cost | (4) | 1 | (10) |
Other comprehensive income/(loss), net of tax | (1,132) | (2,285) | 925 |
Comprehensive income/(loss) | 746 | 502 | 1,889 |
Comprehensive income/(loss) attributable to noncontrolling interests | (48) | 3 | (9) |
Comprehensive income/(loss) attributable to shareholders | 794 | 499 | 1,898 |
Gains/(losses) on liabilities related to credit risk | SFr 149 | SFr (1,665) | SFr 1,414 |
Subsidiary guarantee informat_5
Subsidiary guarantee information - Balance sheet related (Details 3) - CHF (SFr) SFr in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Assets | |||||||||
Cash and Cash Equivalents, at Carrying Value | [1] | SFr 139,112 | SFr 101,879 | SFr 100,047 | SFr 109,815 | ||||
Interest-bearing deposits with banks | 1,298 | 741 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,133 | 106,997 | |||||||
Securities received as collateral | 50,773 | 40,219 | |||||||
Trading assets | 157,338 | 153,797 | |||||||
Investment securities | 607 | 1,006 | |||||||
Other investments | 5,412 | 5,666 | |||||||
Net loans | 291,908 | 296,779 | |||||||
Goodwill | 4,426 | 4,663 | |||||||
Other intangible assets | 237 | 291 | |||||||
Brokerage receivables | 35,941 | 35,648 | |||||||
Other assets | 39,637 | 39,609 | |||||||
Total assets | 805,822 | 787,295 | |||||||
Liabilities and equity | |||||||||
Due to banks | 16,423 | 16,744 | |||||||
Customer deposits | 390,921 | 383,783 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 23,851 | 27,533 | |||||||
Obligation to return securities received as collateral | 50,773 | 40,219 | |||||||
Trading liabilities | 45,871 | 38,186 | |||||||
Short-term borrowings | 20,868 | 28,385 | |||||||
Long-term debt | 161,087 | 152,005 | |||||||
Brokerage payables | 21,653 | 25,683 | |||||||
Other liabilities | 31,434 | 31,043 | |||||||
Total liabilities | 762,881 | 743,581 | |||||||
Total shareholders' equity | 42,677 | 43,644 | |||||||
Noncontrolling interests | 264 | 70 | |||||||
Total equity | 42,941 | 43,714 | 44,019 | 42,189 | |||||
Total liabilities and equity | 805,822 | 787,295 | |||||||
Eliminations and consolidation adjustments | |||||||||
Assets | |||||||||
Cash and Cash Equivalents, at Carrying Value | 628 | 558 | 409 | (211) | |||||
Interest-bearing deposits with banks | (377) | (421) | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | |||||||
Securities received as collateral | 0 | 0 | |||||||
Trading assets | (173) | (99) | |||||||
Investment securities | (52,059) | (32,851) | |||||||
Other investments | (49,878) | (49,748) | |||||||
Net loans | (8,433) | (7,246) | |||||||
Goodwill | 671 | 703 | |||||||
Other intangible assets | 0 | 0 | |||||||
Brokerage receivables | (2) | 0 | |||||||
Other assets | 2,281 | 1,915 | |||||||
Total assets | (107,342) | (87,189) | |||||||
Liabilities and equity | |||||||||
Due to banks | (2,439) | (2,285) | |||||||
Customer deposits | (1,118) | (1,167) | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (93) | (108) | |||||||
Obligation to return securities received as collateral | 0 | 0 | |||||||
Trading liabilities | 0 | 0 | |||||||
Short-term borrowings | (5,140) | (484) | |||||||
Long-term debt | (52,201) | (36,591) | |||||||
Brokerage payables | (2) | 0 | |||||||
Other liabilities | 446 | 139 | |||||||
Total liabilities | (60,547) | (40,496) | |||||||
Total shareholders' equity | (46,264) | (46,120) | |||||||
Noncontrolling interests | (531) | (573) | |||||||
Total equity | (46,795) | (46,693) | |||||||
Total liabilities and equity | (107,342) | (87,189) | |||||||
Group parent company | |||||||||
Assets | |||||||||
Cash and Cash Equivalents, at Carrying Value | 277 | 277 | 324 | 516 | |||||
Interest-bearing deposits with banks | 445 | 489 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | |||||||
Securities received as collateral | 0 | 0 | |||||||
Trading assets | 0 | 1 | |||||||
Investment securities | 52,061 | 32,853 | |||||||
Other investments | 49,911 | 49,780 | |||||||
Net loans | 0 | 0 | |||||||
Goodwill | 0 | 0 | |||||||
Other intangible assets | 0 | 0 | |||||||
Brokerage receivables | 0 | 0 | |||||||
Other assets | 782 | 625 | |||||||
Total assets | 103,476 | 84,025 | |||||||
Liabilities and equity | |||||||||
Due to banks | 2,442 | 2,287 | |||||||
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 | 4,700 | 0 | |||||||
Long-term debt | 53,009 | 37,596 | |||||||
Brokerage payables | 0 | 0 | |||||||
Other liabilities | 648 | 498 | |||||||
Total liabilities | 60,799 | 40,381 | |||||||
Total shareholders' equity | 42,677 | 43,644 | |||||||
Noncontrolling interests | 0 | 0 | |||||||
Total equity | 42,677 | 43,644 | |||||||
Total liabilities and equity | 103,476 | 84,025 | |||||||
Bank | |||||||||
Assets | |||||||||
Cash and Cash Equivalents, at Carrying Value | 138,207 | [1] | 101,044 | [1],[2] | 99,314 | [2] | 109,510 | [2] | |
Interest-bearing deposits with banks | 1,230 | 673 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 79,133 | 106,997 | |||||||
Securities received as collateral | 50,773 | 40,219 | |||||||
Trading assets | 157,511 | 153,895 | |||||||
Investment securities | 605 | 1,004 | |||||||
Other investments | 5,379 | 5,634 | |||||||
Net loans | 300,341 | 304,025 | |||||||
Goodwill | 3,755 | 3,960 | |||||||
Other intangible assets | 237 | 291 | |||||||
Brokerage receivables | 35,943 | 35,648 | |||||||
Other assets | 36,574 | 37,069 | |||||||
Total assets | 809,688 | 790,459 | |||||||
Liabilities and equity | |||||||||
Due to banks | 16,420 | 16,742 | |||||||
Customer deposits | 392,039 | 384,950 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 23,944 | 27,641 | |||||||
Obligation to return securities received as collateral | 50,773 | 40,219 | |||||||
Trading liabilities | 45,871 | 38,186 | |||||||
Short-term borrowings | 21,308 | 28,869 | |||||||
Long-term debt | 160,279 | 151,000 | |||||||
Brokerage payables | 21,655 | 25,683 | |||||||
Other liabilities | 30,340 | 30,406 | |||||||
Total liabilities | 762,629 | 743,696 | |||||||
Total shareholders' equity | 46,264 | 46,120 | |||||||
Noncontrolling interests | 795 | 643 | |||||||
Total equity | 47,059 | 46,763 | 45,994 | 43,550 | |||||
Total liabilities and equity | 809,688 | 790,459 | |||||||
Bank | Credit Suisse (USA), Inc - Consolidated | |||||||||
Assets | |||||||||
Cash and Cash Equivalents, at Carrying Value | 2,327 | 2,642 | 2,540 | 3,058 | |||||
Interest-bearing deposits with banks | 8 | 10 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 31,245 | 26,905 | |||||||
Securities received as collateral | 1,495 | 2,921 | |||||||
Trading assets | 34,570 | 35,339 | |||||||
Investment securities | 0 | 0 | |||||||
Other investments | 490 | 621 | |||||||
Net loans | 7,196 | 11,907 | |||||||
Goodwill | 649 | 715 | |||||||
Other intangible assets | 208 | 276 | |||||||
Brokerage receivables | 14,916 | 17,012 | |||||||
Other assets | 12,980 | 12,843 | |||||||
Total assets | 106,084 | 111,191 | |||||||
Liabilities and equity | |||||||||
Due to banks | 33 | 63 | |||||||
Customer deposits | 1 | 1 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 5,040 | 5,799 | |||||||
Obligation to return securities received as collateral | 1,495 | 2,921 | |||||||
Trading liabilities | 12,877 | 8,468 | |||||||
Short-term borrowings | 5,894 | 8,720 | |||||||
Long-term debt | 42,291 | 43,821 | |||||||
Brokerage payables | 12,564 | 15,213 | |||||||
Other liabilities | 9,916 | 9,414 | |||||||
Total liabilities | 90,111 | 94,420 | |||||||
Total shareholders' equity | 15,920 | 16,713 | |||||||
Noncontrolling interests | 53 | 58 | |||||||
Total equity | 15,973 | 16,771 | |||||||
Total liabilities and equity | 106,084 | 111,191 | |||||||
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | |||||||||
Assets | |||||||||
Cash and Cash Equivalents, at Carrying Value | 135,880 | 98,402 | SFr 96,774 | SFr 106,452 | |||||
Interest-bearing deposits with banks | 1,222 | 663 | |||||||
Central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 47,888 | 80,092 | |||||||
Securities received as collateral | 49,278 | 37,298 | |||||||
Trading assets | 122,941 | 118,556 | |||||||
Investment securities | 605 | 1,004 | |||||||
Other investments | 4,889 | 5,013 | |||||||
Net loans | 293,145 | 292,118 | |||||||
Goodwill | 3,106 | 3,245 | |||||||
Other intangible assets | 29 | 15 | |||||||
Brokerage receivables | 21,027 | 18,636 | |||||||
Other assets | 23,594 | 24,226 | |||||||
Total assets | 703,604 | 679,268 | |||||||
Liabilities and equity | |||||||||
Due to banks | 16,387 | 16,679 | |||||||
Customer deposits | 392,038 | 384,949 | |||||||
Central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 18,904 | 21,842 | |||||||
Obligation to return securities received as collateral | 49,278 | 37,298 | |||||||
Trading liabilities | 32,994 | 29,718 | |||||||
Short-term borrowings | 15,414 | 20,149 | |||||||
Long-term debt | 117,988 | 107,179 | |||||||
Brokerage payables | 9,091 | 10,470 | |||||||
Other liabilities | 20,424 | 20,992 | |||||||
Total liabilities | 672,518 | 649,276 | |||||||
Total shareholders' equity | 30,344 | 29,407 | |||||||
Noncontrolling interests | 742 | 585 | |||||||
Total equity | 31,086 | 29,992 | |||||||
Total liabilities and equity | SFr 703,604 | SFr 679,268 | |||||||
[1] | Includes restricted cash. | ||||||||
[2] | Includes restricted cash. |
Subsidiary guarantee informat_6
Subsidiary guarantee information - Cash flow related (Details 4) - CHF (SFr) SFr in Millions | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Operating activities of continuing operations | |||||||
Net cash provided by/(used in) operating activities | SFr (6,514) | SFr (18,424) | SFr 12,883 | ||||
Investing activities of continuing operations | |||||||
(Increase)/decrease in interest-bearing deposits with banks | (519) | 411 | (427) | ||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 19,219 | 8,386 | (1,372) | ||||
Purchase of investment securities | (402) | (557) | (683) | ||||
Proceeds from sale of investment securities | 629 | 6 | 255 | ||||
Investments in subsidiaries and other investments | (210) | (285) | (547) | ||||
Proceeds from sale of other investments | 678 | 1,158 | 1,772 | ||||
Maturities of investment securities | 184 | 1,007 | 567 | ||||
(Increase)/decrease in loans | (5,735) | (15,344) | (12,500) | ||||
Proceeds from sale of loans | 3,860 | 4,612 | 5,980 | ||||
Capital expenditures for premises and equipment and other intangible assets | (1,188) | (1,293) | (1,095) | ||||
Proceeds from sale of premises and equipment and other intangible assets | 45 | 30 | 30 | ||||
Other, net | 113 | 543 | 342 | ||||
Net cash provided by/(used in) investing activities | 16,674 | (1,326) | (7,678) | ||||
Financing activities of continuing operations | |||||||
Increase/(decrease) in due to banks and customer deposits | 21,364 | 24,853 | 1,808 | ||||
Increase/(decrease) in short-term borrowings | (5,246) | 6,919 | (2,990) | ||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,464) | 3,381 | (2,052) | ||||
Issuances of long-term debt | 58,009 | 34,963 | 33,172 | ||||
Repayments of long-term debt | (42,768) | (46,290) | (43,851) | ||||
Issuances of common shares | 0 | ||||||
Sale of treasury shares | 12,364 | 9,624 | 11,693 | ||||
Repurchase of treasury shares | (13,253) | (11,536) | (12,441) | ||||
Dividends paid/capital repayments | (716) | (696) | (666) | ||||
Other, net | 1,450 | 971 | 344 | ||||
Net cash provided by/(used in) financing activities | 29,740 | 22,189 | (14,983) | ||||
Effect of exchange rate changes on cash and due from banks | |||||||
Effect of exchange rate changes on cash and due from banks | (2,667) | (607) | 10 | ||||
Net increase/(decrease) in cash and due from banks | |||||||
Net increase/(decrease) in cash and due from banks | 37,233 | 1,832 | (9,768) | ||||
Cash and due from banks at beginning of period | [1] | 101,879 | 100,047 | 109,815 | |||
Cash and due from banks at end of period | [1] | 139,112 | 101,879 | 100,047 | |||
Eliminations and consolidation adjustments | |||||||
Operating activities of continuing operations | |||||||
Net cash provided by/(used in) operating activities | (270) | 135 | 564 | ||||
Investing activities of continuing operations | |||||||
(Increase)/decrease in interest-bearing deposits with banks | (44) | (9) | (58) | ||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 | ||||
Purchase of investment securities | 12,644 | 9,396 | 8,793 | ||||
Proceeds from sale of investment securities | 0 | 0 | 0 | ||||
Investments in subsidiaries and other investments | 0 | 9 | 9 | ||||
Proceeds from sale of other investments | 1 | (23) | (2) | ||||
Maturities of investment securities | 0 | (942) | (290) | ||||
(Increase)/decrease in loans | 1,244 | 1,965 | 1,201 | ||||
Proceeds from sale of loans | 0 | 0 | (1) | ||||
Capital expenditures for premises and equipment and other intangible assets | (144) | (160) | (106) | ||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | (50) | ||||
Other, net | 0 | 0 | 0 | ||||
Net cash provided by/(used in) investing activities | 13,701 | 10,236 | 9,496 | ||||
Financing activities of continuing operations | |||||||
Increase/(decrease) in due to banks and customer deposits | (126) | (754) | (807) | ||||
Increase/(decrease) in short-term borrowings | 44 | 8 | (5) | ||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 5 | (110) | 0 | ||||
Issuances of long-term debt | (13,276) | (10,344) | (8,941) | ||||
Repayments of long-term debt | 0 | 942 | 297 | ||||
Issuances of common shares | 10 | ||||||
Sale of treasury shares | 12,364 | 9,621 | 11,693 | ||||
Repurchase of treasury shares | (12,371) | (9,620) | (11,684) | ||||
Dividends paid/capital repayments | 10 | 43 | 10 | ||||
Other, net | 36 | (5) | 9 | ||||
Net cash provided by/(used in) financing activities | (13,314) | (10,209) | (9,428) | ||||
Effect of exchange rate changes on cash and due from banks | |||||||
Effect of exchange rate changes on cash and due from banks | (47) | (13) | (12) | ||||
Net increase/(decrease) in cash and due from banks | |||||||
Net increase/(decrease) in cash and due from banks | 70 | 149 | 620 | ||||
Cash and due from banks at beginning of period | 558 | 409 | (211) | ||||
Cash and due from banks at end of period | 628 | 558 | 409 | ||||
Group parent company | |||||||
Operating activities of continuing operations | |||||||
Net cash provided by/(used in) operating activities | (81) | (141) | (215) | ||||
Investing activities of continuing operations | |||||||
(Increase)/decrease in interest-bearing deposits with banks | 45 | 9 | (5) | ||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 0 | 0 | 0 | ||||
Purchase of investment securities | (12,644) | (9,396) | (8,793) | ||||
Proceeds from sale of investment securities | 0 | 0 | 0 | ||||
Investments in subsidiaries and other investments | 0 | (10) | (10) | ||||
Proceeds from sale of other investments | 0 | 48 | 4 | ||||
Maturities of investment securities | 0 | 942 | 290 | ||||
(Increase)/decrease in loans | 0 | 0 | 0 | ||||
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 | 6 | 0 | ||||
Net cash provided by/(used in) investing activities | (12,599) | (8,401) | (8,514) | ||||
Financing activities of continuing operations | |||||||
Increase/(decrease) in due to banks and customer deposits | 155 | 923 | 609 | ||||
Increase/(decrease) in short-term borrowings | 0 | 0 | 0 | ||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | 0 | 0 | 0 | ||||
Issuances of long-term debt | 13,644 | 10,396 | 8,805 | ||||
Repayments of long-term debt | 0 | (942) | (290) | ||||
Issuances of common shares | (10) | ||||||
Sale of treasury shares | 0 | 3 | 0 | ||||
Repurchase of treasury shares | (882) | (1,916) | (757) | ||||
Dividends paid/capital repayments | (716) | (728) | (661) | ||||
Other, net | 480 | 768 | 829 | ||||
Net cash provided by/(used in) financing activities | 12,681 | 8,494 | 8,535 | ||||
Effect of exchange rate changes on cash and due from banks | |||||||
Effect of exchange rate changes on cash and due from banks | (1) | 1 | 2 | ||||
Net increase/(decrease) in cash and due from banks | |||||||
Net increase/(decrease) in cash and due from banks | 0 | (47) | (192) | ||||
Cash and due from banks at beginning of period | 277 | 324 | 516 | ||||
Cash and due from banks at end of period | 277 | 277 | 324 | ||||
Bank | |||||||
Operating activities of continuing operations | |||||||
Net cash provided by/(used in) operating activities | (6,163) | (18,418) | 12,534 | ||||
Investing activities of continuing operations | |||||||
(Increase)/decrease in interest-bearing deposits with banks | (520) | 411 | (364) | ||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 19,219 | 8,386 | (1,372) | ||||
Purchase of investment securities | (402) | (557) | (683) | ||||
Proceeds from sale of investment securities | 629 | 6 | 255 | ||||
Investments in subsidiaries and other investments | (210) | (284) | (546) | ||||
Proceeds from sale of other investments | 677 | 1,133 | 1,770 | ||||
Maturities of investment securities | 184 | 1,007 | 567 | ||||
(Increase)/decrease in loans | (6,979) | (17,309) | (13,701) | ||||
Proceeds from sale of loans | 3,860 | 4,612 | 5,981 | ||||
Capital expenditures for premises and equipment and other intangible assets | (1,044) | (1,133) | (989) | ||||
Proceeds from sale of premises and equipment and other intangible assets | 45 | 30 | 80 | ||||
Other, net | 113 | 537 | 342 | ||||
Net cash provided by/(used in) investing activities | 15,572 | (3,161) | (8,660) | ||||
Financing activities of continuing operations | |||||||
Increase/(decrease) in due to banks and customer deposits | 21,335 | 24,684 | 2,006 | ||||
Increase/(decrease) in short-term borrowings | (5,290) | 6,911 | (2,985) | ||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,469) | 3,491 | (2,052) | ||||
Issuances of long-term debt | 57,641 | 34,911 | 33,308 | ||||
Repayments of long-term debt | (42,768) | (46,290) | (43,858) | ||||
Issuances of common shares | 0 | ||||||
Sale of treasury shares | 0 | 0 | 0 | ||||
Repurchase of treasury shares | 0 | 0 | 0 | ||||
Dividends paid/capital repayments | (10) | (11) | (15) | ||||
Other, net | 934 | 208 | (494) | ||||
Net cash provided by/(used in) financing activities | 30,373 | 23,904 | (14,090) | ||||
Effect of exchange rate changes on cash and due from banks | |||||||
Effect of exchange rate changes on cash and due from banks | (2,619) | (595) | 20 | ||||
Net increase/(decrease) in cash and due from banks | |||||||
Net increase/(decrease) in cash and due from banks | 37,163 | 1,730 | (10,196) | ||||
Cash and due from banks at beginning of period | [2] | 101,044 | [1] | 99,314 | 109,510 | ||
Cash and due from banks at end of period | 138,207 | [1] | 101,044 | [1],[2] | 99,314 | [2] | |
Bank | Credit Suisse (USA), Inc - Consolidated | |||||||
Operating activities of continuing operations | |||||||
Net cash provided by/(used in) operating activities | 3,981 | (4,694) | (8,326) | ||||
Investing activities of continuing operations | |||||||
(Increase)/decrease in interest-bearing deposits with banks | 1 | 12 | 11 | ||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | (7,244) | 8,321 | 22,936 | ||||
Purchase of investment securities | 0 | 0 | 0 | ||||
Proceeds from sale of investment securities | 0 | 0 | 0 | ||||
Investments in subsidiaries and other investments | (17) | (34) | (99) | ||||
Proceeds from sale of other investments | 132 | 516 | 540 | ||||
Maturities of investment securities | 0 | 0 | 0 | ||||
(Increase)/decrease in loans | 3,860 | 93 | 310 | ||||
Proceeds from sale of loans | 0 | 0 | 0 | ||||
Capital expenditures for premises and equipment and other intangible assets | (293) | (397) | (307) | ||||
Proceeds from sale of premises and equipment and other intangible assets | 0 | 0 | 0 | ||||
Other, net | 3 | 27 | 5 | ||||
Net cash provided by/(used in) investing activities | (3,558) | 8,538 | 23,396 | ||||
Financing activities of continuing operations | |||||||
Increase/(decrease) in due to banks and customer deposits | (26) | 6 | (213) | ||||
Increase/(decrease) in short-term borrowings | (2,166) | (809) | (1,298) | ||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (245) | (397) | (9,127) | ||||
Issuances of long-term debt | 223,638 | 206,056 | 119,547 | ||||
Repayments of long-term debt | (221,868) | (208,631) | (124,405) | ||||
Issuances of common shares | 0 | ||||||
Sale of treasury shares | 0 | 0 | 0 | ||||
Repurchase of treasury shares | 0 | 0 | 0 | ||||
Dividends paid/capital repayments | 0 | (1) | (2) | ||||
Other, net | 168 | 75 | (120) | ||||
Net cash provided by/(used in) financing activities | (499) | (3,701) | (15,618) | ||||
Effect of exchange rate changes on cash and due from banks | |||||||
Effect of exchange rate changes on cash and due from banks | (239) | (41) | 30 | ||||
Net increase/(decrease) in cash and due from banks | |||||||
Net increase/(decrease) in cash and due from banks | (315) | 102 | (518) | ||||
Cash and due from banks at beginning of period | 2,642 | 2,540 | 3,058 | ||||
Cash and due from banks at end of period | 2,327 | 2,642 | 2,540 | ||||
Bank | Bank parent company and other subsidiaries | Eliminations and consolidation adjustments | |||||||
Operating activities of continuing operations | |||||||
Net cash provided by/(used in) operating activities | (10,144) | (13,724) | 20,860 | ||||
Investing activities of continuing operations | |||||||
(Increase)/decrease in interest-bearing deposits with banks | (521) | 399 | (375) | ||||
(Increase)/decrease in central bank funds sold, securities purchased under resale agreements and securities borrowing transactions | 26,463 | 65 | (24,308) | ||||
Purchase of investment securities | (402) | (557) | (683) | ||||
Proceeds from sale of investment securities | 629 | 6 | 255 | ||||
Investments in subsidiaries and other investments | (193) | (250) | (447) | ||||
Proceeds from sale of other investments | 545 | 617 | 1,230 | ||||
Maturities of investment securities | 184 | 1,007 | 567 | ||||
(Increase)/decrease in loans | (10,839) | (17,402) | (14,011) | ||||
Proceeds from sale of loans | 3,860 | 4,612 | 5,981 | ||||
Capital expenditures for premises and equipment and other intangible assets | (751) | (736) | (682) | ||||
Proceeds from sale of premises and equipment and other intangible assets | 45 | 30 | 80 | ||||
Other, net | 110 | 510 | 337 | ||||
Net cash provided by/(used in) investing activities | 19,130 | (11,699) | (32,056) | ||||
Financing activities of continuing operations | |||||||
Increase/(decrease) in due to banks and customer deposits | 21,361 | 24,678 | 2,219 | ||||
Increase/(decrease) in short-term borrowings | (3,124) | 7,720 | (1,687) | ||||
Increase/(decrease) in central bank funds purchased, securities sold under repurchase agreements and securities lending transactions | (1,224) | 3,888 | 7,075 | ||||
Issuances of long-term debt | (165,997) | (171,145) | (86,239) | ||||
Repayments of long-term debt | 179,100 | 162,341 | 80,547 | ||||
Issuances of common shares | 0 | ||||||
Sale of treasury shares | 0 | 0 | 0 | ||||
Repurchase of treasury shares | 0 | 0 | 0 | ||||
Dividends paid/capital repayments | (10) | (10) | (13) | ||||
Other, net | 766 | 133 | (374) | ||||
Net cash provided by/(used in) financing activities | 30,872 | 27,605 | 1,528 | ||||
Effect of exchange rate changes on cash and due from banks | |||||||
Effect of exchange rate changes on cash and due from banks | (2,380) | (554) | (10) | ||||
Net increase/(decrease) in cash and due from banks | |||||||
Net increase/(decrease) in cash and due from banks | 37,478 | 1,628 | (9,678) | ||||
Cash and due from banks at beginning of period | 98,402 | 96,774 | 106,452 | ||||
Cash and due from banks at end of period | 135,880 | 98,402 | 96,774 | ||||
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 | 10 | ||||
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 14 | SFr 14 | SFr 6 | ||||
[1] | Includes restricted cash. | ||||||
[2] | Includes restricted cash. |
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, 2020year | |
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 |